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financial
INCLUDING
Bank & Quotation Section
Railway Earnings Section
VOL. 106
hrtintd
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, MARCH 16 1918
Tht Thranicte.
1918.
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CHICAGO OFFICE-39 South La Salle Street, Telephone Majestic 7396.
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. C.
WILLIAM B. DANA COMPANY, Publishers,
Front. Pine and Deoeyster Ste., New York.
Published every Saturday morning by WILLIAN B. DANA COMPANY.
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana
Vise-Presidents; Arnold G. Dana, See. Addresses of an, Ditto() of the Company.
(71:EillUNG HOUSE RETURNS.
The following tiaile, made up by telegraph, &c., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $5,810,892,871, against 16,067,482,175 last week and 15,425,354,121
the corresponding week last year.
Clearings-Returns by Telegraph.
Week ending March 16.
1918.
1917.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans
$2,540,468,694
445,888,222
280,231,163
213,376,507
185,186,256
136,246,182
83,892,562
51,276,717
40,009,070
39,862,519
53,972,585
$2,620,325,474
410,658,499
257,190,807
183,950,108
108,419,793
113,713,485
70,374,572
61,928,992
44,840,325
33,726,753
32,974,662
3.0
+8.8
+9.0
+16.0
+70.8
+19.8
+19.2
-17.2
-10.8
+18.2
+6.4
Eleven cities, 5 days
Other cities, 5 days
$4,070,410,677
770,483,348
$3,938,103,470
640,198,786
+3.4
+20.3
NO. 2751
Week ending March 9.
Clearings at
PUBLISHED WEEKLY.
•
Electric Railway Section
State and City Section
1917.
Inc. or
Dec.
1916.
1915.
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids
Dayton
Evansville
Springfield, in
Fort Wayne
Lexington
Rockford
Akron
Bloomington....
Quincy
Youngstown
Canton
Springfield, 0
South Bend
Mansfield
Decatur
Danville
Jacksonville,
Lima
Lansing
Owensboro
Ann Arbor
Adrian
Tot. Mid.West
i
$
9,',
i
$
i.
584,134,265 517,216,304 4-12.9 397,713,168 308,1r3.355
54,901,291
37,642,408 4-45.6
30,360,050
23,093,000
69,869,370
56,107,235 4-27.5
33,791,027
24,360,621
46,143,082
47,236,149 -2.3
34,197,736
23,847,130
31,263,880
23,918,399 4-30.7
18,354,253
15,703,583
16,474,000
13,267,000 A-24.2
8,845,960
7,726,357
10,989,100
10,067,800 4-9.2
8,206,500
6,563,400
10,207,565
9,718,888 +5.0
8,193,884
6,172,872
5,400,000
6,000,000 --10.0
5,200,000
3,061.418
5,056,632
4;186,878 4H12.7
3,588,322
3,359,699
5,792,007
3,845,226 4-50.6
3,071,707
1,875,239
3,411,450
2,333,125 4-46.2
2.088,694
1,110,852
3,188,147
2,494,704 A-27.8
1,792,274
1,308,946
1,418,057
1,970,216 ---28.0
1,328,034
1,316,223
2,800,000
974,637 +197.9
894,304
1,109,428
2,253,553
1,772,213 +27.1
1,331,284
1,426;134
4,965,000
5,572,000 --10.9
2,952,000
1,450,000
2,746,177
1,787,759 4-53.6
1,110,277
858,469
2,324,188
1,824,396 +27;4
1,566,547
1,209,304
5,340,038
3,591,113 4-48.7
3,603,041
1,473,492
3,100.000
2,802,620 +10.6
2,176,139
1,690,000
1,420;499
1,182,833 4-20.1
1,076,852
872,755
1,128,408
1,075,740 4-4.9
747,300
606,257
1,099,569
931,157 4-18.0
842,645
555,384
1,250,082
1,037,300 4-20.5
762,744
433,092
640.000
630,000 4-1.6
660,404
609,723
983,688
513,085 +91.7
417,175
381,248
711,643 4-5.4
750,000
662,281
507,979
800,000
850,000 +5.9796,428
483,834
1,353,329
642,880 4-110.6
373,488
363,807
366,934
346,544 4-6.0
309,043
238,062
126,579 +21.8
99,000
80,721
73,904
881,669,311 762,675,831 +15.6 577,094,282 441,995,864
San Francisco
Los Angeles
Seattle
Portland
Salt Lake City
Spokane
Tacoma
Oakland
Sacramento
San Diego
San Josq
Stockton
Fresno
Pasadena
Yakima
Reno
Long Beach
Total Pacific
98,096,493
80,398,211
27,949,000
31,157,000
28,124,434
17,118,880
12,862,992
19,122,666
11,120,656
11,181,385
6,335,850
8,300,000
2,439,277
3,802,306
5,234,541
6,170,607
3,159,755
2.61.8,603
2.579,261
2,000,000
1,062,817
834,459
1,549,763
2,252,332
2,321,191
1,836,840
1,287,802
1,209,600
864,952
626,918
477,079
550,000
1,035,488
840,841
217,563,026 179,318,973
+22.0
62,701,206
--10.3
23,620,028
+64.3
12,524,704
+48.7
10,950,644
+0.5
8,236,775
+31.0
4,053,116
+55.9
2,163,243
+14.0
4,093,561
+34.4
2,055,662
-22.1
2,499,665
+27.3
700,000
+45.4
1,082,972
+26.4
1,045,854
-6.1
959,739
+38.0
375,514
+15.3 • 340,973
+23.2
693,898
+21.9 138,097,554
45,911,659
20,765,040
12,553,450
10,767,029
5,486,367
3,821,834
2,504,531
3,407,547
1,727,574
2,141,427
590,139
839,784
923,902
890,787
398,808
245,805
638,513
113,614,196
Kansas City..
227,069,686 128,182,181 +77.1
82,383,862
67,218,813
+5.7 Minneapolis -..
28,892,243 +21.6
35,129,949
25,977,955
28,599,756
+14.5• Omaha
81,139,841
42,138,702 +92.6
26,689,234
19,316,181
15,244,818
13,954,525 +9.2
•Vntn1 all nitIrso 1,... me..
13,543,964
55.810.892.571 S5 49n !Ind 1,
11,486,339
11
. ..,. St. Paul
Denver
14,071,789 +46.1
20,977,789
10,116,532
8,940,557
21,330,915 +32.8
28,329,777
The full details for the week covered by the above wit be given next Saturday. St. Joseph
12,788,600
8,580,627
Des Moines
13,863,585 +52.2
21,096,983
We cannot furnish them to-day, clearings being made up by the clearing
9,189,184
6,775,224
houses Sioux City
7,764,724 +70.6
13,248,331
at noon on Saturday, and hence in the above the last day of the week has to be in
5,248,983
3,890,893
Wichita
5,786,119 +73.8
10,057.991
all cases e3timated, as we go to press Friday night.
4,507,665
3,434,625
Duluth
4,496,859 -0.8
4,459,303
Detailed figures for the week ending Mar.9 follow:
4,459,429
3,308,549
Lincoln
5,810,704 +30.9
7,606,533
3,263,890
2,122,193
3,533,994 +13.6
Davenport
4,012,840
2,152,179
1,509,710
Topeka
3,001,530 +39.9
Week ending March 9,
4,199,675
.2,116,681
1,490,420
4,225,933 -17.6
Cedar Rapids
Clearings at
3,840,534
2,586,922
2,023,824
Fargo
1,894,340 +15.5
2,187,898
2,049,905
1,318,945
Colorado Springs
1917.
840,449
850,108 -11.4
Dec.
934,686
1918.
1916:
961,681
1915.
Pueblo
663,164 +5.6
700,000
384,192
594,235
Fremont
1,864,921
1,104,530 +68.8
1
706,627
474,512
$
New York
6 +5.1 2,645,102,248 1,002,714,277 Waterloo
3,017,413 +6.9
3,225,279
3,160,635,447 3,007,868,17
3,323,486
2,107,277
Philadelphia
2,148,238
1,517,149 +41.6
336,069,194 317,402,274 +5.9 212,171,455 138,902,359 Helena
1,220,739
1,027,816
Pittsburgh
Billings
1,083,311 -2.9
1,052,439
76,206,893 -12.1
66,095,044
551,271
531,129
55,633,995
45,274,348 Hastings
Baltimore
597,941 +37.6
822,499
264,097
58,688,1671
168,679
41,423,800
39,663,700 +48.0
29,950,336 Aberdeen
Buffalo
17,310,324 +18.9
1,110,406
793,899 +38.5
20,577,737,
738,254
488,064
13,251,259
9,281,890
Washington
9,693,460 +45.5
14,102,284
9,028,168
Tot. 0th. West 489,996,179 308,578,660 +58.8 215,198,407 176,370,849
7,532,469
Albany
673 -4.1
4,308,8804,489,
4,695,924
4,666,807
Rochester
6,499,886 +3.1
6,702,7411
4,569,688
161,734,772 136,344,277 4-18.8
4,469,748 St. Louis
90,071,342
74,165;445
Scranton
3,618,164 +9.3
3,953,129,
2,952,761
30,530,579 +76.8
53,972,390
3,095,029 New Orleans__ - _
20,796,257
17,010.401
Syracuse
3,443,547 +24.5
4,288,554
2,790,838
29,203,655
20,617,033 +41.6
2,608,644 Louisville
17,963,501
13,247,640
Reading
2,386,779 +4.0
2,481,773
2,059,534
10,270,569 A-34.4
13,800,000
1,712,510 Houston
13,214,987
8,136,604
Wilmington
3,421,961 -22.6
2,647,101
2,457,695
Galveston
5,430,945 +10.5
6,000,000
1,528,321
3,728,894
4,279,275
Wilkes-Barre
1,911,030 -3.6
1,842,093
1,589,310
21,013,871 +96.9
41,383,803
1,459,545 Richmond
15,172,272
9,583,145
Wheeling
3,285,320 +16.6
3,841,288
2,332,607
10,657,877 +38.6
14,768,758
1,787,198 Fort Worth
9,758,278
6,946,425
Lancaster
2,118,752 +5.0
3,175,201
1,687,840
22,694,197 +110.5
47,760,118
1,519,261 Atlanta
15,828,353
13,184,186
Trenton
2,257,284 +90.5
4,301,911
1,948,597
15,254,330
10.447,405 4-46.0
1,440,444 Memphis
7,815,684
7,951,056
York
1,176,906 8.5
1,076,769
975,492
4,796,481 +90.9
9,157,974
831,925 Savannah
5,457,000
5,079,150
Erie
1,475,400 +24.9
1,842,438
1,139,980
9,878,190 +60.9
15,895,147
830,687 Nashville
8,139,242
6,566,451
Binghamton _ _
+31.3
818,900
1,075,000
692,000
5,626,868 4-62.2
9,125,790
622,900 Norfolk
4,121,041
3,669,688
Greensburg
825,000 +15.1
9 ,0,000:
730,038
4,540,126
3,074.306 +47.7
608,138 Birmingham _ _
2,199,670
2,269,525
Altoona
593,311 +15.8
887,400
443,029
1,967,869 +126.4
481,487 Augusta
4,454,781
1,467,412
1,442,863
Chester
1.6
1,325,859 1,304,046
989,480
2,469,941 +14.5
2,827,149
665,450 Knoxville
1,995,606 '
1,614,634
Montclair
7.4
512,324 474,278
403.221
4,363,914 +19.6
5,217,184
396.098 Jacksonville _......
3,590,800
2,958,569
Total Middle_ 3,702,018,473 3,508,304,92.3 +5.5 3,009,068,959 1,862,379,871 Chattanooga
5,429,487
3,414,685 4-59.0
3,038,904
2,353,047
5,700,000
3,209,964 +76.6
2,432,683
2,235,153
Boston
234,616,383 199,304,087 +17.7 188,309,726 144,204,500 Little Rock
Mobile
1,385,163
1,353,907 +2.4
1,009,713
Providence
1,074,783
8,836,600 +12.6
9,940,700
8,178,600
6,583,700 Charleston
3,516,741
2,485,000 +41.5
2,036,687
Hartford
2,311,520
7,990,072 -2.7
7,772,657
8,350,620
6,815,094 Oklahoma
9,384,337
5,812,371 +61.6
3,186,294
2,218,300
New Haven
4,756,69
4,811,022 -1.1
3,496,012
3,502,440 Macon
2,600,000
1,315,041 +97.7
3,367,833
Springfield
3,080,274
3,458,256
+1.8
3,397,451
3,322,458
2,633,069 Austin
6,000,000
7,000,000 -14.4
7,524,778
Portland
6,989,363
2,300,000
2,500,000 -8.0
2,161,334
1,817,118 Vicksburg
495,728
276,914 +79.1
314,766
Worcester
303,697
3,231,697
3,116,309 +3.7
3,070,635
2,356,571 Jackson
672,284
439,000 +53.1
827,706
412,378
Fall River
2,250,127
1,424,852 +58.0
1,398,529
1,223,445 Tulsa
8,529,369
5,904,407 4-44.4
3,379,869
New Bedford_ _
1,245,561
1,931,885
1,222,986 +58.0
1,171,669
837,359 Musogee
2,705,755
1,529,159 +76.9
Holyoke
894,754
720,530
734,934
+3.9
707,471
799,488
624,598 Dallas
21,842,216
22,129,732 -1.3
7,547,348
Lowell
1,087,526
+3.5
862,480
1,050,771
741,131
Bangor
Total Southern 503,357,107 355,054,322 +41.8 257,606,407 200,368,907
791,220
639,702
629.251 +25.8
327,851
Tot. New Eng- 272,878,079 235,030,872 +16.1 221,761,253 171,666,956
6,067,482,175 5,348,963,541 +13.4 4,418,826,862 2,966,397,64Total all
3
Outside N. Y.2,906,846,728 2,341,095,365 +24.2 1,773,724,614 1,363,682,366
-For Canadian clearings see "Commercial and Miscellaneous News."
Note.
Total all cities, 5 days
All cities, 1 day
$4,840,894,025
969,998,846
$4,578,302,256
847,051,865
1058
THE CHRONICLE
[VoL. 106.
bined experience," which to this committee seems,
naturally enough, to contain a key to the problem,
THE FINANCIAL SITUATION.
A special committee of three appointed by the underwriters are still unable to classify with the
Boston Chamber of Commerce to investigate two result of producing certainties, one difficulty being
recent increases in fire insurance rates has made its that continual changes in the physical conditions
report, and the report has a special interest at this which enter into the hazard operate to nullify the
time. Concerning the 10% general increase, the lessons of a combined experience.
Life insurance, as most persons know, is founded
committee find that taxation by the Government
has not only risen heavily but requires, through its on "average." So is the other, for it is probably
methods, a considerable enlargement of clerical true that a law of average does govern all human
force by the companies; that the shrinkages in se- events; but in this matter that law works on such
curity values are the severest ever known and must great areas and through such long periods that men
cause an irretrievable net loss even when values have not been able to bring fire underwriting to the
readjust themselves; and, worst of all, that the fire basis of "an exact science." War is the climax of
losses in the last 18 months have been very exces- conflagration, but while this country, as a combined
sive. The 10% rate addition does not apply to any body of taxpayers, has assumed the war hazard
particular location or any particular class of risks, as to lives and limbs of its men at the front,the combut is a flat advance, already applied through the panies have declined this, as they were bound to do.
whole East and South and quite generally through On the other hand, fire insurance cannot avoid the
the West; it is for offsetting the extraordinary bur- conflagration hazard, notwithstanding inability to
make any calculations about it. Recall the great
dens due to war conditions and recent legislation.
The committee find that nothing can be done blow in Chicago in 1871; the blow in Boston, just a
about it; that it is inevitable; that "the advance year later; the blow in Baltimore in 1904, followed
is perfectly justified," and that "there is no reason- by the tremendous blow in San Francisco in 1906.
If any "law" governs such calamities, it is undisable ground for the Chamber to oppose the same."
The other advance of one-third, made since ap- coverable. They are not reducible to calculation
pointment of the committee, is local, being "repre- and are beyond human foresight; yet they must be
falls.
sented as a direct result of the extremely unsatis- met, and overcome, or the insurance structure
of Boston, which is Positively the only way to provide for them is by
factory fire hazard condition"
"considered by the engineers of the National Board holding always a large reserve against them, unless
of Fire Underwriters to have the highest potential we choose to trust the probability that stockholders
conflagration hazard of any city in the country." will do as they have repeatedly done: supply new
This advance, the most drastic the city has ever ex- capital to make good deficits. The one involves
perienced, is ordered by the Boston Board, and the charging rates which will yield and maintain such preBoard believes that if the advance were not made cautionary reserves;the other impliesthatstockholders
"the companies behind it would inevitably impose remain satisfied with past results to themselves and
a flat rate advance of perhaps 50% on all risks confident of the future.
We cannot take space to enlarge fully upon these
throughout the city, to be maintained until the
points, but the foregoing should suffice to point the
high-pressure pumping station is in satisfactory
operation and the Fire Department restored to its immovable difficulty. And take the recent instance:
we are now in a war-conflagration, all unforeseen.
efficiency of some years ago."
unable to get from'the un- The increased hazards by changed industrial conThe investigators are
derwriters, "even with their combined experience, ditions, the incendiary fires of last year, the piled-up
lactors
any definite figures by which they can say that a burdens of new taxation—these unforeseen
their way into the subject, and (as the
certain class of risk is profitable or not, or that a have broken
existing
certain class or locality pays them to underwrite Boston investigators perceive) have made
rates inadequate; but this also shows anew the
and another does not." The investigators cite
longingly the exactitude of rates in life insurance, impossibility of attaining the scientific accuracy,
in which "rating has become an exact science," and paralleling that of life insurance, which men who
they think "there is a crying need for some man to justly regard insurance costs as a heavy burden
do for fire'insurance what one or two of the great imagine may come in to somehow lighten that burden.
Is there, then, no hope of such lightening? Only
minds of the past have done for life insurance statiswhen and as the fire loss declines. The investitics."
But this is a counsel of perfection and must re- gators report finding the underwriters "absolutely
main unattainable, so widely unlike in character sincere, desirous of bringing about equitable rates,
are these two fields of underwriting. It is cor- and only too glad to receive any co-operation."
rectly assumed that in the great majority of the This tribute to them is no more than their due, and
number of fires the resulting loss will be only partial; there is a distinct encouragement in finding a busibut every life continuously insured finally involves a ness committee (presumably reflecting the larger
-wise. It is also assumed, appointing business group) convinced that the troutotal loss,speaking insurance
and is known, that the great majority of pieces of ble is with the factors of the subject rather than
insured property never burn; the loss ratio as to with the men who must deal as best they may with
human lives is invariably 100%. Insurance • of those factors. High rates have a curative tendency
life is an accumulation process, based on mortality through men's desire to escape them, but the only
rates which vary so slightly that even such a war as direct and effectual method of reducing fire loss is
is now upon the world cannot undermine the in- by making it for men's self-interest to rely less upon
surance structure and can affect it only a very little; insurance coverage and more upon their own prefire insurance, on the contrary, is founded on un- cautions and care: that is, to make prevention the
certainties which are thus far impenetrably complex rule and not the exception. When the property
and practically insoluble. "Even with their corn- owner can protect himself, by insurance, against
MAR. 16 1918.]
THE CHRONICLE
others' faults but not against his own, prevention
will become the rule; as we approach the one change
we shall approach the other. The Boston committee perceive and accept the principle of individual responsibility, which is the one principle that
has thus far been almost totally disused and overridden, by allowing men to treat insurance as a
purchased license to behave as they choose, short
of intended arson: For the committee think a
good beginning may be made "by keeping at it and
keeping in constant touch with the underwriters."
Thus, they opine, there might be an adjustment of
rates so that the owner of an excessive risk or the
one who does not take precautions "will have to
bear the full burden of expense and will be unable to
put off a part of it on those who are really striving
to bring about good conditions." So the committee
deem it imperative that protection in every possible
way must be had, "in order to prevent further increase in rates and to make possible any reduction
in the future." They are correct; no proposition
in geometry is clearer and surer; and while they
do not state in firm and unmistakable language the
doctrine that insurance must become less general
and more insistently discriminating in its granting
and its coverage, they do show a recognition of the
truth that reform can come only through precaution
and prevention, and that self-interest must be the
place of attack. This recognition is the encouraging
feature of their report.
The distribution of dividends by the Fall River
cotton manufacturing corporations during the first
quarter of 1918 disclosed a very satisfactory condition
in that industry,even though the amount to be paid
out fails to reach the phenomenally heavy totals of
the three preceding quarters. The return to stockholders, however, is not only very Much greater than
in 1917, but actually a high record for the particular period covered and, moreoever, all mills are now
on a dividend paying basis and most of them are
maintaining the increased rates recently established.
Further testifying to the favorable nature of current
operations, there have been extra distributions in
several instances, these ranging from 1% to 8%,
and swelling the grand aggregate of dividends by
nearly $90,000. It is, perhaps, hardly necessary to
state that with present prices for goods so inordinately
high, the profits in cotton manufacturing are great,
but expenses have been appreciably increased recently, the advance in wages of 12
and the enhanced cost of the raw material and various supplies
being no mean items on the debit side of the account.
With it all, however, there is no cause for complaint
as at the moment production is taken up at full rates
and is likely to continue to be so long as the war lasts,
and Government orders are so important an item.
After the end of hostilities will come readjustment.
But that in its own time. We are simply considering
the present situatioq.
Our compilation of dividends 'declared by the Fall
River mills for the opening quarter of 1918 indicate
s
that of the 37 corporations included all make returns
to shareholders. One resumed payments as compared with a year ago, 21 increased the rate
of
distribution, 3 reduced it and 12, following a conserservative course,adhered to the rate hitherto
prevailing. The total amount to be paid out in the
period
this year reaches $955,059 on an aggregate capital of
$32,961,670, or an average of 2.90%, whereas
in
1059
1917 the distribution was only $761,975 or 2.51%,
and in 1916 reached but $342,417 or 1.13%. In all
earlier years back to and including 1910, the return
to shareholders was much less than now, and even
in 1907 and 1909, which class as good years, the first
quarter's distribution was smaller, having been 2.71%
and 2.70%, respectively.
Hopes that were entertained in some quarters that
the Bolshevik Congress would reject the harsh terms
of peace proposed by the enemy, were dissipated
when the news was received on Friday from Petrograd
that at a caucus of the Bolshevik faction of the PanSoviet Congress in Moscow an overwhelming vote
favored accepting the German terms. i Former
Foreign Minister Leon Trotzky has been appointed
War Commissary, which does not seem to entirely
accord with recent reports that he had determined
to head a new revolution and oppose the German
terms. Prince Lvoff, former Russian Premier, has
been arrested and is held by the Commissary of the
Northern front in connection with an attempt to
set up a separate government in Siberia with German aid. In violation of the peace treaty with
Russia, Germans and Turks at Trebizond have
apparently started a quick advance toward northern
Transcaucasia. Russian forces near Shachtachtey
are offering resistance.
On Monday President Wilson addressed a message
of sympathy to the All-Russian Congress in advance
of the meeting at Moscow. There is apparently
some grave doubt whether the message was delivered.
However, it shows conclusively the position of the
United States and already seems to have acted as
a means of offsetting an intimation expressed by
Lloyd George, the British Premier, that it would
be necessary to act in the future quite independent
of Russia. The President's statement has been very
well received in British official circles, however,
and will mark most likely a turning point in the
attitude of the Entente countries in the future.
We print the statement on another page.
Japan thus far appears to have taken no definite
steps in its proposed invasion of Siberia, awaiting
the action of the Bolshevik representatives at Moscow. The American Ambassador to Russia cabled
the State Department quoting Trotzky as stating
that Russia's continuance in the war against the
Central Empires is unavoidable. The Ambassador
did not state to whom Trotzky had expressed his
views, but it was assumed at the Department that
he had communicated either with the United States
Military Attache,who is believed to be still in Petrograd, or with an American Red Cross official in
Russia. Trotzky also talked about the possibility
of organizing a new Russian army to be placed under
"iron discipline" to continue to fight against the
Germans. The inconsistencies in the various reports that are coming forward from Petrograd indicate how entirely chaotic affairs are at the present
moment in Russia.
The long drawn out controversy over the use of
Dutch ships during the war has reached a crisis,
the United States and Great Britain having decided
to requisition all the Dutch ships in American and
Allied ports next Monday. Close to 1,000,000 tons
is reported to be involved in the arrangement.
Formal notice of the intention to requisition the
ships has been presented .to The Hague by the
1060
THE CHRONICLE
(VoL. 106.
American and British representatives. The Nether- proportions. On Thursday American troops oclands Minister at Washington, acting under instruc- cupied their first German trenches including a mile
tions of his Government, on Thursday submitted and one-fifth in the Badonviller region on the
a final and personal appeal to President Wilson to Luneville front. The positions were occupied in
at least modify the decision. There is reason to broad daylight after the German evacuation. A
believe, however, that the President saw no reason German barrage fire later forced a withdrawal, but
for altering the decision. Unless the ships are the Americans returned and are said to be firmly
turned over by next Monday the Presidential procla- holding their new positions. It is evident that
mation will, it is understood, be issued taking over the Germans are playing a safe defensive game in
the ships in American ports, of which there are all locations where they are confronting the Ameriunderstood to be about eighty. Many more are can troops. This has been made apparent by recent
in British and other Allied ports throughout the raids, the enemy simply evacuating front positions
world, all of which will be requisitioned and used after a strong defense and retiring to the rear lines.
in every way possible to conserve the interests of the
The week has witnessed almost unexampled acAllies. Germany's latest campaign of ruthlessness
shipping is attributed by the War tivity in the matter of air fighting. Paris was on
against neutral
Trade Board at Washington to a deliberate plan for Sunday night visited by nine quadrons of German
cutting off the North European nations from Ameri- airplanes aggregating nearly 60 units. They dropped
can and Allied food supplies, thereby reducing them bombs which set fire to several buildings in the city
through starvation to political and economic de- and the suburbs. Four of the raiding machines
pendence upon the Teutonic war lords. The . hope were brought down. Thirty-four persons were killed
is expressed by the Board that the neutrals will and 79 others were injured, 88 of the casualties being
contrast the respective attitudes of the United in Paris. In addition to the bomb victims 66 perStates and Germany toward the problem of feeding sons were suffocated through crowding in a panic
them. The German war leaders, the statement into a Metropolitan (subway) entrance to take
says, are using the submarine war weapon to prevent refuge 'from the raiders. These were for the most
fulfillment of American agreements to feed and part women and children. There were also two
raids on London and other parts of England. On
relieve European neutrals.
in no hurry to start its greatly Wednesday night one or two hostile airships attacked
Germany appears
advertised drive on the Western front, being content the northeast coast. About 20 bombs were dropped.
to keep the Allies keenly on the alert on this field Three Zeppelines took part in a Tuesday night raid
in order that troops and activities may not spread on the east coast. One of them dropped four
elsewhere. Meanwhile the advance into Russia bombs on Hull. The other airships of the squadron
continues, the Black Sea port of Odessa having been flew about aimlessly over country districts, dropentered. "We have acquired a direct free route via ping bombs and then proceeding back to sea. One
Russia to Persia and Afghanistan," says a dispatch airship dropped four bombs on Hartlepool. Six
from the Wolff Bureau, the German semi-official buildings were demolished there and 30 were damagency. If true, this, of course, will have an im- aged. Five persons were killed and 9 injured.
portant bearing on the situation on Western Asia
The British Admiralty reported for last week
and possibly even in India. The peace terms forced
away Russian the loss by mine or submarines of 18 British merupon Russia at Brest-Litovsk took
districts in Cis-Caucasian region, through which it chantmen. Of these 15 were 1,600 tons or over and
would be possible for the Germanic Allies to gain three under that tonnage. This is the third week
entrance from the Black Sea or Turkey into Persia. in succession that the total has been reported at 18
But Germany's sweep into Russia is described by our vessels. The French lost during the same week
War Department's weekly military review as another no ships at all over 1,600 tons and only 4 smaller
futile attempt on the part of the Germans to shift ones, while the Italians lost 2 vessels over 1,600
the centre of gravity of the war,which still remains tons and one smaller. The Norwegian Foreign
on the west front. There, the review says, lies Office reports the sinking of the Norwegian steamer
the key position of the war. Nothing is found Skrymer of 1,475 tons.
in the situation by the Department to indicate
Despite the conclusion of the drive of the Business
that the Germans have abandoned their plans
Men's Week for the British War Loan, investment
for great offensive in the west, and, it says, the
the
Allies, while assuming an alert defensive, are con- tendencies have not expanded this week on
against their London market. The cables yesterday announced
tent to let the enemy break himself
impregnable lines. In Finland the Germans are the total reached to have been £127,870,240. To
operating in conjunction with the White Guards this must be added £2,900,000 of the Post Office
a
against the Red Guards and are in control of the issue and £8,100,000 in war savings certificates,
total of £138,870,240 subscribed for the prosecution
line north of Tammerfors and Viborg. The Gerof
mans have landed on the Aland Islands, which of the war. Since October, when the latest issue
the invasion war bonds began, the amount sold has been £570,they will probably use as a base for
been fixed as the
of Finland. In Siberia ex-German war prisoners, 000,000. The amount that had
armed and drilling in the vicinity minimum mark for the week was £100,000,000.
it is reported, are
be considered
of Irkutsk and throughout Siberia German and Hence the Business Men's Drive must
gratifying success. Andrew Bonar Law, ChadAustrian prisoners of war are being assisted by certain a
cellor of the Exchequer, took this view. TeleGerman elements.
activity graphing his congratulations to the Lord Mayor
On the Western front some increase in
has been displayed all along the line. American of London on the city's contribution, he said:
forces have made a favorable impression. The "Although the total returns from the whole counengagements, however, have not been of major try have not yet been received, it is certain that
MAR. 16 1918.]
THE CHRONICLE
1061
much more than the £100,000,000 asked for has been nearly 50,000 operatives unemployed weekly and a
subscribed. This is additional proof of the deter- further proposed reduction will increase these
to
mination of our people to hold fast until the aims for 80,000.
which we entered the war have been secured."
Very little mention of the Russian situation is
The British Treasury statement for the week endmade by financial correspondents in London in ing March 9 indicated a further substantial reduction
their cabled dispatches. The prevailing opinion in the amount of Treasury bills outstanding,
while
appears to favor the idea that the worst has happened; the Treasury balance showed a gratifying increase
that its effects have been duly discounted. One cor- of nearly £2,500,000. Revenues were slightly below
respondent declares that financial London unques- those of the previous week, but the week's expenses
tionably favors Japan's intervention in Siberia on the were materially reduced. The total of expenditu
res
ground that Russian recovery is hopeless and that for the week was £51,111,000 (against 04,361,000
strong opposition to Prussia in every direction is for the week ended March 2), while the total outflow,
essential for both military and economic reasons. including repayments of Treasury bills and other
He refers to the decline in Japanese bonds, but argues items, amounted to L173,962,000; as against L164,that it was not a sign of apprehension. "The case 819,000 the previous week. Treasury bills repaid
is," he explains, "that during the last few years the totaled £82,870,000, comparing with 08,615,000,
price of the bonds has advanced substantially because and other debts £7,001,000, against 094,000. Adof Japan's heavy purchases on the London market vances repaid amounted to £1,729,000; there was none
for the sinking fund. In view of the possible increase last week. Receipts from all sources were L176,in Japan's military expenditure, however, these 444,000, which compares with £163,102,000 a week
purchases have been suspended and their redemption ago. Of this total, revenues contributed L22,539,is not expected during the continuance of any cam- 000, against £22,884,000 the week preceding. This
paign in Russia." These sinking fund purchases, week's issue of Treasury bills amounts to L66,212,however, have been greatly in excess of the require- 000, against £87,326,000 last week, war savings
ments under the bond issue prospectus so that the certificates total £2,000,000, against £1,800,000, and
suspension is not detrimental to the actual credit other debts incurred £21,052,000, against L12,592,of Japan.
000 the week previous. Advances were £10,000,000.
The present issue of British national war bonds, Last week the total was £19,350,000. Treasury
which is repayable in Oct. 1922, 1924 and 1927, bills outstanding aggregate £1,023,495,000, in conis to be replaced April 1 by a fresh issue repayable trast with £1,040,425,000 one week ago. The
in each instance six months later. Six large British Treasury balance now stands at £16,732,000. This
banks have entered into an agreement to work to- compares with £14,249,000 the week
before.
gether for the protection of holders of Russian railway, municipal and Government bonds for the issue
Advices via Zurich quote the German Socialist
of which they have been responsible. These banks newspaper "Vorwaerts"
as authority for the statecomprise Barings, Hambro, Lloyd's, London County ment
that scandal in Germany connected with "graft"
& Westminster, Rothschilds and Schroeder. Roths- at the Daimler munitions
factories which the Budget
childs began on Wednesday paying the March coupon Commissi
on of the Reichstag is investigating has
on the Russian 5% loan. Investors who deposited caused a veritable panic
in the Berlin Stock Extheir American securities with the Government and change. The
Daimler stock fell two-thirds of its
whose term of deposit under the original plan now is quoted price
and a large number of other war stocks
expiring are being asked to continue their deposits unsuffered similar shrinkage, due to the popular belief
til March 1922. The London "Economist's" February that the greater part
of the war factories have been
index number, as reported by cable, is 5828, showing
guilty of grafting and will be prosecuted by the
an increase of 43 points from the January number and German Treasury.
The cost of living in Germany,
representing an increase of 766 points above
the it is figured, is increasing at the rate of 42% a year,
level reached in Feb. 1917. Stated differently the requiring
the average family to go into debt for the
February number shows an increase of 164.9% of necessarie
s of life. According to figures gathered by
the basic number, namely 2200, which represents the Bureau of Labor
Statistics at Washington, the
average quotations for the five-year period 1901-5.
average expenditure of families having incomes rangThe recent antipathy to bank fusions seems to be ing from 100 to 200
marks is 224.25 marks. Rigid
moderating somewhat. Bank officers are arguing economy,
it is said, is practiced everywhere and the
that it is necessary to amalgamate in order to be average family
spends only 25 cents a month for
prepared to finance the big trade programs that will amusemen
ts. The Exchange Telegraph corresponfollow the war. Some of these bankers also state dent Copenhag
at
en wires that the German war debt
that still further unification is need in order to face now amounts to 109,000,0
00,000 marks. The new
the formidable Teutonic banking combination consist- war loan which is soon
to be issued will call for
ing of the Deutsche Bank, the Dresdner Bank and 15,000,000,000 marks. Word
has been received from
the Disconto Gesselschaft.
Vienna by way of Amsterdam that the Upper House
The Manchester Cotton Control Board has of the Austrian Reichsrat
has adopted a provisional
issued instructions to the cotton spinning war credit of
6,000,000,000 kroner for the next
mills and weaving sheds concerning further four months.
Representatives of the Discontocurtailment of the consumption of American Gessellsch
aft Bank and the big Austro-Hungarian
cotton, to take effect on March 18. After that date industrial interests
are discussing the exploitation
not more than 50% of the machinery will be allowed of Rumanian oil fields.
These interests, it is
to run without license. Licenses will be-granted to reported, intend to organize a
vast monopoly with
firms doing Government work and for looms running a capital of $200,000,
000, of which the German
on coarser American counts in excess of 60% of the bank will subscribe $175,000,000.
mill's total. The scheme of curtailment makes
1062
[VOL. 106.
THE CHRONICLE
The fifth national Italian war loan closed on Monday, subscriptions in Italy reaching 5,000,000,000
lire, with the results for some cities not yet reported;
making allowance for such subscriptions and for
Italians residing abroad, the total is expected to
reach some 6,000,000,000 lire. Advices from Rome
estimate Italy's war expenses to Jan. 31 at 33,091,000,000 lire, of which nearly 31,000,000,000 lire
were the expenses for the army and the remainder
for the navy. The Italian Government has taken
control of the foreign exchanges and has abolished
all free financial transactions with other countries.
Transfer of funds to and from Italy has been. entrusted to the National Exchange Institute at Rome,
which is composed of banks and Government representatives. This Institute will regulate exchange.
The announcement caused a sharp temporary rally
in the price of lire in New York, to which we refer
more fully in our remarks on the continental exchanges in a subsequent paragraph. The new Institute has as directors one representative each from
the following banks: Banca de Italia, Banca de
Napoli, Banca de Secilia, Banca Commerciale
Italiana, Credito Italiano, Banca Italiano Disconto and the Banca de Rome. In addition are two
directors nominated by the Minister of the Treasury. There have been no intimations thus far of
the details of any definite plans that the Institute
has prepared to sustain the quotation .for lire.
of the bank for the bank week, inasmuch as the bank
has discontinued such reports. We append a tabular statement of comparisons:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1914.
1915.
.1916.
1917.
1918.
March 13. March 14. March 15. March 17. March 18.
47,284,000
Circulation
Public deposits_ _ _ _ 38,352,000
128,997,000
Other deposits
Govt. securities_ _ _ _ 56,624,000
Other securities_ _ _ _ 97,604,000
Reserve notes & coin 31,250,000
60,085,014
Coln and bullion
Proportion of reserve
18.70%
to liabilities
5%
Bank rate
38,073,490
86,377,187
119,113,886
24,081,221
165,424,569
34,161,355
53,784,845
32,911,800
52,403,529
95,275,693
32,838,646
92,433,129
40,665,925
55,127,725
32,265,470
70,950,454
100,403,688
30,049,177
115,749,996
43,849,781
59,456,251
28,434,810
27,448,023
40,446,766
8
11,152,6- 9
43,818,944
31,185,218
41,170,028
16.60%
%
27.76%
5%
25.63%
5%
45.83%
3%
The Bank of France announces a further increase
in its gold item this week of 1,264,050 francs. This
brings the total gold holdings up to 5,370,762,250
francs, including 2,037,108,184 francs held abroad,
against 5,168,041,677 francs (3,221,404,111 francs in
vault and 1,946,637,566 francs held abroad) in 1917
and 5,023,143,390 francs (all in vault) the year before. The silver item increased 116,000 francs
during the week, and treasury deposits increased
9,717,000 francs. Bills discounted decreased 59,062,000 francs, advances show a contraction of
10,293,000 francs, and general deposits declined
32,520,000 francs. Note circulation was augmented
to the extent of 94,093,000 francs and now aggregates
24,744,120,000 francs, as against 18,361,548,800
francs last year and 14,719,698,770 francs in 1916.
On July 30 1914, the period just preceding the outbreak of the war, the amount outstanding was
Official bank rates at leading European centres 6,683,184,785 francs. Comparisons of the various
continue to be quoted at 5% in London, Paris, items with the statement of last week and the corBerlin, Vienna and Copenhagen; 532% in Italy and responding dates in 1917 and 1916 are as follows:
Portugal; 6% in Petrograd and Norway; 432% in
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Switzerland, Holland and Spain, and 7% in Sweden.
Changes
Mar. 14 1918. Mar. 15 1917. Mar. 16 1916
for Week.
In London the private bank rate has remained at Gold Holdings—Francs.
Francs.
Francs.
Francs.
Inc. 1,264,060 3,333,653,766 3,221,404,111 5,023,143,390
3 19-32% for sixty and ninety-day bills. Money on In France
2,037,108,484 1,946,637,566
No change.
Abroad
call in London is still quoted at 2%%. No reports
Inc. 1,264,050 5,370,762,250 5,168,041,677 5,023,143,390
Total
362,028,132
266,622,834
have been received by cable of open market rates Silver
256,108,000
116,000
Inc.
366,305,981
483,540,456
at other European centres, so far as we have been Bills discounted_ _ _Dec. 59,062,000 1,005,089,000 1,241.004,755 1,248.433,161
Dec. 10,293,000 1,188,494,000
Advances
Note circulation__ _Inc. 94,093,000 24,744,120,000 18,361,548,800 14,719,698,770
able to ascertain.
32,833,94
22,517,430
38,801,000
Treasury deposits_ _Inc. 9,717,000
2,443,917,416
General deposits_ _ _Dec. 32,520,000 2,571.188,00
In its statement for the week the Bank of England
reported another, though this time unimportant,
increase in gold, namely £293. Note circulation
declined £306,000; hence there was an increase in
total reserves of £307,000. Deposits were heavily
reduced this week, as a result of which the proportion of reserve to liabilities was advanced to 18.67%,
compared with 17.31% a week ago and 16.60% last
year. Public deposits were reduced £2,669,000,
other deposits showed a contraction of £8,717,000,
while Government securities declined £11,112,000.
Loans (other securities) registered a reduction of
£587,000. Threadneedle Street's stock of gold
aggregates £60,085,014, which compares with £53,784,845 a year ago and £55,127,725 in 1916. Reserves now stand at £31,250,000, as against £34,161,355 in 1917 and £40,665,923 the year previous.
Loans total £97,604,000. A year ago.the total was
£165,424,569 and in 1916 £92,433,129. The bank
reports as of March 9 the amount of currency notes
outstanding as £198,379,323, against £196,119,536
in the week preceding. The amount of gold held
for the redemption of such notes remains at $28,500,000. Clearings through ,the London banks
for the week were £426,600,000, against £312,100,000 in the corresponding week last year. Our
special correspondent is no longer able to give details by cable of the gold movement into and out
1,958,838,830
The Imperial Bank of Germany in its ws,ekly
statement as of March 7, shows the following
changes: Total coin and bullion increased 842,000
mks.; gold increased 186,000 mks.; Treasury notes
expanded 2,687,000 mks.; notes of other banks
increased 703,000 mks.; bills discounted showed an
expansion of 16,952,000 mks.; advances decreased
2,256,000 mks.; investments increased, 1,240,000
mks.; other securities were expanded 30,940,000
mks.; notes in circulation increased 13,276,000 mks.;
deposits registered the large increase of 101,010,000
mks. Other liabilities were reduced 63,178,000
mks. The Bank's gold holdings now stand at 2,407,022,000 mks., which compares with 2,528,980,000
mks. last year and 2,458,100,000 mks. in 1916.
Saturday's bank statement of New York Clearing
House members, which will be found in more complete form on a later page of this issue, made a rather
better showing, the return of funds to the banks
coincident to Reserve Bank operations having resulted in a recovery of nearly all of the losses in
reserves sustained the week previous. As a matter
of fact, however, all the comparisons with the preceding week are deeply disturbed by the inclusion
for the first time of the return of the Farmers' Loan
& Trust Co. of this city. This is a very large insti-
MAR. 16 1918.)
THE CHRONICLE
1063
tution and the part played by it in affecting the com- large local banking institutions has been watching the
parisons may be judged by the fact that this com- situation very closely and has put out a considerab
le
pany reports for the week average loans of $138,- amount of funds with the view to preventing the call
036,000, average demand deposits of $129,731,000, rate from rising above 6%. As to time
money
average time deposits of $11,649,000, average cash some loans are understood to have been secured
at
in vault of $3,560,000 and average reserve with legal 6%, plus a bonus or commission.
depositories of $17,488,000. We give averages here,
The view seems in representative circles to be
though the general totals show the actual figures at growing that the period of greatest strain has
now
the end of the week, inasmuch as the statements of been encountered and that the Treasury will in the
the separate institutions are only reported on the few days adopt some means of affording relief. The
average basis. The Clearing House loan item for main trouble of course is that the Treasury is taxing
the week expanded $35,778,000, but the Farmers' the resources of the banking institutions to the utmost
Loan & Trust Co., on the basis of the average fig- in the form of subscriptions to certificates of inures just given, would alone account for over 100 debtedness. Preparations for tax payments conmillion dollars more than this. Net demand deposits stitute an added factor. But it is agreed that
before
registered the large increase of $95,056,000 to $3,- the offering of the war loan on April 6 some form
of
635,760,000 (Government deposits of $433,418,000 relief is imperative in the general money situation
if
deducted); but here, too, more than the whole the new bond issue is to become a full success.
Vague
amount is accounted for in the way indicated; net reports are current that the Treasury will consider
it
time deposits increased $5,757,000. Cash in own desirable to delay the formal offering beyond
that
vaults (members of the Federal Reserve Bank) date. The passage of the National Finance Corporaincreased $5,285,000 to $101,018,000 (not counted tion bill on which the efforts of the Administration
as reserve). Reserves in the Federal Reserve Bank will be concentrated now that the Railroad Bill is out
of member banks showed an expansion of $55,409,000 of the way, is, it is believed, not unlikely to furnish
to $515,218,000. The reserve in own vaults (State the incentive for the easing up in the money situation
banks and trust companies) increased $472,000 to which, as already noted, the successful distribution
$16,730,000. Reserves in other depositories, how- of the Third Liberty Loan will so urgently
require.
ever, (State banks and trust companies) declined On Monday the Treasury formally announced
the
$789,000 to $7,455,000. Aggregate reserves were third block of $500,000,000 Treasury
certificates of
expanded $55,092,000, which brought the total to indebtedness to be issued in anticipatio
n of the pro$539,403,000, as against $764,587,000, the amount ceeds of the new loan. The
rate is 432% and the
on hand a year ago. There was a gain in reserve purpose of the sale is to provide funds to
meet the
required of $12,439,560; hence the increase in surplus monthly advances to the Allied
Governments under
was brought down to $42,652,440. Excess reserves the standing program adopted for the
current fiscal
now on hand total $55,163,290 on the basis of only year. The interest rates on loans to Allies
has been
13% reserve for member banks of the Federal Reserve raised to 5% from 431%, as a result of
the increase
system (but not counting $101,018,000 cash in vaults in the rates on certificates of indebtedne
ss from 4 to
held by these banks). At the corresponding period 432%, making a gradual rise from 3% on
the first
in 1917 surplus reserves were $142,591,520 on the credits last April when the Government was
borrowbasis then ruling of 18% reserves, including cash in ing at that rate on certificates. Payment
for the
vault. Of the total vault cash held by the Clearing certificates must be made not later than March
22.
House members, $76,092,000 is shown to be in The amount of these certificates tentatively
allotted
specie.
to the New York Federal Reserve district is about
In the local money situation large withdrawals $21,000,000 lower than the preceding
issues, that is
of Government deposits from the banks have served to say, $173,000,000 instead
of $194,000,000. The
to accentuate an already strained position. The certificates are payable June
18 with interest compurpose of the withdrawals is to centralize the funds puted from March
20. The Comptroller of New
which are being placed in the Treasury or in the York City this week
sold $12,000,000 corporate
Federal Reserve banks. It is estimated that nearly stock notes dated March 12
and maturing June 28
$100,000,000 of Government deposits have been called and $8,000,000 city revenue bills
dated March 12
from the New York banks, but there are no official and maturing July
8. The Guaranty Trust Co.
data available yet to confirm this statement. Never- was the successful bidder
at 4.79% for the combined
theless, the Metropolitan banks have been large bor- amount. Thirty-one
financial institutions submitted
rowers at the Federal Reserve Bank this week. The bids totaling $111,680,0
00. As a comparison it
result of the strain has been reflected in Stock Exmay be noted that the city in February sold $20,000,change circles by a restriction in the general vol000 of notes, half maturing May 10 and the remainder
ume of business. Some of the large commission on May 20.
J. P. Morgan & Co. were in that transhouses have been discouraging their clients from
action the successful bidders at 4 31 and 4 32%,
entering into all operations involving substantial
respectively.
borrowings from the banks. It is virtually imposGovernor Harding of the Federal Reserve Board
sible to obtain renewals of time loans,and new busi- on Tuesday sent a telegram to
banks in each of the
ness for fixed maturities at the moment appears out eleven Reserve districts outside New
of
York urging
of the question not only in financial circles but in that they must cease advancing interest
rates and
mercantile quarters as well. In the financial dismust also cease attempting to obtain higher interest
trict business is being conducted almost completely rates from their depository banks in
Reserve cities.
through the agency of call loans—a practice so dan- The text of the telegram
which appears in another
gerous that as already noted the commission houses column of the "Chronicl draws
e"
attention to the
are not willing to freely undertake it. It is under- fact that the transfer of balances from
one bank to
stood that the money committee which has pledges another does not add anything to
the strength of
of funds to use at its discretion from many of the the banking position as a whole.
In view of the
[VOL. 106.
THE CHRONICLE
Delivery
within
30 Days.
4% bid
4% bid
bid
6
Spot Delivery—
Sixty
Thirty
Ninety
Days.
Days.
Days.
43404
banks43s ©4% 4018
/
Eligible bills of member
434(4434
Eligible bills of non-member bks_434@434 434 ig45
53404% 5340434 5340434
Ineligible bills
,4
A,
No changes in rates, so far as our knowledge goes,
have been made the past week by the Federal
Reserve banks. Prevailing rates for various classes
of paper at the different Reserve banks are shown in
the following:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
•i
CLASSES
OF
DISCOUNTS AND LOANS
Member Banks, Coll. Loans.
1 to 15 days' maturity
Discounts
1 to 15 days' maturity
16 to 30 '
"
"
31 to 60 "
61 to 90 "
"
Agricultural and
Live-Stock Paper
91 days to 6 months maturity
Trade Acceptances
1 to 30 days' maturity
31 to 60
"
"
61 to 90 "
..i
i
g, .
i n
4
.
.4 _4
a '
:
14-
4
4
5
5
5
•
334 4
334
434
434
434
4
1
4
•?5
.
rx
,
:§
4
4 4
434 434
434 434
434 434
4
0 1
i
_§
rs
•.•
4
4 4 4
434 434 434
434 434 434
434 434 5
•
4
4
4 4
434 434
434 434
434 5
Kansas City.
approaching Liberty Loan campaign sharp nationwide contests between banks for deposits would,
the telegram says, be particularly unfortunate.
New York was not included in the telegram on
Tuesday on account of a similar request having previously been made. On Monday the New York
Clearing House unanimously adopted the following
resolution:
"Resolved, That this Association wishes to record
that any general campaign for deposits at increasing
and competitive rates of interest inasmuch as such
action is disturbing throughout the nation and does
not add to the collective strength of banking resources, is at this time improper and should not be
undertaken by any institution."
' Boston.
1064
4
.
4
4
434
434
434
4
434
43-4
434
4
4
434
A new credit of $200,000,000 was on Tuesday
434
434
to Great Britain by the U. S. Treasury
extended
and also $15,000,000 to Cuba. The $15,000,000 to
5 5 5 5 434 5 534 534 534 5 5 534
Cuba was a response to appeals from that Govern334 4 334 4
4
334 4
434 4 4 4 4
334 4
334 4 334 4
4344 4 4 4 4
4 4
4
4 4 4 4
ment for funds with which to make much needed
444 4 4 4
improvements as well as to finance the record •Rate of 3 to 434% for 1-day discounts Inconnection with the loan operation
of the Government.
breaking Cuban sugar crop.
Note.—Rate for acceptances purchased in open market, 3 to 434%, except for
Minneapolis, whose rates range from 3 to 5%. In the case
Boston. Chicago
Aside from the offering of the Treasury certificates of San Francisco and rates range from 234 to 434%.
the
-day trade acceptance rate is higher than the 15-day discount rate.
In ease the 60
will be taken at the lower rate
of indebtedness in anticipation of the new loan, trade acceptances maturing within 15 daysmerged with those for commercial paper
Rates for commodity paper have been
Secretary McAdoo on Wednesday offered another of corresponding maturities.
block of certificates, dated March 15 to mature
In sterling exchange circles conditions remain in
June 25 and be acceptable in payment of income and
excess profits taxes due at that time. This new the same arbitrary position with slight prospect pf
issue bears 4% and is identical in all respects except change so far as actual transactions are concerned.
as to date with other so-called "tax" certificates. The system of licensing does not appear to have
The changing of the date is merely for the purpose exerted any noteworthy inconvenience but this is
of reducing the amount of accrued interest to be not surprising in view of the mechanical manner in
paid. The last block of these certificates was dated which whatever business is passing is being conFeb. 15 and the sales at that time amounted to ducted. Fred I. Kent, director of the division of
about $75,000,000, making the total of tax certificates foreign exchange of the Reserve Board this week
issued an additional statement emphasizing the
now outstanding about $1,255,000,000.
to money rates in greater detail, loans necessity of final action for obtaining registration
Referring
on call have covered a range for the week of 43' to certificates. This is printed on subsequent pages.
2
Montreal exchange rose as high as $16.873/
6%, as compared with 23/2@6% a week ago. On
Monday the high and ruling rate was 5%, with premium this week and closed at that rate. Thus
4%% low. Tuesday 6% was the maximum, al- far nothing definite has been announced respecting
though the low went down to 432%, which was also the outcome of the negotiations understood to have
the basis for renewals. On Wednesday and Thurs- been instituted by Sir Robert Borden on his visit
day there was no range, 6% being the only rate last week to Washington and New York.
As to quotations in detail, sterling exchange on
quoted on both days. On Friday 6% was still the
Saturday, comparing with Friday of the preceding
highest, 5%% low and 6% the renewal basis.
For fixed maturities very little change has been week, ruled without important net change; demand
recorded. Despite the more favorable showing bills again ruled at 4 753-1@4 7530, cable transfers
.
2
made by Saturday's bank statement, no improve- at 4 76 7-16 and sixty days at 4 72@4 723/ Monment was shown in the supply of funds available for day's dealings were of a restricted character and
time loans and lenders continue to evince the same transactions reached only small proportions; rates
1
unwillingness to enter into large commitments for continued at 4 754@4 7530 for demand, 4 76 7-16
2
long periods. Six per cent is still the nominal quo- for cable transfers and 4 72@4 723/ for sixty days.
tation for all maturities from sixty days to six Nothing new of moment developed in sterling exmonths with only a very limited amount of business change on Tuesday and rates were maintained at
passing. A year ago sixty and ninety days was the previous day's levels; announcement of the
quoted at 3%@4% and four, five and six months granting of another large loan to Great Britain by
the Washington authorities, as well as the decision
at 4%.
Mercantile paper was quiet and featureless. of the Italian Government to abolish all free trading
Quotations for sixty and ninety days endorsed bills in lire, failed to exercise anything more than a sentireceivable and six months names of choice character mental influence upon the sterling market. On
continue on the basis of 5%@6%, with most of the Wednesday the tone was firm and bankers' sixty
business being done at 6%. For names less well day bills, together with commercial long bills, were
known 6% is the minimum. Offerings were light, advanced fractionally—more, however, as a result
of a scarcity of offerings than of any increase in
which served to still further restrict trading.
3
Banks' and bankers' acceptances were moderately activity; the day's rates were 4 754@4 7530 for
active with rates ruling at last week's levels. Fewer demand and 4 76 7-16 for cable transfers, unchanged,
8
higher, at 4 723/@4 72 8. Intransactions with local and out of town banks were and sixty days
tense dulness featured Thursday's trading, although
eacorded Quotations in detail follow:
MAR. 16 1918].
THE CHRONICLE
the undertone continued firm, with demand again at
753@4 7530, cable transfers at 4 76 7-16 and
sixty days at 4 723/@4 72%. On Friday the market
8
closed firm, demand bills advancing fractionally on
the sentimental influence of the proposed taking over
of the Dutch ships, thus improving prospects for
transportation and for mail opportunities. Closing
quotations were 4 723/@4 725 for sixty days,
%
8
4 753@4 75323' for demand and 4 76 7-16 for cable
transfers. Commercial sight bills finished at 4 75®
4 751 , sixty days at 4 715%@4 713/, ninety days
A
2
at 4 693/@4 695%, documents for payment (sixty
2
days) at 4 713/@4 713 and seven-day grain bills
8
%
at 4 74Y®4 7434:. Cotton and grain for payment
closed at 4 75@4 7538.
1065
bills and 8 56 for cables. The final quotation a week
ago was 8 713"2 and 8 70, respectively. Greek
exchange has not been changed from 5 14 for sight
bills and 5 123/i for cables.
In the neutral exchanges the feature of the week
has been a sudden, sharp rise in Spanish pesetas,
which is regarded as a response to the ratification of
the recent commercial agreement between the United
States and Spain. The quotation advanced to 25.10
for cables—a rise of 58 points, and representing a
premium of about 30%, but closed at 24.90. Swiss
exchange was also strong and higher, while guilders
were well maintained. The Scandinavian exchanges
were somewhat irregular, though closing rates were
fairly steady. No perceptible increase in activity was
noted. Bankers' sight on Amsterdam'finished at
4534:, against 443/2; cables at 453, against 45; commercial sight at 45 1346, against 44 7-16, and commercial sixty days at 453/, against 44 5-16 last
s
week. Swiss exchange closed at 4 42 for bankers'
.
sight bills and 4 41 for cables. This compares with
4 49 and 4 47 a week ago. Copenhagen checks finished at 297 and cables at 305%, against 30 and 3032.
4
Checks on Sweden finished at 313 and cables at
%
323, against 313/ and 32, while checks on Norway
2
closed at 3034: and cables at 30%, against 303. and
305 the preceding week. Spanish pesetas, after
%
advancing to 25.02 for checks, receded and finished
at 24.80, and cables at 24.90, as against 24.52 and
24.60 a week ago.
South American quotations have shown only
moderate changes, the check rate on Argentina closed
at 43.90 and cables at 44 (unchanged). For Brazil
the check rate is 25.77 and cables 25.87, against 26.14
and 26.24 a week ago. The Chilean rate is 14 1-32
(unchanged), and for Peru 56, also unchanged. Far
Eastern rates are as follows: Hong Kong, 72%®73,
against 713®71.35; Shanghai, 105@106 (unchanged); Yokohama, 51.65@51.75 (unchanged);
Manila, 49% ®50 (unchanged); Singapore, 56%@57
(unchanged), and Bombay, 35®3532 (unchanged).
Developments in the Continental exchanges this
week have been completely overshadowed by the
wild fluctuations in lire which followed the action
of the Italian Government in abolishing all free
transactions in lire exchange with other nations and
taking entire control of the exchange situation.
This means that from now on the transfer of funds
to or from Italy will be handled by the newly established National Exchange Institute at Rome, a
Government function placed in operation on Monday.
The new institute will not seek to obtain loans here or
ship gold to stabilize rates. But it will take charge
of remittances of dollars to Italy from Italians in
the United States. Shortly prior to the entrance of
the United States into the war, exchange on Rome
had declined until all previous low records were
broken. After the United States had become
a
participant in the struggle, all of the Entente
exchanges, including those of Italy, advanced sharply
in the belief that American credits would aid in
strengthening exchange. In the case of
Italy,
however, this aid has not been forthcoming
to
the expected extent and rates have fluctuated in a
highly erratic fashion. Upon the announcement of
The New York Clearing House banks, in
the new arrangement changes for a time were so erations with interior banking institutions, their ophave
violent as to engage the attention of international $902,000 net in cash as a result of the currency lost
movebankers and market operations almost to the
ments
exclu- from for the week ending March 15. Their receipts
the interior have aggregated $6,579,000, while
sion of everything else. On Tuesday the quotati
on the shipments have reached
$7,481,000. Adding the
for lire bounded up 60 points to as high as 7.95
for Sub-Treasury and Federal Reserve operati
ons and
sight bills, comparing with 8.97, the low point
of a the gold exports, which together occasioned a loss of
week ago. Subsequently there was a reaction
to $75,904,000, the combined result of
8.32. Later a recovery to 8.25 was recorded, only money into and out of the New York the flow of
banks for the
to be followed by a further decline to 8.60, with the week appears to have been a loss of $76,806,000,
close at 8.58. Prominent Italian bankers,
as follows:
however,
confidently look for greater stability of
TVeek ending March 15.
Into
rates. It is
Out of
Net Change in
Banks.
Banks.
Bank Holdings.
pointed out that for months Italian exchange
has re- Banks' interior movement
$6,579,000
$7,481,000 Loss
ceived practically no support. Consequently
$902,000
and Federal Reserve
sales of Sub-Treasuryand gold exports
operations
50,561,000 126,465.000 Loss 75,904.000
even moderate amounts of bills were often
able to Total
$57,140.000 $133,946,0001Loss $76,806,000
lower the rate quite severely. Under the new
condiThe following table indicates the amount of bullion
tions it is hoped to prevent this, and also restrain
un- in the principal European banks:
due speculation and arbitrage of sterling and francs
March 14 1918.
for dollars. French exchange was a trifle easier on Banks of
March 15 1917.
Gold.
Silver. I Total.
Gold.
light transactions, though without important
SilvEr.
Total.
net
£
i
£
I 60,085,014
£
change for the week. Rubles remain deadloc
£
E
53,784,845
ked at England.._ 60,085.014
53,784.845
France a _
0
the levels previously current, with no business being Germany__ 133,346,150 10,240,0001143,586,150 128,856,165 10.664,920139,521.085
120,351.10
5,729,3501126,080,450 126,455,85
783,350 127,239,200
Russia •__ 129,650,000 12.375,000I142,025,000 147,535,0 0
done in this class of exchange. The unofficial
Aus-Hun c 11,008,000 2,289,0001 13,297,000 19,878,000 11,617,000 159,152,000
4,840,000
check Spain ____ 79,556,000 28,407.0001107,963.000 53.085,000 29,835,000 24,718,000
rate on Paris closed at 27.24, as against 27.20 a week Italy
33,434,000 3,496,0001 36,930,000 35.987,000 2,906,000 82.920,000
38,893,000
Netheri'ds 59,695,000
606,2001 60,301,200 49,297,000
540,100 49,837.100
In New York sight bills on the French
ago.
Nat.Bel.h 15,380,000
15,980,000
centre Switeland 14,686,000 600,0001I 14,686,000 15,380,000 600,000 15,980,000
13,741,600
13,741,600
closed at 5 723/2, against 5 723/; cables at 5 713., Sweden __ 13,100,000
113,100,000 10,364,000
2
10,364.000
Denmark_ 9,622,000
137.0001 9,759,000 9,019,000
113,000 9,132,000
Norway_ _ 6,526,000
against 5 70 13-16; commercial sight at
13,526,000 6,643,000
6,643,000
5 733',
Tot.week.
against 5 7334:, and commercial sixty days at 793/ Prev.week 686,439,264 63,879,5501750,318,814 70,026.460 61,899,370 31,925,830
5
686,380,109 63,846.7501750,226,859 69,796,705 62,453,360
732,250.065
against 5 793/ on Friday of last week.
a
Rubles heldGold holdings of the Bank of France this year are exclusive of £81.484,340
abroad.
continue to be quoted at 13 for sight bills and
• No figures reported since October 29 1917.
133
c Figures
Board of
for cables. Lire finished at 8 58 for bankers' sight 1917; figuresfor 1918 those given by "Britishof the Dec.Trade Journal" for Dec. 7
for 1917 estimated on the basis
7 1917 totals.
h Aug. 6 1914 in both years.
1066
THE CHRONICLE
[Vol.. 106.
and independence in her own affairs and full restoraRUSSIA'S PEACE WITH GERMANY.
tion to her great role in the life of Europe and the
The action of the Bolshevik caucus at the "All- modern world.
Russian Congress of Soviets" in voting, 453 to 30,
The effect of this, and of the similar messages
for the German terms of peace, appeared to be ac- cabled a day or two later by various American orcepted in Russia as determining the vote of the full ganizations, including the American Federation of
conference. It certainly could not be described as un- Labor, would naturally not be immediate. It must
expected. It had been evident that Lenine con- be remembered that even the "All Russian Confertrolled the dominant faction, and that Lenine, with ence" is not representative of the Russian people.
whatever motive, was determined to surrender. The It is no such gathering as the French National Convery fact that Trotzky's belated protest at such ac- vention of 1789, in which representation was fortion had the immediate result of his ejection from mally apportioned to all classes of society, or as our
the Bolshevik Ministry was evidence of Lenine's own Constitutional Convention of 1787, whose memassurance of his own power.
bers were chosen on the basis of personal qualificaNor can it be said that this surrender would tions and public service. The Russian convention is
alter the situation. Such advantages as Germany a "Congress of all the Soviets," or labor unions; other
has gained have arisen primarily from the disbanding classes of society, including what we should here
of the Russian army, and that act of folly or treach- describe as business men, professional men, or nonery had been accomplished before the terms of peace union workers, being practically refused the right to
were proposed. It is a somewhat remarkable coin- participate. The action of this body, or the expeccidence, however, that Thursday's action should have tations regarding its action, must be judged in the
been taken on the anniversary of the Russian revo- light of its character and composition. But the
lution; a fact which will doubtless accentuate such longer political results must also be judged in the
anti-democratic comment as the ignominious col- light of it.
lapse of government under the revolutionary reWhat results are reasonably to be expected in the
gime has already called forth.
longer future may in part be judged by the remarkThe question on which as yet we have no light is able effect of recent Russian developments on the Sothe number and attitude of the class of citizens in cialist party in this country—which, so far from
Russia which is not under the influence of Lenine even apologizing for the actions of Lenine, has comand the extreme radicals. It has never been ap- pletely reversed its own recent position of hostility
parent that a majority of the Russian people were to our country's participation in the war, and is now
of the Bolshevik party. Even at this present stage demanding the most strenuous military measures.
of the revolution, one hears occasionally such an- The same influence, we must suppose, will in time
nouncements as that half of the railway workers are inevitably operate in Russia, and not the least benow numbered in that faction. But this would cause of the brutal effrontery and bad faith with
mean that, in their most promising field of propa- which Germany is now virtually seizing a great city
ganda, the Bolsheviki have still failed to gain the in the boundaries of the Ukraine and preparing to
numerical balance of power. Against them, in the annex certain provinces of Northern Russia, for
citizenship at large, stand not only the necessarily which German statesmen were themselves talking of
numerous conservative class of the Lvoffs and self-determination. Not all of the Russian people
Milyukoffs, but the much more numerous moderate are of the sort who this week celebrated the anniSocialists, and against them also are the facts of an versary of the revolution by stopping all the street
utterly disastrous public administration, a complete cars and quitting work in munition factories and
breakdown of the framework of society, a partition of printing establishments.
Russian territory and a surrender to the very autocIt is the utter political madness of the German miliracy against which they profess to be fighting.
tary cabal—which has captured Germany, for the
The Bolshevik faction holds the reins of such moment, far more completely than the Bolshevik
government as exists, however, and one does not need cabal has captured Russia—that may itself lead the
to go back to the French Revolution to learn that a way to the eventual turn in events. The sullen
determined minority, once having seized power, may protests of the German press reflect the plain
hold it against a disorganized majority. Therefore, recognition of this possibility, even in Germany.
it is difficult to say how far it would be possible, The "Tageblatt" of Berlin protests that the new
even with an anti-Bolshevik majority, to overcome States created by Germany out of Russian territhe sentiment for peace at any price, even the price tory are not even as representative of their people's
of political slavery. It is to this majority, neverthe- wishes as Napoleon's Kingdom of Westphalia—a
less, that President Wilson addressed his terse and memory of historic resentment and hatred for the
tactful message sent on Monday to the All-Russian Prussian mind. The "Frankfurter Zeitung" openly
Convention, in which he said:
declares that Germany has played the political game
May I not take advantage of the meeting of the of the Entente Powers by breaking up Russia.
Congress of the Soviets to express the sincere sym- These are not even newspapers in opposition to the
pathy which the people of the United States feel for German Government. The military critic of the
the Russiti ID people at this moment when the Ger- "Vossische Zeitung," himself an army man, declares
man power has been thrust in to interrupt and turn
most limited inback the whole struggle for freedom and substitute over his own signature that "only the
for the purpose of the people telligence can believe that the break-up of Russia
the wishes of Germany
will be to Germany's advantage." This is as much
of Russia?
Although the Government of the United States as to disparage contemptuously the intelligence of the
is, unhappily, not now in a position to render the dominant cabal of Germany.
direct and effective aid it would wish to render,
Even the question of getting food from Russia
I beg to assure the people of Russia through the Con- may result in angry disappointment. Very possibly
gress that it will avail itself of every opportunity to
grain elevators will be seized
secure for Russia once more complete sovereignty the wheat in the Odessa
MAR. 16 1918.]
THE CHRONICLE
and sent across the border; but in all human probability the amount which the German invaders will find
there, at the end of the grain season and after a
year of complete industrial, social and financial
chaos, will be far short of the invaders' expectations.
As for the talk, which has been repeated in this week's
cables, of Odessa as a "stepping place on the way to
India," that hardly need be taken very seriously.
It is perfectly true that command of the Black Sea
would theoretically open up access to the old trade
route through Persia and Afghanistan into Northern
India. But it is difficult seriously to discuss such
a thing as deliberate abandonment by the German
army of its inner lines, and its embarking on a venture
requiring huge supplies along a thin thousand-mile
line of supports, with the prize almost certainly unattainable even if everything else were sacrificed to it.
For nothing is more certain, in the imagined case of
a German thrust into India, than not only that the
British army of Indian defense would meet her, but
that the Japanese army would co-operate, in strict
accordance with Japan's defensive treaty with
Great Britain. There would then be no question of
a deprecatory attitude at Washington or elsewhere,
as in the proposal for a Japanese landing at Vladivostok. Many theories have been proposed to account for the extraordinary program which Germany
is unfolding in Eastern Europe. One, which to our
mind has become increasingly more plausible, is the
supposition that Germany has actually given up the
plan of a formidable offensive in the west, and is now
merely endeavoring to silence hostile criticism at
home through its operations in the east.
1067
and duty of Senate and House to originate, discuss
and shape, and enact, laws for the guidance of the
people and the protection of the nation. And while
recognizing the urgent needs of a state of war, he
expressed the conviction that this did not justify an
abdication upon the part of the Senate of its powers
and duties.
The words themselves indicate a condition which
is of the gravest importance to the present and
future of the Republic. Taking the highest and
broadest view of the new mission which has been
proclaimed for the United States, in its bearing
upon our internal affairs and the structural form
of our Government we are passing through an
epochal period of legislation far transcending that
which gave birth to the nation. 11 it is true that
this war is the last great struggle for universal
liberty and national and individual rights, then
these laws upon which the great enterprise and adventure for humanity is based constitute a new
birth. And perception of this fact should illumine
all legislative proceedings of this crucial time.
Debate over the Finance Corporation bill, as we
have indicated, showed signs of a gathering rebellion
against interference with the usual and customary
functioning of Congress. And there can be no
question that, if a new nation is being born, without
radical amendment of the Constitution, it will
take its form and future from the legislation which
is now being passed. And the responsibility must
ever lie at the doors of Congress.
The situation seems to have but one parallel,
and that far removed. Analysis must revert to
conditions which surrounded the formation of our
THE LEGISLATIVE FUNCTION OF
present Constitution and the incipient shaping of a
GOVERNMENT.
new nation. Yet the parallel obtains only in funCertainly law-making, whatever the form of gov- damental factors. Men, liberty, equality and fraernment, must constitute a more important function ternity as embodied in popular rule was confined
than law-enforcing or law-interpreting. To crystal- to a struggling people, escaping from the turmoil
lize into a statute the common judgment of a people, and oppression of despotic governments into a new
in a democracy, is the gravest exercise of delegated world where there was unmeasured room for the
authority, and it precedes the action of executive growth and development of territorial expansion,
and judiciary. It has been said that a benevolent both in the material and ethical aspects of life.
despotism, one as pure as perfect, remains, notwith- New territory is now occupied, and the conditions
standing all theorizing, the best form of government. of life have become fixed into customs and
forms
But even if this were admitted, the formulation of that we yet hail as the highest evidence of progress
laws (to be enforced) would still be the very soul and civilization the world over. Then, the proof the State. It is through law national self-expres- foundest wisdom counselled separation from
old
sion obtains. And the United States Senate should world conflicts and entanglements, demanded
a
be the greatest deliberative body on earth.
legislation that was primal and free, and conceived
Those who have closely watched proceedings at an ideal that was exemplified in the character
of
the Capitol at Washington have noticed recently a the new nation itself. Liberty, equality and
fracertain restiveness in that body. More freely than ternity remain unchanged. But they are now
given
for many months resentment over what may be a new direction. And the ideal expands
into a
termed outside pressure has been expressed. A dis- world united and free, made "safe for democracy."
position has been known to re-assert ancient prerogaThe great war descends, therefore, upon Congress,
tives, and to return to a formulation of laws wholly with no opportunity for a new Constitution, and with
within and by the legislative branch of the Govern- all its insistent and never-to-be-disregarded demands.
ment. One Senator went so far as to declare a This war becomes a part of the duties of the
Execubelief that "the day is not far distant" when this tive branch of the Government, an independent
and
will be done. Speaking for himself, he resented the co-ordinate branch. Such is the nature of modern
preparation of bills by departments and their presen- warfare, such the tremendous size of the conflict,
tation with a request, which amounted almost to an such the call upon the resources and activities
of the
order, that they be speedily passed. He cited the people, that Congress is forced to respond
to the
duty of the President to suggest legislation. On wants and needs announced by the branch of the
question, he admitted that the custom of consulting Government having charge of the military
conduct of
department heads as to the details and effects of the nation. And it is but natural that
patriotism
bills drawn by committees, in so far as they affected should urge and animate that response. But—and
such departments, was a wise and salutary custom. here hinges the whole question of current legislative
But he insisted upon the Constitutional prerogative procedure—in so far as these demands, born of mod-
1068
THE CHRONICLE
[VOL. 106.
. . . that we cannot be happy, without being
ern warfare, invade the domestic life of the people,
at home, and that free; that we cannot be free, without being secure
they affect human liberty here
in our property: that we cannot be secure in our
must be preserved in the laws of the land, enacted by property if, without our consent, others may, as by
the independent and co-ordinate branch of our Gov- right, take it away; that taxes imposed upon us
ernment—the American Congress. It must not, by Parliament do thus take it away."
and it should not, shirk its responsibility, and in so
If that far-off revolution centred about property
far as it does it is recreant to the trust imposed in rights, can this new crusade for a mighty world freeit by the people. And in so far as it shifts its bounden dom and unity evade and escape them? Is it more
duty upon the shoulders of necessity it endangers the glorious to submit that property be taken without
perpetuity of our institutions.
consent by afoefrom within (ifsuch there be)than from
An amendment to a proposed bill calling upon without? Are the laws which vote away billions,
departments for a statement of their legislative needs, which invade the freedom of domestic life and the
was recently voted down. This was a middle line control, use and ownership of private property (and
of action. It recognized the whole necessity of note the condition) without deliberation, without a
"fighting the war behind the lines," yet it retained demonstration of their superiority to any other and
the dignity and independence of Congress. The possibly better way, any less objectionable and nulliprinciple embodied denied naught to the new ideal fying now than they were then, when law was simof a nation no longer isolated, but it remembered the ply the edict of a foreign and autocratic will? And
rights and welfare of the citizenry which not only can a new nation dedicated to freedom be builded
fights, but backs up the fighting of, the war. And it upon principles other than those which gave us our
would seem a fair interpretation that this vote indi- being?
cated that the Senate was not yet willing to assert
These things do not touch the patriotic willingness
itself as an originator of legislation. Again the of the people to sacrifice many rights i"to win the
thought obtrudes, since all these new measures are war"; they cast no reflection upon the willingness of
concerned with the industrial and social life of the Congress to support the war-making branch; they
people, that a new nation is forming, and that unless deny no prerogative of zeal and jealousy for success
its nature and character are carefully guarded, it to the Executive; but they do enter into the preservawill place a preponderance of original power in the tion of the integral form and purpose of the national
executive branch of the Government, the continued Government, and Congress can escape their determiexercise of which, even into times of quietude, will nation in law-making only by sacrificing its usefulnot only constitute autocracy, but will prevent the ness and imperilling the Republic.
people, through a representative system of three
independent and co-ordinate branches rendered inert PROHIBITION IN NEW YORK STATE—THE
POLICY TO PURSUE.
and obsolete, of ever regaining their former status
Whatever the outcome of the handling of the
of freedom and sovereignty..
The statement may be made, applicable to any and pending Prohibition amendment by the Legislature
all times as well as the present, that a servile Con- of this State, several things seem to stand out clearly.
gress renders the nation unsafe. Laws become fixed The referendum proposal is not devised and desired,
in institutions, and thus may live long after they in good faith, to obtain an expression of the popular
are repealed in the letter. Laws that spring from will, by a method never intrinsically desirable and
emergency and necessity sacrifice principle to ex- rather less so now than ever; it is an attempt by the
pediency. Laws that changed fixed and formal "Wets" to obtain at least a delay, and, is also an
commercial and economic conditions that are the attempt by time-serving legislators to avoid emoutgrowth of a hundred and forty years of individual barrassment; they want to please their home disinitiative, private ownership, and business independ- tricts, but are uncomfortably doubtful which course
ence, even at the behest of patriotism, soon render to take for that end. There does not seem to be
that patriotism inoperative. And a Congress that any real advocacy of principle on either side.
saying this does not imply that the "Drys" and
simply echoes a rule and policy drawn from old world
ns, nullifies the new mission of the "Wets" are to be classed alike as unprincipled,
despotic restrictio
making small States, with large, free and independ- or that the former are working for their own peent. The very ideal is thwarted by the real; and cuniary concern, as the latter may without injustice
the very nature of the Government imperceptibly be supposed to be. Nor is it saying, or even imchanges into an autocracy.
plying, that the temperance movement, even when
tion of the Causes and Necessity pushed to the extreme, is devoid of honest convicIn a "Declara
of Taking Up Arms," adopted by Congress July 6 tions. Temperance means moderation; moderation
1775, "the joint work of Dickinson and Jefferson," is good and ought to be sought and preserved in all
which the commentator McDonald declares to be things, including efforts made and means urged
"one of the greatest of the State papers of the for attaining ends admittedly desirable. ProhibiRevolution," the following language occurs:
tion has now spread so widely that its advocates
"In our own native land, in defense of the free- say that a constitutional amendment merely obeys
dom that is our birthright, and which we ever the known will of the people.
If such is not the will of the people, the contenenjoyed till the late violation of it—for the protection
of our property, acquired solely by the honest in- tion starts with a false premise; if such is the will of
dustry of our forefathers and ourselves, against the people, the argument destroys itself by proving
violence actually offered, we have taken up arms. too much. For, as is not now said for the first
We shall lay them down when hostilities shall cease
in a State desire such
on the part of the aggressors, and all danger of their time, wherever the majority
legislation they will have no difficulty in securing
shall be removed, and not before."
being renewed
not already obtained
But note this same Colonial Dickinson writing what they want if they have
existing in the States are found
at another time concerning the questions involved it. If the laws now
to work well the example will prove irresistible;
in the external tax:
MAE. 16 1918.]
THE CHRONICLE
if they are not found to work well the whole country
should not be prematurely committed to the attempt.
Hence there is no reasonable ground for haste, upon
any hypothesis which lies open.
The question of principle has also another and a
deeper reach. A popular government must stand
on majority rule, since the greater is more than the
less and both cannot prevail; yet there is a moral
wrong and a political inexpediency in putting compulsion upon minorities, albeit we are obliged by
the limitations of the case to do that somewhat.
We lately recognized, although dimly and perhaps
half-unconsciously, the natural right of the individual
to have his own views and direct his own conduct,
when the conscription law exempted the really
conscientious objector, thinking that it is neither
right nor of much use to make a man fight with his
body unless he can also fight with his soul. Minority
representation, although mush discussed, still remains in the stage of recognized theory. Neither a
small nor a large minority can always have expression; the irreducible alternative in governing forbids anything except submission, but the point is
this: the minority should be overridden as little as a
rational and moderate governing compels, instead
of rushing, as we are now doing, into attempts to control the individual in so many items of his conduct.
In sumptuary legislation, therefore, the correct
line is that of local option, and if applying that to
small political divisions be impracticable there is
no difficulty in applying it to States. It is a gross
inequity that a handful of voters in Nevada should
have equal power with the millions in New York
upon a matter concerning the internal affairs of the
larger State. The States vote as units on constitutional propositions, this being a part of the original
compromises for the sake of forming the Union;
but this should be restricted in use to the rare cases
of necessity and especially to matters of countrywide rather than local administration. It may be
that the majority of voters here, now including both
sexes, desire a prohibitory law; if they do they will
have it by their own demand in due time, and if
they do not it is immoral and wrong to seek to force
it upon them from the outside.
The Legislature should dismiss the pending
amendment without action. If the majority believe in the rightfulness and expediency of prohibition, or if they believe the electorate as now enlarged wish to try it, they can enact it in proper
manner and leave it to be judged by results. To
propose a referendum is to seek to dodge personal
responsibility.
Obviously, the above reasoning applies with like
force to the still pending suffrage amendment, that
being a subject even more clearly for determination
by each State for itself. Suffrage without regard
to sex is on trial, and not even its warmest advocate
can assert that it has proved itself beyond question; we do not know for what and for whom the new
part of the.electorate have voted, and therefore we
cannot decide (except by careful deduction spread
over a very considerable time) whether the net
result is good. The new thing should be left to
spread by the power of example, and not be forced
upon commonwealths that may still halt in doubt.
Least of all should radical changes be pressed upon
the country while in a clinch with the common
enemy of human progress and while we are liable
to be over-swayed by emotional excitement.
1069
DISSATISFACTION WITH PRIMARY
NOMINATIONS.
The chairman of a special committee appointed
by the State Senate to investigate the operation of
the direct primary in this State has made his report,
accompanied by a bill for some change in the method
of obtaining candidates for office. The present election law,says the report, provides that the candidates
of enrolled voters shall be nominated by a plurality
of participants in a primary election, but provides no
method whereby these groups of voters may assemble
to declare their purpose to all the voters;"we propose
an amendment which will provide for the election
of such an assemblage of each political party in the
State, that each may make manifest what its aims
are and at such meeting or convention propose candidates in support of such aims." This seems to
mean a return to the nominating convention, although the language is not quite distinct; the proposition as stated "is not a State convention as formerly
constituted, the delegates to which were elected in
many cases without direct action on the part of the
enrolled voters of the party, but a convention of
delegates from each Assembly district in the State,
who must be designated, as candidates for office now
are designated, by petition for the party position of
delegate and be chosen by a majority vote of the
party in the district."
An apparently ineradicable defect of the primary
is that it does not provide for, and therefore virtually
disfranchises as to this purpose, the voter who cannot bring himself to a declaration of working with
any legally recognized party; or if the voter does
enroll himself according to his view of which is the
lesser evil and in the interim has changed that view,
he is excluded or hampered; the sure tendency is
thus away from the independence in voting which is
the only leaven for the sodden lump of party politics
and ought to be facilitated to the utmost. This is
of itself a serious objection to the primary scheme.
It is costly in expenditure, necessarily. The Senate
committee reports the cost for the two primaries of
1916 as $993,000, and for the one of 1917 as $389,614.
The first direct primary in this State was at the
close of September in 1914; the vote was light, being
in this city hardly a third of the usual, and it may
fairly be said to have called out only a few persons.
If the excitement over the war, then a newer although a less tremendous matter than it became
later, is deemed partly to explain the indifference,
such an explanation cannot be urged as to 1916, when
the Presidential primary was held, April 4, and
the newspaper reports were that "general apathy
prevailed," and that "the chief feature was the
apathy shown by voters." Nothing else could
naturally be expected. If the primary is not a
device hit upon by the most far-sighted of the party
bosses for the express purpose of fending off some
deep reform and perpetuating their own hold, it is
a well-meant device of would-be reformers for
breaking the grip of the bosi and enabling the
common people to really choose their own servants.
But the boss cares nothing for names or methods;
anything suits him, and no rebellious intentions or
propositions disturb him, so long as the voters' feet
slip back into the well-worn path and they follow
the emblem when they go into the booth in which
they are theoretically supposed to mark the ballot
as their intelligence and their consciences agree.
The boss quickly accepts any method, and proceed
1070
THE CHRONICLE
to fit his own to it; he is versatile, unscrupulous, and
experienced, and is quite capable of keeping his hold
by the very means intended to shake him from it.
That this is so has been unpleasantly discovered in
parts of the country where the primary camouflage
is older than here.
Two years ago, a journal in Montgomery, after
saying that Alabama had been using it fifteen years,
declared that the bosses in recent years have been
"more arrogant and powerful than ever before." An
editor in North Dakota, who said he had always
been an ardent advocate of the primary "as the most
effective instrument for preserving to the electors
of our State the right to select their own candidates,"
confessed his error; a certain number of signatures
to a petition answers in North Dakota, but many
voters sign at the first request, to be rid of the
matter; so the self-chosen candidate makes himself
the early bird, and catches signatures "before the
voters have had opportunity to survey the field."
Earlier than this (in 1912) the Kansas Secretary of
State viewed with alarm the workings of a scheme
there by which anybody could start and circulate a
petition on his own behalf, and he actually proposed
a plan whereby anybody could seek an office of his
own selection, simply depositing an entrance fee as
for other contests, the fees ranging from $150 for
Governor or Congressman to, say, $10 for the
humble jobs; this, he thought, might rid the people
of the petitions plague, lessen the number of aspirants, and produce a little money for public uses.
Any conceivable scheme of government of the people by the people must work through representative
agents; this is fundamental, and therefore unavoidable. The people choose delegates; the delegates
in convention choose candidates; the voters then
ratify one or another selection—or, in accord with
theory and right, though very rarely, jump the party
bounds and select a man of their own. This has
been done and it can be done; but all movements seem
to tend towards preventing it. It is said that the
convention is dominated, and frustrates instead of
embodying public opinion; therefore, let us cut out
the convention and have the people vote directly for
the candidates for whom they will vote finally in a
few weeks more. But the men and the selfish aims
which may dominate a convention will work also
on the primary, and the dull submission which follows the emblem on election day will follow it in
the primary. If the people are deprived, or deprive
themselves, of freedom of choice in November, they
will be deprived in any other month, and the more
frequent the call for a choice the less will the choice
be valued. If the people are not competent, or if
they are too mechanically obedient, or too negligent,
or too indifferent, to select fit agents to propose
candidates for their votes, they will be for one or another cause unfit to propose candidates directly.
To make the best statement in plea for it, the direct
primary is a scheme whereby the voters are to do
by a professedly different method what they have
failed to do properly by another. He who is not
competent to select an agent to select another agent
for doing his work is not competent to select such
agent directly. Admirably wise and far-seeing as
were the Founders of our governmental structure,
democracy w a so new an idea to them and their
trust of the common people was so feeble that they
were misled into the clumsy device of an Electoral
College and failed to perceive the fallacy on which
[Vol.. 106.
they placed it, namely: that although the people were
not competent to choose wise men for the chief positions, in each four years, they were competent to
choose (and would be willing to accept) certain wise
men to make the choice in their name.
A bill similar to the one now in the State Senate
passed that body last year, and was suppressed in
the Assembly, as this one seems likely to be; the
Governor is said to be opposed to it for personal
reasons, and to be determined on vetoing it if it
reaches him. Yet its reappearance is interesting
and in some degree encouraging, so far as it. indicates
a possible reaction from the incessant and sweeping
changes of late years and from the disposition to attempt "direct" action by the people. Having always had the referendum through periodical elections, we have taken up such fads as legislation by
initiatory action, the referendum, and the recall.
It will be most wholesome if some step in reverse
of all this folly can be undertaken.
A GERMAN POST-BELLUM SCHEME.
A recent issue of the "Bulletin de la Chambre de
Geneve," Switzerland, contains the following statement, which we translate as a matter of special
interest:
"We learn from an entirely trustworthy source
that in various neutral countries the Germans are
endeavoring to disorganize concerns among the
Allies in order to secure their own advantage after
the war.
"With this in view they are offering very tempting
contracts to as many as possiblp of the staffs of
these establishments to induce them to agree
promptly to leave their employ when peace is declared. At the present hour they are working especially with the electrical industries, seeking to
make it impossible for them to operate because of
the lack of expert employees.
"Among the industries receiving chief attention
are the lighting and power companies, and the
tramways. All the transformation stations, all the
power houses, all the distributing boards are in the
first line of attack, to corrupt the personal staff for
detachment after the war, for the benefit of the
enemy.
"Preliminary investigations have been made covering the entire personnel necessary to the operation of
the central stations, not simply the ordinary employee, but also the technical staff, from the operatives to the engineers, the heads of the service.
"It is an attempt important to unmask. It is
part of the work of an organization, to-day widely
disclosed, which has never hesitated to gather up
and exploit the ability and the labor of others."
THE PENNSYLVANIA ANNUAL REPORT—
ACHIEVEMENTS IN A WAR PERIOD.
The Pennsylvania Railroad's annual report furnishes an interesting reflex of the unusual conditions
that prevailed during the calendar year 1917. In
this we have reference alike to the conditions in the
industrial world, which were indicative of exceptional
activity, accompanied by very large profits, and to
the conditions in the railroad world, where the volume
of business was also of exceptional magnitude, far in
excess of that of any previous year, but where instead of rising and bounteous profits there was
MAR. 16 1918.]
THE CHRONICLE
1071
actually a decided shrinkage in net returns both in that all the time, in coping with the extraordinary rethe grand aggregates and in the separate units of quirements that were forced upon the carriers, they
work. It was the year of the entrance of the United were steadily developing and extending their caStates into the great war and in every way and from pacity and improving their efficiency, thcreby
every standpoint the period was a most remarkable adding materially to the volume of transportation
one—a period which will ever loom large in history. services they were capable of performing. They
The railroads were put to the test as never before, got no benefit out of the achievement in the way of
and in the main they stood the test well. If they net returns, as already indicated, but that's another
did not prove entirely equal to the requirements, matter, for which the fault does not rest with them,
in the time of the country's peril and great needs, it and which in no manner detracts from the achieve-.
was because of the niggardly and short-sighted treat- ment itself.
ment they had received for so many years at the
On the lines directly operated east of Pittsburgh,
hands of Government and legislative bodies, in the the Pennsylvania Railroad in 1917 carried 824,138,matter of rates and in other respects, and because 729 more tons of revenue freight one mile than in the
these needs in an era of trial and stress were them- previous year, being an increase of 3%, and yet did
selves of extraordinary nature.
this with a reduction of 1,394,663 miles (over 4%)
When at a distance in time the history of this ex- in the number of miles run by the revenue freight
traordinary period comes to be written, the verdict trains. In other words, 62 tons were added (over
will unquestionably be that the country's transporta- 7%) to the average train-load, bringing it up to the
tion system functioned a great deal better than any- imposing figure of 872 tons. Adding the freight
one would have thought possible, taking into account carried for the company's own use, the average trainall the circumstances of the case. The facilities of the load stands at the huge figure of 937 tons. These
roads were taxed to the utmost and the great strain are the figures merely for the Eastern lines, but
imposed upon them came when their strength had these perform nearly two-thirds of the freight busibeen measurably weakened by the impairment of ness of the entire system.
credit and loss of confidence which even the strongThe saving here, however, important though it
est and best of the companies had suffered by rea- was, counted for very little in offsetting the great
son of the wrong Governmental policy already re- rise in operating cost resulting from higher wages
ferred to. It would have been strange if in such cir- and increased cost of fuel, materials and supplies.
cumstances breaks and failures at certain times and As a consequence, all the lines of the system find
certain occasions had not occurred in the endeavor themselves poorer off in net, notwithstanding
of the various roads of the country to fulfill their a tremendous increase in the volume of traffic handduties as public carriers. The fact that stands to led and a really striking growth also in gross revetheir great credit nevertheless is that they succeeded nues. In this case there are complete figures both
in rendering a greatly increased volume of trans- for the Eastern lines and the Western lines. On all
portation services, far surpassing the most noted lines owned, operated or controlled by or
affiliated
records in the past. The Pennsylvania Railroad in interest with the Pennsylvania Railroad system,
report, too, is testimony to the fact that, despite the east and west of Pittsburgh and Erie, 1,903,193,58
1
numerous obstacles and drawbacks the roads had to more tons of freight one mile were carried in 1917
contend against, they were able to establish new rec- than in the previous year, and 855,195,001 more pasords in operating efficiency. The Pennsylvania sengers one mile than in 1916. Rates, too, averRailroad was perhaps better able to distinguish it- aged a trifle better, which on a system doing such a
self in that respect than any other of the large sys- vast business as the Pennsylvania Railroad is a factems because of the prime physical state in which it tor of no small moment. All this, however, did not
has always been kept through large appropriations avail to prevent a very serious reduction in net reof income for the improvement of the properties, sults. Altogether, on the entire 12,129 miles
of
but there is reason to think that, through the medium road embraced in the Pennsylvania Railroad
Sysof the Railroads' War Board, which was established tem, the addition to gross receipts was no less
than
immediately upon the declaration of war against $50,798,514. But unfortunately the augmentatio
n
Germany, whereby unification of management and in expenses reached the huge sum of $71,607,542,
control was secured, other roads likewise were able leaving a loss in net of over twenty
million dollars—
to bring about greatly improved operating in exact figures, $20,809,027. This loss
in net was
efficiency.
equal to a decrease of almost 20%. Incidentally,
To us, this is the most striking fact in the Pennsyl- we may note that as a result of
the successive invania report, namely the evidence it furnishes of creases in gross, year by year, since
the outbreak of
increased operating efficiency at a time when all con- the war in Europe, aggregate
gross earnings for the
ditions and circumstances seemed to conspire against whole Pennsylvania Railroad
System for 1917 fell
the roads. One looks for the evidence of this greater only a little short of a full half a
billion dollars, the
efficiency in operating in the train-load, and in the exact total having been $494,261,037
.
Pennsylvania Railroad's case there is where we find
In the figures just cited we are dealing with the
it. The Pennsylvania Railroad has always had a whole Pennsylvania Railroad System. The
income
superb record in this matter of the train-load, and return to the Pennsylvania
shareholders is found
that that system should in such an adverse year have in the revenue of the Pennsylvania Railroad
Co.
been able further to improve its notable record in proper, representing the result on the lines directly
that respect is the strongest and best proof of what operated east of Pittsburgh and Erie, as
augmented
has been accomplished. The public heard so by the income (in the shape of interest or dividends)
much during the course of the year of car shortage, on the company's investments in the lines west
of
insufficient motive power, choked terminals, freight Pittsburgh and its investment
in other property.
congestion and freight embargoes that there is dan- Here the loss of income on account of
the rise in exger that this vital point may be lost sight of, namely penses is seen reflected in a very striking way. In
1072
THE CHRONICLE
[VoL. 106.
stead of having $52,276,504 of net income available and its allies could be furnished with large quantities
materials, supplies and munitions to
for distribution as in 1916, there was in 1917 only of equipment,destructive conditions of war the world
most
meet the
$39,281,585 available for this purpose. Of this has ever known.
98 went to meet the 6% dividends that are
$29,951,0
"Your system, serving thelargest centres of popupaid on the common stock, $2,187,027 was applied
lation and industries east of the Mississippi River,
to sinking and other reserve funds, and $7,143,459 and the chief sources of coal, coke, iron and steel,
was appropriated towards the quarterly dividend and reaching the Atlantic ports and the Great Lakes,
payable Feb. 28 1918. The $12,928,711 appropri- was called upon to carry an unprecedented freight,
ated in 1916 out of income for the physical better- passenger, mail and express traffic. It was imposment of the property had to be cut out altogether. sible to properly accommodate and co-ordinate the
for home and
The company earned 7.4% on its stock. On the very heavily increased flow of traffic congestion folforeign consumption, and, naturally,
property investment, however, the return was only
lowed.
4.23% for 1917 as against 5.74% for 1916. For the
"The congestion was greatly accentuated by the
of Pittswhole Pennsylvania System, east and west
of traffic to fain 1917 as against 6.10% precedence given to various kinds at home and
burgh,the return was 4.50%
cilitate Government work required
in 1916. In both cases the return was the very abroad; by continued severe weather; by insufficient
lowest in all recent years with the single exception motive power and other equipment, due to manuof the bad year 1914, when the war in Europe broke facturing priority granted to the Government for the
out and business for the time being was utterly Allied nations, and the loss of thousands of trained
men, who entered the Government service, or went
paralyzed.
s of obtaining into other occupations because of higher wages,
In commenting upon the difficultie
and had to be replaced by a large number of inexperiand retaining sufficient working forces, President enced men."
Samuel Rea, in his remarks in the report, says: "It
The Government having now taken control of the
is estimated that during 1917 approximately 278,000
persons were employed from all parts of the country Pennsylvania RR. property along with all other
and distributed over your system. The employment railroad properties, Mr. Rea summarizes the proband training of these men were costly and seriously lems created by such control and he also goes into
hampered operations because many of them remained particulars regarding the proposed financing of the
of
only a short time in the service." The hiring of Pennsylvania Railroad. At the annual meeting
employees in a single year the stockholders this week, authority was given to
this large number of new
was necessary, he states, to keep up an average force issue $75,000,000 of general mortgage bonds as part
of the scheme of financing, giving, with the $21,000,of about 250,000.
Mr. Rea also comments upon the results achieved 000 still left unsold of general mortgage bonds, alunder the Railroads' War Board, which was in effect together $96,000,000 which can be disposed of as
a voluntary unification of the railroads of the coun- opportunity offers for the company's needs. The
the
try. After referring to the organization of this War capital expenditures outlined for. 1918 are for
the railroad,
Board on April 111917, five days after the declara- purpose of increasing and enlarging
to
tion of war on Germany, and the pledge of the car- equipment and terminal facilities of the system
the increased traffic, to assist
riers to merge their activities and "operate their accommodate further
properties as a continental railway system, so as to the nation in winning the war, and to meet the
produce the maximum of national transportation greater consumption demands which industrial activity of all kinds has brought about. The belief is exefficiency," Mr. Rea says:
pressed thatthe greater number of theimportan:r war
"In this manner over $17,500,000,000 of railroad
industries of the country are depending on the Pennproperty, represented by 260,000 miles of railroads
awith their terminals and facilities; 2,500,000 freight sylvania Railroad System for supplies and transport
year 1917 the propcars; 56,000 passenger cars, and over 66,000 loco- tion service. For the calendar
motives, operated by over 1,750,000 officers and em- erty investment of the system, the report states,
ployees, were, with their experienced managements, showed a net increase of $66,397,875, chiefly by
unitedly placed at the service of the Government, reason of expenditures to serve the Government,
and through various departments and committees
facilities for building and supplying cantonco-ordinating with the Governmental departments, provide
were united to ments,and reach the new shipyards, municipal plants,
all the railroads of the country
carry out the instructions of the Railroads' War and other industries indispensable to the conduct of
the war.
Board.
"In response to the call of the nation, yoursystem
promptly gave the assistance and advice of its ex- RAILROAD GROSS EARNINGS FOR FEBRUARY.
perienced organization in the work of preparing the
Our preliminary compilation of the gross earnings
country for war, and over 11,000 of its officers and
employees entered the national service at home and of United States railroads for the month of February
abroad. Mr. W. W. Atterbury, Operating Vice- is quite incomplete. The number of roads furPresident, was appointed Director-General of Trans- nishing early estimates of their gross revenues importation, and later Brigadier-General, in charge of mediately after the close of the month is gradually
transportation service in France.
dwindling, and some roads, as a matter of fact,(the
"The transportation service rendered under the Illinois Central for instance) have even given notice
direction of the War Board, by the united railroads,
e publication of their
with the co-operation of the public, was so extensive that they mean to discontinu
returns of earnings and expenses
that the country may feel gratified by the results ob- final or audited
tained in the face of serious difficulties. Over during the time that the properties remain in con2,000,000 troops were moved; many cantonments, trol of the Government.
which are military cities, were constructed; new mines
Including the three large Canadian systems,
were opened, and new shipbuilding plants and indus- namely the Canadian Pacific, the Canadian Northern
tries of all kinds were established all over the counthe Grand Trunk Railway of Canada, we have
try, and the existing industries, plants, and mines and
of only 32 roads
were greatly enlarged, so that the United States the February statements altogether
MAR. 16 1918.]
THE CHRONICLE
1073
WESTERN FLOUR AND GRAIN RECEIPTS.
or systems, comprising an aggregate of 66,381 miles
Four weeks end- Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
of line. How far this mileage will prove represen- ing Feb. 23. (bbls.) (bush.) (bush.) (bush.) (bush.) (bush.)
Chicago
731,000
tative of the entire railroad mileage of the country 1918
289,000 9,194,000 7,383,000 1,569,000 171,000
1917
624,000 3,083,000 8,031,000 7,136,000 1,521,000 249,000
remains for the future to determine. This much, Milwaukee
1918
80,000
144,000 2,465,000 2,212,000
981,000 279,000
23,000
530,000 1,275,000 1,555,000
however, it is possible to say: Based on these early St.1917 809,000
87,000
Louis
1918
219,000
580,000 2,153,000 2,280,000
returns, the general character of the exhibit for 1917
53,000
28,000
284,000 2,681,000 2,630,000 1,604,000
64,000
51,000
February is materially better than was that for Toledo
1918
79,000
148,000
571,000
2,000
7,000
1917
229,000
305,000
243,000
January. In January the early returns recorded a Detroit
1918
23,000
50,000
415,000
201,000
loss as compared with the corresponding period of 1917
22,000
265,000
566,000
255,000
the preceding year. For February there is a mod- Cleveland
1918
38,000
16,000
239,000
235,000
2,000
1.000
1917
26,000
16,000
135,000
83,000
1,000
7,000
erate amount of gain. This is what would be ex- Peoria
1918
233,000
126,000 3,447,000 2,422,000
118,000
30,000
pected. There was a decided improvement in 1917
137,000
98,000 3,625,000
604,000
177,000
21,000
Duluth
weather conditions in February, at least during the 1918
193,000
61,000
18,000
42,000
13,000
1917
531,000
64,000
339,000
87,000
latter half of the month. The last Monday during Minneapolis
1918
3,184,000 2,685,000 3,285,000 3,329,000 1,184,000
which the fuelless order was in effect was Feb. 11, 1917
6,241,000 1,118,000 1,338,000
888,000 187,000
Kansas City
1918
624,000 4,430,000 1,301,000
the next day, Feb. 12, being Lincoln's Birthday 1917
3,330,000 1,241,000
344,000
and a legal holiday. There had been some expec- Omaha
1918
325,000 6,566,000 1,484,000
1,471,000 1,826,000
714,000
tation that Monday Feb. 4 might prove the last 1917
of the fuelless Mondays, but very low temperatures Total of All 1,324,000 5,610,000 31,803,000 21,392,000 6,096,000
1918
1,713,000
1,116.000 18,475,000 20,752,000 13,940,000 3,799,000 689,000
continued to rule, Tuesday Feb. 5 proving in this 1917
As regards the Western livestock movement, the
city the second coldest day on record, the thermometer standing at 7 degrees below zero at 7 receipts at Chicago for the even month in 1918
o'clock in the morning. After that, however, there comprised 26,083 carloads this year, against 20,541
was decided amelioration in weather conditions, carloads in February 1917. The receipts at Kansas
with the result that much traffic which had been City were 10,136 cars, against 9,101 and at Omaha
delayed during January, came forward; and by the 11,142 cars, against 10,126.
The cotton movement in the South in February
end of the month the long continued freight congesbeen considerably relieved and freight em- 1918 proved somewhat larger than that of 1917
tion had
bargoes greatly modified. The roads included in which, however, had been much smaller than that
these early compilations consist largely of Western of 1916, which in turn had fallen decidedly below
grain-carrying and Southern cotton -carrying roads that of February 1915. In other words, at the
and hence it is important to note that a further Southern outports, the receipts of cotton for Febadvantage the present year consisted in the fact ruary 1918 aggregated 423,933 bales, as against
that the Western grain movement, as a whole, ran 302,064 bales in 1917, but comparing with 573,144
substantially above that for the four weeks of last bales in 1916 and no less than 1,447,471 bales in
year. The Western live stock receipts were also February 1915. The shipments overland were
173,093 bales in the month this year, against 146,larger.
638 bales in February 1917, 249,397 bales in 1916
When we speak of the grain movement having
and 239,274 bales
been heavier than a year ago, we have reference to RECEIPTS OF COTTON ATfor 1915.
SOUTHERN PORTS IN FEBRUARY AND
FROM JANUARY 1 TO FEBRUARY 28-29 1918, 1917 AND 1916.
various cereals as a whole. The
the receipts of the
wheat movement was only about one-third of that
February.
Since January 1.
Ports.
of last year, and last year's movement in turn was
1918. 1917. I 1916.
1918.
1917.
1916.
only about one-half of that of 1916. In other words, Galveston
bales 111,601 149,620 248,455 288,061 431,368 475,898
Texas City, do
19,459 14,878 34,141
39,772
47,840
91,122
in the four weeks ending Feb. 23 1918, the receipts New Orleans
161,589 72,788 93,378 355,531 171,780 226,407
Mobile
14,263 6,426 9,010
18,591
13,826
20,196
8,524 2,976 17,451
of wheat at the Western primary markets were only Pensacola, &c
13,524
10,721
23,501
Savannah
57,629 14,764 84,227 136,511
53,794 185,563
Brunswick
9,500 11,000 7,500
5,610,000 bushels as against 18,475,000 bushels Charleston
21,500
17,000
21,700
6,581 3,555 6,964
26,524
9,752
21,109
in the four weeks ending Feb. 24 1917 and no less Georgetown, &c
101
Wilmington
5,146 1,238 3,344
7,545
3,318
15,209
Norfolk
28,711 24,149 57,923
56,554
50,509 126,700
than 31,834,000 bushels in the four weeks ending Newport News,&c
930
672 10,751
1,748
1,356
35.575
:
Feb 26 1916. On the other hand, in the case of Total
423.933 302.064 573.144 965.861 811.264 1.243.081
corn, oats, barley and rye, a large contraction in
For the 66,381 miles of road represented by our
the movement last year was followed the present table the present year, gross
earnings register an
year by recovery, in which, however, not all of the increase of $4,096,953, or 9.51%.
While that, as
1917 losses were recovered, except in the case of already indicated, is materially
better than the reone of the minor cereals. Of corn, the receipts for sult disclosed by our early statement
fer January,
the four weeks this year were 31,803,000 bushels, the improvement loses
some of its significance by
against 20,752,000 bushels in the four weeks of 1917 reason of the
fact that comparison is with rather
but against 32,416,000 bushels in the four weeks indifferent returns in February
last year. Our
of 1916; of oats the receipts were 21,392,000 bushels early statement for February
1917 covered 85,604
this year, against 13,940,000 bushels in 1917 but miles of road and showed only
$1,431,520 increase,
22,294,000 bushels in 1916; of barley the receipts
or 2.32%. In part, this was due to the circumwere respectively 6,096000 bushels, 3,799,000 bush- stance that the month had contained
one less day
els and 8,075,000 bushels; and of rye 1,713,000 (February of the preceding year having
been leap
bushels, 689,000 and 1,175,000 respectively. For year) but in no small
measure also it was ascribable
the five cereals combined, the aggregate of the to the unfavorable traffic conditions prevailing,
receipts for the four weeks this year was 66,614,000, the roads in February last
year having suffered from
as against 57,655,000 bushels in 1917 but against freight congestion and freight embargo more than
no less than 95,794,000 bushels in the four weeks in any other month of the calendar year 1917, unless
of 1916. The details of the Western grain move- we except the very serious freight congestion that
ment in our usual form are set out in the follow- developed towards the close of the year,
that is in
ing:
December. But while the increase in the gross
[VoL. 106.
THE CHRONICLE
1074
I
.
PRINCIPAL CHANGES IN GROSS EARNINGS IN FEBRUARY.
Increases.
revenues of the roads was very small in February 1917
Increases.
$51,755
Mobile & Ohio
the increase had been on the other hand very large in Southern By System____$1,682,340 Toledo Peoria & Western_ 40,676
487,000
Canadian Pacific
32,997
354,810 Vicks Shrev & Pacific____
Missouri Kans & Texas..
February 1916 when our early statement recorded Canadian Northern
332,400
Representing 15 roads
269,000
St Louis Southwestern
- Texas & Pacific
in our compilation_ __$4,397,838
246,461
a gain of no less than $10,999,465, or 19.88%
Decreases.
217,410
Great Northern
Western
162,385 Grand Trunk (4 roads)___ $311,625
roughly 20%. It is true, however, that then com- Chic Great Louis
35,613
160,017 Duluth So Sh & Atl
Minn & St
155,379
parison was with poor returns in both 1915 and 1914. Buff Roch & Pitts
Representing 5 roads in
144,165
MinnStP&SSM
$347,238
our compilation
In February 1915 our early statement showed a loss Colorado & Southern.... 61,043
In February 1914 there
the following
of $3230,377, or 5.37%.
To complete our analysis, we annex
was likewise a decrease, the amount being $6,465,140, six-year comparisons of the earnings of leading roads,
or 9.61%. As it happens, too, in the year preceding arranged in groups:
EARNINGS OF SOUTHERN GROUP.
(1913), though there was then a gain, it was not of
1913.
1914.
1915.
1916.
1917.
unusual extent-that is, our preliminary statement
1918.
February.
for February 1913 registered a gain of no more than Ala dc Vicksb.._ 171,108 158,509 142,153 105,724 137,902 143,852
978,824
941,689
809,118
Mobile & Ohio
$3,440,529, or 5.56%. In 1912, on the other hand, Southern RY-1 968,154 916,399 886,334 4,617,407 5,310,007 5,286,575
417,543
gain was of larger proportions, the reason being Ala Grt Soul 9,421,651 7,739,311 7,467,506 358,374 906,958 420,799
the
048,749
725,007
CNO&TP)
330,479
330,667
280,759
that it was leap year, and February then, as in 1916, NO &NE.1
50,612
46,250
37,725
North'n Ala)
contained an extra day. Our early statement for Vicks Shr & P. 200,050 167,053 138,825 89,957 142,975 133,478
10,760,963 8,981,272 8,634,818 7,024,071 8,233,991 8,293,368
February 1912 showed $6,221,900 increme in gross, Total
EARNINGS OF SOUTHWESTERN GROUP.
the total regisor 11.32%. The year before (1911)
but prior to 1911 the
1913.
1914.
1915.
1918.
tered only a slight increase,
1917.
1918.
February.
$
$
$
$
$
$
returns were quite satisfactory as a rule, though in
943,521 1,150,122
Colo &South'n 1,384,248 1,323,205 1,236,321 1,109,435
1908 there was a falling off because of the business N(o Kan & T_a 3,371,262 3,016,452 2,591,158 2,818,684 2,357,484 2,509,160
979,198 1,040,084
837,238
932,918
3t Louis S W_ _ 1,502,000 1,233,000
depression which followed the panic of 1907, grid Texas& Pacific 1,826,507 1,580,046 1,488,271 1,4,11,867 1,403,641 1,324,284
8.084.017 7.152.703 6.248.668 6.207.224 5.683.844 6.023.650
there were also losses in a few other years arising Total
generally out of bad weather conditions. In the a Includes Texas Central & Wichita Falls line.
NORTH PACIFIC GROUP.
following we furnish a summary of our early Feb- EARNINGS OF NORTHWESTERN AND
1013.
1914.
1915.
1916.
1917.
1918.
February.
ruary totals for each year back to 1897:
1
Gross Earnings.
Mileage.
February.
Year. Roads
1897 __ 125
1898____ 126
1899_ _ __ 118
1900_ 103
1901._ 105
92
1902_
1903__ 78
1004__ 67
61
1905._ __
58
1006____
1907._ 67
59
1908____
53
1909_
1910._ 49
51
1911._
1912.... 50
48
1913____
1914.- 48
46
1915._
43
1916._
40
1917._
32
1918__
Year Yr.Pre- InGiven, ceding. cr'se.
Miles. Miles.
91,864 91,177
95,506 94,571
92,273 91,211
94,042 01,829
98,076 95,283
94,914 93,269
96,646 94,496
82,882 80,691
82,193•80,429
83,265 81,495
93,497 91,740
84,405 83,328
81,871 80,30S
82,149 80,622
88,651 86,351
87,783 86,159
88,333 86,051
92,300 90,921
87,973 86,985
90,557 88,314
85,604 83,685
66,381 66,041
Jan. 1 to 1'eb.2 31897__ 125 91,864
1898____ 125 95,357
1899._ 117 92,236
1900.... 102 93,769
190E_ 104 98,039
1902.... 92 94,914
78 96,646
11103____
1904._ 67 82,882
1905____ 60 80,087
1008..-.-. 57 82,729
1907____ 67 93,497
59 84,405
1008_
53 81,871
1009_
1010____ 49 82,149
51 88,651
1011____
50 87,783
1912._
48 88,333
1913._
48 92,300
1914._
1915.... 46 87,973
43 90,557
1916____
40 85,604
1917____
as RR /R1
1111R
91,177
94,427
91,174
91,555
05,246
93,269
91,496
80,691
78,369
80,928
91,740
83,328
80,308
80,622
86,351
86,159
86,054
90,921
86,085
88,314
83,685
en nit
%
0.86
0.99
1.16
2.41
2.93
1.76
2.27
2.71
2.19
2.28
1.91
1.29
1.29
1.89
2.66
2.00
2.58
1.52
1.14
2.54
2.30
0.51
Year
Given.
$
33,393,769
39,207,730
37,059,046
43,739,672
50,430,204
50,301,694
55,694,648
45,889,825
43,651,281
53,838,607
65,168,022
47,582,490
49,515,764
52,393,827
56,078,284
61,178.619
65,275,208
60,934,916
55,056,314
66,292,946
63,029,395
47,210,440
Year
Preceding.
Increase(+)
or
Decrease (-).
$
%
$
-693,694 2.03
34,087,463
34,335,397 +4,872,333 14.19
-521,400 1.38
37,580,536
36,447,592 +7,292,080 20.01
46,733,346 +3,696.858 7.91
48,404,740 +1,896,954 3.75
48,912,743 +6,781,905 13.87
--142,737 0.31
46,032,562
44,914,739 -1,2133,458 2.81
42,850,373 +10,988,234 25.64
63,850,213 +1,317,809 2.06
53,289,074 -5,706,584 10.71
45,382,258 +4,133,506 9.02
46,357,018 +6,036,809 13.02
+714,896 1.57
55,363,388
54,956,719 +6,221,900 11.32
61,834,679 +3,440,529 5.56
67,400,056 -6,465,140 9.61
58,286,691 -3,230,377 5.37
55,293,481 +10,999,465 19.88
61,597,875 +1,431,520 2.32
43,113,487 +4,096,953 9.51
,
0.86 67,321,230 70,779,471 -3,458,241 4.88
0.99 80,195,211 69,217,374 +10,977,837 15.86
1.16 79,001,425 76,844,948 +2,156,477 4.81
2.41 92,056,260 78,114,962 +13,941,298 1.78
2.98 106,690,137 98,151,022 +8,539,115 8.70
1.73 104,781,813 102,330,497 +6,451,316 6.30
2.27 117,867,542 105,478,219 +12,389,323 11.75
2.71 94,786,426 96,803,491 -2,017,065 2.08
2.19 92,756,575 91,098,787 +1,657,788 1.82
2.23 111,888,038 91,312,897 +20,575,191 22.53
1.91 136,240,193 133,124,581 +3,115,612 2.34
1.29 99,975,812 110,477,618 -10,501,806 9.51
1.29 101,458,518 95,122,719 +6,335,799 6.66
1.89 108,400,071 94,482,570 +13,917,501 14.73
2.66 116,017,536 113,504,641 +2,512,895 2.21
2.00 119,646,338 112,969,100 +6,677,238 5.66
2.58 134,937,855 120,187,874 +14,749,981 12.27
1.52 128,976,533 138,566,413 -9,589,880 6.93
1.14 112,416,981 123,417,841 -11,000,860 8.78
2.54 135,104,687 111,754,768 +23,439,910 20.98
2.30 137,218,510 124,549,718 +12,668,792 10.17
,
11
n nt 07 9, /19 on 7n1 nal " -i-a non Sal / IIR
-We do not include the Mexican roads In any of the years.
Note.
Last year out of the 40 roads contributing returns
14 suffered decreases. The present year, out of the
32'roads included in our statement,9 register losses.
The falling off, however, is not important in the
case of any of the roads except the Grand Trunk
Railway of Canada,which reports its total diminished
in amount of $311,625. But as against this loss,
there are many large increases by the different roads.
Southern and Southwestern systems on the whole
make the best exhibit, the Southern Railway System leading with a gain of no less than $1,682,340.
The improvement in that case, too, follows an increase in the previous year and for that matter the
year before, too. The Louisville & Nashville has
stopped giving out figures, and so have the Illinois
Central and Yazoo & Mississippi Valley, and also
the Denver & Rio Grande. In the following we
show all changes for theseparate roads for amounts
n_ excess of $30,000 whether increases or decreases.
Canadian Pac_
Chic Grt West*
Dul So Sh & A..
areatNorthern
Minn & St L_a
M St P &S SM
$
9,319,000
1,260,190
232,787
5,140,938
826,973
2,018,268
$
8,832,000
1,097,805
268,400
4,923,528
666,056
1,874,103
$
8,795,830
1,254,264
256,385
4,279,512
878,096
2,245,906
$
6,735,678
1,003,157
221,245
3,914,717
772,298
1,942,062
$
7,594,172
1,007,034
242,367
3,859,038
737,725
1,977,444
$
9,747,685
1,070,607
237,387
4,589,743
761,175
2,069,413
18.798.156 17.662.792 17.710.083 14.589.157 15.407.780 18.476.010
Total
* Includes Mason City & Fort Dodge and the Wisconsin Minnesota & Pacific.
a Includes Iowa Central.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
February.
1918.
1916.
1917.
1915.
1913.
1914.
$
$
$
$
$
3
803,424
746,327
657,570
051,794
982,126
Buff Roch & P 1,137,505
457,253
485,323
454,555
593,135
615,721
644,130
Chic Ind &Lou
Grand Trunk.)
Grd Trk W.) 3,541 381 3,853,006 4,032,715 3,325,036 3,544,016 3,763,463
Ili
DGII&MI
Canada All)
110,138
96,746
90,654
96,570
88,902
129,578
Tol Peoria& W
360,835
326,564
406,180
449,539
471,090
479,298
Tel St L & W.
Total
5.931.892 6.000.845 6.123.753 4.933.905 5.170.906 5.523.183
We now add our detailed statement for the montti
of February, comprising all roads from which it has
been possible as yet to procure estimates of earnings
for the month. In a second table we furnish comparative figures for the same roads for the period
since Jan. 1.
GROSS EARNINGS AND MILEAGE IN FEBRUARY.
Mileage.
Gross Earnings.
Name of Road.
1918.
171,108
Alabama & Vicksburg..
168,519
Ann Arbor
316,391
Atlanta Birm & MI
5,495
Bellefonte Central
_ 1,137,505
Buff Roch & Pitts_
2,691,000
Canadian Northern
9,319,000
Canadian Pacific
Chicago Great West'n. 1,260,190
644,130
Chic Ind & Louisville_
Colorado & Southern_ 1,384,248
83,968
Detroit & Mackinac
232,787
Duluth So Sh & Atl _
228,317
Georgia South & Fla
Grand Trunk of Can
Grand Trunk Westn 3,541,381
Dot Gr Hay & Milw
Canada Atlantic
5,140,938
Great Northern
93,374
Mineral Range
} 826,973
Minn & St Louis
Iowa Central
2,018,268
M
Minn St P &
Missouri Hans & Tex_ a3,371,262
968,154
Mobile & Ohio
11,910
Nevada-Cal-Oregon
y28,535
Rio Grande Southern_
St Louis Southwestern 1,502,000
Southern By System_ 9,421,651
7,903
Tenn Ala & Georgia
1,826,507
Texas & Pacific
129,573
Toledo Peoria & West.
479,298
Toledo St L & Western
200,050
Vicks Shrev & Pacific_
1917.
Inc.(+) or
Dec. (-).
1918.
1917.
158,509
174,225
304,221
5,716
982,126
2,358,600
8,832,000
1,097,805
615,721
1,323,205
79,444
268,400
231,149
142
142
1-12,599
293
293
-5,706
640
640
A- 12,170
26
26
-221
586
586
+155,379
+332,400 9,425 9,296
+487,000 12,993 12,921
1,496
+162,385 1,496
622
654
+28,409
1,842
+61,043 1,840
384
384
+4,524
601
600
-35,613
402
402
-2,832
3,853,006
--311,625
4,546
4,533
4,923,528
93,521
666,956
A-217,410
--147
+160,017
8,260
120
1,646
8,170
120
1,646
A-144,165
1,874,103
+354,810
3,016,452
+51,755
916,399
-3,558
15,468
-6,256
y34,791
+269,000
1.233,000
7,739,311 +1,682,340
-837
8,740
+246,461
1,580,046
+40,676
88,902
+8,208
471,090
+32,997
167,053
4,227
3,869
1,160
275
180
1,753
7,946
98
1,946
247
455
171
4,227
3,869
1,160
275
180
1,753
7,946
95
1,944
247
455
171
Total (32 roads)_ _ 47,210,440 43,113,487
Net increase (9.51%)
a Includes Texas Central in both years.
y These figures aro for three weeks only
+4,096,953 66,381 66,041
MAR. 16 1918.1
THE CHRONICLE
GROSS EARNINGS FROM JANUARY 1 TO FEBRU
ARY 28.
Name of Road.
Alabama & Vicksburg
Ann Arbor
Atlanta Birm & Atlantic..
Bellefonte Central
Buffalo Rochester & Pittsb_ _
Canadian Northern
Canadian Pacific
Chicago Groat Western
Chicago Ind & Louisville___ _
Colorado & Southern
Detroit & Mackinac
Duluth So Shore & Atiantic.._
Georgia Southern & Florida..
Grand Trunk of Canada____
Grand Trunk Western___
Detroit Gr Hay & Milw__
Canada Atlantic
Great Northern
Mineral Range
Minneapolis & St Louis__}
Iowa Central
MinnstP&SSM
Missouri Kansas & Texas___
Mobile & Ohio
Nevada-California-Oregon
Rio Grande Southern
St Louis Southwestern
Southern Railway System__ _
Tenn Ala & Georgia
Texas & Pacific
Toledo Peoria & Western
Toledo -St Louis & Western.._
Vicksburg Shrov &
1918.
1917.
Increase. Decrease.
351,007
332,380
18,627
374.806
418.042
656,663
606,689
49,974
11,475
14,632
2,222,246 2,017,135 205,111
5,406,300 5,191,200 215,100
20,108,818 18,990,308 1,118,510
2 401 006 2 429 867
1 134 192 1 378,261
3,105,554 2,980,649 124,905
161,369
168,156
506,094
569,574
486,549
488,879
7,624,743
8,530,394
10,926,793 10,604,459
191,306
195,034
1,701,994 1.540,514
43,236
3,157
28 861
244,069
6,787
63,480
2,330
905,651
322,334
161,480
4,003,239 4,414,401
a6,992,016 6,425,629 566,387
1,943,982 2,060,281
30,089
31,777
t/82,918
y82,765
153
2,030,000 2,632,000 298,000
18,642,135 16,606,413 2,035.722
15,543
18,353
3,775,483 3,436,972 338,511
223,167
194,949
28,218
878,730
992,396
403,095
348,982
54,113
3,728
411,162
116,299
1,688
2,810
113,666
Total (32 roads)
Net increase (3.68%)
97,291,312 93,701,091 5,537,145 1,946,02
4
3,590,221
These figures are down to the end of the third week only.
a Includes the Texas Central in both years.
1075
announced on the 12th that subscriptions from Italians
abroad had not been included in the results, and that when
these were received it was expected the total would reach
6,000,000,000 lire. An Associated Press dispatch from
London under date of March 14 said:
According to official Italian statistics, as forward
ed in an Exchange
Telegraph dispatch from Rome, Italy's war expenses
to Jan. 31 amounted
to 33,091.000,000 lire. Nearly 31,000,000,000 lire was
expended for the
army, and the remainder for the navy.
NEW AUSTRIAN WAR CREDIT.
Under date of March 11 an Amsterdam dispatch stated
that the upper house of the Austrian Reichsrath, according
to a Vienna dispatch, had adopted a provisional war credit
of 6,000,000,000 kronen for the next four months. During
the debate on the bill Dr. von Seydler, the Premier, emphasized the necessity for reforms in the Austrian Constitution.
MORE GOLD SHIPMENTS TO MEXICO.
Gold coin to the amount of $117,500 was withdrawn
from
the Sub-Treasury on March 13 for shipment to Mexico
.
Similar previous shipments to Mexico in settlement
of silver,
jute and other imports into the United States have recentl
y
been made. A shipment of $50,000 in gold to Chile was
also
announced on the 13th.
Turreut goods mut Piscussions
CREDIT OF 815,000,000 ADVANCED BY U. S. TO CUBA
ADDITIONAL CREDIT TO GREAT BRITAIN.
In addition to extending an additional credit of
CONTINUED OFFERING OF BRITISH TREASURY
$200,000,000 to Great Britain on March 12 the United
BILLS BY J. P. MORGAN & CO.
States
on that date advanced a credit of $15,000,000
Announcement that all the available ninety day
to Cuba.
British The loan to Cuba,
which is the first thus far extended to
Treasury bills offered this week were disposed of was
made it, will be guaranteed
by a $30,000,000 Cuban bond issue.
by J. P. Morgan & Co. on Tuesday. The discount
rate Both credits advanc
ed this week were at the now interest
was the same as in the case of the offerings of last
week rate of 5%. As indica
ted in these columns last week, anand the week before, namely 6%. The bills offered
this nouncement was made on March
week mature June 10.
8 that the interest rate on
loans to the Allies had been raised from 43 to 5%.
This
advance results from the increase in the rates on
Treasury
SUCCESS OF GREAT BRITAIN'S CAMPAIGN
TO RAISE Certificates of Indebtedness from 4 to 4M%. It is said
£100,000,000 IN WAR BONDS.
that since it now costs the United States Government
more
to borrow money from the American people,
Last week's campaign in Great Britain to obtain
Secretary
000 in National War Bonds resulted, according £100,000,- McAdoo felt it necessary to charge more for the Allied
to an an- althou
loans,
nouncement this week in the House of Commons
gh these transactions mean practically no profit
by Chancelto
the United States. The difference of M% betwee
lor of the Exchequer Andrew Bonar Law, in
n the
subscriptions borrowing rate
totaling £127,870,240. To this sum, he said, must
and the loaning rate is to cover the expens
e
be
£2,900,000 of the Post Office issue and £8,100,000 added to this Government of raising the funds and to account for
in War the tax losses involved in
Savings certificates, making a grand total of
the issuance of certificates which
£138,870,240 are free from certain kinds
subscribed for the prosecution of the war. The
of tax levies. The interest
said that since October, when the issue of war Chancellor rates on Allied loans have risen gradually from 3% on the
bonds began, first credits last April
when the Government was borrowing
tho total amount sold was £570,000,000.
at that rate was increased to 332% and then to
3
to
accord with the rate on the first Liberty Loan.
Funds
CREDIT OF £500,000,000 VOTED BY BRITI
obtained from the second Liberty Loan at 4% were
SH HOUSE
loaned
OF COMMONS (CORRECTION).
to the Allies at 4Yi%.
The present week's credits raise the total of
In referring last week to the credit of
loans ad£500,0
by tho British House of Commons, the statem 00,000 voted vanced to the Allies by the United States since the
latter's
ent was made
entrance to the war to $4,949,400,000, apportioned
that that brought the total credit since the
as foloutbreak of the lows:
war up to £6,842,000,000;000. The three
Great Britain, $2,520,000,000; France,
$1,440,extra ciphers 000,00
were, of course, a mistake. The total
0; Italy, $550,000,000; Russia, $325,000,000;,
should have been
one
(of which only 8187,000,000 has been paid);
£6,842,000,000.
Belgium,
$93,400,000; Serbia, $6,000,000, and Cuba $15,00
0,000.
BANKS ABROAD ACT TO PROTECT
HOLDERS OF
RUSSIAN SECURITIES.
ACCEPTANCE OF LIGHT WEIGHT GOLD BY
FEDE
A special cable to the "Journal of
RESERVE BANK OF SAN FRANCISCO. RAL
Commerce" from London on March 10, in reporting that six
The following letter, calling attention anew
banks
to its offer to
act for the protection of holders of Russian had arranged to accept light weight gold at face
value until March 15 was
securities, said:
For the protection of holders of Russian
issued by the Federal Reserve Bank of San
railway,
ment bonds for the issue of which they have been municipal and GovernFrancisco last
responsible, the following week:
six banks have agreed to work together
: Barings, Hambro,
Lloyds, London County & Westminster, Rothschilds and
Schroeder.
Investors who deposited their American
securities with the Governm
whose term of deposit
ent
and
under the original plan Is now
expiring, are being asked to continuo their deposit until March,
1922.
A later cable to the same paper on
Rothschilds are now paying the March the 13th inst. said
coupon:on the Russian
5% loan.
SUBSCRIPTIONS TO ITALY'S FIFTH
WAR LOAN-GOVERNMENT'S EXPENDITURES.
The subscriptions to Italy's fifth war
loan closed on
March 11. We stated last week
that the subscriptions
had amounted to more than 5,000,000,00
0 lire. It was
To the Bank Addressed:
Dear Sirs:
Mardi 8 /918.
Light
-Weight Gold.
Attention is drawn to our Circular No.
117, in which the offer was made
to accept, until March 15 1918, light-weight gold
coin of all denominations
at face value, with an option, until Aug. 1,
of either returning to the
depositing bank the identical gold deposite
d (express charges prepaid) or,
retaining the gold by absorbing a part of
the loss in weight with the depositing bank's consent.
If you have not already made a shipment
of gold to us, under these
conditions; or, if you have, and can make
further shipments, it is suggested
that you do so before March 15th, and thus
assist in withdrawing from
circulation light-weight coins.
The loss by abrasion of gold coins ultimately
will have to be absorbed.
It is therefore recommended that this opportu
nity be taken to save having
any loss fall upon you.
Yours truly,
JAMES K. LYNCH, Governor
THE CHRONICLE
1076
GUARANTY TRUST COMPANY ON FACTORS
THAT CAUSE HIGH PRICES.
A circular issued by the Guaranty Trust Company of this
city under date of Mar. 12 deals in an interesting way with
the subject uppermost in the public mind at the present time,
namely, the Factors That Cause High Prices. We print
it in full below:
[VOL. 106.
the present war.
volume of business has increased. During the period of
volume of businses
according to the estimate of Professor Anderson, the
ies. Railroads have
has increased 30% as measured by units of commodit
on, a usual
carried increased quantity of merchandise. Pig iron producti
00 tons
barometer of the volume of business, has increased•from 30,722,0
in 1913 to 39,043,000 in 1916 and 38,195,000 in 1917.
the increase in price has aided
And we should not overlook the fact that
ed the total amount
in the stimulation of American industry and augment
g during the first
of production. In fact, under the conditions obtainin
could be secured
three years of the war, the necessary expansion in industry
in the volume of money.
only by a rise of prices and a concomitant increase
be a more general
One of the most valuable results of this war promises to
economics and finance.
and better understanding of the fundamentals of
many quarters as to
Y. CLEARING HOUSE POSTPONES ACTION ON
The confusion, for instance, which seems to exist in
ty prices, and par- N.
the causes underlying the precipitate rise in commodi
AMENDMENT TO LIMIT INTEREST RATE ON
price level solely
ticularly that which erroneously attributes the present
In the
DEPOSIT—RESERVE BOARD'S ADVICE TO
n of banking credit, will probably be dispelled.
to the expansio
for the testing of
great laboratory which the world-wide war is affording
RESERVE BANKS AS TO HIGHER RATES.
ely that there are
practically all such theories it will be established conclusiv
Action on the proposed amendment of the New York
the advance of prices, not the least of
many factors which contribute to
g House Association, which would limit the interest
which is the well-known law of supply and demand.
ofthe bewilder- Clearin
Price movements,in fact,sum up in themselves the results
at last Monday's meeting of
factors. The attempt rate on deposits, was deferred
ing and immensely complex interplay of all economic
proposal. The
movements involves a study of all the various the Association called to pass upon the
to analyze the causes of price
result from
resulted in the adoption of a resolution in
phenomena of our economic life. Since price changes
complex
g instead
be felt by many that meetin
gn for demany and diverse economic factors, it has come to
nt of the in- which it was recorded that "any general campai
any attempt to explain such changes solely from the standpoi
tion posits at increasing and competitive rates of interest" is
in the circulating medium leaves out of considera
crease or decrease
increase of general prices
many other important factors. In the case of the
at this time and should not be undertaken. The
factors are greatly improper
during the present war, the most important of these
companies toward the Clearing
n of distributing processes, a shortgage of attitude of the local trust
increased demands, the disruptio
House amendment in the form in which it was presented for
decrease in production of various products.
labor and the
in retail prices
The increase in whoesale prices of 81% and the increaseserious problem ratification (and which we gave in these columns last week,
a
of57% for Jan. 1918,as compared with July 1914, creates level of prices,
the new
page 974) is generally accepted as having had a bearing on
in our economic life. In making readjustments to
a period
the postponement of action on the Clearing House amendclasses of people have been differently affected. During
various
feel the burden of the
of falling prices, the debtor class and business men
suggestion that the Clearing House defer recording
with fixed incomes are benefited. ment; the
change while the creditor and those
made at Monday's meeting
g prices, the creditor and the fixed income its stand on the amendment was
During a period of increasin
are benefited.
Walter E. Frew, Chairman of the Clearing House Comthe burden, while the debtor class and business men
by
class feel
our economic life is
was agreed to unanimously
From a history of world prices it would appear that
price level has mittee, and his recommendation
one of constant change and that the problem of a changing
ght member institutions
measure of this changing price level consists of by representatives of the fifty-ei
ever been with us. The
t
which for many purposes may be considered as an imperfec
the meeting. Below is the resolution adopted by
index numbers
present at
index numbers differ
it was offered by William
test of change of price levels. Various systems of
level. The follow- the members of Clearing House;
among themselves in measuring the changes in the price
world-wide changing price levels:
Woodward, President of the Hanover National Bank:
ing table shows the periods of
any general camResolved, That this Association wishes to record, that
1789-1809 general prices increased approximately 85%
nterest, inasmuch
60%
paign for deposits at increasing and competitive rates2of
" decreased
"
1809-1849
nation, and does not add to the
34%
as such action is disturbing throughout the
" increased
"
1849-1873
, and
40%
collective strength of banking resources, is, at this time, improper
" decreased
"
1873-1896
47%
should not be undertaken by any institution.
" increased
"
1896-1914
The amendment on which action was deferred had proAt the outbreak
A nation at war is an insistent buyer of commodities. market. Their
such buyers entered our
posed that
of the European war, several
or others
the market demand.
insistent buying power led to an intensification of care of war contracts
No member of this Association, or bank or trust company
directly or
Industrial plants in laying plans for expansion toltake building machinery, clearing through such members, shall agree to pay, or shall pay,
in the form of
or any certificate of deposit
went into the market bidding for capital
indirectly, on any domestic credit balance
additional supply and to
on demand or within thirty days, a rate of interest in excess of 2%
raw materials and also labor. In order to get this
pay higher prices. payable
Federal Reserve
it from other lines of production, it was necessary to
shift
less than the then rate for ninety days rediscounts at the
by members, or
, found that it was more
Other industries, not working on war contracts
Bank of New York, except that the maximum rate paid
labor and to get raw materials at usual prices, non-members clearing through members, shall not in any case be higher
difficult to retain their skilled
prices or reduce their
and as a result they were compelled to offer higher
than 3% per annum.
output.
Preliminary to the Clearing House meeting the trust
normal distributive system, so
The outbreak of the war disrupted the
t commodities in the countries at war were company interests held a meeting last Friday (March 8)
that the supply of importan
for troop movements
restricted. The demands upon available shipping
amendment, and while no statement as to
y of distribution. to consider the
combined with war losses further disrupted the machineradequate to meet
their stand was made, it is understood that they took the
transportation
A short sighted failure to provide railroad
the country resulted in position that the proposal did not make a fair distinction
the increasing commercial and industrial needs of
greatly. curtailed the
s and accounts of national
restricted supplies and increased costs. This has
on to places of most between the nature of their busines
shifting of many commodities from points of producti
trust
surplus of wheat at the end of the banks. The matter was discussed still further by
insistent demand. As an example, the
180,000,000 bushels.
company representatives at a luncheon held at the Bankeisf
present season in Australia is estimated to be about
to centres of demand
If shipping were available, the transfer of this supply
Club on the 12th, and on the 13th a series of conferences
would lower prices.
production of certain important between the Clearing House Committee and a special comThere has also been a decrease in the
, thirty-cent cotton
commodities, particularly agricultural. For instance
mittee representing the trust companies, was begun. At the
by the following figures
In part is due to decreased production as indicated
conclusion of Wednesday's conference very satisfactory
for the United States:
the question at issue was re12,000,000 bales progress in the adjustment of
16,100,000 bales 1915
1911
12,500,000 bales ported. Another joint meeting took place yesterday. The
14,100,000 bales 1916
1912
12,300,000 bales
14,600,000 bales 1917
1913
members of the special committee representing the trust
16,900,000 bales
1914
companies are:
in succession lead
as Chairman;
Under normal conditions, two or three short crop years
Charles H. Sabin, President of the Guaranty Trust Co.,
principle of economics
Bayne, Vice-President of the Columbia Trust Co.; Edwin P.
to a higher level of prices. It is a well accepted
is likely to lead Howard , President of the Brooklyn Trust Co.; Edward 0. Stanley.
that a decrease of 10% or 20% in the supply of a product
Maynard
of the Title Guarantee and Trust Co.; James N. Wallace,
to a much greater increase in price.
prices Vice-President
illustration, it may be mentioned that the high wheat
of the Central Trust Co., and Alvin W. Hrech, President of the
As a further
States which President
the United
e Trust Co.
of the past year were caused by a short crop in
crop. The losses Equitabl
followed a practical failure of the Argentine wheat
At Monday's meeting of th'e Clearing House, W. G. P.
ships and inability to move the surplus crop of
through the sinking of
crops in those two Harding, Governor of the Federal Reserve Board, was
Australia further intensified the effect of the short
due to limitacountries. It is questionable whether the price of wheat, if the Allied present. Governor Harding alluded to the Board's edict of
levels
tions of supply, would have been forced to much higher
several weeks ago evincing its disapproval of the disposition
Governments had not established a certain level of prices.
disruption in
four economic factors—intensification of demand,
of banks in some sections of the country to increase rates of
These
ies and shortage of
distribution, shortage of supplies of certain commodit
s, and stated that there had been appargenerating an increase in prices. interest on deposit
labor certainly must be considered as forces
question of interest.
of Professor Nicholson, a staunch exponent of ently some misunderstanding over the
This view has the support
that a
theory of money, when he states, "It often happens
Harding discussed the subject from a national
the quantity
Governor
t commodities, the
rise of prices begins with a rise in demand for importan
tendency toward increased
however, cannot be point of view, and in deploring the
rise being accelerated by speculation. Such a rise,
that end in New
beyond certain limits unless there is an increase in rates, pointed out that any movement to
maintained or advanced
required for cash payments."
be followed by similar action by interior banks,
the currency
the fact that the York would
In this country, the rise of prices was made possible by
would interfere with the
countries have sent resulting in a general increase which
demand was backed up by purchasing power. Other
ng to the New
$1,000,000,000 gold which has been added to our Government's financial operation. Accordi
11B a net addition of over
or Harding suggested that the banks
Govern
monetary supply.
enumerated York "Times,"
The increase in the price level, occasioned by the causes
classes, the
volume of business, as might divide their deposit accounts into two
above, has necessitated more money to do the same
of commodities. As an example of this, increased first consisting of out-of-town bank balances, and the second
udged by the amount
y for business
ages and increased value of inventories have made it necessar
local savings bank and general corporate or mercantile
we find that the
en to increase their working capital. In addition,
.4
MAR. 16 1918.]
THE CHRONICLE
accounts, and fix rates for cash. As Governor of the
Reserve Board, he said, he was concerned only with interest
rates paid on out-of-town bank balances. Governor Harding told the bankers that he proposed making appeals to
all clearing house associations throughout the country in
an effort to curb the movement of banks paying unreasonably high rates of interest on deposits. On the 12th inst.
the Federal Reserve Board, through Governor Harding,
telegraphed the Federal Reserve banks to use their influence
to discourage the movement of interior banks to obtain
deposits by increasing rates. Another step of the Federal
Reserve Board on March 12 was the calling of a conference
at Washington for March 22 of Governors of the Federal
Reserve banks to discuss interest rates, plans for the Third
Liberty Loan and other questions. It was stated on the
12th inst. that hundreds of banks in interior cities have
protested to the Board in the last few weeks over the action
of a few banks in raising rates on checking accounts from
2% to 23/% to prevent the removal of these accounts to
New York State banks or trust companies, which always
have maintained rates of 3% or even more. The concentration of deposits in this way, it is said, has been rapid
since last June, when an amendment to the Federal Reserve
Act became effective, requiring national bank reserves to be
kept solely with Federal Reserve banks and removing the
former encouragement for country banks to keep exchange
accounts with recognized depositary banks and at the same
time get credit for the deposits as reserves.
In his telegram to the Chairmen of the Boards of the
Federal Reserve Banks, Governor Harding said:
Board is anxious to have you watch the situation in your district with
respect to competition for deposits through advancing interest rates, with
a view of getting banks contemplating advances to defer action and of inducing those who are paying more than normal rates to reduce them.
Board feels that Government financing should have right of way and
that reserve strength of banks would be increased by encouraging the
public to invest in Treasury certificates of indebtedness and Liberty bond
issues rather than by banks competing for these funds and thus necessitating heavy Investment in these securities for their own account.
Wide distribution of Government Issues is most important. Deposits
throughout the country show general tendency to increase in volume, and
there seems to be no good reason to increase rates of interest paid for them,
thus adding to cost of money. Transfer of balances from one bank to
another does not,add anything to the strength of banking position as a
whole. Board urges that broad national view be taken of this question.
In view of approaching Liberty bond campaigns, sharp nation-wide contest
between banks for deposits would be particularly unfortunate.
New York Clearing House yesterday unanimously adopted this resolution:
"Resolved, That this association wishes to record that any general
campaign for deposits at increasing and competitive rates of interest, inasmuch as such action is disturbing throughout the nation and does not add
to the collective strength of banking resoorces, is at this time improper and
should not be undertaken by any institution." It is expected that New
York Clearing House will reach definite agreement within next ten days
or two weeks. In meanwhile interior banks are advised against hasty
and ill-considered action. please bring this telegram to the attention of
banks in your district with view of ascertaining their views and of enlisting
their co-operation.
HARDING.
1077
apprehensive of large withdrawals on the part of their depositors, and it is
often this very apprehension, both on the part of the depositor and the
savings bank itself which creates embarrassing situations that might be
avoided if there were confidence that reasonable, and even substantial,
withdrawals could be met promptly and easily.
Since the beginning of the operations of the Federal Reserve System,
this problem has been before the Federal Reserve Board almost continually.
While it has been clear to the Board and the savings banks that a relationship should be established, the difficulty has been two-fold; first, a great
many savings banks (mutual savings associations in particular) having
no capital stock upon which to base their subscriptions to stock in a Federal Reserve Bank are not in a position to make a capital contribution,
and, second, the Federal Reserve System has not been in a position to offer
to the savings banks a sufficient degree of relief on account of the lack of
eligible paper that savings banks possess. Under the circumstances,
savings banks did not see what they would gain by a membership nor did
the Federal Reserve Board see how under present circumstances it could
offer adequate relief to the savings banks.
From time to time the Board prepared amendments, some of which
were introduced in Congress. These amendments proceeded on the theory
that the savings banks needed the Federal Reserve System more than the
Federal Reserve System needed the savings banks—that, as a matter of
fact, the savings banks would be more of an onus than a bonus to the system—that therefore, the savings banks should place themselves in a
position where they would own assets of a sufficiently liquid character to
enable the Federal Reserve banks to give relief without violating their
sacred trust of maintaining the reserves of the country in a liquid condition.
From this point of view, the amendments contemplated by the Federal
Reserve Board were based upon the theory that savings banks should
acquire bankers' acceptances of a certain class of commercial paper, municipal warrants and obligations of the United States, all of which could either
be purchased by or rediscounted with the Federal Reserve banks or could
be used as collateral for notes of the savings banks discounted with the
Federal Reserve banks.
I understand that it is the intention of your association to carry on an
educational campaign along these lines, and I can but say that it appears
to me as the only practicable and equitable way of approach. Savings
banks, with their heavy structure of deposits, ought to be in a position
where for their protection they need not rely exclusively upon the securities market or on loans to be granted by other banks on the basis of securities. The time when savings banks require liquid funds is most frequently
a time when securities can be sold only at a great sacrifice, if at all. It is
an element of safety which savings banks can not afford to neglect to have
a certain portion of their assets in absolutely liquid investments. Even
if the question of establishing a relationship with the Federal Reserve
System were not involved at all, I am strongly of the opinion that savings
banks should cease to invest their funds exclusively in obligations of corporations, governments and municipalities, and should somewhat distribute the
risk by carrying a certain proportion of their assets in liquid paper.
Some of the more progressive States have already enacted legislation
along these lines. I am thinking particularly of California., Connecticut
and Michigan. Especially is the California law well worth studying with
respect to its provisions covering the commercial paper that savings banks
may buy; its restrictions as to bankers' acceptances appear too rigid. I
know that in Europe, in many States and municipalities, savings banks
invest heavily in bankers' acceptances. These bills must, however, generally bear a bank or banker's indorsement, even in the case of bankers'
acceptances—and personally I am strongly in favor of this requirement
when dealing with savings banks' investment. While the interest return
from these acceptances, at times, does not equal the interest return to be
expected from investments in securities, there does not exist on the other
hand, the danger of a shrink.ge of values such as affects savings banks
so seriously whenever they are forced to liquidate their securities.
I welcome most heartily the effort of the Savings Bank Section of the
American Bankers' Association to bring about a better understanding on
the part of the savings banks of this feature of their problems, and I sincerely Jaope that these efforts will be crowned with success.
A bill designed to prevent national or State banks from
The "Confidential Bulletin" of the Savings Bank Section
paying until the declaration of peace a higher rate of in- also publishes the text of the Connecticut and California
terest than that paid prior to January 1918 was introduced laws permitting investments in acceptances as follows:
In the House on the 13th inst. by Representative Bacharach. Connecticut Banking Law Concerning Investments for Savings Banks. EnPAUL M. WARBURG APPROVES PROPOSED LAW PERMITTING N. Y. SAVINGS BANKS TO
PURCHASE ACCEPTANCES.
The opinion that savings banks should cease to invest
their funds exclusively in obligations of corporations, governments and municipalities and should somewhat distribute the risk by carrying a certain proportion of their
assets in liquid paper is expressed by Paul M. Warburg,
Vice-Governor of the Federal Reserve Board in a letter addressed to the Savings Bank Section of the American Bankers' Association. Mr. Warburg's statement is made in support of the proposal to amend the New York State Banking
law by permitting savings institutions to purchase acceptances. It is pointed out that in the event that the law is
amended by sanctioning such investments, savings banks
will have a portion of their assets in paper, which is readily
marketable and convertible into cash, while at the present
time the bulk of their investments consists of long-term
bonds, which have greatly shrunk in value, and on which
It is difficult to realize cash without entailing heavy losses.
Mr. Warburg's letter, bearing date Feb. 14, was made
public in the "Confidential Bulletin" of the Savings Bank
Section, issued on March 1; we give it herewith:
acted January 1915.
Section 1. Savings banks may invest not exceeding 3% of their deposits
and surplus in the acceptances authorized by Section 13 of the Federal
Reserve Act of the United States, or any amendments thereto, of any
national bank, or member of a Federal Reserve Bank, in this State, or in
the city of Boston in the commonwealth of Massachusetts, or in the city
of Providence in the State of Rhode Island, or in the city of New York in
the State of New York, or in the city of Philadelphia in the State of Pennsylvania, or of any State bank or trust company in this State, which may
be authorized to issue such acceptances, but the amount invested in the
acceptances of any one bank by any savings bank shall not exceed 30%
of the capital stock, surplus, and undivided profits of such bank; nor shall
the amount invested in the acceptances of any one bank by a savings
bank, when added to the sum of funds deposited by the savings bank in
such bank, exceed 30% of the capital stock, surplus, and undivided profits
of such depositary bank.
California Banking Law—Savings Bank. Article II, Section 67, Subdivision I.
No savings bank shall loan money except on adequate security of real
or personal property, and no such loan shall be made for a period longer
than ten years. No such loan shall be made on unsecured notes; provided,
that a savings bank may discount or purchase bankers' acceptances of
which the acceptor is a bank or trust company having a paid in capital
of $1,000,000. Said bankers' acceptances shall be bills of exchange of
the kind and character defined and made eligible under the Federal Reserve
Act and the then current regulation of the Federal Reserve Boaxcl for rediscount or for purchase in the open market by a Federal Reserve Bank;
provided, however, that no savings bank shall at any time acquire by discount or purchase an amount of such bankers' acceptances greater than 5%
of its deposits nor shall any savings bank acquire directly or indirectly, by
discount or purchase, any such bankers' acceptances from any one acceptor
in an amount which shall exceed 5% of the capital and surplus ofsuch banks;
and provided, that a savings bank may discount or purchase a bill which
have asked me to give you an outline of a possible basis upon which must comply with the following requirements:
You
savings banks might establish a relationship with the Federal Reserve Sys(a) It must be a bill issued by a solvent individual or firm or corporation
tem—a relationship that, to them, must, of course, be of the highest value engaged in mercantile or manufacturing business in the United States that
as it would afford them protection at times when abnormal demands are makes statements of its condition duly ascertained and certified to by a
made upon them. I am not referring particularly to the present emer- certain public accountant. Copy of such a certified statement shall be on
gency, since there will always recur periods when savings banks will be file in the office of the savings bank discounting or purchasing such bill in a
1078
THE CHRONICLE
file maintained for such purpose. Said statement shall have been issued
sheet
within the preceding twelve months and shall consist of a balance
liashowing quick assets, slow assets, permanent or fixed assets, current
bilities and accounts,short term loans, long term loans, capital and surplus.
Accompanying said balance sheet shall be a copy of a statement from the
borrower concerning the following:
(1) The nature of the business.
(2) All contingent liabilities such as indorsements or guarantees.
(3) Particulars respecting any mortgage debts and whether there is any
lien on current assets.
(4) The maximum and minimum liabilities of the individual, firm or
corporation during the twelve months previous to the date of audit.
(b) It must be issued by an individual, firm or corporation whose net
worth is not less than two and a half times the amount of its outstanding
,
liabilities, nor less than $200,000. The quick assets of said indvididual
in
firm or corporation, consisting of merchandise, finished, raw, and
cash,
process of manufacture, accounts receivable, bills receivable and
as shown
shall not be less than two times its outstanding quick liabilities
by said statement.
(c) It must have a maturity of not more than six months.
is,
(d) It must have arisen out of actual commercial transactions; that
purbe a bill which has been issued or drawn for industrial or commercial
purposes or the proceeds of which have been or are to be used for such
pose.
No bill shall be eligible for discount or purchase by a savings bank, the
proceeds of which have been used or are to be used for any of the following
purses:
(1) For permanent or fixed investments of any kind, such as lands,
other
buildings, machinery, including therein additions, alterations or
permanent improvements except such as are properly to be regarded as
costs of operation.
(2) For investments of a merely speculative character whether made
In goods or otherwise.
(3) Must not have been issued for carrying or trading in stocks, bonds
or other investment securities.
has
(4) Must not be a bill of any individual, firm or corporation which
has any
under pledge or hypothecation any of its personal assets, or which
or from
contingent liability arising from the rediscount of bills receivable,
.
accommodation indorsements of such individual, firm or corporation
The word "bill" when used in this section shall be construed to include
"goods" shall be construed
notes, drafts or bills of exchange and the word
to include goods, wares or merchandise.
Any savings bank purchasing or discounting such paper shall have in a
merfile maintained for the purpose, letters from banks and merchants or
firm,
cantile reports bearing upon the credit and standing of the person,
co-partnership or corporation whose paper is under discount.
an
No saving; bank shall at any time acquire by discount or purchase
shall
amount of such commercial paper greater than 5% of its deposits nor
discount or purchase,
any savings bank acquire directly or indirectly, by
or
any such commercial paper of any one person, firm, co-partnership
corporation in an amount which shall exceed 5% of the capital and surplus
f such bank.
POLICY OF RESERVE BOARD IN DEALING WITH
ACCEPTANCES ISSUED UNDER SYNDICATE
CREDIT ARRANGEMENTS.
The attitude of the Federal Reserve Board toward bankers'
acceptances is outlined in advices received from W. P. G.
Harding, Governor of the Board, by Benjamin Strong,
Governor of the Federal Reserve Bank of New York. The
views of the Board have been set out in response to the
request, transmitted to the Board through Governor Strong,
made by New York bankers for a statement as to the Board's
policy. Besides Governor Harding's letter briefly indicating
the Board's position, a memorandum detailing at length the
Board's views, has been received by Governor Strong. We
give the several pronouncements in full herewith:
WITHDRAWAL OF GOVERNMENT DEPOSITS FOR
PURPOSE OF CENTRALIZATION.
A Chicago dispatch printed in "Financial America" of
March 11 stated that the banks had been notified that the
Treasury Department would withdraw all of the funds then
on deposit on account of the payment for the tax-anticipation
certificates dated Jan. 2, and 40% of the deposits on account
of the certificates of indebtedness in anticipation of the Third
Liberty Loan, these certificates being dated Feb.8. "This,"
continued the dispatch, "means the withdrawal of $12,000,000 from this Reserve district for the first account and $9,000,000 for the second. Payment must be made to the
Treasury Department through the Federal Reserve bank by
March 14."
With regard to the withdrawal of Government deposits
for the purpose of centralizing them, the "Journal of Commerce" in special advices from Washington on March 10
said:
[Circular No. 97.1
FEDERAL RESERVE BANK OF NEW YORK.
Bankers' Acceptances.
New York, February 26 1918.
TO the President
Dear Sir.—At the request of various Now York bankers, the officers of
this bank have conferred with the Federal Reserve Board with respect to
the advisability of issuing a statement of the general policy of the Board In
passing upon the eligibility of bankers' acceptances issued under syndicate
acceptance credit arrangements. In response to our request the Federal
Reperve Board has prepared a statement of its views on this subject a
copy of which is enclosed herewith in the form of a letter from Mr. Harding,
Governor of the Federal Reserve Board, and an accompanying memorandum.
I am sending this circular to you in the belief that you will be interested
in the subject matter and also in the hope that your institution will co-operin
ate with the efforts of the Board and of the Federal Reserve banks
assisting to develop the acceptance market of this country along the sound
Board's announcement.
and conservative lines contained in the
In this connection it may be pertinent to point out that, while any Federal
Reserve bank may, of course, exercise its discretion as to the amount of
paper of a given classification which it will purchase or discount, the
the
Federal Reserve Board under the provisions of Sections 13 and 14 of
Federal Reserve Act, has the sole right to determine or define the character
of the paper eligible for rediscount or purchase by the Federal Reserve banks.
Very truly yours,
BENJ. STRONG, Governor.
Deposits of Government money are being centralized in an effort to
• save the enormous amount that is a dead loss in the daily float. This is
the explanation given for the withdrawal of Government deposits from
various banks throughout the country. This money is being placed in
the Treasury or in the Federal Reserve banks. During the past week:the
Government is said to have withdrawn nearly $10,000,000 from the banks in
Washington alone and placed that money In the Treasury. Because of the
enormous size of the daily financial transactions of the Government today, the "float" is said to be in the hundreds of millions of dollars. It is
estimated that this "float" is to a large degree a loss to the Government,
and that much of this can be saved by concentrating the Government
money in but a few depositories.
To meet the constant demands for payments on accounts, the Treasury
has been maintaining in the national bank depositories between $30,000,000 and $40,000,000. This money is carried to the credit of the Treasurer
of the United States. To-day this deposit totals nearly $37,000,000. The
money deposited with national banks to the credit of other Government
officers is but slightly in excess of $8,900,000.
In comparison with this the deposits the Government is now carrying
with the twelve Federal Reserve banks exceeds $203,000,000. One month
ago the deposits in these Reserve banks totaled but a little in excess of
$68,800,000. The deposits in the Reserve banks have been more than
trebled.
With Liberty Loan collections and sales of certificates of indebtedness
constantly in progress, it is impossible to keep the Government's money
centralized as much as might be desired. On the other hand, the funds
raised by such means are being constantly paid out for war goods and it is
but necessary to keep it liquid and moving. The funds raised by bonds
and certificates are now carried in what are designated as special depositories, or, as might well be expected, with the banks which raise the subscriptions to the loans and certificates, being shifted from those banks only
when it is necessary to meet payments for war work in a different locality.
The money carried in the special depositories on account of bond and
certificates sales to-day totals a sum in excess of $883,000,000. One month
ago this sum was less than $760,000,000. This amount will, naturally,
Increase as the campaign for the sale of the bonds of the Third Liberty
Loan progresses.
[VOL. 106.
[Accompanying Federal Reserve Bank of New York Circular No. 97.1
FEDERAL RESERVE BOARD.
•
Washington.
February 7 1918.
Governor, Federal Reserve Bank of New York,
Mr. Benjamin Strong,
New York, N. Y.
My Dear Sir.—Receipt is acknowledged of your letter of January 29th
in which you ask for a statement of the Board's policy in dealing with
acceptances drawn under credit extending over a period of one or two
years. After a very full discussion of the matter, the Board has decided •
to authorize this expression of its views in accordance with the principles
outlined in the memorandum attached hereto. The banks of New York
may, during a period which can be declared ended at any time, proceed
upon the basis of this memorandum in accordance with your letter of
January 23d. The essential principles may be summed up as follows:
1. Acceptance credits opened for periods in excess of ninety days should
only in exceptional cases extend over a period of more than one year, and
In no case for a time exceeding two years.
2. Banks which are members of groups opening these credits, should
not buy their own acceptances, and where an agreement is made with the
drawer for purchase of acceptances for future delivery, the rate should
not be a fixed one, but should be based upon the rate ruling at the time
of the sale.
com3. Transactions Covered by these credits should be of a legitimate
rules
mercial nature, and acceptances must be eligible according to the
and regulations of the Board.
accep4. Whenever syndicates are formed for the purpose of granting
banks •
tance credits for more than moderate amounts, Federal Reserve
of
should be consulted with regard to the transaction. The question
of the bill and of the
eligibility, both from the standpoint of the character
amount involved, will be passed upon by the Federal Reserve bank subject
to the approval in each case of the Federal Reserve Board.
As stated in the memorandum, the Board will rely upon the fair spirit
of co-operation on the part of the New York banks, but it must be understood in passing upon these transactions that not only quality but also
quantity must be the controlling factors. The aggregate of these acceptances should not be permitted to constitute the greater proportion of
outstanding acceptances at any time, and it must be understood that
while the Federal Reserve banks and the Federal Reserve Board might look
with favor upon a transaction as long as the total amount involved is not
excessive, transactions of exactly the same character may be ruled out
whenever the aggregate amount of outstanding acceptances of this character becomes, in the opinion of the Federal Reserve Board, unduly large.
You are authorized to communicate the contents of this letter to the
accepting banks of your district, and the Board will advise the other
Federal Reserve banks of the policy which has been agreed upon.
Very truly yours,
(Signed) W. P. G. HARDING, Governor.
MEMORANDUM.
In dealing with the question of acceptances, it is desirable that the
absoBoard should not be obliged to adopt inflexible regulations unless
In the
lutely necessary. It should be borne in mind that we are competing
in
acceptance field with other countries which have no legal restrictions,
central
which sound business judgment, guided from time to time by the
but none the less rigid
banks of these countries, constitutes the unwritten,
law. The!banks of the United States would greatly assist the Board In its
work of developing a modern and efficient system of American bankers'
acceptances—and they would beat serve their own purpose—If they would
Board,
study and assimilate the underlying principles which must guide the
rules.
and observe these principles voluntarily without requiring inflexible many
Unless the bankers co-operate with the Board in this manner,
transactions—unobjectionable as long as they are engaged in for legitimate
because
purposes and within reasonable limits—will have to be barred
strict regulations do not admit of discrimination.
Reserve
Proper regard for conservation of the strength of the Federal
in its
system requires that it must be possessed of short paper well scattered
this paper matures it
maturities (not exceeding ninety days), that when
MAR. 16 19184
THE CHRONICLE
1079
can be actually collected and that the supply of now paper coming into the
for the convenience of the banker to enable him to finance himself
market can be controlled to a certain degree by an advance or decline in
by using
the ninety-day form as a mask to conceal what is, in
effect, an ineligible
the rate of interest at which bankers' acceptances are bought. Higher
one-year note. But if the interest rate should remain open between
rates will exert a restraining influence on the producer and the dealer and
will thereby reduce borrowings and bring about a certain degree of con- borrower and lender subject to adjustment to the market rate, a different
aspect would be presented, and the Federal Reserve banks might discount
traction.
such notes within reasonable limits.
By keeping these principles in mind—upon which the strength of our
When a credit is required for two years, it should be regarded as an
structure depends—we can readily understand the hazardous conditions
which would be created if, for example, $300.000,000 of acceptance credits unsound basis for commercial borrowings on ninety-day paper. Without
a guaranty for renewals it would be dangerous for the borrower.
With
should be opened for the purpose of financing corporations for a period of
such a guaranty it would be an unsound banking credit. A demand for
two or three years, the corporations having secured from the acceptors
one or two-year money, except for special contracts, indicates a need for
(directly or by a trading process) a fixed and definite rate of interest for
greater working capital which ought to be obtained by increase of
capital
the entire term of the credit. This rate would necessarily be much higher
or by sale of obligations in thefinvestment market.
than the current rate for bankers' acceptances. Let us assume that
It may be argued that there is at present no investment
market, and
$300,000,000 had been loaned to corporations at 8% for two yoars, plus
that therefore these renewal transactions are necessary.
But does the
the acceptance commissions. If during these two years the bank rate
abrogation of the investment market afford a reason for the destruction
should advance to 20%, the corporations would not be affected thereby;
of the comMercial paper market also? Some plan must, and
will be,
they would renew from time to time as though money rates had remained
unchanged; and consequently, the bank rate, as far as they are concerned, developed to restore to a certain extent, at least, the security market.
But even if this restoration cannot be affected, should we
not look upon
would lose its power to bring about contraction. Thus the acceptance
credit as a commodity of which only a limited supply is available?
If we
would cease to serve the purpose of financing the borrower; it would be for
have approached the limit, would it not be wise to conserve credit and
the purpose of financing the accepting bank. It would really become an
apply it only in those directions where its use will most benefit the country?
accommodation draft for the benefit of the banker, regardless of the current
In the case of the Tobacco Company, if it had not
secured the full credit it
rate and regardless of general conditions, and whether these conditions
demand commercial contraction or expansion, the bankers would have to sought, it would in that event have bought less tobacco and possibly might
have advanced its selling prices. What if it had reduced its inventories
rediscount these acceptances, at a profit or at a loss, if their own position
and the consumption of tobacco? Would not this have been
just what is
so required. Here, too, the bank rate would lose its power to produce
at present required? The corollary is that business must adjust
itseft to
contraction because the commitment is a definite one for two years.
credit; not credit to business at this time.
Another flaw in this method of financing is that there is practically no
To recapitulate:—agreements to grant credits for an extended period by
limit to the amount of acceptances which may be created In this manner.
the purchase of ninety-day paper or by ninety-day acceptances ought
to
In addition, the rate guaranteed the corporation by the banker would
be based upon transactions connected directly with the purchase and sale
likely be so high as to tempt the accepting bank (having exchanged its
of goods and the intermediate process of manufacturing. Credits so exacceptance with another bank associated in this business) to rediscount the
tended, should relate to the resources of the borrowing concern, and
acceptance with the Federal Reserve bank or to sell it in the open market.
should not be granted for the purpose of furnishing working capital, or
For the accepting bank this transaction would not involve the investment of
for the temporary financing of permanent investments.
money as long as the market is able to absorb the acceptances offered.
These transactions should be of an individual character; they call for
The unavoidable consequence of this process must be that in order to
direct contact between banker and borrower, and syndicate credits should
prevent an avalanche of these acceptances, the discount rate would have
be avoided. Agreement by bankers to furnish one or two-year money at
to be advanced so as to reduce the tempting margin and thereby lessen the
a definite rate of interest against ninety-day paper or acceptances to be
supply. These syndicate or accommodation acceptances would therefore
used to finance themselves should not be countenanced either openly or in
tend to raise the rate to the detriment of the legitimate business of the
country—particularly the import and export business. When, three years the form of exchange of paper between bankers.
These are the principles which the Federal Reserve system must apply.
ago, we began our campaign to establish American bankers' acceptances, It
would be inexpedient to attempt more than to establish the principles.
our rate was 2(4)2%% and the English rate was about 5%. Our rate has It
would be detrimental to formulate definite regulations dealing in minute
now moved up to 404%% while the English rate is about 3%%. This
detail with the various phases of the problem. It would be far better
signifies that we have reached a point where American houses find it to
to give some latitude to the bank§ in dealing with these matters. But this
their advantage again to draw on English banks, as they did some years
will depend entirely upon the wisdom and discretion of the member banks.
ago, rather than upon banks of the United States.
The banks will best serve their own interests if, following the example of
It is certain that if syndicate acceptances of this character were offered in
European institutions, they will adopt these principles as self-imposed, wellEuropean countries the market would at once discriminate against them
tried rules of business prudence, rather than by abusing their freedom of
and put an end to such transactions. It is the application of this rigid
principle of keeping the acceptance market primarily reserved for strictly action to force the Board to tie their hands by rigid regulations.
commercial uses that has kept the acceptance business in England in a
sound condition and has made the English acceptance market so important FEDERAL RESERVE
BOARD OPPOSED TO FEDERAL
an adjunct of the money market.
RESERVE BANKS ENGAGING IN FOREIGN
If in the light of these considerations we seek to apply these principles
to actual operations we must reach these conclusions:
EXCHANGE AT THIS TIME.
There is no reason why a bank should not agree that for legitimate comDiscussing the control of dollar quotations, the Federal
mercial purposes, and for transactions complying with the rules and regulations of the Federal Reserve Board, it would commit itself for two years Reserve Board in its Bulletin for March takes the view
to accept for a customer for importations or exportations, or for the purpose that proposals to have
the Federal Reserve banks engage
of carrying staples properly warehoused. There is no reason why a bank
should not say to a tobacco manufacturer: "Whenever you have tobacco actively in foreign exchange business at this time is not adproperly stored and for which you will give me proper warehouse3receipts, visable. This is taken as an indication of the opposition
.I am willing to accept for you and charge you a commission of __%." of the Board
to the provision carried in the War Finance
Whether It would be wise to make a commitment which would force the
bank to accept for a customer even when convinced that the borrower is Corporation bilI as passed by the Senate permitting the
carrying too large a supply of raw material, or that the transaction is issuance of bonds in terms of foreign money and their sale
speculative, is a question of banking judgment. It would be safer, of
to importers at par to the extent necessary to cover their
course, if the banker could qualify his obligation to accept. But this is
an instance where it would be a mistake to lay down a rule and where importations from countries whose currency is at a prereliance must be placed upon the business sagacity of the banker for, in mium. We:quote below what the Board has to
say in the
such a case, the borrower would remain subject to the hazards of the
money market and any advance in rate would have an effect upon his current number of its Bulletin concerning the control of
dollar quotations:
own commitments.
However, the manufacturer should not feel that, in dealing with a
Proposals to have Federal Reserve banks engage actively in foreign exbankers' acceptance he is taking any other risk than that of the interest change business at the present time or to provide
some other Governmental
rate. Ho should be trained—and this is an important matter—to under- mechanism for furnishing foreign exchange have been under consideration
stand that he can at any time sell his acceptance, not to the acceptor but during the past month, and the Board has taken the
view that such steps
to other banks, or through brokers in the market, or to the Federal Reserve are not now advisable. It is further the opinion of the Board that until
banks. It is much to be desired that the American banks and banking the present abnormal conditions disappear it cannot
be determined prefirms should follow the European practice of freely endorsing first-class cisely what machinery will be required with reference
to the foreign exbankers' acceptances. No drawer of bankers' acceptances in Europe, in change problem beyond the facilities provided by
existing banking arrangenormal times, would expect to encounter any difficulty in selling his paper. ments. In times of peace the foreign exchange
business is highly comHe can sell it to discount companies or to private banks, or bankers, to be petitive. Ordinarily in dealings between countries having a definitely esrediscounted at rates a fraction above the ruling interest rate. (In England tablished monetary standard there are no violent
fluctuations in foreign exfor as little as 34% above the discount rate and often less). The manufac- change rates, the controlling factors in adjusting balances being the ruling
turer, after having his bill accepted, should feel quite safe in keeping the interest rates and the cost of shipping gold, the higher
value of money atacceptance in his portfolio, being confident that, without any further tracting foreign funds into the debtor country, for
temporary or permanent
negotiation, he could sell it at any time that he would be in need of cash. investment, thereby obviating the
necessity of sending gold. Just now,
Instead of forming syndicates guaranteeing the interest rate to the accep- however, with the world at war, the foreign exchange
business is very much
tor, banks should make agreements with manufacturing concerns to buy unsettled and is attended by great risks because freedom in the operation
acceptances, from time to time, from the drawees at, say, yi% in excess of of practically all the forces normally regulating
foreign exchange fluctuawhatever might be the ruling interest rate for bankers' acceptances. In tions has been eliminated. Embargoes
on gold in force in practically all
this way a real discount market would be developed in this country. Fed- leading countries make it impossible to stabilize exchange rates in the oreral Reserve banks, will, sooner or later, have to adopt the European dinary manner through gold shipments. Shipments of goods have been
rule of buying only paper bearing a third name, viz.: the endorsement of a restricted to the minimum, and a free exchange of securities is hampered
bank, banker or responsible firm.
by apprehension on the part of the banks and the people, by political conIt is true that the banks accepting in the present syndicate transactions siderations, and by the wish of the investing classes to keep their savings
additional profit in the interest rate which they guarantee to the at the disposal of their respective governments.
make an
borrower. It is suggested, however, for their consideration, that it would
It has been urged that American dollar exchange should not be at a disbe a sounder policy if they would charge a higher acceptance commission count in any country with which trade relations result in balances in favor
for domestic transactions of this kind, for larger commissions would be of the United States, but it should be remembered that England, France
justified for credits extending over a considerable period. This would be and Italy are buying heavily in neutral countries, and Great Britain is
sounder than to adopt a policy which, if permitted freely to develop, sustaining the price of sterling in New York by purchasing sterling bills
would undermine the safety of our acceptance system and our money In the New York market on a basis of 4.76 7-16 for cables. This rate is
market.
about 2% below the normal parity. It is obvious that with the rates of
The principles governing the acceptance are equally applicable to single exchange between London and New York fairly well 'stabilized,' dollar
name paper. A bank may agree to carry a customer over a period of a exchange in neutral countries must move in harmony with the rates of exyear and to buy from time to time his single name Paper. If this paper, change of sterling in neutral countries.
according to the statements submitted, should be eligible in other respects,
The discount to which the American dollar is subject in Spanish-speaking
Federal Reserve banks might discount it, provided the paper is not countries has been cited as the cause of loss to the United States. When,
a loan which has been negotiated at a fixed rate for a definite however, we recall that this country is selling to Spain more goods than it
part of
Period, in excess of ninety days, a year or two for example. A ninety-day is buying from that country, a different conclusion may be reached. While
note made under a definite renewal agreement in this way is a camouflage it may be felt that the prices on imported articles are increased through
1080
THE CHRONICLE
..
Mr
months has been
the rise of foreign exchange rates, such as within recent
Denmark,
characteristic of our trade with Spain, Switzerland, Holland,
be the case our
Sweden, and Norway, it must be conceded that if such
ding way, and in
export trade with these countries may profit in a correspon
tion must be given
many cases our exports exceed our imports. Considera
into the establishalso to the kinds and quantities of goods which enter
s in the Barcement of the balance. For instance, comparative quotation
a,"show that
lona market, taken from the "Espana Economicay Financier
middling fair cotton
while in June 1914 a 500-pound bale of American
olive oil, it
could buy in Barcelona 126 gallons of Andalusian superior
market early
would buy 163 gallons of the same grade of oil in the same
a relatively
In November 1917. Our cotton produced for us, therefore,
would have
larger purchasing power than the sale of an equal amount
in a greater credit balance than in
yielded in former years. It resulted
settled in goods,
the past, and this balance, to the extent that it was not
sterling and francs,
was paid us by Spain in foreign exchanges, such as
affecting the dollar, so
which we purchased at a discount larger than that
hurt our purchasing
that the nominal loss on the American dollar did not
as a whole.
power in trade with Spain or the interests of our country
time to direct
The Board does not regard the present as an opportune
foreign exchange business
Federal Rserve banks to engage in a general
with an attempt
when there are so many international questions connected
settlements
to regulate foreign exchange that negotiations relating to such
method has been
must necessarily be conducted by the Government. This
nts recently concluded with
employed in the successful rupee arrangeme
, recently
the Indian Government and in the arrangement with Argentina
perfected.
like purpose are understood
Other negotiations intended to accomplish a
exchange
to be in progress. They have for their object the creation of
these arrangefacilities, without involving heavy shipments of gold, and
will agree to
ments are being perfected as rapidly as foreign Governments
ing the intensive farmer or the man who practices a profitable specialty, or who shows himself able to do so, will be given
financial support by the Federal Farm Loan system, even
though his farm may be too small for ordinary farming purposes, provided that the land quite apart from its use has
a stable and permanent land value which will make the loan:
safe whether it is well operated, or badly operated, or not
operated at all.
them.
FOREIGN EXCHANGE DEALERS REQUIRED TO APPLY
FOR REGISTRATION CERTIFICATES BY MARCH 18.
Fred I. Kent, Director of the Division of Foreign Exchange
of the Federal Reserve Board, issued a warning on the 11th
inst. to the effect that bankers, exporters, importers, &c.,
who fail to file applications for registration certificates by
March 18 will be prohibited from continuing foreign exchange transactions. His statement follows:
importers, and all
Bankers, merchants, manufacturers, exporters, and
dents, either in acothers carrying accounts with or for foreign correspon
for registration
count current or securities, who have not made application
of the President,
certificates by March 18, as required by executive order
the order.
will be prohibited from continuing transactions covered by
publicity,
Due to the difficulty in obtaining satisfactory and extended
to conthe Federal Reserve Board has authorized Federal Reserve banks
the date
tinue to take applications for registration certificates beyond
has elapsed to enable
originally set, but it is now felt that sufficient time
of the law,
all concerned to familiarize themselves with the requirements
s covered
and notice is hereby given that no foreign exchange operation
unless a regisby the executive order can be carried on after March 18 1918
for on or before that date.
tration certificate shall have been applied
PROPOSED AMENDMENTS AFFECTING NEW
YORK SAVINGS BANKS.
The introduction in the New York Legislature is announced
of amendments, which New York State Superintendent of
Banks George I. Skinner states, it is believed, will give the
savings banks a wider field of investment without affecting
in the slightest degree the high standard of safety and
security which has always been considered fundamental in
making amendments to that section of the banking law,
which has fixed and limited their investments. Concerning
these amendments Superintendent Skinner says:
s
One of these amendments permits savings banks under certain condition
of adjoining
to invest in the securities issued by counties, villages and towns
Another permits
States as well as in the bonds of the cities of those States.
by savings bank
savings banks to invest in ninety-day notes secured either
m of the amount due the owners
passbooks to the extent of ninety percentu
investments for
thereof or by bonds and mortgages, which would be legal
the face value
savings banks, to the extent of seventy-five percentum of
banks to invest in
of such bonds and mortgages. A third allows savings
es which are eligible for discount with a
the very high grade bank acceptanc
a duly incorporFederal Reserve bank, when such acceptances are made by
or a trust company
ated State or national bank located within the State
organized under the laws of this State.
of a savings
A fourth bill extends, to some extent, the field of operation
State banks
bank. Various devices have been employed by national and
a distance
and by trust companies to accommodate their patrons located at
not been authorized or
from their offices, even where branch offices have
g savings banks from accommodating
maintained; the statute prohibitin
patrons by
the wage-earners and factory employees who are its ordinary
has been very
receiving their deposits at other places than their main offices
savings banks,
severe and strictly obeyed. It is now proposed to allow
the approval of
within a limited sphere, under proper regulations and with
agencies for the receipt
the Superintendent of Banks, to establish stations or
or the written
of deposits only, where there is no other nearer savings bank
With the Superconsent of such nearer savings bank is obtained and filed
intendent of Banks.
drawn and have
If these amendments, which have been very carefully
classes of State
had the approval of the representatives of the different
they will constitute
institutions, as well as oftthis department, are adopted,
e development of the savings bank law of
the most liberal and progressiv
the State that has occurred In several years.
FEDERAL FARM LOAN BOARD GUIDES LAND BANKS
—WHAT AREA CONSTITUTES FARM LAND.
A ruling for the guidance of the twelve Federal Land Banks
in determining, for loaning purposes, what area constitutes
farm land, has been issued by the Federal Farm Loan Board.
It is pointed out that some farms yield much larger returns
than others per acre. Also there are tracts of land which
are too small to produce a living for a family. It is further
noted that a tract intensively cultivated by a man who thoroughly understands intensive cultivation might produce an
annual income which would pay interest on a valuation of
several hundred dollars per acre, but it is, of course, unsafe
to make that man a loan on any such basis unless the land
itself, under average conditions, has a very high value.
The Farm Loan Board feels that the intensive farmer should
be financed wherever it is possible, but that he must be
financed on a basis which will render the loan safe even if
he should die the day after the loan is made and the land pass
into hands in which it will give only average farm-land returns. It is for the purpose of meeting this situation that
the Board has made and promulgated the following ruling
for the guidance of the Federal Land banks:
purAs a basis of determining what area constitutes a farm for loaning
poses, the Board requires the following test:
of sufficient area to yield at the
First. Generally—The farm must be
it is
hands of an ordinarily capable farmer, putting it to the use to which
to
generally adapted and using average methods, an income sufficient
interest and amormaintain the family of the applicant and discharge the
tization payments.
Second. Specially—Where through intensive farming or the practice
a tract
of a specialty a sufficient income has been regularly derived from
the prosdeficient in area for ordinary farming, or where the application of
by experience capable of producing such
pective borrower shows that he is
,
an income from such a tract, such area may be accepted as sufficient
to
provided the land has a stable and permanent market value sufficient
to fruit and orwarrant the loan applied for. This ruling does not apply
by
chard lands which have already been the subjects of definite rulings
this Board.
Under the first paragraph of this ruling, loans, it ilstated,
may be made to the ordinary farmer on the basis of average
skill and efficiency, and no tract of land will be acceptedas
a farm eligible for a loan under the Federal Farm Loan Act
unless it is large enough to support the family and take
care of the loan under the average farm conditions okthe
neighborhood. But under the second paragraphLof the rul-
[VoL. 106
APPLICATIONS FOR NATIONAL BANK
CHARTERS, &c., IN FEBRUARY.
For the month of February, Comptroller of the Currency
John Skelton Williams reports the receipt of eighteen
applications for charters for new national banks with capital
of $885,000, as compared with 33 applications in Feb. 1917,
with capital of $1,735,000. As to charters granted, capital
increases, &c., for the month, the Comptroller says:
were granted,
Charters Granted.—In the month of Feb. 1918, 14 charters
the same
capital $5,500,000, as compared with 14 charters granted during
month in 1917, with capital of $725,000.
increased
Capital Increases.—In this month of 1918, 24 national banks
increasing
their capital stock in the sum of $1,740,000, against 25 banks
the same month in 1917.
their capital by $2,970,000, during
in Feb.
Capital Reductions.—Two national banks reduced their capital
banks reduced
1918 by $150,000. During the same month last year 4
their capital $263,000.
liquidation
Liquidations.—Seven national banks went into voluntary
during Feb.
(exclusive of those consolidating with other national banks)
4 such banks
1918, their capital capital being $2,200,000, as compared with
capital of
liquidating during the same month in 1917, with an aggregate
$532,500.
Comptroller of
Charters Refused.—During the month of Feb. 1918, the
bank.
the Currency refused one application for charter for now national
was refused for one now.national
During the same month last year charter
bank.
operation
Number of National Banks.—Number of national banks in
Feb. 28 1917, 7602; Feb. 28 1918, 7,688.
ANDREW J. FRAME'S APPEAL TO CONGRESS FOR
RELEASE OF RESERVE FUNDS OF COUNTRY BANKS.
An appeal on behalf of country banks, so far as reserve
requirements are concerned, urging the material releasing of
funds which, it is pointed out, would serve to increase
Liberty Loan subscriptions, is made to the Banking and
Currency Committee of the House of Representatives and
the Senate Finance Committee by Andrew J. Frame, President of the Waukesha National Bank of Waukesha, Wis.,
in the following letter:
s, therefore
As a banker since 1862, I speak from our Civil War experience
This.bank, with
venture these suggestions in the spirit of patriotic duty.
Liberty Loan for $650,000,
$1t0,000 capital,sent in subscriptions to Second
again, we must have some
which proves us no slackers. To approximate it
Act, and as an
relief from excessive demands through the Federal Reserve
can more generously aid
act of justice. To the end that country banks
in this hour, permit me to say:
to deposit, not subject
The Federal Reserve Act compels country banks
with the Federal
to withdrawal, 7% of demand and 3% of time deposits
Reserve banks. To illustrate:
MAR. 16 1918.]
THE CHRONICLE
The Waukesha National Bank—Capital $150,000, has had of late'
approximately, with the Federal Reserve Bank of Chicago, $140,000.
paid in capital, 37,500—thus practically covering our total capital.
We are able under the Federal Reserve Act to reduce our reserves 2%
of deposits, or say, $60,000. We lost income, therefore on 380,000,
which the Federal Reserve banks do not need. Witness that they now
hold in cash over $1,800,000,000.
Why not release this $80,000, and by so doing we can aid you by increasing our Liberty Loan subscriptions? By applying like conditions to all
country member banks, they could easily buy $150,000,000 of Liberty bonds
additional. This small decrease of cash would not weaken the Federal
Reserve banks, as they have ample powers to issue currency for any
emergency. This would be an act of justice to country banks, where
Inequity now reigns. I say inequity, because the big New York, Chicago
and St. Louis banks, under decreased reserves, now loan from 6 to 9% of
their deposits formerly tied up under the old 25% reserve law, whereas
the country banks are penalized under the present Act. The evidence
seems conclusive, as their reserves have not, and conservatively cannot be
reduced, under former requirements. As proof the Comptroller's last
report for Nov. 20 1917 shows approximately:
New York, Chicago and St. Louis banks held 3% cash and 17% due from
banks, total 20% country banks held 5% cash and 20% due from banks,
total 25%.
In the face of requirements of 13% for Central Reserve city banks and
but 7% for country banks.
Is not this ample proof of unfairness to country banks?
Ponder those vital questions, to the end that the most serious obstacle
on the part of country banks may be removed from the Federal Reserve
Act, and to the end that country banks can increase their patriotic subscriptions for bonds. Will you not lend your powerful aid in granting this most
reasonable request? We not only plead for justice, but that we may do our
utmost to sustain the Government in winning the war.
With an eye single to the glory of our Flag. I remain,
Very sincerely yours,
ANDREW J. FRAME,
President Waukesha National Bank, Waukesha, Wis.
9
.
1081
"Such bonds shall be issued in terms of foreign money and sold to American importers at par to the extent necessary to cover their importations
from and credit transfers to countries whose currency is at a premium."
On behalf of the Senate Committee on Finance, which was in charge of
the War Finance Corporation Bill, Senator Simmons, the Chairman
accepted the amendment practically without debate, and it was incorporated into the measure by a viva voce vote.
At present the American dollar is selling at a discount of 25% in all
neutral European countries and also at a very heavy discount in South
American countries. The importers, therefore, are obliged to take an
initial loss of 25% and in some cases even more when changing the
good American dollar into the money of these foreign neutral countries.
The purport of this amendment is to provide these importers with bonds
that will be payable in the money of the foreign countries, of short maturity, three or five years, and the importers can use these bonds as payment for the commodities they import for American consumption. In
this way this initial loss of 25% will be eliminated, and, furthermore.
American importers will be in a position to bring over larger quantities
of supplies at seasonable periods so that the supplies on hand in the United
States will equal the demand and therefore be sold to the American consumers at a reasonable price. As it is at present, the American importer
cannot afford to take an exchange risk and bring over sufficient supplies
at seasonable periods, thereby causing the American consumer to pay a '
much higher price for his commodities than are really necessary with a
proper exchange system.
In a letter to Representative Moore (Republican), of
Pennsylvania, President Wilson has expressed himself as
entirely in favor of the War Finance Corporation Bill. The
President's letter said:
I am very happy to answer the question contained in your letter of
March 6.
I am entirely in favor of the adoption of the War Finance Corporation
Bill. I deem it, in fact, a necessary war measure.
The President's expression of opinion was prompted by
the following letter received from Representative Moore:
BILL CREATING WAR4 FINANCE CORPORATION AS
So far as I have observed, no Democrat has stated with authority that
PERFECTED BY HOUSE COMMITTEE.
You approve the War Finance Corporation Bill as a war measure.
I do not know whether you would care to make a statement to me upon
The bill creating a War Finance Corporation as perfected this subject, but I am frank
to say I would not like to
by the House Ways and Means Committee was submitted ence of such tremendous powers over securities and thevote for the transferbusiness affected by
Kitchin of the Committee on them unless I knew that such a recourse was, in the judgment of the Presito the House by Chairman
dent, essential for war purposes.
March 9. The bill embodying the amendments made by
If you feel justified in writing me upon this point I will appreciate it.
the Senate was passed by that body on March 7. There Or if this suggestion does not meet with your approval, will you not authorize some one to make a positive declaration as to the war urgency of this
are differences both between the Senate bill and the bill'
drafted by the House Committee, as well as between the bill? Ways and Means Committee is now preparing to report the
The
bill,
latter and the bill originally presented to Congress by Secre- but I have heard many members of the House inquire as to the President's
tary McAdoo in January. In submitting to the House the attitude thereon.
bill agreed to by his committee, Chairman Kitchin stated
that the committee had made so many amendments that 18,000 BANKING INSTITUTIONS ACCEPT APPOINTMENT IN WAR SAVINGS CAMPAIGN.
it was thought best by it to introduce the completed bill
as an original proposition, instead of submitting the bill
Advices to the effect that nearly 18,000 banks and trust
as originally introduced with the numerous committee companies have accepted appointment as agents have named
amendments. In a statement made to the House Chairman directors of their respective War Savings Divisions, have
Kitchin indicated all the principal differences between the obtained supplies of stamps, placed them on sale, and are
original bill and that of the committee. One point of dif- boosting the War Savings Campaign in every possible way,
ference'is that the committee's bill provides that the amount were received by us under date of March 7 from Jerome
of bonds to be issued by the corporation shall not exceed 'Thralls, Assistant to President C. A. Hinsch of the Amerifour times the $500,000,000 capital of the corporation. can Bankers' Association, working in co-operation with the
Both the original bill and that passed by the Senate would National War Savings Committee, Mr. Thralls says furpermit the issuance of bonds to the extent of eight times the ther:
In addition to these, we can safely say that there are 7,000 banking
capital, or $4,000,000,000. The House Committee's bill,
like the Senate bill, provides that the corporation shall be institutions that are selling War Savings and Thrift Stamps, but which
have not accepted appointment through fear that they would be required
managed by the Secretary of the Treasury and four addi- to make voluminous reports and keep a lot of detailed records.
The Director of War Savings Division of every bank and trust comtional persons who are to be designated directors. The
pany has been requested to organize one
House Committee bill provides that not more than three cieties. This in itself will be a service ofor more model War Savings sotremendous value. We believe
of the five directors shall be members of the same political that over 200,000 of these societies can be formed within the short period
party. The Capital Issues Committee under the Senate of six months, with a total membership of 8,000,000 or 10,000,000 people.
is
bill is to consist of five members of the Federal Reserve of Success with this campaign of vital to the future of the nation. Millions
new savers and millions
new savings have already been created.
Board to be appointed by the President by and with the To these there will be added many millions more. The savings of these
consent of the Senate. The House Committee bill creates people will go a long way towards financing the war, protecting the present
business
country and placing America in a position to
a Capital Issues Committee of seven members, to be ap- ble fightof the fair share of the world's commerce after the make a creditafor a
war.
pointed by the President by and with the consent of the
Senate; at least three of these are to be members of the
Federal Reserve Board and not more than four are to be NEW $500,000,000 ISSUE OF TREASURY CERTIFICATES
IN PREPARATION FOR THIRD LIBERTY LOAN.
members of the same political party. The Senate's voluntary licensing system for controlling private security issues
A new offering of $500,000,000 of Treasury certificates:of
of $100,000 and over as a substitute for the compulsory indebtedness, in anticipation of the Third Liberty loan, was
licensing feature of the original administration bill is carried announced by Secretary of the Treasury McAdoo on Mar.
in the House Committee bill. We referred last week, 11. The present is the fourth issue of Treasury certificates
page 978, to some of the other amendments made to the put out in preparation for the forthcoming Liberty loan;
bill by the Senate. Concerning one of the Senate amend- the first, for $400,000,000 was dated Jan. 22; the second,
ments made just before the bill was disposed of by that for $500,000,000 bore date Feb. 8, and the third, likewise,for
body, the New York "Evening Post" of the 11th inst. in $500,000 was dated Feb. 27. The Feb. 27 certificates were
the first to bear the increased rate of 432%. The new issue
special.Lcorrespondence from Washington said:
Little amendments inserted before a bill passes sometimes go unnoticed. announced this week will bear a similar rate; these certificates
Just before the Finance Corporation bill went through the Senate there will be dated March 20 1918 and will mature
June 18.
was'added to the measure an amendment proposed by Senator Owen,
Chairman.of the Senate Committee on Banking and Currency, which, it is Subscriptions for the same will be received by the Federal
estimated, will save the American public at least $100,000,000 annually. Reserve banks up to the close of business Mar. 22. The
Senator Owen, in support of the amendment, pointed out that the Secre- certificates will be issued in denominations
of $500, $1,000,
tary of the Treasury contemplates selling Liberty bonds issued in the terms
of foreign'money in the near future, and that in this way corporation bonds $5,000, $10,000 and $100,000. In his announcement conmight also be taken and transferred to a foreign country as a basis for cerning the new offering of certificates, Secretary McAdoo
credit there, and in that way our importers and those concerned in transactingibusiness can avoid the present high premium on foreign money. took occasion to make public the number of subscriptions to
the three previous issues of the 28,000 banks-20,400 State
The_Owen amendment reads As follows:
1082
THE CHRONICLE
institutions and 7,600 national banks-14,472 subscribed
for the last issue, dated Feb. 27. For the issue of Feb. 8
(the first after the Secretary's request that each , bank set
aside 1% of its resources weekly for ten weeks to invest in
certificates), 12,550 subscribed, and for the issue of Jan. 22,
before the special certificate campaign was started, the
number of subscribers was 6,364. Most of the subscribers,
it is stated, were banks. All the issues were subscribed in
full. The following is Secretary Mc-Adoo's announcement
of the 11th:
[VOL. 106
total with 75 agencies. Captain Roos was second with 89
agencies. Each worker under Captain Snow and Captain
Tremmel received prizes consisting of Thrift Cards with
one Thrift Stamp.
N. Y. FEDERAL RESERVE BANK'S CIRCULAR ANENT
NEW OFFERING OF TREASURY CERTIFICATES.
The following is the circular issued by the Federal Reserve
Bank of New York announcing the offering of $500,000,000
of Treasury certificates of indebtedness, dated Mar. 20:
approved
FEDERAL RESERVE BANK OF NEW YORK.
The Secretary of the Treasury, under the authority of the Act
through the Offering a Minimum of $500,000,000 of United States Treasury 434%
Sept. 24 1917, offer for subscription at par and accrued interest,
000 Treasury certificates of
Certificates of Indebtedness, Dated Mar. 20 1918, Due June 18 1918.
Federal Reserve Banks, a minimum of $500,000,
4%% per
Dear Sirs—The Secretary of the Treasury, under authority of Act
indebtedness, payable June 18 1918, with interest at the rate of
the Federal approved Sept. 24 1917, offers for subscription through the Federal Reserve
annum from Mar. 20 1918. Applications will be received at
of business banks at par and accrued interest from Mar. 20 1918 an offering of a miniReserve banks. Subscription books will close at the close
mum of $500,000,000 United States Treasury certificates of indebtedness,
Mar. 22.
$10,000 dated Mar. 20 1918, payable June 18 1918, with interest at the rate of
Certificates will be in the denominations of $500, $1,000, $5,000,
434% per annum.
and $100,000.
from
Upon ten days public notice given in such manner as may be determined
Said certificates shall be exempt both as to principal and interest any
imposed by the United States, any State or
by the Secretary of the Treasury this series of certificates may be redeemed
all taxation now or hereafter
taxing authority, as a whole at par and accrued interest, on or after any date occurring
of the possessions of the United States, or by any local
additional income before maturity of such certificates set for the payment of the first installexcept (a) estate or inheritance taxes and (b) graduated
and excess profits and war profits ment of the subscription price of any bonds offered for subscription by the
taxes, commonly known as surtaxes,
the income or United States hereafter and before the maturity of such certificates, but the
taxes, now or hereafter imposed by the United States, upon
ns. The
will be
profits of individuals, partntrships, associations, or corporatio Act the certificates of this series, whether or not called for redemption,
s authorized in said
accepted at par with adjustment of accrued interest if tendered on such
interest on an amount of bonds and certificate
by any
of any
principal of which does not exceed in the aggregate $5,000 owned
installment date in payment on the subscription price then payable
exempt from such bonds subscribed for by and allotted to holders of such certificates.
individual, partnership, association, or corporation shall be
of taxes.
The certificates of this series will not be accepted in payment
the taxes provided for in clause (b) above.
determined
The certificates will be issued in denominations of $500, $1,00(:, $5,000.
Upon ten days' public notice, given in such manner as may be
this series of certificates may be redeemed $10,000 and $100,000 payable to bearer.
by the Secretary of the Treasury,
occurring before
They will be payable with accrued interest at maturity at the Treasury
as a whole at par and accrued interest on or after any date,
first installment Department, Washington, D. C., or optional with holders, at the Federal
the maturity of such certificates, set for the payment of the
subscription by the United Reserve banks.
of the subscription price of any bonds offered for
the
s. The cerInterest will be computed for the exact number of days elapsed, on
States hereafter and before the maturity of such certificate
will be accepted basis of 365 days to the year.
tificates of this series, whether or not called for redemption,
t
York
installmen
Subscriptions will be received by the Federal Reserve Bank of Now
at par with adjustment of accrued interest, if tendered on such any such
be
of
up to close of business on Friday, Mar. 22 1918, and certificates may
date, in payment on the subscription prices then payable
to holders of such certificates. The allotted in full in the order of receipt of applications, but the right is reserved
bonds subscribed for by and allotted
to
to reject any subscriptions and to allot less than the amount applied for
certificates of this series will not be accepted in payment of taxes.
less than the close the subscriptions at any time without notice.
The right is reserved to reject any subscription and to allot
subscriptions at any time
be made to the Federal Reserve
Payments for certificates allotted must
amount of certificates applied for to close the
Federal Reserve Bank of New York at par and accrued interest on and after Mar. 29 1918,
without notice. As fiscal agents of the United States,
to an the date of issue, until Mar. 22 1918, inclusive, and must reach the bank
are authorized and requested to receive subscriptions up
Banks
before 3 o'clock p. m. on Mar. 22 1918.
aggregate in each district as follows:
They shall be exempt both as to principal and interest from all taxation
$60,000,000
$33,000,000 Chicago
the
Boston
now or hereafter imposed by the United States, any State, or any of
25.000,000
173,000,000 St. Louis
except:
New York
15,000.000 possessions of the United States, or by any local taxing authority,
40,000,000 Minneapolis
Philadelphia
(a) Estate or inheritance taxes, and
25,000,000
45,000,000 Kansas City
Cleveland
(b) Graduated additional income taxes commonly known as surtaxes,
18,000,000
18,000,000 Dallas
by the
Richmond
and excess profits and war profits taxes now or hereafter imposed
33,000,000
15,000,000 St. Francisco
Atlanta
s, associUnited States upon the income or profits of individuals, partership
interest for certificates allotted must be ations or corporations.
Payment at par and accrued
allotment and
authorized
made on and after Mar. 20 and on or before Mar. 22. After
However, the interest on an amount of bonds and certificates
receipts pending in
said Act, the principal of which does not exceed in the aggregate $5,000,
upon payment, Federal Reserve banks will issue interim
Qualified depositaries will be per- owned by any individual, partnership, association or corporation, shall be
delivery of the definitive certificates.
allotted to them for exempt from the taxes provided for in clause "b" above.
mitted to make payment by credit for certificates
which each shall
definitive
themselves and their customers up to an amount for
Interim receipts will be issued if necessary pending delivery of
so notified by
have been qualified in excess of existing deposits, when
certificates.
of certificates of indetedness of
In connection with the foregoing offering
Federal Reserve banks.
qualified
dated Jan. 22,•
The number of subscriptions by districts for the issues
the United States, the Secretary of the Treasury announces that
certificates
and Feb. 27 were as follows:
Feb.8
depositaries will be permitted to make payment by credit for
amount for
Feb. 8. Feb. 27.
Jan. 22.
to them for themselves and their customers up to the
554 allotted
471
212
have qualified in excess of existing deposits when so notified
__.
Boston
1,192 which each shall
766
275
bank.
New York
730 by Federal Reserve
interest to
800
415
Philadelphia
Please note that payment may be made at par and accrued
1,396
other
1,200
770
date of payment either by book credit or by check on this bank or
Cleveland
558
479
158
of receipt. If, however, payment
funds available in New York on the day
Richmond
717
in755
216
is made in funds not available on the day of receipt, remittance should
Atlanta
2,832
2,424
910
.,.
to the date when such funds will become available.
Chicago
1,4(1 clude interest
g banks,
1,034
1,654
The Federal Reserve Bank of New York, if desired by subscribin
St. Louis
1,436
their order,
1,193
375
will receive and hold in custody for their account, subject to
Minneapolis
1,653
1,547
515
their certificates of indebtedness of this and future issues.
Kansas City
955
the Secre951
48
We print on opposite page copy of announcement authorized by
Dallas
1,048
and future
930
384
tary of the Treasury under date of Feb. 20 1918 in regard to this
San Francisco
s of indebtedness.
14,472 issues of certificate
12,550
6,364
Respectfully.
Total
BENJ. STRONG, Governor.
Mar. 11 1918.
OF
WAR SAVINGS CAMPAIGN OF ALBANY CHAPTER
CAN INSTITUTE OF BANKING.
AMERI
,
The American Institute of Banking, Albany Chapter
three-day drive to establish War Savings
announces that a
lming
Stamp agencies in the city of Albany was an overwhe
The chapter set out to get a total number of
success.
"over
agencies in the city amounting to 1,100, and went
about 150
the top" with a total of 1,242. As there were
it was
agencies in the city before the drive, this means that
caminstrumental in securing 1,092 new agencies. The
began March 2 and ended March 5. A war dinner
paign
division
marked the closing of the campaign. The winning
Comwas under Major Godfrey J. Smith of the National
Bank, who had the following teams, captained under
mercial
Jr.
Raymond Roos, Harry W. Reynders, Halsey W. Snow
team
and William Stott, with a total of 264. The winning
g
.was captained by Halsey W. Snow Jr., with the followin
, F.
workers: W. Reynolds, W. W.Batchelder, E. Bellinger
WilSautter. The ladies' division was second, under Major
of 228. This team was captained by Miss
liams, with a total
h
May Tremmel with Miss Margaret Campbell, Miss Elizabet
and Miss Mabel Trowbridge. Miss Tremmel's team
Reilly
in the
won first prize for the ladies, and stood third team
NEW ISSUE OF TREASURY CERTIFICATES OF
INDEBTEDNESS IN ANTICIPATION OF TAXES.
The issuance of another block of Treasury certificates of
indebtedness, acceptable in payment of income and excess
profits taxes, was announced by Secretary of the Treasury
McAdoo on March 13. These certificates will be dated
March 15 and will mature June 25. The last previous block
of certificates issued in anticipation of taxes was dated
Feb. 15. In announcing the new issue this week Secretary
McAdoo said:
dated March 15
United States Treasury certificates of indebtedness,
of income and excess
1918, maturing June 25 1918, acceptable in payment
of 4% per annum, and in all
profits taxes, bearing interest at the rate
except as to the
respects identical with the certificates dated Feb. 15 1918, made available
be
date of issue and from which they bear interest, will
are authorized to
promptly. In the meanwhile, Federal Reserve banks
certificates dated
issue interim receipts calling for definitive Treasury
Feb. 15. .This will
March 15, as above, instead of certificates dated
of the necessity of
relieve subscribers for certificates of this character
paying so much on account of accrued interest.
and accrued interest will be
Subscriptions for these certificates at par
authorized until further
received by Federal Reserve banks, and they are
with the subscription.
notice to make allotment in full and receive payment
have been sold to
About $75,000,000 of the certificates, dated Feb. 15,
s maturing June 25 1918 to
date, making the total amount of certificate
date about $1,255,000,000.
•
MAR. 16 1918.]
THE CHRONICLE
THIRD LIBERTY LOAN SPEAKING CAMPAIGNS.
Speaking campaigns in furtherance of the Third Liberty
loan offering were opened this week. About 40 widelyknown speakers, acting under the direction of the Speaker's
Bureau of the Liberty Loan organization of the Treasury
Department, will make Liberty Loan addresses in approximately 350 cities of the United States. The entire speaking
squadron that will participate in the meetings will consist
of 10 separate units and include, in addition to widelyknown public men, soldiers that have seen service abroad
and representatives of the Woman's Liberty Loan Committee
and the Federal Reserve districts visited. 'The first speaking
party, consisting of James Francis Burke, a prominent lawyer
and financier, of Pittsburgh; Sergt. Verne Marshall, a
woman speaker; and a Federal Reserve district representative, opened a tour of the Atlanta, St. Louis, Cleveland,
and Richmond districts at Atlanta, Ga., on March 11. On
March 25 at New Orleans, John Burke, Treasurer of the
United States, will succeed James.Francis Burke as head
of the party and continue with it until the last meeting at
Clarksburg, W. Va., on April 6. The complete itinerary of
this party follows:
Atlanta, Ga., March 11; Macon, Ga., March 12; Augusta, Ga.,March 13,
Savannah, Ga., March 14; Waycross, Ga., March 15; and Jacksonville,
Fla., March 16; Columbus, Ga., March 18; Montgomery, Ala., March 19;
Selma, Ala., March 20; Meridian, Miss., March 21; Mobile, Ala., March
22; Pensacola, Fla., March 23; New Orleans, La., March 25; Baton Rouge,
La., March 26; Vicksburg, Miss., March 27; Jackson, Miss., March 28;
Memphis, Tenn., March 29; Nashville, Tenn., March 30; New Albany,
Ind., and Louisville, Ky., April 1; Frankfort and Lexington, Ky., April 2;
Newport and Covington, Ky., April 3; Charleston, W. Va., April 4;
Huntington, W.Va., April 5; and Grafton and Clarksburg, W. Va., April 6.
The second tour of Liberty Loan speakers who are to talk
in the Southern States preliminary to the opening of the
Third Liberty Loan campaign will start from Richmond,
Va., March 18. During the first week John Burke, Treasurer
for the United States, will head the party, finishing at
Raleigh, N. C. William Mather Lewis, Secretary of the
National Committee of Patriotic Societies, will take Mr.
Burke's place for the remainder of the tour. Capt. Leslie
Vickers, a returned officer of the British Army, also will be
a, member of the party. The complete itinerary of the party
follows:
Richmond, Va., March 18; Newport News and Norfolk, Va., March
19;
Petersburg, Va., March 20; Lynchburg, Va., March 21; Danville, Va., and
Greensboro, N. C., March 22; Durham and Raleigh, N. C., March
23;
Wilmington, N. 0., March £5; Charleston, S. C., March 26; Columbia,
S. C., March 27; Greenville and Spartansburg, S. C., March 28; Gainesville and Athens, Ga., March 29; Rome, Ga., March 30; Anniston and
Gadsden, Ala., April 1; Birmingham, Ala., April 2; Decatur and New
Decatur, Ala., April 3; Huntsville, Ala., April 4; Cleveland and Chattanooga, Tenn., April 5; Knoxville, Tenn., April 6; Asheville, N. C., April 8;
Salesbury, N. C., April 9; Rock Hill, S. C., and Charlotte, N. C., April 10;
Winston-Salem, N. C., April 11; Roanoke, Va., April 12; and Charlotteville, Va., April 13.
1083
The honor flag, 36 inches wide and 54 inches long, has
been designed with a red border and white centre. Across
the white field will run three vertical blue stripes, indicative
of the Third Liberty Loan. The flags will be distributed
through the Liberty Loan committees of the different
Federal Reserve districts.
The chief purpose of the flags and honor roll system is to
arouse a competitive sales spirit between respective towns,
cities, villages and States. Communities selling more than
the quotas of bonds assigned to them by their respective
Federal Reserve District Liberty Loan committees will be
awarded honor flags. An additional star for the flag will
be awarded to a community every time that it doubles its
assigned quota. In other words, if a town's quota is $100,000 and it raises this amount it would be entitled to the honor
flag. If it raises $200,000 it will be entitled to the honor
flag with one star. No limit is placed on the number of
additional stars that a town may obtain.
State and national honor flags also will be raised after
the close of the campaign. The names of units smaller
than a State which win the right to fly the honor flag will
be inscribed on the State honor flag, which will be unfurled
at each State capital. Records of State sales will be recorded
on the national honor flag, which will be unfurled in Washington.
Supplementing the honor flag as a part of the system will
be an honor roll for listing the names of subscribers to the
loan by committees and trades, and a window card which
will be awarded to every purchaser of a bond, regardless of
its size. The honor roll will be 25 by 38 inches, constructed
of cardboard. It will bear a large reproduction in colors
of the honor flag and carry these words "Help our town
win the right to fly this flag," and "These are the people
of our town who are helping to win the war by investing in
United States Government bonds of the Third Loberty Loan."
A space is reserved at the bottom of the honor roll for attaching the names of subscribers. Liberty Loan committees
will be advised to record the names of bond purchasers on
this honor roll as rapidly as possible. It is expected that in
the larger communities the honor roll list will be revised
daily and that in the smaller towns it will be changed at
least once a week. Special honor rolls for different lines
of business will carry not only the names of the individual
subscribers, but also the amounts of their subscription.
THE LIBERTY GIFT ACCEPTABLE TO GOVERNMENT.
Tie Treasury Department on March 8 took occasion to
announce that Liberty gifts as well as Liberty loans and
Liberty taxes are now acceptable to the Government.
Generous spirited citizens who overpay their income taxes
The message of the Third Liberty Loan—its meaning, 'will find the donations accepted. The Department of
purposes and operations—is to be carried to rural residents Justice holds it is legal for the Treasury to keep these gifts,
of the United States through approximately 100,000 school an an epidemic of patriotic donations appears to be develophouse meetings on April 12, six days after the official opening ing, it is stated, similar to that during the Spanish war.
of the drive. Local Liberty Loan committees will co-operate Scores of persons, paying their income taxes early, have,
with the school officials in arranging the meetings. Speak- it is asserted, sent a few dollars more, explaining they were
ers who understand all of the details concerning the loan cam- Liberty gifts. These receipts will be put With the half milpaign will be provided. School house bells will be rung, lion dollars of "conscience money."
bonfires will be lighted in schoolhouse yards, patriotic songs
will be sung, and other devices used to enliven the meetings.
SOLDIERS' AND SAILORS' CIVIL RIGHTS BILL
Explanatory literature will be distributed, and the hope of
SIGNED BY PRESIDENT WILSON.
the committees is that the meetings will result in a thorough
The Administration's Soldiers' and Sailors' Civil Rights
understanding of the vital features of the loan by all who
attend. Among the persons who have accepted invitations Bill, practically creating a moratorium for men in the milito campaign in behalf of the Third Liberty Loan were William tary and naval service of the United States, was signed by
Jennings Bryan, former Secretary of State; Dr. L. S. Rowe, President Wilson on March 8. Under the provisions of the
Assistant Secretary of the Treasury; Gaylord M. Saltzgaber, bill, fighting men and their dependents are protected against
United States Commissioner of Pensions; Charlie Chaplin eviction for non-payment of rent, loss of life insurance
and William S. Hart, motion picture stars; Miss Katherine through delayed premiums, the execution of mortgages
Synon and Mrs. Hallie Linn Hill, of the woman's Liberty against their property, loss of homes on which part payment
Loan committee; and Mrs. Cora C. Lewis, of Kinsley, Kans., has been made, loss of property through non-payment of
who formerly vas a member of the Kansas State Board of taxes, or loss of a homestead through absence or non-payment
of fees, provided, however, that a man's normal ability to
Administration of Public Schools.
meet his obligations has been "materially affected" by his
military service.
The measure has been before Congress for some time, but
HONOR FLAGS AND ROLLS FOR THIRD LIBERTY
differences in drafting it, and the protests of certain insurLOAN CAMPAIGN.
and building and loan companies, and similar other
The adoption by the Treasury Department of an honor flag ance
interests, delayed its passage. The bill was finally passed
and an honor roll system for use in the Third Liberty Loan
unanimously by both the House and Senate on March 4.
campaign was made known by Secretary of the Treasury
The most important provisions of the bill are:
McAdoo on March 6. On the following day, in the presence
A lawsuit cannot be settled against a man who is
of a number of Government officials and employees at the reason of military service. Courts must appoint unable to appear by
attorneys for such
South front of the Treasury the flag was unfurled for the defendants.
1
A lawsuit begun by a person who later enters military service maybe
first public view.
until
postponed
the man in service is able to give it personal attention.
1084
THE CHRONICLE
any premises, rent for
A soldier's wife or family cannot be evicted from
inquire into all such
which does not exceed $50 a month. The court may
attempt to evict shall be
cases and make "such order as may be just." An
punishable by a $1,000 fine.
contract shall not
On homes being bought on the installment plan, the
after an investigabe foreclosed for non-payment unless a court so decides
to date refunded. The court
tion. The court may then order all payments
may stay proceedings altogether.
MORE THAN $12,000,000,000 IN SOLDIERS' AND SAILORS' INSURANCE WRITTEN U. S. BY WAR RISK
BUREAU.
Announcement that insurance of more than $12,000,000,000 has already been written on the lives of United States.
soldiers, sailors and nurses by the Bureau of War Risk
Insurance was made by Secretary of the Treasury McAdoo
6,
on March 7. Up to the close of business on March
1,392,324 applications, representing insurance of $11,256,
448,500, had been received at the Bureau, and late reports
from the American Expeditionary Forces in France, together
with insurance in transit from distant points, indicated that
the total written to date was well above $12,000,000,000,
covering more than 1,500,000 persons in the military or naval
service. The average amount of insurance applied for is
$8,085; the maxim= permitted is $10,000 and the minimum
$1,000. In February alone more than $5,000,000,000 worth
was written. Final figures, it is said, show that the United
States Army, both here and abroad, is well above 90% insured. In many camps 99% of the personnel is protected by
Government insurance. Mr. McAdoo said that in the five
months from Oct. 6, when the military and naval insurance
was approved, the life underwriting section of the War Risk
Bureau has grown to be the largest insurance company in the
world. The insurance now on the books of the Bureau is
more than three times as great as the ordinary insurance held
by the largest commercial company in the world. Secretary
McAdoo states that all persons whose right to apply for Government insurance would have expired before April 12 1918
may make application any time up to and including Apri112
1918. All now'persons • joining the service must apply
within 120 days after joining the colors. Automatic insurance ceased for all men, regardless of enlistment date, on
Feb. 12.
receipts from the first drive up to $105,099,257. Of this
amount $17,006,121 was refunded to chapters for local relief
work. Of the remainder $77,721,918 has been appropriated,
leaving a balance available for appropriations of $10,371,217.
France has been the beneficiary of American Red Cross
appropriations in the sum of more than $30,000,000. During
the week preceding Christmas the Red Cross conducted a
membership drive which resulted in the enrollment of approximately 22,000,000 new members. This was followed
last month by a campaign conducted by the junior member
ship of the American Red Cross which resulted in the enrollment in that collateral organization of virtually all the
school children in America.
In discussing the disbursements of the first fund raised,
John D. Ryan, Vice-Chairman of the War Council, at a
meeting of the Second War Fund Committee held in the
J. P. Morgan library in this city on March 11, at which
said:
plans for the second drive were announced, refunds to chapters
We have collected $105,000.000. We have allowed
25% of the collections cov—as you know chapters are entitled to retain
availed themselves of the
ered by the chapter. They have not in all cases
We have appro25%, but we have allowed $17,006,121 on this account.
appropriation on
priated to date $77,721,918 and we have available for
of $3,500,000 we know to be perMarch 1 $10,371,217, with the addition
fectly good when called upon.
as follows:
The appropriations have been made to the different countries
$3,588,826; Russia,
France, $30,936,103; Belgium, $2,086,131; Italy,
Serbia, $875,180; Great Britain, $1,$1,243,845; Rumania, $2,676,368;
by the War Council
885,750, including $1,000,000 that was appropriated
work, $3,576,300.
to the British War Relief, and for other foreign relief
and this work
For relief work for prisoners we have expended $343,304,
to care for the
is only beginning. These appropriations have been made for equipment
spent
prisoners that we feared might be taken. We alsq
for army base
and expenses of Red Cross personnel sent abroad $113,800;
base hospitals in the
hospitals in the United States, $54,000; for navy
and hospital work in the United States,
United States, $32,000; for medical
for camp
$531,000; for sanitary service In camps in this country, $403,000; United
in the
service in the United States, $6,451,150, and miscellaneous
use by the donors
States, $1,118,748. We have funds restricted as to
for the purchase
amounting to $2.520,409, and we have as a working capital
to France $15,000,000.
of supplies for resale to chapters or Per shipment
States of
We have working cash advances for France and the United
$4,286,000.
a dollar. The expenses of the Red
People say we use 60 cents to spend
provided by memberCross to-day are well within the amount of money
is spent for carrying
ship fees. No part of the $105,000,000 that we got
FARMERS LOAN 'I TRUST DEPOSITARY OF PUBLIC
MONIES IN LONDON AND PARIS.
Announcement that the Farmers Loan & Trust Co. of
this city had been appointed. by the Treasury Department a
depositary of public monies in London and Paris was made
on the 12th inst. Special agencies offering complete banking
facilities to officers and soldiers have been established by
the company in the war zone occupied by the United States
Army. The arrangement perfected has practically supplanted the travelers' letters of credit and express checks,
with which all European travelers were familiar in pre-war
days. Through this plan, funds are transferred by mail to
the officers' credit in Paris, the chief Continental office of
the Farmers Loan & Trust Co., from where they become
available as may be required at any of the special war zone
agencies, occupied by the United States Army. The transfers
being sent in duplicate by different mails, all danger of loss
is eliminated. The trust company has also devised a system
enabling officers to make remittances to their families at
home. Under this system the money is sent from the agency
at the front, by duplicate advice, to the home office in New
York city, where a cheque is drawn and forwarded in accordance with the officers' instructions. Another of the facilities
afforded has to do with the arrangements made with one of
the largest French banks, with agencies in every city and
hamlet in France, for cashing officers' checks at branches
near all centres where the American camps or hospitals are
located. The trust company advises all soldiers going abroad
to carry with them a small supply of French money instead
of American paper or gold.
SECOND-DRIVE OF AMERICAN RED CROSS TO RAISE
$100,000,000 POSTPONED FROM MAY 6 TO MAY 20.
The campaign of the American Red Cross to raise a second
$100,000,000 war relief fund has been postponed from May 6
to May 20. The War Council of the Red Cross states that
fear that the drive might detract even slightly from the
forthcoming Third Liberty Loan campaign prompted the
Council to postpone the date for two weeks. More than
$100,000,000 was contributed in response to the first Red
Cross campaign carried on during the week of June 18 last
year, and the contributions, plus interest, brought the total
[VoL. 106.
on the work.
NEW YORK RESTAURANT PROPRIETORS• DISCIPLINED BY FOOD ADMINISTRATION.
Fifty-seven restaurant keepers in New York were compelled to shut down for twenty-four hours on Tuesday of
this week for violating the order of the Food Administration
in regard to "meatless" days. As an additional punishment
and a warning to other restaurant proprietors, they were
compelled to display a sign reading: "Closed for the day
for violation of the regulations of the United States Food
Administration."
The Food Administration has no power to close up the
places of those who violate its orders, but throufh the
license system it can cut off their supplies, which has so
far been about equally efficacious. At any rate, only 11
out of 68 offenders preferred to stand trial and run the
chance, if found guilty, of having their supplies cut off indefinitely. The other 57 agreed to close one day and to
observe the law strictly in future.
To counteract the more or less widespread impression
that the orders of the Food Administration are advisory and
educational rather than compulsory, the local Food Administration issued the following statement in connection with the
suspension of the 57 violators of food regulations:
Proprietors of the 57 lunch and dining-rooms found guilty last Saturday
of
of violating the food regulations are hereby informed that the decision
the Board in their cases has been approved by the United States Food
in effect this midnight. Any violation of
Administrator and will be put
the Board
the decision will cause the offenders to be re-summoned before
to show cause why their supplies should not be permanently cut off. The
ment serving
Board takes this opportunity of informing every establish
food to the public, whether hotel or restaurant or places known as "beef
that
and —." that the food regulations were made to be observed and
been
every offender may expect even more drastic punishment than has
will exercise its
given to the 57 offenders in this instance. The Board
authority to the limit.
Owners of lunch-rooms have no excuse for not servi4 their customers
who may
proper substitutes on beefless and porkless days. Those of them
to
not know of the changes are hereby informed that they are permitted
and porkloss Tuesdays. The hotel
serve mutton and lamb on beefless
up their
trade should also keep these substitutes in mind when making
-fare for Tuesday.
bills-of
dealers throughout
This Board takes this occasion also to remind all retail
the city and State that the fifty-fifty rule must be strictly and uniformly
s,
observed. They are required to sell an equal amount of wheat substitute
of the fifty-fifty
including potatoes, with every sale offlour. Any violation
the Board to give a
rule will cause the summoning of the offender before
why
reason why his supply should not be cut off, or, in case of a license,
his license should not be instantly revoked.
In order that the retailers might not be tempted to violate any regulation
make
of the Food Board, the consuming public is respectfully requested to this
at
purchases of substitutes when buying flour. It behooves all of us
was never
time to keep in mind that the slogan "Food Will Win the War,"
MAR. 16 1918.1
TI-IE CIIRONICLE
more true and never more needed as a practical aid in winning the war
than at this time.
1085
by Act of Congress, "Act to provide further for the national security and
defense by encouraging the production, conserving the supply and controlling the distribution of food products and fuel," and Executive order
dated Aug. 10 1917.
Superseding special rules and regulations governing such licenses as issued
Feb. 7 1918.
The licensees are subject to the general rules and regulations governing
J. C.Brady, brother of Nicholas F.Brady,President of the
New York Edison Co., has been appointed Chairman of the
Club Committee of the Federal Food Board. Mr. Brady
licensees, except where modified by the following special
on Monday began to organize all the clubs of the city into a allRule 1. The licensee in any sale of green coffee shall takerules: than
no more
branch organization of the National Food Administration a reasonable profit for such sale over the average cost of his stock on hand
or under contract, not at that time contracted to be sold, and in arriving
for conservation purposes.
at the cost he shall take into consideration the gain or loss resulting from
PROFITEERING IN SEEDS CHARGED BY FOOD
ADMINISTRATOR.
Profiteering in seeds was charged by Secretary of Agriculture Houston and Food Administrator Hoover in a joint
statement issued on March, 11, which said that prompt
action in such cases would be taken whenever specific information was submitted. Many complaints of abnormally
high prices are being received. The statement adds:
Without adequate distribution of seed at reasonable prices, there is
danger that acreage will be lessened and that seed of poor quality will frequently ho used. If such conditions were to develop, it would seriously
mpair our national food program.
CANNERS ADVISED TO HOLD STOCKS FOR
WAR PURPOSES.
On Feb. 27 all canners were advised by the United States
Food Administration to hold for war purposes until properly
advised such quantities of canned corn, peas, tomatoes,
string beans and salmon as they. might have on hand.
Reports of such holdings were required to be made at once
to the division of co-ordination of purchase, United States
Food Administration, Washington, D. C. Such reports
are separate from those which were required to be submitted before March 15 1918, to the canned foods division
of the Food Administration. Canners having no stocks
of these commodities are required to report indicating this
fact. It is stated that quantities not wanted will be released promptly within a few days after receipt of above
reports. The reason for the Food Administration's action
is that since the Food Administration is charged with the
duty of helping to provide our Army and Navy and our
associates in the war with these goods it is desired to make a
quick survey of the canned goods in hands of canners, in
order that an accurate knowledge of the stocks of such
goods on hand may be obtained in case not enough to meet
the needs are obtained through voluntary offerings.
PROFITS ALLOWED IMPORTERS AND JOBBERS
TRADING IN GREEN COFFEE.
Under revised rules and regulations issued by the U. S.
Food Administration governing licensees in green coffee
profits for an importer are limited to 232%,while for a jobber
/
they are not to exceed 5% gross margin over cost, plus brokerage or commission and the usual trade and shipping
charges actually incurred. A statement issued on March 11
by the Food Administration relative to the new regulations
says:
In addition to the provision that the licensee in any sale of green coffee
shall take no more than a reasonable profit, the limits of profit have been
fixed. A "reasonable profit" for an importer shall not be more than 2%%
and for a jobber shall not exceed 5% gross margin over cost, plus brokerage
or commission, and the usual ex-ship or in-store and shipping charges
actually incurred by the licensee.
Licenses in selling green coffee shall keep it moving to the consumer
in as direct a line as practicable and without unreasonable delay. More
than ono resale within the trade will be permitted only under very excep
tional conditions. The Food Administration realizes that at certain periods
there may be sufficient justification to warrant resales and full consideration, upon application, will be given to exceptional conditions, constituting
such Justification when they occur.
In the green coffee trade it has been customary for brokers representing
exclusively first-hand dealers, to handle those accounts through Outside
brokers for the interior trade, and these first-hand dealers to cover the cost
of these outside brokers by an additional price which Is secured from the
purchasers.
As this custom has been long established, the Food Administration,
pending further notice, will permit it to continuo but requires that in every
case the full amount of all commissions paid on any transaction shall be
shown on the coffee invoices rendered by the seller to the buyer.
In order to facilitate transportation, carload lots of green coffee have been
fixed at 60,000 pounds minimum, with the usual provision that when cars
of lower carrying capacity are uscd, the maximum load which the car will
carry may be used without special permission.
A word of warning to handlers of roasted coffee is included with the rules.
Under the Food Control Act of Aug. 10 1917 persons selling roasted coffee
are subject to its provisions, and that law expressly forbids unreasonable
or excessive charges. If it is found that roasted coffee dealers are violating this provision, prompt action will be taken, and the Food Administration will also find it necessary to place roasted coffee under license.
The following are the rules in full governing the licenses
in green coffee:
Special rules and regulations governing importers, wholesalers, retailers
and all other dealers either buying or selling green coffee, promulgated
by the United States Food Administration under the authority conferred
any actual hedging transaction on a coffee exchange. For the purpose of
this rule an actual hedging transaction on a coffee exchange shall only include transactions in which the sale or purchase made is finally closed.
In calculating the profit permitted by this rule, the licensee shall not include the gain or loss from more than one hedging transaction on the same
lot or stock of coffee, but the position of this transaction may be switched,
from one month to another provided that all profits or losses from any
hedging transaction and all facts regarding the switching of any hedge
from one month to another are included in the licensee's reports. The
licensee shall keep any speculative account on the coffee exchange entirely
separate from such hedging transactions and the gain or loss resulting
therefrom shall not be considered in determining the cost of his hedged
stock of coffee.
Rule 2. For the purposes of this rule an importer shall be any person
who buys for shipment from the producing country, whether or not on
C. and f., c. I. f., ex ship or in store contract, and who resells his invoice
as shipped, in any position, as a whole or in divided quantities not hts than
500 bags without selection of specified chops. A jobber dealing in this
manner shall be considered an importer.
For the purposes of Rule 1 a reasonable profit for an importer shall not be
more than 2%% gross margin over cost, plus any brokerage or commission.
and the usual ex ship or in store, and shipping charges, actually incurred by
the licensee.
Rule 3. A jobber for the purpose of this rule shall be a person who customarily sells coffee in one or more chops to wholesale grocers or roasters.
For the purpose of Rule 1 a reasonable profit for a jobber shall be 5%
gross margin over cost, plus brokerage or commission, and the usual ex ship
or in store, and shipping charges actually incurred by the licensee.
Rule 4. The licensee in selling green coffee elan keep it moving to the
consumer in as direct a line as practicable and withoat unreasonable delay.
Re-sales within the same trade without reasonable ustification, especially
if tending to result in a higher market price to the retailer or consumer.
will be dealt with as an unfair practice. Where reasonable justification
exists for a re-sale, any importer purchasing coffee from another importer
shall re-sell the same at a gross margin of not more than 1,i% over cost.
plus any brokerage or commission actually incurred by the licensee, and a
Jobber purchasing coffee from another jobber shall re-sell such coffee at a
gross margin not exceeding 2%% over cost, plus any brokerage or commission actually incurred.
Note.—More than one re-sale will be permitted only under *very exceptional conditions. The Food Administration realizes that at certain
periods there may be sufficient justification to warrant re-sales, and full
consideration will be given to exceptional conditions constituting such
justification when they occur.
Rule 5. The licensee shall not, without the written consent of the United
States Food Administrator, or his duly authorized representative, keep
on hand or have in possession or under control, by contract or other arrangement, at any time, green coffee in a quantity in excess of the reasonable requirements of his business for use or sale by him during a period of
ninety days, provided, however, that this rule shall not prevent any licensee
from having a carload of green coffee in transit in addition to a supply
thereof sufficient to last until arrival of said carload. Green coffee to be
imported into this country, but which has not yet arrived, shall not be
included in calculating the ninety days' supply under this rule.
Note.—It may be found necessary to amend the above rule, requiring
on proper notice a further reduction of stocks.
Note.—The reasonable requirements of the licensee shall be based prima
facie upon the amount of green coffee handled by the licensee in the years
1916 and 1917.
Rule 6. The licensee shall not, without the written consent of the 'United
States Food Administrator, or his duly authorized representative, sell or
deliver to any person any green coffee if the licensee knows, or has reason
to believe, that such sale or delivery will give to such person a supply of
green coffee in excess of his reasonable requirements for use or sale by him
during the period of ninety days next succeeding such sale ro delivery, provided that this rule shall not prevent the sale or delivery of green coffee
to the Federal, State, county or municipal governments or to the Govern.
ment of any nation at war with Germany, or the sale or de!ivery of a carload of green coffee to any licensee having less than a carload lot on hand.
Rule 7. The licensee shall not charge directly or indirectly a commission
or brokerage on the sale of green coffee in excess of that.which ordinarily
and customarily prevails, under normal conditions, in the locality in which
the broker's business is conducted.
Rule 8. Brokers shall not receive more than one brokerage on any sale,
nor shall they receive an average except where by force of circumstances
they may have become principals through a misunderstanding or delay.
When a broker closes out or sells coffee upon which he receives an overage
he must send to the buyer, and enter his reports to the Food Administration, full particulars regarding such transaction. In cases where firsthand dealers (I. e., importers, jobbers, or licensees holding green coffee
on commission) employ one broker as their exclusive broker, and such goods
are placed to the interior trade through a local broker acting there as the
representative of the solo broker of the principal, the licensee under Rules
2, 3 and 4 may include under the item of brokerage such extra brokerage
or commission as ha.s been heretofore customary for the local broker. All
invoices rendered by licensees to buyers of green coffee shall state the entire
amount of brokerage paid, if any, on the transaction, and included in the
price paid by the buyer.
Note.—In the green coffee trade it has been customary for brokers.
representing exclusively first-hand dealers, to handle these accounts
through outside brokers for the interior trade, and these first-hand dealers
cover the oast to them of these outside brokers by an additional price,
secured from the purchaser. As this custom has been long established,
the Food Administration, pending further notice, will permit it to continue,
but requires that the full amount of all commissions paid on a transaction
shall be shown on the coffee invoices rendered by the seller to the buyer
In every case.
9. All carload shipments of green coffee shall be made in car lots
of not loss than 60,000 pounds unless a different minimum is authorized
by;tspecial written permission of the United States Food Administrator;
provided, however, that when cars of lower carrying capacity are used
the maximum load which the car will carry may be used without such permission.
I086
THE CHRONICLE
Dealers in green coffee are governed by the general rules and regulations
governing all licensees, except where modified by special rules. Particular
attention is directed to General Rule 22, which prohibits a licensee from
buying green coffee from, or selling green coffee to, any person subject to
license who has not obtained a license.
Roasted Coffee.
Although roasted coffee itself has not been licensed, it must be carefully
noted that all persons selling roasted coffee are subject to the Food Control
Act of Aug. 10 1917, and that this law expressly forbids unreasonable
or excessive charges. If It is found that the trade is violating this law as
to reasonable profits upon roasted coffee, prompt action will be taken and
the Food Administration will also find it necessary to place roasted coffee
under license.
Promulgated this ninth day of March 1918.
HERBERT HOOVER. United States Food Administrator.
LIMITATIONS ON USE OF MALT TO CONSERVE
GRAIN SUPPLY.
Announcement of the promulgation by the U. S. Food
Administration of rules limiting the manufacture, storage
and distribution of malt with a view to restricting its manufacture to a minimum until the new grain crop is available,
was contained in the following statement of the Administration, published in the "Official Bulletin" of Mar. 9:
The United States Food Administration has promulgated special rules
limiting the manufacture, storage, and distribution of malt, devised to
restrict the manufacture of malt to the minimum absolutely required for
legitimate purposes until the new grain crop is available. This is in line
with the President's recent proclamation limiting the amount of grain
which can be used by brewers to 70% of last year's consumption.
Abrogates February Order.
The Food Administration's order of February, temporarily stopping
altogether the purchase of barley and other grains by maltsters, is now
abrogated, since it was to remain in effect only until these general rules
were issued.
By the new rules maltsters are forbidden to malt more than 70% of the
amounts of grains used by them for the corresponding six-months periods
last year. Malt used lat year in the manufacture of yeast, malt extract,
malt flour, or vinegar is not to be counted in calculating the amounts to
be permitted this year.
•
Maltsters are forbidden to carry over the summer any of this year's
grains and to malt any of It after July 1.
They are forbidden to have in hand or under control at any time more
grain and malt and grain being malted than the equivalent of 120 days'
output, and can not have more than a 60 days' supply of unmalted grain
on hand at any time.
Contracts are forbidden involving delivery later than 120 days afterwards,
except in the case of contracts with the Government of the United States
or that of any of the Allies. This rule, however, does not invalidate any
contract made before Feb. 15 1918.
Maltsters are further forbidden to sell malt to any persons except brewers
licensed by the Commissioner of Internal Revenue, or registered distillers,
or yeast manufacturers, or manufacturers of malt flour or malt extract, or
manufacturers of vinegar, except by special written permission of the Food
Administration. They are forbidden to deliver malt in excess of the purchaser's requirements for the next 60 days, and between May 1 and Aug. 15
the amount delivered shall not exceed the purchaser's requirements up to
Oct. 15.
Brokerage on Sales.
Brokerage on sales of malt either by the maltster or through a broker,
agent, salesman, or any representative is limited to 2 cents a bushel, and no
sales are permissible except by signed contract.
The purpose of the limitation of the use of grains by brewers to 70% of
the amounts they used last year and of these regulations of maltsters, which
are in accord with those limitations, is to insure a greater. supply of cereals
which may be substituted for wheat.
NEW YORK STATE'S NEW COUNCIL OF FARMS AND
MARKETS.
Governor Whitman last week named a now Council of
Farms and Markets, created by the 1917 Legislature, and
reappointed as its President, John Mitchell of Mount Vernon, who is also head of the New York State Food Control
Commission. All the Governor's appointees were unanimously confirmed by the Senate.
Nearly all the members of the Council are identified with
agriculture in some manner and the majority are said to
have received the indorsement of the agricultural interests
throughout the State. The names of the members, the
districts they represent and the terms for which they they•
are appointed follow:
Commissioner at Large—John Mitchell, Mount Vernon. Term to expire 1927. Reappointed.
First District—Miss Mary B. Vanarsdale of New York, Associate Professor of Household Arts and Director of Foods and Cookery at Teachers
College. Term to expire 1921.
Second District—James H. Killough of Brooklyn, commission merchant. Term to expire 1925. Reappointed.
. Third District—Lewis L. Morrell of Kinderhook, fruit grower, member
of the State Grange and New York State Horticultural Society. Term
to expire 1918.
Fourth District—Datus C. Clarke, dairyman, member of the State
Grange and Farm Bureau. Term to expire in 1924.
Fifth District—Frank W. Howe of Syracuse, Dean of the Agricultural
College at Syracuse University. Term to expire 1923. Reappointed.
Sixth District—John C. Pembleton of Owego, dairyman, member of the
Dairymen's League. Term to expire 1919.
Seventh District—William E. Dana of Avon, farmer and breeder, member of State Grange. Term expires 1920.
Eighth District—William F. Pratt of Batavia, Trustee of Cornell,
President of Farm Bureau, Genesee County. Term to expire 1926.
Ninth District—John Y. Gerow of Washingtonville, farmer, member
of State Grange. Term to expire 1922. Reappointed.
[voL. 106.
W. S. TYLER NEW JERSEY FOOD ADMINISTRATOR.
The appointment of W. S. Tyler, of Plainfield, N. J., as
Federal Food Administrator for New Jersey, has been approved by President Wilson. Mr. Tyler succeeds exGovernor James F. Fielder, resigned. Mr. Tyler who is
the owner of a model dairy near Plainfield, and who has
business interests in New York will, it is said, give his entire
time to his new work.
APPEAL TO BOYS OF U. S. BY PRESIDENT WILSON
TO ENLIST IN WORK ON FARMS.
All boys in the United States of sixteen years of age and
over, and not permanently employed, were called upon by
President Wilson on March 14 to enroll in the United States
Boys' Working Reserve. A national enrollment week,
beginning Monday next, March 18, has been set aside
for the purpose by the Department of Labor. The President's open letter reads as follows:
The Department of Labor has set aside the week beginning March 18
as National Enrollment Week for the United States Boys' Working Reserve. The purpose of this nation41 enrollment week is to call the attention of the young men of the nation to the importance of increasing the
food supply by working on the farms, and to urge them to enroll in the
reserve.
I sincerely hope that the young men of the country, of sixteen years of
age and over, not now permanently employed, and especially the boys in
our high schools, will enter heartily into this work and join the Boys'
Working Reserve, in order that they may have the privilege, for such I
believe it to be, of spending their spare time in a productive enterprise
which will certainly aid the nation to win the war by increasing the means
of providing for the forces at the front and for the maintenance of those
whose services are so much needed at home.
WOODROW WILSON.
SCHOOL CHILDREN'S WAR GARDEN CAMPAIGN TO
MEET NEEDS OF HOME CONSUMPTION.
The hope that "every school will have a regiment in the
Volunteer War Garden Army," the army of school children
which it is hoped may this year raise produce amounting to
$500,000,000, is expressed by President Wilson in a letter
addressed by him to Secretary Lane of the Interior Department. "Every boy .and girl who really sees what the home
garden may moan," writes the President, "will, I am sure,
enter into the purpose with high spirits, because I am sure
they would all like to feel that they are in fact fighting in
France by joining the home garden army." In his letter,
made public as follows on March 8, the President approves
the design of Secretary Lane to arouse the school children
of the United States to "as real and patriotic an effort as the
building of ships or the firing of cannon":
February 25 1918.
My Dear Mr. Secretary:—I sincerely hope that you may be successful
Bureau of Education in arousing the interest of teachers and
through the
children in the schools of the United States in the cultivation of home gardens. Every boy and girl who really sees what the home garden may
mean will, I am sure, enter into the purpose with high spirits, because I
am sure they would all like to feel that they are in fact fighting in France
by joining the home garden army. They know that America has undertaken to send meat and flour and wheat and other foods for the surprt
of the soldiers who are doing the fighting, for the men and women who
are making the munitions, and for the boys and girls of Western Europe,
and that we must also feed themselves while we are carrying on this war.
The movement to establish gardens, therefore, and to have the children
work in them is just as real and patriotic an effort as the building of ships
or the firing of cannon. 1 hope that this spring every school will have a
regiment in the Volunteer War Garden Army.
Cordially and sincerely yours,
(Signed) WOODROW WILSON.
FRANKLIN K. LANE, Secretary of the Interior.
Hon.
It is Secretary Lane's idea, which is being worked out
through Commissioner Claxton of the Bureau of Education,
to have five million boys and girls of the schools in every
city, town and village in the country, captained by forty
thousand teachers, produce as nearly as possible all of the
vegetables, small fruits and eggs for their home consumption. To the extent that each district is able to supply
itself with these food products the railways will be relieved
of the burden of transporting them, and the Allies of the
United States in Europe and our own soldiers on the battlefront will got that much more of the food of which they are
in need.
LIVERPOOL COTTON TRADE AFFECTED BY LACK OF
SHIPPING FACILITIES.
Announcement that no allotment' would be made during
March ofifreight space for cotton owing to more urgent
claims on available shipping came from the Lvorpool Cotton
Association on March 7. The cables from Liverpool reporting this, announced that it had been stated that the
Government intended to provide sufficient tonnage during
the rest of the:year to meet the requirements of the cotton
trade at:a reduced rate of consumption.
4
THE CHRONICLE
MAR. 16 1918.]
1087
mestic consumer of coal or coke with more coal or coke before March 31
REDUCTION IN PRICE OF COAL BEGINNING APRIL 1— 1919 than is necessary, with the amount already on hand, to meet the actual
and necessary requirements of such consumer prior to that date.
REGULATIONS GOVERNING DISTRIBUTION.
1
(c) On and after
corporation
The regulations governing the retail distribution of coal shall sell or deliver Aprilto 1918 no person, firm, association orfirst
coal
a domestic consumer who does not
furnish
the year beFinning April 1 1918 were announced by the to the person selling or delivering such coal a statement which the consumer
U. S. Fuel Administration on March 8. Under these regula- declares in writing to be true and which specifies(1)the amount of coal the
consumer has on hand, (2) the
and
tions an average reduction of thirty cents a ton in the retail name of the person from whom amount of coal he has on order used the
ordered, (3) the amount of coal
by
price of anthracite sold for domestic use between April 1 him in the 12 months ending March 311918. and (4) the amount of coal
and Sept. 1 is provided for. The reduction, the Fuel needed to meet his actual and necessary requirements prior to March 31
1919; provided, however, that
• Administration states, was determined upon in lieu of the State Fuel Administrator withinthis regulation may be modified by any
his own State under such circumstances
reductions heretofore voluntarily offered by dealers to en- and conditions as he may deem proper.
(d) On and after April 1 1918 and until further notice, no retail dealer
courage early buying for the next winter's needs, and which
shall, unless authorized by the State Fuel Administrator, deliver or cause
ranged from 50 cents in April to ten cents in August. The to be delivered to any domestic consumer, more than two-thirds of his
Administration expresses the belief that the plan decided normal annual requirements of anthracite coal, until each domestic conplaced his
receive
upon will be fairer to the public because of the fact that sumer who hassame, has order with said dealer, and is willing torequiredelivery of the
received two-thirds of his normal annual
coal is expected to be ordered in April in such quantities ments for the year ending March 31 1919; provided, however, that orders
that it will prove impossible to make all deliveries during of six tons or less may be filled in full.
bargeload lots shall not be delivered to a single
(e) Carload
that month or for some time to come. In the case of bitu- consumer or toor group of consumers except with the permission ofdomestic
the local
a
minous coal no reduction to consumers is made, but the Fuel Administrator.
(j) Dealers shall file with the local Fuel Administrator on the first ?!
Fuel Administration on March 8 began the announcement
of revised prices for such coal at the mines; the first of these each month a statement containing the names and addresses of consumers
to whom deliveries have been made during the previous month and the
made public showed sharp reductions in Colorado, Utah, quantity delivered to each.
Any dealer or consumer who violates the foregoing regulations will be
Wyoming, and Montana. A general revision in the case of
to the
by the Lever
all the States before the beginning of the coal season on April 1 subject furtherpenalties prescribed issued as mayAct.necessary to enforce
regulations will be
Such
be
is planned. While recommending and encouraging the the essential features of the foregoing plan.
secure
The purpose
purchase and storage of domestic coal as early as possible, distribution of the plan is to coming the broadest and most equitable
year. The Fuel Administration
possible during the
both in order to insure delivery and assist the railroads in Is assured by the representatives of the National Retail Merchants'
effecting delivery as much as possible before next winter, Association that the retail dealers throughout the country will lend their
the Administration is determined to prevent any undue hearty co-operation in the performance of this patriotic service.
The following is the form of certified statement which
hoarding, and to this end has included, in its distribution
plan, a system of reports on deliveries by retailers who will must accompany the order for the year's supply of coal:
In accordance with regulations
be prohibited from delivering in excess of the normal require-. purchasers are required to make of the United States Fuel Administrators
true declaration in answer to the followments of the customer. As a further safeguard at the dis- ing questions:
Name of dealer?
cretion of the local Fuel Administrators, each customer
City?
ordering coal may be required to submit a certified state-.
Date?
ment giving details of his requirements, his supply on hand
Quantity required for year ending March 31 1919?
Quantity desired for immediate delivery?
and the amount he has ordered from various dealers. CertifiQuantity consumed during year ended March 31 1918?
cation of a false statement would be made subject to prosQuantity now on hand?
ecution under the Lever Act, which imposes a fine of $5,000
Kind of building?
Number of rooms?
or two years' imprisonment. In making known the price
Kind of heating plant?
regulations the Fuel Administration said:
Ilave you any unfilled orders with other dealers?
It is important to note that in order to encourage early buying a reduction
will be made in the cost of anthracite, beginning Apr. 11918. In place of
the method of reduction adopted in former years (consisting of 50 cents a
ton during April, 40 cents during May, 30 cents during Juno, 20 cents
during July, 10 cents during August), an average reduction of 30 cents
a ton will be made, which will hold good on all coal purchased from April 1
to Sept. 1. It is felt that this reduction will be fairer to the public, inasmuch as coal is expected to be ordered in April in such quantities that it
will prove impossible to make all deliveries during that month or for some
time thereafter. Under a sliding scale of reductions it will be difficult, if
not impossible, to treat all consumers equally, even though their orders
had been filed upon the same date; while, with an average reduction extending over the entire period, all consumers are treated alike.
If so, amount and with whom?
I hereby certify that the above statements are true to the best of my
knowledge and belief.
Name?
Address?
Any person who willfully makes a false statement upon the foregoing
application is subject to prosecution under the Lever Act which imposes a
penalty of 35,000 fine or two years imprisonment or both.
COAL• PRIORITY ORDER UNDER HEATLESS
RESTRICTION OF JAN. 17 SUSPENDED
IN ALL BUT FIVE STATES.
plan, affecting all coal consumers
In a summary of its
• An order revoking section 1 of the regulation promulgated
of anthracite and bituminous coal obtaining their supplies
States east of the Mississippi, except Pennfrom retailers, the Fuel Administration sets forth tnese Jan. 17, in all
sylvania, Maryland, West Virginia, Ohio, and eastern
details:
The United States Fuel Administration recommends and encourages the Kentucky, was issued by U. S. Fuel Administrator Garfield
purchase and storage of coal and coke for necessary domestic requirements on March 5. The order, effective March 5, suspended
as early as possible, in order, first, to insure the delivery of coal and coke certain provisions relating to priority in furnishing coal to
for this purpose, and, second, to assist the transportation companies by
railroads, domestic consumers, Army and Navy cantonments,
effecting delivery of as much coal and coke as possible before next winter.
The following general plan has been adopted governing retail distribu- public utilities, hospitals, and other preferred consumers.
tion for 1918. Conditions differ so widely in different localities that no The five States in which the regulation continues in full
attempt is made to provide for every contingency, and the State Fuel Administrator is authorized to make certain modifications as indicated in the force embrace the anthracite and bituminous producing
regulations hereinafter set forth when necessary to meet local conditions:
fields which supply the eastern section of the country and
Every Consumer should be urged on or before April 1 1918 to place with
coal operators therein will continue to give preference to
his regular dealer his order for his reasonable normal requirements for the
year ending March 31 1919. Such orders must be made in writing and shipments for consumers in the order named in the regulation.
must state substantially the information called for In regulations herein- It is also provided that in those States the provisions of
after set forth.
shall be extended to include contracts for coal made
When such orders have been entered the dealers shall proceed to make de- section 1
or accepted after Jan. 17, as well as contracts and orders on
liveries thereon, until each consumer willing to accept the same has
received
two-thirds of his normal annual requirements, provided that orders of six hand, on that date. The provisions of section 1 of the order
tons or under may be filled in full. When all consumers who are willing
of Jan. 17 were:
to accept it have received two-thirds of their normal
annual requirements,
the dealers may proceed to fill the balance of such orders up to normal annual requirements of each consumer. (The provision for two-thirds delivery should apply only to anthracite. With respect to bituminous for
domestic use, the dealers may proceed to deliver the consumer's normal
annual requirements.) If a consumer already has a quantity on hand,
he shall receive only such additional amount as shall make up his normal
annual requirements.
New consumers who are unable to have their orders accepted by a dealer
should apply to the local Fuel Administrator, who should see that their
requirements receive attention from the proper dealer.
The following are the regulations of the Fuel Administration:
(a) Until further notice no domestic consumer of coal or:coke shall purchase, receive or otherwise take possession of, more coal or coke than is
required for his actual and necessary requirements prior to March 311919.
If such consumer already has a quantity on hand, he shall receive only such
additional amount as shall make up his actual and necessary requirements
prior to that date.
(b) No person, firm, association or corporation, whether acting alone
Cr in conjunction with others, shandirectly or,indirectly, provide any.do-
•
Until further order of the United States Fuel Administrator, all persons
selling fuel in whatever capacity, shall, in filling their contracts or orders
now on hand, give preference to necessary current requirements of railroads,
domestic consumers, hospitals, charitable institutions, Army and Navy
cantonments, public utilities, by-product coke plants supplying gas for
household use, telephone and telegraph plants, shipping for bunker purposes, the United States for strictly Governmental purposes (not including
factories or plants working on contracts for the Umted States), manufacturers or perishable food for necessary immediate consumption, and municipal, county, or State Governments for rieees.sary public uses. Any tonnage remaining after the foregoing preferred shipments have been made
may be applied to filling any other contracts or orders.
Improved transportation conditions and other'helpful
factors, it was stated on the 5th inst., have contributed to
a material improvement in the coal territory where the coal
priority list has been suspended. It was deemed to be no
longer necessary because of the flow of coal into those States
is sufficient to meet normal needs. Continuance of the
order for a longer period, it is said, would have resulted in
1088
[VOL. 106.
THE CHRONICLE
the accumulation of reserve stocks of coal for the consumers
benefited by priority. In the States where the regulation
will continue to operate,the car shortage has not been entirely
overcome.
EARLY CLOSING ORDER IN MASSACHUSETTS DUE
TO COAL SHORTAGE LIFTED.
The lifting of the early closing order put into effect in
January by James J. Storrow, Massachusetts Fuel Administrator, when the New England territory was threatened
with a coal famine, occurred on March 6. The heatless
Mondays were brought to an end in New England on
Feb. 20, and the only order now remaining in effect there is
the Federal Fuel Administration's calling for two lightless
nights a week, Thursday and Sunday. Under the early
closing order stores and office buildings were closed at approximately 5 p. m., while theatrical performances were
obliged to terminate at 10 o'clock. Mr. Storrow's order
removing the ban reads as follows:
On Wednesday morning, March 6, all opening and closing rules issued
by the Massachusetts Fuel Administration will be canceled. After this
date the only order remaining in effect will be the nationwide order establishing Thursday and Sunday as lightless nights, and we should like you
to give such publicity to this fact as is necessary to fully inform your
district.
Although these rules are removed, it should be clearly understood that
the fuel situation is still in a very critical condition, and, therefore, every
form of fuel economy should still be practiced that is possible without
seriously curtailing business.
It is especially requested that unnecessary display lighting and hours
of doing business be curtailed as much as possible.
I wish to take this opportunity for thanking the citizens of your district
for their willing compliance with the rules which it was found necessary
to put in force, and to praise the patriotic spirit in which they co-operated
with the Fuel Administration.
After several months of operation under the practice of allowing the
jobber to add a commission, or margin, to the price of coal at the mine, It
developed that this margin was being charged and collected in many ways
not contemplated by the Fuel Administration. Agencies which, while
technically Jobbers, were not such in fact, or were closely affiliated with
the operators for whom they acted, collected the Jobbers' margin which
thus became a mere increase in the profit of the operator:
One of the methods by which this profit was obtained by the operator,
was the practice of "swapping coal." Two operators would agree to act
as jobbers for each other in the sale of their output, each collecting the
Jobber's margins.
Another practice was that of organizing subsidiary companies, the sole
function of which was to act as the ostensible Jobbers of the producing
companies by which they were owned, and to collect the commission
allowed by the Fuel Administration.
The effect of these practices was to add from 15 to 30 cents a ton to the
cost of coal to the consumer for services that were merely fictitious, and to
give operators indulging in such practices a greater profit than that obtained by those of their competitors who employed bona fido jobbers. The
business of the bona fide jobber suffered materially by reason of these
practices.
Officials of the Fuel Administration felt that a continuance of the comnission allowance to jobbers would be tantamount to a tacit consent to the
operation of these fictitious jobbers. Effective supervision of the business
of individual operators and jobbers, and investigation of their relations
could not be undertaken by the Fuel Administration because of the expense
and the amount of labor that would have been entailed.
After a thorough investigation of every phase of the situation, which
included conferences with representatives of every branch of the coal
business, the Fuel Administration decided that the only solution was to
recommend to the President the revocation of the regulation allowing the
commission or margin to the jobber, and as a substitute the fixing of prices
of coal at the mine that will enable the operator to compensate the bona
fide jobber for his services.
RULING REGULATING PRICE FOR MIXED BITUMINOUS AND CANNEL COAL.
A ruling, issued by the Fuel Administration, intended t9
prevent producers from charging more for a mixture of
cannel and bituminous coal than the price fixed by President
mine, was published as
It was stated on Feb. 21 that the request of the operatives Wilson for bituminous coal at the
27. The ruling
for pay for the coalless Mondays had been denied by the follows in the "Official Bulletin" of Feb.
reads:
Cotton Manufacturers Association, the employers having
Where cannel and bituminous coal are mixed, the maximum price for the
declared that the shut down was not attributable to them.
mixture shall be the mine price, fixed by or under authority of the President
of the United States, for the bituminous coal in such mixture.
MICHIGAN FUEL ORDER OF JAN. 25 REVOKED
It was announced on Fob. 25 that fuel conditions in
Michigan had improved to such an extent that the Feder a
Fuel Administration of that State had revoked its order of
Jan. 25, which imposed numerous restrictions as to the
use of fuel throughout that State. The modification of
the order of Jan. 25, suspended all of the restriction placed
at that time with the exception of the two lightless nights
each week which remain in force. The order of Federal
Administrator Prudden imposed restrictions in additionto
the provisions of the order of the United States Fuel Administration as promulgated by Dr. Harry A.'Garfield on
Jan. 17.
It is stated that the reason for the ruling was that it had
been brought to the attention of the Fuel Administration
that some producers, who had added a small percentage of
cannel coal to their bituminous product, had charged an
amount out of all proportion to the percentage of cannel
coal in the mixture. Cannel coal is a species of high-grade
bituminous coal, and burns very freely.
BUNKER COAL ORDER OF DECEMBER 13 AMENDED.
It was made known on Feb. 26 that the United States
Fuel Administration had issued an order amending the
bunker coal order of Dec. 13. The order, as amended,
provides that no coal shall be billed at the special bunker
price until it has been actually placed in foreign-bound
vessels. The special price allows an additional $1 35 per
ton of 2,000 pounds on export and bunker coal. The amwded order interprets "coal for foreign purposes" to mean coal
put into the bunkers of any vessel bound for a foreign port.
Coal for the army and navy and Government transports,
and coal shiiped to any of the dependencies or possessions
of the United States for the account of any Government
department, does not take the special bunker price.
U. S. FUEL ADMINISTRATION IN EXPLANATION
OF REVOCATION OF REGULATION ALLOWING
COMMISSION TO JOBBER.
With regard to protests received by it against the proposed
revocation of the regulation under which jobbers are allowed
to add a margin to the prices of coal at the mines, the U. S.
Fuel Administration on Mar. 3 issued a statement explaining
that it has no intention of eliminating the jobbers, but that
its purpose is to prevent operators from "swapping" practices
424 COMPLAINTS OF FUEL ORDER VIOLATIONS.
which it states, enabled them to collect unearned margins.
On March 10 it was announced that a report filed by the
The following is the Fuel Administration's announcement:
legal department of the United States Fuel Administration
The United States Fuel Admin stration has received numerous protests shows there have been 424 complaints received of violations
from consumers, as well as from jobbers and other coal dealers, against the
proposed revocation of the regulation under which Jobbers are now allowed of the orders promulgated by the Administration since its
to add a commission, or margin, to the prices of coal at the mines.
organization. This number does not include violations of
These protests are based upon the false assumption that the revocation of the order of Jan. 17 1918. Criminal prosecutions were
that regulation will drive the jobber out of business.
The Fuel Administration disclaims any intention to eliminate legitimate instituted in 83 cases. Two hundred and eighty one violaJobbers from the coal business. It has not only recognized their import- tions are under investigation and pending, and 18 have been
ance to the conduct of the trade, but has announced its intention to so fix
dropped, because investigations disclosed no violation. In
the prices of coal at the mines as to enable the mine operators to compensate
the jobbers for their services. The Fuel Administration insists that bona 42 instances persons engaged in various branches of the coal
fide jobbers will not be forced out of business by the proposed change. They trade were compelled by the Fuel Administration to refund
will simply be compelled to look to the operator for their compensation as
sums aggregating $34,000 which had been improperly colthey were accustomed to do before the allowance by the Fuel Adminislected by them in the conduct of their business. A systematio
tration of the margin.
In view of the protests, however, the Fuel Administration has deemed it examination is being made by the legal department of all
advisable to make a more detailed statement than it has done heretofore.
sales reports being filed with the Federal Trade Commission.
of the circumstances that impelled it to take the proposed action.
Prior to the entrance of the United States into the war and for nearly Agents of the Department of Justice and of the Federal
three months thereafter, the jobber had always bought from the operator Trade Commission are supplementing this examination by
for less than the retailer could buy direct. In other words, the price to the
retailer was the same whether he bought direct from the mine, or through investigations in the field. Officials of the Fuel Administrathe jobber. The so-called Jobbers' margin was an innovation.
tion believe that by these methods it will be able to obtain
After the Fuel Administration had been organized, and the President had evidence of sales in excess of the Government prices, and of
fixed the prices of coal, the practice of allowing the Jobber to add his comviolations of the regulations of tho Fuel Administration.
mission to those prices was continued.
Under the regulations issued by President Wilson Aug. 23 1917, a Jobber This evidence will be made the basis for prosecutions under
is defined as "a person (or other agency) who purchases and resells coal to
the Lever Act, in all cases in which such action is deemed
coal dealers or to consumers without physically handling it on, over, or
advisable.
through his own vehicle, dock, trestle, or yard."
•
MAR. 161918.]
THE CHRONICLE
1089
mies of our allies in the war zone of France. The
REPRESENTATIVE RAINEY IN DEFENSE OF DR. and steel bars, and projectile steel, has rapidlymovement of steel plates
again become normal.
GARFIELD'S ACTION IN INSTITUTING
Freight is reaching its destination. The situation is relieved. Our overburdened railroad systems are again functioning.
HEATLESS DAYS.
The actiO of the U. S. Fuel Administration in promulgatREFLECTION ON JEWS IN INSTRUCTIONS TO
ing in Janu6ry its order instituting the so-called "heatless"
MEDICAL ADVISORY BOARDS TO
days was defended in the House of Representatives on
BE ELIMINATED.
March 1, when Representative Rainey answered the critiA request that instructions to Medical Advisory Boards
cisms which had been directed at Dr. H. A. Garfield, head
of the Fuel Administration. Representative Rainey in re- be changed so as to be freed from a reference to "the foreign
ferring to the reasons which actuated the Fuel Administra- born, and especially Jews," is contained in directions issued
by President Wilson, who in calling for this action expresses
tion in the issuance of the order said in part:
In New York Harbor and at Norfolk 250 great merchant ships were himself as very much distressed that the sentence should
awaiting coal in order to sail out into the seas bringing to our troops and have been included in the draft instructions.
The War Deto our allies in the war zone necessary supplies. It was of most vital importance to coal those ships at once and start them on their journey. The partment gave out the following statement on March 5
entire story cannot now be told. After the war is over it will be possible to relative to President Wilson's advices in the matter:
give all the reasons for the coal order of Jan. 17 last.
Under the stress of Congressional criticism too much has already been
disclosed with reference to the movement of troops and munitions across
the Atlantic, and with reference to other matters, which should have been
kept from our enemies. When the whole story is told, as it will be told
after the war, there will be gentlemen, now members of this House, Who
would be glad to expunge from the "Record", if they could, the speeches
they made immediately after the promulgation of the coal order. A delay
offive days was absolutely impossible and inadvisable from every standpoint
I cannot discuss the matter along this line further.- As far as I am concerned, I never expect to be the vehicle through which information which
ought to be kept secret reaches the enemy.
Representative Rainey also said:
We produced in 1900, 269,000,000 tons of coal, including both bituminous
coal and anthracite coal. From that pried until the calendar year 1917
the production of coal in the United States has increased about 17,000,000
tons per year, and the railroads have adjusted their transportation systems
to an increase of about that much each year. During the calendar year
1917, however, our increase in the production of coal over prior years was
64,000,000 tons. As it usually happens, it was necessary to move the
greater part of this during the latter half of the year. The production of
coal is and must always be a question of transportation. A coal shortage
in the ordinary acceptance of the term is as impossible in this country as
a shortage of sand or of limestock rock. In our 7,000 coal mines we can
always produce as much coal as can be transported over our railroads. In
order to understand how much 64,000,000 tons of coal is, I have made a
computation. Coal cars vary in length from 32 feet to 41 feet. The average length of a coal car is 38 feet. Allowing 3 feet of space between each
car, it would require three trains of cars extending across the continent from
New York to San Francisco to contain 64,000,000 tons of coal. In addition to these three trains extending across the continent, there would be
still another train extending from New York to St. Louis. This was the
extra coal burden the railroads were called upon to assume in 1917, and this
was not the only burden the railroads were called upon to discharge. Our
export trade had been speeded up from $2,000,000.000 in value in four years
to $9,000,000.000. In 1917 we exported $9.000,000.000 worth of manufactured goods—more than three times as much as any nation ever exported
before in the history of the world. It was necessary for railroads to carry
these goods from the place of manufacture to the sea, and this of itself would
be an unprecedented increase in the burdens upon the railroad systems of
any country. In addition to all this, the increased prosperity of the country
brought with it in 1916 and especially in 1917 an enormously increased
home consumption of foodstuffs and manufactured goods to be transported
on our railroads. This was the condition of affairs when Dr. Garfield
assumed control of the coal situation of the country in August, 1917.
When he assumed control the production of coal was at its lowest mark.
During the week preceding his appointment we produced less coal in the
United States than was produced during any week of the year 1916. He
immediately, by appealing to the patriotism of the coal operators and their
employees, commenced to increase the production and the distribution of
coal. From that time on the production of coal increased until it largely
exceeded the production of 1916. On the 8th day of December winter commenced, and winter commenced just at the time when there was a tremendously increased production of war materials and of supplies of all kinds
needed by our troops in France. The number of men we were sending increased with each passing week. Our transportation system became
clogged by our own enormous strength as a manufacturing nation. Our
production was abnormal and the railroads were feeling in December the
destructive force of our abnormal production. Our transportation system
was breaking down. By the middle of January our lines of communication
with France were absolutely destroyed, but not by submarines, Every
ship loaded with our khaki clad soldiers was being safely convoyed through
the danger zone. Every ship loaded with supplies was safely reaching its
destination; but the abnormal production of the country, our enormous
export trade, our unprecedented inter-State traffic occasioned by increased
consumption in the United States, the demands of factories, every one of
them running with full strength every day in the week, and thousands of
them running all night long with three shifts of men each 24 hours, demanding, as manufacturing energy of this kind would demand, a great increased
supply of coal; all of this strain, absolutely without a precedent in the history
of this or any other nation, clogged our transportation systems. We
need an increase of 5,000 locomotives every year in order to meet the increased demands on us. We have not been getting half that many; we
have been supplying locomotives to France and Russia. One-half of the
thousands of cars at railroad terminals' and filling sidetracks were cars
loaded with coal, and then there came,increasing our difficulties, the intense
cold of the middle of last month and the snow and the ice which accompanied it. Chesapeake Bay, a great coal highway, was frozen up for the
first time within the memory of men now living. Great battleships were
used for the purpose of breaking the ice in New York IIarbor. In the stockyards district of Chicago an army of men were at work clearing away the
snow and the ice. Passenger trains came into Chicago 8 to 12 hours late
covered with ice, each one of them drawn by three great locomotive engines. All over the country rails were breaking under heavy trains.
The relief brought about by the order was immediately apparent. Every
ship ready to sail in our ports in less than one week after Jan. 17 had been
bunkered and had started on its journey across the seas. As the result of
the coal order it has been possible to load and to coal, since Jan. 17, 480
ships. These ships carried 2,000,000 tons of food and war supplies. Forty
of them were loaded with food, 71 were loaded with coal, oil and gasoline,
and 369 of them were loaded with munitions. Nearly every one of them
has safely reached its destination. These supplies so necessary for the winning of the war are now being distributed to our own armies and to the ar-
Through inadvertence there appeared in Form 64 from the office of the
Provost Marshal General, containing a manual of instructions for Medical
Advisory Boards, the following language:
"The foreign born, and especially Jews, are more apt to inalinger than
the native born."
The attention of the President and the Acting Secretary of War has
been called to this language, and the President has written the following
letter, under date of March 4, to the Acting Secretary of War:
"I am very much distressed that the sentence quoted in the inclosed
telegram should have been contained in the draft instructions to the
Medical Advisory Boards. They, of course, represent a view absolutely
contrary to that of the Administration and express a prejudice which ought
never to have been expressed or entertained. In all of this I am sure you
will agree with me, and I hope that you will be kind enough to make an
immediate excision of those sentences and Instruct the Medical Advisory
Boards accordingly, letting it be known, if you will be kind enough, to the
senders of the inclosed telegram that you have done so.
"I am making this request with all the greater confidence because I sin
sure you will sympathize with my point of view in the matter.
Cordially and sincerely yours,
WOODROW WILSON."
DIVISION OF COUNTRY INTO TEN MUNITION
DISTRICTS BY WAR DEPARTMENT.
Announcement of the division of the country into ten
munition districts, in order to bring about decentralization
and closer contact with manufacturers of war munitions,
was made by Gen. Wheeler, Acting Chief of the U. S. Ordnance Department on March 10. The headquarters of
the different zones will be located at New York City, Philadelphia, Pittsburgh, Cleveland, Rochester, Boston, New
Haven, Detroit, Cincinnati and Chicago. A statement
issued by the War Department concerning the plan says:
Colonel Guy E. Tripp, New York, formerly Chairman of the Westinghouse Company, and now chief of the production division of the Ordnance
Department, worked out the details of the plan for decentralization and
closer contact with the manufacturing districts.
General W. S. Peirce, head of the bureau in which is the finance division
of the Ordnance Department, and Colonel B. W. Dunn, head of the inspection division, have arranged to follow the same decentralization plan
and will have their field forces in the same district headquarters as the
production division.
Colonel Samuel McRoberts, formerly Vice-President and executive
manager of the National City Bank, who has been at the head of the procurement division of the Ordnance Department for some time, will cooperate with the district officers.
The plan which has been worked out is one of the logical developments
of the reorganization of the Ordnance Department some time ago. It not
only brings the Department into direct contact with the munition industries, so that the work can be followed up more closely, but it also assures
better inspection facilities, quicker payment for work done and more
exact information as to the progress of the-work on all the implements of
war.
The territory covered by the different districts has been clearly outlined
by the Department, and the comparatively few industries which are not
embraced in these districts will deal directly with the Production Division
in Washington as heretofore.
Samuel G. Allen, Chairman of the Lima Locomotive
Works, has been placed in charge of the New York District. The head of the Pittsburgh office of the production
division will be Ralph M. Dravo, a member of the firm of
Dravo Bros. steel constructors.
For the other district offices the following appointments
are announced by the War Department:
Cleveland District—Samuel Scovil, who resigned as President of the
Cleveland Illuminating Company to take the position offered him by the
product division.
Rochester District—F. S. Noble, one of the chief executives of the
Eastman Kodak Company.
Boston District—Levi H. Greenwood, of the Wakefield Rattan Company.
New Haven District—Waldo C. Bryant, President of the Bryant Electric Company, of Bridgeport, Conn.
Detroit District—Fred J. Robinson, President of the Lowrie V Robinson Lumber Company.
Cincinnati District—Charles L. Harrison, of the Cincinnati Chamber
of Commerce.
Chicago District—E. A. Russell, Vice-President of the Otis Elevator
Company.
Philadelphia District—John C. Jones, of the Harrison Safety Boiler
Works.
The various Production Division districts as at present
established cover territory as outlined below:
The Chicago District comprises the State of Indiana north of the north
boundary line of the following counties: Warren, Tippecanoe, Clinton.
1090
THE CHRONICLE
Howard, Grant, Blackford, Jay and the States of Illinois, Wisconsin, and
Minnesota.
The Cincinnati District comprises the State of Ohio north of the north
boundary line of the following counties: Darke, Miami, Clarke, Fayette,
Pickaway, Fairfield, Perry, Morgan, Noble, Monroe and the State of
Indiana south of the north boundary line of the following counties: Warren, Tippecanoe, Clinton, Howard, Grant, Blackford, Jay and the State
of Kentucky.
The Detroit District comprises the State of Michigan.
The Pittsburgh District comprises the State of West Virginia and that
part of Pennsylvania, except Erie, Crawford and Mercer Counties, lying
west of the west boundary line of the following counties: Tioga, Lycoming,
Mifflin, Juniata, Perry, Cumberland, and Adams, and Belmont and Jefferson Counties, Ohio.
The Boston District comprises that part of Massachusetts lying east
of the west boundary line of Worcester County and the States of Rhode
Island, Maine, New Hampshire and Vermont.
The New Haven District comprises the State of Connecticut and the
following counties in Western Massachusetts: Berkshire, Franklin,
Hampshire and Hampden.
The Cleveland District comprises that part of the State of Ohio lying
north of the north boundary line of the following counties: Darke, Miami,
Clarke, Fayette, Pickaway, Fairfield, Perry, Morgan, Noble, Belmont,
and Jefferson and the following counties in Pennsylvania: Erie, Crawford, and Mercer.
The Rochester District comprises the State of New York, except the
following counties: Green, Columbia, Ulster, Sullivan, Dutchess, Orange,
Putnam, Westchester, Rockland, Nassau, Suffolk and Greater New York.
The New York District comprises that part of the State of New York
lying south of the south boundary line of the following counties: Rensselaer, Albany, Schoharie and Delaware, east of the west State line of New
Jersey and north of the north lines of the following counties in New Jersey:
Mercer and Ocean, and west of the State lines of Massachusetts and Connecticut.
The Philadelphia District comprises the eastern half of the State of
Pennsylvania, lying east of the west boundary line of the following counties: Tioga, Lycoming, Mifflin, Juniata, Perry, Cumberland, and Adams,
and the following counties in New Jersey: Mercer, Ocean, Gloucester,
Burlington, Cumberland, Atlantic, and Cape May, and all of the State of
Delaware.
WAR DEPARTMENT CRITICIZED FOR CENSORING
CASUALTY LISTS.
Much criticism has been aroused by the change recently
made in the War Department's method of announcing casualties among our overseas forces. Instead of giving the
name, address and unit of service of men killed or wounded,
the Department announced on the 9th inst. that in future
the name only would be made public, the immediate relatives,
however, being notified by telegraph as usual. The change
was made, it is understood, by request of Gen. Pershing,
and indirectly at the suggestion of the French Government,
on the ground that to give the addresses and mention the
name of particular units among which casualties had occurred was giving valuable information to the enemy.
To withhold the addreses, however, in many cases causes
uncertainty and suffering among relatives and friends,
owing to the similarity of names; and on the practical side
it is pointed out that the War Department is liable to be
flooded with messages and telegrams of inquiry when active
fighting begins and the casualty lists are large. The French
Government has never published casualties at all, simply
notifying the authorities of the town in which the man lived,
who in turn notified the relatives. The British and Canadian
Governments, however, have from the beginning published
their casualty lists in detail, giving all information necessary
for indentification.
The Committee on Publicity on the 8th inst. announced
that it would not issue the casualty lists as at present prepared on the ground that they were of no value either to the
press or the public. On the 13th inst. George Creel, Chairman of the committee, wrote a letter of protest to the President against the War Department's new policy. The
matter has been considered in Cabinet meeting, and it is
understood the final decision has been put up to President
Wilson, and that he has asked for a special report from
Secretary Baker.
CANADIAN-AMERICAN FISHERIES DISPUTE
SETTLED.
It was announced at Ottawa on the 13th inst. by C. C.
Ballantyne, Minister of Marine and Naval Service, that
the long-standing fisheries dispute between the United
States and-Canada had been settled, at least for the duration
of the war. An Associated Press dispatch from Ottawa
gives details of the settlement as follows:
Under the new agreement, which was reached by the Joint Commission
appointed by the two Governments to consider the controversy, United
States fishing vessels are to be permitted to enter Canadian ports directly
from the various fishing grounds and, without requiring licenses, may sell
their catches at those ports and there procure fresh supplies and clear again
kor the fishing grounds. This arrangement is reciprocal, giving Canadian
fishing vessels similar privileges at United States ports.
The settlement breaks down all barriers which have for so many years
militated against unlimited production of sea foods at fishing grounds
where both American and Canadian vessels are wont to make catches.
The irritating delays to these ships of one country at the ports of the other
will be eliminated. As there is a duty in Canada on fish, such duty will
[VoL. 106.
have to be paid when the catches are sold in the Canadian ports. The
agreement is particularly beneficial to the fishermen of the Newfoundland
Banks, as it will enable Canadian vess3ls to carry great catches into the
ports of Now England.
It is understood here that the American Department of Commerce, by
authority of President Wilson, has issued instructions to A,:4arican customs
officers to permit Canadian fishing vessels to enter UnitV States ports
under the terms of the agreement.
ALIEN FISHERMEN RETURNED FROM OPERATION
OF LITERACY TEST.
It was stated on March 6 that deep sea fishermen, citizens
of the Allied countries, will hereafter be admitted to the
United States even though they cannot meet the test of the
immigration laws requiring them to read and wirte. This
will bring to American fishing vessels many expert fishermen, particularly Portuguese, now plying in the Azores.
The Canadian Government has been asked to exempt fishermen being held in Canada under the Canadian draft law for
employment on American fishing vessels, and to grant the
United States unrestricted use of Canadian ports for American fishing vessels.
WISCONSIN LEGISLATURE CENSURES LA FOLLETTE
—LOYALTY ISSUE IN COMING ELECTION.
The struggle in the Wisconsin Legislature between the
followers of Senator Robert M. LaFollette and those who
wish to put the State squarely on record as endorsing the
war policies of the national Administration came to an end
on the 6th inst. when the House, by a vote of 53 to 32
adopted the Senate resolution strongly condemning Senator
La Follette for his attitude toward the war and his failure to
support the Administration in matters vital to the winning
of the war. The House had previously adopted a "loyalty"
resolution, but without mentioning Senator La Follette.
When this resolution went to the Senate, the Republican
Senators held a caucus, at which it . was agreed to put
through an amendment expressing the State's condemnation of La Follette's actions in regard to the war. During
the debate Senator Henry A. Huber made an impassioned
speech in defense of La Follette, in which he was pictured
as a loyalist and his opponents denounced as creatures of
"the profiteers and ammunition makers." Senator Bennett
denounced La Follette as a traitor to his country, and
Senator Wilcox, in introducing a new amendment to the
Assembly resolution, was no less emphatic. The resolution
as adopted in the Senate by a vote of 26 to 3 read as follows:
The people of the State of Wisconsin always have stood and always will
stand squarely behind the present war to a successful end. We condemn
Senator Robert M. La Follette and all others who have failed to see the
righteousness of our nation's cause and have failed to support our Government in matters vital to the winning of the war. And we denounce any
attitude or utterance of theirs which has tended to incite sedition among
the people of our country and to injure Wisconsin's fair name before the
free peoples of the earth.
The resolution then went back to the House, and a bitter
fight was precipitated, resulting finally in the adoption of th,"
Senate resolution as noted.
The situation has been complicated by the impending
special election to choose a successor to the late Senator
Paul 0. Husting, killed in an accident last fall. Governor
Phillips, fearing that an election might result in the choice
of a candidate who would prove an embarrassment to the
Administration, called a special session of the Legislature
to give him authority to appoint an interim successor to
Senator Husting. This, however, the Legislature refused
to do, and on Feb. 22 the Governor issued a call for a special
election to be held on April 2. This election is looked upon
as the final test of Wisconsin's attitude toward the war,
and all parties are bending their utmost endeavors to electheir candidates.
In the primary election, which will be held on March 19,
Irvine L. Lenroot, Representative in Congress from the
Superior district, is the choice of the Loyal Republicans, or
that branch of the State party which disagrees with the
action of Senator La Follette. James Thompson, of La
Crosse, has been put forward by the La Follette faction.
Former Governor Francis E. McGovern, who was also a
candidate for the Republican nomination, has withdrawn
from the race and announced that lie will support Lenroot.
Mr. McGovern in a statement said his action was based on
the indictment of Victor L. Berger, Socialist eandidate,
which "practically removes Berger from the list of candidates." Berger's followers, McGovern declared, were certain to go in a body to the support of James Thompson, the
La Follette candidate, and make sure his nomination on the
Republican ticket "should both Lenroot and I remain in the
MAR. 16 1918.1
1091
field to divide the patriotic vote of the party." Joseph E. that the provision in question might be stricken
out. The
Davies, a member of the Federal Trade Commission, who, Senator asserted that both the Senate and House
had adopted
it is said,
have the backing of the Administration, is a clause stipulating that the State's taxing powers should
the Demo
candidate, while Victor Berger, editor of not be interfered with, and that the conferees, in inserting a
the Milwaukee "Leader," recently barred from the mails new provision, had exceeded their authority.
The matter
for unpatriotic utterances, is, as stated, the Socialist candi- inserted by the conferees provided that
the States should
date.
not tax the railroads in greater ratio than their taxes bore
Mr. Berger, who is now under indictment on charges of to
the total State taxes during the year prior to Government
obstructing recruiting and interfering with the conduct of control of
the railroads. Senator Curtis, of Kansas, author
the war, has adopted an out-and-out anti-war platform, of the new Senate rule,
and Senators Knox, of Pennsylvania;
announcing that if elected he will work for the passage of a Johnson, California
of
; Williams, of Mississippi; Republican
resolution by Congress directing the President to summon leader Gallinger
and others also opposed the conferees' tax
the warring countries to an immediate armistice and peace limitation. It was
defended by Senators Smith, of South
conference. His platform also calls for withdrawal of Ameri- Carolina, and Robinson,
of Arkansas. Senator Knox said
can troops from Europe to procure absolute "security for that Governors
of many States had been assured that the
this country."
bill would not curtail State taxing powers. Senator Johnson,
Followers of Senator La Follette charge that the fight of California, declared that
the
against him is not a matter of loyalty, but of politics, and abrogate California's constituti conferees' pnovision would
on which gives the Legislature
that the money of profiteers and munition makers is being the right to increase
railroad taxes. Senator Gallinger
used to swing the State against him because of the stand he asserted that it conflicted
with New Hampshire laws.
has taken in the Senate against corporate interests generally. During the debate Senator
Sherman, of Illinois, is said to
A special dispatch to the New York "Times" on Feb. 25 have charged that by imposition
of new switching and car
protested against the impression existing in some quarters "spotting" charges, amounting to
$176,000,000, annually
that the newspapers had agreed among themselves to print in Illinois alone, it was proposed
to "bolster up" Federal
nothing concerning Senator La Follette, believing, according control and artificially increase
railroad revenues. Upon
to the story going the rounds, that this was a patriotic the suggestion of majority
leader Martin, consideration of
duty in view of Mr. La Follette's attitude toward the war. the conference report was
temporarily laid aside so certain
The fact is, the dispatch stated, that Senator La Follette's precedents involving this question
could be examined.
remarks in the Senate are reported as are those of other Action on the conference report
in the Senate was postponed
Senators. That his name seldom appears lately in news- on the 12th inst. until
the following day; on the last-named
paper dispatches from Washington is explained by his silence day Vice-President Marshall upheld
the point of order by
on the floor of the Senate, and his refusal since the United Senator Frelinghuysen against
the provision. In accordance
States entered the war to talk for newspaper publication.
with the wish that the Senate might appeal from his ruling
The Lower House of the Texas State Legislature on so that a vote could be taken
on it, Senator Smith entered
March 11 adopted a resolution congratulating the Wiscon- an appeal, and
the Senate upheld the ruling by a vote of
sin House of Representatives for taking favorable action on 51 to 23. The report was thereupon
sent back to conference,
the resolution censuring Senator La Follette for his attitude where the provision objected
to was dropped and the origion war measures.
nal tax section, providing that State taxes and railroad
regulations shall not be interfered with, so far as they are
INTER-STATE COMMERCE COMMISSION GRANTS 15% consistent with Federal control, was re-inserted. As thus
INCREASE IN FREIGHT RATES.
returned the Senate, as announced above, adopted the conference report by a vote of 47 to 8. Those voting against it
General commodity freight rate increases of 15% asked
by
were Senators Borah, of Idaho; Cummings, of Iowa; Gronna,
carriers in Eastern territory, were granted by the Inter-S
tate
Commerce Commission yesterday (March 15).
of North Dakota; Johnson, of•Califorina; Kenyon, of Iowa:
Increased
Norris, of Nebraska, and Townsend, of Michigan, Republirates of 15 cents per long ton on anthracite coal also
were cans,
and Gore, of Oklahoma, Democrat. The vote whereby
granted. The advance applies to all territories not
included
the report was adopted by the House on March 14 was 303
in the general rate increase granted last June.
Commodities benefitting in the rate advance
to 26. The members of the House voting against its adopare coal,
live stock, fresh meats, petroleum, petroleum .products, tion were:
Representatives Bankhead, Alabama; Burnett, Alabama;
grain and grain products, cement, lumber and other
stock fornia; Dowell, Iowa; Good, Iowa; Green, Iowa; Haugen,Church, CaliIowa; Helm,
commodities. Commodity rates on brick,
clay and articles Kentucky; Huddleston, Alabama; Johnson, Washington; Kearns, Ohio;
grouped therewith in present tariffs in Canton, Ohio,
Knutson, Minnesota; McLaughlin, Michigan; McLemore, Texas; Mason,
and Illinois; Ramseyer, Iowa; Reavis,
certain designated territory, are likewise increased
Nebraska; Reed, West Virginia; Steenerby 15%, son, Minnesota; Sweet, Iowa; Thomas, Kentucky;Towner,Iowa; Williams.
and from other points in western Pennsylvania,
West Illinois; Wingo, Arkansas; Wood, Indiana; Woods, Iowa.
Virginia, central, southern and eastern
Ohio and the AshThe provision inserted by the conferees read:
land, Ky., group on established differentials over
or under
Provided, however, That no State or sub-division thereof or the District
the Canton rates so increased. Joint rates, whether
class or of Columbia shall levy, assess or collect an amount of taxes from railroad
commodity, between official classification
property within the
territory on one while under FederalState or subdivisionithereof or the District of Columbia
control in excess of the ratio which the taxes derived
hand and the southeastern territory, the southwest
ern and from railroad property bore to the total taxes of such State or subdivision
points on or east of the Missouri River
thereof or the District of Columbia for the year previous to Federal control.
on the other, are
increased by amounts not exceeding the increases
now allowed
As the bill had passed the Senate originally it provided:
in the decision and those allowed in the Central Freight
That nothing in this Act shall be construed to amend, repeal, impair
Association class scale to the carriers in official
classification or affect the existing laws or powers of the States in relation to taxation.
territory.
As it passed the House it contained a similar provision.
As it has finally emerged from conference and been agreed
to by the House and Senate, the provision carried in the
BILL PROVIDING IFOR GOVERNMENT CONTROL
OF Senate measure is embodied
RAILROADS GOES TO PRESIDENT
in the bill. The bill in the form
WILSON.
in which it goes to the President authorizes the President to
The bill providing for Federal control of the
railroads initiate rates, subject to revision by the
during the war was sent to President Wilson
Inter-State Comfor approval, merce Commission, the House
having receded from its refollowing the adoption of the conference report
by the House quirement that the President
be given final authority in
and Senate. The hitter adopted the report on March
13 fixing rates. In its final shape the bill limits the
vote of 47 to 8, after it had rejected and
period of
by a
the conferees
had eliminated a provision limiting the power of tbe States Federal control to twenty-one months aftei the war; this
to tax the carriers while under Federal control. The elimin- was a compromise, the Senate bill having proposed to conation of this provision came as a result of the Senate availing tinue Federal control by the Government eighteen months
itself of the resolution adopted by it on March 8 amending after the conclusion of the war, while the House bill provided
its rules so as to prevent conferees from inserting new pro- that the roads should be returned to their owners two years
after the termination of the war. Other principal features
visions in bills or eliminating others not in dispute.
A
point of order against the provision was made by Senator of the bill are those compensating the railroads on the basis
of their average net returns for the three years ending June 30
Frelinghuysen, of New Jersey, on March 11
when the 1917; appropriating $500,000,000
for a revolving fund, and
conference .report was under consideration by the
Senate. the placing of all "short lines" under
Federal control. FolSenator Frelinghuysen called attention to the Senate
rule lowing the adoption of the conference report
by the House,
prohibiting conferees from writing new matter into bills
in
conference and demanded that the bill be returned in order Representative Esch of Wisconsin, ranking Republican
member of the House Committee on Inter-State Commerce,
4611
A
THE CHRONICLE
1092
THE CHRONICLE
was quoted in the New York "Times" of the 15th inst. as
saying:
it passed
The bill as finally approved by the House is better than when
the House. For one thing, it eliminates in the compensation provision
that feature which provided for paying the carriers on investments for
additions, betterments and road extensions in the latter half of 1917.
The bill is also improved by the changes made in the regulation of rates.
In the House bill there was no finality given to the orders of the InterState Commerce Commission in the making of rates. As it now stands,
the orders of the Inter-State Commerce Commission are final, though they
war.
must take into consideration the increases in expenses due to the
y
In the main I am satisfied with the legislation, which is absolutel
of the
necessary, not only in connection with the Government operation
g
railroads, but also as an agency to stabilize railway credits. Somethin
of this sort had to be effected in order to clear the way for the next Liberty
bond campaign.
[VOL. 106.
in
minimum number of gross tons absolutely required to maintain tracks
delivery
safe condition during 1918; total number of tons contracted for
r carried over
during 1918, including number due on previous contracts ci,
a. 1 1918.
from contracts for previous years; tonnage of rails on hand
Detailed information was also requested 'railroad
executives by Director-General McAdoo on the 4th inst.
regarding locomotives not in service by reason of age, condition, size, weight, &c. Information as to wages paid
railroad employees has also been called for by DirectorGeneral McAdoo, on account of income tax requirements,
in a circular which says:
not paid
It is represented that numerous railroad employees who are
earnings for
fixed annual salaries have not kept accurate records of.their
make an accurate
the calendar year 1917, and therefore find it difficult to
to make to
return under the Income Tax Law. The railroads are required
who rethe Collector of Internal Revenue a report as to each employee
It is, therefore, requested
ceived $800 or more for the calendar year 1917.
annual salary
that you give each employee who does not receive a fixed
Revenue as
and who is included in the report to the Collector of Internal
a statement as to
having received $800 or more for the calendar year 1917
he has been or will be shown in such
the amount of compensation which
the making
report as having been so received by him, in order to facilitate
of accurate income tax returns by such employees.
DISCUSSION OF RAILROAD BILL BY RAILWAY
EXECUTIVES' ADVISORY COMMITTEE.
For the purpose of discussing the Administration railroad
bill as agreed on in conference a meeting of the Railway
Executives' Advisory Committee, of which Frank Trumbull is Chairman, was held in this city on March 11. The
It was also made known on Feb. 25 that the Directorfollowing statement by Mr. Trumbull was given out reGeneral had asked the railroads to supply information as
garding the meeting:
Certain labor leaders, and other elements hostile to the railroads have follows regarding their expense accounts:
managements are seeking to im-
spread the impression that the railway
City, but which
The
Companies which have no operating offices in Now York
pede the operation of Government control and make it a failure.
offices for financial purposes, meetings of boards of
false and malicious, as the railroad executives are seeking in every maintain in that city
idea is
of such offices:
directors, &c., give the following information as to expense
way to co-operate with the Government in improving railroad service.
for the calendar year
nt
1. Names of the officers, their salaries, aggregate
Most persons do not realize that the bill under which the Governme
ts 1917, estimated aggregate for the calendar year 1918.
takes over the railroads of the country contemplates a series of agreemen
for the calendar
2. Number of other employees, aggregate of their salaries
between the Government and the companies. There are many matters
as
ts year 1917, estimated aggregate for the calendar year 1018. As far
of detail to be settled, and it is highly desirable that these agreemen
for
shortest practicable, show this information as to employees in separate groups
should be reached in the most co-operative spirit and in the
transfer office,
trans- offices with greatest numbers of employees, such as stock
length of time. It would be highly injurious to the country, to its
and
delay treasurer's office, &c.,and show balance as "miscellaneous employees,"
portation facilities, and to its financial structure to have unnecessary
give total.
or friction in such matters.
y, the • 3. Location of New York offices, aggregate rent for calendar year 1917.
To-day's meeting was for the purpose of discussing, informall
prompt estimated aggregate rent for calendar year 1918.
methods to be pursued to enable the various railroads to come into
s, banks, or other
to
4. Whether payments are made to trust companie
negotiations with the Government, concerning the agreements referred
bonds, notes, &c.,
agencies, for services In paying principal and interest of
and relations thereunder which will ensue.
payments for
dividends on stock, and basis of compensation, aggregate
mooting was attended by:
• The
1918.
calendar year 1917, estimated aggregate for calendar year
J.
s, banks, or other
Harry Bronner, Chairman Finance Committee Missouri Pacific; A.
5. Whether payments are made to trust companie
Earling, Chairman of Board, Chicago Milwaukee & St. Paul; Howard agencies for the making of transfers of stock, acting as stock registrar, &C.,
Northern Pacific; Hale Nolden, President
calendar year 1917,
Elliott, Chairman of Board,
and basis of compensation, aggregate payments for
Chicago Burlington & Quincy; Julius Kruttschnitt, Chairman of Board, estimated aggregate for calendar year 1918.
Res, banks, or other
Southern Pacific; Samuel Rea, President Pennsylvania; W. L. Ross,
6. Whether payments are made to trust companie
York
&c., and
ceiver, Toledo St. Louis & Western; A. H. Smith, President New
for registration of bonds, acting as registrar of bonds,
od; President Erie; Daniel Willard, Presi- agencies,
Central; Frederick D. Underwo
payments for calendar year 1917,
Hud- basis of such compensation, aggregate
Baltimore & Ohio; W. H. Williams, Vice-President Delaware &
dent
1918.
Railway estimated aggregate for calendar year
connection with matters
son, representing L. F. Loree; Alfred P. Thom, Counsel to the
7. Compensation for services at New York or in
of the
not by way of
Executives' Advisory Committee; Frank Trumbull, Chairman
New York paid to lawyers by way of fees and
handled at
s' Advisory Committee and Chairman of the Boards
Railway Executive
salaries included in No. 1.
to members of boards
of the Chesapeake & Ohio and Hockibg Valley.
8. Show total fees and other compensation paid
for calendar year 1618,
of directors for calendar year 1917, and estimate
INFORMATION RELATIVE TO RAILROAD WORKING not included in No.1. incurred in connection with such offices or such
9. All other expenses
estimated aggregate for
CALLED FOR BY MR. McADOO—AGREEMENT
purposes at New York for the calendar year 1917,
UNION.
WITH LABOR
the calendar year 1918.
paid at New York
10. Total of principal and interest (separately stated)
Directions were issued to the railroads on March 14 by on bonds in the calendar year 1917 and total amount of dividends paid at
for the
Director-General of Railroads McAdoo to make an inventory New York in calendar year 1917, and estimates of same matters
1918.
materials and supplies on hand Dec. 31 1917, when private calendar year companies have operating offices in New York City, it is
of
11. Where
control ceased, for use in connection with Government ad- desired that they likewise give information corresponding to that called
same information will be availaple
ministration of purchases, additions and betterments and for in the foregoing inquiries so that theCity for the various purposes and
in New York
financing. The inventories must be begun by as to their expendituresten inquiries relate. If in any case an officer or
railroad
functions to which the
May 1, according to the order, and are to be adjusted to employee, or an office of any such company is not employed solely in the
taken discharge of the foregoing purposes and functions, reasonable apportionshow conditions on Dec. 31. If inventories have been
nment should
be made, in which event the basis of apportio
since that date or within ninety days before then, they may ment should in a footnote.
explained
On the 14th the beReplies hereto shall be sent to the Inter-State Commerce Commission.
be used as the basis for the report.
plans for the future organization of the Railroad Administration Bill were discussed at a conference between President
Wilson and Director-General McAdoo. One of the first big
tasks, it is stated, will be the making of contracts with each
railroad company for Government compensation • on the
basis provided in the bill. 'Under the direction of John
Barton Payne, chief counsel, John Skelton Williams, finance
director, and C. A. Prouty, chief of the division of accounts,
the negotiation of these contracts will be undertaken immediately. It probably will take many months to complete
them. The Associated Press dispatches of the 14th further
said:
With a fund at his disposal with which to administer the railroad affairs,
have
Mr. McAdoo now will fix the salaries of his assistants, most of whom
of the railsevered connections•with railroads. Heretofore the expenses
President's
road administration had been borne from an allotment from the
emergency fund.
revolving fund established
Provision will be made for the $500,000,000
The
by the bill in determining the amount of the third Liberty Loan.
ly since a
Treasury has sufficient funds to care for minor drafts, particular
ed and
clearing house for railway earnings and expenses is to be establish
actual
payments to roads will be on the basis of the difference between
earnings and the guaranteed rate.
The leading railroads of the country were called upon by
. Director-General McAdoo on Feb. 28 to furnish detailed
information regarding their use of steel rails and their needs
for 1918. The information requested by the DirectorGeneral includes:
of
Number of gross tons put in tracks during 1917; estimated number
ion
gross tons required for 1918 separately from maintenance and construct
tures of
On Feb. 15 it was stated that proposed expendi
s for extensions and improvements this year would
railroad
be carefully scrutinized by technical and financial experts
of the Railroad Administration before being approved. One
s'
of the first steps toward paring down individual railroad
ging the program for capital expendiestimates and rearran
railway
tures consisted in the appointment of a committee of
to investigate Eastern roads' proposals. The
engineers
a New
Eastern committee consists of Francis Lee Stuart,
York, Chief
York engineer, Chairman; A. T. Hardin, New
PhilaEngineer,of the New York Central; A. C. Shand,
H. A.
delphia, Chief Engineer of the Pennsylvania; and
re & Ohio.
Lane, Baltimore, Chief Engineer of the Baltimo
d Administration plans to consider every
The Railroa
ons.
proposal in the light of its necessity under war conditi
ient
In some cases railroads are said to have proposed insuffic
s, particularly in terminals, and the
extension of facilitie
building
Government management probably will insist on
additional tracks in yards, construction of new
of many
by the
shops, round houses and repair stations not planned
private managements.
and
With a view to hastening repair work on locomotives
announced on Feb. 21, that
railway rolling stook, it was
hours,
an agreement involving lengthening of working
apprentices and helpers and maintenance of
promotion of
Directoropen shop conditions had been reached between
MAR. 16 1918.]
THE CHRONICLE
General McAdoo and A. Q. Wharton, President of the Railway Employees' Department of the American Federation
of Labor. The agreement is said to affect more than 300,000
workme '24 At shops and roundhouses now working one
f
shift, wl totals less than seventy hours a week, an increase in working hours is called for, probably on a seven-day
basis. In certain shops where congestion is most serious
men may be required to work ten or even eleven hours, with
overtime pay on the present basis, pending consideration by
the Railroad Wage Commission. In certain shops arrangements will be made to quit work at 4 p. m. one day of each
wk. Local provisions on working hours will be determined by railroad executives, in conference with Railroad
Administration officials and union leaders.
The agreement provides for maintenance of open shop
and non-discrimination on the ground of union conditions
in these words:
Mechanics applying for employment will not be denied such employment for any cause other than inability to perform the work.
Apprentices who have served three years may be promoted to mechanics' positions and paid the existing rate of
wages for that work, the agreement provides. These promoted apprentices are to receive the right of practical experience on work of their trades to which they had not been
advanced during the three-year period. Helpers with five
or more years' experience may be promoted to the class of
mechanics when necessary. They are to receive mechanics'
wages and have opportunity to learn all branches of the
trade. The agreement provides that the ratio of promoted
helpers shall not exceed 20% of the number of mechanics in
any trade in a single shop. The promotions for these classes
are to be made on the understanding that they are necessitated by the war emergency and are to cease at the close
of the war.
AIDS OF DIRECTOR-GENERAL McADOO DROP RAILROAD CONNECTIONS—NEW COMMITTEES OF
RAILROAD ADMINISTRATION.
Announcement that all the members of the staff of Director-General of Railroads McAdoo had relinquished their
railway connections was made by Director-General McAdoo
on the 10th inst. The official statement said:
Walker D. Hines, assistant to the Director-General, has tendered his
resigation as Chairman, general counsel and director of the Atchison
Topeka & Santa Fe Railway.'
Carl R. Gray, Director of the Division of Transportation, has tendered
his resignation as President, Chairman and director of the Western Maryland Railway Co. and as Chairman and director of the Wheeling & Lake
Erie Railway Co.
Edward Chambers, Director of the Division of Traffic, has tendered his
resignation as Vice-President of the Atchison Topeka & Santa Fe Rail. .
way Co.
As heretofore stated, R. S. Lovett, Director of the Division of Additions
and Betterments, has already severed his connection with various railroad
companies.
Mr. McAdoo, in stating that those on his staff had
severed their connections with all railroad companies and
other corporate or private interests, added that they were
devoting themselves exclusively to the service of the United
States.
A further announcement made by Director-General
McAdoo related to the approval and personnel of the
various committees chosen by John Skelton Williams,
Director of the Division of Finance and Purchase, to assist
him in the work of that division of the Railroad Administration. In announcing the approval of these committees
- by the Director-General, the Railroad Administration, under
date of March 12, gave the following information with regard
to the committees and their members:
1093
International Mercantile Marine Corporation, which was successfully
reorganized without foreclosure; and has been active in railroad and other
enterprises in the South.
Purchasing Section.—The Central Advisory Purchasing Committee, with
headquarters at Washington, is composed of: Henry B. Spencer, Washington; Samuel Porcher, Philadelphia; George G. Yeomans, New Haven.
Mr. Spencer is Vice-Persident of the Southern Railway, in charge of
purchases, and was Chairman of the Committee on Materials and Supplies
of the American Railway Association's Special Committee on National
Defense. He has been connected with the Southern Railway since his
graduation from Harvard University in 1895; and for a while prior to his
election as Vice-President, was General Manager of that system.
Mr. Porcher was born in South Carolina. He is a, graduate of the
University of Virginia, and since 1913 has been General Purchasing Agent
of the Pennsylvania Railroad System, with which system he has been
connected since 1882.
Mr. George G. Yeamans was born in New Jersey; is a graduate of
Princeton University; served with the Chicago Burlington and Quincy
Railroad from 1884 to 1905; was subsequently assistant to the President
of the Wheeling & Lake Erie Railroad; and since 1915 has been General
Purchasing Agent of the New York New Haven & Hartford Systqm.
The Regional Purchasing Committees, to be located respectively in the
Eastern, Western and Southern Districts, are as follows:
New York.—E. H. Bankard, General Purchasing Agent of the Baltimore
& Ohio Railroad, who has been associated with that system for 25 years.
S. B. Wight, of New York, who has had 22 years experience in the Purchasing Department of the Michigan Central and Now York Central Railroads, and for the past seven years General Purchasing Agent of the
New York Central Lines. E. T. Burnett, of Roanoke, Va., Purchasing
Agent Norfolk & Western Railroad, who has had 20 years experience in
the Purchasing Department of that system.
Chicago.—Charles A, How, since 1911 General Purchasing Agent of the
Missouri Pacific Railroad; Mr. How's experience includes service on the
Union Pacific, Chicago Burlington & Quincy and Wabash Railroads.
L. S. Carroll, General Purchasing Agent of the Chicago & North Western
Railroad, with which system he has been connected since 1884, and since
1900 as its General Purchasing Agent. Ira 0. Rhoads, born in Maine;
educated in Nebraska; from 1897 to 1905 General Purchasing Agent of the
Oregon Short Line Road; and since 1905 General Purchasing Agent of the
Southern Pacific Co. at San Francisco.
Atlanta.—F. H. Fechtig, for many years General Purchasing Agent of the
Atlantic Coast Line RR. System, with headquarters at Wilmington, N. C.
Albert C. Mann, of Illinois, formerly Purchasing Agent at Savannah of
the Central of Georgia Railway, and now Purchasing Agent of the Illinois
Central Railroad System. H. T. Shanks, of Louisville, Ky., Purchasing
Agent of the Louisville & Nashville Railroad System.
A. H.Smith, Regional Director of Railways in New York,
announced on the 6th inst. the appointment of Albert J.
Stone to be assistant to the Regional Director, and Harry
W. Burnham to be Mr. Smith's Secretary. Mr. Stone is a
Vice-President of the Erie RR.
Director-General McAdoo recently announced the appointment of H. W. Belnap as manager of the safety section of
the Government's Railroad Administration. Mr. Belnap
was for 15 years engaged in safety work with the Inter-State
Commerce Commission, for the past seven years as chief of
the Bureau of Safety, and for the preceding eight years as
inspector of safety appliances. He has had charge of the
work of accident investigation on railroads ever since the
passage of the Federal law requiring investigations of such
accidents. As manager of the Safety Section, Mr. Belnap
will deal directly with each railroad, supervising such organizations for safety as are already available, bringing
about such uniformity in practice as is deemed necessary,
and suggesting such additional organizations and such modifications of practice as are desired.
Two other sections were created at the same time; the
Locomotive Section, with Frank McManamy as manager,
with office in the Inter-State Commerce Building, Washington, D. C. The manager of the Locomotive Section will
supervise the condition of, and repairs to, locomotives at
all railway shops and roundhouses and at outside shops, in
addition to his present duties for the Inter-State Commerce
Commission as its chief inspector of locomotives. The other
now section is the Marine Section, of which W. H. Pleasants
has been appointed manager with office at Washington,
D. C. The manager of the Marine Section will supervise
the operation of the shipping under the control of the
Director-General and wig also give special attention to'coordinating the relations between all other shipping (including
that on the Great Lakes) and the railroads.
Finance Section.—Advisory committee, located at Washington, will include: Franklin Q. Brown, New York; Festus J. Wade, St. Louis; Frederick
W. Scott, Richmond.
Mr. Brown, formerly of Boston, but now the senior member of the
banking firm of Redmond & Co. of New York, was for many years VicePresident of tlio Plant System of Rillroads; also President of the Plant
Investment Co., controlling, besides railroads, coastwise steamships and
In instructions recently issued to the three regional direcother transportation companies, including the Southern Express Co.
Director-General McAdoo laid down a general policy of
Mr. Brown has had considerable experience both in the construction and
operation of railroads; and for the past ten years has been engaged in the management. Mr. McAdoo in these advices said in part:
banking business in Now York.
I wish to emphasize that I do not consider it expedient for the regional
Mr. Wade is President of the Mercantile Trust Co. of St. Louis—one directors to undertake to establish, without my approval, policies of a
of the largest banking institution in the West, organized by him about public character, 1. e., policies which substantially affect the character
twenty years ago, and which was one of the first large trust companies to of service rendered the public or the rights of the public.
become a member of the Federal Reserve System.
The controlling principle is that the Government, being now in possession
Mr. Wade has also been active in railroad reorganizations in the West: and control, it is important for the Director-General, as the direct reprewas a leading factor, soon after the outbreak of the war, in the establish- sentative of the Government, to have a voice in deciding matters which
ment of the "Hundred Million Dollar Cotton Fund," and has been a primarily affect the public, because we cannot expect that the public will
student of railroad as well as of financial and banking problems.
be entirely satisfied to have these matters settled by the railroad managers,
Mr. Scott, of Richmond, has been prominent in banking and railroad who, in the public estimation, will still be regarded as imbued with the
circles in the South for many years past; is identified with one of the oldest attitude of private management, no matter how disinterestedly those
national banks in Virginia; has for many years been a director in the managers may be endeavoring to represent the public interest and nothAtlantic Coast Line; and was organizer of the syndicate which a few years ing else.
since acquired control of the Chesapeake & Ohio Railway, from which
Broadly speaking, I wish to give you power to direct railroad operations
he later retired. He headed the shareholders' protective committee of the In your territory so as to handle traffic with the least congestion, the high-
1094
THE CHRONICLE
est efficiency and the greatest expedition. As far as is consistent with
these objects, you will, of course, keep down operating expenses. I have
put responsibility upon you for the entire operating situation. I mention
the following simply as a few illustrations of the matters which are thus
entrusted to you.
You should see that terminals are used to the best advantage and that
such changes in established practices are made as will bring this about.
Where minor capital expenditures are needed to establish new connections
for the better use of terminals, you will endeavor to get some or all of the
Interested companies, by their voluntary action, to arrange therefor, and
will refer to me cases of expenditures which cannot be so arranegd.
You will order such changes in routing of traffic, using any lines or parts
of lines in comblqation, as will avoid uneconomical routes and congestion
of particular terminals or railroads, giving due consideration to shippers'
interests.
[VOL. 106.
900, which prescribes the duties of the Board of Aldermen in
fixing the tax rate, the following words:
Such annual rate shall not exceed, however, seventeen and one-half mills
id one-half
upon each dollar of assessed valuation of real property,and tw
mills upon each dollar of personal property, if any, t rble and
mt offset
intangible, assessed on the assessment books of the city, wit ,
for debt or exemption of any character unless such exernption is in the nature of a contract between the Federal, State and city governments and the
owner of the property.
(Assembly bill Int. 613, printed No. 608, is identical.)
The language of the bill is not clear, says the Tax Reform
Association, and there is doubt as to whether the amendment
is sufficient to carry out the apparent intent. The Associaat
the objections to the bill as presenteds
With reference to the Government's policy toward labor, tion summarizes
the hearing, as follows:
Mr. McAdoo said:
in tile City
This bill proposes to do two things in connection with taxation
As to labor, you have been advised of the appointment of the Railroad of New York only:
Wage Commission. The general policy as to all labor is that there shall
1st. To limit the rate on real estate to $1 75 per hundred dollars.
be no interruption of work because of any controversies between employers
2d. To tax personal property, both tangible and intangible, without deand employees. All matters relating to wages and living conditions will duction for debt or exemption, at the rate of 25 cents per hundred dollars
have the consideration of the Railroad Wage Commission. Pending action (234 mills). This is intended to supply the deficiency which would result
by me upon the report of that Commission, there ought not to be any radical from limiting the rate on real estate.
change in existing practices without submitting the matter to me for ap1. The financial effect. In round figures, the tax rate this year will vary
proval. But it should be understood that the usual methods of settling in the different counties comprising the city, from $2 36 to $2 46 per hunby agreement ordinary grievances and complaints shall continue as here- dred dollars. This will raise $200,000,000. ' The remainder of the budget
tofore and that the companies are free to negotiate as heretofore with their ($38,000,000) comes out of the general fund—licenses, special taxes, water
employees and are expected to observe faithfully existing agreements with rents, &c. A rate of $1 75 on real estate only would raise $145.000,000.
their employees. In cases of doubt about new negotiations with employees, This would leave a shortage of $55,000,000, other things remaining equal.
the advice of the Director-General should be sought.
To raise this sum from personal property, at tho proposed rate of 25 cents
In regard to several matters involving broad questions of per hundred dollars, will require an assessment of 22 billion dollars ($22,000,000,000). This is 2% times the amount of the present real estate
policy, the Director-General asked the Regional Directors assessment, which is $8,339,000,000. The present personal property asto make careful study and report to him. In pursuance of sessment is only $250,000,000, most of such property being taxed under
this request, the Regional Dierctors have sent out ques- special laws, that are yielding a large and steadily increasing revenue.
propThe bill provides that
2.
tionaires to railroad Presidents, upon which they will base erty,The effect on personal property. the City of New York,personal taxed
shall be
both tangible and intangible, in
their recommendations to Washington. These questions without deduction or exemption. This would tax all the personal property
which is now classified under the special tax system. For instance, the
include the following:
personal property of banks and trust companies, now exempt because of the
(1) To what extent if at all should passenger service be further curtailed,
special tax on capital and surplus, would all become taxable. Personal
giving due consideration to public convenience and the opinions of State
property of manufacturing and mercantile corporations, now exempt becommissions.
cause they pay a 3% income tax, would be taxable without offset for debt.
(2) To what extent freight solicitation should be discontinued and agenReal estate mortgages would be taxable despite the payment of the recordcies abolished or consolidated; the extent to which traffic officials, soliciting
ing tax. This would be an additional tax on all such property in the City
or otherwise, should be transferred to other service, and the extent to
of New York, which it would not pay elsewhere in the State. Shares of
which, if at all, these forces should be released from service.
stock, which are now exempt because the corporation pays the tax, would
(3) The extent to which duplications of service, either passenger or
be taxable to the owner, which would of course mean double taxation.
freight, can be avoided, fast freight service discontinued or slowed down
But even if all such kinds of personal property are assessed, it is incredible
or less than carload service diminished.
that 22 billion dollars would be placed on the assessment rolls; especially
(4) The extent to which the making of purchases can be unified either as much of the tangible property would be moved away.
for the entire country, or for the separate regions, or for the parts thereof,
(Senator Boylan, in reply to a question, stated that it was not intended to
and the advantages which would result from such unification.
tax securities that pay the investment tax, nor corporations paying the
(5) The extent to which standardization of locomotives and freight cars State income tax. The bill as presented does, however, make them taxacan be effected, and the types which will be required to effect the
ble, for none of the special taxes above referred to are "contracts." The
standardization for your territory.
exception in the bill, of exemptions that are in the nature of a contract, is
(6) Possible curtailment or elimination of various classes of operating superfluous, as such property cannot be taxed any way. But there is very
expenses on account of present conditions of Government possession
little property so protected.)
and control.
If, on the other hand, it is not intended to tax personal property which is
under these special laws, and the bill should be changed in this respect, then
THE TAX REFORM ASSOCIATION AND THE BILL TO only a few kinds of personal property would be affected.
The denial of exemptions would tax all savings bank deposits, household
LIMIT THE RATE ON NEW YORK CITY
furniture below the present $1,000 exemption (which we obtained in 1911),
REAL ESTATE.
and the funds of religious, charitable and educational corporations. This
Under date of March 8, the New York Tax Reform As- would be contrary to the wise and well-settled policy of the State. The
hands
withdrawal of the
sociation sent out the following letter, setting out the objec- of unincorporated deduction for debt would roach merchandise in the public
merchants; and personal property of some little
tions to the bill introduced by Senator Boylan to limit the service corporations against which they now offset bonded debt. But the
tax rate on real estate and tax all personal property without aggregate of personal property of this character that would be reached would
fall far short of providing the millions of dollars of necessary revenue.
deduction or exemption in the city of New York:
3. The general principle of tax rate limitation. Such a limitation as is
A hearing was given at Albany March 5 on the bill introduced by Sena- proposed in this bill is highly undesirable, because it ties the hands of local
and to authorities and would seriously cripple the city. The debt service intertor Boylan, to limit the tax on real estate in the City of New York
tax all personal property, without deduction or exemption.
est and amortization of bonds) now takes about 65 cents of the present tax
This measure, which was prepared and is being strongly advocated by rate, and will be increased when the new subways are in operation. This
the Real Estate Board, is one of the most harmful proposals that has been must be met whatever the revenues may be, and the whole loss of revenue
before the Legislature in recent years. It would cripple the city financially resulting from the lower rate would come out of the sum available for
by cutting off fifty million dollars of revenue. It discriminates against ordinary running expenses. It is impossible to cut down the city budget
this city by taxing personal property more heavily here than elsewhere in at present so as to save anything like the $55,000,000 which would be lost,
the State. It would place a double tax on property now subject to special as has been shown. Should the State direct tax be increased, the amount
taxes, which have been developed in recent years as substitutes for the in- available for ordinary for city purposes would be still further curtailed.
equalities of personal property assessment. It would be disastrous to
This is not the time to agitate for a large reduction in taxes on real estate
real estate values, by preventing necessary public improvements, on the at the expense of others. All taxes are going up and are likely to increase
one hand, and on the other, by driving away business and capital because still further, on account of the war, and of the war taxes, a much smaller
of its unjust tax discrimination.
proportion is falling on real estate, as such, than on other classes. At the
Nevertheless, the bill has been endorsed unreservedly by the "Board of same time, rents are going up. The new subways will be in operation soon,
Title Underwriters" (composed of title insurance companies), and also by and will.bring about a further increase in values.
various local organizations, the members of which evidently do not know its
The present high rate on real estate is in part duo to abnormally
far-reaching character.
low rates in the past, that were only possible because the city paid for exA summary of the objections presented on behalf of the New York Tax tensive public improvements by bond issues. Now that these bond issues
Reform Association at the hearing is given herewith. The bill was also have to be met, the tax on real estate naturally is increased, but these public
opposed by the Citizens' Union, because of the effect of the tax limitation improvements add to real estate values, and that is the class of property
on the city budget; and by the Investment Bankers' Association and the that should pay for them.
Association of Life Insurance Presidents, because of the tax which it would
The proposers of this bill say that it would "stabilize" real estate values.
impose on their holdings.
Its first effect might perhaps be to increase them, and this would be a presmeasure afterwards stated that they would amend ent to those holders who could sell while the tax rate was low. But it
The advocates of the
the bill so as to exempt some kinds of personal property, but made no defi- would hurt permanent investors, because the city would be crippled even
nite proposition. Whatever minor changes may be made, the bill will still in providing for curent need, and they would ultimately have to pay much
be injurious.
higher rates to get the needed improvements, without which real estate
The present high tax rate is due to a variety of causes. Some of these we values will decline and disappear.
'
have pointed out for years. Proposals have been made to relieve the owners of property that is stationary or declining in value, and to collect a larger
share of public revenue from those who get the benefit of increased values
RHODE ISLAND SENATE DEFEATS NATIONAL
from public improvements. All such plans have been fought bitterly by
PROHIBITION AMENDMENT.
"real estate interests." But only in some such way can inequality in taxaThe State Senate of Rhode Island on March 12 defeated
tion be avoided. Merely to reduce the rate arbitrarily, and also play havoc
with the whole tax system, is far from being a solution of the problem.
a resolution for the ratification of the national prohibition
A. C. PLEYDELL, Secretary.
amendment. There is pending in the Senate, it is said, a
March 8 1918.
TEXT OF BILL.
bill, which has already been approved by the Houselpro-
Senate bill Int. 621, Printed No. 708, by Mr. Boylan. viding for a referendum on the national/amendment at the
amends the Greater New York charter by adding to Section election in November next.
MAR. 161918.1
THE CHRONICLE
NATIONAL PROHIBITION AMENDMENT RATIFIED
BY DELAWARE ASSEMBLY.
On Mareh 14 the lower branch of the Delaware Legislature, which convened in special session on the 12th inst.,
adopted a joint resolution by a vote of 27 to 6, ratifying the
national prohibition amendment.
"BONE-DRY" BILL DEFEATED BY MARYLAND
ASSEMBLY—FEDERAL AMENDMENT RATIFIED.
The Maryland Assembly on March 12 defeated a bill
providing for Statewide prohibition.
The Anti-Saloon League, however, has not abandoned
all hope. It pins its hopes, it is said, to a pigeonholed bill
to extend to all of the "dry" counties of the State the drastic
provisions of the P • cc Georges County "bone-dry" law.
It is their intentioL t is said, to come back with a proposition to make Ba timore dry by legislative enactment.
During February both branches of the Maryland Legislature
ratified the national prohibition'amendment.
TEXAS LEGISLATURE RATIFIES NATIONAL
PROHIBITION AMENDMENT.
Both branches of the Texas Legislature, now in special
session, have ratified the national prohibition amendment.
This makes the eighth State to ratify the amendment,
others being Mississippi, Virginia, Kentucky, North Dakota,
South Carolina, Maryland and Montana.
1095
are the nearest approach to a representative body in Russia
to-day. The Soviets are not identical with the Bolsheviki.
The Soviet organizations go back to the Russian revolution
of 1905, and have existed secretly ever since. The Bolsheviki are simply one party or faction temporarily entrusted
with power. The Congress of Soviets contains representatives of various other organizations and shades of opinion,
and in addressing the Congress rather than the Bolshevik
Government, President Wilson is speaking to the chosen
representatives of a considerable part of the Russian people.
The message acquires especial significance in view of the
proposed Japanese intervention in Siberia—blocked, for the
time .being at least, by the attitude of this Government—
and the favorable attitude toward Japan's proposals taken
by prominent public men and newspapers in England,
France and Italy. The Washington correspondent of the
New York "Tribune," discussing this phase of the subject,
in a dispatch dated March 11 said:
President Wilson's message to the Soviet Congress in Moscow
discloses
his diplomacy with regard to Russia. It is to trust Russia herself
to build
up a government that will resist Germany's incursion into her
territory,
and one that will keep at least a part of the German army occupied
on the
Eastern front. Moreover, it sees the hope of Russia not in the
revolt of
the Constitutional Democratic element against the Bolshevik
rule, not
in such a movement as that which Prince Lvoff is said to be heading
in
Siberia, but in the peasants' and workers' government of which this
Congress of Soviets is the expression. Addressing a message to the
Congress
comes nearer to recognizing it as a government than this country
has come
to recognizing anything in Russia since the downfall of Kerensky.
Where the Allies, as indicated in Lord Robert Cecil's speech, believe
that
no hope lies in Russia herself, that the only prospect of offering
any resistance to Germany in the East lies in the intervention of Japan
without regard to whether Russia wishes such intervention or not,
the President
apparently holds that the workmen's government in
Russia should itself
have sympathy and support and the promise of aid against
Germany.
CANADA WILL BE "BONE-DRY" AFTER DEC. 31.
Canada, except for the Provinces of Quebec and Ontario,
will, according to the daily newspapers, go dry April 1, and
Another correspondent, writing from Washington to the
on Dec. 31 the cafes in Quebec and Ontario will vanish and New York "Sun" on the same date, interpre
ts the attitude
the sale or manufacture of intoxicating liquors will be pro- of Washington officials as follows:
hibited throughout the Dominion.
Although brief and shorn of detailed explanations of this
Government's
Under regulations issued on March 11, the manufacture attitude, the President's message nevertheless carries a World
of signifi
and sale of liquor is prohibited, but in Quebec beer may be cance. It means, according to authoritative interpretation here, that the
following points henceforth must be taken into considerat
manufactured and in Ontario whiskey and native
ion:
The United States will stand behind the Russian people to
wines
the end.
made until the end of the present year. The new
The United States
regula- and the Bolshevik regards the so-called peace treaty between Germany
tions, which supplement provincial laws, also prohibit
leaders as having no bearing on Russia's future.
the
The United States virtually is pledged not to sacrifice Russia
transport of liquors into or their delivery in
to selfish
prohibited interests when the time comes to talk of peace.
areas.
The manufacture of wine or alcohol for sacrame
ntal, industrial, mechanical, artistic, scientific and
medicinal purposes is pormitted under license.
PRESIDENT WILSON'S MESSAGE TO
THE RUSSIAN
CONGRESS OF SOVIETS—GOMPERS,
TOO, AND
CARDINAL GIBBONS.
Taking advantage of the occasion afforded
by the meeting
of the All-Russian Congress of Soviets at Moscow
, called
to pass upon the peace treaty with Germany,
President
Wilson on the 11th inst. sent a message to
the Russian people,
through the Congress, assuring them of
the abiding sympathy
and friendship of the American people
and our earnest
desire to help them in their hour of
trial. The message
contained no reference to the peace treaty
which the Congress
is to accept or reject, nor any suggestion
as to
the Congress should take. It merely holds what action
out the hand
of fellowship, pledging the Russian people
that the United
States will stand by them in their
struggle against German
domination, and avail itself of every
opportunity to secure
for Russia complete independence and the
right to be the
masters of their own life.
The message was telegraphed to the
American ConsulGeneral at Moscow for delivery to
the Congress, and read
as follows:
This latter point, officials explain, is of particular importanc
e in view
of reports that Germany might be willing now to invite peace
proposals on
the basis of making concessions in the West in return for a
free hand to
exploit her Russian conquests.
This theory already has found some support among pacifists
and peace
by compromise advocates in Washington. But there have been
clear intimations from sources close to the President that no sah policy
would be
considered by the United States Government. The President
has been
represented as taking the view that the vital principles for
which the nation
entered the war were on trial in Russia and that freedom
and democratic
ideals could not be sacrificed there without making the whole
cause of the
Allies and the United States appear before the world as
insincere.
The President's message will reach the Soviet Congress at
a time when
indications clearly point to submission to German demands.
If this
Government's purpose were entirely selfish it might
be said that the
President hoped to prevent ratification of the treaty and
was making this
last desperate effort to keep the spirit of national feeling alive
with the
Russian people. But the present situation in Russia does
not leave room
for much hope that ratification of the treaty will be delayed
long. The
President's message stands whether the so-called peace treaty
is ratified or
not.
The American Alliance for Labor and Democracy, through
Samuel Gompers, its President, and the League for National
Unity, an organization having a large number of prominent
citizens from all walks of life among its members, also sent
messages of sympathy and encouragement to the Congress of
Soviets. Mr. Gompers's telegram read:
To the All-Russian Soviet, Moscow:
We address you in the name of world liberty. We assure
you that the
people of the United States are pained by every blow at
Russian freedom.
as they would be by a blow at their own. The American
people
be of service to the Russian people in their struggle to safeguard desire to
freedom
and realize its opportunities. We desire to be informed
as to how we may
help.
We speak for a great organized movement of working
people who are
devoted to the cause of freedom and the ideals of democrac
y. We assure
you also that the whole American nation ardently desires
to be helpful to
Russia and awaits with eagerness an indication from
Russia as to how help
may most effectively be extended.
To all those who strive for freedom we say: Courage.
Justice must
triumph if all free people stand united against autocracy.
We await your
suggestions.
AMERICAN ALLIANCE FOR LABOR AND DEMOCR
ACY,
SAMUEL GOMPERS, President.
May I not take advantage of the
meeting of the Congress of the Soviets
to express the sincere sympathy which
the people of the United States
feel for the Russian people at this
moment when the German power has
been thrust in to interrupt and turn
back the whole struggle for freedom
and substitute the wishes of Germany
for the purpose of the people of
Russia?
Although the Government of the
United States is, unhappily, not now
in a position to render the direct and effective
aid it would wish to render.
I beg to assure the people of Russia through
the Congress that it will
avail itself of every opportunity to secure
for Russia once more complete
sovereignty and indepondence in her
own affairs and full restoration to her
great role in the life of Europe and the modern
The cablegram sent by the League for National Unity
to
The whole heart of the people of the United world.
States is with the people the All-Russian Soviet, Moscow, was
as follows:
of Russia in the attempt to free themselves forever
from autocratic governThe League for National Unity, an organization of
ment and become the masters of their own
Americans of all
life.
classes, sections, creeds and parties, deeply sympathiz
es with the Russian
(Signed) WOODROW WILSON.
people in their heroic and unceasing determination
to pierce through the
By addressing his communication to the Congres
s of So- darkness and disaster in which they are temporarily struggling. Historiviets, President Wilson avoided the awkwar
torically, it is but a short time since we confronted
days as dark and as
d dilemma unpromising.
created by the fact that the United States has
never formally
The League wishes to convey to the Soviet its sincere
approval of Presirecognized the Bolshevik Government. The
dent Wilson's recent message to the Russian people. It
is its earnest and
Councils of Workmen's and Soldiers' Delegate Soviets, or heartfelt wish that the Russian people may secure liberty for all, through
s, however, law, and establish the sovereignty of the
entire people, without distinction
1096
THE CHRONICLE
of race, nation or creed, excluding none, proscribing none, and giving to
all equal rights of citizenship.
James Gibbons, Cardinal.
Frank Mason North, D.D., President Federal Council, Churches of
Christ in America.
Theodore N. Vail, Chairman League for National Unity.
Samuel Gompers, President American Federation of Labor.
Charles S. Barrett, President Farmers' Educational & Co-Operative Union
of America.
George Pope, President National Association of Manufacturers.
V. Event Macy, President, The National Civic Federation.
Alfred E. Marling, Chairman International Committee of Y. M. C. A.'s.
P. H. Callahan, Chairman Committee on War Activities, Knights of
Columbus.
George Marton Pepper, Chairman National Committee of Patriotic and
Defense Societies.
Walter George Smith, President American Bar Association.
Carrie Chapman Catt, President National American Woman's Suffrage
Association.
Warren S. Stone, Grand Chief International Brotherhood of Locomotive
Engineers.
Frank Morrison, Secretary American Federation of Labor.
Mary C. C. Bradford, President National Education Association.
Mrs. Philip North Moore, President National Council of Women.
Mrs. James Wadsworth, Jr., President National Association Opposed to
Wornn Suffrage.
Cyrus Adler, Acting President Jewish Theological Seminary of America.
Rabbi Stephen S. Wise, Free Synagogue.
Charles H. Mayo, M.D., President American Medical Association.
William Jay Schieffelin, Executive Committee, Friends of Russian Freedom.
Henry Morgenthau, former United States Ambassador to Turkey.
Otto H. Kahn, Treasurer League for National Unity.
James M. Beck, lawyer and publicist.
Talcott Williams, Director School of Journalism, Columbia University.
William English Walling, economist and author.
Ralph M. Easley, Chairman Executive Council, the National Civic Federation.
John H. Finley. Now York State Commissioner of Education.
THE WEEK'S DEVELOPMENTS IN RUSSIA.
The All-Russian Congress of Soviets, called to pass on the
German peace treaty, postponed its formal opening from
March 12, the date originally set, to Thursday the 14th inst.,
but on that day accepted the German peace terms by the
overwhelming vote of 453 to 30. President Wilson took advantage of the opportunity afforded by the assembling of
the Congress to send to the Russian people a message of
sympathy and encouragement. We give the message in
full elsewhere. Though Russia yields to-day, it is apparently with the full intention of renewing the struggle when she
has had time to consolidate the revolution and reorganize
her forces. Even Lenine, who has been most insistent on
making peace with Germany, is seemingly committed to
this idea. Speaking before the Bolshevik party convention
at Petrograd on March 7, he is reported to have said that the
Russian revolution had to collide with German Imperialism.
It was useless, he said, to flourish a cardboard sword before
Hindenburg, and without a respite Russia could not provide
a new army. He would therefore sign any treaty which
would enable them to prepare for a new struggle, and as a
preliminary, the reorganization of the railroads and of
food supplies, would be essential.. A provisional peace now
would facilitate the evacuation of Petrograd and save war
material indispensable to the future struggle.
Leon Trotzky, it was announced on the 11th, had been
dismissed from his post as Foreign Minister in the Bolshevik Government, owing to a quarrel over the German peace
terms. Trotzky held that the peace had been extorted by
force and that no law recognized promises made under duress
as obligatory. Therefore, he is reported to have said, it
was Russia's duty to fight, if only guerrilla warfare, and the
German treaty should not be ratified. Premier Lenine, on
the other hand, held that the treaty must be ratified, and
carried out, on the theory that disastrous treaties do not
necessarily annihilate nations, as Prussia had proved several times.
Another feature of the news from Russia this week was
the occupation of Odessa by German troops, announced from
Berlin on the 13th inst. The significance of this move can as
yet only be surmised; its possibilities are boundless. On
the surface,it seems to confirm the suspicion that the Ukrainian Government, set up by force of German arms, is to be
a pliant instrument in Germany's schemes for expansion.
The peace treaty recently forced upon helpless Rumania
specifically provided that Rumania was to aid the transport
of German troops to Odessa:. This, taken in connection with
the handing over to Turkey of Russia's Caucasian provinces,
and the boastful announcement of the semi-official Wolff,
Bureau on the 8th inst. that "we have acquired a direct free
route, via Russia, to Persia and Afghanistan," would seem
to indicate that Germany has embarked upon a stupendous
campaign of conquest in the east. Odessa, besides being the
chief outlet for Central and Southern Russia, is connected by
[VOL. 106.
way of Lemberg in Galicia with the German and Austrian
railway systems. By way of the Black Sea communication
is open to Batoum, where connection is made with the TransCaucasian Railway and so with the Caspian Sea. Some 600
miles southeast of Odessa, across the Black Sea,lies the Turkish port of Trebizond, whence caravan routes lead into Persia,
and through Persia to Afghanistan and India. Besides being an important commercial city, Odessa has important
manufactures.
The fate of the Russian Black Sea fleet, whose base was
at Odessa, has not yet been announced. The Russian naval
vessels at Helsingfors, in Finland, are reported to have been
practically abandoned by their crews, only small guards being left on board.
:
There have been no further develop: ts in regard to the
proposed Japanese intervention in Si, a. Japan has evidently been awaiting the decision of the Moscow Congress of
Soviets in regard to the German peace treaty. Associated
Press dispatches from Washington yesterday (the 15th)
stated that the opinion prevailed there that Japan would
carry out her intentions in regard to Siberia if the Moscow
Congress accepted the German peace terms. The United
States has refused to approve J'apan's proposed action, but
apparently has not formally objected. The attitude of the
other Allied countries is more favorable, if one can judge
from the utterances of prominent public men. Lord Robert
Cecil has openly advocated Japanese intervention, and Foreign Secretary Arthur Balfour,speaking in the House of Commons on Thursday, on the situation in the East, expressed
perfect confidence in Japan's absolute loyalty in carrying
out any decision that might be reached, and declared that
in this question he had drawn no distinction between Japan
and the other Allies.
The advance of Gen. Semenov,leader of the anti-Bolshevik
forces in Siberia, has been checked, and he has been forced to
retreat to the Manchurian border. The Chinese authorities
warned the pursuing Bolshevik troops that any invasion of
Chinese territory would be considered an act of war. Officials of the Allies at Harbin are said to agree that the situation in Siberia is growing worse. Every plan proposed for
the amelioration of conditions meets with opposition or
apathy, they say; while 50% of the railway workmen in
Manchuria are Bolshevist in affiliation, whereas a month
ago the percentage was insignificant. Reliable observers,
according to reports received by the Associated Press correspondent, have found that there is a widespread pro-German propaganda, with speechmaking by Bolshevik orators,
among the workmen, with never a word of a pro-Ally nature. The growth of Bolshevikism is said by some of the
investigators to be due in a measure to fear of the Japanese,
with disbelief in the sincerity of American friendship as another factor. They report that statements have been heard
among the propagandists that any class of Germans was preferable to the Japanese, and the idea appears illusory to
many that the Bolsheviki will oppose German influence.
There have been no further military movements in northern Russia, but the evacuation of Petrograd continues, and
the seat of government has ben transferred to Moscow. In
Finland German troops have been landed near Abo, opposite
the Aland Islands, and at once marched inland. Reports
from Stockholm on March 10 stated that heavy fighting was
still going on between the Finnish White Guard and the Russian Red Guard. The "Afton Tidningen" of Stockholm on
March 8 reported that the Finnish Government had asked the
German Emperor to appoint Prince Oscar, the fifth son of
the Emperor, King of Finland, but there had been no confirmations of this report. A Berlin dispatch received at
Copenhagen on the 12th reported that the Courland Diet
had also offered the German Emperor the "Dukedom of
Courland."
RUMANIA SIGNS PEACE TREATY WITH RUSSIA.
The signing of a peace treaty between Russia and Rumania
was announced in a Russian wireless received at London on
March 9. Rumania promises to evacuate all of Bessarabia,
including Benderi, on the Dniester River, forty miles southeast of Kishiney, within two months. Other provisions
of the treaty are said to provide:
The evacuated places are to be occupied permanently by Russian troops.
Local authority will be invested in local self-governing bodies.
In every town militia will be formed from the inhabitants of that town
for defense of the interests of the population.
All Russian prisoners and all those arrested for political reasons will be
rleeased.
•
MAR. 16 1918.]
THE CHRONICLE
An international commission, with two Russian and two Rumanian
representatives, will be created to take up points of conflict between the
countries.
Rumania will have the right to leave detachments in Bessarabia for the
defense of Rumanian property and inhabitants residing there.
Relations between Rumania and Russia became strained
shortly after the Bolsheviki came into power, and on Jan. 28
diplomatic relations were broken. The defection of Russia
from the war left Rumania isolated and eventually forced
her into a disastrous peace with the Central Powers. Meanwhile Rumanian troops invaded Bessarabia, inhabited
largely by people of Rumanian stock, under the plea that
they had been called on to protect their fellow countrymen
and suppress disorder. There has been some heavy fighting
between Russian and Rumanian troops, and at one time the
Bolshevik authorities issued an order to arrest King Ferdinand of Rumania. The preliminary treaty between Rumania and the Central Powers recently signed provides
that Rumania shall "support with all its strength" the transport of German troops through Rumania to Odessa.
According to diplomatic documents printed in Russian
papers, Austria and Germany as early as August 3 1914,
demanded that Rumania should declare war on Russia,
guaranteeing her against attack by Bulgaria and offering her
Bessarabia and the Timok Valley. Learning of this, Sergius
Sazonoff (then Russian Foreign Minister) suggested that
Rumania should observe a benevolent neutrality, and in
return offerecl her those portions of Austro-German territory with Rumanian populations which she could occupy
when she thought fit.
1097
At a convention in this city on Mar. 3, the Jewish Socialist
Federation adopted a memorandum addressed to "the
Socialists of America," condemning in unmeasured terms
the attitude of the Socialist Party toward the war and calling
for loyal support of President Wilson's war policies. On
Feb. 27 the People's Council, a radical pacifist organization,
of which Scott Nearing, one of the most active leaders of
anti-war propaganda, is Chairman and Prof. David Starr
Jordan, a member, joined with various Socialist and Russian
organizations in sending a message to Leon Trotzky and the
other Bolshevik leaders urging them to resist the German
invasion. On March 11 the United Hebrew Trades, a
trade union organization of about 300,000 members, largely
Socialists, voted to change their former attitude and to
favor a vigorous prosecution of the war. They have also
volunteered to aid in the next Liberty Loan campaign.
INCOME TAX AND STOCK EXCHANGE SEATS.
A decision of the Treasury Department relative to the
taxability under the Income Tax Law of Stock Exchange
memberships was made public by William H. Edwards,
Collector of Internal Revenue for the Second District of
New York, on the 14th inst. as follows:
1. A taxpayer doing a strict commission business without invested
capital, either owned or borrowed, is taxable at the 8% rate under Section
209. But if he buys and sells in his own right in addition, or uses a substantial amount of invested capital in his business, he will be taxable at
the graduated rates prescribed in Section 201.
2. A taxpayer doing business with invested capital may inculde the cost
of a seat on a stock or other Exchange among other admissible assets in
determining the invested capital, but a broker owning a seat on an exchange
and employing no invested capital in his business will not, merely because
of his ownership of such seat, be subject to the graduated rates prescribed
In Section 201. Such a taxpayer will be subject to the 8% rate prescribed
by Section 209.
3. A taxpayer engaged in business which customarily requires the use of
a substantial amount of invested capital will be taxable at the graduated
rates prescribed by Section 201, although the greater part of the capital
so employed represents borrowed money, whether secured by collateral or
not. The mere fact that most of the capital Is borrowed will not of itself
bring the business under the provisions of Section 209. But in such cases
the taxpayer may be entitled under proper showing to assessment under the
provisions of Section 210, Article 52, of Regulations No. 41.
• AMERICAN LABOR URGES RUSSIAN PEOPLE TO
RESIST GERMAN AGGRESSION.
The American Alliance of Labor and Democracy, through
Samuel Gompers, its Chairman, on Mar. 1 sent a message
to the Russian people urging them to resist the German
invasion and pledging the fullest support of the American
people for the defense of Russian land and liberty. The
proposed message was submitted by telegraph to the members
On March 2 Collector Edwards made the following stateof the executive committee of the Alliance and received their ment respecting the tax as applied to Stock Exchange seats:
unanimous endorsement. It was forwarded to Petrograd,
I have been requested many times to answer the question as to whether
and from there will be distributed as widely as possible in or not a seat on the Stock Exchange is invested capital. This has been
Russia. The message warned the Russian people that the answered to the extent that the taxpayer has been advised that the Govrecognizes anything as invested capital which has money invested
object of the German autocracy was the destruction of ernmentthe income from which is subject to the excess profits tax. This
therein,
and declared that the American people would Is a general rule which is being followed by the Government, but is subject
their country,
details of which are not important at this time.
back them to the limit, in an effort to throw off the threat- to certain exceptions, thedefinitely answered to the extent of saying that a
This question has been
German yoke. The message read as follows:
ened
taxpayer doing business with invested capital may include the cost of a seat
Prussian militarism and brutality menace free Russia now as never before. on a stock or other exchange among other admissible assets in determining
Just as it would despoil all free countries, so now the German military the invested capital of such taxpayer, but a broker who owns a seat on an
machine is sweeping on, despoiling vast sweeps of Russian territory. The exchange and at the same time employs no other capital in his business
clear object of Germany is the destruction of Russian freedom and the will not merely because of his ownership of such seat, be subject to the
annexation of a great area of Russian territory.
graduated rates of taxation prescribed by the law, but such taxpayer will
German autocracy is the great, unscrupulous enemy of all free peoples. be subject to the 8% rate prescribed by Section 209, which is the taxpayer
Democracy cannot live anywhere unless this autocracy is crushed. Demo- receiving income from a business in which there is nominal or no capital
invested.
cracy everywhere must sweep back the German tyrants in defeat.
Should a taxpayer who owns a seat on the Stock Exchange operate or do
The American people understand the German plan. They have pledged
they possess to defeat it for freedom's sake. With all other business on behalf of his clients or third persons, receiving therefrom a
everything
free people they have been shocked, but not surprised, at the duplicity of salary, commissions or brokerage, having no money invested in such operaGermany in its dealings with Russia. Now that the German mask is off tions other than his seat on the Exchange, he will not be permitted or reentirely and the German armies are maching over Russian soil to conquer quired to return such income as from a business in which there is invested
and hold, the free people of America send a message of encouragement capital, but should return it in his income tax return Form 1040 on Line L,
to the free Russians. We say, rally to the struggle against autocracy as his seat on the Stock Exchange in this particular instance or this particuOnly armed force can meet the German hordes. The working people of lar class of cases would not constitute capital invested, but on the other
America are with you and with all free peoples in the common struggle hand, should such taxpayer be doing business on the Exchange for himself,
for freedom and its boundless opportunities. Hold the line. Rise In all in which he is buying and selling, paying money for property purchased
your might and strike for your homes, your lives, your liberties The and selling the same in such a way that he has more than a nominal amount
democracies of the world, determined to maintain freedom, cannot be of capital tied up or invested in his business, then, and in such class of cases,
he would be permitted and required to include in his capital invested all of
beaten if they stand firmly together.
We, the working people of America, call across the world to you to pledge such money or other property or assets which he may have invested in
again our whole strength in the common struggle for humanity. Stand such transactions or operations, and also include the cost to him of his seat
with us to the end for the right of all peoples to be free. Stand with us to on the Exchange.
win this war against enslaving and debasing autocracy. We send you
On the question of "nominal" capital Collector Edwards
cheer and our pledge of high resolve and fixed purpose. Let the free
peoples of the world stand shoulder to shoulder for the defeat of militarism, in his statement of the 14th said:
It may be fairly interpreted that nominal capital is capital in very small
autocracy and the enslaving of the human race.
Adopted by Executive Council, American Alliance for Labor and Demo- proportion to the business done and capital which is not necessary for the
(Signed) SAMUEL GOMPERS, President.
conduct of the business, or capital merely for the purpose of determining
cracy.
The war
interests in the profits
The sending of the above message is said to have been the respective tax law does not state of those entitled thereto. nominal
when capital ceases to be
excess profits
facilitated by the Government's Committee on Publicity.
and when it becomes actual.
Germany's renewed aggression against Russia and undisguised aims of conquest have brought about a pronounced
revulsion of sentiment among pacifist and radical elements
in this country. Congressman Meyer London, who as the
sole Socialist in Congress voted against the declaration of
war and the voting of supply bills, on Mar. 3, in an address
in this city, made the statement that war to the end against
German autocracy was the only way to bring about permanent peace and disarmament. As to the methods of
the Bolshevik leaders, he said:
I don't agree with Trotzky and never did, and, what is more to the point,
I always have had the courage to say so. His international aims may be
sound, but he did not take into consideration the stupidity of the people,
the masses, those who will do anything if you give them time-and-a-half
and overtime.
DEDUCTION FROM INCOME TAX OF COMPENSATION
PAID EMPLOYEES IN ARMY OR NAVY.
Corporations, partnerships, or individuals paying officers
or business employees a portion or all of their salaries and
wages during the war period in which they are in the service
of the United States may deduct the amount so paid as
ordinary and necessary expenses of doing business, under the
following regulation of the Treasury Department:
TREASURY DEPARTMENT.
of Commissioner of Internal Revenue,
Washington, D. C., March 1 1918.
To Collectors of Internal Revenue and others concerned:
Many corporations, partnerships, and also individuals who are engaged
in business continue to pay all or portions of the regular compensation of
Office
1098
THE CHRONICLE
officers or employees who have for all or part of the period of tho war
joined the naval or military forces of the United States or have undertaken
services for the Government at Washington or elsewhere at reduced or
nominal compensation. The business purpose of the continuance of such
compensation, under such circumstances, is to preserve the organization
and secure the return after the war of such officers or employees. You are
advised that amounts so expended by corporations, partnerships, or
individuals engaged in business constitute during the continuance of the
war ordinary and necessary expenses of doing business, and are allowable
as deductions in computing net income for purposes of the income, warincome, and excess-profits taxes.
DANIEL C. ROPER,
Commissioner.
Approved:
W. G. McADOO,
Secretary. -
BOOK NOTICE.
INCOME TAX PROCEDURE. By Robert H. Montgomery,
of Lybrand, Ross Bros. & Montgomery, Accountant,
Attorney-at-Law. Edition of 1918. The Ronald Press
Co., 23 Vesey Street, New York. Price $4 00.
In order to bring his book down to date, Mr. Montgomery
has revised its pages, making it very comprehensive and an
authoritative guide on the subject. A supplement with the
latest Treasury rulings has also been issued in conjunction
with the present volume. We have to repeat what we said
of the 1917 edition, namely, that it is a timely and a useful
book. It is not unduly voluminous, and yet is thorough.
It evidences painstaking care and a complete understanding
of the subject. It deals with many technical questions and
yet is wholly non-techincal. In style and appearance it is
all that could be desired, the paper being good and the type
large and clear, and the cover flexible. Incidentally, it
may be said that the author out of the fulness of his knowledge presents some valuable criticisms.
[VOL. 106.
Slyke was also elected a director to take the place of Andrew
Thompson, resigned.
The Hanover Trust Co., of Boston, has been granted permission by the Board of Banking Incorporation to open a
branch office at 132 Hanover Street. The head office of the
company will be in the Journal Building at Washington and
Water Streets. The Hanover Trust has a capital of $200,000
and surplus of $93,019.
Garret Schenck has been elected a director of the International Trust Co. of Boston.
The stockholders of the National City Bank, of Cleveland,
have been asked to give their consent to the doubling, two
years hence, of the capital stock of the institution, raising it
from $1,000,000 to $2,000,000. In the first half of 1917 the
National City increased its capital from $500,000 to $1,000,000. The bank now has depsoits of $7,740,795 and surplus
and undivided profits of $669,377. It is understood that if
the new stock is issued it will be offered to the stockholders.
Charles A. Paine is President of the National City.
Charles H. Adams, has been elected Assistant Treasurer
of the Union Trust Company of Detroit. For the past
two years Mr. Adams has been related to the outside investment business of the company. Prior to that he was
for nine years connected with the State Banking Department as Bank Examiner.
A special meeting of the stockholders of the German
Savings Institution of St. Louis, will be hold on March 18 to
vote on the question of changing the name to the Liberty
Bank of St. Louis.
•
BANKING AND LEGISLATIVE NEWS.
The stockholders of the German-American Bank, of St.
Eighteen shares of bank stock were sold at the Stock
Louis, at a special meeting to be held March 18, will vote
Exchange this week. No sales of either bank or trust
on the proposition to change the name of the institution to
company stocks were made at auction.
the St. Louis American Bank.
Shares. BANK—New York.
Low. High. Close. Last previous sale.
18 Commerce, Nat. Bank of_ ___ 170
170
170
Mar. 1918—
168
The Continental Trust Co., of Atlanta, has leased for a
period of years the banking room occupied by the Federal
Reserve Bank in the Hurt Bldg., and on Aug. 1, when the
lease of the present occupant expires, will move into its
new quarters. The quarters which the Continental Trust
Co. has arranged to occupy were fitted especially for that
concern several years ago when, in response to a popular
demand, the trust company surrendered its lease in order
to permit the Federal Reserve Bank to take up quarters
there. The Continental Trust Co. was organized in May
1913, with a capital of $500,000 and a surplus of $125,000.
Since that time it has paid dividends each year and has increased its surplus to $212,000. It is understood that the
At a meeting of the board of the Sherman National Bank company in addition to acting as fiduciary agent for estates
of this city held on March 8, W. A. Radford was appointed municipalities, counties and corporations, will also engage
a Vice-President and William E. Dobbin Assistant Cashier in banking.
of the institution.
Announcement was made on Feb. 23 of the consolidation
of the Fourth National Bank, of Macon, Ga., and the
The plans to increase the capital of the American Foreign
Continental Bank & Trust Co. of that city, under the name
Banking Corporation from $2,500,000 to $3,200,000 were
ratified at a meeting of the stockholders yesterday (Mar. 15). of the former institution. The merger, which makes the
Fourth National one of the largest banks in the State, was
The surplus will be increased from $900,000 to $1,152,000.
effected on the basis of a premium of $10 per share (over
This action was taken as the result of the entry into the corbook value) being paid by the Fourth National Bank for the
poration of sixteen additional banks, bringing the total numcontrolling interest in theiContinental Bank & Trust Co.
ber of stockholding banks up to twenty-nine.
Before the union the Fourth National had a capital of
$300,000, while that of the Continental Bank & Trust Co.
A consolidation of the People's National Bank and the was $250,000. In October
1916 the Fourth National purAlliance Trust & Guaranty Co. of Hackensack, N. J., chased the Citizens National
Bank of Macon. The enlarged
under the title of the People's Trust & Guaranty Co. of bank will continue to occupy
the Fourth National Bank
Hackensack, took place on March 15, the merger having buildings at Cherry and Third
Streets. R. J. Taylor, Presibeen ratified by the stockholders of both institutions on dent of the Continental Bank &
Trust Co., has been elected
March 11. Under the merger plan the People's National a director of the Fourth National.
Mr. Taylor, after forty
Bank is placed in voluntary liquidation and the capital of years of active business life, will,
however, retire from adthe Alliance Trust & Guaranty Co. is increased from $100,- ministrative duties. W.
R. Rogers. a Vice-President of the
000 to $500,000. The People's National had a capital of Continental Bank & Trust,
has been elected a Vice-President
$150,000. Courtlandt Linkroum was President of both of the Fourth National,
and R. J. Taylor Jr., a son of the
institutions. Both institutions were members of the Fed- retiring President and himself
Cashier of the merged Contieral Reserve System.
nental Bank & Trust, has been appointed Assistant Cashier
of the enlarged bank. J. B.Riley, N.M.Block, A. W.Smith
William T. Van Atten, hitherto head of the Credit De- and B. P. O'Neal,
directors of the Continental Bank &
partment of the New York State National Bank at Albany, Trust Co., have been
addedlto the directorate of the Fourth
was on March 7 elected Assistant Cashier of the institution. National. The Fourth
National Bank has an earned surplus
Geroge A. White, Cashier, and for the past twenty-five of $400,000 and
deposits of $13,000,000, including the
years connected with the bank, was made a director to suc- deposits after taking
over the Continental Bank & Trust Co.
ceed William T. Mayer, deceased, and George W. Van
With a view to enlarging its quarters the Chemical National Bank, of this city, on March 13 took -title to the
building at 84-86 Chambers Street. The property, a fivestory structure, adjoins the building occupied by the Chemical National. With the expiration of the present leases on
May 1 the bank will take over the newly acquired property,
making extensive improvements in it and connecting it
with its present banking rooms. It is stated that the
property to which title has just been taken had been purchased for the bank by the City Real Estate Co. from the
estate of Mathilda W. Bruce in 1910.
a
MAR. 161918.1
THE CHRONICLE
The forty-third annual report of the Standard Bank of
Canada (head office Toronto) for the fiscal year ending
Jan. 31 1918, presented at the annual meeting on Feb. 27
by C. H. Easson, General Manager, shows net earnings for
the year (after providing for management expenses, interest, &c.) of $649,546 44, against $580,230 the previous
year. This sum, together with the balance of last year
($153,593) and $120,047 for premiums on new stock issued,
made the total sum available $923,187. Out of this sum
dividends amounting to $442,782 (13% per annum) were
paid; $20,000 was donated to Officers' Pension Fund; $31,250 to patriotic funds; $33,891 was appropriated for war
tax on bank note circulation; $120,047 was transferred to Reserve Fund from premium on new stock and $100,000 reserved for estimated depreciation in securities, leaving a
balance to be carried forward of $175,215. The report
shows total assets for the year of $73,990,907. Savings
deposits (including interest accrued to date) amounted to
$40,301,688, which is an increase of over $5,000,000 for the
year. Two branches and two sub-branches of the bank
were opened during the year and one branch and one subbranch closed. W. F. Cowan is President of the Standard
Bank of Canada, W. Francis, K. C., Vice-President, and
C. H. Easson, General Manager. Mr. Easson, formerly
of the Bank of Nova Scotia, succeeded George P. Scholfield as General Manager on the death of the latter in March
1917.
1099
GOLD.
The Bank of England gold reserve against its note issue- shows an increase of £347,785, as compared with last week's return. A comparison
of the metallic reserves held about five months ago by the Indian Treasury
against the note circulation with those in the latest return present special
interest in view of the desire expressed in Indian circles during recent years
for a substantial stock of gold to be retained in India as a part of the reserve against notes. The figures appended below (in lacs of rupees) reveal
that such a stock has accumulated rapidly during this comparatively short
period. The gold held in India on the 7th inst was more than double
that held there on Aug. 31 last—that is to say. £18,370,000. as against
£8,080,000. Further, the size of the total gold holdings (within and outside India) and that of the silver holding have practically exchanged places.
Note Circulation.
Silver.
Gold.
10,515
Within 1,212
August 31 1917
' 2.900
Outside 255
February 7 1918
10,484
•
1,467
Within 2,755
Outside 105
1,476
2,860
The amount of silver in the reserve has been reduced to a lower figure
than any recorded since May 7 last (then lowest record since Nov. 18 1913,
when, by the way, the note issue was only 6,475 lacs), whilst the amount
of gold reserve is higher than any registered since May 18 1914.
SILVER.
The tone of the market has continued to be easy. The price shed %d.
on the 9th and also on the 13th inst. The price of silver in New York has
been also retrograde. Owing to the Chinese New Year festivities, which
commenced on the 11th inst., there is an absence of news from that quarter.
(In Lacs of Rupees.)
Feb. 7.
Jan. 22.
Jan. 31.
Notes in circulation
1.04,84
1,04,11
1,04,82
Reserve in silver coin and bullion
14,75
15,10
14,86
Gold coin and bullion in India
27.55
27,20
26,73
Gold out of India
The stock in Bombay on Feb. 8 consisted of 3,200 bars, as compared
with 3,400 bars on Jan. 15. The stock in Shanghai on Feb. 9 consisted
of about 28,900,000 ounces in sycee and $13,000,000, as compared with
about 28,200,000 ounces in sycee and $12,900,000 on the 2d inst.
427 d. cash' Feb. 14
4
423if d. cash
Feb. 9
42,d." Feb. 15
Feb. 11
423.4d. "
42.8125d."
Feb. 12
427 d. " Average
%
425.1d. " Batik rate
Feb. 13
53
No quotation fixed for forward delivery.
Announcement that the Royal Bank of Canada (head
office, Montreal) had completed arrangements for the
purchase of the Northern Crown Bank, with head offices
at Winnipeg was made yesterday. The price is said to be
about $200 a share. Payment will be made partly in stock
We have also received this week the circular written under
of the Royal Bank and in cash. The Royal Bank has a date of February 21 1918:
capital of $25,000,000 of which $12,911,700 is subscribed
GOLD.
The Bank of England gold reserve against its note issue shows a decrease
and paid up, a reserve of $13,417,700 and undivided profits
of £394,855, as compared with last week's return.
of $852,346. The capitalization of the Northern Crown
The territory of Chosen, now being developed by Japan, is considered
Bank authorized is $6,000,000, with $1,431,200 subscribed to be very rich in various minerals. The value of the gold mined and
and $1,429,447 paid up. The par value of the shares is exported each year has risen from Yens 9.416,235 in 1912 to Yens 15,983,986
70%.
an advance indicates
$100. The shares paid dividends at the rate of 5%. The In 1916—a total increase of hitherto So substantial country may become
that the production from this
little exploited
reserve fund is $715,600. The Northern Crown Bank has eventually a considerable factor in the world's gold production.
demand deposits of $9,099,663 and notice deposits of $11,SILVER.
The market has continued dull and a slight further fall has taken place
017,484. Its assets are $27,251,000. The Royal Bank
in the price.
has deposits of approximately $240,000,000.
The Shanghai exchange is disposed to be steady.
L. H. Seale, formerly of the Montreal branch of the
Dominion Bank, has been made head of the foreign exchange
department of W. R. Grace & Co.'s bank in New York.
Mr. Seale resigned the assistant managership of the Montreal
branch of the Dominion Bank to take up the New York
post, being succeeded by C. S. Howard, formerly of the head
office of the Dominion Bank, Toronto.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
February 7, 1918:
4
GOLD.
The Bank of England gold reserve against its note issue shows a trifling
decrease of £7,035 as compared with last week's return.
The total gold output from the territory now covered by the Union of
South Africa, from 1868 to the end of 1916, is returned officially as E512,962,764. The Transvaal output for 1917 was £38,323,921. Hence the
amount produced in the present Union territory up to the end of 1917
may be taken as abour £553,300.000.
SILVER.
The tone of the market has been again heavy, though the price remained
at 434d. until yesterday, when a fall of hd. was recorded.
A fair amount of supplies has been obtainable,and each day demand has
been forthcoming sufficient to absorb what was offered without difficulty.
Local speculation continues to influence the China exchange, and rates
have hardened in consequence.
The Indian Currency returns given below show an increase (the first
since October 31st last) in the holding of silver.
(In lacs of rupees)—
Jan. 15. Jan. 22. Jan. 31.
Notes in circulation
1,05,52 1,04,11 1,04,82
Reserve in silver coin and bullion
16,26
14,86
15,10
Gold coin and bullion in India
26,73
26,73
27,20
Gold out of India
1,05
1,04
1,04
The subsidiary coinage minted by the United States of America during
the fiscal year ending June 30th 1917 amounted to $18,263,600, of which
$8,627.860 was recoined from old pieces, leaving $9,635,740 to provide
which rather under 7.000,000 fine ounces were required.
The stock in Bombay consisted of 3,400 bars on the 15th of January
last, since when no fresh news has been received.
The stock in Shanghai on the 2d inst. consisted of about 28,200,000
ounces in sycee and $12,900,000 as copared with 27,700,000 ounces in
sycee and $13,000,000 on the 26th of January. Quotations for bar silver
per ounce standard:
Feb. 1
437%d. cash. Bank rate
5%
' 2
437%d. " Bar gold per oz. standard_77s. 9d.
" 4
43hd. "
" 5
433.1d. "
" 6
43d.
"
•I
7
43d
"
Average
43.166
No quotation fixed for forward delivery.
The quotation to-day for cash delivery is qd. below that fixed a week ago.
Information has been received from Washington that the United States
will furnish Mexico with £1,000,000 gold before April, and that, as a set-off.
Mexico will remove the restrictions that it has imposed upon the export
of silver. In this case supplies are likely to become more plentiful as the
year advances.
The Indian currency returns, given below, show a further decrease in
the holding of silver. The total is the lowest since Nov. 11 1913. It is
stated officially that not more than 5% of the total note issue on Feb. 15
was represented by notes below the denomination of five rupees.
(In lacs of rupees)—
Jan.31.
Feb. 7.
Ifeb. 15.
Notes in circulation
1,03,91
1,04,82
1,04,84
Reserve in silver coin and bullion
13.46
14.76
15,10
Gold coin and bullion in India
27,20
27,55
28.31
Gold out of India
The stock in Bombay on Feb. 8 consisted of 3.200 bars. No fresh news
has come to hand.
The stock in Shanghai on Feb. 16 consisted of about 28,900.000 ounces
in sycee and 13,000,000 dollars, the same as was reported to be held on
the 9th inst.
Quotations for bar silver per ounce standard:
Feb. ig
42%d.cash Bank rate
425 5d. " Bar gold per oz. standard._77s. .
/
425 ,d. "
/
" 18
425 ,d. "
/
" 19
42%d. "
" 20
425 ,d. "
/
" 21
42.645d.
Average
No quotation fixed for forward delivery.
The quotation to-day for cash delivery is Hid. below that fixed a week age.
2
ENGLISH FINANCIAL MARKETS—PER CABLE.
The daily closing quotations for securities, ecc., at London,
as reported by cable, have been as follows the past week:
London,
Mar.9. Mar.11.Mar.12. Mar. 13. mar.14. Mar.15.
Week ending March 15.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
Silver, per oz
43
d 427%
43
43
43
427%
Consols, 27% per cents
Holiday 537%
537%
537%
537%
537%
British, 5 per cents
"
937%
937%
937%
937%
937%
British, 47% per cents
" 1007%
1007% 1007%
1007%
1007%
French Rentes (in Paris)_ _fr.
French War Loan (in
fr.
Paris)
The price of silver in New York on the same days has been:
Silver in N. Y., per oz__cts_ 857%
86
867%
867%
867%
867%
TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.—
The United States Steel Corporation on Saturday, March 9,
issued its regular monthly statement showing unfilled orders
on the books of the subsidiary corporations as of Feb. 28
We have also received this week the circular written under last. The amount is reported as 9,288,453 tons, a decrease
date of February 14, 1918:
. of 189,400 tons as compared with the amount on hand at the
[VOL. 106.
THE CHRONICLE
1100
-The following information regarding
National Banks.
end of the previous month and of 2,288,244 tons as compared
with the unfilled tonnage at the close of business for the same national banks is from the office of the Comptroller of the
period last year. Contrasted with the maximum of unfilled Currency, Treasury Department:
APPLICATIONS FOR CHARTER.
orders which was reached April 30 last, when an aggregate
of 12,183,083 tons was attained, the current figures show a For organization of national banks:
The Farmers and Merchants National Bank of Boswell, Okla.
decrease of 2,894,630 tons. A still further shrinkage in
$25,000
Capital
25,000
The First National Bank of Spring Mills, Pa. Capital
unfilled orders may be looked for, it is thought, at the end
25,000
The Farmers National Bank of St. Marys, Kan. Capital
of the present month because of the fact that changes in , The Marshall County National Bank of Madill, Okla. Capital 50,000
The American National Bank of Eastland, Texas. Capital.-- 30,000
the price schedule will be made by the Government on
25,000
The National Bank of Perryville, Md. Capital
March 31 (the expiration of the term of the present prices),
$25,000
The Calera National Bank, Calera, Okla. Capital
25,000
The First National Bank of Haviland, Kansas. Capital
and domestic buyers are not inclined to make long-term
100,000
The Anderson National Bank of Carlinville, Ill. Capital
commitments on the eve of such changes.
50,000
The First National Bank of Picher, Okla. Capital
25,000
The First National Bank of St. Helens, Oregon. Capital
In the following we give the comparisons with the previous
For conversion of State banks:
months:
The National Bank of Mansfield, Ark (Conversion of The Bank
Tons.
Feb. 28 1918_ 9,288,453
Jan. 31 1918._ 9,477,853
Dec. 31 1917_ 9,381,713
Nov. 30 1917.... 8,897,106
Oct. 31 1917_ 9,009,675
Sept. 30 1917_ 9,833,477
Aug. 31 1917_10,407,049
July 31 1917_10,844,164
June 30 1917..11,383,287
May 31 1917_11,886,591
April 30 1917_12,183,083
Mar. 31 1917-11,711,644
Feb. 28 1917_11,576.697
Jan. 31 1917..11,474,054
Dec. 31 1916_11,547,286
Nov. 30 1916-.11,058,542
Oct. 31 1916..10,015,260
Sept. 30 1916...9,522,584
Aug. 31 1916_9,660,357
July 31 1916_9,503,592
June 30 1916-9,640,458
May 31 1916_9,937,798
April 30 1910_9,829,551
Mar. 31 1916_9,331,001
Feb, 29 1916_8,568.966
Jan. 31 1916__7,922,767
Dec. 31 1915...7,806,220
Nov. 30 1015-7,189,489
Oot. 31 1915...6,165.452
Sept. 30 1915...5,317,618
Aug. 31 1915.-4,008.455
July 31
June 30
May 31
April 30
Mar. 31
Feb. 28
Jan. 31
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31
April 30
Mar. 31
Feb. 23
Jan. 31
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
Juno 30
May 31
April 30
Mar. 31
Feb. 28
Jan. 31
Tons.
Tons.
1915_4,928,540 Dec. 31 1912...7,932,164
1915_4,678,196 Nov. 30 1912...7,852,883
1915_4,264,598 Oct. 31 1912...7,594,381
1915_4,162,241 Sept. 30 1912_6,551,507
1915-4,255,749 Aug. 31 1912...6,163,375
1915...4,345,371 July 31 1912_5,957,073
1915-4.248.571 June 30 1912...5,807,349
1914__3,836,643 May 31 1912_5,750,986
1914_3,324,592 April 30 1912_5,664,885
1914...3,461,097 Mar. 31 1912_5,304,841
1914_3,787,667 Fel). 29 1912_5,454,201
1914...4,213,331 Jan. 31 1912-5,379,721
1914...4,158,589 Dec. 31 1911__5,084,765
1914_4,032,857 Nov. 30 1911__4,141,958
1914_3,998,160 Oct. 31 1911...3,694.327
1914...4,277,068 Sept. 30 1911_3,611,315
1914_4,653,825 Aug. 31 1911...3,695,985
1914_5,026,440 July 31 1911.-3,584,088
1014...4,613,680 June 30 1911...3,361,087
1913...4,282,108 May 31 1911.-3,113,154
1913...4,396,347 April 30 1911_3,218,700
1913.-4,513,767 Mar. 31 1911_3,447,301
1913-5,003.785 Feb. 28 1911_3,400.543
1913_5,223,468 Jan. 31 1911...3,110,919
1913_5.399,356 Dec. 31 1910_2,674,750
1913...5,807,317 Nov. 30 1910-2,760,413
1913_6,324.322 Oct. 31 1910_2,871,949
1913...8,978,762 Sept. 30 1910...3,158,106
1913...7.468,956 Aug. 31 1910.-3,537,128
1913_7,656,714 July 31 1910-.3.970,031
1913-7,827,368
-The shipments
ANTHRACITE COAL SHIPMENTS.
of anthracite coal in February, as reported to the Anthracite
Bureau of Information at Philadelphia, Pa., aggregated
5,812,082 tons against 5,178,432 tons for the corresponding
month last year, an increase of 633,650 tons. The current
shipments also show an increase of 174,699 tons over those
of last month. Due to the fact that the supply of labor is
15% below normal, the February total could never have
been attained, says the Bureau, had it not been for the fullest
co-operation of the mine workers. The shipments for the
first eleven months of the coal year (which began April 1
1917) amounted to 70,475,538 tons, an increase of 9,688,024
tons over the total for the same poriod in 1916-17.
The shipments by the various carriers in February 1918
and 1917 and for the respective coal years to March 1 were
as follows:
February
-11 Mos. to Mar.1Road1916-17.
1917.
1917-18.
1918.
Philadelphia & Reading
tons_1,107,982 966,725 13,459,445 11,541,178
Lehigh Valley
1,042,784 903,701 12,865,850 10,934,270
7,598,756 6,485,736
Jersey Central
638,557 536,023
Delaware Lackawanna & Western__ _ 997,550 901,098 11,372,936 9,776,614
Delaware & Hudson
7,892,860 6,518,233
600,799 482,638
459,271 428,230
Pennsylvania
5,123,695 5,001,516
7,975,611 6,930,053
614,210 637,325
Erie
New York Ontario & Western
1,865,556 1,739,542
177,047 143,711
Lehigh dig New England
*173,882 *172,978 *2,320,829 *1,860,372
Total
5,812,032 5,178,432 70,475,538 60,787,514
*After deducting (to avoid duplication) tonnage delivered to the Central RR. of
New Jersey by the Lehigh & New England RR. and included as part of the tonnage
of the latter. This amounted to 112,265 tons in Feb. 1918 as against 52,966 tons
in Feb. 1917 and to 1,349,732 tons for the first 11 mos. of the 1917-18 coal year as
against 674,807 tons for the same period In the preceding year.
Commercial avalltliscellaneonsBeIXTS
FOREIGN TRADE OF NEW YORK-MONTHLY
-In addition to the other tables given in
STATEMENT.
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our
New York Custom House.
Merchandise Movement at New York.
Month.
Imports.
1917-18. I 1916-17.
Customs Receipts
at New York.
Exports.
1917-18.
1916-17.
1917-18.
1916-17.
s
$
5
I
$
95,713,1231 95,614,439 210,181,903243,808,629 11,100,794 11,314,256
July
August
122,231,660 107,920,942 178,614,369273,627,773 10,584,750 12,392,700
September 99,805,185 80,486,311 24,2,132,080265,387,737 9,469,365 11,579,296
October _ _ 91,319,486 85,883,225 219,908,712238,474,910 0,548,029 13,487,160
November 89,530,607, 87,639,487 270,128,789230,620,136 8,733,214 12,878,595
December 91,511,471 102,935,533 209,467,362 228,173,541 7,142,265 12,166,341
January .. _ 88,164,970128,344,239 248,203,724303,906,525 7,488,551 13,494,318
50,000
of Mansfield). Capital
The First National Bank, Montgomery, Minn. Conversion of
25,000
the First State Bank of Montgomery. Capital
The First National Bank of Jordan, Minn. Conversion of the
25,000
State Bank of Jordan. Capital
CHARTERS ISSUED.
Original organizations:
$25,000
The First National Bank of Vero, Fla. Capital
25,000
The First National Bank of Quapaw, Olcia. Capital
25,000
The Farmers National Bank of Follett, Texas. Capital
100,000
The Tuscon National Bank, Tuscon, Arizona. Capital
Conversion of State banks:
Tho First National Bank of Manning, S. C. (Conversion of
25,000
The Peoples Bank of Manning). Capital
$200,000
Total
INCREASES OF CAPITAL APPROVED.
The First National Bank of Holland, Texas. Capital increased
$25,000
from $25,000 to $50,000. Amount
The First National Bank of Visalia, Cal. Capital increased from
50,000
$150,000 to $200.000. Amount
The First National Bank of Stronghurst, Ill. Capital increased
15,000
from $35.000 to $50,000. Amount
The First National Bank of Morganton, N.0. Capital increased
20,000
from $35.000 to $55,000. Amount
The Bartlesville National Bank, Bartlesville, Okla. Capital in50,000
creased from 8150.000 to $200,000. Capital
The Culpeper National Bank, Culpeper, Va. Capital increased
from $50,000 to $100,000. Amount
The First National Bank of Honaker, Va. Capital increased from
10,000
$25,000 to $35,000. Amount
The First National Bank of Southern Maryland of Upper Marlboro, Md. Capital increased from $25,000 to $50,000. Amount 25.000
The First National Bank of Hugo, Oklahoma. Capital increased
25,000
from $50,000 to $75,000. Amount
The First National Bank of Santa Paula, California. Capital in75,000
creased from $75,000 to $150,000. Amount
The First National Bank of Woonsocket, South Dakota. Capital
15,000
• increased from $35,000 to $50,000. Amount
The First National Bank of Dalton, Georgia. Capital increased
50,000
from $5(),000 to $100,000. Amount
60,000
$410,000
CHARTERS EXTENDED.
The Northampton National Bank of Easton. Pa. Charter extended until
close of business March 7 1938.
CHARTERS RE-EXTENDED.
The National Bank of Smyrna, Delaware. Charter re-extended until close
of business Mar. 13 1938.
LIQUIDATIONS.
$300,000
The First National Bank of Bradford, Pa. Capital
Liquidating Agent: E. E. Lindemuth, Bradford. To be taken
over by a State bank.
$150,000
The Peoples National Bank of Hackensack, N. J. Capital
Liquidating agent: Courtlandt Linkroum, Hackensack. Consolidated with the Alliance Trust ,Sc Guaranty Company of
Hackensack.
Total
-The clearings for the week
Canadian Bank Clearings.
ending Mar. 7 at Canadian cities, in comparison with the
same week in 1917, show an increase in the aggregate of
10.9%.
Week ending March 7.
Clearings at1918.
Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Prince Albert
Total Canada
Total
$
74,798,454
61,917,233
44,845,382
9,039,130
6,503,530
4,591,871
3,790,261
4,874,536
2,506,586
2,722,451
6,738,214
1,758,260
3,483,857
2,923,597
445.000
710,571
1,607,642
1,170,367
1,198,145
791,959
400,087
454,328
- 747,191
889,472
620,547
249,239
0/11 KOO A71
1917.
Inc. or
Dec.
1910. ,
1915.
$
s
$
%
78,530,499 ---4.8 58,180,283 48,026,738
53,220,675 4-16.3 42,092,332 27,927,679
37,761,116 4-18.8 30,013,242 24,216;611
6,536,700 4-38.8 6,323,223 4,453,871
5,287,511 4-23.0 4,190,949 4,705,939
3,987,382 4-15.2 3,077,635 2,586,873
2,336,603 4-62.2 1,927,273 1,708,511
4,200,151 4-16.0 2,895,242 2,246,348
4-7.9 1,575,824 1,506,732
2,322,222
1,524,527
2,391,379 4-13.8 1,888,051
5,328,402 4-26.5 2,297,690 3,521,279
1,520,104 4-18.3 1,926,601. 1,437,884
2,469,402 4-41.1 2,155,216 2,082,703
1,643,832 1,225,655
2,654,423 4-10.1
384,468
470,873
403,704 4-10.2
610,811 4-16.4
399,274
282,538
974,202
761,736
1,459,519 4-10.1
575,616
327,452
837,410 4-40.0
842,263
944,619 4-26.9
714,479
418,355
502,839 4-57.5
400,418
204,877
258,089
267,867 4-45.6
436,115 +4.2
335,007
194,777
474,417
4-5.7
707,247
375,935
387,511
673,117 4-32.1
651,214 ---4.7
1
Not include d in tot al.
510 AKA 011
_Linn lAR 0.1 Si? 1.2A 571 Old
78,276,502688,824,176 157863693%1783999251 64,156,968 87,312,664
Imports and exports of gold and silver for the 7 months:
Gold Movement at New York.
Month.
.
$505,000
Total
Imports.
1917-18.
Exports.
1916-17. I 1917-18.
1916-17.
Silver-New York.
Imports.
Exports.
1917-18.
1017-18.
July
August
September
October
November
December
January
I
$
$
$
904,838 17,881,388 10,179,282 8.096,9071
1,245,038 1,432,146 12,337,552 5,759,159
980,609 11,773,504 11,331,810 2,651,454
1,225,028 1,514,663 7,484,497 1,311,114
1,090,730 1,197,787 3,422,712 11,244,658
008,575 1,258,973 1,187,606 18,318,717
657,940 10,494,074
1,070,279 1,930,781
813,489
1,734,701
925,958
886,834
1,677,189
910,205
1,409,524
Total .._
7,425,097 36,989,242! 55,601,319 57,876,083
8,357,900 10,316,565
$
1,240,641
1,544,314
1,200,091
1,278,577
1,195,181
1,110,789
2,746,717
-Among other securities, the following
Auction Sales.
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Per cent.
Per cent. Shares. Stocks.
Shares. Stocks.
500 New Utah-Bingham Mg.last
215 Maryland State Fair, Inc....230
asst. 5c. per share unpaid_ 18100
50 Westchester Racing Assn__ _ - 30
lot
75 Federal Co., Inc., pt., $1 ea_
973'!
250 Lawyers Title & Trust
75 Wilkes-Barre Realty
$50 lot
100 Derwent Realty Corp .810,500 lot
20 United Gas & Elec. Corp.
725
10 Central Trust
41
(Conn.), 1st pref
24 Hartford Steam Boiler Inspection dr Insurance
37534
Per cent.
Bonds.
169
6 Metropolitan Bank
$35,000 Tennessee Ry. 1st 50,1
200 Colum.-Knicker. Trust beneSept. 1911 coup. on. Ctfs. of I
8
ficial certificates
159,000
deposit
.....-3205 lot
1,000 Mogul Mining
lot
$15,000 New River Coal & Coke]
150 New Utah-Bingham Mg. last
Co. note,,dated 1910
asst. Sc. per share unpaid_.$15 lot
By Messrs. R. L. Day & Co., Boston:
$ per oh.
Shares. Stocks.
$ per sit. .S'llares. Stocks.
3 National Shawmut Bank
188
1 Chicopee Nat. Bank, Springt_ _175
2 Arington Mills
112
5 Bigelow Hartford Carpet, pref_ 8414
1 Bigelow-Hutt Carpet, coin_ 65
112
.
1 York Manufacturing
16%
5 Naumkeag Steam Cotton full
25 Gray & Davis, Inc., corn
paid receipts
90
153
5 American Felt, pref
1 Concord & Mont. class 1
75
6 Nantasket Beach Steamboat
full paid receipts
11414
8 Fitchburg Gas & Elec. Lt., $50
each
8 American Glue, prof_ _ _ _139% 14034
754-76
_145 14514
12 Cambridge Gas Light
14614 42 Cambridge Gas Light
3 Great Northern Paper rights
43
27 Merrimack Chem.,$50 ea_8714 8784
50 Turners Falls P.& El. rights_11 8-114
/
3 Lowell Elec. Light
15584
439 Sullivan Machinery rig1sts_2%-211-.l6 47 Sullivan Machinery rights
38's
130
1 Walter Baker & Co., Ltd
14 Eastern SS. Lines, Inc., pref._ 12
Passutnp. R. RR., pf- 76
6 American Felt, preferred
2 Conn.&
70
Per Cent
&Waltham Watch, preferred_ _ _. 74
Bonds.
75
50 Naumkeag Steam Cotton full
$100 Boston City Club Is, 1923
paid receipts
155
100 Boston City Club Is, 1924_ _ 76
By Messrs. Millett, Roe & Hagen, Boston:
Shares. Stocks.
$ per sh.
8 per sit. Shares. Stocks.
2 Continental Mills
10 Gray & Davis, Inc., pref
85
7634
100 U. S. Worsted, common
8234
334 10 Boston Wharf
1 Arlington Mills
9634
6 Hood Rubber, pref
113
31 Boston Co-Operative Bldg., 525
126
1 Hood Rubber, common
each
7434
4 Waltham Watch, pref
15
Pow.& El. rights 1%
17 Boston Wharf
8234-8234 138 Turners Falls
65 Turners Falls P.& El. rts_ _1.40-1.41 10 Great Northern Paper rights
43
3 Puget Sd. Tr., L. dc P., corn_ _. 10
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh.
51 Delaware RR.,$25 each
40
3 Phila. isurirse, prof.,$25 each
1834
4 Phila. Bourse, corn., $50 each. 634
37 Amer. Pipe & Construction_ _ _ 2
2 Philadelphia National Bank__ _460
20 Tradesmen's National Bank_ _ _250
10 Burlington S. D. dc Trust
25031
2 Coinmonw'th T. I. & Tr_ _245-245%
50 Finance Co. of Pa.,'20 pref._ _105
140
4 Guarantee Trust & S. D
$0 Real Estate Trust, pref__ A00-10034
12534
12 Wayne Title & Trust
11 Phila. Warehousing & C.S
8234
25 Pa. C.S.& Market,$50 each... 17
3 Fire Associates of Philadelphia..30334
10 Lumbermen's Insur., $25 each_100
115 Phila. Newt.& N. Y.RR_ __ _$70 lot
2 German Theatre Realty 510ea. 334
52 United Gas & Elec., let pref 42-43
10 United Gas & Elec., 2d pref__ _ 7
4
4 United Gas & Elec., common
7 James Lees dc Sons, Bridgeport,
105
Pa
8 West Philadelphia PAM Ry_ _ _168
500 Amer. Prod. Co.of Pa.,$5 ea _S15 lot
25 Boone Co. Coal Corp.(W. Va.) 20
100 Nevada Hills Mg.(S. D.),$5 ea. 18c.
37 Kentucky Pub. Serv., com--- 234
25 Tabard Inn Book, pt., $10 ea_ k$1 lot
30 Tabard Inn Book,corn.,810ea.f
S per sh.
Shares. Stocks.
41 Continental Equit. Tr.,$50 ea. 87
41139 rights to subscribe to Camden
Fire Ins. Assn. at $5, Par.-- 334
1 Bank of North America
24434
5 Broad Street Bank, $50 each
60
1 Corn Exchange Nat. Bank__ _ A00
Republic Trust, S50 each
25
6234
9 Phil. Life Ins., $10 each
10%
10 Camden&Burl.Co.Ity..$25ea.. 30
100 LyltensVall.RP..&Coal,S20ea. 14
17 H. K. Mulford, $50 each
60
25 United Gas & El. Corp., 1st pf.. 41
97 German Theatre Realty. SIO ea. 3
4 Phila. Bourse, corn., $50 each.. 53%
84
1 'rings Trust
15 Guarantee Trust
140
Bonds.
Per cent.
$3,000 Phila. City 3s, 1923
9234
1,000 Sun. Bar. & W.
-B. fly. 2d
6s, 1918
103
5500 Montgomery Transit 1st & ref.
Is, 1946
15
872.000 Suburban Gas & Fuel,)
York Co., lot 5s, 1940
1510,000
4 ohs. Sub. Gas & Fuel,)
lot
Co., $50 each
moon ohs. Sunshine Cop.,s5 ea.)
$8,500 Montgomery Transit lot &
ref. 5s, 1915
51,050 lot
$500 Berwyn Water 1st (3s, 1920._ 94
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations.
Dividends announced this week are printed in italics.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Beech Creek (guar.)
50c. Apr. 1 Holders of rec. Mar. 207
Boston & Albany (guar.)
2
Mar. 30 Holders of roe. Feb. 23s
Boston & Providence (guar.)
234 April 1 Holders of rec. Mar. 20a
Revere Bosch & Lynn (guar.)
Boston
134 April 1 Holders of rec. Mar. 15a
Buffalo & Susquehanna, common (guar). 134 Mnr. 20 Holders of rec. Mar. 15a
Canadian Pacific, corn. (qua (No. 87)_ _
234 April 1 Holders of rec. Mar. la
Preferrel
2
April 1 Holders of reo. Mar. 1
Chicago Burlington & Quincy (guar.)- _
2
Mar. 25 Holders of rec. Mar. 19a
Chicago & North Western, corn. (quar.) _
134 Apr. 1 Mar. 10 to Apr. 9
Preferred (guar.)
2
Apr. 1 Mar. 10 to Apr. 9
Delaware dc Hudson Co. (guar.)
234 Mar. 20 Holders of rec. Feb. 26a
Georgia UR. & Banking (guar.)
3
April 15 April 2 to
April 14
Interboroua,11 Consol. Corp., pref. (guar.) 134 Apr. I Holders of rec. Mar. ha
interborotiaa Rapid Transit (guar.)
5
Apr. 1 Holders of rec. Mar. 20
Lackawanna RR. of N. J. (guar.)
1
April 1 Holders of rec. Mar. ila
Lehigh Valley, corn. & Prof. (quar.)_ _ 51.25 Apr. 1 Healers of rec. Mar. 16a
Manhattan Ity. (guar.)
134 Apr. 1 Ffolders of rec. Mar. 15a
Minn. St. Paul & S. S. M.,corn. & pref_ _
334 Apr. 15 Holders of rec. Mar. 22a
Newark & Bloomfield
3
April 1 Holders of rec. Mar. 23a
New York & Harlem, common and pref.. _ Si
April 1 Holders of rec. Mar. 21a
N. Y. Lackawanna & 1Vestern (guar.)_ _ _
134 April 1 Holders of rec. Mar. 15a
Northern RR. of N. II. (guar.)
134 April 1 Holders of rec. Mar. 1 la
Norivich & Worcester, preferred
2
April 1 Mar. 17 to
Mar. 31
Old Colony (guar.)
134 April 1 Holders of reo. Mar. 16a
Pittsb. Bessemer & Lake Erie, common__ _
The. April 1 Holders of rec. Mar. I5a
Pittsb. Ft. W. dc Chic., reg. guar. (quar.)
134 Apr. 2 Holders of rec. Mar. ha
Special guar. (quar. )
134 Apr. 1 Hollers of rec. Mar. ha
Reading Company, second prof. (guar.). .50e. Apr. 11 Holders of reo.dMar. 26a
,
Southern'
walla Co. (guar.)(No. 46)....
134 AprIl 1 Holders of roe. Feb. 28a
Southern Railway, preferred
234 April 30 Holders of rec. April 2a
Mobile & Ohio stock trust ctfs
2
Apr. 1 Holders of roe. Mar. 15a
Union Pacific, common (guar.)
Apr. 9
234 April 1 Mar. 10 to
Preferred
Apr. f Mar. 10 to
2
Apr.' 9
RR
Warren
SI 75 April 15 Hollers of rec. April Ca
West Jersey & Seashore
$1.25 Apr. 1 Holders of rec. Mar. 15a
Wisconsin Central, preferred
Apr. 1 Holders of rec. Mar. 12
2
Street t4 Electric Railways.
/
1
.
Ashre'lle Power & Light, pref. (quar.).__
134 April 1 Holders of rec. Mar. 15
Brazilian Tr. L.& Pow., pref.(guar.)
_
134 Apr. 1 Holders of rec. Mar. 15
Capital Traction, Washington, D. C. (qu.) 134 April 1 Mar. 15 to
Mar. 31
Carolina Power & Light, pref. (guar.)
13.1 April 1 Holders of rec. Mar. 15
Cities Service, corn. and pref. (monthly)..
34 Apr. 1 !folders of roe. Mar. 15
Common (payable in common stook)
fu Apr. 1 Holders of roe. Mar. 15
Cleveland Railway (guar.)
134 April 1 Holders of rec. Mar. 16a
Duluth-Superior Trac., cont. & pref. (gu.)
1
April 1 Holders of rec. Mar. 16a
Frank. & Sreithw.
Paula. (quar.)
$4.50 Apr. 1 Holders of reo. Mar. 1
Houghton County TraotIon, pref. (guar.) 3
April 1 Holders of rec. Mar. 15a
Illinois Traction, preferred (guar.)
134 April 1 !folders of rec. Mar. 15a
Internat. Trac., Buffalo, 7% 1st pf. (gu.)_
134 April 1 Holders of rec. Mar. 20
4% preferred (eztar.)
1
April 1 Holders of rec. Mar. 20
Manila Elec. RR. & Ltg. Corp. (quar)
134 April 1 Hollers of rec. Mar. 19a
Northern Ohio Trac. & Light, pref. (guar.) 134 April 1 Holders of rec. Mar. 10a
Ottawa Traction (gaar.)
Apr. 1 Holders of rec. Mar. 15
1
Philadelphia Traction
April 1 Holders of rec. Mar. 11
$2
Public Service Corp. o N. J. (quar,)...,,..
Mar. 30 !folders of roe. Mar. 15a
2
& Third Sts. Pass., Phila. (guar.) $3
Second
Apr. 1 Holders of rec. Mar. 1
Southern N. Y. Porn. & Rs., pref. (guar.)_
131 April 1 Holders of rec. Mar. 20
Springfield (Mo. fly, & Lt., Prof. (qu.) _
134 Apr. 1 Holders of rec. Mar. 15a
(guar.)
Toronto fly.
Apr. 1 Holders of rec. Mar. 15
1
Twin CityRap.Tran.,Minnpls.,corn.(qua
Apr. 1 Holders of rec. Mar. 15a
1
Preferrei (guar.)
134 Apr. 1 Holders of rec. Mar. 15a
United Light & Rys., corn. (qu.)(No. 13) 1
Apr. 1 Holders of rec. Mar. 15a
First preferred (guar.) (No. 30)
134 Apr. 1 Hollers of rec. Mar. 15a
United Trac. & Elec., Providence (guar.)_ _
Mar. 24
134 April 1 Mar. 20 to
Utah Power & Light, pref.(qu.)(No. 21),134 April 1 Holders of rec. Mar. 16
Wash. Balt. & Annan. Elec. RR.. pf. (gig.)
134 Mar. 30 Holders of rec. Mar. 23a
Walt End Street, Boston, common
51.75 Apr. 1 Mar. 22 to
Apr. 1
Yadkin River Power, pref. (tsar.)(No. 8)_
131 April 1 Holders of rec. Mar. 15
1101
THE CHRONICLE
MAR. 16 1018.]
Name of Company.
Per
Cent.
When
Payable
Books Closed.
Days Inclusive.
Banks.
a
Chase National (guar.)
Coal de Iron National (guar.)
Mutual (quar.)
4
2
5
April 1 Holders of rec. Mar. 256
April 1 Holders of rec. Mar. 13
April 1 Holders of rec. Mar. 25
Trust Companies.
Guaranty (guar.)
Lawyers Title de Trust (mar.)
Union (quar.)
5
139
4
Mar. 30 Holders of rec. Mar. 21
April 1
April I Mar. 17 to
Apr. 1 Holders of rec. Mar. 23a
Miscellaneous.
Abitibi Power, pref. (guar.)
13
% April 1 Holders of rec. Mar. 20
April 15 Holders of rec. Afar. 30
Air Reduction, common (guar.) (No. 4).. $1
Preferred (guar.)
1% April 15 Holders of rec. Mar.30
Alabama Company, 1st & 2d pref. (quar.)
131 April 10 IIolders of rec. Mar.30
Allis-Chalmers Mfg., pref. (guar.)
134 April 15 Holders of rec. Mar. 30s
Extra (on acct. accumulated dividends) h% April 15 Holders of rec. Mar. 30a
Allouez Mining (guar.)(No. 11)
$1.50 Apr. 3 Holders of rec. Mar. 13
Amer. Agricul. Chem., corn. (en.)(No. 26) 134 Aprils15 Holders of rec. Mar. 25
Preferred (guar.) (No. 51)
134 April 15 Holders of rec. Mar. 25
Amer. Bank Note, pref. (guar.)
73e. Apr. 1 Holders of rec. Mar. 150
Amer. Beet Sugar. common (quar.).. _
k2
April 30 Holders of rec. April 13a
Preferred (guar.) (No. 75)
134 Apr. 1 Holders of rec. Mar. 160
Amer. Brake Shoe & Fdy., coin. (quar.). _
13,1 Mar. 30 Holders of rec. Mar. 22
Preferred (guar.)
2
Mar. 30 Holders of rec. Mar. 22
Preferred (extra)
1
Max. 30 Holders of rec. Mar. 22
Amer. Can, pref. (guar.)
134 Apr. 2 Holders of rec. Mar. 15a
Amer. Car & Fdy., coin. (guar.) (No. 62) 1
Apr. 1 Holders of rec. Mar. Ila
Common (extra)
1
Apr. 1 Holders of rec. Mar. ha
Preferred (guar.) (No. 76)
134 Apr. 1 Holders of rec. Mar. lie
Amer. Chicle, pref. (quar.)
13,4 Apr. 1 "Holders of rec. Mar. 22
Amer. Cigar, pref. (quar.)
134 Apr. 1 Holders of rec. Mar. 150
$1.50 April 1 Holders of rec. Feb. 28a
AMITICan Express (guar.)
Amer. Gas & Elec., cont. (guar.) (No.32). $1 25 April 1 Holders of rec. Mar. 20
75e. May 1 Holders of rec. April 18
Preferred (guar.) (No. 45)
Amer. Graphophone, corn.(qu.)(No. 52) 131 Apr. 1 Holders of rec. Mar. 15a
Preferred (guar.)(No.80)
13,4 April 1 Holders of rec. Mar. 15a
American Hide & Leather, pref
234 April 1 Holders of rec. Mar. 9a
Amer. Int. Corp., corn. & pref. (quay.)..
90c. Mar. 30 Mar. 14 to
Apr. 3
American Locomotive, common (quar.)_ _
184 Apr. 3 (Solders of rec. Mar. 180
Preferred (guar.)
134 Apr. 22 Holders of rec. Apr. 5a
Amer. Manufacturing, coin. (guar.)
Afar. 31
134 April 1 Mar. 17 to
Preferred (guar.)
Mar. 31
134 April 1 Mar. 17 to
American Pneumatic Service, 1st pref_ _ _ $1.75 afar. 30 Afar. 16 to
Afar. 22
Second preferred
75c. Afar. 30 Afar. 16 to Mar.22
American Public Service, pref. (quar.)_.
131 Apr. 1 Holders of rec. Afar. 22
American Radiator, common ((Dutra_
Mar. 30 Holders of reo. Mar 21
3
Common (payable in Liberty Loan huts ) 14
Mar. 30 Holders of rec. Mar. 21
Mar. 24
Amer. Smelters Securities, pref. A (qu.). 134 Apr. 1 Max. 16 to
Preferred B (guar.)
Mar. 24
13's Apr. 1 Mar. 16 to
Amer. Snuff, common (quar.)
Apr. 1 Holders of rec. Mar. 150
3
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 15a
American Steel Foundries (guar.)
13
% Afar. 30 Holders of rec. Mar. 16a
April 1
American Stores, 1st pref. (quar.)
134 April 1 Mar. 21 to
io+er, setzar Rely . corn. A oref. (auar .
1,‘ Apr. 2 Holders of tee. Mar. la
Amer. Tclep. tic Teleg.(quar.)
Al ar. 26
Apr, 15 Afar. 16 to
2
Amer. Type Founders, common (guar.)_ _ _
April 15 Holders of rec. April 100
1
Preferred (quar.)
1% April 15 Holders of rec. April 10a
Amer. Woolen, common (quar.)
Apr. 1
139 Apr. 15 Mar. 17 to
Preferred (quar.)
Apr. 1
1% Apr. 15 Mar. 17 to
Associated Oil (guar.)
131 Apr. 15 Holders of rec. Mar.22a
Atl. Gulf Sc W.1. SS. Lines, pref. (guar.)
w Apr. 1 Holdas of rec. Mar. 110
i
Avery Company, preferred (guar.)
13,4 April 1 Holders of rec. Mar. 22
Baltimore Tube, common and pref. (quar.).
Afar. 31
134 April 1 Mar. 21 to
Barnhart Bros & Spindler, let & 25 pf.(gt4.) 131 May 1 Holders of rec. April 260
Barrett Co., common (guar.)
131 April 1 Holders of rec. Mar. 20
Preferred (guar.)
13,4 AMR 15 Holders of rec. April 1
Bell Telephone of Canada (guar.)
April 15 Holders of rec. Mar. 31
2
Bethlehem Steel, corn., Clam 13 (quar.)_
23.4 Apr. 1 Holders of rec. Mar. 13a
,
Non-cumulatIve pref. (quar.)
n194 Apr. I Holders of rec. Star. I3a
Cumulative cony. pref. (guar.)
Apr. 1 Holders of rec. Alar. 13a
m2
Bliss (E. W.) Co., common (guar.)
Mar. 31
13,4 April 1 Mar. 26 to
Common (extra)
1134 April 1 Mar. 26 to
Afar. 31
Preferred (guar.)
April 1 Mar. 26 to Mar. 31
2
Booth Fisheries, common (mar.)
50c. Apr. 1 Holders of rec. Mar. 19a
Preferred (guar.)
131 Apr. 1 Holders of rec. Mar. 19a
Brier 11111 Steel, common (guar.)
rl% Apr. 1 Holders of roe Slat. 20
Common (extra)
33.4 April 1 Holders of rec Star, 20
Preferred (emir.)
1 Holders of rec Mar. 20
rl al Apr
British-Amer. Tobacco, ordinary(interim) 6
Mar. 27
See note (P).
British-American Tobacco, preferred
2% Mar. 27
Brooklyn Union Gas (quar.)
134 Apr. 1 Holders of reo. Mar. 160
Brunswick-Thlke-Collender, pref. (guar.)
1% April 1
Bucyrus Company, pref. (guar.) (No. 12)_
April 1 Holders of rec. Mar. 23
1
Buffalo General Elec. (guar.) (No. 941-. 1% Afar. 30 Holders of rec Mar. 20
3
California Packing Corp.. pref. (quar.)_.
131 April 1 Holder' of rec. Mar. 15a
California Petroleum, pref. (guar.)
Apr. 1 Mar. 15 to
Mar. 25
1
Calumet, & Arizona Mining (guar.), _
Mar. 18 Holders of rec. Mar. la
$2
Calumet & Ilecla Mining (quar.)
810
Mar. 20 Holders of rect. Feb. 21
Cambia Iron
April 1 Holders of rec. Mar. 15a
$I
Canadian Gen. Elec., com.(quar.)
Apr. 1 Holders of rec. Mar. 15
(No.75) 2
Preferred (No. 44)
3I4 April 1 Holders of rec. Mar. 15
Canadian Locomotive, common (quar.).
134 April 1 Holders of rec. Mar. 20
Preferred (guar.)
134 April 1 Holders of rec. Mar. 20
Carbon Steel, flrst preferred
Mar. 30 Holders of rec. Mar. 26a
19
Second preferred
July 30 Holders of rec. July 26a
6
Case (J. I.) Thresh. Mach., pref. (guar.) 134 Apr. 1 Holders of rec. Mar. lb
Celluloid Company (guar.)
Mard30 Mar. 6 to
Mar. 26
2
Central Aguirre Sugar Cos., corn. (guar.). 234 April 1 Holders of rec. Mar. 22
CeiUral Coal et: Coke, common (guar.)
13,4 April 15 Holders of rec. Mar. 31
Preferred (guar.)
14 April 15 Holders of rec. At ar. 31
Central Foundry, 1st pref. (guar.)
April 15 Holders of rec. Afar. 300
2
Ordinary preferred (guar.)
134 April 15 Holders of rec. Mar. 30a
Central Leather. preferred (quay.)
1% Apr. 1 Holders of rec. Mar. 8a
3
Central States Elec. Corp., pref. (quar.)134 Apr. 1 Holders of rec. Mar. 9
Certain-teed Prod. Corp., let & 2d a.(eu.)
1 % April 1 Holders of rec. Mar. 20
5
Ch.andler Motor Car (quar.)
Apr. 1 Holders of rec. Mar. 12
3
Charcoal Iron of Amer., corn. (quar.)..
20e. Mar. 30 Holders of rec. Mar. 15
Chesebrough Manufacturing (guar.)_ _ _ _
Mar. 21 Holders of rec. Mar. 2
3
Extra
50c. Mar. 21 Holders of rec. Afar. 2
Chicago Telephone (guar.)
Mar. 30 Holders of rec. Mar. 29
2
Chino Copper Co. (quar.)
$1.50 Mar. 30 Holders of rec. Mar. 9a
Citizens Gas of Indianapolis (No. 17)
Mar. 29
5 Afar. 28 Mar. 13 to
Clercland Automatic Mach.. pref. (guar.), 134 April 1 Holders of rec. Mar. 20a
Cluett, Peabody & Co.,pref.(qu.)
(No.21) 134 Apr. 1 Holders of rec. Mar. 210
Colt's Patent Fire Arms Mfg. (guar.)
52.50 April 1 Holders of rec. Mar. 150
Computing-Tabulating-Recording (quar.) 1
Apr. 10 Holders of rec. Mar. 25a
Consol.Gas. El. L.& P., Balt., com.(citi.) 2
Apr. 1 Holders of rec. Mar. 15a
Consumers' Power (Mich.), pref. (guar.)_ _
134 April 1 Holders of rec. Mar. 18a
Continental Can, common (guar.)
134 Apr. 1 holders of rec. Mar. 216
Preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 210
Continental Oil (quar.)
Mar. 16 Holders of rec. Feb. 23
3
Crucible Steel. pref (guar.)(No.62)__
1% Mar. 30 Holders of rec. Mar. 15a
Cuba Cane Sugar, preferred (guar.)
131 Apr. 1 Holders of rec. Afar. 15a
Cuban-American Sugar, corn. (quar.),..
234 April 1 Holders of rec. Mar. 150
Preferred (guar.)
131 April 1 Holders of rec. Mar. 15a
Dayton Power & Light, preferred (guar.), _
134 April 1 Holders of rec. Mar. 20a
Distillers Securities Corp. (quar.)
% Apr. 18 Holders of rec. Apr. 2a
Extra
1 34 Apr. 18 Holders of rec. Apr. 2a
Dodge Manufacturing, common (quar.), 1% Mar. 25
1% April 1 Holders of rec. Mar. 22
Preferred (guar.)
Dominion Canners, preferred (guar.)-1% April 1 Mar. 24 to
Mar. 31
Preferred (on acct, accum. dividends)_ _ _ 01234 April 1 Mar. 21 to
Mar. 31
Dominion Glass, Ltd., pref. (guar.)
134 Apr. I Holders of rec. Mar. 12
Dominion Iron &Steel,Ltd., pref.
.(No.34) 334 Apr, 1 Holders of rec. Mar. 15
Dominion Power ac Trans., com. (quar.). _
Mar. 15 Holders of rec. Feb. 28
1
Dominion Steel Cor., corn. (grt )(No. 16) 1 1
4 Apr. 1 Holders of rec. Mar. 5
Dominion Textile, common (quar.)
134 Apr. 1 Holders of rec. Afar. 15
Preferred (guar.)
134 Apr. 15 Holders of rec. Afar. 30
Draper Corporation (guar.)
2
April 1 Holders of rec. Mar. 11
1102
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued)—
Duluth Edison Electric, pref.(qu.)(No.48) 134 Apr. 1 Holders of rec. Mar. 21
duPont (E. 1.) de Nemours & Co.
Debenture stock (guar-)
134 Apr. 25 Holders of rec. Apr. 10
duPont
(EA.) de Nem.Powd.,corn.(qu.) 154 May 1 Holders of reo. Apr. 25
Preferred (quar.)
154 May 1 Holders of rec. Apr. 25
Eastern Steel, common (quar.)
234 April 15 Holders of reo. April 1
Eastman Kodak Co.. common (quar.)._
254 April 1 Holders of rec. Feb. 28a
Common (extra)
754 April 1 Holders of rec. Feb. 28a
Preferred (quar.)
154 April 1 Holders of roe. Feb. 28a
Eastman Kodak, common (quar.)
234 July 1 Holders of rec. May 31
Common (extra)
734 June 1 Holders of rec. Apr. 30
Preferred (guar.)
134 July 1 Holders of rec. May 31
Eisenlohr (Otto) & Bros., Inc.. pref. (qu.)_
154 April 1 Holders of rec. Mar.20
Elec. Storage Battery, corn. & pf.(qu.)
1
Apr. 1 Holders of rec. Mar. 18a
Federal Oil (quar.)
10c. April 1 Holders of rec. Mar. 20
Firestone Tire de Rubber, corn. (quar.)_ _
$1.25 Mar. 20 Holders of rec. Mar. 10a
Preferred (quar.)
134 Apr. 15 Holders of rec. Apr. 10
Galena-Signal 011, common,(quar.)
3
Mar.30 Holders of reo. Feb. 28
Preferred (quar.)
2
Mar.30 Holders of roe. Feb. 28
General Chemical, pref. (guar.)
13-4 Apr. 1 Holders of reo. Mar. 180
General Electric (quar.)
April 15 Holders of rec. Mar. Oa
2
Goodrich (B.F.) Co.,common (quar.)
1
May 15 Holders of rect. May 3a
Preferred (quar.)
el X April 1 Holders of roe. Mar. 22a
Gould Manufacturing, common (quar.)_ _ _
134 April 1 Holders of rec. Mar.20
Preferred (quar.)
134 April 1 Holders of rec. Mar. 20
Grasselli Chemical, common (quar.)
134 Mar. 30 Holders of rec. Mar. 15a
Common (extra)
1
Mar. 30 Holders of reo. Mar. 15a
Preferred (guar.)
154 Mar.30 Holders of reo. Mar. 15a
Great Lakes Towing, common (quar.)
pix Mar.30 Mar.16 to Mar.31
Preferred (quar.)
z154 Apr. 1 Mar. 16 to Mar. 31
Great Western Sugar, common (quar.)
154 Apr. 2 Holders of reo. Mar. 15
Common (extra)
10
Apr. 2 Holders of reo. Mar. 15
154 Apr. 2 Holders of roe. Mar. 15
Preferred (Qum.)
Guantanamo Sugar (guar.)
$1 25 April 1 Holders of rec. Mar. 190
Gulf States Steel, common (quar.)
234 April 1 Holders of reo. Mar. 15a
First preferred (quar.)
'154 April 1 Holders of reo. Mar. lha
4,134 April 1 Holders of rec. Mar. 15
Second preferred (guar.)
Harbison-Walker Refract., pref. (quar.). 134 Apr. 20 Holders of reo. Apr. 10a
Hart, Schaffner & Marx, pref. (quar.)— IX Mar.30 Holders of rec. Mar. 19
Haskell & Barker Car (quar.)
75o. Apr. 1 Holders of reo. Mar. 15a
Helme (Geo. W.) Co., common (quar.)
23-4 Apr. 1 Holders of reo. Mar. 15a
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 15a
Hercules Powder, common (quar.)
Mar.25 Mar. 16 to Mar.25
2
Common (extra)
2
Mar.25 Mar. 16 to Mar. 25
Homestake Mining (monthly)(No. 523).
500. Mar.25 Holders of reo. Mar.20a
Imperial Tobacco of Canada ordinary
134 Mar.28
3
Preferred
Mar.30
Indianapolis Water-Works Se,cur., pref_ _ _
334 Apr. 1 Mar. 21 to Mar. 31
Interlake Steamship (quar.)
2
Apr. 1 Holders of reo. Mar. 20a
Extra
2
Apr. 1 Holders of reo. Mar. 20a
International Banking
3
Apr. 1 Mar. 21 to Mar. 31
Internat. Harvester of N. J., corn. (quar.)
154 April 15 Holders of rec. Mar. 25
International Salt (quar.)
134 Apr. 1 Holders of rec. Mar. 15a
International Silver, pref. (quar.)
134 Apr. 1 Holders of rec. Mar. 18
Jewel Tea, 1110., preferred (quar.)
154 Apr. 1 Holders of roe. Mar.20a
Kayser (Julius) do Co.,common (quar.)
2
Apr. 1 Holders of rec. Mar.20a
First and second preferred (quar-)
154 May 1 Holders of rec. Apr. 19a
Kaufmann Dept. Stores, Inc., pref.(guar.) 154 April 1 Holders of rec. Mar. 20
Kelly-Springfield Tire, pref. (quar.)
154- Apr. I Holders of reo. Mar. 160
Kennecott Copper (quar.)
500. Mar.30 Holders of rec. Mar. 8a
Extra
500. Mar. 30 Holders of rec. Mar. 8a
Kresge (S. S.), pref. (guar.)
134 April 1 Holders of rec. Mar. 15
Kress (S. H.)& Co., preferred (quar.)
154 Apr. 1 Holders of reo. Mar. 20
La Belle Iron Works,common (quar.)
Mar,30 Holders of rec. Mar. 16
1
Common (extra)
2
Mar. 30 Holders of reo. Mar. 16
Preferred (quar.)
2
Mar. 30 Holders of roe. Mar. 16
La Rose Mines. Ltd
2e. April 20 Holders of reo. Mar. 30
Lackawanna Steel, common (quar.)—
134 Mar.30 Holders of rec. Mar. 18a
Laurentlde Co., Ltd., (quar.)
234 Apr. 2 Holders of roe. Mar. 23
Lehigh Valley Coal Sales (guar.)
$2 Apr. 1 Holders of rec. Mar. 21
Liggett & Myers Tobacco, cam.(extra)_ _ _ _
4
April 1 Holders of rec. Mar. 22
Preferred (guar.)
154 Apr. 1 Holders of reo. Mar. 15a
Linde Air Products, common (quar.)-2
Mar.30 Holders of reo. Mar.20
Preferred (quar.)
134 Apr. 1 Holders of reo. Mar.20
Lone Star Gas
2
Mar. 31 Holders of rec. Mar. 23
Loose-Wiles Biscuit, 1st pref. (quar.)154 April 1 Holders of rec. Mar. 18a
Lorillard (P.) Co., common (guar.)
3
Apr. 1 Holders of rec. Mar. 16a
Preferred (quar.)
154 Apr. 1 Holders of rec. Mar. 16a
Mackay Companies, corn. (qu.)(No. 51) 134 April 1 Holders of rec. Mar. 9a
Preferred (quar.) (NO. 57)
1
April 1 Holders of rec. Mar. 9a
Magma Copper (guar.)
50o. Mar.30 Holders of rec. Mar. 8
Manati Sugar, pref. (quar.)
154 Apr. 1 Holders of rec. Mar. 15
Manhattan Eleo. Supply, corn. (quar.)_
1
Apr. 1 Holders of roe. Mar. 19a
First and second preferred (quar.)__ _
154 Apr. 1 Holders of reo. Mar. 19a
Manhattan Shirt, pref. (guar.)
154 April 1 Holders of rec. Mar. 21
in% April 1 Holders of roe. Mar. 15a
Maxwell Motor, Inc., 1st pre(
May Department Stores, pref. (quar.)
134 April 1 Holders of rec. Mar. 20a
Mergenthaler Linotype (guar.)(No.89)
254 Mar.30 Holders of rec. Mar. 2a
Mexican Petroleum, common (quar.).._.. P42 Apr. 10 Holders of reo. Mar. 15a
Preferred (guar.)
2
Apr. 1 Holders of rec. Mar. 15a
3
Michigan Copper & Brass
April 1 Holders of reo. Mar. 15
Michigan Light, preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 15a
Michigan State Telephone, pref. (quar.)_ _
154 Mar. 30 Holders of rec. Mar. 25
Middle West Utilities, common (quar.)
50c. Apr. 1 Holders of reo. Mar. 15
Common (payable In common stock)_
Apr. 1 Holders of rec. Mar. 15
1
Montana Power, corn.(quar.)(No.22).._
154 Apr. 1 Holders of rec. Mar. 12a
Preferred (quay.) (No. 22)
134 Apr. 1 Holders of roe. Mar. 120
Montgomery, Ward do Co.. pref. (qu.).... 134 Apr. 1 Holders of reo Mar. 20a
Narragansett Elec. Light (guar.)
31
April I Holders of rec. Mar. 153
National Biscuit. corn. (quar.)(No. 79)
154 April 15 Holders of reo. Mar. 300
Nat. Cloak de Suit, corn. (qu.)(No. 5)__ _ _
134 April 15 Holders of rec. April 8a
Nat. Enamel & Stamping, corn.(quar.)
ti A Mar. 20 Holders of rec. Feb. 28a
Preferred (quar.)
154 Mar. 30 Holders of rec. Mar. Ila
National Glue, corn. de pref. (quar.)
2
April 1 Holders of rec. Mar. 15
National Grocer, common (quar.).-2
April 1
National Grocer, common (quar.)
2
July 1 Holders of rec. June 19
3
Preferred
July 1 Holders of roe. June 19
National Lead, common (quar.)
154 Mar. 30 Holders of rec. Mar. 8a
Nat. Licorice, pref. (guar.) (No. 63)
154 Mar. 30 Holders of rec. Mar. 25
National Paper de Type, common (guar.)._
2
Apr. 15 Holders of rec. Mar.303
Preferred (guar.)
....154 Apr. 15 Holders of rec. Mar. 30a
National Refining, preferred (quar.)
2
Apr. 1 Holders of rec. Mar. 15a
National Sugar Refining (quar.)
134 April 2 Holders of roe. Mar. 12
National Surety (guar.)
3
April 1 Holders of reo. Mar. 20a
Nevada Consol. Copper (quar.)
Mar. 30 Holders of rec. Mar. 9
Si
New York Air Brake (auar.)(No.81)
5
Mar.22 Holders of reo. Mar. 4a
N. F. Title Re Mortgage (guar.)
154 April 1 Holders of rec. Mar. 21
New York Transit ((Mar.)
4
Apr. 15 Holders of roe. Mar.23
Extra
4
Apr. 15 Holders of roe. Mar.23
Niagara Falls Power (quar.)
2
Apr. 15 Holders of roe. Mar. 30a
Niles-Bement-Pond. common (guar.). —
3
Mar. 20 Holders of roe. Mar. 2s
North American Co. (quar.)(No. 56). _ _
154 Apr. I Holders of reo. Mar.2I
Nova Scotia Steel & Coal, corn.(quar.)
154 Apr. 15 Holders of reo. Mar. 30
Preferred (quar.)
2
Apr. 15 Holders of reo. Mar. 30
Ohio Oil (guar.)
$1.25 Mar. 20 Holders of reo. Feb. 19
Extra
$4.75 Mar. 20 Holders of reo. Feb. 19
Oklahoma Production & Refining (quar.)_ _ 1234e. Mar. 30 Holders of rec. Mar. 20
Old Dominion Co. (guar.)
$1
Mar. 29 Holders of rec. Mar. 220
Ottawa Car Mfg. (guar.)
1
Apr. 1 Holders of reo. Mar. 15
Ottawa Light, Heat de Power (guar.)
134 April 1 Holders of rec. Mar. 20
Owens Bottle-Machine, COM. (guar.)
750. April 1 Holders of rec. Mar. 22
Common (extra payable in 2d L.L. 4s)_ 150o. April 1 Holders of rec. Mar. 22
Preferred (guar.)
134 April 1 Holders of rec. Mar. 22
Pacific Telep. & Telco. pref. (quar.)
134 April 15 Holders of rec. Mar. 31
Pan-Amer.Petrol. & Trans.,corn.(quar.) n$1 25 Apr. 10 Holders of rec. Mar. 150
Preferred (guar.)
.
134 Apr. 1 Holders of rec. Mar. 150
Penmans, Ltd., common (guar.)
134 May 15 Holders of rec. May 6
Common (extra)
I
May 15 Holders of rec. May 6
Preferred (quar.)
154 May 1 Holders of rec. Anril 22
Pennsylvania %Vat.& Pow.(qu.)(No. 17) 154 Apr. 1 Holders of rec. Mar. 19
Name of Company.
[Vol.. 106.
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Concluded)—
People's Natural Gas & Pipeage (qura.)__ _
50e. Mar. 25 Holders of rec. Mar. 18
Pettibone-Muillken & Co.,1stdad pf.(qu.) 3.54 Apr. 1 Holders of reo. Mar. 20a
Phelps-Dodge Corporation (guar.)
234 Mar.29 Holders of rec. Mar. 19
Extra
534 Mar.29 Holders of rec. Mar. 19
Pierce-Arrow Motor Car ,pref. (quar.) _
2
Apr. 1 Holders of reo. Mar. 15a
Pittsburgh Coal (of Pa.), corn. (guar.)
u134, April 25 Holders of rec. Mar. 10
Preferred (guar.)
134 April 25 Holders of rec. Mar. 10
Pittsburgh Coal (of N. J.), pref. (quar.)_
134 April
Prairie Oil & Gas (guar.)
3
Apr. 30 Holders of roe. Mar.30
Extra
2
Apr. 30 Holders of rec. Mar. 30
Prairie Pipe Line (guar.)
5
Apr. 30 Holders of rec. Mar.30
Extra
5
Apr. 30 Holders of rec. Mar.30
Provincial Paper Mills, Ltd., common_ _
1
April 1 Holders of rec. Mar. 15
Preferred (guar.)
IX April 1 Holders of rec. Mar. 15
Quaker Oats,common (quar.)
3
April 15 Holders of roe. April 1
Common (extra)
1
April 15 Holders of reo. April 1
Preferred (quar.)
134 May 31 Holders of reo. May 1
Quincy Mining (quar.)
$2.50 Mar.25 Holders of reo. Mar. 1
Railway Steel-Spring, common (guar.)._
154 Mar. 30 Holders of roe. Mar. 16a
Preferred (guar.)
14 Mar. 20 Holders of roe. Mar. 9a
Ray Consolidated Copper Co. (quar.)
Si Mar.30 Holders of reo. Mar. 9
Regal Shoe, pref. (quar.)(No.93)
134 Apr. 1 Holders of rec. Mar. 21
Reo Motor Car, corn. (guar.)
25c. April 1 Holders of reo. Mar. 15
Republic Iron & Steel, corn.(qu.)(No.6) 134 May 1 Holders of reo. April 23a
Preferred (quar.) (No. 58)
134 April 1 Mar. 21 to Apr. 17
Reynolds (R. J.) Tobacco Co., corn.(quar.)_
3
April 1 Holders of rec. Mar. 21
Common (extra)
v2
April 1 Holders of rec. Mar. 21
Preferred (guar.)
134 April 1 Holders of rec. Mar. 21
Royal Baking Powder, corn. (guar.)
2
Mar.30 Holders of rec. Mar. 15a
Preferred (guar.)
134 Mar. 30 Holders of rec. Mar. 15a
Safety Car Heating & Lighting (quar.)_ _ _ _
134 Apr. 1 Holders of rec. Mar. 16
St. Joseph Lead (quar.)
(500. Mar. 20 Mar. 10 to Mar.20
St. L. Rocky Mt. & Pac. Co., pref. (qu.) 13.4 Mar.30 Mar. 21 to Mar.29
Savoy 011 (guar.)
150 Mar.25 Holders of reo. Mar. 15
Sears-Roebuck & Co., pref. (quar.)
134 Apr. 1 Holders of reo. Mar. 15a
Shattuck-Arizona Copper (quar.)
25e. April 20 Holders of reo. Mar. 30a
Extra
25e. April 20 Holders of reo. Mar. 30a
Sherwin-Williams of Canada, pref.(quar.) 134 Mar. 30 Holders of reo. Mar. 15
Sloss-Sheffield Steel de Iron, pref. (quar.)_
IX April 1 Holders of rec. Mar. 19a
Smart
-Woods, Ltd., preferred (quar,)
134 April 1 Holders of reo. Mar. 28
South Penn 011 (quar.)
5
Mar.30 Holders of rec. Mar. 14
South Porto Rico Sugar, corn. (quar.)..
5
April 1 Holders of rect. Mar. 15a
Preferred (guar-)
2
April 1 Holders of reo. Mar. 15a
South West Pennsylvania Pipe Lines_ _ _ _
3
Apr. 1 Holders of reo. Mar. 15
Southwestern Cities Electric, pref.(quar.)
134 Apr. 1 Holders of rec. Mar. 15
Standard Motor Construction (quar.)
$2 May 1 Holders of rec. Mar. 4
Standard Oil Cloth, common (guar.)
1
April 1 Holders of rec. Mar. 15
Preferred Classes A & B (quar.)
IX April 1 Holders of rec. Mar. 15
Standard Oil (Kentucky) (quar.)
3
Apr. 1 Mar. 17 to Apr. 1
Standard 011 (Ohio) (quar.)
3
Apr. 1 Mar. 2 to Mar.20
Extra
1
Apr. 1 Mar. 2 to Mar.20
Standard Screw, common
6
April 1 Holders of rec. Mar. 15
Stromberg Carburetor (guar.)
750. Apr. 1 Holders of reo. Mar. 15
Stutz Motor Car (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 15a
Subway Realty (quar.)
134 Apr. 1 Holders of rec. Mar. 20
Swan de Finch (quar.)
234 May 1 Holders of reo. Apr. I
Swift do Co.(uuar.)(No. 128)
2
Apr. 1 Holders of rec. Mar. 9
Texas Company (guar.)
234 Mar.30 Holders of reo. Mar. 12a
Thompson-Starrett Co., preferred
4
April 1 Holders of rec. Mar.25
Tide Water Oil (guar.)
2
Mar. 30 Holders of rec. Mar. 220
Extra
3
Mar. 30 Holders of rec. Mar.22a
Tobacco Products Corp., pref. (guar.).- 134 Apr. 1 Holders of reo. Mar. 19a
Todd Shipyards Corp.(quar.)
Si 75 Mar. 20 Holders of rec. Mar. Ila
Tonopah Belmont Devel. (quar.)
1234c Apr. 1 Mar.d16 to Mar. 22
Torrington Co., common (guar.)
75c. April 1 Holders of rec. Mar. 22
Common (extra)_..
25c. April 1 Holders of rec. Mar. 22
Underwood Typewriter, common (guar.) 134 Apr. 1 Holders of roe. Mar. 15a
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 15a
Union Carbide (quar.)
2
Apr. 1 Holders of roe. Mar. 12
Union Carbide & Carbon Corporation
$1
April 2 Holders of reo. Mar. 9
United I)rug, common (quar.)(Na. 5)
134 Apr. 1 Holders of rec. Mar. 15a
United Dyewood, corn. (quar.)(No.6)
134 Apr. 1 Holders of reo. Mar. 14a
United Dyewood Corp., pref. (guar.)._ 1134 Apr. 1 Holders of rec. Mar. 15a
United Fruit (guar.)(No. 75)
April 15 Holders of rec. Mar. 20
2
United Gas Improvement (guar.)
Si
Apr. 15 Holders of rec. Mar.30
United Paperboard, preferred (quar.)__ _
134 Apr. 15 Holders of reo. Apr. 1
United Shoe Machinery, com. (quar.)
50e. April 5 Holders of roe. Mar. 19
Preferred (guar.)
3734e. April 5 Holders of rec. Mar. 19
United Verde Extension Mining
500. May 1 Holders of rec. April 5
Extra
25e. May 1 Holders of rec. April 5
U. S. Gypsum, pref. (quar.)
134 Mar. 31 Holders of rec. Mar. 15
U. S. Industrial Alcohol, pref.(guar.)_
134 April 15 Holders of rec. Mar. 30a
U.S Steel Corp.. common (quar.)
134 Mar.30 Mar. 2 to Mar. 4
Common (extra)
3
Mar. 30 Mar. 2 to Mar. 4
Utah Consolidated Mining (quar.)
50c Mar. 23 Holders of reo. Mar. 13
Utah Copper (guar.)
$2.50 Mar. 30 Holders of roe. Mar. 9a
Utilities Securities, pref. (quar.)
134 Mar.27 Holders of rec. Mar. 18
Victor Talking Machine,common (quar.)_ _ 5
Apr. 15 Holders of rec. Mar. 31
Preferred (quar.)
1X Apr. 15 Holders of rec. Mar. 31
Western Electric, common (quar.)
$2.50 Mar. 30 Holders of rec. Mar. 23a
Preferred (quar.)
134 Mar. 30 Holders of reo. Mar. 23a
Western Grocer, common
4
July 1 Holders of roe. June 19
Preferred
3
July 1 Holders of reo. June 19
Western Union Telegraph (quar.)
134 April 15 Holders of rec. Mar. 20
Weyman-Bruton Co., common
/20
Oct. 1 Holders of rec. Sept. 18a
Preferred (quar.)
134 Apr. 1 Holders of reo. Mar. 180
White Motor (quar.)
$1
Mar. 30 Holders of roe. Mar. 160
Willys-Overland, preferred (quar.)
134 April 1 Holders of reo. Mar.200
Wilson dc Co., preferred (quar.)
134 Apr. 1 Hotders of roe. Mar. 26
Wolverine Copper Mining
$3 Apr. 1 Holders of rec. Mar. Sc
Woolworth (F. W.) Co., pref. (quar.).. 134 April 1 Holders of reo. Mar. 90
Worthington Pump & Mach., pf. A (qu.) 131 Apr. 1 Holders of reo. Mar.20a
Preferred II (guar.)
134 Apr, 1 Holders of reo. Mar. 20a
Yale & Towne Manufacturing (Guar.)._
254 Apr. I Holders of reo. Mar.23
Yukon-Alaska Trust (quar.)
El
Mar. 30 Mar. 9 to Mar. 10
Yukon Gold Co. (quar.)
23.4e Mar. 30 Mar. 9 to Mar d13
a Transfer books not closed for thls dlvidend. b Less British income tax. d Correction. e Payable In stook. f Payable in common stook. g Payable in scrip.
h On account of accumulated dividends. I Payable in Liberty Loan bonds. It Declared 8%. payable Iii quarterly installments, as follows: 2% as above; 2% July 31
to holders of record July 13; 2% Oct. 31 to holders of record Oct. 11; 2% Jan. 31
1919 to holders of record Jan. 111919. I Payable In Liberty Loan bonds and War
Savings certificates. m Declared 7% on non-cumulative pref. stock and 8% on
cumulative cony. pref. stock, payable In quarterly installments of 134% and 2%,
respectively, as follows: April 1 to holders of reo. Mar. 13: July I to holders of
rec. June 15: Oct. 1 to holders of tee. Sept. 16, and Jan. 2 1919 to holders of reo.
Dee. 16 1918. r Decl. 7% on pref. and 7% on corn. stks., payable quay. Apr. 1,
July I, Oct. 1 1918 and Jan. 1 1919 to holders of reo. 20th of preceding month.
s Payable In first pref. dividend certificates. t Declared 7% on pref., payable In
quar. Installments as follows: 131% as above, 134% July 1 to holders of rect. June 14,
134% Oct. 1 to holders of roe. Sept. 14, and 134% payable Jan. 2 1919 to holders of
reo. Dec. 14 1918. s Declared 8%, payable 4% as above and 4% Sept. 30 to holders
of record Sept. 28. is Declared also 134% on pref., payable July 1 to holders of
rec. June 21. • Declared annual dividends of 7% on first pref. and 6% on second
pref., payable in quarterly Installments of 134% and 1 A %,respectively, on April 1,
July I, Oct 1 and Jan. 2 1919 to holders of record Mar. 15, June 15, Sept. 15 and
Dee. 15, respectively. t Declared 8% on corn. stock payable in quarterly installments of 154% on Mar. 20, May 31, Aug. 30 awl Nov.239 to holders of record on
Feb. 28. May. 11, Aug. 10 and Nov. 9, respectively.
Declared 7% payable in
quarterly Installments of 1 h % on Mar. 30, June 29, Sept. 30 and Dec. 31 to holders of roe. on Mar. 11, June 10, Sept. 10 and Dec. 11, respectively. p All transfers
received in order In London on or before Mar. 11 will be In time for be passed for
payment of dividends to transferees. z Declared 5% on corn. and 7% on pref.
payable in quarterly installments. n Payable as nearly as possible one-half In cash
and one-half In 2d Liberty Loan 4% bonds (under 8100 all cash). J Declared 5%.
payable in quarterly installments. u Declared 8%, payable in quarterly installments of 154% on April 25, July 25, Oct. 25 1918 and Jan. 25 1919 to holders of
record of the tenth day of the month preceding date of payment. o Payable in 6%
notes or scrip due April 1 1920 and redeemable in cash or pref. stock.
o Payable one-half In War Loan bonds and one-half in cash.
5.
THE CHRONICLE
MAR. 16 1918.]
1103
-Following is the weekly statement issued by the Federal Reserve Board
The Federal Reserve Banks.
on March 9:
Credit operations of the Government, notably the placing with the financial institutions of the country of 500 millions of U. S. certificates of indebtedness are reflected to some extent in the Federal Reserve Board's weekly statement showing the condition of the Reserve banks as at the close
of business on March 8 1918. Total investments of the banks show a gain for the week of 56.7 millions, of which the larger portion iepresents an increase in certificates of indebtedness purchased for the accommodation of members, also of bills held by the New York bank. Member bank reserve
deposits show an even larger increase, following heavy withdrawals of Government deposits which in most cases were transferred to the credit of depositary member banks. Gold reserves show an increase of 10.9 millions, following the issue during the week of over 40 millions net of Federal Reserve
notes.
Boston reports a gain of about 19 millions in reserves, due to the liquidation of' 14.3 millions of bills, largely acceptances, also to a gain of over
3 millions in net deposits. The New York bank shows a decrease of 5.8 millions in reserves, having increased investments by about 52.2 millions, net
deposits by about 35 millions and note criculation by 10.8 millions. Reserves of the Kansas City bank show a decline of 10.6 millions, owing largely
to the investment during the week of 9.3 millions net in bills, largely acceptances.
Discounted bills on hand increased 17.8 millions, while acceptances and Government securities show gains of 18.7 millions and 20 millions, respectively. Of the total discounts, 264.5 millions, or over one-half, is composed of members' collateral notes or customers' paper secured by Government
war obligations. Total earning assets, 1,097.3 millions, constitute at present 74.5% of the banks' net deposits, as against 72.3% shown the week before.
Payment for Federal Reserve bank stock by newly admitted members accounts for an increase of $223,000 in paid-in capital, the Boston bank alone
reporting an increase of $92,000 under this head. Federal Reserve Agents report a total of 1,505.2 millions of reserve notes outstanding, an increase
of 40.6 millions for the week. Against the total they hold 896.7 millions of gold and 813.3 millions of paper. The banks' aggregate reserve note circulation is given as 1,384 millions, all the banks, except Atlanta and Dallas, reporting substantial increases in their note circulation for the week under
review.
The figures of the consolidated statement for the system as a whole are given In the following table, and In addition
we present the results for each of the seven preceding weeks, together with those of the corresponding week of last year, thus
furnishing a useful comparison. The earlier figures have been revised in order to conform with new form adopted by the
Federal Reserve Board as of June 22. In the second table we show the resources and liabilities separately for each of the
twelve Federal Reserve banks. The statement of Federal Reserve Agents' Accounts (the third table following) gives details
regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agents and between the lattcr
and the Federal Reserve banks.
COMBINED
RESOURCES
AND LIABILITIES 0Jr THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MARCH 8 1918.
Mar. 8 1918. Mar. 1 1918. Feb. 21 1918. Feb. 15 1918 Feb. 8 1918. Feb. 1 1918. Jan. 25 1918. Jan. 18 1918. Mar. 9 1917.
RESOURCES.
GoId coin and certificates In vault_.,
Go16 settlement fund-F.R. Board-__
GoId with foreign agencies
$
464,144,000
354,585,000
52,500 000
$
461,615,000
357,299,000
52,500,000
$
447,508,000
375,273,000
52,500,000
$
446,378,000
386,966,000
52,500,000
$
439,907,000
404,042,000
52,500.000
$
469,759,000
393,624,000
52,500,000
S.
472,012,000
388,210,000
62,500.000
3
477,301,000
383,232,000
52,500,000
$
330,184,000
205,561,000
Total gold hold by banks
GoId with Federal Reserve Agent
Id redemption fund
871,229,000
896,702,000
20,267,000
871,414,000
885,346,000
20,569,000
875,281,000
877,023,000
20,091,000
885,844,000
852,375,000
20,323,000
896,449,000
838.259,000
19.960,000
915,883,000
781,667,000
19,472.000
912,722.000
793,829,000
19,956.000
913,033,000
796,727,000
19,710.000
535,745,000
328,433,000
2,325,000
Total gold reserves
Legal tender notes, silver, At,
1,788,198,000 1,777,329,000 1,772,395,000 1,758,542,000 1,754,668,000 1,717.022.000 1.726.507.000 1,729,470,000
59,685,000
130,444,000
54,837,000
60,129,000
60,194,000
58,426.000
58,435,000
58,252,000
866,503,000
19,113,000
Total reserves
Bi Is discounted-members
Si Is bought In open market
1,847,883,000 1,837,773,000 1,832,524,000 1,818,736,000 1,813.094.000 1,775,457.000 1,782,759,000 1,784,307,000
520,340,000 502,525,000 509,534,000 501,916,000 525,121,000 606,778,000 627,662.000 603,488,000
317,952,000 299,213,000 296,170,000 287,263,000 280,705,000 289.805,000 273,912.000 257,804,000
885,616,000
18,500,000
108,860,000
Total bills on hand
S. Government long-term securities_
S. Government short-term securities
I other earning assets
Total earning assets
ie from other F. R. banks-net
'collected items
801,738,000
77,705,000
157,482,000
3,680,000
805,704,000
52,950,000
169,707,000
3,436,000
1,097,332,000 1,040,805,000 1,031,797,000
6,113,000
11,882,000
11,463,000
337,283.000 369.185,000 299,402,000
Total dedutrns from gross deposits_
6 ; redemp.fund agst.F.R.bank notes
Al I other resources
'Total resources
---
838,292,000
72,154,000
182,822,000
4,064,000
343,396,000
537,000
761,000
861,292,000
45.911,000
122,310.000
4.224.000
127,360,00
29,126,000
19,468,000
17,087,000
951.989,000 1.036,131.000 1.033.020.000 1,029,670,000 1.033,737.01)0
44.456,000
32.505.000
35,818,000
12,453,000
17,258,000
357,069,000 272,506,000 321.994.000 323.703.000 381,708,000
193,041,000
3,143,000
130,411,000
789.179,000 805,826,000
52,343.000 t55 782.000
105,981.000 1170,100,000
4,486,000
4.4,23.000
896,583,000
53,734.000
78.898.000
3.805,000
901,574,000
t52,675,000
t76,519.000
4,902,000
374,327,000 284,964,000 366,450.000 356.208,000 417,526.000 133,554,000
400,000
537.000
537,000
537,000
537,000
537,000
6,246,000
379,000
201,000
559,000
551,000
582,000
3,289,909,000 3,260,778,000 3,176,454,000 3,146,171,000 3,135,277.000 3,176,023,000 3,169,375.000 3,236,486,000 1,218,857,000
381,667,000
537,000
796,000
310,865,000
537,000
731,000
LIABILITIES.
$
$
3
1
3
$
$
$
73,624,000
Capital paid in
71,938,000
72,439.000
72,621,000
72,829.000
73,401,000
73,229,000
73,305,000
1,134,000
Surplus
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1.134,000
deposits
56,208,000 150,781,000
132.790,000 135.691.000 239.829.000
Government
87,643,000
59,488.0)
56,165.000
1,465,504,000 1,388,020,000 1,459,720,000 1,409,714,000 1,501.301,000 1,478,644.000 1,480,743,000 1,421,563,000
Dule to members-reserve account
216,986,000 218,031,000 199,278,000 228,289.000 167,154,000 191,283,000 194.955,000 221.728,000
Co Motion items
51.769,000
77,137,000
37.697,000
59,874.000
ler
013 deposits. Incl. for. Gov't oredita30.779.000
52,315.000
64,122,000
58,329,000
1,815,835,000 1,820,954,000 1,773,492,000 1.777,061.000 1,787,817,000 1,854.486.000 1,849,086,000 1.913,899.000
Total gross deposits
P. R. notes In actual circulation
1,383,990,000 1,351,091,000 1,314,581,000 1,281,045,000 1,261,219.000 1.236,101,000 1,234.934,000 1.238,797,000
F. R. bank notes in circulation, net ilab_
8,000,000
8,000,000
8,000.000
8,000,000
8,000.000
7,999,000
7,999,000
7,999,000
All other liabilities
7,326,000
3.682.000
4,278.000
3.782,000
2,718,000
5,943,000
4,803,000
6,199,000
3
56,028,000
12,401,000
720,488,000
102,824,000
835,713,000
326,612,000
504,000
Total liabilities..
3,289,909,000 3,260,778,000 3.176,454,000 3.146,171,0001.135,277,0w 3,176,023.000 3.189,375,000 3.238,486,000 1,218,857,000
GoId reserve against net deposit liab
59.2%
76.3%
61.5%
60%
63.1%
81.5%
60.5%
61.0%
59.6%
GoId res. agst. F. It. notes in act. clro'n.
66.3%
101.3%
85.9%
64.8%
68.1%
68.0%
66.6%
65.9%
67.5%
Rado of gold reserves to net deposit and
62.6%
red. Res. note liabilities combined,,.
84,2%
63.8%
63.5%
63.0%
83.2%
63.3%
63.7%
65.5%
Ra do of total reserves to net deposit and
64.7 7„
,
flri a o/.._
tin n 07_
117 7%
RA R%
RA.2%
Ric.4%
118.2%.
86.1%
red Res note liabilities combined
Mar. 8 1918. Mar, 1 1918, Feb. 21 1918. Feb. 15 1918
i
Feb. 8 1918. Feb.1 1918. Jan. 25 1918. Jan. 18 1918. Mar. 9 1917.
Ditittbutt,m bp Maturates-$
$
• $
$
$
$
$
$
$
1-15 days billa discounted and bought
331,978,000 307,246,000 338,543,000 348,930,000 372,107.000 454.963,000 390,212,000 360,890.000
40,336,000
lit day., municipal warrants
519,000
513.000
149,000
141,000
1,173,000
10.000
634,000
133,000
1-15 days U. S. Govt. short-term sees
140,837,000 106,603.000
46,150,000
0-30 daYs bills discounted and bought88,804,000
23,707,000
93,655,000 104,830,000
93,985,000 123.853.000 123,350,000 169,795,000 180.759.000
16-30 days municipal warrants
55,000
126,000
513.000
794,000
10.000
510.000
134.000
16-30 days U. S. Govt. short-term secs7,702,000
2,000.000
81,765,000
61-60 days bills discounted and bought- 226.633,000 183,752,000 174,460,000 185,542,000 172,953,000 170.840,000 203,437.000 188.712,000
45,208,000
/11-60 days municipal warrants
3,000
133,000
10.000
7,000
7,000
7,000
131,000
571,000
7.000
31-60 days U. S. Govt. short-term secs4,086,000
9,546,000
6,884.000
01-1/0 days bills discounted and bought- 182,096,000 207,554,000 178,480,000 150.567,000 127.165.000 135,199.000 124,822,000
17,279,000
41-90 days municipal warrants
7.000
13,000
1.000
337.000 117.153.000
3,000
2,000
1,000
8,122,000
0140 days U. S. Govt. short-term sees.
1,771,000
2.925,000
6,296,000
Over90 days bills discounted and bought
8,781,000
10,231,000
13,308,000
9,531,000
9.748.000
13.778,000 •
830,000
9,391,000
10,155,000
nver 90 days municipal warrants ..
335,000
335,000
457,000
334,000
1.005.000
469,000
470,000
469,000
6,272,000
Over 90 days U.S. Govt.short-tenn5065
28,426,000
36,408,000
28.612,000
Federal Reserve Notes--Issued to the banks
1,505,213,000 1.464,645,000 1.429.732,000 1,392,484,000 1.374.225,000 1.367.858.000 1,373,622,000 1.373.105,000 355,263 000
Reid by banks
121,223,000 113,554,000 115,151,000 111,439,000 112.411.000 131.757.000 138,698.000 134.308,000
28,651,000
In circulation
1,383,990,000 1.351.091,1)00 1.314,581,000 1.281.045.000 1,261.784.000 1.236,101,000 1.234,924.000 1.238.797.000 326,612,000
Fed. Res. Notes (Agents Aceounts)Received from the Comptroller
2,014,980,000 1,968,200,000 1,926,680,000 1,910.160.000 1.890.180.000 1.883,320,000 1,875,661,000 1.863.540.000 583,560,000
Returned to the Comptroller
296,932,000 292,490,000 284.452,000 281,146,000 277.760.000 268,362,000 261.004.000 257.975.000 114,477,000
Amount charg
le hands of Agent
1,718,048,000 1,675,710,000 1,642,228,000 1,629.014,000 1.612.420.0(10 1.614.958.000 1,614.857.000 1.605.585.001)
212,8:35,000 211,065.000 212,498,000 238.530,000 238.195,000 247.100.000 241.035,000 232.460.000
Issued to Federal Reserve hanks_
How Secured-kty gold coin and certificate
fiy lawful money
By eligible paper
Gold redemption fund
with Federal Deserve Board
1,505,213,000 1.464.645,000 1.429,732,000 1.392.484,000 1,374,225.000 1,367.858.000 1.373,622,000 1.373,105.000
Total
Eligible coiner delivered to P.R.Mit--
355,263,000
278,207,00
0
276,987,000
292,877,000
290,923,000
296,717,000
269.862.000
276,894.000
374.000.000
212.094,000
608,511,000
47,986,000
570,509,000
579,299,000
49.747,000
558,612.000
552,709,000
45.699,000
538,447.000
540,109,000
44,512.000
516,940.000
535.401.000
43,830.000
498,277,000
586,191.000
44.872.000
466.933,000
579,803.000
45.586.000
471,339.000
576,378.000
46.182.000
476,545.000
26,830,000
11,959,000
101,380,000
1,505,213,000 1,484,045.000 1,429,732,000 1,392.484.000 1,374.225.000 1.367,858.000 1.373,622.000 1.373,105,000
512.075.000
7R9 777
nnn
'722 RAR
nmi
676.424.11'111
a Net amount due to other Federal Reserve banks. 0 This item Includes foreign Gov't credits.
469,0831000
113,820,000
574.704.000
628.702.000
f Revised figures.
5154263.000
ROSIARR MO
355,263,000
29
e.xa
aim
1104
.
THE CHRONICLE
[Vol.. 106.
WEEKLY STATEMENT of RESOURCES and LIABILITIES of EACH of the 12 FEDERAL RESERVE BANKS at CLOSE of BUSINESS MAR 8 1918
Two ciphers (00) omitted.
New York. Phtladel. Cleveland. Richm'd. Atlanta. Chicago. St. Louts. Minneap. Kan. City Dallas. San Fran.
Boston.
Total.
RESOURCES.
Gold coin and cerVs. in vault-__ 10,129,0
Gold settlement fund
40,359,0
Gold with foreign agencies
3,675,0
318,678,0 11,038,0 24,473,0 8,444,0 6,898,0 29,290,0 3,847,0 15,785,0
316,0 8,835,0 28,615,0
42,770,0 50,645.0 51,332,0 23,381,0 10,993,0 44,873,0 30,270,0 5,676.0 29,629,0 12,278,0 12,379,0
18,112,0 3,675,0 4,725,0 1,837,0
1,575,0 7,350,0 2,100,0 2,100,0 2,625,0 1,838,0 2,888,0
464,144,0
354,585,0
52,500,0
Total gold held by banks
54,163,0
Gold with Federal Res. Agents. 48,601,0
Gold redemption fund
1,989,0
379,558,0 85,358,0 80,530,0 31,682.0 19,264,0 81,513,0 38,217,0 23,561,0 32,570,0 22,951,0 43,882,0
249,226,0 75,247,0 88,568,0 25,648,0 44,402,0 159,474,0 41,471,0 43,858.0 55,544,0 21,228,0, 45,547,0
427,0 1,162,0; 1,053,0 1,204,0
10,000,0 2,000.0
390,0 1,081,01
36,0
147,0
798,0
871,229,0
896,702,0
20,267,0
Total gold reserves
Legal-tender notes, silver.
638,784,0 142,805,0 167,245,0 57,735,0 61,828,0 242,040,0 78,892,0 68,217,0 88,504,0 45,130,0, 89,485,0 1,788,198,0
39,921,0 1,017,0 1,154,0
605,0
357,0 1,875,0 5,171,0 1,374,0
70,0 2,114,01
277,0, 59,685,0
101,753,0
5,744,0
Total reserves
110,497,0
Bills:
Disco.—Member &F.R.hanks 60,249,0
Bought in open market
8,072,0
223,290,0 25.052,0 32,722,0 32,284,0 10,940,01 38,219,0 25,608,0
178,256,0 18,901,0 22,735,0 5,555,0 7,104,0 19,432.0 6,378,0
Total bills on hand
U. S. long-term securities
U. S. short-term securities
All other earning assets
68,321,0
960,0
2,194,0
401,552,0 43,953,0 55,457,0 37,839,0 18,044,0; 55,651,0 31,982,0 10,163,0 27,278,0 22,743,0 65,309,0', 838,292,0
2,982,0 8,862,0 4,020,0 2,457,0
72,154,0
4,781,0 5,886,0 8,262,0 1,233,0 4,016,0, 26,452,0 2,233,0
121,760,0 4,867,0 16,687,0 1,994,0 3,615,0' 18,609,0 1,444,0 4,149,0 4,301,0 3,220,0 1,982,01 182,822,0
297,0
1,602,0
4,064,0
955,0
673,0
283,0
254,01
Total earning assets
71,475,0
Due from other F.R.banks—Net
Uncollected items
18,412,0
528,073,0 54,706,0 80,406,0 41,066,0 25,959,0, 99,385,0 35,958.0 18,249,0 40,441,0 31,585,0 70,031,0 1,097,332,0
5,900,0 24,068,0 3,373,0 8,241,0 8,452,0
2,334,0
.6,113,0
946,0
69,818,0 46,181,0 19,521,0 26,926,0 19,675,01 57,169,0 19,005.0 10,594,0 25,714,0 17,280,0 12,990,0 337,283,0
Total deduo'ns from gross dep. 18,412,0
5% redemption fund against Federal Reserve bank notes
All other resources
69,816,0 40,181,0 21,855,0 28,926,0 25,605,0 81,237,0 22,378,0 18,835,0 34,168,0 17,280,0 13,936,01 343,396 0
537:0
678,705,0 143,622,0 168,399,0 58,092,0 66,703,0 247,211,0 80,268,0 68,822,0 88,580,0 47,244,01 98,742,0 1,847,883,0
6,177,0 20,759,0 12,683,0 34,353,01 520,340,0
3,986,0 8,519,0 10,080,0 30,956,0, 317,952,0
400,0
2,0
345,0
5f1:101,8
6,083,01 9,660.01
39,901,0 69,198,0 1,465,504,0
5,882,0 11,759,0, 216,986,0
9,01
I
77,137,0
2,440.0
51,855.0' 93,057,0 1,815,835,0
3 90 0
:3
41,453,0 76,715,0 1,387 926:0
8,000,0
124,01
90,246,0 174,035,0 3,289,909,0
Nem York. Philadel. Cleveland Richmond Atlanta. Chicago. St.Louis. Ifinneap Kan. City Dallas. San Fran
-
Boston.
s
Federal Reserve notes—
a
Received from Comptroller__ 126,000,0
Returned to Comptroller
23,259.0
Issued to F. R. Bank
Hela by F. R. Agent—
Gold coin and certificates
Gold redemption fund
Gold Sett. Pd., F. R. Board
Eligible paper, mm. reird
96,246,0 174,035,0 3,289,909,0
1
2,814,0i 4,263,0, 73,624,0
AGENTS ACCOUNTS AT CLOSE OF BUSINESS MARCH 8 1918.
STATEMENT OF FEDERALRESERVE
Chargeable to F. R. Agent
In hands of F. R. Agent
761,0
328,0
Total resources
200,384,0 1.278,591,0238,854.0 270,660,0 126,036,0 118,415,0 427,833,0 138,600,0 105,906,0 163,587,0
LIABILITIES.
Capital paid in
19,611,0 6,863,0 8,355,0 3,753,0 2,928,0 9,269,0 3,512,0 2,703,0 3,413,0
6,110,0
Surplus
40,0
216,01
38,0
116,0
619,0
75,0
Government deposits_
28,0 10,642,0 2,448,0 4,302,0 2,678,0: 4,798,0 6,324,0 2,817.0
5,729,0
899,0
Due to members---Reserve scot_ 83,277,0 834,778,0 91,810,0 110,632,0 46,927.0 40,960,0 183,089,0, 52,772,0 39,837,0 72,323,0
Collection Items
50,803,0 31,614,0 16,830,0 17,791,0 11,695,0 24,765,0i 15,145,0 4,637,0 10,783,0
15,289,0
Due to oth. P. R. banks—Net... 5,263,0
1,543,0
38,783,0 3,713,0
0th.deposits inel. for Gov't °red.
4,0 2,158,01
81,0
8,0
72,192,0
18.0
236,0
1
Total gross deposits
104,503,0 800,268,0 127,195,0 138,340,0 88,709,0 56,961,0 212,690,0 72,796,0 50.808,0 85.941,0
F. R. notes in actual circulation. 88,908,0 451,781,0,104,796,0 123,410,0 53,508,01 58,486,0 205,084,0i 61,894,0 52,248,0 05,707,0
F. R. bank notes in eiro'n—Net.
8,000,0
All other liabilities
398,0
111,0
574,01
526,0
4,255,0
555,0
783,0
1
Total liabilities_ _____
_ 200,384,01,276,591,0 233,851,02 "1,660,0 128,030,0 118,415,0 427,833,0 138,600,0 105,900,0 103,587,0
*Difference between net amounts due from and net amounts duo to other Federal Reserve Banks.
Two ciphers (00) omitted.
137,01
88,0
$
s
$
s
s
1
s
s
$
Total.
A
$
763,480,0 142,840,0 147,010,0 82,740.0 89,620,0 258,840.0 80,810,0 67,980,0 92.740,0 68,500.0 94,400,0 2,014,980,0
140,514,0 24,093,0 11,552,0 17,258,0 12,883,0 9,951,0 10,307,0 11,430,0 14,093,0 13,837,0 7,749,0 296,932,0
102,741.0
10,640,0
622,966,0 118.747.0 135,488,0 65,482,0 76,737.0 248,889.0 70,49:3,0 56.544,0 78,647,0 54,663,0 86,651,0 1,718,048,0
212,835,0
95,600,0 10,180,0 9.280,0 5,455,0 16,555,0 35,780,0 5,160,0 3,610,0 7,760,0 12,785,0
92,101,0
527,366,0 108,567,0 126,208,0 60,027,0 60,182,0 213,109,0 65,333,0 52,901,0 70,887,0 41,878.0 80,051,0 1,505,213,0
32,109,0
4,992,0
11,500,0
43,500,0
2.504,0
14,580.0
13,102.0
195,961,0
19,951.0
2,256,0 3,184.0 2,261,0 4,431.0
196.0 2,219,0
646,0 2,428.0
13,265,0 5,488,0 6,617,0
40,000,0 69,759,0 60,000,0 25,000,0 39,470.0 159,278,0 39.252,0 28,500,0 52,360,0 4,274,0 41,116.0
278,140,0 33,320,0 39,610,0 34,381,0 15,780,0 53,635,0 23,862,0 9,010,0 15,343.0 20,760.0 41,101,0
278,207,0
47,986,0
570.509,0
608,511,0
Total
92.101,0
Amount of eligible paper delivered to F. R. Agent
68,321,0
F. R. notes outstanding
92,101.0
F. R. notes held by banks
3,193,0
527.366,0 103,567.0 126,208,0 60,027,0 60,182,0 213,109,0'65,333,0 52,901.0 70,887,0 41,878,0 86,651,0 1,505,213,0
F. R. notes in actual ntreolat•r, 1111_11115_11
451 7510 101.71350 123.4101) 53.5133.0 58.486.0 205.084.0 61.894.0 52.248.0 65.707.0 41.453,0 76,715,0 1,383,990,0
401,548,0 40.421,0 50.403.0 37.225,0 16,642.0 54,498,0 30,769.0 9,654.0 20,990.0 22,743,0 60,061,0 813,275,0
527,366,0 103,567,0 128,208,0 60,027,0 60,182,0 213,102.0 85,333,0 52,901,0 70,887,0 41,878,0 86,651.0 1,505,213,0
425,0 9,930,0 121,223,0
656,0 5,180,0
75,585,0 3,771,0 2,798,0 0,519,0 1,096,0 8,025.0 3,439,0
Member Banks of the Federal Reserve System.—Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks and dated Mar. 1. Because of the large
number of banks for which returns are furnished the statement is not issued until a week later than that for the Federal
Reserve banks of the same date. Definitions of the different items contained in the statement were given in the weekly statement issued under date of Dec. 14 1917 and which was published in the "Chronicle" of Dec. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE, RESERVE AND
OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS MARCH 1, 1918.
Principal changes for the week ending March 1 in the condition of 686 reporting member banks are shown as follows:
Certificates of indebtedness on hand at all reporting banks show an increase for the week of 163.3 millions, while total Government securities increased by 140.1 millions. Of the total of 1,067.9 millions of certificates, over 77% is held by banks in central reserve cities and about 72% by the
New York City banks. Loans secured by Government obligations show an increase of 3.3 millions and all other loans and investments a decrease of
10.2 millions.
Net demand deposits of all reporting banks decreased 127.4 millions and time deposits 29.8 millions, while Government deposits increased 33.6
millions. At the banks in the central reserve cities net demand deposits decreased 64.3 millions and time deposits 9.5 millions, while Government deposits increased 9.2 millions. Aggregate reserves with Federal Reserve banks fell off 81.6 millions, of which 61.7 millions represents the loss in reserve
of the banks in central reserve cities. Excess reserves declined from 91.6 to 25.1 millions, largely at the New York City banks.
The ratio of reserve and cash to total deposits declined from 13.7 to 13%. For the banks in central reserve cities this ratio went down from 14.6
to 13.4%. Inversely, the ratio of loans and investments to total deposits for all reporting banks shows an increase from 105.5 to 107.9% and from
100.2 to 102.5% for the banks in the central reserve citieS.
1. Data for all reporting banks In each district
'
Member Banks.
Boston.
New York.
Number of reporting banks__
38
U.S. bonds to secure circulat'n
S
14,621,0
Phila.
Cleveland. Richmond Atlanta.
37
9847
79
75
a
a
$
s
a
50,885,0 12,934,0 42,772,0 22,076,0 13,430,0
Two ciphers (00 omitted
Chicago.
St. Louis. Minneap Kan.City. Dallas. San Fran.
93
31
a
6
19,043,0 18,380.0
33
40
69
Total.
46
$
$
$
$
5,770,0 13.838,0 17,414,0 35,399.0
Other U. S. bonds, including
Liberty bonds
41,624.0 12,165,0 6,140,0 10.965,0 9,842,0 15,338.0
10,744,0 182,921,0 11,950,0 42,712,0 17,420,0 13,547,0
U.S.certificates of indebtedn's 28,328,0 786,998.0 37.291,0 46,726,0 11,260,0 12,710,0
53,388.0 24,146.0 11,475,0 21,405,0 9.929,0 24,281,0
Total U. S. securities
53,693,0 1,020,801,0 62,175,0 132,210,0 50.750,0 39,687,0 114,055,0 52,691,0 23,385,0 46,208,0 37,185,0 75,018,0
Loans sec. by U.S. bonds, &c. 31,583,0 194,611,0 22,359,0 21,095,0 12,875,0 2,390,0
35,673,0 10,306,0 2,688,0 2,730,0 3,569,0 5,107,0
All Other loans & investments_ 691,976,0 4,124,021,0 594,200,0 907,421,0 308,385,0 261,280,0 1,327,122,0 372.370,0 244,248,0 452,720,0 184,061.0 473,527,0
Reserve with Fed. Res. Bank_ 53,993.0 556.722,0 51,102,0 83,888,0 25,583,0 22,598,0 135.633.0 35,495,0 18,878,0 41,435,0 17,488,0 41,339,0
Cash in vault
23,236,0 119,489.0 20,872.0 35,989,0 14,806,0 13,876,0 60,128,0 11.651,0 9,014,0 16,696,0 12,220,0 20,959,0
Net demand deposits
602,747,0 4,288.632,0 571,755,0 690,339,0 242,100,0 187,571,0 1,011,509,0 270,406,0 179,718,0 400.694,0188,00:1.0 354,664,0
Time deposits
80,960,0 303,193,0 15,056,0 217,757,0 45,500,0 77,287.0 336,237,0 73,424.0 50,037,0 50,806,0 22,254,0 102,555.0
Government deposits
45.104.0 498.780.0 39.184.0 43.966.0 10.581.0 8.539.0
61,986.0 28,194,0 14.798,0 14,814,0 10,300,0
$
686
s
264,562,
375,368,0
1,067,937,0
1,707,867,0
344,986,0
9,941,331,0
1,089,152,0
358,942,0
8,968,138,0
1,375,066,0
778,244,0
2. Data for banks in each Central Reserve city. banks In all other Reserve cities and other reporting banks.
Chicago. St. Louis. Total Central Res. Cities.
New York.
Other Reserve Cities.
Country Banks.
Total.
Two ciphers omitted.
March 1.
Number of reporting banks_ _ _
Feb. 21.
March 1. March 1. March 1.
Feb. 21.
March 1.
Feb. 21. Starch 1. Feb. 21.
March 1.
036
Feb. 21.
686
$
$
$
$
$
2
$
a
a
$
Is
s
U.S.bonds to secure circulat'n
46,720,0
35,603,0 1,393,0 9,370,0
35,957,0
47,376,0 170,672,0 a 158,441,0 47,170,0 49,029,0 264,562,0 a 254,846,0
Other U. S. bonds, including
Liberty bonds
164,533,0 162,168,0 14.906,0 7,211,0 186,650,0 183,714,0 149,038,0 a 152,487,0 29,680,0 31,798,0 375,368,0 a 367,999,0
U.S.certificates of indebtedn's 770,688,0 681,088,0 32,587,0 19,469,0 822,744,0 719,857,0 221,137,0 a 103,284,0 24,056,0 16,490,0 1,067,937,0 a 904,631,0
Total U. S. securities
971,178,0 878,929.0 48,886,0 36,050,0 1,056.114,0 950,947,0 550,847,0 519,467,0 100,906.0 97,317,0 1,707,867.0 1,567,731,0
Loans sec. by U. S. bonds, &c_ 170,840,0 171,693,0 21,595,0 8,788,0 201,223,0 198,640.0 123,580,0 122.713,0 20,183,0 20,362,0 344,980,0
341,715,0
All other loans & investments_ 3,698,762,0 3,621,616,0 818,208,0 270,461,0 1,787,431,0 4,723,283,0 4,439,071,0 4,484,906.0 714,829,0 743,311,0 9,941,331,0 9,951,500,0
Reserve with Fed. Res. Bank_ 517,168,0 580,000,0 97,437,0 27,663,0 642,269,0 677,211,0 397,617,0 416,670,0 49,267,0 50,093,0 1,089,152,0 1,170,737,0
Cash in vault
104,809,0 108,359,0 37,652.0 6,863,0 149,324,0 153,554,0 178,399,0 182,424,0 31,219,0 32,553,0 358,942,0
368,413,0
Net demand deposits
3,895,742,0 3,938,037.0 690,472,0 199,266,0 4,785,480,0 4,844,785,0 3,597,171,0 3,643,760,0 585,487,0 601,959,0 8,968,138,0 9,095,546,0
Time deposits
258,180,0 259,868,0 138,112,0 57,030,0 451,302,0 460,202,0 767,198,0 785,893,0 156,568,0 158,188,0 1.375,066,0 1,404,882,0
Government denosita
4551)57.0 4051153.11 45.044.n 24.051.0 558.182.0 447.544.0 194.054.0 175.909.0 24.028.0 17.737.0 776.244.0
742.625.0
a Exclusive of Kansas City.
58
58
40
14
112
112
418
421
158
153
THE CHRONICLE
MAR. 16 1918.]
1105
-The following detailed statement
Statement of New York City Clearing House Banks and Trust Companies.
shows the condition of the New York City Clearing House members for the week ending Mar. 9. The figures for the
separate banks are the averages of the daily results. In the ease of totals, actual figures at end of the week are also given:
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Loans,
Discounts,
Investments,
c.
(Nat. Banks Dec. 31k
),State Banks Nov. 141
Capital.
Week Ending
Mar. 9 1918.
Members of Federal
Reserve Bank.
Bank of NY,N B A.
Bank of Manhat Co_
Merchants' National_
Medi 8: Metals Nat_
Bank of America____
National City
Chemical National.._
Atlanta) National
Nat Butch &Drovers'
American Each Nat_
Nat Bank of Comm_
Pacific Bank
Chat & Phenix Nat_ _
Hanover National_ _
Citizens' Natlonal
Metropolitan Bank
Corn Exchange Bank
Importers &Trad Nat
National Park Bank_
East River National_
Second National
First National
Irving National
N Y County National
German-American. _
Chase National
Germania Bank
Lincoln National-_ Garfield National
Fifth National
Seaboard National._
Liberty National__ Coal St Iron National
Union Each National
Brooklyn Trust Co__
Bankers Trust Co__
S Mtge Se Tr Co
GuarantyTrust Co
Fidelity Trust Co___
Columbia Trust Co
Peoples Trust Co___
New York Trust Co
Franklin Trust Co__
Lincoln Trust
Metropolitan Tr Co_
Nassau Nat, Bklyn_
__
Irving Trust Co
Farmers Loan &Tr Co
Nel
Profits.
Gold.
/Aoni
7'enders
National
Bank
and
Federal
Reserve
Notes.
Surer.
Reserve
with
Legal
Depositaries.
Additional
Deposits
with
Legal
Depositaries.
Average. Average, Average. Average.
Average.
Average.
Average.
3
46,134,000
31,000
111,000 4,911,000
146,000
171,000
2,000,000 5,095,500
55,150,000 1,462,000
581,000 1,188,000 10,335.000
403,000
2,050,000 5,221,200
24,132,000
127,000
100,000 2,719,000
128,000
476,000
2,000,000 2,381,900
330,000 23,299,000
266,000 1,894,000
6,000,000 10,510,000 162,611,000 8,334,000
31,980,000
450,000
235,000 4,236,000
387,000
289,000
1,500,000 6,572,500
25,000.000 c46,951,600 556,449,000 8,027,000 3,138,000 1,161,000 1,323,000 89,296,000
61,492.000
285,000
721.000 7,723,000
180,000
518,000
3,000,000 8,636,200
15,406,000
93,000
111,000 1,919,000
249,000
142,000
847,000
1,000,000
2,852,000
28,000
311.000
8,000
73,400
40,000
47,000
300,000
774,000
641,000 11,902,000
791,000
309,000
5,000,000 5,391,400 106,483,000
223,000
857.000 32,570.000
949,000
517,000
25,000,000 20,371,200 335,130,000
12,387,000
61,000
166,000 1,317,000
329,000
455,000
500,000 1,002,900
77,535,000 1,042.000
407,000 1,374,000 1,244,000 9,126,000
3.500,000 2,337.600
597,000 17,376,000
426,000 1,601,000
3,000,000 16,033,000 140.307,000 4,228,000
36,547,000
88,000
417,000 4,062,000
537,000
29,000
2,550,000 2,667,200
21,305,000
635,000
504,000 2,729,000
263,000
630,000
2,000.000 2,128,600
434,000
194,000 1,956,000 3,149,000 14,634,000
3,500,000 7,510,200 107,773,000
38,286,000
70,000
175,000 3,971,000
40,000
387,000
1,500,000 7,513,800
51,000
475,000 19,012.000
435,000
716,000
5,000,000 17,530,201) 193,966,000
2,702,000
5,000
65,600
21,000
432,000
149,000
18,000
250,000
19,903,000
42,000
349,000 2,291,000
320,000
1,000,000 3,696,300
52,000
19,000
97,000 16.451,000
10,000,000 28,919,300 230,726,000
233,000
809,000
97,540,000
741,000
766,000 16.325,000
4,51)0,000 5,102,400
363,000 2,079,000
9,906,000
144,400
93,000
40,00))
378,000 1,549.000
207,000
500,000
6,098,000
885,900
11,000
793.000
52,000
15,000
18,000
750,000
10,000,000 11,120,400 298,937,000 3,293,000 2,286,000 2,037,000
783,000 32,123.000
6,289,000
816,400
38,000
937,000
100,000
400,000
212,000
22,000
16,550,000
172,000
1,000,000 2,004,300
414,000 2,265,000
306,000
116,000
11,715,000
67.000
1,000,000 1,324,900
153,000 1,603,000
28,000
205,000
6,613,000
381,600
58,000
250,00(
70,000
757,000
221,000
91,000
49,339,000
361,000
1,000,000 3,448,200
592,000
217,000 6,703,000
287,000
77,545,000
118,000
3,000,000 3,979,900
112,000
23,000
433,000 8,473.000
891,101)
11,889,000
12,000
1,000.000
112,000
45,000
381,000 1,306,000
11,091,000
7,000
1,000,000 1,091,5(10
263,000
10,000
331,000 1,566,000
34,667,000
1,500,000 2,155,400
102,000
192,000
35:3,000 4,131.000
40,000
11,250,000 12,930,400 284,070,000
6:39.000
192,000
543,000 29,256,000
110,000
59,594,000
2,000,000 4,691,500
345,000
110,000
67,000
254,000 6.507,000
25,000,000 28,125,400 463,705,000 2,866,000
301,000
595,000 1,160,000 47,221,000
11,573,000
1,000,000 1,213,200
89,000
33,000
61,000
126,000 1,424,000
89,483,000
5,000,000 6,210,700
157,000
444,000
129,000
346.000 9,050,000
25,530.000
1,000,000 1,331,800
70,000
231,000
72,000
329,000 2,284,000
88,962,000
3,000,000 11,032,700
6,000
12,000
16,000
203,000 8,186.000
1,000,000 1,103,700
21,485.000
75,000
226,000 2,261.000
185,000
65,000
563,200
1,000.1)00
15,036.000
5.000
133,000
58,000
165,000 2,127,000
4,070,900
2,000,000
54,402,000
242,000
26,000
278,000 5,991,000
99,000
1,000,000 1,116,100
13,432,000
9,000
56,000 1,306.000
203,000
80,000
1,500,000 1,082,200
33,228,000
141,0(10
177,000
714,000 1,010,000 4,150,000
5,000,00( 10,525 000 138,036,000 3,359,000
29,000
118,000 17,488,000
54,000
Average for week_k 191,300,000 316,962,800 4,224,676,000 39,588,000 13,495,000 24,811,000 22,150,000 496,417,000
Totals, actual conditi on
Totals, actual conditi on
Totals, actual candid on
Totals, actual condlt1 on
State Banks.
Greenwich
People's.
Bowery
Fifth Avenue
German Exchange
West Side.
N Y Produce Etch
State
Totals, avge for wk
4,076,600
Totals, avge for wit
7,579,700
Bank
815,000
41,000
274,000
1,030,000
401.000
199.000
1,015,01)0
2,309,000
530,000
184.000
192,000
606,000
184,000
50.000
341,000
355,000
681,000
213 000
240,000
945.000
248.000
253,000
1,183,000
1,333.000
91,145,000 6,117,000 1,435,000 2,901,000 2,492,000
5,101.000
93,208,000 (1,150,000
94,132.000 6.015.000
91,571,000 6,135,000
91,049,000 6,285,000
a- Bank.
Not Mem hers of Fed era! Reserve
11,706,300
41,868,000 1,715,000
5,000,0(10
24,992,000
4,000,000 5,184,000
636,000
Mar. 9
Mar. 2
Feb. 23
Feb. 16
9,000,000 16,890.300
66,860,000 2,351,000
67,374,000
concilt1 on Mar. 9
66,521,000
comfit! on Mar. 2
67,514,000
conditi on Feb. 23
65,441,000
oondlt1 on Feb. 16
._
Grand aggregateatvge 2- 4, 70,000 341,432,860 47385,681,000
3
0 +109,208,000
Comparison prey wk.
Totals, actual
Totals, actual
Totals, actual
Totals, actual
Grancrag'gate, actual condition
Comparison prey wk.
--Grand (3351e, actual condition
.
'
1
Grand alga/ate, actual condition
Grand ag'gate, actual condition
Grand steuate, !tempt! condition
178,000
439,000
43,000
89,000
36,000
14,000
113,000 1,035.000
148,000
76,000
142,000
123,000
514,000
450.000
355,000
531,000
Net
Time
Deposits.
Average.
National
Bank
Circulalion.
Average.
34,284,000
57,152,000
19,100,000
141,298,000
26,518,000
526,196,000
52,987,000
13,442,000
2,161,000
85,411,000
247,059.000
10,938,000
63.504,000
129,846,000
28,497,000
21,243,000
105,084.000
24,036,000
145,215,000
2,904,000
15.578,000
135,603,000
93,229,000
10,477.000
5,106,000
241,353,000
6,380,000
15,173,000
10,321,000
6,013.000
47,595,000
57,540.000
9,943,000
113314.000
28,565,000
224,810.000
47,(305,000
368,333,000
8,905.000
66,914,0(10
22,173,000
57,704,000
16,435,000
13,243,000
42,558,000
•10,013.000
32,152.000
129,731,000
A reraos
$
1,645.000
789,000
2,000.000
426,000 1,864,000
20,999,000 3,782,000
8,169,000 1,747,000
3,164,000
447,000
146,000
531,000
246,000
6,238,000 4,936,000
5,086,000
150,000
7,130,000 1,904,000
:305,000
303,000 1,021,000
301,000
51,000
4,045,000 4,030,000
50,000
931,000
9,721,000 7,347,000
640,000
692,000
199,000
25,000
17,546,000 1,300,000
1,000
27,000
344,000
3,020,000
446,000
450,000
4,974,000
28,122,000
6,199,000
29,540,000
549,000
13,771,000
1,611,000
4,844,000
1.992,000
1,114,000
1,861.000
534,000
128.000
11,649,000
893,000
399,000
249,000
70,000
595,000
413,000
293,000
50,000
3,481,036,000 199,347,000 34,802,000
4,187,557,000 39.593,000 13,67:3,000 24,831,000 22.921.000 515,213.000
4,151,706.000 :36,682.000 12.701,000 25.094.000 21,253.000 450.309,000
4.101,606,000 37,628,000 13,265,000 25,386,000 22,698.000 509,305.000
4,058,959,000 40,311,000 14,452,000 25,396,000 20.490.000 435,165,000
.
Not M em hers of Fed crat Reserve
14,41:3,000
500,000 1,372.700
503,400
3,801,000
200,000
812,900
4,405,000
250,000
17.470,000
100,000 2,300,200
868,30))
5,652,000
200,000
54,000
4,320,000
326,600
19,052,000
1,000,000 1,014,100
654,100
25,032,000
1,500.000
Totals, actual condlti on
Totals, actual conditi on
Totals, actual coedit! on
Totals, actual conalt1 on
Trust Companies.
Title Guar at Trust__
Lawyers Title & Tr.
Mar. 9
Mar. 2
Feb. 23
Feb. 16
Net
Demand
Deposits.
3,498,311,000 194,511,000 34,388,000
3,401.6(13.000 192.623.000 34,737,000
3,435,528,000 199,996.000 14,448,000
3,406,347,000 193,979,000 34,154,000
403,000
122,000
396,000
10,000
14,717,000
3,544,000
3,996.000
18,464,000
5,567,000
4,302,000
19,450,000
27,186.000
45,000
921,000
97,270,000
55,000
1,429,000
1,367.000
1,4.52,000
1,461,000
3,024,000
2,969.000
3,058,000
2,939,000
=--
2,735,000
2,395.600
2,210,000
2,295,000
4,791.000 1,332,000
5,5(31.000 1,200,000
5.660,000
649,000
4,708,000 1,129,000
--
96,220.000
93.301,000
96,245,000
95,419,000
-
50,000
60.000
98.000
100.000
132,000
192,000
178,000
66,000
341,000
167.000
1,194,000 1,960,000
1,573,000
247.000
23,830,000
16,870,000
1,0131,000
561,000
324,000
244,000
503,000
2.767,000 2,207,000
40,750,000
1,629,000
2,200,000
320,000
41,229,000 1,526,000
201,000
579,000 2.661,000 1,832.000
2,512,000
10.737,000 1,1347.000
331.000
2113,000
402.000 2.693,000 1,432.000
2,480,000
42,722,000 1.706,000
323,000
251.000
466,000 2,797,000
946,000
2,527,000
41,550,000 1,697,000
230,000
565,000 2,735.030
693,000
349,000
--a aaaaa=a-aa
18,056,000 15,254- 000 27,056,000 25,150,000 504.235.000 3,123,000 a3,619,0.56.000 201,011,000 34,802.000
,
+2252000 +16,000 -950,000 -606.000 +4,834,000 +1373000 +49,920,000 +2,417,000 +179,000
Mar. 9.. 4,348,139,000 48,033,000 15,421,000 28,059,000 26,235,000 522,673,000
+35,778,000 4-2824000 +1019000 -271,000 +2185000 +54620000
Mar. 2 _- 4,312,361.000 45,209,000 14.402,000 28.3307000 24,050.000 464.053,000
Feb. 23 __ _ 4,260,691.000 46,243,000 15,040,000 28,695,000 25,374,000 517,762.000
Feb. 18... 4.215,449,000 19.123,000 16,262.000 28,565.000 23,350,000,492,604,000
Feb. 9 - 4,209,306,000 49.954,000 15,374.000 29,543.000 22,359.000 564.515,000
3,214,000 b3,635,760,000 200,037.000 34,838.000
+582,000 +95,056,000 +5,757,000 +151,000
- -3312.000
2
3,510.704,000 194,330.000 34,737:000
1.640,000 b3,574,495,000 201,800,000 34,448.000
1,822.000 b3,601,346.0(0 200.776,000 34,154,000
4.3(35.000 3.709.272.000 202.090.000 14.243.000
ail. S. deposits deducted, $456,233,000. b U.S. deposits leducted. $433,418,000. c Includes capital set aside for foreign branches, 26,000,000.
Nets -The statement for the week ending March 9 ineftwea the aggregates for the Farmers' Loan & Trust Co., which became a member of the Federal Reserve Bank
on March 1.
STATEMENTS OF RESERVE POSITION.
Averages.
Reserve
Cash
Total
Reserve
in
Reserve.
in Vault. Depositaries .
a
Reserve
Required,
Actual Figures.
Surplus
Reserve.
Cash
Reserve
Inc. or Dec.
in
from
Reserve
PreviousiVeek in Vault. Depositaries
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
Inc. or Des.
from
PrevioustV esk
Members Feler al
3
15
a
Reserve flank,.
49(1,117,000 496,417,000 458,515,090 37,901,910 -1,527,330
515,218,000 515,218.000 460,735.760 54,482.240 +42,668,120
State banks
12,945,000 5,101,000 18,016,000 17,503,600
537,400
-471,820 13,337,000 4,791,000 18,128,000 17,319,600
+197,120
808.400
TrustCompaules• 3,427,000 2,767,000 6,191.000 6,112,500
81,500
+136,200 3,393,000 2,661,000 6,057,000 6,184,350 def.127,350
-212,800
Total Mar. 9_
la Total Mar. 2_
Total Feb. 23_
Total Feb. 16.
16,372,000 504,285,000 520,657,000 482,136,190
16 500,0)10 499,451.000 515,957,0001 475,573,240
16,359,000 501,052,000 520,411,000 476,674,710
16,812.000 524,392,000 541,201,000 436,223,710
38,520,810 --1,862,950
40,38:3,760 -3,352,530
43,736,290 -11,239,000
54,975,290 -40,9:3:3,930
16,730,000 522,673,000 539,403,000 434,239,710
16,258,0001463,0.53,000 484,311,0001471,300,1501
16,375,000 517,762,000 534,137,000 476.350,920
16.651,000 492.603,000 509,2.59,000 480,007,300
55,163,290 +42,652,440
12,510.850 -45,275,230
57,736,090 +28,534,880
29,251,200 -60,054,080
• Not members of Fetiera Reserve Bank.
a This is the reserve required on net demand deposits In the ease of State banks and trust companies, but in the ease of members of the Federal Reserve Bank inoludes
also amount of reserve require() on net time deposits, which was as follows: March 9, $5,980,410; Mar.2,$5,905,050; Feb. 23, $5,990,160: Feb. 16. 55.940,200.
Is This is the reserve required on net demand deposits In the case of State banks and trust companies, but in the case of members of the Federal Reserve Bank Includes
also amount of reserve required on not time delaosits, which was as follows: March 9, $5.955,330: Mar.2,$5,778,690; Feb. 23, 55,999,880; Feb. 16, $5,969,370.
c Amount of Clifitl In vault, which Is no longer counted as reserve for members of the Federal Reserve Bank, was as follows:
Mar:9, 3101,018,000; Mar. 2,$99,193.000; Feb. 23, $98,618,000: Feb. 16, 5100,649,000.
Amount of cash In vaults, which Is no longer counted as reserve for members of the Federal Reserve Bank. was as follows:
March 9, $100,014,000; Mar.2, 395,733,000; Feb. 23, 598,977,000* Feb.16, $99,587,000.
1106
THE CHRONICLE
[VOL. 106.
The State Banking Department reports weekly figures
In addition to the returns of "State banks and trust corashowing the condition of State banks and trust companies paniesin New York City not in the Clearing House," furnished
in New York City not in the Clearing House, as follows:
by the State Banking Department, the Department also
presents a statement covering all the institutions of this class
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
in the whole State. The figures are compiled so as to dis(Figures Furnished by State Banking Department.) Differences from
tinguish between the results for New York City (Greater
March 9.
previous week.
Loans and investments
$741,623,400 Dec. $132,749,800 New York) and those for the rest of the State, as per the folSpecie
14,525,400 Dec.
3,420,300 lowing:
Currency and bank notes
12,144,500 Dec.
471,200
Deposits with the F. R. Bank of New York_ _ _ _
53,364,100 Dec. 18,902,600
For definitions and rules under which the various items
Total deposits
801,511,500 Dec. 187,754,200 are made up, see "Chronicle,"
V. 98, p. 1661.
Deposits,eliminating amounts due from reserve depositaries and from other banks and trust comThe provisions of the law governing the reserve requirepanies in N.Y.City,exchanges and U.S.deposits 699,979,100 Dec. 164,165,500
ments of State banking institutions as amended May 22
Reserve on deposits
136,136,600 Dec. 28,077,400
Percentage of reserve, 21.7%.
1917 were published in the "Chronicle" May 19 1917 (V.
RESERVE.
104, p. 1975). The regulations relating to calculating the
-State Banks- -Trust Companies
Cash in vaults
$12,796,400 10.70%
$67,237,600 13.30% amount of deposits and what deductions are permitted in
Deposits in banks and trust cos._ 16,524,300 13.81%
7.81% the computation of the reserves were given in the "Chronicle"
39,578,300
Total
$29,320,700 24.51%
$106,815,900 21.11% April 4 1914 (V. 98, p. 1045).
Note.
-In the statement for March 9 the large decreases from the preceding week
are accounted fdr by the fact that the Farmers' Loan Jr Trust Co. is now a member
of the Federal Reserve Bank and of the New York Clearing House and the figures
for that company, formerly included in this table, now appear in the Clearing
House statement.
The averages of the New York City Clearing House banks and trust companies,
combined with those for the State banks and trust companies in Greater New York
City outside of the Clearing House, as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK (two ciphers omitted).
Loans
.
Total
Reserve in
Week
and
Demand
Legal
Cash in
DeposiEnded- Investments Deposits.
Specie.
Tenders.
Vault.
larks.
$3
$
$
s
$
a
Dec. 15_ 5,575,672,8 4,417,314,1 110,725,3 96,692,9 207,418,2 671,117,1
Dec. 22___ 5,011,186,0 4,357,133,8 108,504,8 95,878,3 204,383,1
602,178,4
Dec. 29___ 4,952,579,3 4,352,163,0 104,273,2 98,864,9 203,138,1
608,984,1
Jan. 5___ 5,945,390,8 4,443,769.4 104,006,5 100,321,2 204,327,7
617,798,E
Jan. 12___ 4,893,792,4 4,526,394,9 104,736,0 102,483,2 207,219,2 613,402,1
Jan. 19._ 4,892,797,1 4,578,900,7 104,673.7 98,375,5 203,054,2
612,272,4
Jan. 26._ 4,899,129,5 4,479,558,6 101,471,0 97,599,0 199,070,0
619,095,1
Feb. 2... 5,000,037,0 4,480,506,5 97,829,7 95,280.8 193,110,5 627,476,1.
Feb. 9___ 5,038,372,7 4,517,827,5 96,292,1 93,282,0 189,574,1
649.108.1
Feb. 16___ 5,049,992,0 4,501,204,7 95,857,3 101,927,9 197,785,2
598,152,4
Feb. 23___ 5,110,615,8 4,428,375,5 93,416,1 101,863,0 195,279,1
567,452,C
Mar. 2 ___ 5.150,846,2 4,433,280,6 92,655,7 102,961,4 195.617,1
570,836,1
Mar. 9_ _ _ 5.127,304,4 4,319,035,1 90,537,4 83,762,6 174,300,0
560,387,1
t Included with "Lega Tenders" are national bank notes and Fed. Reserve notes
lield by State banks and trust cos. but not those held by Fed. Reserve members.
STATE BANKS AND TRUST COMPANIES.
State Banks
Trust Cos.
State Banks
Trust Co.
in
in
outside of
outside of
Greater N. Y. Greater N. F. Greater N. F. Greater N. 7.
Week ended Mar. 9.
Capital as of Sept.8
$19,775,000
$88,950.000
Surplus as of Sept.8-
38.506.722
162,901,400
16,937,000
25,748,040
442,323,400 1,993,397,800
+8,165,000 -24,577,800
195,023,600
+2,109,300
320,399,500
+402,100
202,794,800
+1,416,900
312,296,400
-1,369,400
32,467,500
-120,400
39,710,800
+385,600
23.3%
17.2%
19.4%
24.0m
MR%
19.5%
-I- Increase over last week. -Decrease from last week.
17.8%
17.3°!.
Loans and Investments
Change from last week_
Specie
Change from last week_
16,627,800
-544,400
20,070.300
-15,900
Currency and bank notes.
Change from last week_
22,937,300
-62,800
14,521,100
-301,700
Deposits with the F. R
Bank of New York__ __
Change from last week_
36,351,100
-997,100
$16,573,000 $25,938,700
194,521,200
-5,733,300
Deposits
Change from last week_
546,695,000 2,139,621,900
-7,097,400 -64,428,300
Reserve on deposits
Change from last week_
102,145,100
-1,140,100
311,896,600
-1,873,200
P. C. reserve to deposits
Parrantricre !nat. week
Non-Member Banks and Trust Companies.
-Following is the report made to the Clearing House by clearing
aon-member institutions which are not included in the "Clearing House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
NON-MEMBERS.
Net
Capital. I Profits.
Week Ending Mar. 9 1918. 'Nat. banks Dee,311
18tate banks Nov. 145
Members of
/federal Reserve Bank
Battery Park Nat. Bank_ _
W. R. Grace & Co.'s Bank
First Nat. Bank, Brooklyn....
Nat. City Bank, Brooklyn...
First Nat. Bank, Jersey City
Hudson Co. Nat., Jersey City
First Nat. Bank. Hoboken._ .
Second Nat. Bank. Hoboken.
Total
State Banks.
Not Members of the
Federal Reserve Bank.
bank of Washington Heights
Colonial Bank
Columbia Bank
International Bank
Mutual Bank_
New Netherland Bank_
Yorkville Bank
Mechanics' Bank, Brooklyn
North Side Bank, Brooklyn
Total
Trust Companies.
Not Members of the
Federal Reserve Bank.
Hamilton Trust Co., Brooklyn
Mecbanice' Tr. Co., Bayonne
Total
$
1
400,000
423,000
500,000
599,500
673,400
300,000
300,000
584,400
400,000 1,307,600
250,000
767.800
220,000
684,300
125,000
310.900
Loans,
Discounts,
Investments
dtc.
Legal
Tenders
Gold
Silver
National
Bank
et Federal
Reserve.
Notes.
Reserve
with
Legal
DeposiVries.
Additional
Deposits
with Legal
Deposilaries.
Average.
A eerage
Average. Average. Average. Average. Average.
$
$
$
$
$
$
$
7,110,000
59,000
18,000
21,000
128,000
977,000
191,000
3,291,000
1,000
2,000
420,000
7,373,000
15,000
13,000
116,000
68,000
565.000
504,000
6,598,000
4,000
15,000
61,000
96,000
521,000
872,000
7,121,000
223,000
334,000
129,000
207,000 1,085,000 5,437,000
4,979,000
85,000
7,000
119,000
76,000
336,000
975,000
7,287,000
16,000
6,000
40,000
166,000
338,000
841,000
5,405,000
5,000
51,000
87,000
31,000
283,000
535,000
2,495.000 5,350,900 49,194,000
408,000
444,000
530,000
817,000 4,525.000 9,355,000
------------ ----- ---- ---- ---- -----
100,000
500,000
300,000
500,000
200,000
200,000
100,000
1,600,000
200,000
467,000 2,488,000
87,000
970,800 9,713,000 w 599,000
748,1100 12,195,000
037,000
142,800 4,723,000
157,000
491,500 8,623,000
482,000
201,100 4,331,000
134,000
687,900 7,427,000
448,000
829,100 22,492,000
479,000
210,600 4,698,000
103,000
1,000
164,000
16,000
62,000
58,000
80,000
340,000
33,000
61,000
311,000
407,000
66,000
194,000
265,000
371,000
958,000
142,000
126,000
131,000
88,000
130,000
614,000
573,000
449,000
746,000
329,000
297,000
211,000
350,000
541,000
406,000
134,000
276,000
35,000
107,000
478,000
263,000
446,000 1,338,000 1,628,000
177,000
227,000
380,000
Net
Demand
Deposits.
Average.
$
6,136,000
1,763,000
5,600,000
5,082,000
7,146,000
4,057,000
2,954,000
2,718,000
National
Net
Bank
7'ime
CirculaDeposits.
Hoe.
Average. Average
$
s
84,000
192,000
750,000
616,000
292,000
422,000
120,000
398,000
471,000
199,000
3,478,000
219,000
2,512,000
100,000
35,456,000 8,333,000 1,520.000
----- ----
2,202,000
10,239,000
12,439,000
4,400,000
8,630,000
4,708,000
7,981,000
22,308,000
4,151,000
280,000
94,000
68,000
110,000
93,000
400,000
3,700,000 4,749,700 76,690,000 3,131,000
754,000 2,775,000 2,216,000 4,562,000 3,702,000 77,058,000 1,045,000
----- ---- ------ ---- ------ ------------ ---- ------ --------
500,000 1,002,900
200,000
338,500
9,298,000
7,715,000
365,000
20,000
60,000
28,000
700,000 1,341,400 17,013,000
385,000
88,000
Grand aggregate
Comparison previous week
Excess reserve____
Grand aggregate Mar. 9 . .
Grand aggregate Mar. 2_
Grand aggregate Feb 16 _.
Grand aggregate Feb. 9_ _ _Grand agues/ate Feb. 2_ ....
6,895.000 11,442,000 142,897,000 3,924,000
+2.065,000 -79,000
478.710 increase
6,805,000 11,442,000 140,832,000 7 - 1,003, 0
6 0
6,895.1100 11,616,700140,025,000 3,983,000
6,895,000 11.616,700 139,271,000 4,130,000
6,895,000 11,616,700038,376,000 4,070,000
6.895.000 11.616.700 136.621.000 4.148.000
a U. S. deposits deducted, $7.296.000.
28,000
83,000
168,000
77,000
363,000
498,000
426,000
228,000
7,305,000
765,000
4,529,000 3,051,000
111,000
245,000
866,000
654,000
11,894,000 3,816,000
1,286,000 3,416,000 3,278,000 9,953,000 13.711,000 a124,408,000 13,194,000 1,520,000
-15,000 -19,000 +237,000 +571,000 +2344000 +1,009,000 -148,000
-2,000
- ,30-1.500 -373570(5-)
1- - 1
1,378,000
1,183,000
1,364.000
1.339.000
3,220,000
3,325,000
3.069,000
3.051.000
3,041,055
3,162.000
3,126.000
2,927,000
2.970.000
- ,382,000 11,307,000 a
6- --- -123T39- - 13,342,000 7,752-2,000
97000
9,610,000 12,661,000 a123,356,000
9,645,000 11,260,000 a122,870,000
9,778,000 11,714,000 a121,114,000
9.495.000 11.116.000 al20,046.000
13,544,000
13,348,000
13,501,000
13,483,000
1,515,000
1,517,000
1.521,000
1.520,00(
Boston Clearing House Banks.
-We give below a sum- vaults" is not a part of legal reserve. For trust companies
mary showing the totals for all the items in the Boston not members of the Federal Reserve system the reserve
Clearing House.weekly statement for p, series of weeks:
required is 15% on demand deposits and includes "Reserve
BOSTON CLEARING IIOUSE MEMBERS.
with legal depositaries" and "Cash in vaults."
March 9
1918.
Change from
previous week.
Circulation
$4,945,000 Inc.
Loans, dIsc'ts de investments_ 469,441,000 Dec.
Individual deposits, Incl.U.S. 390,182,000 Dec.
Due to banks
122,036,000 Dec.
Time deposits
21,794,000 Dec.
Exchanges for Clear. House_ 13,373,000 Dec.
Duo from other banks
83,511,000 Dec.
Cash in bank & in F.R.Bank 54,601,000 Dec.
Reserve excess in bank and
Federal Reserve Bank_
12,409,000 Dec.
March 2
1918. .
Feb. 23
1918.
331,000 $4,914,000 $4,919,000
2,351,000 471,792,000 471,013,000
2,275,000 392,457,000 385,192,000
4,529 126,615,000 126,603,000
625,000 22,419,000 22,679,000
1,952,000 15,325,000 14,641,000
2,559,000 86,070,000 80,898,000
1,364,000 55,965,000 57,229,000
1,116,000 13,525,000_14,923,000
RI Philadelphia Banks.
-The Philadelphia Clearing
House
statement for the week ending Mar. 9, with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in
Week ending Mar, 9 1918.
Two ciphers (00) omitted
10cm. of
F. R. Sot.
Capital
Surplus and profits
Loans, disc'ts & invest'ts.
Exchanges for Clear.flouse
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S deposits(not Included)
Reeve with Fed. lies. Ilk.
Refeve with legal dePosles
Cash In vault
Total reserve & cash held_
Reserve required
Exeess res. 6/ cash In vault
25,975,0
66,057,0
536,121,0
20,332,0
122,287,0
172,398,0
414,692,0
3,940,0
591,030,0
Trust
cos.
5,500,0
13,981,0
45,680,0
391,0
188,0
1,119,0
31,454,0
32,573,0
51,688,0
16,638,0
68,326,0
44,365,0
21.761,0
5,092,0
1,833,0
6,925,0
4,799.0
2.126.0
Mae. 2
1918.
Feb. 23
1918.
$31,475,0
80,103,0
577,478,0
26,194,0
125,409,0
172,35 ,0
450,824,0
3,939,0
027,120,0
35,019,0
47,955,0
4,819,0
19,707,0
72,481,0
48,875,0
23,606,0
$31,475,0
79,800,0
578,970,0
20,073,0
119,949,0
107,232,0
444,790,0
3,984,0
615,986,0
36,187,0
47,979,0
5,230,0
10,808,0
73,017,0
48,940,0
24,077,0
Total.
31,475,0
80,038,0
581,807,0
20,723,0
122,475,0
173,517,0
446,146,
3,940.0
623,603,0
36,801,0
51,688,0
5,092,0
18,471,0
75,251,0
49,364,0
25,887,0
• Caah in vault is not counted as reserve for P. R.Bank members.
MAR. 16 1918.]
THE CHRONICLE
Vaulters' Oazette.
Wall Street, Friday Night, March 15, 1918.
The Money Market and Financial Situation.—Business in Wall Street, especially at the Stock Exchange, has,
throughout the week, been of a decidedly negative character. The news from abroad, notably that telling of
the occupancy of Odessa by German troops, although not
stimulating hope of an early peace nevertheless caused
little if any depression in the security markets. Evidently
the public mind has settled down to acceptance of the late
James J. Hill's theory as to when the war will end; also to
what now more than ever seems assured, i. e. that a considerable time must elapse before "somebody is licked."
In the meantime this country is slowly but surely getting
on a war footing and seems destined to have a more or less
prominent and serious part in the "licking" process.
In a time of less absorbing matters than those referred
to the recently enacted legislation at Washington, the proposed taking over of Dutch ships now in American ports
and elsewhere and the plans forming for another Liberty
Loan campaign would attract wider attention than they
now do.
It is a satisfaction to note a steady progress towards
normal conditions in practically all departments including
production, transportation, fuel and food. A prominent
official of the Steel Corporation is reported to have said
that the output of their plants is nearly normal, there is no
longer any fear of coal famine and the number of meatless
days has been reduced.
Owing to the issuance of another $500,000,000 of Treasury
Certificates, higher rates in London, and to anticipation
of the third Liberty Loan the money market has been firm
throughout the week, much of the call loan business having
been negotiated at 6%.
Foreign Exchange.—Sterling exchange rates remain virtually as last quoted. The Continental rates likewise have
shown few changes with the exception of lire, which advanced sharply on the news that the Italian Government had
taken control of operations. Subsequently a reaction set in.
1107
Prices have continued to fluctuate narrowly and altogether
the market has, as noted above, been most uninteresting.
To-day's market was,next to Wednesday's,the dullest of the
week and prices, especially in railway stocks, were inclined
to drop. This movement was led by Canadian Pacific in a
loss of 4 points, on discussion of Government action relative
to earnings. Other losses in this group were relatively
narrow, however, and at the same time industrial stocks
were generally firm and a considerable number substantially
advanced. Baldwin Locomotive, U. S. Ind. Alcohol and
other issues of this class are from 1 to 2 points higher. On
the other hand At. Gulf & W. I., U. S. Rubber and Texas
Co. are an average of 2 points or more lower than last week.
For daily volume of business see page 1116.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Sales
Week ending March 15. for
Week.
Range for Week
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest.
Par. Shares S per share. S per share. S per share. per share.
Adams Express
100 600 70A Mar 13 7234 Mar 15 65 Mar 80
Jan
Am Brake Sh & F pf-100 100,165 Mar 12185 Mar 12 165
Ma 175
Jan
American Snuff
100 320 9134 Mar 11 93 Mar 11 89% Jan 94
Feb
Am Sumatra Tob pf_1001 l0 904 Mar 12 9034 Mar 12 81
Jan 93
Feb
Batopilas Mining_ _ _ _20 4,7
134 Mar 11 1% Mar 13 1
J
1% Mar
Brunswick Terminal_100 2001 7 Mar 12 7 Mar 12 634 Jan 8% Feb
Butterick
100 2001 1034 Mar 9 10% Mar 9 1034 Feb 1134 Feb
Calumet & Arizona_ _10 3001 683 Mar 9 69 Mar 11 6334 Jan 70
Feb
Case (J I) pref
100 900 84 Mar 14 8534 Mar 15 73
Jan 8534 Mar
Central Foundry_ _ _ _100 800, 2834 Mar 12 32 Mar 14 26
Ma 3514 Jan
Preferred
100 500 43 Mar 11 45 Mar 14 41
Jan 46
Jan
Chicago dr Alton_ __ _100 200 9 Mar 11 9) Mar 9 834 Ja
,
6
9,4 Jan
Chic St P M & Om_ _100 100 70 Mar 13 70 Mar 13 70
Ja 70% Mar
Deere & Co, pref_ _ _ _100, 200 9534 Mar 12 9534 Mar 15 94% Feb 96
Feb
Detroit Edison
100 1K105 Mar 13 105 Mar 13 98
J 128 m
Jan 0 Mar
5
Elk Horn Coal
50 300 2734 Mar 13 27% Mar 13 22
Mar
Federal Mg & Smelt_100 100 1134 Mar 15 1134 Mar 15 9% Jan 137 Jan
4
Preferred
100 200 30 Mar 15 30 Mar 15 27
Jan 3634 Feb
General Chemical_ _ _100
10179 Mar 13 179 Mar 13 165
Jan 180
Feb
Gulf Mob & Nor pf_.100
Ma 28% Feb
2734 Mar 12 27% Mar 12 27
Ilartman Corpor'n_..100
40 Mar 13 40 Marl 40
Feb 44
Jan
Ilomestake Mining_ _100
80 Mar 11 80 Marl 80 Ma 89
Jan
Int Harvester Corp_ _100
6034 Mar 12 60)4 Mar 1 59
Jan 72
Feb
Int Nickel pref
98 Mar 15 98 Mar 15 95
100
Jan 98 Mar
International Salt__ _100
56 Mar 14 56 Marl. 56
56% Feb
Jewel Tea Inc
1 3934 Mar 13 3934 Mar 1 36 J 40 Feb
1
Preferred
1
1 92 Mar 12 92 Marl 92 M 9734 Jan
Kelsey Wheel, Inc_ _1
1 30 Mar 13 30 Mar 13 28 Jan 30 Mar
Preferred
100 1
90 Mar 13 90 Mar 13 81
Jan 90
Mar
Kings Co Elee L& P_100
2 9334 Mar 12 94 Mar 15 94
Feb 94
Feb
Laclede Gas
100 300
90 Mar 13 85
Jan 90 Mar
Liggett & Myers pref.100 300 10634 Mar 14 10734 Mar 14 10134 Jan 10734 Mar
Manhattan (El) Ry-100 710.r9634 Mar 15 9834 Mar 1 96
Jan 9834 Mar
May Dept Stores__.100 100' 50 Mar 12 50 Marl 47
Jan 52
Feb
Preferred
100 500 103 Mar 11 103 Mar 11 9834 Jan
Feb
M St P S S Marie_100 100 90 Mar 13 90 Mar 13 8034 Jan 103
90
Mar
Preferred
100 100 109 Mar 12109 Mar 1 109
Mar 109
Mar
To-day's (Friday's) actual rates for sterling exchange were 4 72%© National Acme
50 400 2934 Mar 1 2934 Mar 12 2634 Jan 32
Jan
4 7234 for sixty days,4 753i@4 753234 for checks and 4 76 7-16 for cables. Nat Biscuit pref_ _ _ _100 100 114 Mar 13114 Marl 10834 Jan 114
Mar
Commercial on banks, sight, 4 75@4 7534; sixty days, 4 7134@4 7134; Nat Rys Mex 2d pf_ _100, 4001 734 Mar 11 47 Mar 15 634 Jan 734 Jan
N0Tex dc Mex v t 13_100; 1001 19 Mar
734 Mar 111 18 'Jan 21
Jan
ninety days, 4 69%@)4 6934, and documents for payment (sixty days), N Y
Dock prof
100; 100
19 Mar
Jan 47 Mar
4 7134@4 7134. Cotton for payment, 4 75@4 7534, and grain for pay- Norfolk & West pref _100, 200 47 Mar 15 78% Mar 14 42
78 Mar 14
78
Mar 79 Mar
ment, 4 75@4 7534.
Nova Scotia S dr C 100 100 63 Mar 13 63 Mar 13 63
mar 69
Jan
Feb 4454 Jan
To-day's (Friday's) actual rates for Paris bankers' francs were 5 7934 ig) Ohio Fuel Supply.._ _25 100 42)4 Mar 12 4234 Mar 12 42
Feb
5 7934 for long and 5 7334@5 7334 for short. Germany bankers' marks, Owens Bottle-Mach._251 800 60 Mar 12 60 Mar 141 5554 Jan 85
Pitts Steel, pref
100 100 91 Mar 14 91 Mar
Jan
Jan
not quoted. Amsterdam bankers' guilders were 44 1346@4534 for long St L-San Fran pf A_ _100 200 2234 Mar 9 2534 Mar 1 9034 Ma 98
2234
30
Jan
Savage Arms Corp_ _100 300 66 Mar 9 66 Marl 53
and 44 15-16@45 3-16 for short.
Ja 70
Feb
Sears, Roebuck pref _100
40 119Yi Mar 11 11034 Mar 11 117
Jan 11934 Mar
Exchange at Paris on London, 27.24 fr.; week's range, 27.2234 fr. high
So Porto Rico Sugar_100
10 173 Mar 11 173 Mar 11 158
Jan 162
Jan
and 22.24 fr. low.
. Preferred
100 100 105 Mar 11 105 Mar 11 102
J 105
Feb
Exchange at Berlin on London, not quotable.
Tidewater 011
100 100 190 Mar 13 190 Mar 131 178
Jan 190 Mar
Tol St L & W pf tr rect.q_ 400 534 Mar 15 9 Mar 151 834 Mar 1234 Jan
The range for foreign exchange for the week follows:
United Drug 1st pref.50 100 50 Mar 9 50 Mar 9, 46
Jan 50
Checks.
Mar
Sterling Actual— Sixty Days.
Cables.
U S Realty & Impt_ _100, 100 8 Mar 11 8 Mar 111 8 M
4 753234
11% Jan
High for the week__ 4 7234
4 76 7-16
Vulcan Detinning_ _ _1001
53 7 Mar 12 7 Mar 121 7 Ma 7 Mar
4 7534
Low for the week_ __ 4 72
4 76 7-16
Preferred
100 160 2534 Mar 13 2534 Mar 131 2534 M
Paris Bankers' Francs—
2534 Mar
5 7234
High for the week___ 5 7934
5 7034
5 73
Low for the week_ __ 5 80
5 72
Outside Market.—There was no uniformity to price moveAmsterdam Bankers' Guilders—
4j
High for the week_ _
45
ments on the "curb" this week, trading on the whole being
4534
Low for the week_ _ _
44 5-16
4434
45
very quiet. Low-priced oil shares for a time commanded conDomestic Exchange.
—Chicag° par. Boston, par. St. Louis, 5c.
.
per $1,000 discount bid. San Francisco, par. Montreal, $16.875 per siderable attention, but business here dwindled. Aetna Ex$1,000 premium. Minneapolis, 10c. per $1,000 discount. Cincin- plosives corn.dropped from 9% to 8% but yesterday sold up
nati, par.
State and Railroad Bonds.—Sales of State bonds at the
Board are limited to $1,000 N. Y. Canal 432s 1964 at 106%
3
and $4,000 N. Y. Canal 4s 1961 at 973,
•
The market for railway and industrial bonds has been
neglected and for the most part featureless. An exceptional
advance of more than a point is noted in the case of Ches. &
Ohio cony. 5s and Hudson & Man. A. 5s have recovered a
point of their recent decline. On the other hand St. Paul,
Rock Island, Reading U. S. Rubber and U. S. Steel issues
have declined fractionally. Of a list of 16 active issues in
the week's record, 10 are lower and 6 have advanced. In
addition to the above Atchison t lBalt. & Ohio, Burlington,
'
So. Pao., Union Pac. and Newilork Cent. bonds have been
relatively active.
United States Bonds.—Sales of Government bonds at
the Board are limited to Liberty Loan 33's at 97.26 to 97.66,
L. L. 1st 45 at 96.20 to 96.60 and L. L. 2d 45 at 95.98 to
96.44 For to-day's prices of all the different issues and for
the week's range see third page following.
Railroad and Miscellan.eousIStocks.—The stock market
has been not quite so inactive as lastlweek, but is still very
dull, even for an unusually dull period. Only a little more
than 240,000 shares were traded in on Wednesday and for
the week the daily average wasia trifleImore than 300,000.
again to 938, closing at 9. Car Ltg.& Pow. after a period of
inactivity advanced from 23/i to 33j, fell back to 23i and
recovered finally to 2%. Chevrolet Motor lost 8 points to
115, recovering to 119 to-day. Curtiss Aeropl. & M. corn.
after a loss of 2 points during the week to 36 broke to-day to
343. Submarine Boat fluctuated between 123/ and 13, the
close to-day being at 123. United Motors was active and
rose from 269 to 283 , reacting finally to 283's. Wright
4
Martin Aircraft sold between 83. and 73's, resting finally
at 83g. Of the oil shares, the higher priced issues were weak
features. Houston Oil coin. ran down from 45% to 4334.
Merritt Oil weakened from 20 to 183 . Midwest Refining
4
declined from 110 to 1073. Glenrock Oil was active; from
33% it reached 5, but reacted to 43. Island Oil & Trans.
p,lso prominent, advancing from 43/i to 5, with the close to-.
3
day at 4%. Midwest Oil com. receded from 1.15 to 1.10.
Northwestern Oil, an active feature, sold down from 85c.
to 71c. and at 72c. finally. Okmulgee Prod. & Ref. improved from 73/i to 10 and ends the week at 93. Mining
stocks were quiet and steady. Bonds very little changed.
Procter & Gamble serial 7% bonds were traded in for the
first time, the 1-year 7s down from 99% to 98 and at 983
finally; the 7s of 1921 up from 99 to 993's; the 7s of 1922 down
from 985. to 983 ,and the 7s of 1923 from 98% off to 983
%
and up to-day to 99.
A complete record of "curb" market trasactions for the
week will be found on page 1116.
1108
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES.
For record of sales during dim wools of stooks usually Inactive. moo p
Satesfor
the
Week
Friday
Thursday
March 143 March 15 Shares
-PER MARE, NOT PER CENT.
HIGH AND LOW SALR PRICES
Saturday
March 9
Monday
March 11
Tuesday
March 12
Wednesday
March 13
STOCKS
NEW YORK STOCK
EXCHANGE
ding Doge.
PER SHARE
Range Since Jan. 1.
-share lots.
On basis of 100
PER SHARE
Range for Prerious
Year 1917
Highest
Highest.
Lowest
Lowest.
---.
Railroads
Par $ per share. $ per share. $ per share 5 per share
$ per share $ per share $ per share 5 per share $ per share $ per share
75 Dec 1071 Jan
/
4
8212 Jan 24 87'4 Jan 3
8514 4,500 &tab Topeka & Santa Fe 100
4
843 8578 85
/ 8412 85
1
4
3
8514 881 8514 85 4 8514 85
75 Dec 10013Feb
80 Jan 30 8212Jan 2
100
Do met
1,050
82
380
81 .81
181
82
82
82
80 81 '
*8112 82
700 Atlantis Coast Line RR._ _100
8
8912Jan 8 92 Jan 2 z797 Deo 119 Jan
91
91
*90
91
9112 91
91
8 9118 9114 91
914 913
85 Jan
3814 Dec
49 Jan 24 5614 Mar14
100
4
4 55
5413 553
553
4 543 5514 5514 5614 5514 5614 31,100 Baltimore & Ohlo
5412 55
767 Jan
k
4814 Dec
55 Feb 8 5712 Jan 5
100
Do prof
500
4 5,314 5614 *5512 5634
5534 553
56
5614 56
/
4
561 *55
*55
36 Dec
82 Jan
383 Feb 25 4814 Jan 2
8
2,700 Brooklyn Rapid Transit_100
*40
42
8
4012 417 *4018 4112 4012 41
40
40
*385 40
8
8
Canadian Pacific
8Jan 5 14934Jan 31 126 Dec 1673 Mar
100 1355
8
/
4
4
4
14512 14618 14534 1453 145 1461 14534 14534 1453 1465 1414 14512 10,600
4914 Jan 15 603 Mar14
42 Nov 'i58 Jan
8
100
8
8
8
3 5914 597 45,100 Chesapeake & Ohio
585 603
593
8
4 585 6018 585 59
5712 5814 58
6 Dec 1418 Jan
834Jan 2
67 Jan 23
8
355 Chicago Great Western_.100
*713 8
*714 8
8
8*712 8
*7
734 8
§8
4134Jan
1112 Deo
8Jan 15 25 Jan 3
Do pref
197
100
2312 2,200
2238 2234 2234 227 *22
'
8
2234 23
23
/
1
2178 214 22
4
35 Nov 92 Jan
38 Feb 26 473 Jan 2
10,400 Chicago Milw & St Paul....100
4212 4218 434 4112 42
4 4214 4313 42
437
4
8 423 433
43
64 Dec 12512Jan
68 Feb 25 7914Jan 5
Do pref
100
s 7378 11,800
4 727
73
743
7314 7512 7214 74
7518 76
76
75
85 Dec 12414 Jan
100 Chicago & Northwestern 100 x90 Mar 8 95 Jan 3
/
1
4
93
*92
____ ____ *92
93
92
92
94
*90
95
*93
Do pref
100 137 Jan 29 137 Jan 29 13712 Dec 17213 Feb
*130 150
3812June
1818Jan 15 23 Jan 3
Ohio Rook NI & Pac temp aft+.
16 Dec
18ii5
'HI; --221217
22
8
2
214 -. i- ---- -iiE8 --- 2 -iii2 - -- -iii4
21
8414 Apr
44 Dec
563 Jan 15 6912 Mar12
4
6938 6814 6814 5,800
7% Preferred temp etre__
6912 673 68
69
4
8 /
6612 664 667 684 68
1
71 Apr
46 Jan 15 5912 Mar12
3554 Deo
8% preferred temp Ws_ _ _ _
6,440
4 58
5912 5812 59
573
5912 57
563 57
/
1
4
56
/ 584 58
1
4
24 Nov 51 Jan
26 Feb 21 30 Jan 5
100 Clay Cin Chic & St Louls_100
*2838 35
30
*2812 30
30
30
*2814 30
*27
*2714 30
80 Jan
614 Oct
61 Jan 11 61 Jan 29
100
6434 *59 6434Do pref
4
613 *59
4
643 *58
6434 *59
643 *59
*59
4
18 Nov 30 Jan
20 Jan 22 23 Jan 2
780 Colorado & Southern
100
2112 2112 2014 2012 2114 2114 *2014 2112
22
*21
*2113 22
447 Nov 5712Jan
Do 1st pref
8
48 Feb 15 5012Jan 4
100
200
.
52
*48
*48
48
52
48
*49
52
52
*48
52
*49
41 Sept 46 Mar
45 Mar14 45 Mar14
Do 2d prof
100
100
50
*43
45
45
51
*45
50
*45
51
*45
51
*45
8Jan
87 Nov 1517
800 Delaware & Hudson
11012 11012 1107 11114 11012 11012
100 10534Jan 12 11518 Feb 1
8
*110 115
11114 11114 110 110
200 Delaware Lack & Weatern_50 170 Jan 7 x180 Jan 4 16712 Deo 238 Mar
177 177 *173 180 *173 177
179 179 *17512 180 *17512 179
6 Jan 3
214 Jan 4
17 Jan
Denver & Ith) Grande-100
5 Deo
512 *1
6
512 *4
*4
6
*4
*414 512 *414 6
934500
41 Jan
Do prat
9 Dec
/
1
4
612 Jan 30 1353Jan 2
100
912 *8
93
4 *8
87
8 912 *8
914 914
*812 9
343 Jan
4
1318 Deo
14,800 Erie
1418 Jan 15 1713 Jan 2
100
4
153 16
8 1512 16
8 1512 157a 151 153
/
4
4 1514 157
1518 153
4914 Jan
1834Deo
8
Do 1st prof
23'8 Jan 16 287 Mar15
100
28
/ 12,000
1
4
28
8 2634 2718 2712 28
277
8 27
8
263 2714 263 277
4
393 Jan
4
1518 Deo
Do 2d pref
1812 Jan 25 21 14 Jan 4
1,500
100
1
2012 20 2 2012 21
1913 204 *1912 2014 *1913 20
/
1
*1912 20
7914 Deo 11814Jan
86 Jan 15 9212 Feb 14
2,500 Great Northern pref
100
8 9012 91
9112 9112 917
4 913 913
4
4 91
4
913 913
/
1
914 92
Iron Ore propertles_No par
2518 Jan 15 3014 Feb 18
228 Nov 3818 Mar
8
8 283 2918 283 287
2812 285
8
s 5,700
4
283 2918 2834 29
4
2878 2918
8Jan
92 Jan 7 9614 Feb 18
8534 Dec 1063
100
400 Illinois Central
3
96
95
*94
957
/ 957
1
96
4
*95
3 95
96
*94
96
*94
912 Jon 3
534 Dec
1718 Jan
712 Jan 25
812 812 1,700 Interboro Cons Corp_ _No par
812 84
/
1
4
5
812 8 8
8 *814 8
85
8 87
4
*814 83
7214Jan
3912 Dee
41 Feb 25 4712Jan 3
Do prat
100
600
4278 427
4212 4212
*4112 44
8
43
43
*40
12 43
• 4 44
423
1312 Nov 2573 Jan
157 Jan 15 1834Jan 7
.
1714 1714 1634 1634 1,000 Kansas City Southern_ _ _100
*1612 17
12 1658 17
1758 175s *1612 17
40 Nov 5818Jan
45 Jan 8 51 Feb 1
100
.
Do prof
*48
51
51
*48
*48
52
51
*48
51
*48
51
*48
/
1
813 Nov 254 Jan
9 Jan 14 1012 Feb 19
pr
oo :
100
200 Lako Erle f Western
4
4
10
8 93
*9
4
4 *93 1012 *934 1014 *93 1014 *93 1014
95
5334Jan
23 Oct
21 Feb 25 21 Feb 25
100
24
*18
24
*18
24
*18
*20
*18
24
25
*18
7918Jan
8
503 Deo
8
55 Jan 15 627 Marl 1
50
8
6112 7,500 Lehigh Valley
627 z61
/
6013 6273 6134 623
/
4
4 611 613
4 61
6014
60
400 Louisville & Nashville__ _100 110 Jan 2 118 Mar14 103 Dec 1334Jan
116 118 *116 11734
11314 11314 *11212 117 *113 117 *11212 116
3214 Jan
87 Dec
8
81 Feb 2 1012Jan 3
/
4
94 97
4 1,100 Minneap & St L (new)......100
93
4 93
3
4 *914 10
93
4 93
10
,
1018 10 8 10
612Jan 2
11 Jan
438Jan 5
3121)50
600 Missouri Kansas & Texas.100
/
1
4
/
1
478 4
4 *43
43
4 43
4 4
4
/ 44
1
4
/ &
1
4
Ps 43
8
43
4 47
4
912Jan 7
612Jan 29
7 Nov 2012Jan
Do prof
500
100
*812 9
/
4
*83
4 91
812 812 *8
9
814
8
8
8
8Jan 2
197 Nov 34 Jan
8
20 Jan 15 247
11,800 Missouri Paolflo tr otts
100
3
2312 2314 2114 237 24
2338 24
2314 2354 2312 2414 23
61 Jan
3712 Dec
41 Jan 15 5414 Mar15
100
Do ma tr oils
51
53
53
541s 5414 1,900
4 53
5212 523
53
/ *52
1
4
5238 53
6213 Deo 1034Jan
6712Jan 15 735 Jan 4
9,100 New York Central
100
7212 7358 7212 734 723 7234 7253 733
8
8 7253 73
724 73
8Jan 2
211 Sept 527g Jan
/
4
27'2 Jan 24 327
3034 2914 3018 2918 2912 2914 3012 2838 2913 32,300 N Y N 11 &Hartford
100
29
2834 2912
17 Nov 2914 Jan
1814 Jan 22 2112Jan 3
2,300 N Y Ontario & Weetern-100
21
2114 *2012 2114 2114 2112 21
21
21
2118 2112 21
9258 Deo 1384Jan
5,600 Norfolk & Western
100 102 Jan 24 10634 Mar12
4
10514 10612 105 10614 106 1063 10114 10112 105 10512 103 108
75 Dec 11014 Jan
8118 Jan 24 88'2 Jan 3
3,200 Northern Pacific
100
4
863
8618 8614 8612 86
865
8 8612 8612 86
853 86 2 86
4
,
5738 Jan
4014 Dec
8
443 Mar14 47l Jan 2
8
45
4434 4478 443 447
50
8 4438 4434 6,986 Pennsylvania
4478 45
4513 4518 45
3684 Jan
12 Deo
900 Pere Marquette v t o
117 Jan 30 14 Jan 4
8
100
4
4 1212 1212 1212 123 ---- ---- 1214 1212 ---- ---1233 123
4
45 Nov 7312Jan .
53 Feb 15 583 Feb 19
-__ 56
56
tirlo Pt c v t o__100
prorry ret
57
57
- ___ ____ ____ ___
37 Oct
57 June
31 Feb 21 37 Jan 11
100
Do
280
2
"5 - 'YE- 35 35 --- - --f - _
3514 June
184 Dec
2238 Jan 2 3018 Mar14
261:k 283 2918 283 2912 -2812 -- - -287 -- 8 -201 -- 4 18.400 Pittsburgh & West Va__100
-iiis -4
/ 2
4 93
8
01
2
8 3
9
535 Apr
68 Jan
8
Do preferred
61 Jan 10 6814 Marl 1
100
12 6814 677 6814 *66
6814 6818 6814 6818 6818 1,300
6734 6734 67
s
6018 Nov 10414 Jan
7018 Jan 15 8458 Mar14
8 8234 8138 262,300 Reading
804 8112 8112 845
50
8 8014 83
813 833
83
4
81
31 Nov 45 Jan
Do 1st prat
200
35 Jan 12 38 Mar14
____ ____ *35
40
38
39
40
*35
*35
38
40
.
35
50
45i Jan
3512 Mar 7 3712 Mar14
33 Dec
/
1
4
Do 2d prof
500
3712 *35
50
37
*35
3712 3714 3712 *35
12 ---*35
39
264June
/
1
12 Deo
700 St Louls-San Fran tr otts.100
1012Jan 15 14 Jan 2
*1112 1212 1158 12
1214 -1178 ---7- *1112 1211 *1112 12
11 8
12
22 Deo
32 Jan
100 St Louis Southwestern___100
1918 Mar12 23 Jan 7
8
225 *19
20
8
223 *22
225 *19
26
191 1918 *19
•18
8
/
4
53 Jan
34 Doo
Do pref
3412 Feb 13 40'2 Jan 3
200
42
100
*34
*34
42
49
*35
*34
4912 *34
37
37
37
714 Dec
18 Jan
8'z Jan 4
7'z Jan 2
100
818 838 2,400 Seaboard Air Line
812
8
8
8
*712 8
8
/ *712 8
1
4
*8
167 Deo
8
1614 Jan 21 1914 Jan 3
Do pref
39's Jan
18
100
*1678 1814 *17
1914 1814 1812 3,200
18
12 1812 *17
18
*17
9813 Mar
4
75141)eo
8012 Jan 24 883 Feb 27
10,710 Southern Pacific Co__ .._100
877
8 87
8712 8614 87
/ 87
1
4
87
865 8714 8614 87
8
87
8Jan
2134 Jan 24 2518 Mar12
2112 Doo
333
4 2438 2518 2414 2412 2438 2478 2418 2458 17,700 Southern Railway
100
2414 244 2412 243
/
4
515 May 701 Jan
s
57 Jan 21 611 Marl 1
100
Do prof
61
4 4,000
6118 6112 613
4
8 603 61
617
8 611 615
6j
/
4
604 61
/
1
8
114 Nov 1934Jan
Texas & Pacif.3
16 Jan 8 197 Feb 20
160
*18
1812 .16
*16
19 .16
19
19
19
*17
*16
18 4
95 Jan
62 Dec
Twin City Rapid Transit-100
,
65
*52
57
*52
60
56
*53
*52
53 Mar 7 65 4 Jan 31
*5214 60
56
*53
4
4
100 1093 Jan 15 1233 Feb 28 10114 Dec 14913Jan
4
120 1233 1203 12214 12112 12338 12114 12213 122 12318 122 12314 27,300 Union Paciflo
8
85 Jan
6914 Deo
69 Jan 3 7414 Morn
Do prof
423
100
7212
7414 7414 *7112 7312 *7112 7312 7112 7112 *71
434Jan 15
65
8Jan
414 Dec
118
8Ja1
500 United Railways Invest_ 100
538 53
8 *514 6
514 534 *514 534
_
*(I12
R
1111 Dec
2334Jan
11 Feb 2 1434Jan 3
*1113 1212
12
Do prof
12
100
*1212 14
14
•_100
14
*12
*12
•
1214 14
914Jan 2
7 Nov
153
4Jan
734Jan 16
100
800 Wabash
838 83
812 813
8
8
83
812 512 *514 812
8 83
8
8
58 Jan
3911Jan 15 4412 Jan 2
3614 Dec
Do pref A
4312 424 43113 6,500
100
4 43
4212 4318 4278 4312 4234 4312 4258 423
3012Jan
18 Dee
2312 23
Do prat B.
2312 *2212 2312 2314 2312 2312 2312 2,280
2014Jan 15 2312 Mar 8
100
*2312 2334 23
23 Apr
13 Jan 15 1734 Fob 15
12 Dec
1634 17
1613 1658 1,100 Western Maryland (new)_100
171 1718 1718 *1612 17
/
4
1714 1714 17
20 Jan 29 3112 Feb 15
inn
41 Mar
20 Deo
100
Do 26 pret
*28
31
31
*28
31
*2812 31
31
*28
30 •28
30
1012 Deo
2
1812 May
100 Western Pacific
13 Jan 2 16, Feb 15
15
100
1412 1412 .14
3,1412 1512 *1412 1512 *1412 1512 *1412 1512
48 July
46 Jan 3 58 Feb 6
100
3512 Dec
Do preferred
100
55
*53
54
54
*53 _ 55
*5314 55
55
4153
22s Jan
712 Deo
200 Wneeting & Lake E.1 Ry....100
814 Jan 15 1014 Jan 2
*9
- ; *914 10
*913 10
10
10
10
10
1012 -;1ii2 -16
1
100
20 Feb 1 2234 Feb 18
5
165 Nov 50 3Jan
Do preferred
8
*2012 2112 *19
*2012 21
23
22
*18
2212 *19
2212
*20
3812 3812
5414 Jan
3614 Feb 8 39'2 Jan 3
33 Dec
600 Wisconsin Central
38
*36
38
38
38
3812 *36
39
*37
•37
Industrial & Mlecelleneor
i e
1813350
/
1
4
713 Nov
11 Jan 19 14 Feb 18
*1212 12
100 Advance Rumoly
/
1
4
*1212 13
*1212 1314 *1234 1314 1234 1231 *1234 13
100
/
1
251 Jan 15 3012 Feb 18
/
4
19 Oct
374 Jan
2912 *2812 2914 *283 2914
*29
29
Do prat
100
4
2912 29
*2812 2912 *29
100
4518 Dec
80 Jan
49 Jan 2 56 Feb 19
200 Max Rubber Ino
52
52
50
278Jan 12
134Jan 2
1 Dec
1112Jan
7717 -- F8 -18 -- 178 -18 1,700 Alaska Gold Mines
8
10
17
8
718
4 1 :i
--13 -- 3 -- 13s ---7- --l7ti -18
312 Jan 21
818 Mar
11 Marla
/
4
134 Dec
2
2
2
2
2
2
1,300 Alaska Juneau Gold MIn'ii ,10
*17
3 214
17
8 2
*17
8 214
1734Jan 15 2778 Feb 21
15 Dec
325 May
8
/ 253
1
4
8 25
4 6,000 Allis-Chalmers Mfg v t c--100
257
2538 2558 2538 2538 2512 2614 2514 2512 25
7214Jan 4 8312 Mar 7
86 Mar
/
1
4
85 Dec
Do preferred v t 0-100
8034 8014
82
/
8034 *791 813 *80
4
900
79
81
4
81
81
81
78 Jan 2 90 Feb 13
72 Dec
Amer Agricultural Chem__100
*83
88
88
95 May
*84
88
/
1
4
384
88
*84
89 '
*84
88
•84
91 Dec 10312Jan
8918Jan 17 9212 Marl1
200
9212 9213 .91
Do prof
95
9212
*90
95
9212 9213 *90
95
*92
100
/
4
701 Jan 5 84 Feb 27
83 Dec 1021 Feb
8033 81
*8014 82
700 American Beet Sugar
*804 818
/
1
4
100
*793 813 *8014 82
4
82
4
*80
84 Jan 9 86 Feb 19
7812 Dec
98 Jan
*79
94
Do prof
*80
*80
94
94
*79
94
*80
94
94
*80
100
34's Jan 15 4312 Mar15
2913 Nov 53 May
4018 403
4 4014 423
8
4 423 4312 38,800 American Can
12 41
8 40
4014 4078 4014 415
100
8914 Jan 23 9634 Marll
87 Dec 11113June
9638 9638 *9512 97
400
z9478 95
4
9634 963 *9518 97
Do prat
*9413 97
100
681 Jan 14 7958 Mar 1
/
57 Feb
4
s
803 June
774 765 777 26,200 American Car & Fouadry_100
/
1
765
s
8 76
8
7812 7912 z7718 7712 7614 7734 76
4
*107 11712 __ _
Do pref.
100 106 Jan 3 11012 Feb 1 100 Nov 1183 Mal
5012Jan
21 Dec
25 Jan 16 33 Feb 20
11( -5i: I13; ;:ioilt 31's 3l2 31383158 3158 31.78 -- - ------- American Cotton 011
33
2
100
80 Jan 31 8112 Mar 8
80 Deo 101'8 Jan
80 •*793 81
*7934 81
Do pref
160
*7934 8012 80
81
§81
4
4
*793 81
100
174 Mar
/
1
111
/
4Jan 10 1438 Feb 26
10 Feb
1312 1312 *1314 134 *1234 1312 *1213 1312 *1212 1312
200 American tilde & Leather_ 100
14
*13
75 Jan
50 Jan 2 0312 Feb 26
5912 5958 60 6038 604 6058 593 60
4314 Dec
Do prat
4
59
/ 60
1
4
/
1
59
593
4 1,900
100
1112Jan 2 15 Feb 19
843 July 161 Aug
/
4
100 American Ice
*1313 1412 *1312 1412 1334 1334 *1312 1413 *1312 1412 *1313 1412
100
55 July
35 Dec
383 Jan 16 43 Jan 3
*4112 42
4
42
*4112 42
*41
*41
*4112 42
Do preferred
45
*4113 42
100
625 Aug
4
524 Mar14 58'!Feb I
46 Oct
5314 53
8
54
/ 547 25314 5412 5234 53
1
55
4
*54
12 1,100 Amer International Corp -100
55
*54
1534 Feb
27 Jan 2 3412 Feb 6
291 Aug
/
4
334 33
3234 3314 3234 3318 3212 3314 3234 3318 33
/ 3312 6,800 American Linseed
1
4
_100
48 Feb
75 Nov
*7412 7512 75
8
600
75
373
743 7412 *7414 75 '
75
Do Prof
75
*74
6914Jan 7 7553 Feb 6
100
5312Jan 15 6918 Feb 19
82
/
1
4Jan
46 8 Deo
5
8,300 American Locomotive._._100
3 68
67
8 6613 667s 6512 6612 --------6512 663
6612 667
93 Deo 1067 Jan
*
12 9912 *98
0912 *98
9912
100
9912 *99
*99
9912 __ - ____
Do Prof
100 x95 Jan 4 100 Feb 18
193 Mar
934
4
9
814 Doo
918 012
918 *9
9
9 Jan 30 1312 Feb 6
913 912 10
10
1034 3,500 American Malting
100
7112Ju1y
40 Mar 9 5818 Feb 6
50 Dec
4878 4878 4958 5234 3,700
50
*46
4778 48
4634 43
Do 1st !net
48
48
100
88 Nov 93 Nov
90 Feb 21 99 Mar 6
*87
99
99
*87
American Shipbuilding. _100
99
99
*87
*87 09
*87
99
*87
7612Jan 5 8612Feb 19
4
671 Deo 1123 June
8 8118 8138 803 815 11,900 Amer Smelting & Refloing_100
%
8 804 813
4
8
4
/
1
8153 814 8112 8212 801 823
/
1
4
10578 1057 *10512 10812
Do pref..
13
100
100 101 Jan 5 1063 Mar 2 x9913, Nov 1174 Jan
*106 107 *106 107 *106 107 *106 107
5018 Dec
75 June
58 Jan 15 6813 Feb 19
36412 6412 1,550 Amer Steel Foundries
654 6514 66
66
66
/
1
6612 6618 6638 66
100
66
104 10413 10418 106
98 Jan 16 10812 Feb 10
105 1053 *10412 106
4
8938 Nov 1255s June
3,200 American Sugar Refining-100
10512 10512 *10412 107
/
4
109 109 *10813 111 *109 112
200
Do prat
10812 10812 *10812 110 *10812 110
100 10812 Mar 9 11012Jan 3 106 Dec 1211 Jan
60
/
1
4Jan 5 9613 Mar15
8
30 May 6212 Deo
0012 9118 91
/
937
4
8 9312 9612 24,000 Am Sumatra Toba000-.100
9112 9212 9018 911 903 93
/
1
4
994 Jan 4 10914 Feb 1
953 Dec 128 Jan
10558 10618 10138 106
4
8
8
4
1003 1027 10213 1037 39913 10112 51,321, Amer Telephone & Teleg_100
/
1
4
105 106
152 15312 *153 157 *154 157
156 15612 152 154
1,500 American Tobacco
155 155
100 14012Jan 5 16878 Feb 6 123 Dec 220 Mar
89 Dee 109s4 Jan
94 Jan 24 99 Feb 23
*98
*93
99
9812 9812 *08
99
*98
99
Do prof (new)
100
100
584 June
4458Jan 15 564 Feb 21
3718Feb
/
4
-ii- "i - 5458 55 5412 5434 5333 5412 5353 5334 x5253 531 6,400 Am Woolen of Mass
100
8
87 Nov 100 June
92 Jan 4 957 Mar12
*9614 98
*9412 9612 9578 957
3 954 953 *9534 96
4
Do pref_.100
97
200
*95
2038Jan 18 3112 Feb 5
25
17 Nov 5413 Mar
25
244 2514 *24
26
25
25
*25
2612 1,600 Am Writing Paper Dret.--100
2678 27
/
1
1278Jan 18 174 Jan 3
41121an
1612 *15
1012 Dee
1612 1412 15 4 *1412 1512 ---- 2,000 Am Zino Lead & S
,
25
4
153 1612 16
7212Jan
41 Jan 2 47 Jan 3
*4212 453 *4213 4578
3912 Deo
4
46
45
47
*43
47
Do pref._._ _ - .- 25
300
*43
5113 Nov 87 May
/
1
6312 64
64
4 6314 64
6353 643
-6314 - - 36,300 Anaconda Copper MIning_50 x594 Jan 18 6613 Feb 19
8 6414 6378 65
635
/
4
9734Jan 5 1201 Feb 18
875 Sept 12112Jan
8
8
11113 11238 7,600 Atl Gulf & W I SS LIne___100
1103 112
1111 112
/
4
11214 11312 11212 11312 111 114
66 Jan
54 Feb
•60
65
*60
65
65
*60
65
58 Jan 5 64 Mar 9
*60
65
*60
100
Do pref
64
100
64
7612July
43 Feb
g
4
4
8 743 761
4
5618Jan 15 817 Feb 19
4 753 773
7 ' 3 795 122600 Baldwin Locomotive Wks_100
4
76513 7818 763 773
93 Deo 10212 Jan
99 - ----- _0093 Jan 2 100 Feb 28
99
----- ----- ----20_
Do Prof.Pref.
1
82 Dec 130 Jan
"iii- lii- ;i5" III; ;56- lifii so 9o2S 9" 500 Barret; Co (The)
85 Jan 4 93 Feb 19
100
6614 Deo 515 Jan
8012 -i363 8671 -------- 2,900 Bethlehem Steel Corp----100
8212 *79
8
- .
8
8
7414Jan 15 8378 Feb 27
4 815 8131 82
824 823
June
7912 8058 80
x763 7753 764 7818 774 7831 73,400
8
804 793 81
8
s
Do class B oomrnon --100
723 Jan 15 8338Jan 3 x8618 Deo 110113Jo 1
9611Jan 15 103 Feb 1
93 Dec
4
Do cum cony 8% pref_..
56
10114 1014 10114 10138 10112 1014 z993 10014 10018 10012 10012 10012 4,131
2412 •24
2412 21
24
21 Jan 21 26 Feb 18
----- -900 Booth Fisheries
244 2434 2414 2458 •2414 244 *24
No par
-dividend. b Before Payment 01 first Installment.
•Bid and asked tmloes: no sales on this day. 1 Ex-rights. I Less than 100 shares. a Ft-div. and HOW. 0 Bs
Ii7- "iira
8
-7 4- -iii
;
New York Stock Record-Concluded-Page 2
1109
Yoe record of sales during the week of stocks usually inactive, see second page preceding.
1.1IG4 AND LOW &ILA PRWRS-PE8AAR. NOT PS14 CEN7'.
•
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
March 0
March 11
March 12
March 14
March 13
March 15
Sales/or
the
Ii'eck
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $ per share $ per share I $ per share
industrIal&Misc.(Con.) Par
.117 119 *11714 119
11612 11714 116 118
118 12012 122 12438 5,900 Burns Bros
100
934 10
10
914
101s
978 10
93
10
4 2,900 Butte Copper & Zinc v t c__ _5
10
10
10
2112 2314 2214 2412 2278 2412 2278 2312 2212 2312 225
8 23
25,100 Butte & Superior Mining_ AO
4018 40,
8 39is 3974 *3912 4012 3012 3012 *3914 4012 *3912 4012
600 California Packing_ _ _ No par
*16
1912 1638 1612 1638 163 *16
1612 *16
17
4
161/ 1618
8
600 California Petroleum
100
*45
46
*44
46
*44
46
*44
*41
45
46
44
45
Do pref
200
100
7113 713
4 70 s 7112 7018 71
5
6934 7014 69
7014 6918 703 15,611 Central Leather
4
100
.10114 108 .10414 103
10212 101
10312 10312
105 105 *104 107
Do pref
500
100
*3012 30 s 31
,
3114 *3012 3112 *30
3118 3112 3218
3114 31
1,700 Cerro de Pasco Cop_ No par
87
87.4 873 883 28558 855
4
8
85
8 8412 8434 84
8312 847
8 1,810 Chandler Motor Car
100
16
16
161s 1612 16
95
1618 *16
16
1618 16
16
1612 1,500 Chile Copper
4114 4114 4114 4112 4114 417
40
g 403 4114 4012 41
8
4012 3,800 Chino Copper
3912 41)
3912 3934 3834 39
383 3814 3334 39
4
2,000 Colorado Fuel & Iron
101)
3312 3311 3312 3312 *33
34
3S
-55- -- - 323 33
4
33
33
2,610 Columbia Gas &Eiec
100
.88
90
*8712 00
*8712 90
87
88
87
87
*86
90
900 Conaolidated Gas (II Y1_100
7014 704 7214 723 *70
4
73
*70
727
3 7212 7253 72
Continental Can, Inc
723
4 1,100
100
345g 3o1s 3478 3514 3518 36
8
353 3614 3618 3658 3614 365 40,200 Corn Products It, fining_ _ _100
8
*96
96 4 9612 963 §9614 9614 9658 9958
,
4
9634 9634
Do pref
620
100
6312 64,
3 113, 6153 6313 6412 6212 6312 -5i/4 -..
8
4
. 6 1: 633 643 2700 Crucible Steel of America.100
.
88
Ws *38
894 8934 893 *89
90 - ----- ------200
893
4 90
4
Do pref
100
*3112 32
317 317
2
4 3112 3112 31
3114 313
8 3112 311
2 2,300 Cuba Cane Sugar
311No par
*82
83
3312 8274 *82
8
83
8212 8212 827 827 *8012 83
8
Do prof
500
100
3812 40
333 39
3814 39
8
3'J
3953 11,900 Distillers' Securities Corp_100
• 1
3
*8
L
8.3 :,81 : 3
3g72 *8
.
1
1012
8
818
814 814
400 Dome Mines, Ltd
10
35
351s 34'.8 317s 343 347
4
4 343 35
8 343 343
4
4
35
35
2,100 Gaston W & W Ino_No par
13914 13914 13912 13912 1363 13912 135. 137
13634 139
4
13812 140
8,200 General Electric
100
12414 12612 12414 1293 12618 1283 12214 12614 123 1247 123 12434 39,775 General Motors Corp
8
3
4
100
*81
83
82
8114 8114 *81
82
*81
82
82
*81
82
Do pre(
300
100
*43
45
4318 4313 *43
*43
45
45. *43
45
*43
45
100 Goodrich Co (13 F)
100
*9478 100
*99 100
*9473 101
2
*947 100
0012 9912 *99 100
Do prof.
100
100
*75
7114 *73
7714 *75
7612 *75
77
77
*75
76
77
700 Granby Cons M S & P. _ _100
*4014 4112 *4014 4112 *4012 4112 *4014 4112 *4014 4112 4014 107
8
600 Greene Cana nea Copper 100
*93
96
95
*91
93
*91
*93
93
94
96
*8812 95
100 Gulf State, Steel tr ohs_ _ _ 100
*93 100
*95 100
*05 100
*95 . 100
*95 100
*93 100
Do let prof tr 'Ala_ .100
1112 41
40
40
*40
8
41
4134 397 41
41
24014 4012 2,700 Haskell & Barker Car_.No par
4453 4514 45
44.14 45
8
454 447 4514 4458 45
,
45
45
6,500 Inspiration Cons Comm, 20
.
13
*12
*1212 14
14
13
*1212 14
121g 1218
1212 1212
300 Internat Agricul Corp.__ _100
, *44
4314 4314 *40
44
47
42
47
*40
43
*40
Do pref _ _
47
700
_. 100
*121 125 *120 129 *120 125
. *124 129
121 12514 *123 130
200 Intern Harvester of N .1.100
8 2812 2878 2812 287
283 295
8
2812 2913 2852 29
8 283 2914 13,700 list Mercantile Marine_ _ _ _100
4
s 9714 9914 9718 9814 9753 985
9718 0812 9714 977
8 98
9918 51,900
PO Pre'
_100
29
29
2912 20
29
29
291g 20
287 29
8
20
29
5,700 International Nickel (The)_25
3358 34 4 3314 3414 33
333
4 325 323
8
,
4 323 3312 3234 33
4
12,775 International Paper
1(10
6312 *62
6314 63
64
63
*62
64
*6212 6312 6212 6212
Do stamped pref _ _100
900
*45
4612 *45
4612 *45
46
49
49
*45
47
*4538 4612
100 Kelly-Springfield The
25
3218 3258 321s 3212 313 3218 3134 32
33
4
32
3178 32
7,500 Kennecott Copper_ _ __No par
8012 7914 80
80
80
81
792 7958 7912 797
8 80
801
2,700 Lackawanna Steel ______ __IOC)
1512 14
14
*13
*1412 15 2 .14
,
16
1212 13
1318 1318
400 Lee Rubber & Tire. /17r, pa *1814 20
*1814 20
*1814 20
*1814 20
*1814 20
*1814 1914
Loose-Wlies Biscuit tr ctfs_100
63
64
*52
63 .52
*52
*52
63
*52
63
*51
63
Do 2d pref
100
77
79
7612 7612 7612 7912 §7612 7612 *70
*76
*75
250 Mackay Companies....__ _ 100
7612
*6112 64
*01
64
*6112 64
.61
63
*9112 61
*6112 64
1)o
pref.
_ 100
*2812 2912 2812 2812 2818 29
29
29
29
29
*28
29
500 Maxwell Motor, Inc
100
61
.59
61
61
61
*58
6012 6012 *60
6112 *58
60
200
Do 1st pref
100
*2214 2312 *2214 2:112 *22
24
*22
2312 22
22
*2214 231.1
100
Do 2d pref
100
s
4 9618 9833 9614 9714 9912 9714 29414 95(4 59,250 Mexican
9514 991.1 963 973
Petroleum
100
291
100
Do prof
100
3112 "iiTs Ilia -ii" WI; 502 367- "3013 161; 3014 91
'31
- 8
3012 3,400 Miami Copper
,
4478 45 8 45
4518 4153 45
4434, 4434 4434 4518 445s 4518 2,900 Midvale
Steel & Ordnance_ _50
*0812 7014 *6312 7013 267
2 6734 673 *67
671
4
61)
67
97
400 Montana Power
100
*10012 106
*983 ---- *9812 ____ *9834 ___ *983
*10038
4
4
Do prof
100
1512 1512 1512 *1514 16
*15
*1514 16
1514 1512
600 Nat Conduit & Cable No par
4812 48% 48
48
8
48
483
18- 18
-- 4812 4914 4913 4012 2,300 Nat Enam'g &
Stamo'g---100
*98 100
993 *97
*97
0934 *97
99
*97
99
*97
99
Do pref
100
55
55
5513 *5314 56
557 !i58 54
8
55
55
5578 5578
900 National Lead
100
*100 10'J *100 109 ;1100 100 *100 109 *100
____ *100
____
55
Do pref
100
8
187 19
185s 183 *1814 183 *183 19
183 19
4
4
4
3
*1838 19
2,100 Nevada Consol Copper
5
128 130
1283 129 *125 132 *124 128 *12312 128
4
129 126
600 New York Air Brake
100
*45
45
50
49
45
*45
4518 4518 *45
50
*15
50
200 North American Co
100
3912 3813 387
3914 39,
2 3938 3973 39
8 387 39
s
383 3914 6,170 Ohio Cities Gas (The)....... 25
4
612 8%
653 (333
714 77
8
71s 814
712 8
714
160
734 25,200 Ontario Shiva,. mtning
8
293 293
23
3 29
30
29
30
2914 2912 2912 2878 2878
1,100 Pacific Mail SS
5
9512 95
9512 *94
95
*91
91
94
*9312 9112 *913 9334
4
200 Pan-Ain Pet & Trans, pref _100
4612 4312 4518 4014 44
47
48
49
417s 42
42. 42
2,700 People's G I. & C (Chic)_ 100
24
24
24
25
*25
24
253
4 25
2334 2334 24
700 Philadelphia Co (Pittabl _50
24
4
41
41
41
413 403 4118 *40
4114 4034 4011 4053 4034 2,000 Pierce-Arrow M Car_ _ No par
*9212 04
95 . 963
4 9712 9712 9612 9612 *95
97
*93
600
97
Do prof
100
57
5678 57
5518 5512 55
5614 5fs
55
553
4 5518 5578 7,100 Pittsburgh Coal of l'a
100
83
83
83
83 .80
83
83
*81
*83
8312 *81
8312
Do pref
100
_100
64
6.1
6112 6112 613 6134 6212 6212
64
64
64
64
4
800 Premed Steel Car
100
*95
97 .95
98
*95
*95
97
97
*94
97
*95
Do wet_
98
100
*10712 ---- *10812 ____ *108 ---- 103 108 *107
__-- *105
100 Public Serv Corp of N J_._ 100
11234 113 *11314 116
116 116 *116 11712 11414 117
11312 113 2 1,200 Pullman CompanY
-- -1100
5414 5414 54
5514 5514 65
55
5412 547 x5414'5412 1,600 Railway Steel Spring
55
8
*95
100
98
*9514 08
*95
*95 100
98
*95
*95
98
9612
Do pref
'no
2358 233
8
4 2312 2311s 233 235
8 2314 2358 233 2312 3,400 Ray Consolidated Copper_ _10
4 233s 233
8
803
80
8 7814 7914 79
807
8 8014 8012 79
797
8 7912 8014 8,000 Itepubile Iron & Steel
100
*97 , 90
*9712 99
300
Do pref
100
*7314 7012 *9/
8713
?
7414 78
g 2 *9712 9912 112 9)
T
7'
i
Royal Dutch Co otfs flop- _
*812 2014
7f)12
7
7
*812 914 4
Motor Car Corp.
*me 154 *148 154 14878 149 147 14712 148 148 148% 14818 4,ig; Saxon Roebuck & Co ..I00
900 Sears,
100
*16
.163 18
17
4
17
17
*1614 18
*17
18
17
17
400 Shattuck Ariz Copper
10
3418 3414 3312 3412 3312 34
3314 3331 3312 3353 33
3338 14,000 Sinclair Oil & Rerg_No par
5534 5312 5514 53
53
53
55
5212 54
553 *5412 5618 4,100 Sloss-Sheffield Steel & Iron 100
4
4514 497
8 4512 4638 46
4 455 463
8 4513 463
4612 4618 473 35,600 Studebaker Corn (The)___ 100
491
*91
93
94
*91
91
91
94
*91
94
*91
91
Do prof
100
100
*35
37
36
*33
37
36
*3412 37
*36
37
*36
300 Superior Steel Corp'n
37
100
*9512 99
*9412 99
*9412 -- -- *9412 99
*9412 99
*9412 99
Do 1st pref
100
17
1612 1612 1614 1612 1634 1634
173
8
1678 1714
1634 1678 2,900 Tenn Copp & C tr ctfs..No par
152 15212 153 15:314 x149 1513 149 14914 150 15012 *149 151
4
3,200 Texas Company (The).__ _100
5012 507
8 494 5078 5034 5112 51
3
8 4014 51 18 4978 507
5218 19,000 Tobacco Products Corp.._ _ 100
*89
*89
93
93
S9
89
Ws 8818 8812 89
92
*89
Do pref
600
100
*10012 1073 *10012 103 *10512 1073 *10012 1073 *10012 103
4
4
4
*99 10731
underwood TvpowrIter_ _100
*69
*6712 7212 *67
7212
7212
7212 *67
Union Bag & Paper Corp_ _100
7210
-55- - ''' .
*3834 39
3334 40 *3834 3912 *67 40 *39 90
3
40
200 United Alloy Steel
No par
89
8934 87(3 8812 8618 8734 85
8612 8514 87
8638 871 a 26,000 United Cigar Stoma
100
*102 112 *100 112 *10312 112 *103 112
*103 112
Do pref
100
129 129 *125 13012 128 129
127 127 .iii" fici- *125 130
400 United Fruit
_100
*13
15
1418 1418 *14
14
14
15
*14
15
14
14
500 U S Cast I Pipe & Fdy._ _ _100
43
43
*45
45
48
45
44
44
*41
48
*42
48
900
Do pref
12012 122
12034 12112 1203 12212 120 12034 12012 12112 12114 12312 7,500 U S Industrial Alcohol__ 100
4
_ _ 100
*98 100
*93 100
*98 100
*93 100
*93 100
*93 100
Do pref
100
561s 5638
5412 5512 *5412 5512 5412 5434
8
__- 553 56
1,400 United States Rubber__.100
*100 10114
10114 10114 10114 101 101 *10078 102
_ §10114
220
Do 1st preferred
160
*453 4714 -4518 46
4
4514 45
45
15
45
45
44
4431 4,800 U S Smelting Ref & M
50
*4412 4612
4618 *4412 4918 *45
4318 .4512 4711
Do pref
50
3
913 9212 -iii T4 - -ii,i *90
0
441 9218 9012 911s 9058 9178 9114 92 190,200 United States Steel Corp_ _100
4
*10914 110
110 110
1007 110
8
100% 110
10072 110
110 110
Do pref
1,400
100
8012 81
8034 8112 7913 8012 793 80
8
*7914 8012 79
797
8 4,200 Utah Copper
10
1314 134 4
1314 1314
,1314 14
*13
14
*13
14
13141 1318
600 Utah Securitlee v t o
100
42
*40
*40
42
*40
40
41
12
*3934 4114 *3934 42
300 Virginia-Carolina Chem_ _100
*10212 107' *102 107 *10? 107 *102 107 *102 107 *102 107
Do prof
100
*64
66
65
65 .65
*61
67
66
67
67
*65
68
200 Virginia Iron C A C
100
9.1
*86
*86
94
90
9011 91
92
93 93
9212 9234
1,500 Western Union Telegraph-100
41% 42
4114 4218 4112 4112 4114 413
.1 4112 42
4138 4134 4,500 Westinghouse Else & Mfg_ _50
70
*60
*60
70
*60
70
*60
70
*60
7014 *60
Do 1st preferred
7014
-50
44
44
*13
44
*42
45
43
43
*42
45
*41
44
200 White Motor_
50
1814 1812 1814 185s
1812 183
8
4 183 183
4 183 185
8
1812 183
8
4 7,500 Whys
-Overland (The)
25
*8014 8012
Si
8112 8112 82
8 Si
8
807 807
82
400
Do pref (new)
100
*5312 56
3
;53i4 65
82 56
.. . -. - 54
54
53
55
55
*54
55
1,000 Wilson & Co, Inc, v t 0.-100
116 117 *11618 11611'11218 11614 112 112 *112 114 *110 115
1,400 Woolworth (P W)
100
*115 120 *115 120 *115 120 *115 121 *115 121 *115 121
Do pref
100
*4112 43
43
43
4012 4112 *40
4212 ____ ____ *4012 4212
300 Worthington P & M•1 6.100
. *8712 90
89
*87
*3712 89
*85
89
Do prof A
100
-13iig - - - *62
627
8
63
6234 63
-9312 - .. *63
8
*627 (14
631;
500
Do prof B
6312
100
• Bid and asked prima: to 3/
1108 on this day.
Less thrill 103 shares.
I Ex-r1gbta.
a Ex-div. and rights.
Certificates of depoalt. 2 Ex-dIvIdend.
1,2
-iii.2-iii-
1-1741 all ARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
PER SHARE
Range for Previous
Year 1917
Highest.
Lowest
$ per share. $ per share.
108 Feb 5 12438 Mar15
914 Mar15 1034 Feb 15
1612 Jan 2 2412 Marla
3012 Jan 3 4012 Mar 6
12 Jan 7 1833 Feb 19
36 Jan 5 4814 Feb 18
6112Jan 15 7338Feb 27
10212 Mar14 x107 Mar 8
2914 Mar 6 3314 Feb 20
68'4 Jan 2 95 Feb 25
15 Jan 19 1758 Jan 2
40 Mar15 4512 Feb 1
3434Jan 29 4212 Feb 19
8Jan 15 35 Jan 30
313
81 Jan 5 9212 Feb 7
z 697 Feb 25 95 Feb 19
8
2978Jan 15 3658 Mar14
z0012 Jan 7 9634 Marll
52 Jan 12 683 Feb 19
83 Jan 31
00 Jan 2
25(4 Jan 2 3:178 Feb 20
7S3 Jan 17 83 Feb 18
233 Jan 2 4312 Feb 5
8 Mar14 10 Jan 4
335
8Jan 22 39 Feb 13
1273
4Jan 7 14312Feb 19
1063
4Jan 15 14134 Feb 9
• 81 Jan 2 88 Feb 1
38 Jan 2 25014 Feb 5
96 Jan 10 100 Feb 19
74 Jan 25 7912J710 3
3812Jan 17 45 Feb 6
86 Jan 15 9612Jan 3
102 Jan 10 102 Jan 10
31 Jan 5 4234 Mar 4
425
8
8Jan 15 485 Feb 19
10 Jan 8 1514 Jan 30
38 Jan 5 4934 Feb 5
11112Jan 2 130 Feb 20
21 Jan 15 313 lob 23'
4
833
3Jan 2 10214 Feb 18
27 Jan 15 3078Jan 3
241 Jan 15 3414 Mar 8
58 Jan 22 6512 Jan 3
4:1 Jan 7 4714 J1111 11
307 Jan 14 3414 Feb 19
8
7314 Jan 12 8158 Mar 8
1212 Mar14 16 Feb 19
1712Jan 8 2212 Feb 27
53 Feb 15 57 Feb 26
7412Jan 29 7812 Feb 28
57 Jan 4 6212 Feb 28
2312 Jan 15 3218 Feb 19
557 Jan 15 6434 Feb 8
8
719934 JanJ n 15 0
638
5 2
Febr12
Isil a 5
87 Jan 15 95 Feb 23
2934 Jan 2 33133(111 31
4312Jan 23 4812Jan 4
z67 Mar12 73 Jan 4
997g Jan 2 10018 Jan 3
1458 Mar 2 185 Feb 13
8
3714 n 7 5312 Feb 26
96 Jan 2 9912 Feb 20
4314 Jan 7 5818 Feb 18
993 Mar 2 104 Jan 11
4
18 Jan 15 20 Mar
1171n Jan 12 138 Feb 27
43 J.raa n 2 4612 Feb 23
24 J an
4
235'2 Jan 21
15 3278 ' 11
4 58 Feb :1
0 iklar
814 Mar13
22
86 Jan 8 96 Feb 27
3053 Jan 2 55 Jan 31
233 Mar14 30 Jan 3
4
34 Jan 16 4318 Mar 1
893
4Jan 26 9712 al ar12
42 Jan 15 5834 Feb 28
793 Jan 2 84 Feb 19
4
59 Jan 5 6912 Feb 19
95 Jan 2 977 Feb 13
8
10112Jan 2 10912 Mar 5
10018 Jan 7 118 Feb 18
4512Jan 7 5678 Feb 19
95 Jan 2 98 Feb 15
2233Jan 15 25 Feb 19
x725 Jan 15 8238Jan 3
8
9253 Jan 2 9912 Feb 19
2Jan 3 8012 Marll
703
63
4Jan 2 11 Jan 31
1393 Jan . 5 156 Feb lo
4
153
8Jan 17 1814 Feb 19
2914 Jan 2 39 Feb 5
4518 J:ar27 556513;
39
in 4
Feb 19
91 Mar 8 95 Feb 6
x:3412 Jan 15 40 Jan 3
95 Feb 16 95 Feb 16
127 Jan 2 173
8
4Jan 30
13612 Jan 7 1603 Feb 2
4
485 Mar 7 5634 Feb 21
8
8818 Mar13 93 Feb 2
10012 Feb 7 10418 Mar 2
65 Jan 24 70 Feb 28
37 Jan 2 40 Feb 26
85 Mar13 99 Jan 23
10114 Jan 5 10114Jan 5
11614 Jan 13 133 Feb 18
1114.1(111 9 153 Feb 18
4
43 Feb 20 473 Feb 1
4
114 Jan 5 1303 Feb 19
4
95 Jan 22 97 Feb 2
51 Jan 15 5914 Feb 19
x95 Jan 15 10114 Mar13
427
8Jan 13 4834Feb 19
43 Jan 29 4534 Feb 1
883
3Jan 15 932 Feb 1
10818Jan 7 11253Jan 31
78 Jan 15 853 Feb 19
4
1112Jan 2 1512Feb 18
333 Jan 2 43 Feb 19
4
98 Jan 16 103 Feb 13
50 Jan 5 67 Mar14
85-13 Jan 2 93 Mar14
3812Jan 17 4312Feb 19
59 Jan 11
6412 Feb 20
333
4Jan 2 4512 Feb 20
1512Jan 15 22 Jan 3
75 Jan 3 8214 Feb 20
4514 Jan 2 59 Jan 19
112 Mar13 120(2 Jan 3
34 Jan 4
853 Feb 5
s
59 Jan 18
43 Mar 9
8S1 Feb 26
6312 Mar14
Par $10 per share,
Highest
$ per share $ per share
59 Jan
12514 Apr
12$4 Dee
5214 Jan
3334 Nov
4214 Aug
1014 Dee
3012 Jan
6214 Jan
2912 Nov
55 Dee 10112 June
97 Dec 1157 Jan
8
25 Dec
41 Feb
56 Nov 1043 Mar
4
2758 Mar
1114 Nov
833 Mar
4
3512 Nov
2934 Nov
58 June
257 Nov
4778 Apr
8
7612 Deo 1345 Jan
8
76 Nov 10314 June
18 Feb
3714 July
8812 Nov 11238Jan
4534 Dec
917 July
8
83 Dec 117583811
5514 Jan
247 Nov
8
941 Jan
747 Dec
8
113 May
4414 Oct
4
241g Jan
612 Nov
28 Feb
4112 Aug
118 Dec 17184 Jan
7412 Nov 14618Jan
7234 Dec
93 Jan
(3114 Jan
3214 Dee
x9153 Dec 112 Jan
65 Nov
92% Jan
34 Nov
47 Jan
77 Nov 137 Jan
10112 Nov 110 June
2712 Nov
40 June
38 Nov
6312 June
2178 May
73 Nov
4
2614 Nov 6012July
10034 Nov 123 Jan
1718 Dee
36711 Mar
6253 Feb 10812 Oct
24l2 Dec
8
473 Mar
1812 Nov 493
8Jan
7712 Juno
5014 Nov
Ws Dec
6411 Jan
26 Nov 5018 May
68 Nov 10378 June
103 Nov
8
30 Jan
1214 Nov
2718 Jan
55 Jan
64 Jan
70 Nov
8934 Feb
6712Jan
5714 Dec
6134Jan
1018 Nov
49 Dec
7118 Jan
13 Nov
40 Jan
67 Dec 10011 Jan
847 Nov
9778 June
s
25 Nov
4314 Apr
3912 Dec
6712 June
7583 Dee 109'4 Jan
4
9512 De3 11712 NI ar
1312 Dec
39 June
24 Feb
4614 Oct
9954 July
9012 Nifty
377 Dec
8
6314 Mar
99 Dec 114 Jan
2638 June
16 Nov
98 Nov 156 Mar
7238 Mar
39 Dec
317 Oct 1437 Apr
8
8
714 Sept
35 Nov
8
18 Feb
3012 June
87 Nov 98 Jan
35 Dec 10614 Jan
2412 Dec
42 Jan
25 Dec
4134 June
88 Nov 9812 Aug
3712 Deo
5412 Sent
74 Dee
PO Aug
49 Dee
8314 Jan
200 Nov z107 Jan
99 Deo 131 Jan
10614 Dec 16712 Janl
3614 Nov 58 June
8812 Dec 101 Jan
1912 Nov
3214 Apr
60 Feb
9412 June
89 Dec 10572 May
7314 Nov
59 May
38 Jan
8
17 Nov
12312 Dee 238 Jan
15 Dec
4
293 Mar
2514 Dec
4
593 Mar
3312 Nov
7484 Mar
335 Nov 11012Jan
8
85 Nov 1085 Jan
8
3014 Nov
5154 June
96 Deo 10212 July
1912 June
11 Nov
11434 Dec 213 Jan
4212 Dee
8058 Aug
:83 Dec 105 Mar
z83 Dec 107 Aug
59 8 Dee 112 Jan
3
3412 Dec
4938 June
8112 Nov 12778 Aug
9814 Dec 12034 Mar
x105 Dec 15438Jan
10 Nov
2.111 June
42 Dec
63 Jan
981e Nov 17112 June
as Nov 106 June
45 Dee
37 Aug
91 Dec 114t4 Jan
40 Dee
6754 Jan
5214 Jan
4333 Nov
7912 Dee 13653 May
10234 Deo 12114 Jan
70'4 Dee 1183 MaY
4
2454 Jan
91s Dec
26 Nov
46 May
97 Dee 11214 Jan
46 Feb
77 Mar
993 Jan
4
x76 Dee
333 Dec
4
58 May
5214 Dec
70's Jan
3
33 4 Nov 5211 Jan
15 Nov
3812 Jan
69 Nov 100 Mar
8414 Mar
42 Nov
997 Dee 151 Jan
s
113 Dec 12618 Jan
2312 Feb
37118 Juno
89 Nov 9714 Jut-o
50 May 63 Juts
II Par
$100
per share .
and Yearly
Friday,
1110 New York Stock Exchange-Bond Record,-"and interell Weekly interest and ,kfauVed 'wads
%-ezcep: for
In Jan. 1909 the Ezchange Method Of quoting bonds was changed and price! ire now
Price
Friday
March 15
BONDI
N. Y. r3TuCli. EXCHANGE
Week ending March 15
Bid
U. II. Government.
U S 8s Liberty Loan ____1947 J -D
U S 48 converted from 1st Lib
1932-47
arty Loan
U 8 48 2d Liberty Loan _ _ 1942 &
U S 2s consol registerod_91930 Q- J
U 8 is con0o1 coupon
91930 Q 3
/1918 Q- F
U S 38 registered_
U S Os coupon
k191.8 Q- F
1926 Q- F
U S 4+1 registered
Ti S 4s coupon
1925 Q- F
U S Pau Canal 10-30-yr 2s.k1936 Q - F
U S Pan Canal 10-30-yr 2s reg '38 Q -N
U S Panama Canal 38 g...._ _1961 Q -M
U 5 Philippine Island 40..1914-34 1)-F
Ask Low
97.40 Sale
State and City Securities.
Y Ci1y-43is Corp stock..1981) 51- S
S
41is Corporate stock_ _ _1964
4 qs Corporate stock__ 1968 A -0
34s Corporate stook__ 1965 -1)
4148 Corporate stock_ _ _1963 111- S
4% Corporate stook
1950 111-N
4% Corporate stock
1958 114- N
4% Corporate stook
1957 M - N
4% Corporate stock reg _1956 M-N
New 4SO
1957 M- N
4 % Corporate stock_ 1957 111-N
338% Corporate stoek..„1954 Ri-N
.N Y State-4s
1981 PA- S
Canal Improvement 48_ 1961 -j
Canal Improvement 4s._1962 J - 3
Canal Improvement 4s. 1980 J - 3
Canal Improvement 4145_1964 J - 3
Canal Improvement 448_1965 J - J
Highway Improv't 4443_1963 M- 5
Highway frnprov't 41•13.._1966 M. 5
Virginia funded debt 2-3s
1991 J - J
Os deferred Brown Bros etre--
97.25
o)
Rome
Since
fan. 1.
High No how
96.20 96.60 310
95.93 95.41 5763
9738 Mar'18
4
963 Nov'17
9914 Feb '18
99 Feb '18
10512 Feb '18
105 Feb '13
9734 Oct '17
9718 Feb '15
84 Dec 17
--- - ---- 100 Feb '13
95
9512 63
8958
903 919
3
80 Feb '18
37
8633
115
6012 Mar'18 -9534
953
4
2
9014 Jan '16
86 Oct '17
94.2
8
9512
933
4 14
93
9114
0212 12
96
9012 145
89 Mar'18
8014 Mar'18
7814
81
10
7512
7512
6
87
8612
83
8612
863
4 40
4014 Feb '18
3318 Dec '17
8534 -66
8412
6978
70
6
983 550
8
9312
176
953
4
97
935 624
8
92
9838
99
276
903 Sale 903
8
8
9114
9014 100
9014
9053
9014 9012 9018 Feb '18
9612
9613 9612 9612
9(43 Sale 9614
8
965
8
8718
87
89
87
87
873 8718 Mar'18
4
87
873 87
3
87
85
8612 86 Feb '18
963 97
4
9578 Feb '18
963 97
4
97
97
7712 80
7818 Jan 18
---_ 101 July'17
9614
9714
9714
9614 98 100 Nov'17
9612 ____ 96 Jan '18
105 11012 1063
4
1063
4
100 10412 103 Sept'17
106 ____ 10712 Feb '18
100 10412 10312 Oct '17
79
74 Dee '17
26
40
5014 June'17
96 04 95.10
14.70 97.26
97
973
8
_
931.1 99,4
9'37 99
8
105 10512
105 105
- -9718 9718
- ---- ---9.434
8814
78
84
6012
9012
9014
9712
9012
80
90
6012
953
4
9212
94
907
8
8878
94
89
8914
77
7413
84
84
40
9512
9534
94
93
9218
927
8
81
76
00
833
4
4258
-8 3 -861-i12
64
71
97 99%
9514 98
9158 943
4
977 9912
8
20 89
22 893
4
885
8
4
10 943
9112
10 8(112
8633
8612
85
95
95
7818
_
4 9714
Railroad.
56
63
56 Feb 'IS
Ann Arbor Iota 4a
41998 Q- J
ioi
82
Atch Top A S Fe gen g 4s_._1995 A - 0 8112 Sale 8112
83 Sept'17
82
Registered
1995 A - 0 firs 81
76 Feb '18
Adjustment gold 4s
41995 Nov
8512 Nov'17
Registered
41995 Nov
6
7338
74
Stamped
41995 M- N -538
86
Cony gold 48
1
1955 J -D 86 Sale 86
87
7
85
86
Cony 48 issue of 1910_ _1960 .1 -D 85
8
East Okla Div let g
_1928 111- (3 847 _-__ 9112 Oct '17
78 Aug '17
80
Rocky Mtn Div 1st 4s__ _1965 J - J 68
7612 8012 80 Jan '18
Trans Con Short L 1st 48.1958 J - J
8512 8234 Jan '18
Cal-Aria let A ref 414s"A"1962 81- 8 79
993 July'17
4
13 Fe Preo & Pb 1st g 6s
1942 M- S 8514 96
4
84
Atl Coast L let gold 4e_ _A1952 M- S 8112 8312 84
8012 8112 Feb '18
Gen unified 414s
1964 J -D
94.2 ---- 9934 Oct '17
Ala Mid let gu gold Ss ,5928 M- N
7578 ___ 85 Sept'17
Brune & W let gu gold 46.1938 .1 J
1297 Aug '15
8
Charles & Say let gold 78_1936 J - J 10713
71 Sale 70
26
71
& N coil gold 45
01952 M-N
Say F'& W let gold Os_ _...1934 A -0 10614 -__ 115 July'17
let gold ros
1934 A -0 9:112 ____ 105 July'16
99 _-_ 99 Jan Is
8118p Oca A G gu 48
1918 J - J
8712 40
Salt A Ohio prior 3148....„.1925 J - J 87 Sale 87
8734 9012 Sept'17
Registered
51925 1)- J
7612 Sale 7612
A -O
6
771 i
let 50
-year gold 4s
51948
4
Registered
74
923 Mar'17
41948 Q J
7718 Sale 77
23
78
30-yr cony 414a....1933
8012 81
8018
81
Rotund A gen Sc Series A.1995
28
112 Jan '12
Pitta Juno let gold 03s
_1922 J - J
PJuno & M Div 1st g 334s 1925 M- N -gi5; 864 88 Oct '17
3
PLEA W Va Sys ref 48_1941 M- N71 4 72 Mar'18
8
Southw Div 1st gold 3148.1925 - J
4
813- 833 837 Mar'18
4
Cent Ohio 11 late g 4143_ _1930 M. S 8212 ____ 100 Apr 17
Cl Lor & W con 1st g 6s
1933 A - 0 91___ 9938 June'17
_ _ 10114 Nov'16
Motion River 1st gu g 644._1919 F - A
3113
9914 Oct '17
Ohio River RR 18t g fie___1936 .1 -D
90
8814 Dee '17 General gold 5s
1937 A - 0 80
Pitts Cloy A Tol let g 68._1922 A - 0
99/8 Mar'18
F +Maio 11 & P gen it fie_
99
1937 M- S 99 Sale 99
99
Consol 434s
9912 Oct '17
-1957 M-N 85
All es West let g 4s qu__ __1998 A - 0 '5-97 Nov'16
Clear &Mali 1st gu g 5s__1943 J - J -- -- ----10313 Feb '16
Rosh A Pitt8 1st gold Os_ 1921 F - A 5i2103 Feb '18
Como) 1st g 6s..
1922 J - D 9912 102 104 Nov'17
013 90
3
Canada Sou cons gu A Se__ _ 1982 .1-0 90
90
84
84 Dec '17
Car Clinch &Ohio tat 30-yr 58'38 -D
97 ____ 97 Jan '18
Central of Oa let gold 68...91945 F - A
'30 Feb '18
Consol gold 68
1946 N4- N 8514 91
78 Aug '17
Chan Div pun money g 491951 J -D 5513 79
Mac & Nor Div lot g 58 1946 - I 8'712 90 103 Mar'17
-- 9753 June'17
Mid Ga & All Div 68...
1947 Mobile Div Ist g 55
1048 j J 8914 ____ 10412 Apr *17 _90 Aug '17
Can RR & B of ()a col a 5s._1937 /51-N _-__ 9:1
10312
Gent of N J gen'l gold Ss__ _1987 j .1 10312 101 103
9
103 102
102
Registered
81987 Q J
9812 99
J
9812
9812
Am Dock A imp gu 58_1921
Leh dr. find fliv gen gu g 5e_'20 J - J 100 10114 100 Junela
N Y& Long Br gen g 4s__1941
S 92 --__ 10012 Jan '13
70
65 Jan '18
Cent Vermont let gu g 4s. e1920 Q - F 05
80
87
91 Aug '17
()boss A 0 fund A impt 58.._ 1929 J - J
9712 97
3
9714
_1939 M.N 96
• 1st consol gold be
96 ____ 10412 Jan '17
Registered
_1939 rii-N
General gold 4145
1992 - 8 7534 Sale 75
753
4 16
8634 Mar'17
Registered
1992 81- S
7218 Sale 7112
73
20-year convertible 44n 1930 F - A
108
30
-year cony secured 58_1948 A -O 81188010 793
4
8112 738
78
84 Apr '17
Big Sandy 1st 4rt
1944 J -D 65
Coal River Ri let gu 4e_1945 -D 65 ---- 8512 Nov'16
9114
903
8
9013
9053
9634
8713
8714
8712
86
9613
97
78'12
96
103
96
1063
4
10412
10712
56
59
8112 853s
721
70
73
83
84
---80
8234
78
86
86
---8013
823
4
81
813
4
8114 8212
- - - -70
7312
-66 - -66
87
8912
'hi-
78
7634 791
80
8312
- 72
83
75
85
____
-6618 -66 3
(
99
9913
103
-8878
-
idi '
2
-6197 07
8812 90
-- - -- -
ioi 104
102 101
9812 0912
_65
0514
,
72
85
t00'
753
4
6512 73
76
8112
'No prim Friday: lotigt Ulla week• a Due Jan. d Due April. •Due May.
IRO
97.60 2351 17.20 98.88
96.21 Sale
96.00 Sale
9738 9814
8
973 - -- .
9834 9934
9831 993
4
10112 10512
10412 _
9612 ____
9612
Foreign Government.
9538 Sale
A
Amer Foreign 8ecur 5s___ ._1919
Anglo-Frond)5-yr 5s Eater loan A - 0 90 Sate
4
Argeatine--Internal 59 of 1909_ _ M- S 8018 823
8614 8612
Bordeaux (City of) 3-yr 08_1019 N4- N
6833
C ,Ineee (Ilukuang Ry)-5s of 11 .1 -D 1 60
4
Cuba-Elternal debt 53 of 1901 WI- 8 953 9612
9212 9653
Eater dl 5s of '14 ser /1_1919 F - A
80
8512
External loan 4143
1949 F - A
Dominion of Canada g be___1921 A '0 9518 Sale
9212
Do
ito
1920 A -O 92
Do
do .
1931 A -O 92 Sale
9514 Salo
_
French Repub 53.4s secured loan.
8778
Japanese Gov t
-Cloan 48_1925
8
J - J 5--.- 877
Second series 4;s----- -1925_
7814 Sale
Do do "German ataam".
7414 ---Sterling loan 4s
1931
Lyons (City of) 3-yr Os. _,,1019 M- N 861.1 8612
8514 8612
Marseilles(City of) 3-yr da_ _1919 M- N
Megloo--Exter loan £ 59 of 1899 Q - 5.4278 45
Gold debt 48 of 1904_ _ ._1954 J -0 *3118 35
4
Paris, City of,6
-year Os_ _1921 A -0 853 Salo
8
Tokyo City-5s loan of 1912_ _ _ _ 51- S 6814 697
U IC of (It Brit & I 2-yr 58_1918 M- S 9512 Sale
13
3-year 5-4% notes
1919 N1- N 96 Sale
N
9319 Sale
5-year 614% notes
1921
Convertible 514 % notes.1919 F. A 99 Sale
inlets are prices on the basis of 1151oE
re
Week's
Rune or
Last Sak
90)405,
N. Y. 6Tocic EXCHANGE
Week ending March 15
Price
Pri,tau
Marcia 15
Weeit's
Range or
Last Sate
29
Range
Since
Jan, 1.
Bid
Ask Low
HI//n Na Low 11101
Chosayealzo A Ohio (Con)
Craig Valley let g r3
_ 9634 Feb 10
1940 J
_ 63
Potts Creek Br let 1s___1910 J
70
8434 Jan 13
J
70
82
ft &A Div ist con g 48 . 1969
73 Nov 17
J
2.1 ooneol gold 45.. __ 1148v .1 J
82.2 71 Oct 17
Greenbrier fly lot gag 48.1910 NI- N
---- 8312 Sept 10
Warm Springs V let g 5s_ _1911 51- 8 ____ 9612 11314 Feb '15
59
Chic A Alton RR ref g 38_ _1919 A -0 52
5014 Feb '18
5014
50
37 Sale 37
1 7 2 9,8
)
12
Railway Ist lien 315e- --- - 1950 J - J
8 361% 477
3814
9912 101
Chic 13 A Q Denver Div 48 1922 F - A
997 Feb '18
8
73
7314 74
Illinois Div 314
6 031143 7512
74
7 9
.__ 1919 J -J
82 Sale 82
Illinois Div 4e
837
3
,
82
8713
9 12
1349 J - J
Iowa Dly sinking fund 5e-1919 A - 0 97 -- 9912 Jan '18
Sinking fund 45
97
1919 A -0 9718 -_- 07 Jan '18
97
Joint bonds. See Great North
913 9214 9112 Feb '18
4
Nebraska Extension 45_ _1927 M-N
9114 92
91
91
Registered
6 91
91
1927 81-N
8413
8
823
8
General 48
I 81
_1958 MI- 8 823 Salo 8238
22
30
20 Jan '18
Chic A 2 III ref A Imo la g. _ 1955 J 30
30
23
2312 25 Feb '18
28
US Mt.; A 'Tr Co .)tfs of dep.. -- -25
93 Mar'18
1st consul gold Os
98
98
1934 A - 0 98 101
General coosol let 5s
N ---- 8412 87 June'17
1937
-_-- 74
[38 Meg & Tr Co ctfs of deo
71) Fob '18
70
71)
---- 90
76 July'17
Guar Tr Co otfo of (let,_____
5114
Purch money lot coal 5s_ _1942
973 Feb '13
4
10
25
Chic & Ind C Fly let 5s_ _.i936 - J
32 Mar'17
55 Sale 5412
97 -if - -661;
Chicago Great West lot 4s.._1959 M55
98 105
Chic Ind A Loultiv-Ref Oa_ 1917 98 Feb '18
93'
98
J - - 973 10012 Apr '17
4
Refunding gold 53
1947
8.112 Apr '17
Refunding Is Series C.. _ _ _1917 J - J
_
_ -- 70 Nov'16
Ind A ',Alloy lot gii 4s_ _.1958 J - J
71
Chic Ind & Sou 50-yr 18.. _1956 J - J
7812 9012 Janl '17
Ohio L S & East 181 438s...19119 I -D
973 Dec '16
8
Chicago Milwaukee A St Paul
78 Jan '18 -- 7673 79
Goal gold 4s Serial A _e li)S9 J - J _- 77
9258 Feb '10
Registered...
_61989 Q 80
80
80
Permanent Is
7612 8014
192.5 -0 79
675
8 24 6134 70
Gen & ref Ser A 1 14s____a2014 A -o 6712 Salo 67
7878 79
70
Gen ref cony Ser 13 5s .a2014 F - A
79
18 7714 80
J
777 7212 Aug '17 -8
Goal gold 314s Son B_ _ _e1980 J
823
8234 22 828 "8412
3
3
4
General 4148 Series C__.e1089 J - J ---- 823 823
74
74 Dee '17 -- - - •
25
-year debenture 48
1934 J -.3 70
20 7114 7512
74
Convertible 434s
1932 J -D 7312 Sale 7312
9518
07 Jan '18
97
Chic A L Suo Div g 5s. _ _1921 J - J
97
8112
94 Feb '18
94
Chic & Mo Riv Div 5a._.1928 J - J
94
9612 tTi
9812
Chic A P W let g So
97 Mar'18
- J
1921
97
8318 79 Dee '17
M A Puget 8d 1st gu 48..1949 - J
-- - 9714 10012 100 Oct '17
Dubuque Div let s f 6s... _1920 I - --9318 108 1047 Sept'17
3
Fargo A Sou assum g lT _1924 .3- J
La Crosse & D let be
9612 10314 98 Jan '18
-6i- 98
1919
9314 101 10013 Sept'17
Win it Mimi Div g
J - J
_ _ 107 Dee '16
Wis Valley Div let 68
3-i 9418
1020
Milw A No tel ext 4148_1931 J -D 83 __ 81 Dee '17
8114 88
8114 Feb '18
Cone extended 4341- - - -193
8114 8114
4 -D 83 ___
89 Jan '18
Chic A Nor West Ex Is 1836-1928 ["-A
89
837 897 8612 Oct '17
3
;
Registered
1886-1928 F - A
3
7058
7053
-ii18
General gold 3148
1987 M- N ---- 73
8112 Oct '16
Registered
91987 Q- F
80
8312 8112 Mar'18
General 48
8018 8514
1987 N1- N
86 Sept'17
Stamped 4.1
1987 M- N ---- 82
9912 1017 102 Feb '18
8
General Sc stamped__ _ ._1987 M- N
ioi- 103
10414 Dee '17
Sinking fund Os
1870-1929 A.0 104
- - 10912 Apr '113
Registered.
1879-1929 A-0
Sinking fund Is
1879-1929 A-0 9413 95 104 Sept'17
Registered
_
1879-1929 A-0 9234 _ _ 10312 Apr '16
4
9514
5 95
Debenture 5e
9612
1921 '8-0 943 9553 95
91
97 100 Jan 'Is
Registered
11111 100
1921 A 9312 95
9358
1 9358 935g
Sinking fund deb 5e
9353
1933 M-N
10114 June In
Registered
1933 M-N
Des PlainesVal 1st gu 4 3861947 81- S 7838
10113 Oct '16
From Elk & Mo V let (3s_ _1933 A - 0 103 _
101 Jan '14
101 101
_ _ 88 Jan '17
ManGBANW let 3148_1941 3.3 52
Milw AS L let go 3348_1941 3-3
Mll L S & West 1st g Os. _1921 M- 8
101 feti'ig
ioi ioi
98 .- ova Deo '17
Ext & imps f gold 5s
1929 F - A
8
Ashland Div let g 80_1925 hi- 8 10018 -- 1117 Dee '15
Mich Div lot gold 68_1924 J - J 10018 --- 11112 Nov'16
Mil Spar & N W 1st gu 48_1947 111- 8 72)8 84
8653 Sept'17
St L Peo de NW 1st gu 58_1948 J - J ____ 95
98 Oct '17
Chloago Rock 181A Pac4 73
74 Sale 73
76
7734
goilipaY general gold 48_1988 j
87 Mar'17
Regl8tered
1988 J J
6412 03 6273
Refunding gold •Is
1931 A -0 6313 Sale 6312
20
-year debenture 158
71
1932 ".3 61 -- 70 Feb 'In
66
4
Coll trust Series P 48
4
N 973 -- 973 Oct '17
1918
62
023 62 Mar'18
8
-62 - -IIR I Ark A Louis 1st 4148_1934 al95
96 Feb '18
Burl C R & N-let g be 1934 A • 0 90
96
96
100
9712 June'17
II IFAN %V let gu 58 1921 A - 0 _
g/ 3 100 100 Fell '18
3Choc Okla &0 gong 5s_o1919 J - J
OS
9753 July'I/.
Consol gold 5s
1052 M- N
-17:' 60
60
60 Mar'18
Kook A Des Moines 1st 69.1923 A - 0
6112
5914 6112 6112
1 59
St Paul A K C Sit L let 4348'41 F - A
6112
Chic St P M A 0 cons Os__ _1930 J -1) 10214 112 102 Jan '16
102 11712
4- - 8512
5 8612 8513
Cons Ils reduced to 314e_ _1930 .1 -D 803
8512
86
go
8518 Mar'18
Debenture 5e
8612 8518
1930 81Ch St PA Minn bat it (38_1918 51- N 1 12 00 _ 111 Juno'17
_
118 Nov'16
s
North Wisconsin 1st 68_1030 - J 1005
SIP AS City lot g 6s1919 A- 0 10018 1: 10014 Mar'18
1001.4
Superior Short L 1st 5e g_91030 M 8 8412 95 10518 Nov'10
82 Jan '17
- 80
Chic T Et A So-East let 68..1980 3-0
Chic A West hid gen g 68_21932 Q -M
- 101 .Mar'18
10312 101
1 64
67
Consol 50
67
-year 45
1952 J - J 67 Safe 67
90 May'17
Cin It A D 2d gold 414e
1937 3',
1st & refunding 41
1959 3-i
90 May 17
let guaranteed 4e
1959 J - J
25 July'15
C1n D A List gu g
M- N _
83 Nlar'll
C Find A Ft W lot an 40 g.1923 NI- N _
96
96 Jan '17
Day A Mich 1st cons 4548.1921 .3- J
GI Sale 61
6314
61
Clay Cln Ch A Si L gen 48..1993 )
-D
.59
70
7312 71
3 6812 72
20
72
-year deb 414s
1931 J J
75
80 101 Feb '17
_
General 55 Series B
1993 -D
4
8
Cairo Div let gold 48.......1939 - J 083 8114 837 Mar'17
5313 637 79 Feb '17
8
Cin WA N1 Div 1st g 4s1991 6412 05
64 Mar'18
St L Div let coil tr a is_ .1990
N
-44 - -JO 6712 _
7312 June'17
Spr & Col Div log 48_1940 M.
84 Nov'16
W
Vol Div 1st g 4s_ _1940 0 1St LA C consol Os_ _1920 M -N 1007; 10518 10218 Oct '17
75
8712 87 Dee '17
1st gold 4e
11936 Q- F
8812 May'15
Registered
11938 Q F
8613 --- 10218 Jan '17
Cin & Cl cone 1st g fie__1923 J - J
- 1071s Aug '17
(ICC& I eon cons g 8s__1934 I. J
64
94 July'08
Ind 13 A W let prof 49.......1940 A 0 Ind A W 1st prof 6s_ _ _91938 Q47
-1773 Mar'18
Peoria A East let cons 48.1940 A -0 48
-if - 5112
12
20
1213 Dee '17
Income 4e
1990 Apr
:3 88
90
90
Cleve Short L let gu 4148__ _1961 A - 0 00 Sale 00
57
8 7
8 Jan 18
Col Midland let gold 48._ _ _1947 J 8
512 612 534 Mar'18
Trust Co cortifs of deposit_ _
'534 712
8418 Sale 84
8413 10 823 8814
Colorado & Sou lot g4s.,.1929
4
607 Sale 697
3
s
70
73
11 86
Refund A Ext 4148
1935 M -N
95
9712 9613
1 98
9613
It WA Den C let g (is_ _1921 J
9618
A -0 84 - Conn A Pas Rive lot g
94 Feb '16 -..•
171i
_ -- - Cuba RR let 50
-year 58 g_1952 J - .1
Del Lack & Western
79
75
7318 Jan '18
7313 7318
Morris A Ees let gu 3445-2000 J - D
10053 10212
1921 1-3 10112 102 10112 Mar'18
N Y Lack A W let 6e
97 ---- 98 Feb '18
98
98
1923 F - A
Construction 6s
9013 953 9:334 Jan '18
4
0334 933
4
Term A Improve 4i_.-1923 61-N
10218 Feb '08
*Warren let ref gu g 34i-2000 P A
Duo June. 5 Due July, 1 Due Aug. o Duo Oct. p Duo Nov. I Due Deo
+Option sale.
New York Bond Record—Continued—Page 2
MAR. 16 19181
BONDS
N. Y.STOCK EXCHANGE
Week ending March 15
Irs
Price
Friday
March 15
Week's
Range or
Last Sale
53 10
Range
Since
Jan. 1.
High No. Low High
Ask Low
Bid
Delaware & Hudson
1st lien equip g 43es
9314 Feb '18
9314 94
1922 J -J
9314 9311
8134
lot es ref 4s
88
82
8612
813 8612
1943 M-N
4
20-year cony 5s
8612 Mar'18
88
8612 90
86
1935 A 76
Alb & Susq cony 334s
74
76 Sale 76
76
1946 A 8
Renee & Saratoga 1st 7s 1921 M-N 10034 ---- 1127 Dec
'16
11 -661- -666412 6512 617
Deny & It (Jr 1st cons g 4s 1936 J - J
6512
s
2
68 Jan '18 ---- 68
Censol gold 4348
6612 73
71
1936 - J
74 Mar'18 -- 74
74
Improvement gold 5a
1928 J -D 73
763
4
16 4814 5112
50
let & refunding 5e
4914 5012 4914
1955 F - A
37 Aug '17 ---- - - - - 95
Rio Or Juno 1st gu g 5s
1939 J -D
6114 Apr '11 ---1110 Or Sou let gold 4s1940 -J
Guaranteed
---- 38 July'17 ---1940 J - J
6414 Feb '18 Rio Or West let gold Is._1939 J - J
64
66
65
6712
51 Mar'18 -- 51
58
Mtge & coil trust 45 A_ _1949 A 55
9812 Mar'17 --Des Moines Un Ry let g 5s_1917 M- N ---82 Dee '16 ---- - Dot & Mack-1st lien g 4s 1995 J -D
Gold 4s
1995 J -D --- ---- 7512 July'16 ---8
Dot Illy Tun—Ter Tun 434s 1961 SI-N
763 763 Mar'18 -- 76
8
72
7612
4
Dul Miseabe & Nor gen 58 1941 J -J .98 2 10218 993 Dec '17 ---- ,
--0013 07
00 Nov'17 ---Dui& Ironitange let
1937 A -- --_
_ 10512 Mar '08
Registered
1937 A -0
-- - Dul Sou Shore & Atl g 5s
-gi 87 Mar'18 — -- 82
87
1937 J -J
Elgin Joliet & East 1st g 58_1941 M-N 87 102 104 Jan '17 -Erie let consol gold 7s
100 -102 101 Jan '18 --- 101 101
192 M7312 9812 9812 Mar'17 -N Y & Erie let ext g 4s
1947 M-N
061s
2d ext. gold 5n
9618 9618
1019 M- S 0615 --,- 9618
9312 Jan '18 --- 9312 05
3d ext gold 45s
1923 M- S 9312 100
4th eat gold 5o
1920 A - 0 0514 ---- 9912 July'17 -- - - - - _
-- 9434 Nov'15
5th ext gold 4e
- - - -1928 J -D ---NYLE&W 1etgfd7s_1920 M- S 9714 - - 10712 Dec '16 -6512 66
6512
19 651 -6(3
66
Erie 1st coos g 4s prior._j990 J. J
_
84 Dec '16
Registered
1996 -J
5212
Sale- 5112
7 4'J2 571
1st consol gen lien g 4s_1996 J - J
73 June'16
73
Regletered
1996 J J
76
3 7514 76
76
84
76
Penn coil trust gold 4e 1951 F - A
4512 Sale 4314
4534 13 42
4818
80-year cony 40 Series A 1053 A 4512 Sale 45
6 4212 49
4512
do
1953 A Series B
5012 40 4812 56
5012 Sale 4912
Gen cony 45 Series D.._ _1053 A 8(312 9012 88 Mar'18 -- 88
1982 M-N
Ohio & Erie let gold 50
93
1067 Jan '17
8
Cloy & Mahon Vail g 5s 1938 I- J
102 11)3 July'17 --__ - - - - - 11)3
1955 J -j
Erie & Jersey let s f 6e
975 1034 Aug '17 --8
Genesee° River let e f Os_ _1957 Long Dock consol g Os__ _1935 A - .102 ---- 11012 Nov'17
103 Jan '18 ---- 103 103
Coal & RR let cur gu 69_1922 M-N
10212 July'17 --_
Dock & ImUt 1st ext Is 1943 J - J
88 --- 85 Jan '18 --__ 85
NY & Green L flu g 50-1946 M-N
85
4
743 741 Feb '18 --- 74
72
Y Susq & W lot ref 513_1937 j - J
75
1037 F -A --- 62 10014 Deo '06 - --2d gold 43
----is
6112 74 Nov'17
1940 F - A
General gold 5s
---- ------- 108 Jan '17
Terminal 1st gold Is_ 1943 SI-N
---05 108 Jan '17 -- -76
1940 A Mid of N J Jet eat 5e
Wilk & East 1st gu g 5s 1942 -D 6312 77_ 62 Feb '18 -- 62
62
2312 Jan '17 -Ev & Ind let cons gu g Os__ _1926 J - J
---07 Nov'17
Evansv & T H 1st cone Os 1921 J -J
---__
50148512 June'17
-5i -1171942 A let general gold Is
108 Nov'll
Mt Vernon 1st gold Os _1923 A 95 June'12
1030 A Bull Co Branch let g 5s
-5E12. 85 Dec '17 --Florida E Coast lot 430
1959 J -1)
92 Aug '10 -Fort St U D Co let g 434e 1941 I- J _--_
5612 Oct '17 -- ____
Ft Worth & Rio Or 1st g 48_1928 J - J
.T.::: -gg- 8512 June'16
Gale bus & Hen let 5o
1933 A ____
Great Nor 0 B &(I coil 4s 1921 1-1 02 Sale 92
92
9438
9212 Jan9 A _ 4 1 9212 9314
Registered
'18 _ _
h1921 Q J
88188 Feb '18 -- 8612 89
let es ref 43is Series A___1961 J -J - 2 89
90 June'16
J
Registered
1061
8714 ---- 8618 Mar'18
St Paul M & Man 45
1033 J - J
8613 8613
1st consol gold (is
1933 J - J 107 113 111 Aug '17 -0918 ---_ 118 Apr '17 _Registered
1933 J
94
93
Reduced to gold 4343.1933 J - J
9358 Mar'18
9:353 94
8518 09 10212 May'16 -Registered
1933 J - J
8178 83
Mont ext let gold 4s
8178
1937 J -D
8178
2 -8112
9512 Mar'16 -- - - - Registered
1937 -D 8078 89
Pacific oat guar 45 C
8512 Nov'15
1940 J - J
--- WC; 8018 Dee '17 -79 "
IC Minn Nor Div lot g 48_1948 A -- 9912 -___ 10838 Jan '17 ---1922 J - J
Minn Union let g (is
- -- 1937 J - J 102 --__ 113 June'17
Mont 0 1st gu g Os
13614 May'06 -Regletered
1937 J - J
1937 J -, 9212 ---_ 9912 Oct '17
let guar gold 50
4
Will & S F let gold 158..1938 J -D 02 ---_ 1093 Aug '16
4
Green Buy & W deb etre "A"
---- Feb ---- 7912 693 Doe '16
Feb
Debenture etre "B"
018 918 87 Dee '17
8
7414 7718 78 Feb '78
Gulf & I 1st ref es t g 5e_b1052 J -J
78
83
7534 78
77 Mar'18
Hocking Val let cons g 430-1999 J - J
7518 78
.
1999 J - J
9812 Jan '14
Registered
-6712 -gir, 8214 Aug ,
17
1948 A Col & 11 V 1st ext g 4s
7014 ---- 75 Feb '18 --- 6712 75
1958 F - A
Col & Tol lot ext 4s
95
9018 Apr '17
Houston Belt & Term let Is-1937 87 Mar'18 ---- 87
Illinois Central let gold 46_1951 - J 8712 95
05
93
1951 - J
92 Sept'17
Registered
76
00
7818 Deo '17
1951 I- J
lot gold 334e
84 Nov'15
1951 J - J 5618 81
Registered
5818 --- 80 June'17
1951 A Extended let gold 334e
5618 _____O_
1951 A Registered
1st gold 3e sterling
1951 MJuW55
1951 M Registered
7514
77
81
1052 A Collateral trust gold 45
7814
651
_ 9514 Sep '12
A1052
Registered
813 Sale 813
4
let refunding 4e
41055 M- N
4
813.1
79
83
71
70
70
1952 J - J
Purchased lines 330
70
70
70
L N 0& Texas gold 40..._1953 M- N
7418 7612 76'12
7612
74
7612
7112 84
72 Feb '18
1953 M- N
Registered
72
72
J -D
Cairo Bridge gold 48
72
79
89 Apr '17
1950
55 - _ 74 Feb '14
Litchfield Div 1st gold 3s-1951 J - J
Louise Div & Term if 3 Ao-1953 J - J
75
71 Feb '18
71
71
83 Aug '12
Registered
1953 J - J
Middle Div reg Is
9518 -_ 192 June'16
1921 F - A
Omaha Div let gold 3s
F- A
60
fa' 7212 Jan '17
1951
„
tit Louis Div & Term
62
66
J
62 Feb '18
62
82
g 38-19°1 j - J
Gold 33es
6218 8314 63 Feb '18
1951
63
63
Registered
86 June'16
1951 3-i 6113
Spring! Div let it 330......
- '7612 805 Nov'16
8
1051 J 1Vestern lines let g 4s
79 Mar'18
1951 F - A
79
79
Registered
---- 02 Nov'10
1951 F - A
/3ellev & Car let tie
1923 J -D ____ 10734 11712 May'10
Carb & Shaw let gold 4s 1932 M- 8
00 Jan '17
Chic St L & NO gold 58 1951 I -D 97
97 Mar'18
-07- 08
Registered
114 Feb '11
1951 -D
Gold 334e
1951 J -D 6218 -___ 90 Oat '09
Registered
1951 I -D
Joint let ref Is Series A 1963 -D 8514 8612 -854
. 18512
.
851 91
Mempli Div let g 45_:195: -D 6814 90
7018 Nov'17
Registered
65 Nov'17
1951 -D
St Louis Sou let gu g 4s 1931
80 Feb '18
S
80
80
Ind III & Iowa 1st g 43
89 Apr '17
723 98
3
— 1950 J - J
---- - Int dc Great Nor let g 68_
9153 9434 92 Mar'18
M- N
90
92
James Frank at Clear let 4s:1959 J -D
7533 90
8212 jutlie17
Kansas City Sou 1st gold 3s_1950 A -0 5812 69
58%
5834
6112
58
Registered
63 Oct '00
1950 A 0
Ref & impt Is
7414 Sale 7414
Apr 19501 J
7458
7334 77
Kansas City Term let 4e.....1960 J - J 72
7518
7518 75
7473 78
Lake Erie & West 1st g 55_1937 - J
85
92
92
4 78
92
92
25 gold Is
81
805 Feb '17
8
1941 J - J
---North Ohio let guar g 1s....1945 A -0 73
897 Mar'17
8
85
Leh Val N Y let gu g 430_1940 I - J
8718 Sale 8718
613
8718
-8
4
-71g - Regletered
89 Oct '17
1940 J 8318 93
Lehigh Val (Pa) COM g 4s2003
80 Oct '17
78
83
N
General eons 4345
2003 SI-N 8718 9718 8718 Mar'18
8718 0012
BONDS
N. Y. STOCK EXCHANGE
Week ending Marsh 15
Price
Friday
March 15
Bid
Ask Low
High
Leh V Term Ry lot gu g 5s_1941 A -0 1013 112 102 Mar'18
8
Registered
1941 A -0
_ 106 113 Mar'17
Leh Val Coal Co let gu g 56_1933 J - J
3963
4
100
Registered
---------105 Oct '13
-- _
1st int reduced to 4s
19 3 I -- '1
3 J .1
8038 ---Leh & N Y let guar g 4s
1945 M- S ____ ____ -gi— Apr '17
1945 NI- S
_--_ -,-Long lied let cons gold 5s__h1931 Q- J -913 idg- 9414 Jan 18
4
51931 (3- J
let consol gold 45
7712 ____ 9414 June'16
General gold 4e
1938 1 -D 61
8514 8514 Feb '17
Ferry gold 434e
1922 M- S____ 913
90 July'17
Gold 4e
1932 J -D ____ __ 9914 Oct '06
Unified gold 4s
1949 M- S ---- 72
89 MaY'17
Debenture gold 55
1934 J -D --_
97 97 Jan '18
-year p m deb 5s
74
8
20
737- 74
1937 IVI-N
74
Guar refunding gold 4s_1949 M- 8 72
7478 7912 Jan '18
1949 M- 8 --__ 7__6
N R Bil M B 1st con g 58_1935 A - 0 00 Y8g tered
10514 jan '17
93 A pr 1
NY & R13 1st gold 55
1927 M- S 90 10418 9612 Aug '17
Nor Sh B let con g gu 5E3_01932 Q - J
9312 100 Aug '16
82
Louisiana & Ark 1st g 5s
1927 M- S 8612 8912 00 Mar'18
Louisville es Na.shv gen 65 1930 J -D 108 110 109 Feb '18
Gold 58
9418 10934 933 Jan '18
1937 SI-N
4
Unified gold 4e
1940 J - J ___- 83
8
8:37 Mar'18
Registered
Jan0917
Collateral trust gold 58
1931 5 - N ---- ---- 0658
10 M- 1
E H & Nash let g 613
- _9
1931 ivi- D i(3618 _9 _ 103 8 July'17
019 J N
991
As
L CM & Lox gold 4
8614 0434 98 Sept'17
NO & M let gold 6e
1930 J - J 102 112 108 Aug '17
2d gold 68
9212 ____ 1041s Feb '17
1930 J - J
Paducah & Mom Div 4s_1048 F - A
83
71
0012 Apr '12
St Louis Div 1st gold Os.,.1921 M- El 100 ____ 10018 Jan '18
25 gold 3s
1980 M- 8 50
5814 58
5814
All Knox & Cin Div 4e_1955 M-N
7114 78
7712 Mar'18
All Knox & Nor Ist g 5s 1946 J - D
9512 ____ 1084 Jan '17
Hender Bdge let s f g 6s_1031 M- S 10018
10518 Aug '17
Kentucky Central gold 48_1987 J - J
71 ___- 74 Oct '17
787
8
Lex & East let 50-yr 5s gu 1965 A -0 94
95
93 Jan '18
L& N &M & M 1st g 434e 1945 M- S 7714 9134 94 Aug '17
L & N-South M joint 4e_i1952 g .!,
6'714 8138 05 8 Feby:15
813 Nla 07
10 2 J:
0
Registered
N Fla 8 let gu g g
82 2 97_ 2 063 Jaa'6
71 8
77 m ny.1 8
8
4
1
3
Nit c Duegen gu5s4 is..1945 s:A
97 F 0 1
&
•Z;
r
t4
MT &
let
Range
Since
Jan. 1.
No. Low
High
102
102
6
9634 101
9414 9414
97 97
72
75
7912 7912
--- -8714 90
109 1093
4
933 933
4
4
837 8812
8
2 99
99
- -_
-____ - ---
l6/l's 17661;
11
Sene.s k A tlns guu 58 : 1021 F - A
P A, NeA ia eo let g gg 6!:9 0
100 15812 10212 Feb '18
8
3
3
99 Oct '17
9514 100
F- A
Gen cons go 50-year 58_1963 A - 0 8512 10214 9312 Jan '18
L & Jeff Bdge Co gu g 4s
Apr'17
1945 M- S 5712 _--- 79
Manila RR—Sou lines 4s
1936 SI-N
Mex Internal 1st COM g 4e.._1977 M-S77 Mar 10
Stamped guaranteed
75 Nor10
1977 M- S
Midland Term—let o f g 56_3925 -D
9112 June'17
Minneapolis & 8t Louie—
let gold 7s
J -D____ 108 104 Feb '18
Pacific Ext let gold Os
21
1033 Oct '16
s
9
1927 A -0
let come)! gold Is
74 Nov'17
76
65
M- N
1st &refunding gold 4e
17
44
9
194 1 M- S 44 Sale 42
93
Ref & ext 50-yr Is Ser A I982 s F 42 Sale_ 4 40
7
60
2
Q s
Des M de Ft D let gu 4s 1935
Feb '15
Iowa Central let gold Is _1938 J -D -8 173 -843 8018 Feb '18
4
.
6
Refunding gold 4s
4412 16
1951 m- s 4412 Sale 4214
M StP&83M cong4sint gu.i938 S.J __3_1! _8_6_ 8512
8
m- N
082512
1st Chic Term 5 f 4e
Jan
M 13 8 hi & A let g 4e Int gu.011 J - J
88 ---- 851s Nov'17
1 '213
Miest gio di 4s
l s ise plp Central 1st 5s_ 1949 ____ 94
95 Dec '10
Missouri Kansas & Texaa11
61
1990 J -D
62
603
4
6114
2d gold 4s
3
33
40
33
33
g1990 F - A
let ext gold 5o
4134 325 Nov'17
28
8
1944 NI- N
let dr refunding 48 m_2 04 M- S 40
49
4518 Dec '17 ____
10 0
03
Gen sinking fund 4
31
32 Jan '18
St Louis Div let ref g 4s 2001 .1 -- 0 -3 — 40
40 Nov'16
0
A 5
Dall & Waco 1st gu g 58_1940 M- N
---- 6912 Apr '17 ____
Kan City & Pao let g 4s 1990 F - A ____ 70
58 Jan '18 ____
Mo K & E 1st gu g 5s
62
4018 Nov'17
1942 A -0 37
M K It Tklf i it8gu urg 5_ :1042 M-N
NI
O o a le t ga 5s8 9 2
58 __ _ 5518 Dee '17
5
53
Sher Sh & So 1st gu g 5s_ _1942 J - D ____ 60
51 Dec '16
R xuri& acifa (l grgg 5 i _1943 M-- S -5-- S31e 49 Jan '18
eo ae POkl tcls eou e0
44
53
i
S :
s
1984 1
823 sale 82;8
0 7 Sa le 0 4
08
4
0
1965
82;
00
refunding .5e
let & refunding 5s
7
1st & refuni
90
86
90 Feb '18
be
-- -4
General 4s ------------------573 Sale 57
124
12
58
9 3
1226:-- —
M41)30
-P
g 6s_ 1920 7V4 9812 0912 9912 Mar'18 __--87ar gold loan 4e
e ac 1s acons
rlP
1045 M- 13 5634 -_-_-__ 60 July'17
1 n
let & ref cony 5s
6012 Apr '17
35 7e extended at 4%
59
9 M- S --_1938 NI- N --- 83- 82 Apr '17
13oonv St L &El 1st .5e gu_1951 F - A ---_ --_- 100 Feb '13
Cent Br U P let g 4s
19481 -D 60 -_-- 97 Dec '13
12
Paoli,of Mo let ext g 48_1938 F - A
78
85
80 Feb '18 ___2d extended gold Ss_ _ _ _ 1938 J - J 9212 9318 1003 Apr '17
4
St L Ir M & 8 gen con g 55.1931 A -0 905 941 9414
1
9414
Gen con stamp gu g 58_ _1931 A -0 -------- 102 July'14
Unified dr ref gold 4s
7312 Sale 7312
12
74
1929 J - 3
Registered
807 Oct '17
3
My &0 131v 1st g 4s
IN
a4
6812
3
93 M N
1929 '1 --I - - -1e- 68
Verdi V I & W 1st g 58_1928 M- 8
78 Sept'15
Mob &Ohio new gold es__1927 J -D 101I2 fai 10112 Mar'18 -_-_-_-_
1st ext gold Os
61927 Q - J 0014 ---- 109 Feb '16
General gold 4s
1938 M- S 65 ---- 68 July'17
M
t
Montgomery Des 1st g 58_1947 F - A
i8 iv u
71 _--_ 93 July'17
St
- D 87 ---- 90 Aug '17
St L &Cairo guar g 4s
7118 85
77 Dec '17
921 .1
1937 5 - J
Nashv Chatt & St L let 5s 1928 s ..- O 10118
A s 07
102% 19814 jaar 47
°3 2 10 M n 8
Jasper Branch let g es
1923
Nat Rye of Mex pr lien 4348_1957 J - J____ 30
30 May'17
Guaranteed general 4s
1977 A - 0
-. __ 35 Aug'16 ____
Nat of Mex prior Hen 4346_1028 1-5 - _ _--- 967 Feb '13
s
_-__.- 1st consol 4s
____ ____ 30 Oct '16
N 0 Mob & Chic let ref 5e 1081 J - 0 ---- ---- 59 Dec '16
0
95 A J
New Orleans Term let 4s
60
1953 J - J
63
623 Feb '18 ____
4
N 0Tex dc Niexlco 1st 8e
04 Mar'18 ---_
1925 J -D 0312 94
Non-corn income Is A..
3
48
48
1935 A - 0 4814 50
New York Central RR—
4 73
933
Cony deb Os
9312 Sale 9318
1935 SI-N
Consol 4e Series A
70
1998 F - A
723 7312 Mar'18
8
Ref & Imp 434e "A"
8
2013 A -0 833 --- 8418 Mar'18
New York Cent & bud Riv—
• 12
72
Guar 3345
71 Sale 71
1997 5 - J
Registered
1997 J - J ___
7312 74 Sept'17
Debenture gold 4e
7634 Sale 7614
1934 SI-N
14
77
92 Dec '16
Registered
Lake Shore coil g 334e
9 F -A
34 I
6014 6712 64 Mar'18
19 8 r' -N
Registered
1998 F - A ____ 6438 673 Sept'17
Mich Cent coil gold 334e.._1998 F -A
633 634 Mar'18
4
62
Registered
1998 F -A ---- ---- 75 Mar'17
Battle Cr &Stur lot gu 38_1989 J -D
-_
Beech Creek let gu g 46..1938 J - J -791- :::: - -513 Apr9 - '17
2
Registered
1936 J - J ---- _--_ 9534 Nov'16
2d guar gold Is
83 _-_- 104 Mar16
1936 J - J
Registered
1936 J - J
Beech Cr Ext let g 330..01951 A -0 :::: -_-_-_-_ -----Cart & Ad lit gu g 4e
1981 J -0 69 ____ -gi- IsrOiTii
Gouv & Oswe let gu g 58_1942 J -D ---- --Moh & Mal let gu g 4e
61- mai.'173
1991 M- S 764 ____ NJ Juno R guar 1st 48
6612 ---- 8914 Feb '16
1986 F - A
NY & Harlem g 354u,,..2000 SI-N
70 __— 80 mar17
N Y & Northern let g 58-1923 A-0 --------101 June'17
-
•No prim Friday; latest bid and asked this Week. 0 Due Jan. 5 Duo Feb. g Due June. 5 Doe AO. •Due 0e1. / Option gale.
Week's
Range or
Last Sale
58
77
---
5814
79
----
-51 4 -93
3-
-664 -664
10212 idii
6312
9312
-- - -
-
-
101
104
41
40
44
46
-gdi
4152 4614
8312 8612
6012 6214
33
35
----
-if 58
34
__-__-58
-45- -Eiji;
.
-id - -id 827
8
9012
8912
5518
9812
86
92
90
598
4
0912
79
80
9012 9518
72's 75
68
71
1011:2 10112
98
101
__-
60
92
40
63
9414
48
9218 9412
73
743
4
80
8418
71
741
761i 79
61
0538
6212 687s
New York Bond Record-Continued-Page 3
1112
BONDS
N. Y. STOCK EXCHANGE
Week ending March 15
a
v
t's
•N t
4
0-4'.
Price
Friday
March 15
Range
les
Week's
Since
Range or
' Jan. 1,
Last Sale
High No. Low High
Ask Low
Bid
ST Y Cent & H R RR (Coss.)4
N Y dc Pa 1st cono gu g 413 1993 A -o 6818 .. _ _ _ 7334 Jan '18 ---- 721s 733
_ _ _
4
Pine Creek reg guar Os,__. 1932 J - D 1003 ____ 113 May 15 _ _
98
i di lii14
9814 98
it W &0con let ext 5s_A1922 A -0 98
_ 9812 Nov'17 ___- ____ ____
R W&OTR let gug 51_1918 M-N 9512
Rutland let con g 4M_1941 J - .1 6718 -_ _ 8018 Aug '17
i di ii
63
3 Sale 63
1st gu 48g1948 1 - J
Og & L Chain
70
Rut-Canada let gug 48_1949 J - J --------70 Jan '18 --_- 70
101 Nov'16 ___ ____ _ _ _ _
St Lawr & Adir 1st g 5s___1998 J - J -.
- 0 ---- ----103 Nov'16 ---- ---- -1996 A
2d gold 68
__ _
9712 July'16 __-- __
Utica & Blk Riv gu g 48_1922 J - J 8918 98
8
757
Lake Shore gold 3As_-_ _1997 J -D 7212 7312 73 Mar'18 _-- 72
1 7212 7212
7212
7338 7212
1997 J -I)
Registered
8
885
1 84
85
1928 M- S 85 ____ 85
Debenture gold 48
4 8212 861
83
1931 61-N 8212 83 8212
25-year gold 48
1931 14-N_- 831 Nov'17 ----------Registered
---Ka A &0 11. 1st gut,518_1938 J - J --------------------------1934 J - .1 85 ____ 10412 Dee '15 ---- ____ _ __ _
Mahon C'I RR let 5s
- -- - Pitts & L Erie 2d g 53-__a1928 A - 0 90 ____ 103 May'17 ---__ _
Pitts Molt ar Y lot gu 68_1932 J - J 10052 ____ 13018 Jan '09 -----------12314 Mar'12 ---- -- ---1934 J - J 10012
28 guaranteed (is
,
--- ---- ---- --- MoKees &B V 1st g 68_1918 J - J ---- ...--- ---9912 Aug '17
1931 M- 8 8814
5ilebigan Central 5s
1931 Q -M 8514 92 105 July'18
Registered
1940 1 - J 75 ____ 80 Nov'17
its
_
1940 .1 - J ___ ----87 Feb '11 _____ _
Registered
J L & S 1st gold 3;0_1951 M- S -------- 90 June'08 ___. ___ _._ _ _
_
8
4
1952 61-N 613- ____ 797 July'17 ____
let gold 3348
74 Mar'18 ____ 7312 86
12
-year debenture 4s__ _1929 A -0 7212 74
20
8112 82 Feb '18_-__ 8012 82
N Y Chi°& St L 1st g 48.._1937 A -0 78
85 Nov'17
__ _ __ _ _ _ _
1937 A -0 78
Registered
6312
5 61
61
61
1931 M-N 60 63
Debenture 4s
1 7678 80
79
West Shore let 4s guar.. _2361 J - J 7712 7834 79
2 7312 7412
7412
7412
2381 .1 - J 7312 78
Registered
- _ ___ ___ _
NY C Lines eq tr 58_1918-22 hi- N ---- ---- 10012 Jan '17 8
983 July'17 -----------Equip trust 43-45_ _1919-1925 J - J _- __ 100
8
s
7918 8112 867 Jan '18 ---- 867 88
F- A
1N 'I' Connect 1st gu 4545 A_ _1953
3N Y N II & Hartford
1947 61-8-I 58 Sept'17 ____ __ ___
Non-cony deben 48
---_
1947 M- E3 ---- ----50 Oct '17 __-- _ _ _ _ _ _ _
Non-cony debon 33.4s
5212 Nov'17 _Non-cony deben 310-1954 A -0--__ 55
52
1955 J - J --__ -__ 52 Feb '15 -- 52
Non-cony deben 4s
- -5518 5612 Nov'17 --- - 1956 611-N
Non-conv deben 4s
..i.6. _
1950 J - J 44 --__ 46 Dec '17 _Cony debenture 3A5
81
84
-ai3..4
J - J 841 86
1948
Cony debenture Els
1930 F - A ---- ----50 Oct '17 .._-- _ _ _ _ _ _ _
Cons Ry non-cony 4s
1954 J - J --------9112 Jan '12 ____ .. _ _ .... _
Non-cony deben 4s
_
1951 .1 - .7 --------7912 Apr '16 --- _ _.
Non-cony deben 4s
Non-cony deben 48
1955 A -0 ---- ---- ---- ------ ---- ---- ---Non-conv deben 4s__1958 1 - J -----------Harlem R-Pt Ches 1st 48_195414-N 682 --- 7714 Aug '17 _---_ _ ---B & N Y Air Line 1st 48-.1955 F - A 68 --- 7913 Dec '17 ___ __ _
4
Cent New Eng 1st gu 4s__1961 J - J --- 733- 74 Apr '17 - ___ --_
---- ---- - --Hartford St Ry 1st 48____1930 M- S ------- ,,, ---Housatonic R cons g 5s__.1937 M-N --------10512 May'15 .--- -_ - ---Naugatuck RR 1st 48_1954 61-N ---- ----87 July'14
N Y Prov & Boston 48_ A942 A -0 ---- ----83 Aug '13
4514
4612 32 45
47
4912
NYW'oheo&B lst oer I 4348'48 J - J 46
N H & Derby cons cy 5s._1918 /11-N --------107 Aug '09 ---- ---- - - - -- -- -- - --Boston Terminal 1st 45_1939 A -0 ---- ---- ------- ---- - - -New England cons 58_ _1945 J - J -- ---- -,-1945 J - J ---- ----70 Sept'17 --- ___ _ _ _
Consol 45
57 Apr '16 _--- ____ _ _ _ _
Providence Secur deb 48 1957 511-N --__ 60
Prov & Springfield let 58_1922 J - J --------998 Dec '13 _-- __ __ _ _ _ _
3
_
Providence Term lot 4s__ _1958 M - 5 68 - 833 Feb '14 ....__
-- -------____
W & Con East 1st 4348_1943.1- J 80 --_ --6818
;
4
& W ref lot g 413_ _0.992 M- S --__ 681- 681 Mar'18 __- 64
g Y0
-___ 9212 June'12 .___ _ _ _ _ _
Registered $5,000 only
-_01992 M- S
79 Mar'17 --___ _
_ _ 60
19553 -D
General 48
6312
1 60 - 64
6312 6312
Norfolk Sou let & ref A 55.._1981 F - A 60
8
8
857 965 Aug '17 ____ _ _ _ __ _
1941 M-N 81
Ned& Sou let gold 58
___ _
1931 14-A 106 107 10712 Dee '17 ____
Nod OC Weat gen gold 6s
Improvement & ext g 6s 1934 F - A 104 --- 122 Nov'16.--- _ - ___ _
1932 A -0 121 1061 10718 Oct '17
New River 1st gold 6s
ig
83
N & W Ry let cone g 45-1996 A -0 ---- ---- 8214
1996 A 0 --------9413 Dee '16 ......, --- - - --_
Registered
s
8
757
2 7418 7612
Diri let ilen & gen g 48_1944 1 -3 iEr Sale 757
8
-25
10 -year oonY41
1932 J -D ---- ----1237 May'17 ---- ---- - - -1932 M- S 106 110 11714 May'17 --10-20-year cony 4s
-25
10 -year cony 4;48._1938 M- 5 105 ___ 10512 Feb '18 ---- 10514 10512
8518 Feb '18 ___- 8314 8518
Pocah C &0joint 45_1941 J -D 8018 81
.
_ ____.
at
0 0 T 1st guar gold 5s 1922 J - J 9714 ___ 103 Sept'16
_
- 79 Nov'17 ____
Selo V & N E 1st gu g 481989 81-N 7518 _
4
2
8034 42 791 143
8
1Nor Pacific prior lien g 45_1997 Q - J 797 Sale 797
8
8
817 83 Oct '17 -_ _ _ _ _ _ _
Registered
1997 Q - J 79
4 57
8112
5712
Sale 5713
General lion gold is
a2047 Q - F 5718
8114 June'17 -Registered
a2047 Q- F 5218 59
8
St Paul-Duluth Div g 4s1996 J -0 7134 8934 915 May'17 ____________
s
St P & N P gen gold 68_1923 F - A 11 109 102 Feb '18 -- 102 1027.1923 Q - A --------10312 Sept'17..--_ ....- _
Registered certificates.
St Paul & Duluth let 58_1931 F - F 9314 ___ 107 Oct '16 --__ _ ___ _ _
__
13
387 Mar'17 _- _ _ _
8
let consol gold 45
19683 -D 833 85
.
Wash Cent Ist gold 4s
1948 Q -M 6212 76 :3612 Dee '16 ____ _ _ _ _ ...
8
Nor Pao Term Co 1st g 68_1933 J - J 1065 109 11018 Oct '17 ____ _ __ _ _ _
75
7318 7212 Mar'18 ---- 71
3regon-Wash 1st & ref 45._1961 J - .7 71
90 Jan '18 ---- 90 90
Pacific Coast Co lot g 55__1946 J -D --__ 88
Paducah & Ills Ist e f 458_1955 J - J -__- 100 10018 Feb '17 -.... ..._ _ _ _
9912 July'17 ____ _ ___ _ _ _
Pennsylvania RR 1st g 4s1923 M-N 9118 ...._
- 10112 July'17
M- S 9138
Consol gold 58
88 Jan '18 ____ 88 88
1943 M11-N 8514
Consol gold 45
4
871- 8714 Mar'18 ____ 8714 90
Consol gold 4s
1948 M-N
2
9632 957
6 9578 99
9612
Consol 4;is
1960 F - A
92
4
893 134 89
1965 .1 -D 8912 Sale 8914
General 43is
8812 8912 Nov'17 --__ __ _ _ _
1942 51- 5 86
Alleg Val gen guar g 45
DRRR&B'golstgu4sg 1938 F - A 80 _-_ 8412 Sep '16 ____ __ _ _ _ _
Phila Salt & W 1st g 48_1943 81-N 8318 ---- 92 Aug '17 ---- ---- ---Sodus Bay & Sou 1st a 55_1924 J - --.- __ 102 Jan '93 -___ ___ _ _ _
Sunbury & Lewis 1st g 48.1936.7 - J 75 --- --92 Dec 17- _
UN J RR & Can gen 48
1944 MI- E3 84 ___ Pennsylvania Co
1 97
98
9E3
9812 98
1921.7 - J 97
Guar let gold 4;is
4
943 Nov'17 _-_____ ___
97
1921 J - J 96
Registered
Guar 3)0 coil trust reg A_1937 M- S 75 ____ 87 Feb '17 --__
70
73 ____ 70 Jan '18 ---- 70
Guar 3Sis ooll trust ser B_1941 F -A
Guar 30 trust otfs 0 1942 J -0 74 ___ 8114 July'17 --- ___ _ __ _
_
- ___. _
4
1944 J - D 7213 8318 373 Dee '16
Guar 3;413 trust Otis D
.
Guar 15-25-year gold 45 1931 A -0 84 ____ 89 Aug '17 ...__ . _ ... _
-_
80 Deo '17 -.. ___ _ _
40
-year guar 48 ars Ser E.1952 14-N 84 ___
:88 Oct '17 ---_ _ _ _ _
873
Cin Leb & Nor gu 4s g......1942 81-N 75
_
-_ _
1935 111-N 92 ___ 9614 May'17 _--- - Cl & Mar 1st gu g 4348
4
gen gu 43 s ser A_1942 J - J 8912 ___ 923 Dec '17 --__ _ _
Cl & P
,
Series B
1942 A -0 8912 __ 104 Dee '15 _-_-___ __ _
Int reduced to 3348_1942 A -0 8012 ____ 9614 Feb '12-___ _ _ _
9018 Oct '12 ._
Series C 3e
1948 81-N 8058
Series D 3As
1950 F - A 8058 ____ 8818 Feb '17 ----_ _ _
Erie & Pitts gu g 33.6sB 1910 J - J 75 -.:- 88 Apr '17 --- -___ _ _
9018 July'12
Series C
1940 J - J 7212
Or R & I ex 1st gu g 4345_1941 .1 - .1 84 99 99 Mar'17 -- --__ __ _ _
93 MaY'14 ---- ---- - - -Ohio Connect 1st gu 48__ _1943 81-S 89 90
Pitts Y & Ash 1st cons 58_1927 81-N 9514 --__ 93 May'10 ---- --- ---4
983 Apr '17 --- -----Tol W V &0 gu 4 W3 A 1931 3-3 8018 98
.
92 Deo -'17 _:_ _ _ _
Series B 454)3
1933 J - J 801s 92
Series C 48
1942 NI- S 75 _...._ 8818 Sept'17 _____ _ _
P C C& St L gu 4 s A 1940 A -0 9114 --_ 92 Nov'17 _--- --__ .. _
92 Dee '17
Series B guar
1942 A -0 9114 100
_ _ _
_
99 June'17
Series C guar
1942 M N 9114 99
in in
88 Feb '18 _
Series D 45 guar
1945 VI- N 8818
1 8'7
87
87
Series E 33is guar gold _1919 F -A 87 Sale 87
Series F guar 4s gold_ 1953 .1 - ID 861s ---- 9512 May'17 --- --- ---
a gi-12
BONDS
N. Y.STOCK EXCHANGE
Week ending March 15
t
4a
Price
Friday
March 15
woL. 106.
Week's
Range or
Last Sale
;a
gt%
Range
Since
Jan, 1.
High No. Low High
Ask Low
Bid
P 0 C & St L (Cos.)
91 Nov'17
1957 81- N 8618 96
Series048 guar
9218 Oct '17
_1963 F - A
Series I cons gu
- - -10138 Dec '17
0St L & P 1st cons g 58_1932 A -0 1001;
--__ 100 June'17
Peoria & Pekin Un 1st 6s g_ _1921 Q- F
_
87 Mar'18
2d gold 4%8
51921
37 80
82
81
8
8078 Sale 803
Pere Marquette let Ser A 58 1956 1 6212 65
65
65 Sale 65
1956
let Series 13 4s
42 Feb '17
50
Philippine Ry 1st 313-yr 51 4s 1937
99
99
1940 A -0 96 --__ 99 Jan '18
PitteSh& bE 1st g 58
let consol gold 5.3
1943 J - J 96 ____ 9714 Dec '17
88
16 83
84
Reading Co gen gold 48
1997 J - J 8318 Sale 83
8812 Oct '17
1997 J - J 7518 83
Registered
8314 88
8314 Mar'18
8114 81
AJersey Central coil g
_1951
Atlantic City guar 48 g_ -1951 J - J
-6578 60 Dec 17
St Joe & Or Is let g 45
1947 J - .1 63
St Louts & San Fran (reorg Co)
100 5512 61
Sale
Prior Lieu ser A 4s
1950 J - J
7412
51
781' 47 66
0
5
6
5 3
Prior lien set B 5s
1950 J - J 771 Sale 7734
6712
48 60
67
Cum adjust ser A 88____M955 A -0 6612 Sale 66
4912 28 16
51
4834 Sale 4838
Income series Ails
61.960 Oct
1 10114 10114
10114
St Louis & San Fran gen 68_1931 J - J 101 110 10114
95
9518
4
General gold Ss
1931 .7-i 9238 933 95 Feb '18
---: 78 May'16
St L & 8 F RR COLUI g 4s 1996 J - J
90 May'17
Southw Div 1st g 58_ _ _1947 A -0
i 10014 101 18 16614 10212
K C Ft S & M cons g 68 1928 M-N 166621:i
6 0218 69
le 6218 61
K C Ft S & M Ry ref g 4s_1938 A - 0
88 July'17
90
KC&MR&BIstgu5s..1929 A -0 80
80312 66
6612 11 "(id" "ail;
St L 8 W 1st g 48 bond et's_ _1989 hi- N 68
5012 5012
54
5012 Jan '18
2d g 4s Income bond otfs_v1989 3- J 52
2 60
64
6018
Consol gold 4s
1932 J -D 6018 6112 6018
5 54
5912
5112
5412 Sale 54
let term!& unit 55
1952 3- J
9812 Jan '14
-_
Gray's Pt Ter let gu g 56_1947 J -D
-61.
5912 a -561: -8 2
A & A Pass let gu g 4s
1943 J - J 592 Sale- 5912
tools Feb '17
1919 i-.1
SF&NPistskfcig 58
A -0 7112 ---- 713 May'17
Seaboard Air Line g 45
1950
7112
1 70
7112
7112 Sale 7112
Gold 48 stamped
1950 A 5012 481 4912 5534
01949 F - A 5038 Sale 5014
Adjustment 5s
5234 25 5212 5614
4
8
1959 A - 0 523 523 5212
Refunding 48
75
73
75 Mar'18
All Blrm 30-yr let g 45__e1933 M. 8 --__ 76
77
77
77 Jan '18
Car Cent 1st con g 48___ _1949 J - J
9914 June'17
f
Fla Cent & Pen 1st g be__ _1918 J - J -i5;
- -lot land gr ext g 58
1930 J - J 90 --_- 101 Deo '15
Consol gold 58
1943 J - J 9212 --__ 10331 Dec '16
- Ga & Ala Ry 1st con 5s_o1945.7-3 91 10018 97 Aug '17
Ga Car & No 1st gu g 58_1929.7_i 92 --- 97 Sept'17 _
95 Oct '17
Scab & Roan 1st 58
1926 .7-i 9212 96
Southern Pacific Co
2 72
78
3
8
723
723 72
Gold 4s(Cent Pao coll)_k1949 J -D
- - -- _
e 90
53l_ _ 77 Feb '14
k1940 3-0
Registered
7712 89 7512 79
20
91929 51- S 7714
-year cony 48
9314 , 97 8818 9314
1934 J -D 9212 Sale 92
20
-year cony 5s
82
8018 37 78
1949 F - A 8018 Sale 7934
Cent Pao let ref gu g 4s
- 8712 Sept'16
1949 F - A
Registered
881 88
8718 Feb '18
88
Mort guar gold 3%5_ _k1929 J - D 86
7212
71
4
713 7212 Feb '18
70
Through St L 1st gu 48_1954 A 100 100 Oct '17
GH&SAM&Plst5s_1931 m-N
-1163: -664
97
9834 Jan '18
28 eaten 5s guar
1931 J - J
95 10014 Jan '16
Gila V G & N ist gu g 58_1924 61-N
9912 Apr '17
95
1933 M-N 80
Holm E & W T let g 5s
____ ---95 100 Oct '16
let guar 5s red
1933 M-N
T C lstg 5s int gu_1937 J - J 9618 104 10312 Aug '17
-if- 87
99
87 Jan '18
Gen gold 4s Int guar.,,_1921 A 10912 Nov'15
Waco & N W div 1st g Os'30 M-N
4
1003 10112 Dec '16
A & N W 1st gu g 58
1941 .7-i 9814 10512 10014 Oct '17 -1921 J - J
Louisiana West 1st 88
Morgan's La & T let 78_1918 A -0 100 10158 10018 Dec '17
_ 10518 105 Jan '16
1st gold (38
1920 J - J
No of Cal guar g 58
1938 A - 0 9212 --- 10218 Oct '17
9138 961; 9814 Feb '18
9338 9612
Ore & Cal lot guar g 58_1927 So Pao of Cal-Gu g 511_1937 M- N 98 ---- 10712 Sept'16
So Pao Coast 1st gu 48 g-1937 J - J 90 ---_ 9312 Aug '17
8112
76
76 Mar'18
-__ 76
San Fran Terml let 48.._1950 A 85 95 Nov'16
Tex & N 0 con gold 58_1943 J
7914 41 -7812 8238
J 783 Sale 7812
4
So Pao RR let ref 4s
1955
19 9014 9314
92
9112
92
91
Southern-1st cons g 5s
1994 95 10014 Aug'16
1994
Registered
110 59
615s
61
6012 Sale 6038
1956 A Develop & gen 45 Set A
6812
68
68 Feb '18
67
Mob & Ohio coil tr g 4s
1938 81- S 86
87 87
Mem Div 1st g 4 is-58.. 1996 '-.7 87 92 87 Jan '18
67 (3912
67
67
St Louts div let g 48
1951 J - J 6118 68
8
Ala Con 1st g 6s
1918 J - J 9558 100 1023 Sept'16
e
8
8773 877
Ala 01Sou 1st cons A 5s...1943 J -D 84 ---- 877 Mar'18
90 July'17
All & Char A List A 4345 1944 J -,J 8034 87
91
95
94
94
1st 30-yr be ser B
1944 .7-i 9214 94
2 7014 7014
7014
All & Dam let g 48
1948.7-i 70 --__ 7014
,
8112 Mar'18
80
2d 4s
1948 J - J
75 Feb '17
All & Yad 1st g guar 45
1949 A -0
9818 Dec '17
E T Va & Ga Div g 58_1930 J - J 98 -67
9712 9712
9712 Mar'18
Con let gold 5s
1956 M- N 8912 100
99 July'17
E Ten reo lien g 55
1938 M- E3
51
-gi- 63
-di- 51
1946 A-0
Ga Midland let 38
1922 J - J 10012 ____ 103 Dec '17
Oa Pao Ry let g 6s
08100
9858 Feb '18
1925 J - J 98 101
Knox & Ohio let g 68
95 106 Sept'16
Mob & Bir prior lien g 58_1945 J - J 85
-di 68 68 Jan '18
68
1945 J - J 63
Mortgage gold 48
95 Jan '18
95 95
Rich & Dan deb 5s stmpd_1927 A -0 9258 103
73 Sept'12
Rich & Meek 1st gu 48_1948 M- N
97 1)eo '17
5612
1919 td-N -So Car & Ga let g 58
10212 Juno'l 1
Virginia Mid ser D 4-58_ _ _1921 IN- El
1926 51- 5 93 --- 10318 Aug '16
Series E 55
1931 14- 5 91 ---_ 10412 Dec '16
Series F 56
64 61
- -94 Feb '18
93
90
1936
General5s
95 100 105 Mar'17
Va & So'w'n let gu 58 2003 7212 7212
7212 Jan '18
1st cons50-year 58.._ _1958 A -0 7018 78
18 nar
W 0& W 1st ay gu 48
1924 F - A /8:2 -9-1-2 937 M 17
9534 Mar'17
Spokane Internet let g 55_1955 J - J s____ 95
_ 9
3 4 8pt 7
Ter A of St L let g 43.4s
1939 A -0
95
95
90
95 Feb '18
let con gold 55
1894-1944 - A
8214
82
8214 82 Jan '18
1953 J - J
Gen refunds I g 4s
10112 9512 July'17
St L M Bridge Ter gu g as 1930 A - 0
83
86
8518
8518
85 95
Tex & Pao let gold Ss • 2000 J -D
4618 4618
4618 Feb '18
70
2d gold inc 55
52000 Mar 40
-89 Apr '17
93
1931 La Div B L lst if 55
10612 Nov'04
W Min W & N W let gu 581930 F - A
ip: 93 Jan '18
9014 1935 Tol &00 let gu 5s
---100 Jan '17
g:
1935 A -0
Western Div let g 58
90 Feb '17
81
1935 J -D
General gold 58
70 Nov'17
(3 .
.1
.. 5_11 75
1990 A Kan & M let gu g 48
91
4
913 Doe '17
2d 20
1927 .1 - J
-year 58
52 Aug '17
50
1917.7-i 35
Tol P & W let gold 45
- 80 80 Feb '18
80
.7 - J
Tol St L & W pr lien g 314s_1925
50
5 50 53
51 so
1950 A -0 Ed
-year gold 46
50
1833 Mar'06
1917 F - A
Coll It 48 g Ser A
- if
Tor Ham & Buff 1st g 45__A1946 J -D 7-7.- - - 80 Apr '17
90 Nov'17
95
--Ulster & Del let con g 5s_1928 J -D
70 58 Sept'17
1952 A -0
45
let refund g
88
87 Sale 8612
8712 30 8612 "do
1947 Union Pacific let g 4e
n 88
Fob '18
8833
1947 J - J
Registered
5 84
8712
85
J - J 8414 Sale 8114
1927
20-year cony 48
7934 31 7512 8134
52008 M- 8 79 Sale 7858
1st & ref 48
80
8212
8014 8212 Feb '13
Ore RR & Nay con g 41._1948 -D 80
1 10058 151
10058
8
1005 101 10058
Ore Short Line lit g 68_1922 F - A
9418 9712
1946 J - J 9514 97 9118 Mar'18
let consol g Ss
8212
8178 85
1929 J D 8214 8212 8178
Guar refund 45
98 Dec '17
1928.7-3 8813 98
Utah & Nor gold 5e
"di 89
89 Feb '18
89
1933 3-i 80
let extended 4s
80 80
4
803 __ 80 Jan '18
1955 F - A
Vandalla cons g 41 Ber A
8
813 June'17
4
1957 hi- N 803 92
Consols 4 Series B
Due Nov. g Due Doe. a Option We
A* !sr° Price Friday;latest bid and asked. a Due Jan. 5 Duo Feb. a May. g Due June. 5 Due July, k Due Aug..Doc Oct. v
MAR. 16 1918.]
1113
New York Bond Record-Concluded-Page 4
BONDS
N. Y.STOCK EXCHANGE
Week ending March 15
Price
Friday
March 15
Week's
Range or
Last Sale
Range
Since
Jan. 1.
High No, Low High
Ask Low
BM
35 Sept'17
Vera Crus & P let gq 414s__1934 J - J
37 8918 93
00
Virginian let Os Series A___1962 111-N 90 Sale 8918
9418 12 9212 9553
Wabash let gold 5s
1939 M-N 9212 944 9212
2 85
4
8612
853
4
8
2C1 gold 13s
1939 F - A 854 857 853
Debenture Series B
1939 a J _90 105 Oct '15
-681- 16614
4
gg- ---- 10014 Mar'18
3
8
let lien equip a Id g 5s
1921 NI- 8
lot lien 50-yr g term is._1954 • J 65- 78 May'17
_
76112
---,
_ _ (3 - 9912 Sept'17
Det & Ch Ext lst g 5s_ _ _ _1911 2.2 _00 172
89 Aug '12
---Des Moines Div let g 4s 1939 J - J
75 Apr '17
Om Div let g 34s._.
1941 A.
__ 80 8414 Jan '17
Tol & Ch Div let g 4s_ __ _1941 ref ag12
7512 76 Dec '17
Wash Tenni let gu 33as___ _1915 F - A
_
85 85 Dec '17
let 40-yr guar 4s_
1945 F - A 80
6018 51 58
6112
594 Sale 5918
West Maryland let g 4s
1932 A__ 99
99
09 10438 99 Jan '18
West N Y& Pa let g be_ _ _1937 ▪ .
4(
Gen gold is
1943 A - 0 61 _7_0... 86 Mar'17
36 Oct '17
Income 5s
Nov
81 12 15
8114 81
9915
Western Pac let ser A S(31946 - S 81
1943
1003 Apr '17
4
Wheeling & L H let g 59._._l926 A- 0
100 Fob '17
Wheel Div let gold ba____1928 J -.1
9834 994 Mar'17
Exton de Impt gold 5s_ ___1930 F - A
63
5
RefundIng 4128 series A_ _1966 14- S 60 612
2 6() (10
60
60
RR let consul 41
1949 alTrust co etre of deposit__Winston-Salem S B let 4(3_1960 2 .71 6018 8518 85 May'17
-7
7218
Sale 72
-5_ -72 -7 8
1 2 1
/Wls Cent 50-yr let gon 4s_._1911) J -J
214 7 4 76 Feb 'Is
8
Sup & Dul dly & term let 4836 - N 74
Street Railway
2 7978 8312
82
6512 t= .il
3
Brooklyn Rapid Tran g 5s...1945 A- 0 82 s,alo 82
6812
7 65
6512
69
let refund cony gold 45.._ _2002 J - J
0578 29 937 9714
94 Sale 94
6-year secured notes Os_ _1918 J 94 94 Oct '17
--- - - Bk City let con 4s__1916-1941 J -2
80 May'12
Bk Q Co AS con gu g 5s_1941 M-N ____ 90
_
9912 101 May'13
Bklyn Q Co & S let 5e.__ _1941 J - J
80
8018 -2i 80
/ 18 80
.;
8712
Bklyn Un El let g 4-6.1_ _1950 F - A
:
2 79
a3
8014
797
8
1950 F - A _7_9_ S7le 79
Stamped guar 4-5.3
73 Sept'17
Kings County E let g 4s 1949 F - A
_ _ 7712 78 July'17
1919 F - A
Stamped guar is
70 Aug '17
_ 67
- -- - - -- Nassau Elec guar gold 48_1951 J - J
84
85
6 8112 8612
1927 F - A 8334 85
Chicago Rys let 58
88 1003 Feb '
s
- -- - - -ref g 4301951 J- J 85
17
Conn Ry de L Ist &
- 10012 Apr '17
1951 - J
- -- - - - Stamped guar 440
7012 68 Feb '18
68
72
Dot United let cone g 444s 1932 J -J 69
84 Jan '14
1118mIth Lt & Tr let g Os_ _1936• S
56.2
87
1957 F - A 564 Sale 5514
Hua de Mauhat Si Ser A
8 3
.1
4
167 195 143 61 163 Sale 1614
- 10 4
8
4
1957
Adjust income Os
___100 100 Feb '17
1932
N Y &Jersey Ist Os
32 -81- 8813
1
54
533 Sale,: 5312
4
)
Ei 2
Interboro-Motrop coil 4ais_1956 A 8
814
85
Interboro Rap Tran let Os._1966 J - J 807 Sale] 8014
8012 Feb '18 --__ 79
7314 80
8012
Manbat Ry(N Y)cons g 4s_1990 A 5 78
79
79
82
1990 A -0 77 80
Stamped tax-exempt
Metropolitan Street Ry85 Feb ,'18
Bway de 7th Av 1st o 5(1_1943 J -D
95 May'17
Col & 9th Av let gu g 5s-1993 M- S
80 Sept'17
,
Lex Av & P I let gu g 59_1993 M- Fl
30 Mar'll
Met W s El(Chic) let g 48..1938 F - A
10012 June'17
Elee Ry & Lt cons g Os 1926 F - A
93 Nov'16
Refunding & eaten 4346_1931 .1 - J
983 Aug '17
4
Minneap St let cons g iSe.. _1910 J - J
0712 July'17
Montreal Tram let & ref 58_1911 J -.1
_ 86
79 Aug '17
New Orl Ry & Lt gen 440 1935 .1 - J
99 May'17
NY Munielp Ry let at 5s A 1966 J - J
11 -46- -61= 50
Y Rye 1st R E & ref 4.3_1942 J - J 50 Sale 50
4
4
9
1814 21 1734 217s
imail662 A -0 1814 Sale 173
80-year adj Inc 5s
M- N ---- 7512 774 Aug '17
N Y State Itya let cone 4
- --- ._1930
8812 Nov'16
Portland Ry let & ref Sc.
N
- -- - 1 6212 6212
6212
68
6212
Portld Its Lt A P let ref 58_1942 F - A 61
9011 Feb '17
Portland Gen Eke let 58_1935 J ---P 1st g 5s 1937 M- N ---- 100
---95 July'17
it Jos My L
10212 Mar'17
St Paul City Cab cons g 5E1..1937 - J
5312 58
5212 56
5212 NIar'18
1960 J - J
Third Ave let ref is
a1960 A -0 30
317 3018 Mar'18
8
2712 3812
All Inc Os
1937 .1 - J 9212 104
95
95
95 Jan '18
Third Ave Ry 1st g Os
02 96
Tri-City Ity & Lt let s f 08_1923 A -0 --__ 92 9218 Feb '18
2 - J 76 Sale 76
2 76
80
76
Undergr of London 444s-1933
56
1948
58
56
10 56
60
56
Income Os.
84 Oct '08
Union Elev (Chic) let a 5s...1949
58
60
58 Feb '18
United Rya Inv be Pitts 138_1926 M-N
1034 J - J 52
55
58 Oct '17
United Rya St L lets 43
1924 A --- 55
50 June'17
St Louis Tranelt gu Os
1927 A - o ____ 25
25
25
25 Feb '18
United RRa San Fr a f 41
1 79
804
79
Va Ry & Pow let & ref Ss_ _1934 J - J ---- 7812 79
One and Electric Light
Atlanta G L Co 1st g 5S
1947 J -D
Bklyn Un Gas let cons g 5o_1945 ▪ -N
Buffalo City Gas let g 55.._1947 A - 0
()Wein Gas & Elea IstArref5s 1956 A 1927 1 - J
Columbia GA E let Os
Columbus Gan let gold Os_ _1932 J - J
Coneol Gas cony deb 61_...1920 Q- F
ConaGaeE LAP of Bait 5-yr5e'21 14- N
Detroit City Gas gold 55_1923 J - J
Detroit Gas Co cons let g 5e 1918 F - A
Detroit Edison let coil tr 59_1933 J - J
let & ref Os ser A
h1910 NIEa GLNY 1st cone g 0.3_1932 MGas & Eleo Berg Co o g 5e__1949 J -D
Havana Elea oonsol g 5s----1952 r - A
Hudson Co Gas let g 5s____1949 M11-N
Kan City(Mo)Gas let g 59_1922 A -0
Kings Co El L & P g be
1937 A -0
Purchase money Os
1997 A -0
Convertible deb Cc
1925 MEd El Ill Bkn let cons 4s_1935 ▪ J
9
1 2
Lao Gas L of St L let g 5a_e1919 Q- F
A -0
Ref and ext 1st a Os
Milwaukee Gas L let dn....11937 M -N
924
Newark Con Gas g 511
1948 J -D
1948 J -D
NYGELH&Pgisa
Purchase money g is
1949 F A
Ed Elea III 1st cons g 6s 1995 J - J
feY&C)El L & P let eon g Os 1930 r -A
Pacific 3& El Co-Cal G & E
Corp unifying & ea/ es__ _1937 14- N
P. aolflo0& la gen & ref 5e_ _1912 J - J
Pee Pow & Lt let & ref 20-yr
155 International Series_ -1930 F - A
Pat & Passaic G & El (Sm.__ 1949 14- 8
Poop Gas & C let cone gas:1943 A -0
8
Refunding gem 5
14- S
Registered
___
1947 al- 5
CU 0-L & Coke let gu __
_5s1937 J - J
Con 0Co of Ch let gu g 581936 2-0
Ind Nat Gas & 01130-yr 581936 M- N
Mu Fuel Gas let gu g Os. 1947 14-N
mfflaieelphla Co cony 5a
1919 F - A
Cony deben gold Os
1922 14-N
Stand Gas & El cony et 63..1926 J -D
Syracuse Lighting Int g 5(1_1951 J -D
Syracuse Light & Power 05..1954 2-1
Trenton GA El 1st g 5a--1919 111- 8
Union Eleo Lt & P lat g Oti 1932 M- 5
Refunding & extension 155_1933 SI-N
United Fuel Gas let at 6s
1936 Utah Power & Lt let Ss--1944 F - A
Utica Elea LA P let g be-IMO J - J
Utica Gas & Eleo ref be
1957 J -.9
Weetcheeler Lta 5010 0n
1950
_
__
- - 62
65 95
7712 7934
103 Sept'15
--- - - --94
94 Mar'18 _
953
4
54 June'13
--- --- - - -974 Sept'17
3 7512 80
7934
80
97 Feb '15
160 8 73;i10 90%
-110014 38 -6653102 9212 9212
-___ 10014 9212 Feb '18
9414 9512
9414 9712 96% Mar'18
10112 Oct '16
---951,
9518
96
92
9212 9212
9112 95
9212 Feb '18
---- 10018 04 Feb '18
94 94
100 Feb '13
- -9218 Nov'17
8814 --66 9618 Dee '17
- --_ 831, 907 Dee '16
s
-_ _ 90 Dec '17
-eV - 99
00
99
June'17
110
74
76 Nov'17
9712 0812
9712 1)8
98
97%
92 9438
---- 89
92 Feb '18
85% 8712 90 June'17
10412 Apr '17
8834 Sale 8812
-git- 89
4
883
4
4 61) 73
7014
697 /0
8
697
8
-- 10512 June'17
-if- 101 - 9012 Aug '17
----
____ 9212 914 9114
---- 8012 8014 Mar'18
8
10 905 9212
7912 8034
95 Jan '17
- --9812 100 100 July'17
9812 9812
9678 ___ 98t2 Mar'18
81
78
78
80
78 Mar'18
99 Sept'03
_--- 9078 96 Sept'17
---. 98 100 Apr '17 --__ 89
89 Mar'17 94 July'17
_ 9278 9914 Noy'15
84
80
81
78
80 Mar'18
_-- 91
93 Dec '17
9712 May'17
8112
-. 00
84 July'17
- ---- 983 Oct '17
8
- --- _-- 927 923 Sept'17
s
4
- - ---10153 Nov'16
9712 9712
927 9412 9712 Jan '18
8
32 8018 84
83
8212 Sale 8212
101 June'17
-___
957 06 Aug '17
8
____
____ 93 105 Mar'17
BONDS
N. Y. STOCK EXCHANGE
Week ending March 15
213
Price
Friday
March 15
Bid
Miscellaneous
1948 5.4Adams Ex coil tr g 4s
Alaska Gold M deb Cs A___ _1925 rd- S
1926 M S
Cony deb Os series B
Armour & Co let real est 4348'39 J -D
1926 A Booth Fisheries deb 13 f 6s
Braden Cop M coil tr a f 64_1931 F - A
1952 A Such Terminal let 4s
1930 J - J
()onset .5s
1960 A
Bldge 5s guar tax et
Cerro de Pasco Copp env as 1925 M- N
Chic UnStat'n 1st Cu 4 3.4a A 1963 J-2
Chile Copper 10-yr cony 78_1923 SI-N
Coll tr &cot:wee ser A part pd A -0
Ado do full paid
Computing-Tab-Rec a f 68_ _1041 J - J
Granby Cone MS& Peon Cs A '28 SI-N
Stamped
1928 lel - N
Great Falls Pow 1st s f 5s 1940 14- N
Int Mercan Marine e f Cs ..194l A- 0
Montana Power 1st Os A._1943 J - J
Morrie & Co 1st s f 4ais
1939 J - J
Mtge Bond (N Y)is ser 2_1960 A-0
10-20-yr Os series 3
1932 J - J
N Y Dock 50-yr 1st g 4s
1951 F - A
Niagara Falls Power let 5s_ _1932 .1 - J
Ref & gen es
a1932 A Nlag Lock &0Pow let 5s_ _1954 14- N
Nor States Power 25-yr 5s A 1941 A Ontario Power N F let 5s___1943 F - A
Ontario Transmission 5s___1945 111-N
Pub Sem Corp N J gen 5.3_1959 A-0
Tenneaseo Cop let cony 68_ _1925 NI- N
Wash Water Power let 5s....1939 J - J
Wilson & Co let 25-yr s f 63_1941 A Manufacturing & Industrial
Am Ag Chem let c 5s
1928 A-0
Cony deben 55
1924 F - A
Am Cot Oil debenture 5s
1931 54-N
Am Hide AL let afg 6s
1919 111- S
Am Sul & It let 30-yr Sc eerA 0'47
Am Thread 1st coll tr 4a
1919
Am Tobacco 40
-year g 6s
194I A-0
Gold is
1951 F - A
Am Writ Paper let it 5e
1919
Baldw Loco Works 1st 58
1940 SI-N
Cent Foundry let S f 68-1931 F A
Cent Leather 20
-year g 5s_1925 A -0
Cense! Tobacco g 4s
1951 F - A
Corn Prod Ref a f g Sc
1931 SI-N
let 25
-year a 1 Os
1934 SI-N
Cuban-Am Sugar coil tr 6s_ _1918 A Distil Sec Cor cony let g be_1927 A-0
El du Pont Powder 430
1936 I -D
General Baking let 25-yr 68_193(3 J -D
Gen Electric deb g 34as
1942 F - A
Debenture 5s
1952 M- S
Ingersoll-Rand let Sc
1935 J - J
Int Agricul Corp let 20-yr 5s 1932
lot Paper Co let con g 6s.._1918 F - A
Consol cony e f g os
1933 J - J
Liggett & Myers Tobae 73..1944 A-0
Os
1951 F - A
Lorillard Co (P) 7s
1944 A - 0
55
1951 F - A
Mexican Petrol Ltd con f3s A 1921 A 1st lien & ref fle series C 1921 A-0
Nat Enam dt Stpg let 5s
1929 J -D
Nat Starch 20-yr deb Os_..l930 J - J
National Tube let be
1952 SI-N
N Y Air Brake let cony 68_1928 14-N
Railway Steel Spring
Latrobe Plant let elf Os__ _1921 1-3
Interocean P let if 6s
1931 A-0
Sinclair Oil & Refining
let a f 74 1920 warr'nts attela
do without warrants attach
Standard Milling let 5e
1930
The Texas Co cony deb 68_1931 J Union Bag & Paper let 58_1930 3-i
Stamped
1930 US Realty & I cony deb g be 1924 3-i
U S Rubber 10-yr col tr 6s 1918 J -D
let & ref be series A
1947 1-3
S Smelt Ref AM cony 63_1926 F - A
V-Car Chem let 15-yr 5s
1923 3-0
Cony deb (Se
el924 A -0
West Electric let be Deo___ _1922 J - J
Week's
Range or
Last Sale
Ask Low
High No, Low
Higb
64
64
---67 64 Mar'18
1812 23
1 184 2618
19
19
3 19
26
18
20
19
20
8714
42 84
84
843 8414
4
85
90
9018 90 Feb '18
90
2 8978 93
94
93
93
93
83
83
78
82 Feb '18
82
8412
85
80
80 Feb '18
80
76
80
77 Mar'18
79
74
106 Sale 1055
8
10614 16 103 10712
3 8614 90
867 8712 8712
8
8712
17 10238 10712
106 Sale 1057
8
107
45 73
78 Sale 7612
78
6012
753 __ 87 Oct '17
4
gi
79 Feb '18
7812 "79
91 Jan '18
97
91
2 91
- 5 963 96
96
96
8
4
94
03 Feb '18
93
117 9014 95
9214
93
al
6
0012 21 8834 92
:s S09
895 8Ie 883
02t4 03l
_. : 4
90 July'17
---- -83 Apr '14
94 June'16
-66 Mar'18
-66 - -66
97 Mar'18
97
93
97
97
- - -9718 100 10512 Oct '16
8912 Oct '17
- - 85
11 -88
8712
8614
87
1 86
8712
8712
8614 00 4 8712
3 86718
8
95
84 June'17
81
___- 82
8112
7312 -g212
82
93
93
93 Mar'18
92
88
88 __ 10312 Jan '14
95
ga' 9558 961s 7 937 9614
4
92
987 95
8
95
11
93% Sale 93
94
83 874 82 Feb '18
6
100 Sale 100
100
8
8
867 Sale 867
8712 16
6
9758 Sale 9758
975
8
117 --_- 119 Dec '17
70
7812 71 Mar'18
-15
85
84
85
84
5
100 Sale 100
100
85 Aug '17
75
80
9512 Sale 9512
903
4
__- 81
81 Mar'17
974 Feb '18 -- -953 99
4
4
4
973 9812 973 Mar'18 ---8
997 100 100 Feb '18
797
8
8012 --ig
7914 80
100 104 May'17
8512 Mar'18
71
76% 74 Mar'18
0912
9912
9912 100
99 100 Oct '13
80
7212 733 7334
4
733
4
4
---- 993 Jan '18 ---____ 9814 99 Jan '18 ---11212 115 114
114
2
9214
9212 93
9314 12
11278 116 115 Feb '18
893 903 893
4
4
905
8
4
10514 109 104 Dec '17
105 109 103 Dec '17
94
9712 9912 June'17
93 ---- 9214 Feb '18
9412 96
95
95
98
9912 9912
9912
3
95
1047 Dec '17
8
9618 Feb 'IS
9212 10012
9512
91
82
82
984 100
8612 8912
9678 9758
7412
71
87
79
9912 100 4
3
943 971
4
- - - --9712 975
8
95 98
9978 10012
4
75
823
74
71
9434 9912
9934 9934
98
99
114 117
86
95
111 115
93
85
---- - -- - - - - --- - ---9114 9214
95
93
99 100
9618 968
90 Sale 90
917
8 46 86
9312
8612 31 8412 8814
86
8614 86
90
9314 90 Feb '18
90
88
9912 34 9612 1011g
09 Sale 99
-- 89
8234 Aug '17
---85
8812 Mar 17
___- -- -43
2 45
4514
49
4512 45
100 Sale 100
10014 25 100 10018
7712 sale 7712
214 7612 794
78
963 Sale 96
4
93
963
4 13 94
96 Mar'18
9412 95
9714
90
2 9414 9734
9512 Sale 9312
96
9534 9612 953
4
98
95
953
4
Coal Iron & Steel
_ 95 '9812 Feb '18
99
96
Beth Steel let ext at Ors
1926 J - J
9312 8914 Feb '18
M-N 02
let & ref Os guar A
87 90
7812 813
4
-year m& imp f 54.1936 J -J 783 Sale 7812
7918
20
2
4
42
06
95 July'17
.3 -D
Buff & Susq Iron a f se
9118 85 Jan '18
85
Debenture be
85
a1926 NI- S
1932
101 Dec '14
Cahaba CM Co let go 68_1922 3-0
2 -gg -gg
F - A 85 Sale 85
85
C0lFdrICogens158
3 7312 76
Col Indus let de coil 5s gu_1943 F - A
735 Sale 735s
8
733
4
1934
83 Jan '18
85
Cons Coal of aid letekref 58_1950 J -D 8312 90
83
Elk Horn Coal cony es ___ _1925 3-0
---- 9812 Sept'17
--9812 Aug '17
Elk Horn Fuel let cony 54_1918 14- N ---94
Or Ely Coal & C let g 6s_a1919 A -0 90
933 94 Feb '18
4
94
6 81
83 837 833
8
Ill Steel deb 43'4s
4
8334
8512
1940 A 4 95
9578
96
9512 96
Indiana Steel let 5s
97
1952 SI-N
9 9473 9612
96
Lackaw Steel let g be
A -0 9518 Sale 9518
6 88
90
9012
let cons Os Series A
192 ▪ S 8812 8978 90
950
3
82 Sale 82
Midvale Steel &0cony s f 511936 M823
4 74 805s 8512
8512 8512
Pocah Con Collier lets f 513_1957 J - J 85 _ _ _ - 8512 Feb '18
9612
2 93
9814
Repute I & S 10-30-yr be a L.1940 A -0 9612 Sale 06.2
7814 Dee '17
82
St L Rock Mt & P 5» stmpd_1955 J - J 80
9512 Feb '18
12 99
-05 - -552
Tenn Coal I & RR gen 51_1951 J - J 97
9812 166 973 100
4
U S Steel Corp-jeoup_01963 M-N 9712 Sale 97.2
8
F 10-60-yr 53 reg ----116 3 M-N 9812 Sale 9712
9812 10 9712 997
195
8
80 Dec '16
75
Vicr Fuel let f 58
to
J -J
9 83
• S 85 Sale 85
85
Va Iron Coal&Coke let g 5s_1949
8518
Telegraph & Telephone
Am Toler. & Tel coil tr 4a
1929
19313
Convertible 45
20-yr convertible 4418.-1933
SO-yr temp coil tr 5
1946
.
Cent Diet Tel let 30-yr &e. 1943
Commercial Cable let g 48_2397
Registere8
2397
Cumb T & T let & gen Se _ _1937
Keystone Telephone let 55....1935
Metropol Tel & Tel let if 55 1918
Mich State Teleph let 5e__ _11)24
NYANJ Telephone Sc g_ _1920
NY Telep let & gen 61430_1939
Pao Tel & Tel let Se
1937
South Bell Tel AT let a f be 1941
West Union coil tr cur 5e
1938
Fl and real est g 440
1950
Mut Un Tel gu ext 5s
1941
Northwest Tel en 434e g_1934
8112 82
____ 87
88
9012
9214 Sale
9812 99
---0012 -51:34
_ _ _ _ 97
9912 993
88
93
95 _ _ _ _
88
89
9114 93
9134 Sale
93
90
86
10112
82
82
67 8012 834
8512 Feb '18
8134 8512
9112
9078 Mar'18
86
93
116 90
9518
92
9818 9912
9812 Mar'18
73 Nov'17
6818 Jan '18
681 6818
9012
1 90
9318
9012
98 Apr '16
997 Feb '18
8
-961- 997
2
8634 Jan '13
863 863
4
4
97 Mar'18
97 97
4
877
8
89
17 853 89
3 903 925
92
92
8
4
9212
2 9013 9212
913
4
1 90
9318
93
93
87 Jan '18
87
88
10112 Sept'17
--- 94 Nov'16
---
• No price Friday; latest bld and asked. n Duo Jan. 4 Due April, a Due May. g Duo Juno. h Due July. k Due Aug. a Due Oct. p Duo Nov.
Range
Since
Jan, 1.
Due Dec. a Option sale.
BOSTON STOCK EXCHANGE-Stock RecordSeeB=S
Pags
1114
Saturday
March 9
'
,
SHARD PRICBS-NOT PER CENTUM PRICNS.Sale
of the
Friday
Thursday
Week
Wednesday
Monday
Tuesday
March 11. March 15. Shares
March 11
March 12
March 13
,
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan. 1.
Lowest.
Highest.
[VoL. 106.
Range for Previous
Year 1917
Lowest
Highest
Railroads
80 Boston & Albany
126 126
125 125
100 123 Jan 26 129 Jan 3 120 Deo 175 Jan
125 125
120 120
12514 12514
126 126
44
4412 4312 444 4312 44
44
44
44
100 37 Jan 2 49 Mar 2
329 Boston Elevated
44
44
44
79 Jan
27 Deo
*87
88
10 Boston dr Lowell
*87
88
90
87
87
88
87
87
100 87 Mar14 100 Jan 2
*89
88
7012 Deo 133 Mar
24
2414 24
2412 24
2214 2212
305 Boston tIc Maine
24
23
23
23
23
100
19 Jan 23 28 Feb 19
15 Deo
45 Mar
Boston dr Providence
*.._ _ _ 170 *____ 168 *____ 168 *____ 168
Last Sale 16812 Jan'18
100 159 Jan 14 16812 Jan 17 150 Dec 213 Jan
•1
5
Boston Suburban Eleo_no par
Last Sale 2
2 Jan 26
Jan'18
*1
*1
*1
5
5
2 Jan 26
5
2 July
3 July
Do prof
*11
*11
no par
Last Sale 1014 Mar'18
*11
____
1014 Mar 1
11 Feb l
____ *11
9 Juno
30 July
Boston dr Wore Eleo ..no pa
Last Sale 412 Nov'16
Do prof
15
*30
no pa
_-_- -3030 Mar 5 30 Mar 0
•30
*30
__
____
30
30
30 Aug
38 Fob
Ohio Juno Ry Jr U S Y
*148 15012 *148 15012 *148 15012 *148 15012
Last Sale 148 Nov'17
_100
148 Nov 150 Jan
Do prof
11
*84
*84
85
100 83 Feb 13 85 Jan 30
85
85
85
8:312Deo 103 Jan
*110 120 *110
Connecticut River
itNliir
____ *110
____ *HO- -_-_-_-_ --last- ire 125-li
100 104 Feb 14 120 Mar 6 10212 Nov 140 Mar
01 Fitchburg prof
•58
____
6014 0014 *6014 63
5712 5712 6014 6014
100 53 Jan 22 05 Jan 3
44 Deo
7812 Mar
*1144 11512 *11438 115 *1144 115
100 Georgia Ry dr Elec stampd100 115 Jan 26 11614Jan 0 116 Dec 133 Jan
8
115 115 *11438 115 *iii3 liV
*8012 8312 *8012 8312 *8012 83
Do prof
Last Sale 8014 Feb'18
12 *8012 8312
100 8018 Feb 26 81 Feb 25
9212Jan
83 June
82 82
45 Maine Central
*81
82
84
82
*80
82
82
82
100 80 Jan 26 85 Jan 3
78 Deo 10018 Mar
*214
234 *2
234
212 212 *212 278 *212 27 -*212 -- 7
50 N1WA Electric Cos
8
312 Feb 1
28
100
2 Jan 2
688 Juno
1 Dec
*13
1312 1312 1312 1312 1312 *12
1314
132 Do prof stamped
13
1314 1314
812Jan 22 15 Feb 1
13
100
3114 July
6 Deo
2918 2918 2912 304 2914 304 2918 293
1,283 N YN If dr Hartford
2812 2914
4 2914 30
100 27 Feb 25 33 Jan 2
2134 Sept 624 Jan
Northern New Hampshire_100 90 Jan 10 90 Jan 10
Last Sale 90
Jan'18
90120ot
105 Apr
Last Sale 95 Mar'18
Old Colony
100 92 Feb 21 98 Jan 2
85 Dec 135 Jan
*2012 22
*2012 21
____ ____
*21
22
2012 2012 *2012 22
20 Rutland, prof
100 20 Jan 2 25 Jan 8
1612 Dec
8412 Fob
*80
92
83 832
Vermont Jr Massachusetts_100 83 Jan 24 85 Jan 0
*83
*85
*83
89
90
91
83 Deo 110 Jan
*40
4134 4112 4112 41
4012 403 -iiirz 10169 West End Street
41
41
40
50 37 Feb 20 435 Jan 3
31 Dee
5612 Mar
50
50
55 Do prof
*50
*50
50
51
51
50
50 - -------50
_
51 Jan 2 345 Dec
50 47 Jan 16
74 Jan
Miscellaneous
*86
8712 *86
200 Amer Agricul Chemical_ -100 7812 Jan 2 8912 Feb 14
8712 *86
8712 85
86
8712 *86
87
86
73 Dec
9484 May
*93
95
9212 93
130 Do pref
*92
93
93
03
93
9218 03
93
100 8850an 2 94 Mar 1
88 Deo 10312 Jan
*2
214
*2
2
214
*2 • 214
2
2
2
2
2
150 Amer Pneumatic Service_ 25
.76 Jan 24
212 Mar 2
2* Jan
1 Dec
8
*1312 1412 1312 1312 1312 1312 *13
--------60 Do pref
1312 *13
131
712 Dee
8 Jan 29 15513 Mar 4
50
14 Mar
10512 10512 *105 10512 105 105
105 105
105 105 - --------42 Amer Sugar Refining
100 09 Jan 2 10812 Feb 20
00 Nov 12014 Juno
10912 10912 109 110
173 Do pref
109 10034 109 10914 10914 10912 ---100 108 Jan 19 111 Feb 6 105 Dec 12112 Jan
10618 1063 106 10612 101 10612 1008 1023 10214 101
4
4
39912 101- 10,510 Amer Telep dz Teleg
- 12
100 39912 Mar15 109 Feb 5
96 Deo 12814Jan
5514 5514 5412 5412 55
53
121 American Woolen of Mass.100 4512Jan 8 5614 Mar 6
55
533 *52
5414 5414 *53
4
387 Nov
8
58 June
90
90
403 Do pref
9612 96
9612 96
90
9612 943 9514
4 96
4
963
4
1011 00 Jan 3 963 Mar12 387141/en 10014June
*61
---- *61
6112 0112 *61 ---- ---- ---10 Amoskeag Manufacturing__
*61
6012 Jan 2 63 Jan 3
60 Dec
75 July
*77
55 Do pref.
*77
7712
7714 - -- 7714 7714 *77
76 Jan 7 80 Feb 1
75 Dec
97's Jan
_
11
1234 *__ 13 •____ 13 •____ 1212 --------451 Art Metal Construe Inc__10 11 Feb 21
12
134 Jan 4
6 Dec
1414 Deo
1123 11312 *113 114
8
i1i78 1122
325 Atl Gulf ec NV 108 Lines_100 98 Jan 15 12014 Feb 16
112 11312 *111 11112 111 112
88 Sept 12112Jan
*6112 6212 *8212 64
6212
Last Sale 62 Mar'18
*6212. 64
551 Feb
*00
Do prof.
100 5812Jan 17 6214 Feb 15
66 Jan
2414 2.112 2412 245 *2414 2434 *2414 2434 24
24
24
8
2418
Booth Fisheries
895
no par 21 Jan 25 26 Feb 16
14
*14
14
1412 *14
4
1478
153
1414 153
15
1490 Cuban Port Cement
8
147 *14
4
10 12 Jan 29 153 Mar15
0 Deo
2018 June
478
478
------*434 5
5
305 East Boston Land
5
5
5
5
5
-512 Feb 15
4 Jan 31
10
37 Dec
10 Jan
8
*150
147 148
147 147
147 147
__
- - 150 150
60 Edison Electrio Illum
100 3137 Jan 15 15412 Jan 2 13318 Dec 226 Jan
.13914 133
- -34 13912 1397 13712 138 *13614 1363 13612 13012 1398
175 General Electric
4
100 128 Jan 16 14312 Feb 19 11834 Deo 17014 Jan
570 Internat Port Cement
612 Feb 2
*514 512
512 6
518 512
518 Marl
10
514 514 *514 512
1812 Jan
4 Dec
*13
15
*13
Last Sal 1314 Mar'18
*13
*13
15
15
15
Do pref
50 1212 Jan 29 14 Feb 5
3312 Jan
10 Deo
*9212*9212 __ *9212 ___ *9212 __
Last Sate 9212 Feb'18
McElwain(W H) 181 prof _100 91 Feb 6 9212 Feb 28
9212 Deo 102 Jan
81
8112 - -12 81
8112 80
81
7912 7912 7914 80
91 Massachusetts Gas Coa-_100 37714 Jan 15 8212 Feb 20
80
80
71 Dec 10012 Mar
*65
66
*65
*65
65
05
65
60
65
05
65
60
30 Do prof
100 65 Jan 29 70 Jan 3
63 Dec
81 Mar
*111 114
11412 11512 114 114 *112 115 *11212 115
11434 1143
36 Mergenthaler Linotype_100 113 Mar 4 124 Jan 31 110 Deo 169 Jan
4
212
*34
*3
4 212
*34 2
*1
2
Last Sale 1
Sept'17
Mexican Telephone
10
184 July
1 Mar
*88 -_ _. *88
____
88
*88
88
____
88
88
12 New Eng Cotton Yarn__100 88 Jan 15 89 Jan 10
35 Jan
95 Mar
*88
Last Sale 9212Aug'1.7
*88
_ _ _ _ *88
-_ _ _ _ *88
_
__-- 9pref
-- 7
Do 212 Aug
60 Jan
100
94 94
153
94
94
92
91
91
91
003 913
009 New England Telephone.. 100 903 Mar14 100 Jan 3
4
4 91
4
03 Doe 12412 Mar
Last Sale 115 Nov'17
Nipo Bay Company
100
110 Nov 147 Jan
Last Sale 64 Mar'18
---67
WiNova Scotia Steel dr C____100 64 Jan 23 69 Jan 2 359 Nov 112 Jan
---113 114100 102 Jan 7 11714 Feb 1 107 Dec 16614Jan
*115 11612 116 11612 11212 113
60 Pullman Company
4--------34 - - - *33
ill
34
3334 333
*33
35
3434 *33
200 Punta Allegro Sugar
50 29 Jan 3 35 Feb 23
29 Dec
46 Jan
*12
*12
14
Last Sale 1 --- -i"1. ;13
__ *12
*1112 13
14
Mt :
Reece Button-Hole
10 11 Jan 29 12 Feb 6
10 Dec
16 Mar
128 128
12712 128
12714 128
128 128
128 12814 12752 1275
348 Swift dr Co
8
100 12114 Jan 7 132 Jan. 11 116 Nov 1627 Apr
8
*4812 50
*4812 4912 4914 4914 *49
4934 4912 4912
49
49
11 Torrington
5012Jan 4
25 45 Jan 29
40 Nov 68 Juno
12812 1287 129 12038 127 12912 127 12814 127 128i 127 12714
8
14
447 United Fruit
100 11512 Jan 17 133 Feb 18 2105 Doc 15512 J,11
46
47
4512 48 ; 4534 4538 1,823 united Shoo Mach Corp_ 25 41 Jan 2 4712 Mar 8
4534 46
46
45
443 45
4
584Jan
3712 Deo
20
26
2512 26
*25
*2513 257
26
264 Do prof
8 2514 257
8
25 25 Jan 19 2014 Mar 8
25 Oct
3018 Mar
913 9212 9112 9218 9078 92
8
9012 91
0034 913 -9iis --1; 3,685 U S Steel Corporation_ _100 887
4 8Jan 15 0812Feb 19
9 -3
7958 Doe 135 May
•10934 11014 *1093 11014 1093 10934 *10914 1093 110 110
4
4
4
21 Do prof
1093 1093
4
4
100 10818Jan 15 3112 Feb 1 1038s Dec 121 Jan
714
712
414 Doc
712
712 712
714
714
7
718 714
7
7
1,045 Ventura Consul 011 Fields. 5
8Jan 24
83
5 Jan 2
87 Jan
g
Mining
*1
114
*1
138
118
1
1
118 *1
138 *1
158
5r Adventure Con
134Jan 25
25
1 Jan 10
1 Oct
414 Jan
.
Si
80
*80
81
81
*80
.80
81
81
81
15 AM:neck
*8014 81
25 78 Jan 21 83 Jan 3
70 Deo 108 Jan
*158
2
134
*134 2
2
178
2
178
134
225 Alaska Gold
134
134
224 Jan 22
112Jan 19
10
1 Doe
1112Jan
' .25 .30 *.25 .30 •.25 .30 •.25 .30
(
1
Last Sale .25 Mar'18
Algomah Mining
.25 Jan 7
.25 Jan 7
25
14 Jan
14 Sep
*53
5312 *53
54
5212 5312 *50
*50
*50
52
52
52
18 Alloues
25 50 Jan 15 54 Feb 27
45 Deo
70 Mar
1512 1614
*1434 151
15
15
1578 1614 *1518 1512 15
15
650 Amer Zino, Lead Jr Smelt_ 25 13 Jan 17 1714 Jan 3
11 Dec
4114 Jan
4014 4614 *4412 46
*44
*44
*44 A 46 - --------5 Do pref
46
46
Jan 2 48 Feb 18
25 41
40 Nov 73 Jan
•
13
1314
13
13
13
13
13 i 13
1258 1234
13
13
260 Arizona Commercial
5 11 Jan 5 1414 Feb 18
818 Nov
1514 Juno
4
(.28 .30
.28 .25
..26 .30 4
.25 .28 '
0.20 .30 4
..26 .32
890 Butte-I3alaklava Copper
.45Jan 7
.25Feb 1
10
.25 Dec
214 Jan
2232 2212 23
2432 *23
24
2312 *2212 24,4 *2214 24
*23
265 Butte dr Sup Cop (Ltd)...... 10 l75 Jan 3 2438 Marll
125
81)eo
52 Jan
6812 69
68
0912 7112 70
71
70
70 .., 70
6912 70
510 Calumet ec Arizona
10 6212 Jan 15 7112 Mar12
8514 Jan
55 Dec
*430 440 *430 440 *430 440 *430 435
435 435 *430 435
1 Calumet & Hecia
25 427 Feb 28 404 Jan 4 411 Deo 500 Feb
*1312 133 *1312 1334
4
133 *1312 1334
1312 1312 *13
4
4
133 *13
200 Centennial
1412 Feb 19
25 12 Jan 14
11 Deo
2714 Jan
4112 4112 *41
4134 *41
4134 *4014 403 *405 4114 *40
10 Chino Copper
8
81
403
4
5 4112Jan 15 45 Feb 19
3814 Dec
63 Mar
45
45
4514 *4434 4514 4514 4514 447 45
4452 4452
3
*45
04 Copper Range Co
25 4412Jan 16 4858Jan 3
3914 Dee
08 Jan
2
2
*134 2
*13
24 *134 ; 2
2
4 214
1,175 Daly-West
178
17
8
20
258 Mar 1
112 Apr
17 Jan 19
8
3 Jan
612 65
6181 638
014
8
614 3,297 Davis
614 63
8
612 658
8
614 63
-Daly Copper
10
5 Jan 2
078 Mar 8
714 Jan
314 Nov
*958 10
*912 10
9121 934
912 912 *94 K:912
912 012
300 East Butte Copper Min_ 10
9 Jan 16 1012Jan 2
814 Deo
16 Jan
*512 6
5781 6
552 .552 *512 53
*512 0
*558 0
275 Franklin
4
25
4 Jan 29
6 Feb 18
4 Dec
9 May
*74
78
77
1007414 Jan 29 78 Feb 5
*75 tc79
*74
78
77
77 1.77
26 Granby Consolidated
*76
77
66 Deo
92 Jan
•4012 4112 *40
Last Sale 4112 Mar'18
4112 *40121 4112 *4012 4112
Greene Cananea
100 39 Jan 17 4412 Feb 6
35 Nov
4612Jan
*8
9
*814 83
9
4 *8
*812 9
9
9
10 Hancock Consolidated
*812 9
712 Feb 18 1018 Jan 2
25
7 Dec
2012 Jan
*.85
1
*.80
*.80
.90 .90 *.80
1
1
*.85
1
1
25 Indiana Mining
1 Jan 3
.75Feb 27
25
Mar
62
62
6212 6212 01
62
01
62
0112
6012 61
02
325 Island Creek Coal
1 50 Jan 14 0212 Marll
52Ne
ar
'4 : 7612 June
D
4
*82
84
*82
*82
82;:. •82
83
83
82
*82
83
83
7 Do pref.
1 80 Jan 24 84 Feb 18
80 Nov 94 Apr
22
22
2114 21
22
2112 2112 21
21.iii *21
21
21
452 Isle Royale Copper
25 1912Jan 14 20 Jan 2
20 Dec
30 Jan
*514 512 *514 512 *514 512
51s VA
110 Kerr Lake
'
514 *514 512
514
6 Feb 19
5 Jan 2
5
414 Apr
6 Aug
*13 8 13
Last Sale 15 Mar'18
/
112 *118
138 *118
8 *118
4
13
2
Keweenaw Conner
112Jan 2
25
.99 Jan 24
114 June
484 Jan
*6
614
618
6
6
614 *6
6 14 *6;1 614 *0
614
125 Lake Copper Co
712 Jan 3
6 Feb 8
25
18 Jan
5 Oct
*3
314
3
3
*3
*3
3
314
314 *3
314
3
50 La Salle Copper
314 Mar 5
25
2 Jan 2
114 Deo
5 Jan
*5
53
*434 512
5
534
5
5
8
5
*5
512 *5
129 Mason Valley Maw
6 Feb 13
5 Jan 29
5
44 Nov
83 Aug
2
014 *6
018 618 *6
614
612
*57
*6
612
634
150 Mass Consol
2 6
25
7 Jan 2
6 Jan 16
5 Nov
1512 Jan
114
112 *1
112 *118
114
112
138 *14
138
138
112
560 Mayflower-Old Colony
112Jan 3
.99 Fob 13
25
1 Nov
3 May
*VA 212 *2 V 212 4.21 , 238
A
21 , 2'/, *2
/
8
100 Michigan
214
212Feb 5
1X8Jan 4
25
158 Aug
512 Mar
*624 63
6212 6212 6212 6212 -a- 63
6163
*62
03
52 Mohawk
25 358 Jan 9 66 Jan 2
57 Dee
08 Jan
*1873 1918 *1858 1914 *1814 19
Last Sale 2018 Mar'18
*18
1834
Nevada Consolidated
5 1812Jan 30 2018 Mar 7
16 Nov
2012 Mar
213
212 *2
2
2
2
134
2
134
212
2
2
280 New Arcadian Copper
124 Jan 24
24 Feb 9
25
112 Dec
6 Jan
*1612 163 *16
4
1634 16
470 New Idria Quicksilver
1714 *---- 1612 *15
17
5 1314 Jan 2 1714 Mar 7
10 Nov
17.2 Apr
•17
19
Last Sale 17 Mar'18
*17
*17
*17
19
19
19
New River Company
100 17 Jan 2 20 Jan 2
22 Jan
30 Mar
•75
77
Last Sale 7612 Feb'18
•75
•75
*75
77
77
78
Do pref
100 75 Jan 2 80 Jan 31
05 Dec
9214 Mar
812 812
812 812
812 858
812 858
2
8 83
83
858 852
515 Nipisaing Mines
Jan 11
5
84 Mar13
W.
684July
958 Sept
•1514 1534 1514 1514 15
.1.512 1514
1512 15
4
15
1514 1514
215 North Butte
15 1414 Jan 26 1612Jan 3
1184 Oct
244 Mar
4
..80
1
4
..75
1
.25 .25 *.50
•.50
1
*.75 .00
1
3 North Lake
.25Feb 14
25
.75 Mar 7
.30 Nov
284Jan
•114
112 *114
112 .114
112
Last Sale .99 Feb'18
112 *114
Oilbway Mining
25
34Jan 4
.99 Feb 28
.98 Dec
278Jan
*4012 41
*4012 41
*4012 4112 *4012 4112 *4012 41
40
41
22 Old Dominion Co
25 40 Mar15 4512 Jan 3
33 Nov
6734 Mar
*59
*59
60
*57
60
5912 58
58
584
58
5814 59
87 Osceola
25 357 Jan 18 65 Jan 0
5312 Doc
95 Mar
193.4 20.1912
1938 *19
1914
1934 1934
19
19
193i
975 Pond CreekCoal
10 1712Jan 12 2014 Fob 20
16 Nov
2884 Juno
73
73
72
71
73
73
73
72 ii- •72
72
72
136 Quincy
25 70 Jan 19 76 Feb 19
60 Nov
941 Feb
*2312 2373 *2314 24
233 234 2352 2353 *2314 24
2
*23
2334
20 Ray Consolidated Copper_ 10 2278Jan 12 2438 Mar 4
20 Nov 324 Apr
•51
53
*53
54
54
5312 5312 54
5334 54
533 533
4
4
130 St Mary's Mineral Land_ 25 52 Jan 12 57 Jan 2
48 Dec
8084 Mar
118 •1
118
114 *1
114 *I
114
1
1
50 Santa Fe Gold & Copper_ 10
114 Feb 21
.65Jan 26
.58 Dec
2 Jan
al2 -127, 1,185 Shannon
5
5
434 434
5
5
434 5
5
5
10
412 Mar15
4
53 Jan 2
54 Oct
10 Jan
*1612 18
*1612 18
*16
1712 *16
171 *16 2 1712 1612 1612
50 Shattuck-Arizona
10 16 Jan 15 1612 Mar15
19 Oct
3018 Mar
•112 21.
*112 2
*112 2
112 *112 2
112
50 South Lake
25 l4Fob 9
2 Jan 3
.81) Dec
014 Jan
.10 .17 *.10 .17
•
.15 .15 *.10 .15 *.11 .17 -715 -.. ii
.
100 South Utah M Jr S
.20 Jan 8
.11 Jan 23
5
.10 Dec
.31 Jan
*414 438 *414
412
414
414 414
414
414 414 *414 412
430 Superior
25
4 Feb 19
512Jan 2
314 Deo
1658 Mar
2% 2%
278
3
278
278
3
278
278
278
278
278
33 Jan 3
4
020 Superior & Boston Cooper_ 10
24 Mar 2
814 Jan
23 Dec
8
734 334 *334 4
352 32
3
334 334
33
334 33
4
4 33
3i Jan 14
413 Feb 13
300 Trinity
25
3 Nov
813 July
118
118
118
*118
118
118
118
114
114
118 114 *118
520 Tuolumne Copper
114 Feb 21
.93 Feb 14
1
1 May
2.4 Jan
4514 453 4512 44
4812 4612 4512 4812 4514 4512 45
8
45
1,380 US Smelt Refin ec Min
075g Jan
50 4318 Jan 15 4914 Feb 10
4018 Deo
4434 45
4514 4512 4558 45
45
45
4518 45
45
4512
447 Do pref
4312 Nov
50 43 Jan 8 46 Jan 2
5213 Jan
238
233
213 214
232
233 232 .213
214
214
213 214
250 Utah-Apex Mining
5
2 Jan 30
8Feb 8
25
172 Mar
$78 Sept
1112 1112
1012 *10
1112 1112 1114 1114 31034 1034 10
103
4
200 Utah Consolidated
5 10 Jan 2 12 Jan 10
012Deo
211i Feb
*8012 8114 *8012 81
803 8034 *7912 8014 *7912 8011 795 7958
4
8
30 Utah Copper Co
10 705 Mar15 85 Feb 19
2
71 Dec 1183
2May
214 214
214 27 8 .214
214
*218
X
212
214
214
214
214
1,610 Utah Metal & Tunnel
234 Jan 4
2 Jan 30
1
218 Deo
652Jan
2.212 8
212 2% *212 3
*212 3
*284 3
*234 3
50 Victoria
25
212 Jan 26
3 Jan 3
2 Oct
6 Jan
•112 2
•134
*134 2
2
Last Sale 134 Mar'18
*112 2
1513 Jan
Winona
25
1 Jan 10
2 Jan 3
2 Oct
*30
303
4 293 30
4
30
2912 2912 *2812 2912 *29
2912 30
95 Wolverine
25 32912 Mar 8 36 Jan 3
31 Doe
5312 Mar
1
1
*1
112 *1
112 *1
.n
112
V% 1%, *1
113
200 WYrintlott _-_34Jan 4 1'.4, Mar 7
15 Aug
25
212Ja
91131d an I asked !glees. a Ex-dividend and rights, / Assessment paid. A Ex-rlatita. I Ex-dir1t10113•
W 11$11-pahl.
16- ;56- ::::
- 6 ;615- :::: ioo- ::::
--
If-
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•
THE CHRONICLE
MAR. 16 1918.]
Philadelphia Stock Exchange.
-The complete record
of transactions at the Philadelphia Stock Exchange from
-Transactions in bonds at Bos- Mar. 9 to Mar. 15, both inclusive, compiled from the offiBoston Bond Record.
cial sales lists, is given below. Prices for stocks are all dolton Stock Exchange Mar. 9 to Mar. 15, both inclusive:
lars per share, not per cent. For bonds the quotations are
Friday
Range since Jan. 1.
Last Week's Range Sales
per cent of par value.
for
Outside Stock Exchanges
Sale
of Prices.
Price. Low. High. Week.
Bonds
-
S Lib Loan 3348_1932-47 97.04 97.04 97.68 124,750
1st Lib Loan 4s_1932-47 96.06 96.04 96.60 28,350
2d Lib Loan 4s__1927-42 96
95.84 96.50 106,700
2,000
Am Agrie Chem 5s.. _ _1928
95
95
5s
1924
9434 9434 3,000
Am Tel & Tel coil 55_1946
92% 92% 1,000
5,500
Atl0 de WI SS L 5s...1959
75% 76
Gt Nor
-C B & Q 4s....1921
9231 92% 1,000
12,000
Miss River Power 55.._1951 71
70% 71
N E Telephone 55_
9034 90% 5,000
1932
4,000
80
Punta Alegre Sug 6s 1931
80
6,500
Swift az Co 1st 55
1944 93% 9334 94
1,000
98
U 5 Smelt, R & M cony 65
96
Ventura 011 cony 7s_ A922
8734 8734 4,000
1,000
90
Western Tel az Tel 5s_1932
90
Low.
High.
96.52 Jan
95
Feb
94.54 Feb
92
Jan
94% Mar
91
Jan
75% Jan
92% Mar
6734 Jan
89
Jan
79
Feb
93
Jan
94% Jan
80
Jan
8734 Jan
98.80 Jan
98
Jan
97.22 Jan
9934 Feb
94% Mar
9531 Feb
79
Jan
9434 Jan
71
Mar
9134 Feb
804 Jan
9534 Feb
9734 Jan
90
Jan
90% Mar
-The complete record of
Chicago Stock Exchange.
transactions at the Chicago Stock Exchange from Mar. 9
to Mar. 15, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
Sales'
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
American Radiator___ _100
Amer Shipbuilding_ _ _ _100
Booth Fisheries common
(no par) 2434
new
Chic City & C Ry pt sh
common
17
Preferred
Chic Pneumatic Tool.-100 5835
Chic Rys part ctf "1".. - ----------Chic Rys part ctf "2"
Chic Rys part ctf "3"
Chic Rya part ctf "4"
Commonw'th-Edison_.100
Cudahy Pack Co,com_100 11334
100 95%
Deere & Co, pref
100 110
Diamond Match
Hartman Corporation-100
Hart, Shaffner & Marx,
100
Preferred
100 52
Illinois Brick
10 21
Lindsay Light
10
Preferred
West Util corn _ _ _ _100
Mid
Poop Gas Lt & Coke__ _100
Public Service of Northern
Illinois, common___ _100 7634
Quaker Oats Co
100
Preferred
100
Sears
-Roebuck, corn_..100
Shaw W W common_ _100
Stewart Warner Speedom
Common
100 5634
Swift az Co
100 128
Union Carbide Sc Carbon
11%
Co
Ward, Montg & Co, pref.
,04
Do receipts
Wilson dr Co,common_100
100 99
Preferred
Bonds.
Chicago City & Conn Rys
1927
5s
1927
Chicago Rys 58
Chicago Rys 4s Ser "B"
1923
Chicago Telep 58
Commonw-Edison 5s_1943 94
Cudahy Pack 1st M 581946
Liberty Loan 3568_1932-47
Lib Loan 1st 4s_ _ _1932-47
Lib Loan 2d 4s_ _ _ _1927-42
Metropolitan West Side El
1938
1st 4s
Extension gold 45...1938
Peoples Gas Light & Coke
Refunding gold 55- A947
Swift & Co 1st gold 5s_1944 9334
Wilson & Co 1st 65_ _ _1941
260 265
9734 98%
24% 24%
2
17
53
54%
12%
2
1%
106
11234
953.4
110
40
Range since Jan. 1.
Low.
27 250
225 87
145
18%
2
18
58%
60
15
2%
1%
10734
114%
96%
112
40%
50
2
1,905 14
2,613 4734
80 5334
8
1,120
40
2
40
1%
258 103
460 107%
135 94%
80 102
125 30
108 108
52
52
20% 21
10% 10%
27
27
414 47
9 108
120 52
763 20%
50 10
5 25
837 41
76%
270
99
14634
60
130 72
20 250
111 95
434 139
4 534
77
28234
100
152
60
55
56%
12731 129
§1
104%
103
53%
97
51%
106
104
55%
99%
360 47
877 124
High.
Jan 265
Jan 99
Feb
Mar
Jan
Feb
26
Jan
231
Jan 18
Jan 5834
Feb 60
Jan 15
Jan
2%
Mar
134
Jan 108
Jan 11434
Feb 97
Jan 112
Jan 44
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Jan
Jan
Jan
Feb 108
Mar 58
Mar 28
Feb 11
Jan 28
Jan 55
Feb
Jan
Jan
Jan
Jan
Jan
Jan 77
Jan 290
Jan 100
Jan 157
Jan 6734
Jan 58
Jan 133
3,572 48% Jan 54%
176 103% Feb 110
78 103
Mar 104
220 46
Jan 59
266 95
Jan 9935
Feb
Mar
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Mar
Jan
Mar
57
57% $3,000
84% 84% 4,000
59
59
1,000
9634 9631 2,000
93% 94
12,000
90
90
1,000
97.2097.30
750
96
96.50 1,450
96
96.20 14,450
52
Jan
82
Jan
50
Jan
96
Jan
91% Jan
90
Mar
97
Jan
95.80 Feb
94.70 Feb
59
Mar
84% Mar
59% Jan
96% Jan
94% Mar
91
Jan
98.62 Jan
97.50 Jan
97.10 Jan
58% 58%
48
48
56% Jan
48
Mar
5834 Feb
55
Jan
78
78% 2,000 78
Mar
93% 95% 13,500 93
Jan
96
96
1,000 .94% Jan
81% Feb
95% Jan
95% Feb
5,000
2,000
x Ex-dividend.
-The complete record of
Pittsburgh Stock Exchange.
transactions at the Pittsburgh Stock Exchange from Mar.9
to Mar. 15, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
Friday
Sales
Last Week's Range for I
of Prices
Week. ,
Sale
Par. Price. Low. High. Shares.,
Am Wind Glass Mach_100
Carnegie Lead & Zinc_ 5
Columbia Gas & Elec_ _100,
Consolidated Ice, corn_ 50'
Gold Bar Mines
1
Herb-Walker Remo_ _100'
Preferred
100
Independent Brewing_ _50
Preferred
50
La Belle Iron Works...100
Mfrs Light & Heat
50
Nat Fireproofing, pref. _50
Ohio Fuel Supply------25
Oklahoma Natural Gas_25
.50
Pittsb Brewing, earn
Preferred
50
Pittsburgh Coal, corn 100
Preferred
100
Pittsb Cons M, M & T__1
Pittsb-Jerome Copper__ _1
Pittsb & Mt Shasta Cop_ _1
Pittsburgh Oil & Gas_ _100
River Side East Oil, pref.
Ross Mining & Milling_ 1
MS Steel Corp, corn._ _100
West'house Air Brake_ _50
West'hotrae Elec az Mfg_50
p; preferred
50'
rr Bonds.
Moth cas.1 fro, rcs_ - .1811
54
134
74
107
51
84
4234
244
10
83
80
850
460
634
95
5356 55
340'
734 734
75
3334 3334
10
3
3
50
lle 12c
300
120 120
120
102 102
35
1% 1%
685,
7% 8
70
45
107 110
51%
51
519
8
310
43
225!
42
24%
540
24
1% 236
430
10
125;
10
50
57
57
30
83
83
70
9,100
60
830 940 17,600
39e 480 84,900
785
6% 8%
20
234 234
2,900
15e 150
125
9031 9234
262
9534
95
343
41% 42
85
60
60
1
.500
ortg 8834 $0
Range since Jan. 1.
Low.
40
7
32
2
lie
120
102
1%
7%
107
51
8
4134
24
134
9%
45
80
40
400
21e
534
2%
8c
89%
95
39
60
High.
Jan 58
Jan
7%
Jan 35
3
Feb
Mar 13c
Feb 130
Mar 10234
2
Jan
Mar
9%
Jan 115
Jan 53
Mar
931
Jan 45
Mar 25
Mar
234
Feb 13
Jan 5834
Jan 83%
Jan
7e
Jan
1
Jan 480
Jan
6%
Feb
2%
Jan 170
Jan 98
Jan 96%
Jan 43
Mar 63
0R 3 Mar
4
89
Feb
Feb
Jan
Mar
Jan
Feb
Feb
Feb
Jan
Feb
Jan
p'eb
Jan
Jan
Jan
Jan
Feb
Feb
Mar
Feb
Mar
Mar
Feb
Mar
Feb
Jan
Jan
Mar
Mar
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
American Gas of N J_ _100
no par
American Stores
Baldwin Locomotive_ A00
Buff & Susq Corp v t c_100
Preferred v t c
100
51
Cambria Iron
Elec Storage Battery__100
General Asphalt
109
Insurance Co of N A_ _10
100
J G Brill Co
Lake Superior Corp_ _ _100
Lehigh Navigation
50
Lehigh Valley
51
Minehill & S H
50
Pennsyl Salt Mfg
50
Pennsylvania
50
Philadelphia Co (Pitts)_50
50
Preferred (5%)
Pref (cumulative 6%)50
Phila. Electric of Pa__.25
Phila Rap Tr vot tr recta 50
Phila & Western
50
Reading
50
2d preferred
50
Tono-Belmont Devel_ __ _1
Tonopah Mining
1
100
United Cos of N J
United Gas Impt
50
U S Steel Corporation_100
Warwick Iron & S
10
West Jersey & Sea Shore 50
Westmoreland Coal_
50
Wm Cramp & Sons_ _ _100
.
Bonds
Us Lib Loan 3548_1932-47
1st Lib Loan 4s_1932-47
2d Lib Loan 4s_ _1927-42
Amer Gas az Elec 5s_ _2007
Small
2007
Baldwin Locom 1st 5s 1940
Bethle'm Steel p m 6s..1998
Elee & Peop tr etfs 45-1945
Small
•
1945
Keystone Tel 1st 5s_ _1935
Lake Superior Corp Ss 1924
Small
1924
Lehigh Coal .4 Nay
Funding & impt 40_1948
Lehigh Val gen cons 462003
Lehigh Val Coal 1st 55 1933
Pennsylv RR gen 4ms 1965
1960
Consol 434s
Phila Electric 1st 5s.. _1966
Small
1966
1997
Reading gen 4s
TT's...A TP•ra Tr.reacr. Ka 109A
8134
7834
x43
50
1634
16
6434
6254
4434
253-4
2654
8234
x334,
334
193
6834
9131
834
8034
8156 8231
29
29
7834 79
6234 65
48
48
4134 x43
49
50
1654 1656
25
2534
2354 2434
1534 1634
6334 6434
6034 63
50
50
89
89
3
4434 45%
25
2534
24
24
3034 3034
2556 2534
26
2634
7
7
8054 8431
36
36
3 3-16 334
3 1-16 3%
190 193
68
6834
9054 9234
831 836
48
48
70
70
80
81
Range since Jan. 1.
Low.
High.
38 79
Jan 89
15 28
Mar 29
20 5834 Jan 8034
31 58
Jan 65
10 46
Jan 48
45 4054 Feb x43
1,241 49
Jan 51
425 1434 Jan 17
59 24
Jan 253-4
Jan 2634
55 18
1,370 12
Jan 1734
235 6134 Jan 6534
373 55
Jan 63
71 50
Mar 513-4
5 82
Jan 9031
2,010 4434 Mar 4734
42 25
Feb 27
Mar 28
1 24
10 30
Jan 33
1,219 x25
Feb 2534
916 2534 Mar 30
7
Mar
7
200
Jan 843-4
1,577 71
30 3556 Jan 36
Jan
334
3
2,368
942 3 1-16Mar
4
Jan 195
16 190
Mar 7256
638 68
7,870 8834 Jan 9834
325
8
Jan
834
2 42
Feb 48
23 70
Mar 76
115 74
Jan 85
Jan
Mar
Feb
Mar
Mar
Mar
Feb
Feb
Feb
Feb
Feb
Feb
Mar
Jan
Mar
Jan
Jan
Mar
Jan
Feb
Jan
Mar
Mar
Jan
Mar
Jan
Feb
Jan
Feb
Jan
Mar
Jan
Feb
97
97.50 $7,850 97
Jan 98.76 Jan
95.96 96.30 6,200 95.80 Feb 97.90 Jan
95.80 96.44 45,550 94.50 Feb 97.20 Jan
Mar 82
Jan
3,000 79
79
79
400 78
Mar 82
Jan
78
78
Jan 10034 Feb
1,000 100
10034 10034 1003-4
1,000 110
Mar 110
Mar
110 110
Jan
7156 7134 1,000 7134 Mar 73
Jan
Jan 74
300 73
73
73
Jan
Feb 90
8934 894 2,000 89
Feb
50
3,000 473-4 Jan 52
50
50
Feb
500 48
Jan 50
49
49
95.90
87
79
87
79
9934
8934 8934
96
9331 93
9631
83
83
an
87
1,000
79
1,000
10,000
100
8934 7,000
2,000
96
9434 31,000
9831
600
8354 23,000
ma
A000
87
78
9934
8934
96
93
94
83
AR
Mar 87
Mar
Jan
Feb 80
Mar 10034 Jan
Jan
Mar 92
Mar 9854 Jan
Mar 96
Jan
Jan 9634 Mar
Jan
Feb 85
mar an
Irian
It Ex-dividend.
-Complete record of the
Baltimore Stock Exchange.
transactions at the Baltimore Stock Exchange from Mar. 9
to Mar. 15, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Alabama Co
61
78
100 78
2d preferred
100 68
59
68
Arundel Sand & Gravel 100 35
35
35
Atlantic Petroleum
10
3
3
334
100
7934 79%
Baltimore Tube
9834 99
Consol Gas E L & Pow_100
Consolidation Coal-..A00 10354 10234 10334
Cosden & Co
5 734 7% 734
3% 3%
Preferred
5
34
34
Davison Chemical_ no par
28
28
Elkhorn Coal Corp
50
45
45
Houston Oil trust ctfs_100
67% 6754
Preferred trust ctfs_ _100
83
92
Mer k Miners Trans_ A00 87
90
83
Mer&MinersTransV T 100
16
16
Monon Vail Trac
25
16
16
MtV-Woodb Mills v t r 100
7134 72%
Preferred v t r
100
73
73
50
Northern Central
65
Pennsyl Wat & Power_100 64,4 64
5
5
Robinson Oil
lo
8
834
10
Preferred
8
8%
Sapulpa Refining
5
30
30
Southern Hotel
30
22
United Ry & Elea
50 22
2234
50 28% 28% 29
Wash B & Annap
38% 38%
Preferred
50
3% 3%
Wayland 011 az Gas
5
3%
Bonds
96.14 96.14
U S 2d Lib Loan 4s
80
82
Alabama ConsC& 1581933
84
84
Atl C L(Conn)ctf5-2048'25
Canton Co deben 5s_ _1926 97% 97% 97%
85
85
Chicago Ry 1st 55_
1927
99
99
City&Suburban 1st 581922
97% 97%
Coal & Coke 1st 55_1919
82% 82%
ConsGasEL&P 4301935
92% 93
5 per cent notes
96% 96%
6 per cent notes
Consol Coal ref 5s_ _ _ _1950 8434 84% 84%
Convertible 68
1923 10134 10154 101%
79
80
Cosden & Co ser A 68_1932
80
82
Series B 65
1932
9734 97%
Elkhorn Coal Corp 6s.1925
Elkhorn Fuel 5$
1918 9931 9934 9931
99% 99%
do small
1918
94
94
Georgia & Ala cons 58_1945
95
95
Houst Oil div etts_1923-25
Kirby Lumber Cont 681923
9731 9734
91% 92
Md Elec Ry 1st 5s_ _ _1931
Norf & Ports Tree 55_1936 79% 7934 80
84% 8454
Pennsy W & P 5s_ A940
Seattle Elec 1st Ss_ _1930
9334 9334
7831
76
United Ry & Elec 4s_ _1949
57
1949
57
Income 4s
80
Funding 5s
1936
80
9534
6 per cent notes
95
8336
1941
Wash B & A Ss
83
347
632
25
1,310
5
229
640
882
1,000
230
275
100
50
336
130
25
38
20
23
205
63
130
13
12
1,043
365
100
350
5500
26,000
1,500
1,000
3,000
2,000
8,000
2,000
6,000
1.000
8,000
17,000
20,000
15,000
4,000
3,500
500
1,000
5,000
2,000
3,000
11,000
1,000
1,000
7,000
1,00
1,000
7,300
4.000
Range since Jan. 1.
Low.
50
56
31%
3
79
94
91
6%
3%
30
22%
40
64%
56
77
15%
15
68
70
60
4
7
8
30
22
24
38
334
High.
Jan 78
Jan 68
Jan 3634
Mar
334
Feb 80
Jan 102
Jan 106
Jan
834
Jan
4
Jan 3834
Jan 29
Jan 53
Jan 74
Jan 92
Jan 90
Jan 1631
Jan 1731
Jan 74
Jan 7334
Jan 85
Feb
5
Feb
834
Mar
84
Mar 30
Mar 24%
Jan 2934
Feb 4131
Jan
3%
Mar
Mar
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Mar
Jan
Feb
Feb
Feb
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Jan
Jan
96.14 Mar 9614 Mar
Mar
7934 Jan 82
Mar
84
Mar 84
9731 Mar 9734 Feb
Mar
Jan 85
82
Feb
Jan 100
99
97% Mar 9734 Mar
Feb
Jan 84
81
91% Jan 95
Jan
9434 Jan 96% Feb
81
Jan 8434 Feb
99
Jan 103% Jan
79
Mar 8254 Feb
80
Mar 8334 Jan
96% Feb 9834 Jan
Jan
99% Jan 100
99% Mar 99% Mar
Jan 94% Jan
92
Jan
Jan 99
88
Feb
96% Jan 98
87% Jan 92
Feb
79% Mar 80
Feb
8434 Mar 8431 Mar
Jan 9334 Mar
91
Jan 7734 Feb
73
5534 Jan 58% rJan
Jan 80
Feb
77
94% Jan 96
Feb
Jan 8334 Feb
80
THE CHRONICLE
1116
Friday
Sales
Range since Jan. 1.
Last Week's Range for
Week
of Prices.
Sale.
Low.
High.
Par. Price. Low. High. Shares .
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week ending
March 15 1918.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Par Value.
1.963.270 $174.627,500
$863,000
1,727,000
1,501,000
1,373,000
1,649,000
1,670,000
$5,997,500 $3,177,500
8,783,000
Week ending March 15.
1918.
United
States
Bonds.
$259,000
330,000
550,000
717,000
759,000
562,500
$694,000
1,423,000
1,073,000
726,000
1,170,000
911,500
283,900 $24,110,000
379,400 32,394,000
342,000 31,655,000
255,900 23,780,000
391,400 34,059,500
310,670 28,629,000
Sales at
New York Stoc*
Exchange.
State, Mun,
& Foreign
Bonds
Railroad,
dec.,
Bonds.
Stocks.
Shares.
1917.
Jan. 1 to March 15.
1917.
1918.
Stocks
-No. shares_ _ _
$29,298,587
1,963,270
$38,698,083
3,036,715
Par value
$174,627,500 $264,570,870 $2,749,781,700 $3,468,934,530
Bank shares, par
$9,800
$1,800
$15,200
500
Bonds.
Government bonds_ _
$8,783,000
$112,041,500
$6,000
$85,000
State,mun.,&c.,bonds
3,177,500 10,080,500
81.115,000
49,328,000
RR. and misc. bonds_
5,997,500
159,741,500
8,868,000
69,301,000
Total bonus
$17,958,000 $18,954,500
$230,673,500
$240,941,500
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE STOCK EXCIIANGES.
Philadelphia.
Boston.
Week ending
March 15 1918.
Baltimore.
Shares. !Bond Sales. Shares. Bond Sates. Shares. Bond Sales.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
7,044
7,700
11,810
9,015
7,687;
8,060
$78,500
88,100
25,500
30,850
66,750
31,500
3,738
3,501
4,660
3,051
4,623
2,519
$12,500
39,000
32,200
29,950
24,750
22,000
586
1,470
895
1,027
1,823
3,062
$12,300
86,000
30,800
17,200
29,500
23,000
Total
51,355
$321,200
22,092
$160,400
8,863
$198,800
New York "Curb" Market.
-Below we give a record of
the transactions in the outside security market from Mar.9
to Mar. 15, both inclusive. It covers the week ending
Friday afternoon.
It should be understood that no such reliability attaches
to transactions on the "Curb" as to those on the regularly
organized stock exchanges.
On the New York Stock Exchange, for instance, only
members of the Exchange can engage in business, and they
are permitted to deal only in securities regularly listed-that
is, securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken to
insure that quotations coming over the "tape," or reported
in the official list at the end of the day, are authentic.
On the "Curb," on the other hand, there are no restrictions
whatever. Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transactions. The possibility that fictitious transactions may creep in, or even that dealings in spurious securities may be included, should, hence, always be kept in mind,
particularly as regards mining shares. In the circumstances,
it is out of the question for any one to vouch for the absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par Price. Low. High. Shares.'
Week ending Mar. 15.
Stocks-
Aetna Explos _r__ _(no par)
9
Preferred r
100
Amer Tin & Tungsten_r _1
Brit-Amer Tob orrry_
Ordinary coupon__
Canadian Car & Fdy r_100 25
Preferred r
100 Co
Car Ltg & Power r
25
Chevrolet Motor
100 119
Cities Service corn r__ _100 206
C'urtiss Aerop Jz
corn(t) 3455
Preferred
100
Electric Gun r
1
Emerson Phonograph_ __ _5
Gillette Safety Razor r (t) 79
Hulburt Motor Tr com_ (t) 193%
Int Trading Corp, corn r_l
Keyst Tire & Rubb corn-10 164
Kresge(S 8), pref r_
100
Lake Torpedo Boat _ r_ _100
Manhattan Transit r__ _20
A
Marconi Wirel Tel of Am _5
Maxim Munitions.r._ _ _10 13-16
North Am Pulp & Paper(t)
231
Peerless Truck & MotorAO
Scripps Booth Corp r
14
Smith Motor Truck.r _..10
Standard Motor Constr r 10 11%
Submarine Boat v t e- (t) 12%
Throgen Coot Amer r__
4%
United Motors.r. (no Par) 28%
_
U S Steamship
5
10
Victory Gke_r
1%
1
Wright
-Martin Aire.r--(t)
7%
855 94 20,000
.59
350
60
7,800
A
15% 1535
1,100
1555 16% 2,900
25
50
25
54
1,050
60
2% 3% 7,700
115 123
4,000
295
205 203
3455 38
1,990
65
400
70
6,875
720
351 355
78
79
200
19% 20
1,000
1,200
Yr
X
16
1,150
17
10
104 104
100
355 3%
000
A
A
34 3% 7,600
62,000
1
X
231 24
800
164 1755
500
14
14
50
235 2 9-16 85,000
11% 12
1,100
124 13
2,500
4
431 6,500
28% 28% 31,700
5
555 9,100
135 1% 3,900
74 8% 8,900
[VOL. 106.
Former Standard Oil
Subsidiaries.
Anglo-Amer Oil
Ll 12
Galena-Signal 011 com_100
Ohio Oil
25
Prairie 011 & Gas
100 468
Prairie Pipe Line
100
Standard Oil (Calif)._ _100 213
Standard 011 of N J
100 530
Standard 011 of N Y__ _100
Vacuum Oil
100
114 12%
134 135
328 335
468 468
270 270
213 219
539 539
258 269
350 350
2,900
20
100
40
10
20
38
180
15
1134
134
300
418
255
219
520
252
350
Feb
Mar
Jan
Jan
Feb
Mar
Jan
Jan
Feb
17%
145
365
500
278
237
579
285
357
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Other 011 Stocks
Jan 16e Feb
Amer Ventura 011.r
Co
14e
1
120 140 30,000
Barnett Oil & Gas.r
Jan 1 3-16 Jan
1
1
1
1 11-16 5,600
Jan
Boston-Wyoming 011.r
Jan 330
1 250
240 280 53,000 220
8% Feb
Cosden & Co,com.r
64 Jan
5
7%
7% 7% 5,000
Crown 011.r
1 13-16 13-16 % 22,300 • Feb 1 5-16 Jan
Dixie Gas_ r
10 10% 104 10% 11,000 10)5 Feb log Mar
Elk Basin Petroleum_r_ _5
j
Feb
1,700
651 Jan
64 7
Eikland Oil & Gas_ r
55 3-16 48,750
55 Jan
1
5-16 Jan
Esmeralda Oil Corp_r
Jan
1 160
15e 22c 120,800
Feb
4
Federal 011.r
235 Jan
3
355
34 14,000
5
Jan
Glenrock 011_r
335 Jan
48,400
10
3% 5
4%
Hanover Oil dr
3
5
7
Jan
_5
44 6% 4,500
73.4 Jan
64
Houston Oil oom_r_ _ _100
43% 454 1,400 39% Jan 5331 Jan
Mar
Island Oil & Trans_ r__ _10
14 Jan
4%
47,200
44 5
53-1 Feb
Kenova Oil
3-32 Jan
r
51 38,350
7-32
Lost City 011
1
A Jan .5-16 Jan
. 3.1
A
3.1 0,200
Merritt 011 Corp_r
18% 20
10 183%
2,000 1854 Mar 2435 Jan
Metropolitan Petroleum 25
A Feb
55 Jan
11-16 13,000
Midwest Oil corn_r
1.24 Jan
1.10 1.14 15,000 95o
1.10
Jan
155 Jan
Preferred r
1 3-16 1 5-10 3,000 1 3-16 Jan
1
Midwest Refining_ r___ -50 1074 1074 110
Jan
Jan 114
1,290 103
Mineral Wells Pet
155 Jan
2%
24 Mar
1
1% 24 2,600
Feb
N Y-Oklahoma Oil com_r1 9-16
55 Jan
55 3,950
Northwestern 011 com_r _1 72c
Jan 890 Feb
71e 85c 83,000 560
Oklahoma Oil oom_r
4c 54c 59,000
3o
So
Jan 8550 Mar
1
Preferred r
1
100 110
4,000 934o Feb 16c Feb
Jan
Oklahoma Prod & Ref__ _5
655 Jan
6%
7,400
655 7
1035 Mar
Okmulgee Prod & Ref__ _5
"
24 Jan
7
8% 1055 78,200
9%
Jan
30e
Omar 011 & Gas corn.
30c 340 13,000 26c Feb 400
Feb
Overland Petrolcum_r_10e 230
230 260
Jan 27o
9,600 lbo
Feb
Pan Am Petrol cons r_ _ _50 x51
51
Jan 53
x5I
400 40
Pennsylvania Gasoline_ ..1 7-16 7-16 7-16
500 5-16 Feb
Feb3.4
Feb
Penn-Kentucky Oil_r_ _ 5
Jan
5
9,590
5% 5%
Queen 011_r
5%
29e 350 64,000 17e Feb 860 Jan
1 33c
Rice OiLr
A Feb
3-32 Feb
• 7-16 41,400
1 7-16
Sapulpa Refining_r
Jan
5
8% 835 2,750
835 Feb 10
Sequoyah Oil & Ref
134 Mar
• Jan
1
135
• 1% 88,000
Sinclair Gulf Corp r__ -(t) 18
17
Jan 23% Feb
184 4,200 15
Sinclair 011 warrants
Mar
Mar 40
35
45 35
40
Somerset 011 r
35 Feb
..5 7-16 7-16
7,900 5-16 Feb
A
234 Mar
154 Mar
Stanton 011_r
2%
1% 255 16,400
1
Tuxpam Star Oil r
130
855e 160 1270000 1-16 Jan 22c Mar
1
35 Jan
United Western 011_r_ _1
31 Jan
• 5-16 5-16
500
United Western Oil (new)
14 Mar
234 Feb
1% 1%
800
Mar
Vacuum Gas & 011 Ltd_ _1 3-32 3-32
4,900 1-16 Mar
8A Jan
%
Ventura Cons Oil r
7
7
54 Jan
100
5
Victoria 011
555 634 11,115
3% Jan
10
53%
63.4 Mar
55
4
Mining Stocks
Alaska-Brit Col Metals_ _1
Atlanta Mines
Aurora Silver Mines_r_ _5
Austin Amazon_ r
1
Big Ledge Copper
5
Booth _r
1
Boston & Montana Dev_ _5
Bradshaw Copper_r
1
Butte-Detroit Cop & Zinc 1
Butte & New York Cop 1
Caledonia Mining
1
Calumet & Jerome Cop_.1
Canada Copper Co Ltd_ A
Cash Boy
1
Cerbat Silver M & M r_ _1
Coco River Mining_ r__ _1
Consol Arizona Smelt_ _ _ _ 5
Consol Copper Mines_ _ 6
Consol-Homestead _ r..._I
Copper Valley Mining_r 1
Cresson Cons Gold M&M 1
Emma Copper_ r
1
Eureka Croesus Min r__ _1
Globe-Dominion Copper_l
Golden Rule Mines r_
1
Goldfield Consolidated_10
Goldfield Merger_r
1
Gold 11111
5
Great Bend r
1
Green Monster_r
5
Hecia Mining
25e
Howe Sound Co
1
International Mines_ r_ _ _I
iron Blossom_ r
10c.
Jerome Prescott Copper_ 1
Jerome Verde Copper_ _ _ _1
Jim Butler r,,
1
Jumbo Extdhsion
1
Kerr Lake
5
Kewanus r
1
Range since Jan. 1.
Lampazos Silver
1
La Rose Consol Mines_ _ _ 5
Low.
High.
Lone Star Consol _r
1
Louisiana Control
64 Feb
94 Mar Magma Chief r
1
41% Jan 60
Mar Marsh Mining r
1
Jan
A Jan Mason Valley
5
Mar 16% Jan McKinley-Darragh-Sav_ _1
15
15% Mar
Feb Monster Chief r
18
1
Jan 25
19
Mar Mother Lode r
1
41
Jan 60
Mar Mutual Min & Leas pref_l
Jan
2
3% Mar National Leasing r
1
Jan 135
100
Feb
Nat Zino & Lead r
1
200
Feb 219% Jan Nevada Ophir r
10c
Jan 41% Feb Nevada Rand r
25
10c
65
Mar 70
Mar New Cornelia r
5
3-16 Jan
Jan NipIssing Mines
5
455 Jan Nixon Nevada
34 Jan
1
Mar 79
78
Mar Ohio Copper r
1
144 Feb 20% Mar Onondago Mines_ r
1
1% Feb Pole Star Copper r
Feb
1
124 Jan
174 Feb Porphyry Copper r
1
Mar 104
104
Mar Portland Cons Copper_ r_l
Jan
3
Jan Provincial Mining
3
1
Jan
34 Jan, Rawley Mines r
1
355 Jan
34 Mar Ray Hercules Mining r_ _5
1
Jan Red Warrior Mining r_ 1
A Feb
24 Jan
3% Jan Rex Consolidated Mg_ _1
14
Jan 20
Feb Rochester Mines
1
14
Mar 14
Mar San Toy Mining
1
2% Mar Sliver King of Arizona__ _1
Jan
855 Jan
133% Mar Sliver King Cons of Utli rl
11% Jan 14% Jan Silver Pick Cons r
1
4
Mar
4% Mar Silver Plume Cons_r__ A
19% Jan 304 Feb Standard Silver-Lead.. _1
4% Jan
ag Feb Stewart
1
14 Feb
131 Feb Success Mining
1
64 Jan
84 Feb Superior Cop (prosp't) (t)
55
120
9-16 Jan
•
Jan
%
500
130 Feb
Jan
110 120 13,700
8o
3)4 Mar
4
455 7,600
235 Feb
Mar
34 7-16 2,000
Mar 7-16
135 Mar
55 Jan
134 1 7-16 21,300
5o
Feb
435e 454c 3,500
3o
Jan
Jan 96e Mar
59c 730 84,000 410
55 Jan
34 .4 4,625
1% Jan
4 9-16 19,500
35 Jan
Mar
1
Feb
3.4
X
300 11-16 Jan
45c 49c 19,400 44e
Jan 56e
Jan
1)5 Mar
Jan
14 1 7-16 15,600 .1
2
235
1,750 1 15-16 Jan
23% Jan
93-4c 1135c 31,300
33%c Jan 190 Feb
134 Jan
35 9-16 3,800 42e
Jan
14 2
235 Jan
1% Mar
2,150
24 Jan
Feb
2
255 15,700
Jan
7
5
2,800
Jan
54 6
280 31c
9,600 220 Feb 31c Mar
14 Mar
14 13', 15,845
34 Jan
4% 5
455 Mar
4,500
555 Jan
51 Jan
"(4 Feb
34 5-16 31,800
135 Mar
55 Feb
1% 5,400
3-4
135 Jan
34 Mar
300
%
35 Mar
35 Mar
500
•
55
55 13-32 2,050
55 Jai
7-16 Jan
40 435e 4,000
3o
5o Feb
Jan
40
Sc
5c Mar
3e
6,000
Jan
70
8c
4,000 435c Feb
100 Feb
5,4
3,500 9-18 Jan
X
3-4 Jan
455 455 3,620
5
Jan
2% Jan
455 4%
4)5 Mar
435 Feb
400
13c 17c 31,900
Jan no Feb
8o
11-16 Jan
7-16 7-16
600 11-32 Jan
3
354 Mar
34 8,170
1)1 Jan
55 11-16 10,400
55 Jan
35 Jan
63o 670 10,300 55o
Jan 900
Jan
150
160
Jan 24e
Jan
4,100 14e
Jan
555 555
5
631 Jan
200
Jan
734c 734c 2,000
8c
Do
Feb
13-16 13% 34,700
35 Feb
1% Mar
5-16
Jan
55 25,300 250
Mar
40
be 10,200
40 Mar Sc
Feb
7-16
3,100 7-16 Jan
34 Jan
•
34 3,700 5-16 Feb 7-16 Jan
835c 835c 28,500
Jan 8340 Mar
4o
5
634 Jan
5
455 Jan
500
38c 48e
Jan
7,000 50e Mar 60e
1-16 3-32 21,000 1-16 Jan 5-16 Jan
Jan
3234c 41c 109,000 25o
410 Mar
1
1
2 • Feb
Feb
1
500
5c
60 50.000
Jan
80 Feb
30
27c 290 11.800 150
Jan 38e , Feb
180 190
Jan
4,000 130 Feb 210
200 23e 11,200 13c Feb 23e Mar
163% 183%
7,060 1535 Jan 18% Mar
854 Mar
1,700
Jan
834 8%
8
1 11-16 9,700
135 Mar
34 Jan
15-16 134 50,700
14 Mar
35 Feb
3
315 Mar
336 5,500
Jan
2
220 23e
Jan 280
Jan
1,300 200
94c 1 5-32 15,300 94c Mar
14 Mar
310 320
Jan
Jan 34o
3,000 310
50e 520 11,300 43e
Jan 520 Feb
2
135 Jan
24 3,370
23-4 Jan
43% 4% 3,300
435 Jan
33-4 Jan
31 Jan
34 7,675
55
3-4 Mar
lie I20 22,000
15o Feb
90
Jan
33c 36c 13,900 27e
Jan 450 Mar
1235c 1234c 3,000 Ile
180
Jan
Jan
5-16 5-16 1,500
,
3 Feb 7-16 Jan
334 Jan
23-4 23%
235 Mar
300
535c Co
70 Feb
6,000 4350 Jan
51c 650 11,000 470 Feb 65c Mar
13-32 13-32 1,300
% Jan 7-16 Jan
7-32
3-16 Jan
34 11,400
3.4 Jan
100 12310 13,000
7o
Jan 1230 Mar
24 231
2
Jan
255 Jan
1.000
54
1 5-16
650
9-16
9-16
460
1 7-16
2 1-16
10e
2
2 1-16
5%
3.4
4%
5-16
13.4
be
4 7-16
4%
14e
11-16
630
150
13%
40
3.4
70
450
3-32
330
1
6c
29c
190
21e
18
8%
1
11-16
3%
1 5-32
520
24
435
36c
234
630
13-32
31
12e
134
Hales
Friday
Lass Week's Range for
Week.
of Prices.
Sale.
Shares.
Mining (Cona.)- Par. Price. Low. High.
1117
THE CHRONICLE
MAR. 16 1918.1
Range since Jan. 1.
Low.
Mar
Mar
Jan
Jan
Mar
Mar
Feb
Mar
Mar
Mar
Jan
Mar
Feb
Feb
Feb
Jan
Jan
Jan
Mar 9934 Jan
Jan 9834 Mar
Jan 9534 Mar
Jan 10034 Feb
Jan 100% Feb
Feb 9834 Feb
7
Mar 99% Mar
Mar 9934 Mar
Mar 9834 Mar
Mar 99
Mar
Mar 58 . Jan
Mar
90tz
Pah
•Odd lots. t No par value. I Listed as a prospeot., 1 Listed on the Stock Exchange this week, where additional transactions will be found. o Now stock. r Unlisted. u Ex-cash and stook dividends. w When issued. z Ex-dividend. y Exrights. z Ex-stock dividend.
CURRENT NOTICE.
Bid
Alliance RIF 65
Amer Surety 108
Bond & If0 190
Casualty Co
City inVedVa YE"
Preferred_ • eo
Ask
75
112
200
100
20
66
Bid
Lawyers Mtg 87
Mtge Bond_
80
Nat Surety_ 170
N Y Title &
Mtge _
50
Ask
92
90
175
57
Standard 011 Stocks PerSlare
Par Bid.
,nglo-Amerioan Oil new. £1 1114
100 900
Mantic Refining
100 425
torne-Sorymeer Co
luckeye Pipe Line Co__._ 50 *92
:hesebrough Mfg new___100 315
100 10
:olonial Oil
100 435
)ontinental 011
)reseent Pipe Line Co___ 50 .30
)umberland Pipe Llne...100 135
Cureka Pipe Line Co_ ___I00 185
3alena-Signal 011 oom_ _ _100 128
100 118
Preferred
100 183
BMWs Pipe Line
tellana Pipe Line Co--__ 50 *92
:ntemational Petroleum.. £1 *13
qational Transit Co-12.50 *13
qew York Transit Co-100 205
gorthern Pipe Line Co--100 103
25 328
)1alo Oil Co
25 .40
'enn-Max Fuel Co
Merce Oil Corporation___ 25 5912
100 468
?rairie Oil & Gas
100 267
?range Pipe Line
100 285
lolar Refining
3outhern Pipe Line Co_100 182
100 275
3outh Penn OH
3outhweet Pa Pipe Lines_100 92
itandard 011 (California)100 213
itandard 011 (Indiana).-100 625
3tandard 011 (Kansas)___100 440
Itandard 011 (Kentucky)100 315
3tandard 011 (Nebraska) 100 465
Randard Oil of New Jer_100 528
3tandard 011 of New Y'k 100 260
100 375
3tandard Oh (Ohio)
10() 95
3wan& Fisch
Union Tank Line Co-_._100 88
100 345
iraouum Oil
10 •26
Washington 011
M
000NM;OMOMMM
0 MC.0.....,..mme,
0gM
,
0 8.f0g2=0
1...
m...... N. W
.
.
X
000...0.tsMel.N..mpwrompe..yommtam
N.Mr:00M00M0.00,
0 ..
.. .A t.NMOC.N00.MW.M.r..CW0hM00..0MCOm0 m
0
.
..1...m.0.14,
M
M
.
80
205
65
175
Quotations for Sundry Securities
RR. Equipments--PerCi,Basis
'Bid. Ask.
6.00 5.75
6.10 5.70
6.10 5.70
6. 1 6.00
7.5' 6.50
6.2 5.76
6.2 6.78
7.51 6.5(1
7- r 1 6.50
7..' 6.50
6.'. 6.00
6.00 5.44:
5.81 5.042
7.00 6.0()
6.61 6.00
6.86 6.00
6.80 6.00
6.80 6.00
6.50 6.00
6.50 6.00
6.00 5.40
6.00 5.40
6.41 6.00
5.90 5.40
6.3' 5.50
6.11 5.60
7.1i 6.00
7.00 6.00
6.7 6.00
6.7 6.00
6.30 5.90
6.30 5.90
6.6' 6.00
5.85 5.40
5.90 5.40
5.7 5.00
5.75 5.00
7.5 6.50
7.00 6.00
7.0' 6.00
7.00 6.00
5.80 5.40
6.50 5.50
6.50 6.00
s.
BM. Ask.
95 100
87 95
70 80
*15 16
*1512 16
200 250
100 130
170 190
92 98
300 325
*75 85
100 104
125 150
100 106
eat.
9812 9912
4
9912 991
98 9812
975 977
s
s
14 8
97 9 11
9852 99
978 9014
4
9314 94
s
985 987
s
9934100
9814100
9614 97
99 99
12
9712 9812
97 99
93 95
96 98
.
9952 997
9812---8
995 997
s
9614 97
95 97
961, 97
95 97
88 90
9614 97
9978---83 85
99 9912
Baltimore & Ohio 454s
Buff Rash & Pittsburgh 4346
Equipment 48
Canadian Pacific, 434e
Caro Clinchfield & Ohio Si....
Central of Georgia 5e
Equipment 434s
Chicago & Alton 46
Chicago & Eastern Ill 53411
Equipment 434e
Chlo Ind & Louis!, 434s
Chia St Louis & N 0 5e
Chicago & N W 434s
Chicago It I & Pao 434e
Colorado & Southern fre..
Erie 54
Equipment 4345
Equipment 45
Hooking Valley 4s
Equipment 5s
Illinois Central 5s
Equipment 43.4*
Kanawha & Michigan 434e..
Louisville dr Nashville 5e--__
Michigan Central 5a
Minn St P & S S M 430._
Missouri Kansas & Texas fis.
Missouri Pacific 55
Mobile dr Ohio 541
Equipment 4%s
New York Central Lines be
Equipment 43.4*
N Y Ontario dc West 434e
Norfolk & Western 434s_ _
Equipment 4e
Pennsylvania RR 43.4*
Equipment 4s
St Louie Iron Mt & Sou 5s.._
St Louis dr San Francisco 55_
Seaboard Air Line 5e
Equipment 434s
Southern Pacific Co 4Xs
Southern Railway 4%e
Toledo & Ohio Central 4s-Per She
Tobacco Stocks
Par
American Cigar oommon_100
100
Preferred
Amer Machine & Fdry_100
British-Amer Tobao ord_ _ £1
LI
Ordinary. bearer
Conley Foil__ _____ 100
Johnson Tin Felt& Met_100
MaeAndrewe & Forbes.. 100
100
Preferred
Reynolds(R .1) Toba000_100
Rights
Preferred
100
Young (J S) Co
100
Preferred
100
Short-Term Notes
-Per
Amer TeldrTel 6s 1919_ _F&A
Baito & Ohio 5e 1918 __JAJ
JAI
56 1919
Beth Steel 5e 1919_ _F&A 15
Canadian Pao (ls 1924M&S 2
Chico & West Ind (Is' 18.M&S
Del. & Hudson 54 1920 F&A
Erie RR 55 1919
A-0
General Rubber he 1918.J&10
J&J
Gen Eleo (Ss 1920
6% notes (2-yr) '19_ J&D
MA
Great Nor 561920
Hooking Valley 691918 MAN
K C Rys 534e 1918
JAB
K C Term Ry 4 Xs'18.M& N
J1s.1
434e 1921
Laclede Gas L 581919_ FAA
Mich Cent 5a 1918
Morgan&Wright 5s Dec 1 '18
N Y Central 4301918.M&N
56 1919
N 'ir N El & II ISs_Apr 15 1918
Penn Co 434e 1921_ _J&D 15
Pub Ser Corp NJ 5e '19.11I&S
Rem Arms U.M.0 is'19F&A
Southern Ry 5s 1919__M-13 2
United Fruit 55 1918..__M-N
Utah See Corp 64'22.M-S 15
Winches RepArms7s19.M&S
Industrial
and Miscellaneous
100
American Brass
American Chicle oom_ - _ -100
100
Preferred
Am Graphophone cam_ _ _100
100
Preferred
100
American Hardware
A mor Ty pefounders oom _100
100
Preferred
Borden's Cond Milk cow _100
Preferred
• 100
100
Celluloid Company
100
Havana Tobacco Co
100
Preferred
let g 5s June 1 1922_ _J-D
Intereontbsen Rubb com_100
..100
Internet Banking Co.
wo
International Salt
A-0
let gold 55 1951
International Silver pref_100
10
Iron Steamboat
A&O
let 58 1932
A&O
Gaol 44 1932
Lehigh Valley Coal Sales_ 50
Otis Elevator common...100
Preferred
100
Remington Typewriter
100
Common
100
1st preferred
100
2d preferred
Royal Baking Pow corn...
100
._
Preferred
-A syndicate composed of the Central Trust Company of Illinois, 0. F.
Childs & Co., Emery, Peck & Rockwood, Hornblower & Weeks, King,
Hoagland & Co., the National City Bank, Taylor, Ewart & Co., and the
Union Trust Co., all of Chicago, are offering to investors, in an advertisement on a preceding page of this issue of our paper, the 5% tax-free Federal
Farm Loan bonds, issued under the Federal Farm Loan Act by the First
Joint Stock Land Bank of Chicago, reference to which was made at length
In our editorial columns on Feb. 16, pages 658 and 659. The bonds are
dated Nov. 1 1917 and are due Nov. 11937. They are offered at 101 and
434% to the optional period and 5% thereafter. The
Interest to net over
bonds are redeemable at par and accrued interest on any interest date after
Per Cosi.
Bonds.
Piero° Oil Corp cony 6s-1924 75
five years from date of issue. They are offered in the form of coupon
registered bonds which in turn are re-exchangeable
bonds exchangeable for
Ordnance Stocks
-Per Share.
for coupon bonds. They are in denominations, $1,000, $500 and $100. ((Ana Explosives pref._ _100 55
Interest is payable semi-annually, May 1 and Nov. 1 at Chicago. The
4
kmerioan & British Mfg_100
100 15
Preferred
principal is payable at the bank of issue. Both principal and interest
Was Powder oommon__ _100 167
lawful currency.
payable in gold or
100 94
Preferred
100 113
-The "Oil Trade Journal," 120 Broadway, New York, have favored the Babcock & Wilcox
"Chronicle" with a copy of "The Petroleum and Natural Gas Register," a Blis9 (E W)Co common_ 40'360
50'.--.
Preferred
-page volume Just published. As its name indicates, this
handsome 548
Danada Fdys & Forginge_100 140
book is a directory of the petroleum and natural gas industries, including
Darbon Steel common......100 84
individuals operating in the United States, Canada and
100 90
1st preferred
companies and
100 58
2d preferred
Mexico. In addition to the names of the officers of the several companies,
.3olt's Patent Fire Arms
mention is made of the location of their properties, and the capital stock
25 *67
Mfg
authorized and issued wherever these facts are available. More than a
luPont(E I)de Nemours
100 256
& Co common
year has been required to assemble the information contained in the vol100 9412
Debenture stock
ume, which should prove very valuable for reference purposes. The price
100 93
gastern Steel
of the Register is $12 a copy, prepaid to any address in the United States, F,mpire Steel & Iron oom_100 33
100 75
Preferred
Canada or Mexico.
leroules Powder oom_ _ _100 237
-William Morris Imbrie Sr Co., 61 Broadway, N. Y., have prepared 1 Preferred
100 112
investment suggestions covering 13 prominent bond issues 2Cies-Bement-Pond oom_100, 118
a circular giving
1001 97
Preferred
industrial companies which have not increased capitalization materially
of
.38
during the past years of activity, and call attention to the !awe apparent 'elm Seaboard Steel (no par)1 260
1001
'helps-Dodge Corp
yield if these bonds purchased to-day are called at the end of three years.
krovill Manufaoturieg_ _ _100 460
50 *25
-J. Fred Slocum. until recently the Buffalo representative of IIodenpyl, 1Moms,/ Iron
Arms.100 750
Hardy & Co., Inc., is now associated with Teller & Evers, Inc., 314 Ellicott 1Winehester Repeat
100 35
Woodward Iron
Square, Buffalo.
Public Utilities
-Credit-Canada, Limited, Montreal, announce the removal of their
kmer Gas & Elee own__ 50 .89
office to the Dominion Express Building, 145 St. James street.
-50 *40
Preferred
100 208
Mier Lt & Trao com
100 9612
Preferred
Lmer Power & Lt Som.--100 45
74
1
Preferred
Liner Public Utilities com100 22
Bid
Banks.
Ask Trust Co's. Bid
Ask
Banks-N.Y. Bid
Ask
100 5312
Preferred
America•__ _ 480
New York
495 Manhattan• 290 310
Wee Service Co corn. 100 203
Amer Exch_ 205
Bankers Tr_ 385
215 Mark dc Fult 305
395
100 70
Preferred
Atlantic _
300 CentralTruet 715 730
180 Mach & Met 295
170
lons'w'Ith Pow Ry & L.100 24
Battery Park 190
Columbia _ 255
265
.
200 Merchants_ _ 250
100 49
Preferred
• 165
Metropol'n
Bowery•.._ _ 400
175 Commercial_ 100
:lee Bond & Share pref _ _100 93
Bronx Boro* 150
Empire
. 'ederal Light dr Traotion.100
SOW
290
Ed Mutual*. 375
5
Bronx Nat.._ 150
New Neth* 200 116 Equitable Tr 338
345
100 25
Preferred
BryantPark* 145
Farm L & Tr 390
400
160 New YorkCo 150
Ireal %%Teat Pow 55 I946.J&J 76
Butch & Dr_ 75
Fidelity
200
210
90 New York. 415
,
Hirsissippi Rh Pow oom_100 1212
270
Chase
Fulton
240
255
350 Pacific•
335
100 36
Preferred
490
Chat & Phen 220
342
510 Guaranty Tr 335
225 Park
First Mtge 5s 1951.._J&J 70
Chelsea Ex • 100
210 Hudson __- 135
142
110 People's*.-- 200
lorth'n States Pow oom_100 59
Chemical _ _ _ 375
Prod Exch... 200
Irving Trust 165
380
100 87
Preferred
Citizens _
210
'
2 16 Law Tit dr Tr 95 105
207
215 Public
forth Texas Else Co oom 100 55
435
City
Lincoln Tr_ _ _
100
395
405 Seaboard
100 70
Preferred
400
Coal & Iron_ 205
425 Mercantile
215 Second
softie Gas & Elea corn_ _100 35
Colonial*._ _ 8400
Sherman _ 120
130
Tr dr Dep. 190
100 82
1st preferred
Columblas_ 290
100
325
110 Metropolitan 300
310 State*
'uget Sd Tr I. & P corn 100 10
Commerce__ t170
23d Ward*. 110
125 Mut'l(West100 37
Preferred
Corn Exch•_ 305
115
chester) _
125
155
315 Union Exch. 145
111epublic Ry dc Light___ _100 22
Cosmopol'n* 85
N Y Life Ins
95 Unit States* 500
100 59
Preferred
East River_ _ 60
& Trust_ _ 875
900
85 Wash Irts*.. 350
outh Calif Edison own._100 80
Fifth Ave_ 3400 3800 Weetch Ave* 175
600
200 N Y Trust__ 585
Preferred
100 95
Fifth
215
Side*. 185
275
195 Soand!nayl'n 260
230 West
tandard Gas & El (Del). 50 *6
860
First
275
890 Yorkville*... 540
565 Title Gu &Tr 265
50 .24
Preferred
Garfield _
165
Brooklyn.
Transatlan 'o 175
180
'ennessee Ry L & P eons 100
212
-Amer* 135
145
Germ
155 Union Trust 420
430
145 Coney UN*
8
100
Preferred
255
German Ex* 385
270 USMtg&Tr 400
405 First
410
'lilted Gas & Eieo Corp_100
5
0
Germania* . 180
140
150 UnItedStatee 900
190 Flatbush
925
100 41
lot preferred
Gotham_ _ 200
150
165 Westchester. 130
Greenpoint
140
7
100
2d preferred
Greenwich*. 335
350 Hillside *-- 110
120
'liked Lt & Rye corn. _100 30
...l00
Hanover.... 640
650 Houreetead •
Brooklyn.
115
100 62
1st preferred
Harriman_ _ 235
245 Mechanics'• 110
120 Brooklyn Tr 510
550
reetern Power oommon_100 12
490 Montauk•.
245
95 Franklin____ 235
Imp & Tra(l. 475
100 49
Preferred
280 Nassau
1i1 205 llamilton_. _ 265
1Irving(tr etre )270
275
. 3S0
395 Nation'ICity 265
625
275 Kings
Liberty
MO
Lincoln__ 280
300 North Side*. 175
200 Manufact're. 135
145
140 People's - _- 285
130
People's _
275
Queens Co_
70
85
0
• Banks marked with a()are State banks. t Sale at auction or at Stook Ex• Per share
Basis. 4 Purchaser also pays accrued dividend.
change this week, I New stook. I? Ex-rights.
Flat price. n Nominal s Ex-dividend. y Ex-rights.
New York City Banks and Trust Companies
Ask
Bid
Realty Assoc
(Brooklyn) 70
US Casualty 190
USTitieG&I 55
Wee & Bronx
160
Title &M
All bond prices an "and Interest" except where marked "r'.
a
7
0g=8%2=n2g Vg i gn
gggg$224Wagg2
7
NO.MeN0VM. M
V.MM.N
N.M
et,
Cb. M
34
334
114
%
21e
134
534
5034
60e
534
%
22c
134
86o
18e
%
14o
2
IF.
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Feb
Jan
Mar
Mar
Feb
Jan
Jan
Jan
Feb
Feb
New York City Realty and Surety Companies
1
%
500
%
%
Tintle Mining
3
Tonopah Belmont Dev r 1
334 334 1,170
334
134
134 1% 2,705
1%
1
Tonopah Extension
300 3-16
5
5-16 5-16
Trl Bullion S & D
8,450 130
150 190
1
Troy Arizona r
134
1
Tuolumne Copper
134 I% 4,500
3%
3,600
5 4 11-16 5
1
United Eastern
United Verde Exten_r_50c
383. 5034 4,200 3634
90
360 480 53,900
1 390
US Zino St Lead i_r
334
55i 534 2,130
Unity Gold Mines
5
300 11-16
11-16 11-16
Verde Combination r_ _50c
11,300 110
110 220
Ward Mining & Milling r 1
18e
Washoe Copper
1
134 13-16 134 1,400 [3-16
7,450 65o
73e 820
West End Consolidated_ _5 780
110 13e 14,500 100
White Caps Exten_ _10o
15-32 17-32 13,800 "44
White Caps Mining_ _100
8o
3,300
1
10e 110
Wilbert Mining
%
15-1611-16 5,800
Yukon Gold
1
5
Bonds
Am Tel & Tel 1-yr 68 w L _
9934 9834 9934 180,000 9834
Beth Steel 5% notes_ _1919 97% 9734 9734 25,000 964
Canada(Dom of) 58_ _1919 9534 9434 9534 153,000 9434
17,300 9834
9934 100
Gen'l Elee 6% notes_ _1920 100
22,000 99
9934 100
6% notes(2-year)_ _1919 100
9834 9834 11,000 9734
Phlla Elec 68 r w 1_ _..1920
9934 75,000 98
98
Procter & Gamble 78_1919
in q 10,000 99
1921 9934 99
7% notes
7% notes
1922 9834 9834 9834 5.000 9834
32,000 9834
9834 99
7% notes
1923 99
Russian Govt 6 Xs r 1919 4234 4234 4234 8,000 38
Westinghouse Eleo & Mfg
.5
A
02 tic 051, 98,4 42.000 98!
High.
230 233
42 45
65 70
80 86
84 88
__ _
124
36 40
80 85
96 99
96 99
145 150
4
3
111
5
3
f45 50
812 912
160
55 if70 73
79 83
4
•112
n90 100
n25 40
*80 84
38 40
69 73
1312
68
49
128
z93
15
71
51
98
New stock.
1118
[VOL. 106.
THEN CHRONICLE
lnutstuunt and Sailtaact /intelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
Gan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from Jan. 1 to and including the latest week or month. We add a supplementary state-
ment to show fiscal year totals of those roads whose fiscal year does not begin with January, but covers some other period.
It should be noted that our running totals (or year-to-date figures) are now all made to begin with the first of
January instead of with the 1st of July. This is because the Inter-State Commerce Commission, which previously
required returns for the 12 months ending June 30, now requires reports for the calendar year. In accordance
with this new order of the Commission, practically all the leading steam roads have changed their fiscal year to
correspond with the calendar year. Our own totals have accordingly also been altered to conform to the new
practice. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
Jan. 1 to Latest Date.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
Ala & Vicksburg___ February _ 171,108 158,509
351,007
332,380
Ann Arbor
4th wk Feb
47,598
44.240
374,806
418,042
Atch Topeka & S Fe December 14541066 13133867 165529519 144290238
Atlanta Birm & Ati 4th wk Feb
606,689
80,029
82,666
656,663
Atlanta & West Pt.. December
166,939 141.112 1,770.251 1,469.722
Atlantic City
January.._ _ 184,592 141,675
184,592
141,675
Atlantic Coast Line January -- 4,213,955 3,710,500 4,213,955 3,710,500
Charlest & W Car December
243,514 196,382 2,401.443 2.025.370
Lou Hand & St L January
166,753 160.883
166,753
160,883
a Baltimore & Ohio.. December 10668050 10311 307 133613321 121793843
B& 0 Ch Ter RR December
121,138 151.751 1,940,003 1,862,356
Bangor & Aroostook November
345,390 368,415 4,045,182 3,675.194
Bessemer & L Erie.. December
690,306 659,859 12,372,619 11,110,685
Birmingham South.. December
113,856
94,755 1.201,530 1,096.415
Boston & Maine
January
4,110,648 4,518,279 4,110,648 4,518,279
Buff Roch & Pittsb_ 1st wk Mar 321,781 283,577 2,544,027 2,300,712
Buffalo & Susq RR.. January
139,708
193,
139,708
Canadian Nor Syst_ 1st wk Mar 666,400 669,100 6,072,700 5,860,300
Canadian Pacific 1st wk Mar 2,617,000 2,442,000 22,725,818 21,432,308
Caro Clinchf & Ohio January _ ,317,908 353,7801 317,908
353,780
Central of Georgia.. January
.542,927 1,198,378 1,542,927 1,198,378
Cent of New Jersey November 3,254,539 2,922,954 34,323.2813 31.539,490
Cent New England.. December
426,656 429,125 5,477,288 5,208,198
Central Vermont.... December
362,311 366,776 4,482,811 4,463,588
Ches & Ohio Lines.. January __ 3,562,341 4,220,831 3,562,341 4,220,831
Chicago & Alton__ _ January
1.233,626 1,533,383 1,233,626 1,533,383
Chic Burl & Quincy December 10388402 9,749,415 122342706 109191204
b Chicago & East Ill December 1,682,331 1.527,67821.012,173 16,817,329
c Chic Great West.... 1st wk Mar 305,019 276,980 2,706,025 2,706,847
Chic Ind & Louisv_ 1st wk Mar 177,638 167,899 1,311,829 1,546,160
Chicago Junc RR December
260,916 233,870 3,260,982 2,810,017
Chic Milw & St P.._ January _ 7,492,519 8,351,113 7,492,519 8,351,113
defile & North West January
7,172,006 8,075,065 7,172,006 8,075,065
Chic Peoria & St L_ December
175,875 155.793 2,192,288 1,810.4o1
Chic Rock Is! & Pac December 7,505,216 6,961,442 85,709.549 77,482.911
Chic R I & Gulf...... December.. 398.193 340,488 3.899.173 3,402,921
d Chic St PM & Om January
1,690,007 1,662,436 1,690,007 1,662.436
Chic Ind & Western December
204.263 203,798 2,639,537 2,372,130
Chic Terre H & S E December
364,391 297,021 3,805,025 2,813,760
Colorado Midland_ December
148,642 126,373 1,621.932 1.666,811
e Colorado & South_ 1st wk Mar 291,762 282,631 3,397,316 3,263,280
Cuba Railroad_ _ January
1,231,835 761,119 1.231,835
761,119
Delaware & Hudson 1ecember 2,216,512 2,132,733 29,935.653 26,595.975
Del Lack & West January
4,393,946 4,434,676 4,393,946 4,434,676
Deny & Rio Grande December 2,384,349 2,209,958 28,423.138 25,464,486
Denver & Salt Lake December
130,339 159.760 2,065,217 1,913.078
Detroit & Mackinac 1st wk Mar
24,586
20,902
185,955
189,058
Detroit Tol & Iront December
174,178 183,169 2,640,122 2,325,278
Det & Tol Shore L_ January
110,969 157,474
110,969
157,474
Dul & Iron Range December
157,191 206,041 7,371,399 7,170,864
Dul Missabe & Nor December
345.035 366.535 15,306,600 14.389,278
Dul Sou Shore & AtI 1st wk Mar
70,088
72,000
576,182
641,574
Duluth Winn & Pac December
136.693 146.705 2,026,109 1,882.888
Elgin Joliet & East.. December 1,194,688 1.080,884 15.816.473 14,138,323
El Paso & So West.. January _ _ 1,291,615 1,237,182 1,291,615 1,237,182
Erie
December 6,009,325 5,776,575 79,776,367 74,311,260
Florida East Coast.. December
656,533 851,346 8,140,167 8,713,078
Fonda Jchns & Glov January
80,274
82,083
82,083
80,274
Ge ,,a Railroad
,
537.133 337,352 4,366.637 3,433,069
December
,rand Trunk Pac 2d wk Feb 136,720
66,900
702,163
460,897
Grand Trunk Syst_ 4th wk Feb 1,133,392 1,139,386 7,624,743 8,530,394
Grand Trunk Ry 2d wk Feb 582,341 640,749 4,340,366 5,159,827
Grand Trk West.. 2d wk Feb 124,295 136,495
917,918
993,461
Det G H & Milw_ 2d wk Feb
46,198
324,011
51,400
297,640
Great North System February 5,140,938 4,923.528 10,926,793 10,604,459
Gulf Mobile & Nor.. December
180,207 160,063 2,322,650 2,051,088
Gulf & Ship Island_ December
202,585 165,606 2,328,741 1,986,157
Hocking Valley.... _ _ January
693,716
,115 693,716
623,115
Illinois Central _ _ _ _ January
6,333,078 6,794,385 6,333,078 6,794,385
Internat & Grt Nor. December.. 1,260.865 1.054.012 12,588,224 10,766,944
Kansas City South.. January
1.186,349 1,072,958 1,186,349 1,072,958
Lehigh & Hud Riv_ December
158,314 159.128 2,247,617 2.143,597
Lehigh & New Eng.. December
254.037 268,846 3,666.567 3,046,332
Lehigh Valley
January _ 3,195,888 3,658,141 3,195,888 3,658,141
Los Angeles & S L_.. December 1,133.860 1.062,174 12,766.723 11,656,885
Louisiana & Arkan- January
138,091 124,855
138,091
124,855
Louisiana Ry & Nay December
251,534 212,420 2,497,535 2,142,164
Louisville & Nashv December 6,866,585 5,957,034 76,907,387 64,928.120
Maine Central
January _ _ 951,781 1,069.171
951,781 1,069,171
Maryland & Penna. December
40,382
39.637
534,599
489,894
Midland Valley.... Decemoer
25'7.002 203,127 2,927.127 2,121,16;
Mineral Range... 1st wk Mar
22,068
22,112
213,374
217,146
Minneap & St Louis 1st wk Mar 227,689 193.959 1,929,683 1,734,473
Minn St P & S S M_ 1st wk Mar 516,030 513,913 4,519,270 4,928,315
Mississippi Central_ December
112,256
61,008
974,749
823,365
g Mo Kan & Texas.. 1st wk Mar 779,432 696,434 7,771,448 7,122,063
Mo Okla & Gulf...... December
169,469
1,602,156
h Missouri Pacific....'December 6,780,313 6,497,746 78,320,312 69,972,810
Monongahela
January
158,171 168,472
158,171
168,472
-
Jan. 1 to Latest Date.
Latest Gross Earnings.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
$
$
3
Nashv Chatt & St L January __ 1,191,668 1,203,198 1,193,668 1,203,198
31,777
30,089
Nevada-Cal-Oregon 4th wk Feb
4,136
3,487
New On Great Nor_ December
165,926 134,800 1,916,461 1.746,701
579,003
641,987
NO Tex& Mex Lines January
641,987 579,003
New York Central )December 19088857 18053437 238829800 223261590
Boston & Albany
n Lake Erie & W.. becember
622,986 617,862 8,122,896 7,404,184
Michigan Central December 4,727,395 4,153,785 52,879,434 46,418,790
Cleve 00 & St L December 4,244,428 3,958,158 52,650,920 46,678,240
Cincinnati North December
176,990 156,431 2,440,830 1,909,947
Pitts & Lake Erie December 1,940,318 1,885,401 25,621,654 24,043,163
Tol & Ohio Cent.. December
583,558 523,133 8,088,541 6,203,847
Kanawha & Mich December
300,549 263,567 3,606.990 3,527,860
Tot all lines above December 31685081 29611777 392241065 359447621
N Y Chic & St L___ January __ 987,810 1,339,872
987,810 1,339,872
NYNH & Hartf_ _ December 6,961,617 6,792,182 85,784,893 80,432,167
633,528
N Y Ont & Western January __ 684,203 633,528
684,203
N Y Susq & West.._ December
294,187 324,632 4,151,145 3,974,431
Norfolk Southern.... December
416,262 432,774 5,299,914 4,939,172
Norfolk & Western.. January __ 4,787,904 4,962,151 4,787,904 4,962,151
Northern Pacific...... December 7,368,750 7,025,617 88,225.726 80,281,343
Northwest'n Pacific December
406.215 329.684 4,871,595 4,515,562
369,374
546,914
Pacific Coast Co..__ January
546,914 369,374
p Pennsylvania RR_ January
19467108 21241122 19.467,108 21,241,122
68,719
Balt Ches & Atl_ _ January
9.547
68.719
9,547
310,682
302.043
Cumberland Vall January
302,043 310,682
Long Island
January
1,124,465 1,051,095 1.124.465 1,051,095
60,723
9.332
Mary'd Del & Va January
60,723
9,332
445,001
N Y Phil & Non.. January
343.828
343,828 445,001
490,099
W Jersey & Seash January
459,309
459,309 490,099
894,856 1,056,264
West'n N Y & Pa January
894,856 1,056,264
Pennsylvania Co
January
4,156,900 5.338,286 4,156,900 5.338,286
489,183
368,564
Grand Rap & Ind January
368,564 489.183
IPitts C ez St L_ January
4.479.031 5,196,428 4,479,031 5,496.428
Total lines
East Pitts & Erie January
21977355 23969445 21,077.355 23,969,445
West Pitts & Erie January
9,144.963 11481670 9,144,963 11,481,670
All East & West_ January
31122318 35451116 31.122.318 35,451.116
Pere Marquette...... December 1.979.154 1.942,231 23,507,854 22,559,254
Pitts Shaw & North December
89,122 109,397 1,230,926 2,034,995
150,062
Port Reading
94,566
January _94,566 150,062
Reading Co-Phila & Reading.. January
4,572.711 5,415,674 4,572,711 5,415,674
Coal & Iron Co January
3,795,644 4.133,731 3,795,644 4,133,731
Total both cos.._ _ January
8,368,355 9,549,405 8,368,355 9,549,405
Rich Fred & Potom December
797,827 340.321 5,249,407 3,721,202
82,765
Rio Grande South.... 3d wk Feb
82,918
10,070
11,674
Rutland
December.. 325.595 344,319 4,325,369 4,035,656
St Jos & Grand Isl_ December
200,693 186,398 2.346,814 2,133,425
St L Brownsv & M.. December
392,607 418,916 3.918,191 3,933,970
St Louis-San Fran_ December 5,191,248 4,764.996 59,681.610 53,116.827
St Louis Southwest_ 4th wk Feb 386,000 320,000 2,930,000 2,632,000
Seaboard Air Line_ December 2,837,494 2,671,313 30E345,146 26,184,488
Southern Pacific.. December 17328 493 15396828 193971 489 163427 423
k Southern Ry Syst_ 1st wk Mar 2,495,565 2,036.324 21,137,700 18,642,737
536,187
Ala Great South_ January
544,012
544,012 536,187
Cin N O& Tex P_ January
850,755 1,082,889
850,755 1,082,889
403,099
New On & Nor E January
457,215
457,215 403,099
Mobile & Ohio...... 1st wk Mar 235,059 225,885 2,183,804 2,286,166
539,949
552,972
Georgia So & Fla.. 1st wk Mar
57,879
51,070
Spok Port & Seattle December
565,853 436,768 6,778,799 5,215,851
18,353
Tenn Ala & Georgia 4th wk Feb
15,543
2,676
2,377
Tennessee Central_ January
146,070
127,119
127.119 146,070
Term RR Ass'n StL December
250,291 295,179 3.712,529 3,577,079
St L M B Term.._ December
248,481 235,241 3,166,033 2,552,782
Texas & Pacific_ _ _ _ 1st wk Mar 427,742 369,777 4,203,225 3,806,749
194,949
Toledo Peor & West February
223,167
88,902
129,578
Toledo St L & West 1st wk Mar 125,803 121,481 1,004,533 1,113,877
Trin & Brazos Vail_ December
118,811 129,235 1,095,339 1,058,408
Union Pacific Syst- December 11801 524 9,973.683 130101 804 114412607
156,778
155,892
Union RR (Bait).... January __ 155,892 156,778
348,982
Vicks Shrev & Pac_ February _ 200,050 167,053
403,095
874,196
Virginian
702,344
January __ 702,344 874,196
Wabash
January
2,345,367 2,912,839 2,345,367 2,912,839
Western Maryland.. January __ 918,821 1,031,965
918,821 1,031,965
Western Pacific........ December _ 878,837 715.969 9.898.483 8,270.261
Western Ry of Ala.. December
187,301 131.031 1,725,860 1,365,275
Wheel & Lake Erie_ January
680,918
681,232
681,232 680,918
Yazoo & Miss Val.. January __ 1,512,501 1,425,769 1,512,501 1,425,769
Various Fiscal Years.
Canadian Northern
Cuba Railroad
Pacific Coast
St Louis-San Francisco
Current
Year.
Period.
July 1
July 1
July 1
July 1
to
to
to
to
Mar
Jan
Jan
Dec
Previous
Year.
7 27,929,500 27,491,800
31 5,783,350 3,936,295
31 3,648,573 4,129,510
31 32,049,790 28,752,377
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
* Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
• Monthly Summaries
Jurrent
Year.
Previous
Year.
Increase or
Decrease.
Mileage.
Cur. Yr. Prev. Yr.
$
$
$
week Dec (27 roads)..._ _ 17.165,428 14,973,905 4-2,191.52315.01
May
248,312 247.842 353,825.032 308.132.969 +45,692.063 14.82
week Jan (25 roads).--- 10.187.842 10.037,190
A-150.652 1.05 June
242,111 241,550 351,001,045 301,304.803 +49.696.242 16.49
week Jan (26 roads).._ _ _ 9,952,137 10.665,500
--=713,363 6.69 July
245.699 244.921 353,219,982 306.891.957 +46,328.025 15.09
week Jan 23 roads)......_ 9.362,837 9.783,078
-420,241 4.29 August
247.099.
373,326.711 333,555.136 +39.771,575 11.92
week Jan 28 roads)
15.069.139 15.123.132
-53.993 0.36 September_245.148 243.027 364.880,086 330,978,448 +33.901,638 10.24
week Feb 27 roads)........ 9.533,171 8,991,103
+542.068 612 October
.247.048 245.967 389.017,309 345,079.977 +43.937.332 12.73
week Feb 27 roadsi
+982,30010.12 Novem ber _242,407 241,621 360.062.052 326.757,147 +33.304,905 10.19
10,686,704 9,704,404
week Feb 26 roads ____ 10,6.3,488 9,728,41
+965,073 9.82 December.. _247,988 247,265 343,875,052 31:7 83fin +26.20g
:
week Feb 26 roads
11,651,809 10,305,667 A-1,346,14213.07 January _ _ 60,881
.
68,532 51,911,327 5,
week Mar 18 roads)_ _ _ _
.
February
66,381
66,041 47.210,440 43,113,487 +4,098,953 9.51
-a Includes Cleveland Lorain & Wheeling Ry.and Cincinnati Hamilton & Dayton. b Includes Evansville & Terre Haute. c Inc udes Mason OTty &
Fort Dodge and the Wisconsin Minnesota & Pacific. d Includes not only operating revenue, but also all other receipts. e Does not include earnings of
Colorado Springs & Cripple Creek District Ry. f Includes Louisville & Atlantic and the Frankfort dc Cincinnati. g Includes the Texas Central and the
Wichita Falls lines. h Includes the St. Louis Iron Mountain & Southern.
Includes the Lake Shore & Michigan Southern Ry.. Chicago Indiana &
Souttuzn RR., and Dunkirk Allegheny Valley & Pittsburgh RR. k Includes the Alabama Great Southern, Cincinnati New Orlans & Texas Pacific,
Nen
& Northeastern and the Northern Alabama I Includes Vandalla RR. n Includes Northern Ohio RR. y Includes Northern Central.
and,Philadelhpla Baltimore & Washington. * We no longer include Mexican roads in any of our totals.
4th
1st
2d
3d
4th
1st
2d
3d
4th
1st
IA
9
9
p
THE CHRONICLE
MAR. 16 1918.]
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the first week
of March. The table covers 18 roads and shows 11.81%
increase in the aggregate over the same week last year.
First Week of March.
1918.
1917.
Increase. Decrease.
$
$
$
283,577
321.781
Buffalo Rochester & Pittsburgh
38,204
666,400
669,100
Canadian Northern
2,617,000 2,442,000 175,000
Canadian Pacific
276,980
305,019
28,039
Chicago Great Western
167,899
177,638
9,739
Chicago Ind & Louisville
282,631
291,762
9,131
Colorado & Southern
24,586
3,684
20,902
Detroit & Mackinac
72,000 •
70,088
Duluth South Shore & Atl
51,070
57,879
6,809
Georgia Southern & Florida
22,112
22,068
Mineral Range
193,959
Minneapolis & St Louis
227,689
}
33,730
Iowa Central
513,913
Minneapolis St Paul & SS M......
516,030
2,117
696,434
Missouri Kansas & Texas
779,432
82,998
225,885
Mobile & Ohio
235,059
9,174
4,136
Nevada-California-Oregon
3,487
Southern Railway System
2,495,565 2,036,324 459,241
369,777
Texas & Pacific
427,742
57,965
121,481
Toledo St Louis & Western
125,803
4,322
Total (18 roads)
Nat inermaci fill RoLl
9,365,028 8,450,180
920,153
914.848
S
•
2,700
1,912
44
649
5,305
For the fourth week of February our final statement covers
26 roads and shows 13.07% increase in the aggregate over
the same week last year.
Fourth Week of February.
1918.
1917.
Increase. Decrease.
$
$
S.
Previously reported (14 roads). 9,381,247 8,140,045 1,296,202
47,598
44,240
3,358
Ann Arbor
80.029
82,666
Atlanta Birmingham & Atlantic
309.735
231,835
77,900
Chicago Great Western
60,349
86,810
Duluth South Shore & Atlantic
Grand Trunk of Canada
I 1,133,392 1,139,386
Grand Trunk Western
Detroit Grand Hay & Milw_
Canada Atlantic
27,450
27,303
147
Mineral Range
606,145
546,570
Minneapolis St Paul & S S M
59,575
3,487
4,136
Nevada-California-Oregon
2,377
2,676
Tennessee Alabama & Georgia_
$
55,000
2,637
1119
Gross
Net
Earnings. Earnings.
$
$
Fonda Johnst ,S, Gloversv80,274
30,136
Jan '18
82,083
'17
34,039
Mineral Range
97,932 def1,610
Jan '18
'17 101,513
5,731
Toledo Peoria & Western
93,589 def17,290
Jan '18
106,047
12,143
'17
129,578
14,012
Feb '18
88,902
6,198
'17
223,167 def3,279
2 mos'18
194.949
18,341
'17
Other
Income.
$
Net after
Gross
Earnings. Taxes.
$
Boston & Maine
Jan '18 4,110,648 def665,780
816,694
'17 4.518.279
Chicago Milw & St Paul
Jan '18 7,492,519 def627.666
'17 8,351,113 1,662,325
Cuba RR
454,171
Jan '18 1,231,835
208,436
'17 761,116
7 mos '18 5,783,350 1,590,445
'17 3,936,295 1.191,514
New Orleans Tex dr Alex Lines
196,007
Jan '18 641,987
'17 579.003
210,662
Other
Income.
Total
Income.
$
2,352
4,752
32,488
38,791
199
285
def1,411
6,016
20,796
16,294
18,000
24,274
38,796
40.568
3,506
28,437
32,012
30,472
35,517
58,909
Gross
Income.
Charges
& Taxes.
$
36,705
36.494
Balance,
Surplus.
i
def4,217
2,297
11,798 def13,209
13,979 def7.963
7,711
27,696
8,886
27,222
16,597
54,919
Fixed
Charges.
def4,205
741
23,126
3,250'
18,920
3,990
Balance,
Surplus.
$.
73,150 de1592,630
950,139def1.546,769
84.601
901,295 1,049,320 def148,025
77,822
549,844 1,388,595def1938,440
169,104 1,831,429 1,477,692
353,737
1,619
455,790
2,527
210,963
9,542 1,599,987
7,583 1,199,097
12,459
6,474
208,466
217,136
105,551
95,012
741,190
633.986
350,239
115,951
858,791
565,111
65,383
75.275
143,083
141,861
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Name ofRoad
or Company.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to
Current
Year.
It Date.
Previous
Year.
8
Atlantic Shore Ry___ January
10.832 22,902
10.832
22,902
c Aur Elgin & Chic Ry December 186,095 176,571 2,181.871 2,056.362
Bangor Ry & Electric December
83,790 73.741
886.120
829,988
Baton Rouge Elec Co January
21.530 20.446
21.530
20,446
Belt L RyCorp(NYC)November
55,758 44.299
627,727
624,197
Berkshire Street Ry_ December
58.916 87,478 1,058,729
999,886
Brazilian Trac, L & P December 8069.000 7312.000 92.200,000 84,885,000
649 Brock & Plym St Ry_ January
9,016
7,559
7,559
9,016
299 Bklyn Rap Tran Syst November 2421,010
2381.638 28.141.263 26,852.242
Cape Breton Elec Co December
46.120 40,284
464.081
11,651,809 10,305,667 1,437,182
393.667
Total(26 roads)
91,040 Cent Miss V El Prop December
WI (17041
311.630
29,258 • 26,954
294,893
1 .R45.142
Chattanooga Ry & Lt December
132,286 110,760 1,356.342 1,235,623
Cities Service Co_ __ _ January .._ 2031,462 1854,449 2,031,462 1,854,449
41.784 35.940
496.164
426.105
Net Earnings Monthly to Latest Dates.
-The table Cleve Painesv & East November
following shows the gross and net earnings with charges and g Columbia Gas & EL January __ 1254,951 1119.794 1,254.951 1.119,794
Columbus (Ga) El Co December
103.821 84.384 1.096.066
881.354
Colum (0) Ry.P & L December 385,269 336,954 4,024.186 3.537.399
surplus of STEAM railroads reported this week:
Com'w'th P Ry & Lt_ January
1700,470 1617,718 1,700,470 1.617,718
December 837.647 808,198 10.023,162 9,566,935
Connecticut Co
-Gross Earnings--Net Earnings
- Consum
Pow (Mich). December 573,444 499,286 5,775,371 4,747.201
Current
Previous
Current
Previous
Cumb Co(Me)P & L December 249,608 245,904 3,081.927 2,866,997
Year.
Year.
Roads.
Year.
Year.
Dayton Pow & Light January
195,477 177,569
195.477
177,569
g Detroit Edison_ __ _ January __ 1277,766 1109,722 1,277,766 1.109.722
Jan 2,715,300 2,832,600def.575,000
Canadian Northern
482,100
17,427,939 16.036.669
July 1 to Jan 31
24,572,100 24,464,100 2,760,100 6,778,200 Detroit United Lines December
DDEB& Batt(Rec) November
39,466 28,494
418,362
388.878
Central of Georgia_b____Jan 1,542,927 1,198,378 c417,891
c313,021 Duluth-Superior Trac January __ 140.971 128,974
140,971
128.974
Jan 1,233,626 1,533,383gdef.216,946 g374,710 East St Louis & Sub_ December 357,987 296.312 3,692,471 3,027.699
Chicago & Alton_a
Eastern Texas Elec__ January
84,459 79.352
Jan 490,062
84,459
Chic Ind & Loulsv
79.352
762,540 def124,930
220,023 El Paso Electric Co__ January
114,360 116,343
114.360
116,343
Delaware Lack & West b Jan 4,393,946 4,434,676
892,309 1,653,373 42d St M & St N Ave November 146.576 115,421 1,638,429 1,545.397
Southwest_ b_ _ _ _Jan 1,219.615 1,237,182
El Paso
530,822
618,760 g Federal Lt & Trac__ January _ _ 310,344 243.878
310,344
243.878
Jan 3,195.888 3,658,141 def823,574
194,183 163,076
Lehigh Valley b
194,183
163.076
522,108 Galv-Hous Elec Co__ January
Grand Rapids Ry Co December 117,238 119,184
Jan 546.914
Pacific Coast Co
369,374
90,273
95,453 Great West Pow Syst January __ 365,273 341,685 1,303,860 1,297.586
365,273
341.685
3,648,573 4,129,510
July 1 to Jan 31
668,703
599,807 Harrisburg Railways. January __ 99.803 92,669
99.803
92.669
Jan 1,948,976 1,856,926
Texas & Pacific-a
342.354
485,841 Havana El By,L & P December 673.789 560,270 6,989.599 6,017,709
521.306 hdef.71,842 h114,974 Honolulu R T & Land December
Tol St Louis & West-a_ _Jan 399,432
66,260 61.426
713.339
655.920
Houghton Co Trac Co January
Jan 918.821 1,031,965 def47,723
29,423 28,753
29,423
Western Maryland_ b
28.753
326,481 b Hudson & Manhat_ January
575,927 541,294
575,927
541.294
Wheeling & Lake Erie_ b _Jan 681,232
680,918 def.33,734
187,826 Illinois Traction__ __ January
1234,267 1152,500 1.234,267 1,152,500
Interboro Rap Tran_ January
3569,021 3630,693 3,569.021 3,630.693
a Not earnings here given are after deducting taxes.
Jacksonville Trac Co January
65,557 59.161
65,557
59.161
b Net earnings hero given are before deducting taxes.
January
21,866 20,897
21.866
20,897
C After allowing for uncollectible revenue and taxes, operating'income Keokuk Electric Co_ January
Key West Electric Co
13,775 11,303
13,775
11,303
for Jan. 1918 was 8343,868, against $257,137.
Lake Shore Elec Ry_ November
g After allowing for miscellaneous charges and credits to income, balance Lehigh Valley Transit Octcber___ 142.814 125.610 1,618,440 1.468.736
265.775 229.800 2,414.214 2.090.353
for interest was def.$289,636 in 1918, against $273,774 in 1917.
62,331 63,270
898,373
803,660
h After allowing for miscellaneous charges and credits to income, balance Lewist Aug & Watery December
Long Island Electric_ November
16,147 16,718
235.251
228,011
for interest was def.$109,284 in 1918, against $65,974 in 1917.
Louisville Railway__ December 291.955 270,131 3,281.505 3,078,297
Milw El Ry & Lt Co_ January _ _ 774.08.3 687,656
774.083
687.656
Gross
Profit in Rent, Int., Balance,
Milw Lt, lit & Tr Co January _ _ 193,950 170,435
193,950
170.435
Receipts. Operating. Taxes, ex. Surglus.
Nashville Ry & Light December 223.117 216,914 2,459,321 2,383.041
Newp N&H RyG&E_ November 142,032 87,654 1,223,444
955,732
Reading Company-N Y City Interboro__ November
58,012 49.612
678.363
574,145
Phila & Reading__Jan '18 4,572,711 def.416,171
882,500def1,298,671 N Y & Long Island__ November
437.412
39,835 32.083
381.409
'17 5.415,674 1,522,610
832,500
690,110 N Y & North Shore__ November
12,986 12.451
156,641
148,101
Coal & Iron Co ..Jan '18 3,795,644 def.2,119
100,000def.102,119 N Y & Queens CO... November
72.112 107,600 1,064.532 1,278,617
'17 4,133,731
538,914
526,414 New York Railways_ November 9923.423 837,383 11.487.873 11,216.136
12,500
N Y & Stamford fly_ December
Total both cos.._ _..Jan '18 8,368,355 def.418,290
24,377 25.296
394.259
357,816
982,500def1,400,790
'17 9,549,405 2,061,524
45,844 49,155
555,414
564.654
845,000 1,216,524 N Y Westches & Bost December
Northampton Tree_ _ November
197.940
17.701
15.734
181.953
Reading Co
Jan '18
599,467
482,000
117,467 North Ohio Elec Corp January
548,392 498,145
548.392
498.145
'17
579,276
493,000
86,276 North Texas Electric January
250,312 171,100
250,312
171.100
Total all cos
Jan '18
181,177 1,464,500def1,283,323 Ocean Electric (L I). November
6.461
5,931
151.476
147.651
'17
2,640,800 1,338,000. 1,302,800 Pacific Gas & Bloc__ _ December 1770,392 1669,126 19.813.381 18.615,498
g Paducah Tr & Lt Co January
27,694 28,788
27,694
28,788
Gross
Net
Fixed Chas. Surplus.
Pensacola Electric Co January
37,143 27.047
37,143
27,047
Earnings. Earnings. & Taxes. Surplus.
Phila Rapid Transit_ January __ 2468,899 2427,788 2,468.899 2.427,788
$
$
Port
(Ore)Rv.I.& PCo. November 525.811 479.367 5.429.490 4.970.515
8
Bellefonte Central__Feb '18
5,495
def.286
def.496 g Puget Sd tr.L & P. December 971,130 788.880 9,454,861 8,107.371
210
Republic Ry & Light January
5,716 def.1,100
492,941 373,412
492,941
'17
373.412
247 def.1,347
11,475 def.1,313
2 mos '18
420 def.1,733 Rhode Island Co... _ December 498,252 481,639 6,000,602 5,811.996
14,632
32.161 30.641
417.122
'17
366
374.793
494
def.128 Richmond Lt & RR.. November
St Jos Ry, L, H & P. November_ 132.033 125.091 1,373 6.30 1,235,944
527.135
Gross
53.300 47.315
Net after
495.775
Fixed
Balance, Santiago El Lt & Tr_ November
Earnings.
93,374 75,053
93,374
Taxes.
75.053
Charges.
Surplus. Savannah Electric Co January
Second Avenue (Rec) November
66,610 46,486
794.98
707,868
Southern Boulevard.. November
17.579 12,131
202.949
167.796
Chic & North West_Jan '18 7,172,006 def.784,664
891,156def1,675,820 Southern Cal Edison.. January _ _ 565,770 711,001
565,770
711,001
'17 8,076,065 2,011,888
909,004 1,102,884 Staten Isl'd Midland_ November
21.335 23,309
327,321
307,857
Chicago St Paul
Jan '18 4,690,007
66,678
214,963 def.148,285 Tampa Electric Co__ January
86,449 92,315
86.449
92,315
Minn & 0
'17 1,662,436
405,864
222,124
183,740 Third Avenue
November 337.131 263.528 3,781.414 3,272.523
Louisiana &
138,091
Jan '18
841,724 897,932
31,508
841,724
26,359
5,149 Twin City Rap Tran_ January
897.932
Arkansas
124,885
Union Ry Co of NYC November 225,550 183.027 2,700.788 2,321.537
'17
26,175
25,815
360
Missouri Kansas az Jan '18 3,620,754
615 586
525,181
125,409
721,192 def.595,783 Virginia Ry & Power_ January _ _ 615,586 525.181
Texas
946,202
'17 3,409,176
405,747
597,479 def.191,732 Wash Halt ,Sr Annap_ December 182,420 76,739 1,560.125
Westchester Electric_ November
42,990 23.669
511,298
403.872
West,chesterStreetRR December
246,023
17,564 14.763
Gross
225.734
Other
Net
Total
Balance,
Charges
g West Penn Power November 365,238 297,012 3.576,572 2.706.802
Earnings. Earnings. Income.
Income. & Taxes. Surplus.
a West Penn Rys Co_ November 672,612 568.381 6,984,869 5,705,741
$
Yonkers Railroad
November
67,950 12,193
759.311
523,813
Boston & Albany
York Railways
January __ 97,528 91,490
97,528
91.490
112,683 1,731,525 1,626,093
3 mos. tol'17 5,645,204 1,618,842
104,532 Youngstown & Ohio_ January
30,823 25,348
30,823
25,348
Dec. 311'16 5,712,641 2,339,646
106,109 2,445,755 1,408,075 1,037,680
b Represents income from all sources. C These figures are for consoliDul So Sh & Atl273,307 def28,346
Jan '18
Earnings now given In milreis. g Includes constituent
3,872 def24,474
104,917 def129,391 dated company.
'17 301,174
57,447
63,249
5,802
105,316 de142,067 companies.
26,461
5,994
[VOL. 106.
THE CHRONICLE
1120
Electric Railway and Other Public Utility Net Earn-The following table gives the returns of ELECTRIC
ings.
railway and other public utility gross and net earnings with
charges and surplus reported this week:
Gross
Earnings.
Companies.
Colorado Power Co_Jan '18
109,244
91,563
'17
12 mos '18 1,201,431
'17 1,042,462
310,344
Federal Light & Trac Jan'18
243,878
'17
134,479
Keystone Telephone Feb 18
127,570
'17
2 mos '18
270,998
255,102
'17
492,941
Republic Ry & Lt.. Jan '18
373,412
'17
Southern Cal Edison Jan '18
565,770
711,001
'17
Net after
Taxes.
66,476
52,691
690,086
578,575
98,341
93,613
58,654
64,073
116,264
123,845
133,224
149,684
291,664
430,955
Fixed
Charges.
345,447
322,370
50,184
49,727
28,372
27,792
56,726
55,583
92,202
81,747
232,097
190,282
Balance,
Surplus.
x380,760
x293,743
48,157
43,886
30,282
36,281
59,538
68,262
x51,497
z72,965
x157,138
z251,028
x After allowing for other income received.
INDUSTRIAL COMPANIES.
Fixed
Net after
Gross
Charges.
Taxes.
Earnings.
St L Rky Mtn & Pac Jan '18
'17
451,079
299,499
111,920
100,797
20,671
20,727
Balance,
Surplus.
91,249
80,070
ANNUAL REPORTS
Lackawanna Steel Co. and Subsidiaries.
(Report for Fiscal Year ending Dec. 31 1917.)
The report is given on subsequent pages, including the
remarks of President E. A. S. Clarke, income account, balance sheet, &e. The usual comparative tables follow:
CONSOL.RESULTS FOR CALENDAR YEARS,INCL.SUBSIDIARY COS.
1914.
1915.
1916.
1917.
Gross sales & earnings_ _$77,446,241 $53,970,836 $27,792,935 $16,281,639
Less-Mfg.cost&op.exp. 46,650,979 36,865,430 21,061,731 14,057,189
Net from mfg.& oper.$30,795,262 $17,105,406 $6,731,204 $2,224,450
344.622
311,240
663,324
858,190
Add-Divs.on inv., &c_
$31,653,452 $17,768,730 $7,075,826 $2,535,690
Total income_.a.
954,311
1,098,357
1,677,872
Selling exp., taxes, &c__ 1,819,535
Net earnings
$29,833,917 $16,090,858 $5,977,469 $1,581,379
DeductionsExting. of mines & min226,849
313,115
368,730
412,603
ing investments
839,789
1,210,528
1,653,847
Deprec. & accr. renew
1,789,059
Res've for Federal excess
profits taxes
10,040,000
Int. Lack. Steel bonds,
1,749,700
1,633,283
debentures, &c
1,445,194
1,285,357
315,950
309,900
191,379
303,317
Int. bds.,&c.,of sub.cos_
101,536
101,536
101,536
8,543
Rentals and royalties..
3,152,338
Div. on corn. stock(9%) 3.158,777
350
87
Div. on pref. stock_
Total deductions_ __..$16,885,718 $7,024,961 $3,568.449 $3,234,174
Balance, sur. or def__sr.$12,948,199sr.$9,065,897sr.$2,409,020df$1,652,795
CONSOLIDATED BALANCE SHEET DEC. 31 (INCL. SUBSID. COS.).
1917.
-An index to annual reports of steam
Annual Reports.
railroads, street railways and miscellaneous companies which
have been published during the oreceding month will be given
on the last Saturday of each month. This index will not
Include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Feb. 2. The next will appear in that of March 30.
American (Bell) Telephone & Telegraph Co.
(Report for Fiscal Year ending Dec. 31 1917.)
The report of the company, containing extended excerpts
from the remarks of President Theodore N. Vail, and the
income account and balance sheet, and many tables giving
valuable information, will be found on subsequent pages.
COMPARATIVE INCOME ACCOUNT OF COMPANY FOR CAL. YEARS.
1914.
1916.
1915.
1917,
$28,894,254 $26,710,691 $25,662,616 $25,638,205
Dividends
Interest & other revenue
from associated cos.._ 17,805,006 14,529.979 13,407.977 13,959,944
5,530,454
Telephone traffic (net)_ 7,887.548 8,136,314 6.544,462
1,067,996
1,194,299
1,650,255
1,555,068
Real estate, Re
Total
Expenses
$56,237,063 $50,932,051 $46,809,354 $46,196,599
5,691,867 5,638,622
7,296,596 6,188,675
Net earnings
Interest
Dividends (8%)
$48,940,467 $44,743,376 $41,117,487 $40,557,977
10,469,360 6,730,099 6,498,850 8,223,163
32,481,614 31,122,187 29,100,591 27,572,675
$
1917.
1916.
$
Ands-
Liabilities-
1916.
$
$
Common stock.. 35,097,500 35,096,500
Cost of real est.,
plants, &c _ _ _ 72,673,365 73,485,956 Sub. cos. stock
0,387
3,887
Invest'ts in ore.notowned..__
6
companies,&o 6,220,263 6,1202 6 1st M.5s conv.g 11,750,000 15,000,000
1st consol. mtge.
Liberty bonds9,903,500
series A 5s_ _ _ 0,902,500
For company. 2,535,400
6,033,000
Sub.cos. bonds_ 3,646,000
858,200
For employees
1,178,000
879,527 Car trust ctfs_ 1,054,000
449,827
Deferred charges
5,752,074
Current acc'ts__ 6,231,144
Bond sink'g,&c.,
616,174
37,618
936,185 Bills payable___
fund, cash__ 1,334,440
790,705
292,243
Inventories ____ 16,964,594 12,883,086 Taxes & int.acer
Res'y'd for Fed.
Misc. accounts
inc. & excess
213,118
589,420
receivable ___
profits taxes_ 10,040,000
Customers' ace's
6,713,711 Divs. declared
(less reserve). 10,735,774
1,052,895
but not paid..
653,129
295,694
Notes receivable
Mines exting. &
Cash in bank &
4,544,364
mining invest. 4,338,366
3,689,882
4,339,756
on hand
Deprec'n & reMarketable sec.
8,277,913
place't funds_ 9,056,215
493,375
362,531
at cost
608,553
625,769
Cont.&mise.fds.
Prof.& loss acct *28,284,025 17,148,169
Total
117,359,268 106,068,234
Total
117,359,268 106,008,234
* After deducting 31,812,342 loss on sale of Lebanon property.
-Preferred stock authorized as of Dec. 31 1917, $10,000,000, none
Note.
-V. 106, p. 932, 605.
of which is outstanding.
Columbia Gas & Electric Co. (of W.Va.),Cincinnati,&c.
(Report for Fiscal Year ending Dec. 31 1917.)
The remarks of President A. B. Leach, together with the
consolidated comparative income accounts for several years
of the Columbia Gas & Electric Co. and the Union Gas &
Electric Co., and the consolidated balance sheet as of Dec. 31
1917, will be found on subsequent pages of this issue. Compare map on page 154 of the "Railway & Indus." Section.
$5,989;492 $6,891,090 $5,518,047 $4,762,139
$2,500,000 $2,500,000 $2,500.000 $2,500,000
$3,489,492 $4,391,090 $3,018,047 $2,262,139
-RESULTS FOR CAL. YRS. CONSOLIDATED BALANCE SHEET DEC. 31 (INCLUDING UNION
BELL TELEPHONE SYSTEM IN THE U. S.
GAS & ELECTRIC CO.)
(All Duplications, Including Interest, Dividends and Other Payments to
1910.
1917.
1916.
1917.
Amertcan Telephone & Telegraph Co. by Associated Cos., Are Excl.)
Liabilities
Assets
1916.
1915.
1917.
StatisticsProperty acct -864,022,168 63,338,496 Capital stock (Col.
_50,000,000 50,000,000
Gas &
7,031,530 6,545,490 5,968,110 Guar.fds.with trus.:
Bell stations (No.)
3,444,148 3,301,702 3,183,111
251,303 First M. 5s (Col.
3,970
Bell-connected stations (No.)
Cash
$
Gas & Electric)_13,839,000 13,488,500
$
$
Income AccountUnited Kingdom
207,471,937 188.888,149 169,155,944
5% debens. (Col.
Exchange revenues
96,875
5%% notes...
84,559,861 72,971,668 62,929,980
Gas& Eleotrio)_ 2,850,000 2,850,000
Toll revenues
U. S. 3A & 4%
2,715,463 2,338,431
2,863,152
Outstanding stock,
Miscellaneous revenues
Liberty bonds 724,948
Balance, surplus
Carried to reserves
Carried to surplus
294,894,950 264,575,280 234,424,355
Total operating revenues
52,919,458 49,631,966 44,586,841
Depreciation
41,151,041 34,923,549 31,171,272
Current maintenance
68,121,646 53,748,707 45,785,432
Traffic expenses
28,364.039 25,698,913 23,583,274
Commercial expenses
13,849,960 11,902,470 11,049,191
General & miscellaneous expenses..
204,406,144 175,905,605 156,176,010
00,488,806 88,669,675 78,248,345
1,703,210
1,229,253
1,480,502
20,710,933 14,916,448 13,001,903
Total operating expenses
Net operating revenues
Uncollectible revenues
Taxes
Bonds(C.G.&E.
1st M.5s,par).
Ohio Municipal
scour. (cost)..
Other sees. owned
Treas. bonds, &a_
Cash
Acc'ts receivable_
Materials & supp_
Accr. Int., Re., on
securities owned
Deferred charges_
Total
Operating income
Net non-operating revenues
68,548,620 72,272,725 63,543,232
7,975,869 7,080,384 6,022,932
Total gross income
Rent, &c., deductions
Interest deductions
Deduct-Dividends
76,524.489 79,353,109 69,566,164
3,990,047 3,735,470 3,384,407
21,820,231 .18,378,931 18,095,643
36,862,582 35,160.119 32,897,065
13,851,629 22,078,589 15,189,049
Surplus earnings
BALANCE SHEET OF AMERICAN TELEPH. & TELEG. CO. DEC. 31.
1917.
1916.
1916.
1917.
AssetsStocks,&o.,of associated cos.:
489,148,443
Stocks
Bonds& notes119,786,059
18,038,289
Telephones
764,379
Real estate, dm_
Long-distance tele65,034,543
phone plant
Cash & deposits. 23,064,402
Acc'ts receivable 19,876,722
Special demand
20,394,800
notes
Employ, stockpurchase plan 4,611,479
Temp.cash Inv_ 2,176,340
452,390,926
68,088,356
16,779,578
724,303
53,457,978
65,237,661
15,408,693
LiabilUiesCapital stock...435,641,200
17,525
Cap.stk. install.
Coll. tr. 4s, 1929 78,000,000
Cony. 4s, 1936.. 2,843,000
Conv.4;0,1933. 13,160,800
Coll. tr. 5s, 1946 79,195,500
4.4% coup.notes 7,569,000
Wes.T.&T.5s,'32 9,985,000
Notes to assoc'd,
&c., cos
Divs.payia,n.15 8,712,824
Int.& taxes seer. 4,084,665
Acc'ts payable_ 3,057,982
Empl. ben. fund 2,000,000
Deprec., &c.,res 36,354,401
Surplus a
82,373,560
395,603,600
32,019
78,000,000
3,127,000
13,890,100
80,000,000
15,455,000
9,985,000
1,700,000
7,912,072
2,783,841
2,177,966
2,000,000
31,092,680
1,471,000
2,303,000
1,399,497 1,399,497
85,000
85,000
232,832
b815,172
1,262,755 1,291,775
1,533,525
902,900
339,996
639,857
499,805
229,939
Re. (Union Gas
5,000
5,000
& Electric), par.
459,368
Accounts payable.. 1,067,064
Accrued int..taxes,
1,700,373 1,480,626
&c
Customers' depos172,011
185,371
its, Re
1,245,598
586,532
Reserves
Profit and loss_ _ 1,892,105 1,374,447
166,882
104,803
72,784,511 70,416,483
Total
72,784,511 70,416,483
a Includes gasfields, plants, franchises, leases and 51,000 shares (or 51%)
of stock owned of the United Fuel Gas CO. b Includes in 1917, 1st Mtge.
5% bonds in treasury ($624.500 face amount), $582,340 and 5% gold
debentures in treasury, $232,832.-V. 106, p. 1038. 824.
United Drug Co., Boston.
(Report for Fiscal Year ending Dec. 31 1917.)
On a subsequent page will be found the remarks of President Louis K. Liggett along with the ,consolidated income
account for the calendar year 1917 and the consolidated
balance sheet as of Dec. 31 1917. See comparative statement in V. 106, p. 922, 606.
Wilson & Co., Inc., New York.
(Financial Statement-Year ending Dec. 30 1917.)
Pres. Thomas E. Wilson,it is reported,said in substance:
Our business for 1917 shows a steady growth. It is apparent from the
Government reports and It is reflected somewhat by our volume of business,
just issued, that there has been a substantial increase on the farms, both
in hogs and cattle, due to the efforts of the Food Administration and the
9,153,950
Department of Agriculture, together with the generous co-operation of the
20,000,000
79,002,166 producers.
There is every prospect ahead of us for an increased and unusual demand
Total
762,995,456 722,761,444 for food products by our allies that will justify greatly increased production.
762,995,456 722,761,444
Total
We again pledge ourselves and our facilities to the Government, and will
as
of helpa Includes premiums on capital stock and excl. debt disc't ,Sc expense. not hesitate to do whatever the Government asks of ustheour part plane of
highest
coupon notes of associated companies endorsed ing to maintain our fighting forces, and our allies, on
-$21,919,000 5%
Note.
but not owned by this company, are not included above in either assets or efficiency and physical well-being. All other interests should be and are
subordinated by Wilson'& Co.
-V. 106, p. 1037, 608.
liabilities.
21,520,000
THE CHRONICLE
MAR. 16 1918.]
INCOME ACCOUNT FOR CALENDAR YEARS.
1917.
Calendar Years1916.
Profits for the year, after. deducting depreciation
*$7,408,172 $5,710,358
and interest on current debts
Interest on debentures (retired during the year)
903,750
and mortgage bonds
796,485
713,188
Dividends paid on preferred stock (7%)
700,714
$5,791,234 34,213,159
9,359,810
6,830,213
Balance, surplus for the year
Previous surplus brought forward
$15,151,045 $11,043,372
Total
Deduct
-Adjust. of surplus covering reorganization exp., bond disct., losses through detained
steamers and all other uncertain items of previous years not hitherto fully ascertainable
1,683,560
100,000
Pension fund
$15,051,045 $9,359,812
Total surplus end of year
* After making provision for excess profits taxes for year 1917.
CONSOLIDATED BALANCE SHEET (INCL. SUB. COS.) DEC. 31.
1917.
1916.
1916.
1917.
Assets$
$
Plant & equipm't *26,044,753*24,412,145 Common stock_ _ _20,000,000 20,000,000
Preferred stock_ _ _10,476,400 10,133,400
Trade-mks.,pat'ts,
ilo good-will, &c_ _ _11,407,282 11,409,346 Sink, fund reserve
for redemp'n of
Invest. in cos. con1,101
preferred stock_
1 trolled & Mill.,
113
Mortgage bonds_ _15,250,000 15,000,000
but not wholly
225,000
owned
3,690,279 2,898,790 Accrued interest__ 228,750
36,579,570 18,206,651
Merchandise, &c_34,518,851 22,754,046 Bills payable
Acc'ts & bills rec._15,783,812 9,740,439 Acc'ts payable,&c. 2,863.577 2,558,675
81,114 Res've for Fed.tax. 1,621,855
Mtge.&Inv. secur. 1,106,939
15,051,045 9,359,812
Cash
8,830,765 3,905,803 Surplus
281,968
Prepaid insur.,&c. 689,617
Total
102,072,298 75,483,651
Total
102,072,298 75,483,651
1121
The statement of earnings includes only the dividends received from
those companies a part only of whose stock is owned by this company; but
it includes the total net profits for the year of companies all of whose stock
is owned by, or held in trust for, this company.
RESULTS FOR FISCAL YEARS ENDING DECEMBER 31.
1917.
1916.
1914.
1915.
Sales (incl. cos. whose
stock is owned)
$89,920,249 $70,009,437 $64,710,286 $69,339,084
Net earnings, after chgs.,
expenses, &c
*$9,785,361 $8,699,339 $8,463,483 $9,045,046
Divs.. partly-owned cos. 3,524,330
3,210,529
2,332,190
1,756,773
Int. on bds., loans,&c.(net)
380,395
368,224
385,087
253,973
Miscellaneous income__
122,360
270,122
650,025
Total net income___-313,563,665 $12,412,623 $11,434,019 $11,836,931
Premium on bonds pur$12,318
$10,826
chased and canceled
$14,620
Int. on money borrowed (net), $143,641, see "other income" above.
Int. on bonds, &c
98,511
102,248
184,818
201,746
3,161,982 3,161,982 3,162,770
3,167,243
Pref. dividends(6%)
8,048,480 8,048,480 8,048,480 8,048,480
Common diva. (20%)
Total deductions____$11.463,442 $11,325,027 $11,410,688 $11,417,469
Balance, surplus
$2,100,223 $1,087,596
$23,331
$419,462
*After deducting Federal excess profits and income taxes.
BALANCE SHEET DECEMBER 31.
1917.
1917.
1916.
1916.
LiabilitiesAssets
3
$
$
Preferred stock_ 52,699,700 52,699,700
Real est.,mach.,
fixtures, &c__ 6,808,349 6,521,156 Common stock_ 40,242,400 40,242,400
Brands, tr.-mks.,
6% bonds
704,200
760,800
4% bonds_ a _ _ _ 1,365,300 1,365,300
pat'ts & good54,099,430 54,099,430 Pref. div. paywill, &c
able January_
Leaf tobacco,op790,496
790,496
erat.supp.,&c. 55,042,468 40,491,756 Advertis'g, red.
Stocks & bonds_ 25,032,927 22,606,486
coupons, &c_ 2,544,041 2,167,228
6,724,708 5,239,026 Accr'd bond int_
34,167
33,318
Cash
456,470 Accts.& bills pay 26,620,487 2,747,769
Scrip
* After deducting mortgages and purchase money obligations payable. Bills & acct. rec. 10,541,710 6,468,019 Amts. due to cos.
-V. 106, p. 1044, 606.
In which stock
Amts. due from
is owned
93,617
38,956
cos. In which
39,181,756 37.081,533
stock is owned 5,243.632 2,046,005 Surplus
American Sugar Refining Co., New York.
782.090
Prepaid ins., &c
(Report for Fiscal Year ending Dec. 31 1917.)
The text will be cited another -week.
PROFIT AND LOSS ACCOUNT YEARS ENDING DEC. 31.
1916.
1917.
1915.
1914.
Profit from operation_ _ _$10,055,291 $9,756,379 $2,991,465 n2,791,050
792,991
880,609
934.331
Int. on loans & deposits_ 1,006,002
2,905,737
2,312,646
1,627.650
Int.& divs. on invest'ts_ 3,129,949
248,336
21,545
786,359
Not profit on invest'ts$14,212,787 $13,703,443 $6,184,720 $6,139,390
Net income
a685,471
a707,178
Former approp.for imp_
Total net income____$14,212,787 $13,703,443 $6.870,191 $6,846,568
$6,299,972 $6,299,972 $6,299,972 $6,299,972
Dividends (7%)
790,305
Deprec.on plant&equip_ 2,000,000 2,000,000
821,113
1,000,000
Improvement of plants_ 2,000,000
718,283
500.000
1,000,000
Insurance fund
1,000.000
Trade-mark advertising 1,000,000
500,000
250,000
200,000
Pension fund reserve
133,562
Contingency reserve
281,907
205,831
def___sur.31,912,815 sr$2,019.909 def$701,992df$1,198,631
Bal., sur. or
18,348,712 16,328,802 17,030.794 18,229,425
Previous surplus
$20,261,527 $18,348,712 $16,328,802 $17,030,794
Total surplus
Total
164.275.314 137,928,349
Total
164,275,314 137,928,349
a Consists of 4% gold bonds and remaining 4% bonds of Consolidated
-V. 106, p 608, 501.
Tobacco Co. not yet exchanged.
(P.) Lorillard Company.
(Report for Fiscal Year ending Dec. 31 1917.)
Treas. Wm.B.Rhett, Jersey City, Mar. 12, wrote in subst.
As required by the trust indenture, the Guaranty Trust Co., trustee,
purchased and canceled 7% gold bonds of this company of the par value
of $79,200, the cost of same being $99,961. The difference between par
value and cost of the bonds so purchased has been written off as an expense.
RESULTS FOR FISCAL YEARS ENDING DEC. 31.
1916.
1915.
1914.
1917.
Net income
$8,312,343 $5,874,077 $4,820,913 $4,519,061
Premium on 7% bonds_
20,868
18,685
17,471
20,761
1,269,252
Bond interest
1,263,103
1,274,050
1,279,625
Reserve for excess profit
and war income taxes_ 1,100,000
791,532
791,532
791,532
Pref. dividends(7%)
791,532
Common dividends_(18%)2.728,008(17)2,576,452(13)1,970,228(15)2,273,340
Total deductions ____ $5,903,404 $44,658,105 34.054,495 $4,361,968
$2,408,939 $1,215,972
$766,418
Balance,surplus
$157,093
The net income as above is shown after deducting expenses and charges.
* Includes in 1914 $17,215 additional profits from operations of former
years and $59,212 balance of former reservations after adjustment.
BALANCE SHEET DEC. 31.
ar a These are the amounts of foremer appropriations for improvements of
1916.
1916.
1917.
1917.
plants expended in new construction during 1915 and 1914 and offset in
Liabilities$
depreciation on plant and equipment.
Assets$
$
$
Preferred stock__ _11,307,600 11,307,600
Real est., machinCONDENSED GENERAL BALANCE SHEET DEC. 31.
cry and fixtures_ 7,607,960 7,220,923 Common stock___15,155,600 15,155,600
7% gold bonds__ _10,447,600 10,526,800
1916.
Leaf tobacco, man1917.
1917.
1916.
5% gold bonds__ _10,617,450 10,617,450
ufactured stock,
Liabilities
$
Assets$
197,883
& oper. supp__ _21,853,946 16,557,342 Pref.(flys. Jan. 3_ 197,883
Real est.& plant 45,931,124 47,246,442 Preferred stock_ 45,000,000 45,000,000
Com.dive. Jan. 3_ 454,668
454,668
General invest'ts 24,782,541 23,972,036 Common stock.. 45,000,000 45,000,000 Stock other cos. &
405,416
Liberty bonds__ 2,415,698 1,715,698 Accr. int, on bds__ 404,030
9,500.000 9,000,000 Reserves
Inv.,insur. fund
Reserve funds_ __ _ 4,256,278 2,303,539
Fire insurance 9,500,000 9,000,000 Trade - marks,
Inv.,pension fd_ 1,750,000 1,250,000
brands, &c__ _ _21,132,777 21,132,777 Res. for war inc.&
Mdse.& supplies 9,142,075 18,654,840 Impt. of pl'ts. 3,367,515 1,367,515
excess prof. taxes 1,100,000
2,026,610 4,764,211
309,051 1,527,643 Pension fund_ 1,750,000 1,250,000 Cash
Prepaid acc'ts....
Accts. & bills pay_ 1,478,417
594,817
1,121,266 1,222,193
Contingencies
823,648
857,753 Accounts and bills
Loans
8,433,477 5,814,824 Profit and loss_ _ _ 8,050,942 5,642,003
.
receivable
3,322,489 3,833,260 Trade mk.adv 2,000,000 1,000,000
Acc'ts receivle.
555,907 Acc'ts & loans
Accrued income. 1,047,044
63,470,469 57,205,776 Total
63,470,469 57,205,776
Total
payable
40,493,252 22,717,453
8,097,115 0,555,963
Cash
Divs. payable
1,599,037 1,599,833 -V. 106, p. 825, 605.
Profit and loss_ 20,261,527 18,348,712
Total
137,398,842 129,979,776
Total
137,398,842 129,979,776
-Willett & Gray's 'Sugar Trade Journal" of this
Output.
city on Jan. 10 gave the following estimate:
CONSUMPTION OF REFINED SUGAR IN THE UNITED STATES.
-Calendar Year- -Per Cent
1917.
Tons Produced by1916.
1917. 1916.
1,113,140 1,186,406
American Sugar Refining Co
29.37
33.64
1,822,253 1,621,163
Independent refiners
48.07 45.97
Beet sugar factories
839,577
700,256
22.16
19.86
Hawaiian and foreign refiners
15,610
0.53
18,525
0.41
Total consumed
3,790,580 3,526,350 100.00 100.00
Average Price-1917. 1916. 1915. 1914. 1913. 1912. 1911. 1910.
Granulated sugar___cts_7.663 6.862 5.559 4.683 4.278 5.041 4.345 4.972
Raw sugar
6.228 5.786 4.642 3.814 3.506 4.162 4.453 4.188
Difference
1.435 1.076 0.917 0.869 0.772 0.879 0.892 0.784
Granulated sugar opened Jan. 2 1917 at 6.615c. and rose gradually to
8.085c. on Apr. 11, and remained more or less the same throughout the
balance of the year. The closing price of the year was 7.987c. Raw sugar
opened the year at 5.27c. and closed at 6.005c., the highest price for the
year being 7.52c. on Aug, 7.-V. 106, P. 398, 192.
(The) American Tobacco Co., New York.
(Report for Fiscal Year ending Dec. 311917.)
Treas. J. M. W. Hicks, March 13, wrote in substance:
The sales for the year of this company and those companies all of whose
stock is owned aggregated 389.920,249 (against $70,009,437 in 1916), and
the net earnings therefrom after deducting all charges and expenses for
management, taxes, including Federal excess profits and income taxes in
1917, &c., were $9,785,361, being about 10N% on the sales. Adding
dividends from companies, apart of whose stocic is owned, $3,524,330, and
income from sundry other sources, $253,973, the total net income availablelfor int., diva., &c., was 313,563,665. The capital stock of the company, its outstanding bonds, and the average during the year of its surplus
aggregated $133,170,724 and the net income of the year as above was
$13,409,198, being about 10% thereon.
As required by the trust indenture of Oct. 20 1904, the Guaranty Trust
Co., trustee, purchased and canceled 6% gold bonds of this company of
theipar value of 356,600, the cost of same being $67,426. The difference
between par value and cost of the bonds so purchased has been written
off as an expense.
p.There has been no change in the capital stock during the year. Both
classes of stock have equal voting rights and the aggregate number of
stockholders (Feb. 15 1918) was 9,946.
Studebaker Corporation, South Bend,Ind.
(Seventh Annual Report-Year ending Dec. 31 1917.)
Pres. A. R. Erskine, South Bend, Mar. 9, wrote in subst.:
Results.
-Our total net sales amounted to $50,147,516, and our net
profits, after deducting interest payments and Federal taxes of $858,676,
amounted to $3,500.741. In 1916 our total net sales amounted to
$61,988,594, and our net profits, after comparable deductions of $127,175,
amounted to $8,611,245.
The heavy decline in the sale of automobiles occurred after our country
entered the war. In the first quarter we sold 16,083 cars, against 15,580
In the same period of 1916; in the remaining nine months we sold only
26,274 cars, against 50,305 acrs in the same period of 1916. Following a
substantial advance in the price of the four-cylinder, seven-passenger car,
the great demand for four-cylinder cars drifted to makes of light weight,
five-passenger cars priced under $850. Our sales of six-cylinder, sevenpassenger cars exceeded the volume of 1916.
In the vehicle division we received orders, including those of the Government, for 73,000 vehicles. against 56.000 the preceding year, and shipped
56,000 against 46.000 during 1916. Having on Feb. 6 placed our plants
at the disposal of the Government, we commenced, early in April, to
receive Government orders for large quantities of articles of character suited
to our equipment and in line with our manufacturing experience. To rearrange our plants on a war basis consumed considerable time and some
money.
-Half of our plant capacity is now being 'devoted to
Orders-Outlook.
Government orders, of which we have received over 70 in number, amounting to over $16,000,000. In the regular departments of our business, we
expect to produce about 30,000 automobiles and 30,000 vehicles, which
together with Government work ought to provide reasonably satisfactory
profit returns, but it should be stated that the large automobile operations
and resulting profits of peace times, are opportunities that will not be again
open to us until peace returns.
-The unusual occurrences inReduction of Loans-Dividend Decreased.
volving heavy inventories, &c., resulted in bank loans, which at the high
point of July 1, amounted to $13,231,500. As a result of the conservative
policy adopted, the profits suffered, but we reduced our bank loans to
$7,400,000 Dec. 31. Assistance in this direction was obtained by reducing
the common stock dividend on Aug. 7 from a 109' to a 4% basis.
-The increase in plant investment of $2,454,168 covers the
Properties.
cost of buildings, power-house, forge-shop and machine-shop at South
Bend, which were under way when war was declared and which are about
to be utilized on Government work; also some minor buildings at Detroit;
machinery and tools; also our Chicago plant containing 304,000 sq. ft.,
acquired by an even trade for our Kansas City branch warehouse property.
The Chicago plant has been leased to the Government.
-Production of these cars was started in Nov..
New Line of Light Cars.
but was retarded by freight congestion, fuelless days, &c. However, we
are now making substantial snipments, and production will steadily increase until we reach the monthly schedule of 3,000 cars, which is to be our
1122
THE CHRONICLE
basis this year on account of the restrictions it is necessary to observe
while the war lasts. The cars consist of a five-passenger, four-cylinder
model. 112-in, wheelbase. weight, 2,400 lbs., price $895; a five-passenger,
six-cylinder model, 119-in, wheel base, weight 2,800 lbs., price $1,295; and
a seven-passenger, six-cylinder model, 126-in, wheelbase, weight 3,000 lbs.,
price $1,695.
Seven-Year Comparison.-Compared with 1910 we had on Dec. 31 1917
net working capital of $23,535.266, an increase of $9,654,533, or 69.6%,
and plant and other property (after writing off $2,193,049 for depreciation,
&c.), $15,477,186, an increase of $5,665,196, or 57.7%. The net sales in
1917, $50,147,500, compare with $28.487,900 in 1911, and the net profits
of 1917. $3.500,700, with $1,653.600 in 1911. The total net profits for
the seven years 1911 to 1917, inclusive, were $30,126,600, out of which
$12,271.900 was disbursed in dividends, common and preferred, $2,535,000
was used to reduce the pref. stock from $13,500,000 to $10,965,000 and
$15,319,700 was kept in the business, increasing the assets as above shown.
On Dec. 31 1917 the tangible value of common stock, less $100 per share for
preferred, was $93 49, against $36 49 on Dec. 311910.
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING DEC. 31
1914.
1915.
1916.
1917.
Automobiles sold
42,357
35.460
46,845
65,885
Net sales
$50,147,516 $61,988,594 $56,539,006 $43,444,223
Mfg.,&c., gen. exp., &c_
$53,032,397 $47,045,582 $37,870,999
Officers' salaries
45,788,099
Reserve for depreciationJ
397,991
435,470
361,794
Net earnings on sales_ $4,359,417 $8,520,727 $9,095,432 $5,211,430
Income from invest., &c.
121,396
63,343
152,943
Other income
70,623
Net earnings
$4,359,417 $8,642,123 $9,248,375 $5,345,396
Deduct-Interest
$298.488
$414,941
*$49,187
Federal taxes
x560.188
Pref. dividends (7%)..
767,550
$767,550
830,445
869.050
Common dividends_..(7%)2,100,000(10)3,000,000(5)1,396.580
Special surp. acct
1,317,907
407.023
isct. & comm. propor n
47,529
30,878
85,791
Prem. on pfd. stk. retied
84,234
Extraord.items & adjust.
817,361
402,698
Spec. res.for future cont.
1,500,000
Total deductions
Balance, surplus
$3,726,226 $3,798,428 $6,043,242 $2,179,503
$633,191 $4,843,695 $3,205,133 $3,165,893
[VOL. Rm.
Jewel Tea Co., Inc., Chicago.
(Second Annual Report-Year ending Dec. 31 1917).
President F. V. Skiff, Chicago, Feb. 28, says in substance:
The net operating profit, before deducting Federal taxes, was 31,763,915,
on sales of $15,847,6()4, as against net operating profits of $1,532,061, on
sales of $12,892,507,for the calendar year 1916. Federal taxes (income and
war excess profit) amounted to $205,564, as compared with deductions for
the same item last year of $52,388. After making these deductions, the
profits for the year 1917 amounted to $1,558,351. or 9.83% of total sales.
During the year the net working capital has been increased $785,142,
and the total current surplus is now $2,136,954. Against the deferred
charge to future operations of $450,348 carried over from the year ended
Dec. 311916. in respect of those new branches which had not developed to
a normal operating basis during that year, the directors have charged off
one-half, or $225,174.
On account of the present abnormal conditions, it has been deemed
advisable to adopt a conservative policy regarding additional expansion of
the business. We are, however, continually strengthening our position in
all the territories in which we are now operating.
INCOME ACCOUNT FOR CALENDAR YEARS.
1916.
1917.
Net sales for calendar years
815.847,604 $12,892,507
Raw materials, labor,supplies, operating exp.,&c_813,960,2591811,360,446
Interest and discount paid
123.430
Income and war excess profits taxes
52,388
205,564
Net profits for years ending Dec. 31
Preferred dividends paid (7%)
$1,558,351 $1,479,673
275,140
275,800
Balance, surplus,for years
$1,282,551 $1,204,533
The total profit and loss surplus Dec. 31 1917 was $2,136,954, after
deducting $225,174 branch development expenses deferred (one-half proportion written off), and $124,957 appropriated surplus for redemption of
preferred stock and premium thereon.
BALANCE SHEET DECEMBER 31.
1916.
1916.
1917.
1917.
AssetsLiabilities
$
Land,b1dgs.,mach.
Preferred stock-- 3,880,000 4,000,000
&o
410,920
258,975 Common stock_ A2,000,000 12,000,000
Horses,wagons,&c. 889,317
917,331 Letters of credit &
Good-will
acceptances__ 1,115,655 1,232,138
12,000,000 12,000,000
Cash
468,735
572,619 Notes payable____ 1,796,500 1,925,000
Accls, &c., rec'le_ 727,461
536,746 Accounts payable_ 369,600
403,682
Inv. of mdse., &c. 6,290,889 5,703,992 Pref. div. payable
67,900
70,000
Invest.(sur. dept.)
58,399
49,026 Accr.wages & taxes *244,809
59,465
Com.stk. in treas.
6,149 Surety dep(contra)
1,244
49,026
58,399
Adv. to customers
Res. for redemp.81,349
1,281,186 1,137,579 Profit-shar. con.
60,850
(less reserve) _
Def'd branch dePreferred stock_ 120,000
velopment exp.. 225,174
450,348 Capital surplus__ 737,138
737,138
Deferred items_.. 234,481
129,567 Current surplus - 2,136,954 1,204,534
* Net item. x Includes in 1917 Federal income taxes, 3223,145; Federal
excess profits taxes, $239,274 and Federal excise taxes, $97,768.
CONSOLIDATED BALANCE SHEET.
1917.
1916.
1916.
1917.
Assets
LiaMlitiesReal estate,
Preferred stock _ c_10,965,000 10,965,000
&c
015,477,186 13,437,983 Common stock__ _30,000,000 30,000,000
Investments
847,672 1,142,045 Notes payable_ _ __ 7,400,000 4,000,000
Inventories of raw
Deposit on sales &
materials, &e....21,322,134 21,477,657 contracts
285,212
342,111
Total
22,587,806 21,762,332 Total
22,587,806 21,762,332
Accts.& notes reo.,
Accounts payable_ 2,091,847 3,542,886
less reserve._ _ _ 9,325,499 9,428,391 Res. for Fed. taxes 588,590
* Includes income and excess profits taxes, 1917.
Deferred charges,
Spec.res.for contin 1,358,237 1,358,237
-Contingent liability for letters of credit issued against merchanNote.
insurance, &c__ 358,684
235,493 Sundry creditors &
Cash in banks, &c. 2,528,555 3,196,703
b481,629 b2,654,015 dise on contracts not received or shipped, 3268,745.-V. 106, p. 719,604.
reserves
Good-will, patent
Spec. surp. acct._ 2,548,654 2,548,654
rights, &o
19,807,277 10,807,277 Surplus
13,947,838 13,314,647
(S. H.) Kress & Co., New York.
Total
69,667,007 68,725,550 Total
69,667,007 68,725,550
a Consists of real estate, buildings machinery and equipment at South
Bend, Ind., Detroit, Mich., and Wakerville, Ont., and at 'branches of the
'
company as of Jan. 1 1917, $15,216,067; additions during year, less realizations, $2,454,168; total. $17,670,235; less, depreciation, $2,193.049;
balance as above, $15,477,186. b Includes yearly accrued pay-rolls and
also in 1916 reserve for dealers rebates, $689,320. c After deducting $2,535,000 retired under provision of charter.
-V. 106, p. 720, 714.
Railway Steel-Spring Co., Chicago.
(16th Annuall Report
-Year ending Dec. 311917.)
Pres. F. F. Fitzpatrick, March 7, wrote in substance:
We have charged $1,000,000 against operating expense for depreciation
of machinery, plants and gas wells, and a reserve of $1,000,000 has been
made from the surplus earnings of the year for improvements, betterments
and retirement of bonds.
A reserve of $3,500,000 has been made to cover Federal income and
excess profits taxes, as shown in the accompanying statement and balance
sheet. The provision for payment of these taxes is in part represented by
securities purchased for that purpose and carried under stock, bonds and
investments.
The sinking fund redeemed and canceled during the year $133,000 Latrobe bonds and $132,000 Inter-Ocean bonds.
After making the above charges, together with dividends at the rate of
7% per annum on the pref. stock and 5% per annum on the common stock,
there has been carried to the surplus account the amount of $2,687,859.
There were outstanding on Dec. 31 1916 $2,994,000 Latrobe bonds.
All of these bonds have now been retired, partly by cancellation of the
bonds that were 'purchased by the company during the year 1917 and the
remainder through payment to the trustee on Dec. 31 1917 of the sum
required for their redemption on Jan. 1 1918 at 105 and int.
Owing to the restrictive market for raw materials and the congestion of
railroad facilities, it has been deemed advisable to carry much larger
amounts of materials in the inventories than heretofore.
The policy to increase the capacity of the different plants has been continued, much larger expenditures than usual have necessarily been made for
maintenance and may continue to be made during the coming year.
The year just closed shows results to be the largest in the history of the
company, and the volume of business done, especially during the last
few months of the year, has been conducted under the most trying difficulties, yet it is hoped that with better market and transportation facilities
the situation will improve in the near future so as to make possible a ye y
favorable showing for the year 1918.
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
1917.
1916.
1914.
1915.
Gross earnings
$23,905,714 $14,086,499 $7,043,957 $4,351,465
Mfg. oper., maint., &c..$13,806,746 $9,063,909 $4,975,679 $3,438,962
Charged off for deprec'n 1,000,000
1,000,000
199,218
379,812
Net earnings
39,098,968 34,022,590 $1,688,466
$713,285
Int. on Latrobe bonds
3140,852
$154,928
$161,733
$168,612
Int. on Inter-Ocean bds_
150,257
156,857
170,219
163,504
Improv'ts, betterments
& retirement of bonds 1,000,000
1,000,000
Reserve for Fed. income
& excess profits taxes.. 3,500,000
Divs. on preferred (7%)
945,000
945,000
945,000
945,000
Divs. on common
(5%)675,000(13)168,750
Total deductions..___ $6,411,109 $2,425,534 31,270,238 31,283.831
Balance,sur. or def_sr.$2,687,859 sr$1,597,056 sr.$418,228 df.$570,546
BALANCE SHEET DEC. 31.
1917.
1916.
1917.
1916.
Assets$
$
Liabilities
Plants, prop., &c_29,311,122 32,122,477 Preferred stock_ _13,500,000 13,500,000
Inventories
5,113,038 2,503,618 Common stock _ _ _13,500,000 13,500,000
Stocks, bonds and
Latrobe bonds_
2,994,000
investments ___ 3,553,254 1,548,944 Inter-Ocean bonds 2,967,000 3,099,000
Accounts receivAccts. payable_ _ _ 652,791
181,332
able
4,077,856 2,929,020 Res.for improv'ts,
Other items
132,045
53,453
retire.of bds.,&e.
1,000,000
Cash
857,906 1,484,453 Res. for diva., &c_ 267,629
397,691
Res.for Fed.inc. &
excess prof. taxes 3,500,000
Surplus
8,657,801 5,909,942
Total
43,045,221 40,641,965 Total
43,045,221 40,641,965
-V, 106. p. 1040, 714.
(Report for Fiscal Year ending Dec. 311917.)
INCOME ACCOUNT FOR CALENDAR YEARS.
Calendar Years1914.
1916.
1915.
1917.
Sales
$11,897,989 $12,429,590 815,059,683 $17,633,100
Net profit
$1,064,384 $1,063,067 $1,354.093 *81,465,461
Dividends on the $4,000,000 7% pref. stock
(3:)140,000 (7)280,000
Balance, surplus, for the calendar years
Stores operated, December 31
31,214.093 *31,185,461
130
144
* After providing for 1917 Federal excess profits tax and income tax.
COMBINED BALANCE SHEET DEC
.31(INCL.S. H.KRESS CO. Of Tex.)
1917.
1916.
1916.
1917.
Assets
Real est., &c., less
7% cum. pref. stk.
depreciation ___
93,574
(au. $5,000,000) 4,000,000 4,000,000
Good-will, leaseCommon stock__ -12,000,000 12,000,000
holds, &c
12,000,000 12,000,000 Accounts payable
Furniture & fixt.,
for mdse., &c__ 652,420
502,238
less depreciation 1,337,256 1,255,836 Accounts payable
Improv'ts, Ste., on
for mdse. purchleased property_ 686,341
734,909 ased for coming
Liberty bonds _ *120,956
season
320,846
360,025
Cash in banks, &o. 1,813,098 1,158,536 Reserve for taxes,
Cash for pref. div_
70,000
70,000 incl. 1917 Fed.
Inventories
3,374,246 2,816,305 exo. profits, dm.,
Mdse. purch'd for
taxes
369,900
41,508
coming season.. _ 360,025
320,846 Pref. dlv. payable
Net expend. for
Jan. 1
70,000
70,000
mdse., &c
35,475 Capital surplus.. _ _ 328,059
20,774
328,059
Sundry debtors &
Current surplus 2,399,554 1,214,093
acc'ts receivable 167,497
49,904
Prepaid expenses_
16,692
34,933
Pref. stock perch.
for cancellation_ 119,500
20,179,958 18,476,744 Total
Total
20,170,958 18,476.744
*Investment in Liberty bonds less employees' subscriptions.
-V. 106.
P. 1039, 719.
Colorado. Fuel & Iron Co., Denver, Colo.
(26th Report-Six Months ended Dec. 311917.)
Pres. J. E. Welborn, Denver, Feb. 28, wrote in substance:
-The fiscal year having been changed to correspond
New Fiscal Year.
with the calendar year, this report covers the operations for the six months
ended Dec. 31 1917.
Results.-Gross receipts for that period wore 320,739.030, compared with
$40,004,887 for the 12 months ended June 30 1917. and net earnings from
operation were $3,709,294, against $8.233,318 for the full year period.
Including income from sources other than operation, the total net income was 34,123,875.
After deducting fixed charges, including bond interest, taxes, sinking
funds and insurance fund, amounting to $1,445,586, there remained a surplus of $2,678,289. Charges for equipment renewal, for depletion of coal,
iron ore and limestone reserves and for depreciation on buildings, machinery and equipment amounted to $1,031,172, leaving a balance of 31.647,117. From this there was deducted $593,438 for preferred and common
stock dividends, the remaining $1,053,679 being carried to the credit of
profit and less account.
-Net expenditures during the six months for improveImprovements, &c.
ments and additions amounted to $2,334,386. The amount unexpended
at Dec. 31 1917 on authorized improvements was $430.000.
New Coke Oven Plant.
-Abnormal conditions will prevent the completion
of the by-product coke oven plant before early spring.
-On our subscription for $1,000,000 of Second Liberty
Liberty Bonds.
Loan bonds we were allotted $612,600, making a total investment In Liberty bonds of $1,050,100.
Wages.
-By advance in wage and salary rates, made effective Nov. 1
1917, to all employees, except officials, approximately $2,500,000 per annum was added to our pay rolls, the average annual increase per employee
being over $200. The pay-roll as of Jan. 1018 shows an increase of 90%
over the pay-roll for Jan. 1916 [not 1917), with an increase of but 15% in,
the number of people employed.1
-After the close of the harvest season there was no short
Coal Output.
age of miners at our coal properties, but maximum production there dur
ing the last quarter of 1917 was prevented by serious shortage of rallroa 1
cars.
jj
MAR. 16 1918.]
THE CHRONICLE
1123
MS. END. DEC. 31 1917 AND JUNE 30 YEARS. profit for the year carried to the consolidated balance sheet, after payment
of interest on $5,000,000 of notes and also after deducting liberal deprecia6 Mos. to -Years ending June
tion and the sum of $306,799 for estimated Federal taxes amounted to
1916.
1915.
Dec. 31 '17.
1917.
$28,682,157 $17,992,307 $10,885,451 $949,483, a decrease of $409,327.
Iron department
$13.828,232
During Dec. 1917 the plant of the General Vehicle Co., Inc., at Long
5,692,589
Fuel department
6,910,798 11,322,730 7,634,298
Island City was sold to the U. S. Government with the exception of the
$25,626,605 $16,578,040 electric truck business and certain other items. As a result of this transac!Total grass earnings_ _$20,739.030 9340,004,887
Iron department
$3,131,730 $7,617,780 $4,062,592 $1,869,317 tion your corporation has invited tenders for such an amount of its ten-year
283,494 loss!04,259 6% secured convertible gold notes as can be purchased for the sum of
Industrial dept. (fuel)_ 615,539
577,564
$750_.000. Tenders will be received by the Bankers Trust Co., 14 Wall St.,
Total net earnings_ _ _ $3,709,294 $8,233,319 $4,346,086 $1,765,058 N. Y. City (V. 105, p. 2098, 2278).
The success of the eight-cylinder car continued throughout the year
492,007
616.642
Add-Inc. from Recur's_
370,508
297,852
132,984
Interest and exchange__
125,535 1917 with orders in excess of production. The shipments in 1917 were
169,642
116,729
more than double those in 1916, showing that the effort of the company to
Total net income_...... $4,123,875 $9,019,602 $4,971,077 $2,261,101 produce a well-designed car of high power and economical operation has
met with favor by the public.
Deduct
Bond interest
$1,024,022 $2,004,135 $2,011,059 $2,016,213 CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR CAL. YEARS,
348,889
302,909
528.911
Taxes
299,123
1917.
1916.
1915.
184,089
83,658 Net sales, excl. munitions and special
244,498
Real estate, sink. funds..
110,442
58,000
74,494
24,000
Insur., pers'l injur., &c_
12.000
foreign contracts of General Vehicle
145,000
Equipment renewal_
80,000
150,000
60,000
Co., Inc
$18,924,452 $13,525,024 $12,290,997
15,000
Loss on Crystal R. RR_
36,000 Cast of sales, incl. all oper., selling &
6,970
Prospecting
2,488
gen. exp., plant maint. & repairs
17,329,985 11,020,265 8,841,130
For depletion of coal,
291.849
Depreciation of plants
311,554
224,276
342,477
iron ore & limestone
153,059
Net income from sales
$1,302,618 $2,193,205 $3,225,591
1,746,111
For deprec. on bldgs.,&c.
818,114
Other income, incl. int, earned and in
Preferred dividends__ _ _(4%)80,000 (38)760,000 (30)600,000
1917 profit on special contracts,
Common dividends- _ -(13.5)513,438 (3)1.027,065
General Vehicle Co., Inc
154,233
405,014
37,972
Total deductions__ $3,070,196 $6,827,198 83.369,906 $2.595,762
Total income
$1,707,632 $2,347,438 $3.263,563
Balance, sur, ordef__sur$1,053,679sur$2,192,404rur$1,601,171 def$334,661 Int. on Peerless Truck & Motor Corp.
6% secured convertible notes
$300,000
$300,0001 $107,789
BALANCE SHEET.
Other interest, &c
65,4231
Dec.31'17 June30'17 P. T. & M. Corp. int., &c. (net),
.
Dec. 31'17. June30'17.
$
Assets$
$
$
Nov. 10 to Dec. 31 1915
40,222
Property
66,373,386 64,039,000 Common stock__ _34,235,500 34,235,500 Net loss on munitions and special forCash on hand......1.871,476 5,021,429 Preferred stock__ 2,000,000 2,000,000
eign contracts, Gen. Veh.
Col.F.&I.gen.M.55 5,795,000 5,795,000 Fed, exc. prof. tax & incomeCo.. Inc_See"Oth.Inc." 550,637
Stocks and bonds
tax(est.)
306,799
80,000
(inter. co.)
80,000 Depreciation of investment, &c
15,621,315 15,731,494 Col.F.Co.gen.M.63
34,963
Grand Riv. C.&C.
U.S.Govt.Liberty
Special reserve for contingencies_ _ ....
116,387
72,567
600,000
437,500 Co. 1st M. Os.. _ 850,000
850,000 Pref. divs. of Peerless Motor Car Co..
Loan bonds
1,051000
1,946
2,453
Accts.& bills rec... 4,776,940 5,410,846 Col. Ind. Co. 1st
Total deductions
$760,095
$991,081
$748.012
37,859,000 38,098,000
Mtge. 55
172,963
Subsidiary cos_ _ 992,515
Balance, surplus
$947.537 $1,356.357 $2,515,551
Accts. & bills pay.. 1,598,315 1,834,413
Manufac'd stocks
148,049
159,592
and supplies
6,221,445 4,144,407 Hospital
CONSOLIDATED BALANCE SHEET DECEMBER 31.
Accrued bond int_ 824,154
823,654
Accrued dividends
1917.
1916.
1917.
1916.
and interest_ _ _
118,944 Tax payment fund 410,900
235,000
98,777
LiabilitiesAssets$
$
$
$
40,000
234,341 Unpaid pref. div..Ree've Ids. (taxes) 234,341
40,000
c Capital stock...... 4,898,110 4,898,110
Cash with trustees
1,964 Sink. fd.-real est. 2,195,979 2,085,53/, Land,Plant,bldgs•
3,162
and equipment _ a3,886,314 4,891,680 Peerless Mot. Car
Miscell. funds
3,565,893 2,496,47p b Pat'ts, franchises
Royalties on leased
Co. pref. stock..
27,800
27,800
Profit and loss_ _..x7,689,875 6,644,395
lands paid in adand good will__ 3,710,520 3,710,520 Peer.T.& M.Corp.
58,677
vance
49,208
Cash
2,869,569 1,503,778 6% secured conMarketable
vertible notes_ ..
*192,980 *573,375
97,292,664 95,377,565 Inventories secur_d5,318,743 4,628,348 Fund.dt.(sub.cos.) 5,000,000 5,000,000
97,292,664 95,377,565 Total
Total
280,000
290,000
Accounts payable.. 1,264,414 1,412,242
Gen'l Vehicle Co.,
x After deducting sundry adjustments (net), $8,200.-V. 106, p. 824.
Ltd., London
93,997 Special deposits
63,413
160,800
Sundry debtors
38,157 Doc. drafts disc__ 1,044,892
111,299
252,495
National Enameling & Stamping Co.
Sundry creditors &
Accts.& notes rec.,
reserves
&c, less reserve.. 2,098,205 1,101,802
e716,859
501,365
(Report for Fiscal Year ending Dec. 31 1917.)
Conting't reserve_ f719,916
Cash to acquire
653,845
Surplus
Pres. Ford. A. W. Kieckhefer, Feb. 19, wrote in subst.: balance of stock
outstanding of
Peer.T.&M.Cor. 2,575,595 2,575,595
The earnings for the year after providing for depreciation, but before
29,190
P. M. C. Co_._
29,190 Gen.Vehicle Co. 1,796,323
848,786
providing for normal income tax, war income tax and war excess profits Prepaid insur.,&c.
43,676
50,190
taxes, and before deducting interest on bonds, preferred dividend, and
requirements amounted to $5,618,548. From this there has
sinking fund
Total
Total
18,323,90 16,621,038
18,323,909 16,621,038
been deducted a) to meet the estimated amount of the aforesaid taxes,
$1,100,000; (b) interest on bonds, $118,993; sinking fund, $154,000; precharged
a After deducting in 1917
dividends (7%), $598,262, and common dividends (4%), $623,672, cluding cast of acquisition of $291,849 sub. cos.off for depreciation. b Inferred
c Representing considerastocks of
leaving a surplus of $3,023,621.
tion received in cash for (auth. $20.000,000) 310.000.000
On Dec. 31 1917 sinking fund reserve amounted to $1,106,000; general issued as full-paid and non-assessable in accordance with capital stock
Virginia
$2,820,888, and profit and loss account, being undivided or surplus statutes. d Valued at cost or market, whichever is lower. theIncluding
reserve,
e
profits, $5,919,029, against $952,000, $2,000,000 and $2,895,408, respect- reserves for Federal taxes. f The sub. cos. have contingent liabilities in
ively, as of Dec. 311916.
a suit under appeal. $445,631 and on
Whilst the company has no doubt benefited to an extent by the condi- respect of judgment and interest in $20,094. * At current quotations.
endorsements of customers' notes,
tions growing out of the war, the amount of direct so-called war orders as V. 106, p. 1040, 92.
compared with the total volume of the business has been relatively small.
The items of merchandise and materials on hand on Dec. 31 1917 it will be
Kelly-Springfield Tire Co.(of N. J.), New York.
noticed are in excess of the previous year, but the inventories have been
carefully valued with a view to avoiding any serious losses when the period
(Report for Fiscal Year ending Dec. 31 1917.)
of readjustment arrives.
Pres. Van H. Cartmell, Feb. 26, wrote in substance:
INCOME ACCOUNT FOR CALENDAR YEARS.
Notwithstanding the well-known difficulties in procuring material and
1917.
1916.
1915.
1914.
$6,445,239 $3,660,298 $1,915,727 $1,515,885 in obtaining labor and transportation, your company has done a largely
xGross profits
increased business and the outlook for the year 1918 is at present gratify15,541
income
19,464
Other
20,894
16.503 ing. During the past year for the first time your company has partici$6,460,780 $3,679,762 $1,936,621 $1,532,388 pated in war business, having received orders from the U. S. Government.
Total income
The directors have deemed it advisable to give to the officers and emofficers, &c.
Remuner. of
$50.000
$50,000
$52.500 ployees an opportunity to financially interest themselves in the company
Depreciation, &c
$820,888
726,527
622,622
550,535 and share in its future development. A profit-sharing plan has accordingly
21,344
General interest
45,908
64,138
92,503 been adopted under the terms of which the officers and employees are afforded the privilege to subscribe for the common stock of the company
$842,232
Total
$822,434
$736,760
$695,538 pay therefor by easy and attractive installment payments, to which and
are
profits
$5,618,548 $2,857,328 $1,199,861
Net
$836,850 added periodically profit-sharing contributions by the company.
$118,993
yBond interest
$126,145
3133,619
$141,594
154,000
Sinking fund reserve..
146,500
ACCOUNT FOR CALENDAR YEARS.
INCOME
RS.
140,000
134,000
Res.for Fed. taxes (est.) 1,100,000
1917.
1915.
General reserve
500,000
Gross profits
$4,323,955 $3,464,458 $2,880,080
Written off, &c
166,880
12,500
12.500 Open., admin., &c., expenses
1,720,335
1,404,388
1,195,874
598,262
Pref. dividends (7%).._ 598,262
598,262
598,262
Common divs. declared.. (4)623,672
Net operating income
$2,603,620 $2,060,070 $1,684,206
Interest, &c., received (net)
45,294
57,243
22,538
Total deductions.._ __ $2,594,027 $1,537.788
$884,381
$886,356
Balance, sur. or def-sur.$3,023,621sur1,319,540sur.$315,480 def.$49,506
Net income
$2,648,914 $2,117,314 $1,706,744
sink, fund on income bonds
$21,600
$21.600
x After charging cost of material, wages,salaries,selling expenses, taxes, Int. &
1st pref. stock........
$75,164
75,164
75,164
insurance and other operating expenses and bad debts. y After deducting Sink. fd. of 2% onstock
Divs. on 1st pref.
(6%)
213,078
215,598
225.492
bonds held as an investment.
interest on
334
46,491
A dividend of6% has been declared on the common stock, payable 1%% 2d pref. divs. at 7% per annum
(16)785,152 (15)735,316(7%)265.578
quarterly Mar. 20 1918, May 31, Aug. 30 and Nov. 29 to holders of record Dividends on common stock
Feb. 28, May 11, Aug. 10 and Nov. 9, respectively. This compares with
Balance, surplus
$1,575,520 $1,069,302 $1,072,419
4% in 1917. The regular dividend of 7% was also declared on the pref.
Previous surplus
3,456.740 2,126,739
1,134,639
L
stock, payable 1 Y% quarterly Mar. 30, June 29, Sept. 30 and Dec. 31
Total
$5,032,260 $3,196,041 $2,207,058
to holders of record Mar. 11, June 10. Sept. 10 and Dec. 11, respectively.
Add-Return from pref., &c., stock
BALANCE SHEET, DEC. 31.
retired
$245,727
$150,328
1916.
Received in patent litigation
1917.
218.022
1917
.
1916.
$
Miscellaneous credits
LiabilitiesAssets$
• 13,020
4,081
8
$
Pref. stock issued_
Cumberland plant additions
589,659
Real est., plant,
good will. ace. _..27,528,146 27,121,091 Com.stock issued 8,546,600 8,546,600 Deduct-Bonus reserves, &c
deb.162.012 deb.111,731 deb.93,339
15,591,800 15,591,800
Ref. 1st M. bonds 2,473,000 2,623,000
Mdse., materials &
$5,705,633 $3,456,741 $2,126,739
Total surplus Dec 31
7,080,085 4,526,834 Bills payable
supplies
610,000
BALANCE SHEET DEC. 31.
Accounts payable.. 1,041,877
Acc'ts & bills reo.
691,069
(less bad debts).. 2,738,480 1,792,549 Reserve account.... 2,820,888 2,000.000
1916.
1917.
1917.
1916.
R nk, tu Fed.taes 1
23,343 Sies.for nd reserve 1,104 000
Payments In adv..
rese
33,454
Liabilities
Assets
-$
$
: 00
0
952,000
$
Investmentsatcost
Preferred stock...... 3,509,300 3,593,300
Plant acc'ts, pat's,
148,721 Accrued interest._
& accrued int__ 384,472
Common stock__ 4,907,200 4,907,200
good will, &o.,
10,304
10,929
308,268 Profit and loss x_ 5,919,029 2,895,408
Cash
844,860
8,781,776 7,887,357 Liberty Loan pay_ 231,185
less deprec
983,512 Notes payable_ - 600,000
772,448
Cash
Total
147,851 Accounts payable.. 235,753
38,609,498 33,920,806 Total
38,609,498 33,020,806 Deb. sink. fund..
187,910
Accr'd taxes,
Gem. stk. purch'd
78.961
98,328
x Before deducting common dividends declared---9%. $935,508, in 1017
a8,560
Int. & divs. pay'le
for resale to empl
52,640
64.700
and 4%,$623,672, in 1916.-V. 106, p. 826, 713.
52,732 Sinking fund
Notes receivable... 195,917
75,164
233,815
Acc'ts receivable _ bl,552,430 1,850,585 Debenture bonds..
270,000
22,374 Bonus reserve_
52,189
Deferred charges..
111,731
Peerless Truck & Motor Corporation, New York.
Inventories (cost).. 3,760,162 2,218,142 Cumb'I'd pit acct.
238,828
(Report for Fiscal Year ending Dec. 31 1917.)
Surplus & working
Lib. Loan bonds.... 272,353
capitol
5,705,633 3,456,740
Pres. Frederick Gilbart, March 8, wrote in substance:
15.395.835 13.162.552 Total
Total
15,395,835 13,162,552
The net sales of the subsidiary companies for the calendar year 1917,
excluding munitions and special contracts of General Vehicle Co., Inc., were
a Includes common stock purchased for re-sale to employees under the
$18,924,452, an increase of $5.399,428 over the sales of the preceding year. employees' stock profit-sharing plan, $484,960, less $476,400 special loan
In common with other industries your subsidiaries had to contend with which will be self-liquidating by installment payments of employees under
rapidly rising costs and disturbed conditions of transportation, and will also the said plan. b After deducting in 1917 $121,896 reserve for doubtful
be called upon to bear their proportion of increased taxation. The net accounts and discounts.
-V. 106, p. 932, 927.
RESULTS FOR 6
THE CHRONICLE
1124
DIVIDENDS OF 1917 UNDER INCOME TAX.
THE PAMPHLET ISSUED MARCH 13 COVERING
THE ALLOCATION OF 1917 DIVIDENDS FOR LEADING
COMPANIES,IS NOW FOR SALE AT THE"CHRONICLE"
OFFICE, 138 FRONT ST., PRICE 50 CENTS.
Some revised and additional statements received this week are given
below:
The following companies have this week reaffirmed the allocation statements already published in this column:
Cudahy Packing Co.
Boston Revere Beach & Lynn RR.
Cincinnati New Orleans & Texas Pacific. a (Otto) Elsenlohr & Bros., Inc.
Fonda Johnstown & Gloversville By. Galena Signal Oil Co.
Kings County Electric Light & Power Co. International Silver Co.
Julius Kayser & Co.
Michigan State Telephone Co.
Loose-Wiles Biscuit Co.
Ohio Cities Gas Co.
Merrimack Manufacturing Co.
American Caramel Co.
National Acme Co.
American Radiator Co.
National Carbon Co.
Ansco Co.
Niles-Bement-Pond Co.
a Babcock & Wilcox Co.
a Otis Elevator Co.
a Barrett Company.
People's Gas Light & Coke Co.
Borden's Condensed Milk Co.
Quaker Oats Co.
a Calumet & Arizona Mining Co.
Pabst Brewing Co.
Charcoal Iron Co. of America.
Semet-Solvay Co.
Cluett, Peabody & Co., Inc.
Standard Screw Co.
Cuban-American Sugar Co.
(F. W.) Woolworth Co.
a See explanatory statement below.
(1) RAILROADS
ALLOCATION OP 1917 DIVIDENDS.
Alabama Great Southern RR.—Further Data.—
Secretary F. S. Wynn on March 14 wrote: "The dividends of 335%
paid Feb. 23 1917 on the pref. stock were, by resolution of the board,
adopted on Nov. 9 1916, declared to be payable 'out of income accumulated
to Dec. 31 1916.' However, the net income of the company from Jan. 1
1917 to Feb. 23 1917 applicable to dividends, was greater than the amount
of the dividends paid Feb. 23 1917." Compare V. 106, p. 295.
Atlantic Coast Line RR.—Revised Data.—
Vice-Pres. H. L. Borden on March 12 wrote: "Under ruling of Commissioner of Internal Revenue, T. D. 2659, dated Feb. 28 1918, the dividend
of 53 50 per share paid Jan. 10 1917 on the common stock should be apportioned as follows: 11.089% of the $3 50, or 38.81 cents, per share, was
earned Jan. 1 to 91917, incl., and the balance, 88.911%, of said $3 50, or
53 1119 per share, was earned in 1916 (compare V. 106, p. 601).—V. 106.
p. 600.
Norfolk & Western Ry.—Revised Circular.—
Sec. E. H. Alden, in circular of March 8, says: "The Commissioner of
Internal Revenue, replying to specific questions submitted to him, has
ruled that dividends distributed by the Norfolk & Western Ry. Co. In 1917
will be deemed to have been paid from the earnings of that year, unless it is
shown to the satisfaction of the Commissioner that at the time such dividends were paid the earnings up to that time were not sufficient to cover
the distribution. According to this ruling, you are hereby advised that up
to time of payment of the several dividends on the Adjustment pref. stock
in Feb., May, Aug. and Nov. 1917, and of the payment of dividends on its
common stock in March, June, Sept. and Dec. 1917, the earnings of the
company for the year 1917 were in all cases sufficient to cover the distribution."—V. 106, p. 1035. 597.
1VoL.J.06.
American Agricultural Chemical Co.—New Data.—
Treasurer Thomas A. Doe Jan. 30 wrote: "The quarterly dividends on
the stock paid in Jan. and Apr. 1917 were paid out of surplus. [We now
learn that 1916 surplus was meant.—Ed.] The quarterly dividends paid
In July and Oct. 191'7 were paid out of the profits of the calendar year 1917.'
—V. 106, p. 1037. 500.
American Pneumatic Service Co.—Revised Data.—
Treasurer Gilmer Clapp, writing as of Mar. 12, says: "The Internal
Revenue Department has recently held that all dividends paid in the year
1917 were disbursed from earnings of that year to the extent such earnings
were sufficient for that purpose. On that basis, $1 08 per share of the
dividend paid by this company Mar. 31 1917 on the first preferred stock
was from earnings of the year 1917, and 67 cents per share from earnings
of the year 1916; 46 cents per share of the dividend paid Mar. 31 on the
preferred stock was from earnings of the year 1917. and 29 cents per share
from the earnings of the year 1916. The balance of the dividends paid
during the year 1917 was all paid from the earnings of that year."—V.106.
p. 1037. 823.
Babcock 86 Wilcox Co.—Explanatory Data.—
Treasurer J. G. Ward, writing March 9, says: 'Answering your printed
communication of March 7, would say that after our circular letter of
Jan. 24 1918 was Issued we obtained a special ruling from the Commissioner
of Internal Revenue to the effect that the quarterly installments of dividends paid by this company in January and April 1917 are taxable at the
rates in force in 1915, and the quarterly installments of dividends paid by
it in July and October 1917 are taxable at the rates in force in 1916.
This ruling was based upon the fact that the first two above mentioned
dividend Installments were declared in April 1916 out of prof its accumulated on or prior to Dec. 31 1915, and the second two above mentioned
dividend installments were declared in April 1917 out of profits accumulated on or prior to Dec. 31 1916. You will see, therefore, that the above
ruling is entirely in conformity with the statements contained in our circular letter of Jan. 24, which we believe may be followed with entire safety.'
—V. 106, p. 502.
Barrett Company.—Statement Reaffirmed.—
Touching the company's statement of Feb. 2 that all its 1917 dividends
were paid from 1916 surplus, F. M. Stearns, Asst. Treas., writing on
March 13, says: "We see no reason to revise the statement regarding the
dividends paid by this company in 1917, notwithstanding the ruling of the
Commissioner of Internal Revenue on this subject. We maintain that the
1916 surplus or undivided profits is the most recently accumulated surplus
until the books for 1917 are closed and net profit for the year has been
ascertained, which has not, as yet, been accomplished." See V.106,p.603.
Butte & Superior Mining Co.—Source 1917 Dividends.—
Pros. N. Bruce Mackelvie, in circular of March 13, says in substance:
"It is our belief, after consultation with the counsel and the accounting
officials of the company, that the distributions made on each share in 1917
as below were from the sources indicated:
June 30. July 25 R.C. Sept. 30.
Distributions Made on— Mar. 31.
$125
$2 50
$040
$2 50
Amount per share
011
1 25
From 1917 profits, div_
1 26
1 24
From 1915 profits, div_ _ _
_
_
Capital dist.(non-taxable)
All
29
From 1914 prof.(R.C.51 25) ---0
"The above apportionment is made after taking into account the reserve
for depletion as heretofore returned to the Department of Internal Revenue,
arrived at in accordance with its regulations issued under the Act of Sept. 8
1916. and also an estimate of taxes for 1917."—V. 106, p. 1038, 823.
Calumet & Arizona Mining Co.—Ruling Questioned.—
Secretary Gordon R. Campbell, writing March 11, says: "In spite of the
rulings of the Department, I see no reason at the present time for changing
the data [furnished in circular of Jan. 22 .] If the ruling means what it
seems to mean it is that the corporations will presume to declare their dividends before they are earned and not out of surplus earnings. It means
that corporations like ours which have made reports according to their
(2) PUBLIC UTILITY COMPANIES.
books and not on the basis of receipts and expenditures will be compelled
ALLOCATION OF 1917 DIVIDE DS.
to revise their income tax report for several years. It means that corcash in the treasuries to pay dividends which have
porations having
Light, Power & Rys.—Source 1917 Dividends.— been declared andample no cash from actual earnings for the period covered
Georgia
have
F. B. Lasher, Sec.-Treas., March 11 reported: "Company paid one divi- will be presumed to have borrowed the money with which to have paid
dend in 1917 on Oct. 1 of 1% from 1917 earnings."—V. 105, p. 290.
the dividends.
"The writer is doubtful if the ruling will stand a test of court decision
-1917 Dividends.—
Lone Star Gas Co.
and anticipates that the Department will overrule itself in this as in many
Sec., in statement received March 7, says: "1917 dididends other things. The Department apparently has overlooked the fact that
D. L. Cobb,
were paid out of earnings of year 1917.' —V. 104. p. 2456.
dividends paid out of the earnings of the years prior to 1917 are deductible
the excess profits tax paid by the corPortland (Me.) Electric Co.—Source of 1917 Dividends.— from the invested capital and that is undoubtedly in excess of the surporations by reason of this deduction
We were officially advised March 11 that the company paid four divi- taxes which would be paid by stockholders were these dividends not dedends in 1917 of $1 50 each on Jan. 31, April 30, July 31 and. Oct. 31. Of ducted from capital investment.
the January dividend, 50 cents came from 1917 earnings and $1 from sur"We feel, therefore, that the statement issued by the company and the
plus accumulated at Dec. 31 1916.—V. 95, p. 364.
reports made in accordance therewith should stand until more light is
thrown upon the subject."
Milwaukee Electric Ry. & Light Co.—New Notice.—
[The circular of Jan. 22 says: "Dividend No. 53, 33 a share, paid Mar. 19
Asst. Treas. J. F. Fogarty, in circular of March 8, says: "To comply 1917, was paid out of earnings of 1916. Special dividend No. 1, 81 a
with Treasury Decision No. 2659, dated Feb. 28 1918, we are obliged to share, paid Sept. 24 1917, was out of reserves for depreciation and depletion
amend the advice heretofore given and to advise you that under the decision of ores set aside in 1915 and 1916. Dividend No. 54, $3 a share, paid
above referred to, all dividends paid on the pref. stock during the year 1917 June 18 1917; dividend No. 55,$2 a share, paid Sept. 24 1917, and dividend
are to be treated as paid from net profits accumulated in the calendar year No. 56, $2 a share, paid Dec. 24 1917, were paid of earnings of 1917."
1917."—V. 106, p. 919, 822.
—V. 106, p. 717. 502.
South Carolina Light, Power & Rys.-1917 Divs.—
F. B. Lasher, Sec.-Treas. March 11 reported: 'Company paid four
Com'
dividends in 1917 of 1% each on Jan. 2, April 1, July 1 and Oct.
1..
pany in 1915 had surplus of 341,400; in 1916 a deficit of $16,300; and in
1917, a deficit of 822,000. The dividend requirements in 1917 were
$42,000. Therefore, company assumed that approximately $20,000 came
from 1917 earnings and $22,000 from 1915 earnings."—V. 103, P. 845.
Colt's Patent Fire Arms Mfg. Co.—Revised Data.—
An official circular dated March 4 says in substance:
At the time of issuing our notice of Jan. 28 1918, it was considered that
the cash dividend paid by this company March 31 1917 was represented by
a corresponding amount standing as surplus accumulated in 1916.
On Feb. 2 1918 the United States Treasury Department made public its
regulations, No. 33 Revised, Article 107 [compare V. 106, p. 993.—Ed.]
West Penn Power Co.—Source of 1917 Dividends.—
of the above regulations might be claimed to
A strict
R. B. Keating, Vice-Pres., Feb. 6, says in substance: "Four dividends modify our interpretation
previous information. However, the fact remains unchanged
of P4% each were paid Feb. 1, May 1, Aug. 1 and Nov. 1. The Feb. that sufficient funds were in hand from 1916 earnings to cover dividend
dividend came from 1916 earnings and the others from 1917 earnings."
distribution of March 31 1917.
[On March 11 counsel were still working on the matter of allocation of the
Relative to the increase of the capital stock April 2 1917, and the appli1917 dividend paid by West Penn Rys., the West Penn Traction Co. and cation of the income tax laws thereto, we respectfully suggest to our stockWest Penn Traction & Water Power Co.]—V. 106, p. 613, 507.
holders who object to the taxation, as income, of the shares of stock in
question received by them, that they append to their income tax return
for the year 1917 a statement in substantially the following form:
"This return does not include any portion of the increased stock, issued
by the Colt's Patent Fire Arms Mfg. Co. of Conn., pursuant to resolution
of April 2 1917, which increased stock amounted in all to $2,500,000 in
par value, and was paid for by the transfer of said amount from surplus
to capital account. I am advised by said company that this stock issue
was based upon surplus accumulated prior to Jan. 1 1917.
__ shares, each of the par
"I received, of said stock issue, on 1917
_luded
value of $25. These shares are not included in my income tax return,
do not constitute income within the meaning
because I believe that they
of the Federal Income Tax Act, and upon the further ground that they do
not constitute income within the meaning of the 16th Amendment to the
Constitution of the United States, and that Congress has no power to tax
the said shares of stock or any part of them without apportionment as
required by the Federal Constitution.
"Full information as to this matter is at the service of the Commissioner
of Internal Revenue, and of the Collector, but the undersigned will insist
that no income tax can lawfully be imposed on these shares."
A statement to this, or similar, effect, would preclude the possibility of
a claim of evasion, and its consequent penalties.—V. 105, P. 1423, 1212.
(Otto) Eisenlohr & Bros., Inc.—Additional Data.—
Treasurer Harry Dietsch, replying to our special inquiry of Mar. 7,says:
"The dividends declared January 1917 on the common stock and the dividends declared at our March meeting 1917 on our pref. stock, payable
on March 31, were both authorized to be paid from our surplus account
of Dec. 31 1916. While our earnings of January and February were undoubtedly large enough, we had no definite knowledge of the same until
we closed our books March 31. Any dividends declared subsequent to
April 1 were disbursed out of the surplus shown at the close of our books
March 31." Compare V. 106, D. 604.
16 19181
THE CHRONICLE
Eastman Kodak Co.—Corrected Notice.—
President George Eastman in circular dated March 11 [received since
our allocution pamphlet went to press] says in substance:
"Referring to the notice that accompanied our Jan. 1 1918 dividend
checks (V. 106, p. 400), we desire to amend the same in reference to the
April 1 1917 4..vidend as follows:
Year Earned.
Common.Pre erred.
.Dividends P aid—
Jan. 1 1917
1916
%
23i
1916
Feb. 10 1917_
--10
101916
Mar. 1 1917
j3i 2-3 in 1916, 1-3 in 1917
.
April 1 1917
5
___ (7-10 prior to Mar. 1 1913;
5
June 1 1917
3-10 in 1917
1917
July 1 1917
1A
2)
1917
Sept. 1 1917
5
1917
2%
Oct. 1 1917
13
1917
___
Dec. 1 1917
7A
—V. 106, p. 610, 400.
Kelly-Springfield Motor Truck Co.—Revised Data.—
President James L. Geddes, in circular of Feb. 23 (received after the
allocation pamphlet had gone to press), reports:
"We are advised that, in accordance with Section 31(b) of the Amended
Income Tax Law, dividends paid by the Kelly-Springfield Motor Truck Co.
during 1917 shall be deemed to have been paid from profits as follows:
(1) Dividends on Preferred Stock.—
Dividend paid Feb.28 1917,$1 38from 1916 profits, 62c.from 1917 profits.
Other dividends on preferred stock from 1917 profits.
(2) Dividends on Common. Stock—
Dividend paid Feb. 28 1917 was from 1916 profits.
Dividend paid May 311917,$1 05 from 1916 profits, 95c.from 1917 profits.
Other dividends on common stock from 1917 profits.
"The foregoing is based upon our interpretation of the rulings of the
Treasury Department thus far issued. (See particularly Regulation No. 33
(revised) paragraph 375)
."—V. 106, p. 713, 604.
National Cloak & Suit Co.—Revised Statement.—
1125
Source of the Trust's Four Distributions, each $1 per share ($208,433).
—First Quarter—
—2nd Quarter—
Source 1917 Distributions— Amount. Per Share. Amount. Per Share.
(a) Net income for quarter—
mt.and profits, less expenses.$59,003 28.3079 cts. $66,881 32.0877 cts.
Dividends of domestic corps.
737 .3533 cts.
737 .3533 cts.
(b) Tax freed undistributed
income of 1916
148,693 71.3388 cts. 140,815 67.5590 cts.
—Third Quarter— —Fourth Quarter—
Amount. Per Share. Amount. ,Per Share.
(a) Net income for quarter—
Int.and profits,less expenses.$73,470 35.2490 cts. $75,285 36.1193 eta.
Dividends of domestic corps_
7.50 .0036 cts.
(b) Tax freed undistributed
income of 1916
84,299 40.4442 cts.
(c) Distribut'ns by Yukon Gold
Co. from its depletion and
depreciation reserves
50,655 24.3032 cts. 133,148 63.8807 cts.
"The Trustees' Certificate of Beneficial Interest, under trust deed, dated
Feb. 4, says: 'The value of the trust fund depends principally on the
mineral content of the properties of the corporations whose securities are
held in trust. This in the ordinary course of mining operations will be
exhausted and with it the capital invested in such properties. The trustees are also authorized in their discretion to distribute the proceeds of
securities constituting the trust fund, when sold or collected, among the
beneficiaries of the trust. It is therefore advisable that the holder of this
certificate shall regard any payment received hereunder, as applicable to
capital.'"—V.104, p. 1296.
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
Government Control of Railroads.—Text of Bill.—
See pages 984 and 985 in last week's "Chronicle."
An official circular, dated March 1, says:
"The lora. stock dividend No. 11, $1 75 per share, declared Jan. 29 1917
Bay State Street Ry., Boston.—Permission Obtained to
and paid on March 1 1917, should be considered as paid from 1916 earnings.
All other dividends, both corn. and pref., paid during 1917 must be con- Discontinue Operating 125 Miles of
Unprofitable Lines.—
sidered as having been paid from 1917 earnings.
Judge Dodge in the U. S. District Court at Boston, acting upon the
"A notice issued by us on Jan. 7 1918 stated that com, stock dividend
share, declared Jan. 29 1917, and paid on April 14 1917, petition of Receiver Donham for permission to discontinue operating 125
No. 1, $1 25 per
could be considered as paid from 1916 earnings. Under a revised ruling miles of unprofitable lines, has granted authority for the receiver to disof the Treasury Department released for publication Feb. 2 1918, this continue such mileage in his discretion, stipulating that sufficient notice
dividend must now be considered as having been paid from 1917 earnings." to the public must be given.—V. 106, p. 1036, 821.
—V. 106, P• 605, 406
.
Boston & Maine RR.—Purchase Postponed.—
I
The Committee on Railroads of the Massachusetts Legislature has voted
Otis Elevator Co.—Former Statement Confirmed.—
to refer to the next session of the Legislature the recommendation of the
w. 0. McCune, Treasurer, in official circular, reported: "Paid out o Attorney-General for action authorizing the Commonwealth to
1917 profits, preferred dividends of 1A% paid April, July and Oct. 15; paid company's properties and leased lines.—V. 106, p. 928, 295. purchase the
out of 1916 profits, preferred dividends of 1%% paid Jan. 15' paid out of
1916 profits, common dividends of 13,1% paid April, July and act. 15; paid
Brooklyn Rapid Transit Co.—Div. Situation—Consten.
out of 1915 profits, common dividend of 1 % paid Jan. 15.'
The board of directors at its monthly meeting
deferred for the
Mr. McCune on March 8, replying to an inquiry from the "Chronicle," present consideration of the April 1 dividend. ItFeb. 25
is customary to declare
as to the effect of the recent ruling, says: "We see no reason for modifying that this dividend at the February meeting.
Williams said that
our statement sent to stockholders Jan. 15. The preferred divid end paid the not profits justify the usual dividend, but President directors felt that,
that the
Jan. 15 1917 was entirely out of 1916 profits as our business is of such a pending the consummation of negotiations relative to the $57,735,000 of
nature that it is not practicable for us to determine what profits, if any, notes issued for rapid transit purposes and maturing on July 1 next, it
accrued during the period Jan. 1 to Jan. 15. In would not be wise to take action at this time
applicable to dividends,
on the current dividend.
regard to the common dividend, it has been the practice of this company
The initial dividend of 1% was paid on April 1 1909,
this rate was
from the time the payment of such dividend was inaugurated to defer any continued until July 1 1910, when it was increased to and % quarterly.
1W
L
of the fiscal year, Dec. 31, which In
action until a date following the close
July 1913 the rate was increased
gave sufficient opportunity to determine the profits for the year. Such annually, was continued until Januaryto 13i%. and this payment. 6%
last.
determination can only be arrived at after a careful inventory of materials
An exchange journal says: "No banker has been found who will underon hand at the factories and a thorough inspection of the contract work. write a refunding issue of notes at any price. There are those who are
The common dividends are, therefore, paid from the profits of the preceding willing for a big fee to offer without responsibility an issue of securities to
year."—V. 106. p. 713.
the public, but when an underwriting syndicate is suggested, no response
is forthcoming. Clearly Government assistance must be appealed to. A
Pennsylvania Salt Mfg. Co.—Revised Statement.—
moratorium might be declared or the stockholders might be asked to take
Since the recent ruling was made by the Internal Revenue Department the bonds securing the notes. Failing in this, the courts might have to
1917 dividends has been modified as follows: Intervene. It is not to be presumed that the Government will allow the
our statement relative to
"Dividend payments of January and April were based on earnings of 1916, road to be receivershipped but will find some expedient whereby the present
but at time of April payment and later dividends of 1917, earnings were emergency will be bridged over. A readjustment of the company's cumbersufficient from 1917 business to justify such disbursements."—V. 106, p.713. some organization might not be the worst thing that could happen."
See map and full data on pages 13 to 18 of "Electric Railway Section."
and compare V. 106, p. 928, 924.
Standard Oil Co. (Kansas).—Revised Data.—
See Rapid Transit in New York below.—V. 106, p. 928. 924.
A. Warren, in circular dated March 11, says: "On Jan. 15
Secretary E.
1018 a notice was sent to our stockholders advising that the dividend of
Canadian Pacific Railway.—Earnings.—
$5 Per share Paid Feb. 28 1917 was paid from the profits of 1916. In view
Year ending
Years ending June 30—
of the Treasury Decision No. 2659, dated Feb. 28 1918, we now find it
Dec. 31 '17. 1915-16.
1913-14.
1914-15.
necessary to revise our statement, and you are, therefore, advised that all
$
$
paid during the year 1917 were paid from the earnings of said Total oper.
dividends
revenue_ _ _.i52,389,334 129.481,885 98,865,210 129,814,824
year."—V. 106, p. 507.
Net aft, fixed chgs., &c_ 33,848,192 36,871,435 21,508,966 29,957,774
Special income
10,713,299 9,940,955 10,969,331
8,587,870
U. S. Industrial Alcohol Co.—Preferred Dividends.—
paid in 1917, the first, paid Jan. 16 1917, was
"Of the preferred dividends
Total
44,561,491 46,812,390 32,478,297 38.545.644
from accumulated and established surplus as of Dec. 31 1916. The other Pref. dive.(4%)
3,219,051
3,219,051
3,219,051
3,109,520
three dividends for 1917 were paid from current earnings." [As to the
statement regarding common dividends now reaffirmed, see 'V. 106. P.
Bal. for corn. diva_ _ - 41,342,440 43,593,339 29,259,246 35,436,124
Per cent on corn. stock_ (15.90%) (16.76%) (11.25%) (13.62%)
928.I—V. 106, p. 1035.
[Given as shown in press reports.—Ed,]—V. 106, p. 497, 295.
Union Bag & Paper Corporation.—Dividend Status.—
Secretary Charles B. Sanders, replying March 9 to the "Chronicle's"
special inquiry, says: "This matter will be taken up at the next meeting
f our board of directors, and in the absence of anything to the contrary,
our present report will stand."—V. 106, p. 507, 196.
Central of Georgia Ry.—S. S. Co. Rates Advanced.—
See Ocean Steamship Co. under "Industrials" below.—V. 106, p. 606.
Charleston (W. Va.) Interurban RR.—Note Offering—
Refunding.—Robert Garrett & Sons, Baltimore, have sold an
issue of $450,000 4
-months 6% Bond-Secured gold notes
J. C. Sharp, Sec. & Trees March,? wrote: "Our 1917 dividends were
dated Mar. 15 1918, due July 15 1918. Denom. $1,000.
paid out of the earnings of that year.—V.106, p. 393.
United Breweries Co., Chicago.—Source 1917 Divs.— Trustee, Safe Deposit & Trust Co. of Baltimore.
/
The price at which the notes were sold was 997 and int., to yield 631%
Union Stock Yards Co. of Omaha, Ltd.—
Ernst Hummel, See.writing Feb. 1, says:"The dividend of $3 per share
declared in March 191'7 and paid in April 1917 was paid out ofT earnings
accumulated prior to Dec. 31 1916. —v• 98. P. 165.
United Dyewood Corporation.—Explanatory Data.—
Secretary Ernest W. Picker, on March 8, replying to our special inquiry,
said: "We are still of the opinion that our citation of dividends in circular
to stockholders in Dec. 1917 is correct. In Dec. 1916, on the day the said
dividends were declared [i. e. the five preferred dividends due Jan. 2 1917
to Jan. 2 1918, inclusive, and the 13% on common stock paid April 2] a
sum to cover the payment thereof was set aside and deposited in a special
fund, which could not be used for any other purpose than the payment of
said dividends. We are of the opinion that the recent ruling of the Treasury
Department that the date of the payment of the dividend governs, and not
the date of declaration, does not apply in the case of the dividends cited in
our circular."—V. 106. P. 608.
Yukon-Alaska Trust.—Source 1917 Dividends.—
The trustees, in circular of Mar. 7,say in substance:
"The 1917 quarterly distributions have been treated on our books as
paid from throe sources, viz.:
"(a) Net income of the trust for the quarter, to the full extent thereof,
as stated below.
"(b) $401,296 of undistributed net income of 1916, on hand Jan. 1 1917,
upon which, in June 1917. the trustees paid the normal and additional
Federal taxes, amounting to $27,488, assessed against them, leaving a
balance of $373,808, which, by such payment of taxes, was freed from all
tax liability, as provided in Article 27 of regulations 33.
"(c) $183,804, consisting of 1917 distributions by the Yukon Gold Co.,
a domestic corporation, to its stockholders, from its depletion and depreciation reserves. The Yukon Gold Co. has notified its stockholders as
follows: 'All the distributions made by this company during the year 1917
are considered by the company to have been made not out of' earnings or
profits," but out of capital. As will appear from the annual report, the
charges for depletion and depreciation for the year 1917, were in excess of
the operating profits for the year. All "earnings or profits" for prior years
were distributed before the year 1917."
for 4 months' maturities, and 99 and int., to yield over 7% for 4 months'
maturities with renewal option.—V. 105, p. 1208.
Extracts from Letter of F. M. Stanton, Treas., Charleston, W. Va.,
March 4 1918.
Security.—These notes are the direct obligation of the company, secured
by deposit of $600,000 Kanawha Valley Traction Co. First Mortgage 5%
bonds due Jan. 1 1946 (part of an authorized $2,000,000, of which $1,600.000 are outstanding), on the basis of $1,000 of bonds for each $750 of notes.
These notes will be due four months from date of issue, with the understanding that the company may at its option upon maturity thereof issue
an equal amount of similar notes, each consecutive four months, the last
maturity and final payment of the issue not to exceed, however, one year
from date thereof, or March 15 1919. The company reserves the privilege
of paying off the entire issue on any four months' maturity date, upon 30
days' published notice, at par and interest.
Should the company desire to renew these notes for two consecutive
four months' periods to March 15 1919, no obligation rests on the holders
thereof to renew beyond the date specified in the note itself unless he so
desires. This issue may therefore be offered either as a straight 4
-months'
maturity, or, for those who may doubtless prefer it, as a four months' maturity with two renewals, the final payment of which will be March 15
1919, subject to prior redemption at par and int.
Property.—The company operates a 38
-mile street railway system in
Charleston, connecting therewith the surrounding territory of Kanawha.
County, serving a population of 100,000. This company, as lessee, operates the lines of the Kanawha Valley Traction Co. under a 99-year lease,
paying a rental of $20,000 a year until expiration of the lease and has assumed the payment of principal and interest of the first mtge. bonds referred to above.
Twelve miles of road are laid with 100 and 80
-pound "T" rails. Equipment consists of 34 passenger cars, of which 26 are of the P-A-Y-E type;
ample car barns of brick and concrete construction; 5 freight cars and 2
trail cars. The company has a brick and steel power plant, operated by
natural gas, constructed for either coal or gas. Current is supplied by the
Virginian Power Co. under long-term contract. Franchise granted in
1904 for 50 years, covering all important streets. Interurban lines are
almost entirely on private rights of way.
1126
[VOL. 106.
THE CHRONICLE
4
-Charleston is the capital of West Virginia, with the natural redeemable as a whole or in amounts of not less than $500,000
Territory.
good
advantages of cheap and abundant coal, natural gas and hardwood,
labor supply and railroad facilities. The new projectile and armor-plate on 30 days' notice at 101 and interest to Apr. 1 1922; thereplant of the U. S. Govt. is in course of construction at South Charleston after at 1003/2 and int. (See also advertising pages.) The
from an initial appropriation of $11,500,000. This plant is on the com- bankers report:
pany's lines. There is also under construction just west of the terminus
[This issue is passed by the Capital Issues Committee of the Federal
of the company at St. Albans one of the three large Government explosive
plants,for which an appropriation of $90,000,000 has been made,and which Reserve Board as not incompatible with the interest of the United States
will be designed for permanent Government operation after the war. but without approval of the merits, security or legality thereof.]
Interest in New
Total authorized, $4,500,000. Denom. $1,000
(See E. I. du Pont de Nemours & Co. in last week's "Chronicle.")
c*'
York A.& 0. The company agrees to pay the normal Federal income tax,
1915.
1916.
1918 (Est.). 1917.
Earningsnot exceeding 2%. Trustee, Central Trust Co. of N. YR'
$500,000 $418,855 $326,149 $245,168
Gross earnings
Security.
-To be a direct obligation secured by pledge of $9,000,000 par
$176,215 $162,602 $111,447
Net, after taxes
55,710 value of bonds and dividend-paying stocks, as named below. No addi88,812
Deduct-Int. on funded and floating debt__ _ 95,523
tional Detroit United Ois can be issued except for refunding and under the
15,000
20,000
20,000
Payment for lease
indenture securing the notes, the companies whose shares are pledged can$60,692 $53,790 $40,737 not increase their bond issues. The system comprises in all about 900
Surplus for stock
-Year 6% notes due May 1 miles of electric track.
-In part to retire $300,000 3
Purpose of Issue.
-Will refund $3.500,000 notes due May 5 next; to
Purposes of Issue.
1918, the balance outstanding of an issue of $450,000, and to fund other
reimburse the treasury for advances made to refund underlying bonds,
-V. 105, p. 1208.
Indebtedness.
and for capital expenditures.
1915.
1916.
1917.
Calendar Years 'P.-Sub. Co. Divs.Chicago Burlington & Quincy RR.
$17,839,677 $16,388,004 $13,522,366
Gross earnings
-V. 106, p. 601.
See Colorado & Southern Ry. below.
3,709,246
4,664,929
3,974,773
Net income
1,748,485
1,784,137
1,799,242
Chicago & West Towns Ry.-Offering of First Mtge. Interest charges
-Harris, Forbes & Co. are offering at 983
7% Gold Bonds.
mt.,
and int. netting 7.78%,$750,000 First Mtge.7% gold bonds
1 1918, due Sept. 1 1920, but callable on the first
dated
day of any month at 101 and interest.
$2,175,531 $2,880,792 $1,960,761
Balance
* See annual report in V. 106, p. 810.
• Net income for the past ten years has averaged over twice all interest
charges.
Collateral Pledged as Security, Aggregating $9,000,000.
$2,625,000
due 1932
Interest M. & S. in Chicago. Denoms. $1,000 and $500 c*. Trustee, Detroit United By. 1st Consol. M.430,M. 5s, due 1937
1,114,000
Detroit Jackson & Chicago Ry. Consol.
Harris Trust & Savings Bank, Chicago.
100,000
7s, payable 1920, passed by the Capital Issues Detroit & Lake St. Clair By. 1st M.5s, due 1920
[Issue of $750,000 1st M.
Committee of the Federal Reserve Board as not incompatible with the Detroit Monroe & Toledo Short Line Ry. stock, paying 10.10% 2,571,000
dividends last year
Interest of the United States, but without approval of the merits, security
Detroit & Port Huron Shore Line By. stock, paying 6.62%
or legality thereof in any respect.]
1,990,000
dividends last year
-Owns and operates a suburban electric railway system in
Company.
600,000
11.24%
a large and growing section lying west and southwset of Chicago, having Detroit Jackson & Chicago stock, payingcollaterallast year__
alone amount to about
Interest and dividends on the pledged
a total present population in excess of 135,000, the communities served
interest of $315,000 on these
including Oak Park, River Forest, Maywood, Cicero, Berwyn, Riverside $640,000 per annum, or over twice the annual are in each case the entire
collateral trust notes. The stocks pledged
-V. 106, p. 715.
and La Grange. Further particulars another week.
amounts outstanding except directors' shares, and control exceedingly
railways
-Offer to Shareholders of Convertible important interurban 110 miles,connecting Detroit and Toledo, 80 miles,
Service Co.
Cities
and Detroit and Port Huron, 133 miles.
Detroit and Jackson,
-The notes are followed by $15,000,000 capital stock paying
Debentures.-Shareholders of record up to and including
Equity.
-V.106, p. 929,924, 810.
are given the right to subscribe for $3,000,000 dividends at rate of8% per annum.
April 15
Series "B" 7% convertible gold debentures, dated Jan. 1
1918, due Jan. 1 1966, at par and int. in the ratio of $5 of
debentures to each $100 of common or preferred stock held,
except that holders of less than 20 shares may subscribe
to $100 of debentures. Total issue, $30,000,000; present
offering, $3,000,000.
Fort Wayne & Northern Indiana Traction Co.
Out of the proceeds of the sale of the collateral on Jan. 28 the holders of
-year gold notes of 1914 are receiving at the Central
the $1,164,000 6% 5
Trust Co., N.Y., $1,060 50 on each note, being payment in full of principal
-V. 106.
and accrued interest after payment of all costs and expenses.
p. 189, 295.
Interest payable without deduction for normal Federal income tax in
U. S. gold at the offices of Henry L. Doherty & Co., N. Y. Denom.$1,000
and $500 c*.; denom. of $5,000. $1,000, $500, $100, $10 and multiples
of $10 up to $100 r. Interest on coupon debentures payable J. & J.•, on
debentures registered as to principal and interest, by check at option of
holder, either annually, semi-annually, quarterly or monthly, except that
interest on debentures of less than 15100 principal shall be payable Jan. 1
annually. Trustee, Bankers Trust Co., N. Y.
Call Feature.-Debentures are callable in whole or in part by lot or by
distinctive numbers at 102 and int. on four weeks' notice. When debentures are called in whole or in part by lot or by distinctive numbers, right
of holders to exercise privilege of conversion is secured for at least 30 days
prior to the redemption date as fixed in the published notice.
-Debentures may be converted on Jan. 1 1920 or on the
Convertibility.
first day of any month thereafter until maturity, at the option of the holder.
Each $100 principal amount of debentures is convertible into $80 par value
of Cities Service Co. pref. stock and $20 par value common stock, together
with an amount of cash and stock equal to the dividends which have been
declared and paid on an equal amount of common stock from and after
Jan. 1 1918 to the date of conversion.
-A direct obligation of Cities Service Co. and its only outSecurity.
standing interest-bearing obligations except $54,900 Series "A" 5% gold
debenture bonds remaining unconverted and a note given for the purchase
of Liberty bonds. Net income of Cities Service Co. for the year ended
Jan. 31 1918 applicable to payment of interest on these debentures was
$19,063,035.
Additional Issues of debentures limited by a clause covering net income
requirements for payment of interest on such additional debentures.
Data from Letter of President Henry L. Doherty, Dated Mar. 15 1918.
The outlook in respect to production of oil in the U. S. is assuming a
serious aspect. Reserve crude oil stocks in storage are being heavily
drawn upon. Our oil-producing subsidiaries have already perhaps exceeded their ratable share, having increased production until they are
shipping over 40,000 barrels a day from the Butler County, Kan., fields
alone. But the subsidiaries have extensive oil territory other than in
Butler County available for development. To develop these fields would
require an expenditure for some time greatly in excess of the earnings
which would be produced therefrom. To be prepared to meet any contingency the directors have authorized a second issue of convertible debentures. The first series, known as series A,has all been converted into stock,
-V. 106. p. 929. 498, 394. 188.
except $54,900 still outstanding.
Gross
Calendar
Earnings.
Years$842,238
1917
679,419
1916
-V. 106, p. 296.
Guaranty of Secured Notes.
-V. 106, p. 1036. 929.
See Richland Co. under "Industrials" below.
-Rate Increase.
Claremont Ry. & Lighting Co.
The New Hampshire P. S. Commission has granted this company a
20% increase in freight rates to take effect immediately, pending a further
investigation of the proposed increase, placed with the Commission some
-V. 105, p. 2271.
months ago.
Colorado,& Southern Ry.-Dividend Action Postponed.
-The directors on March 13 voted to postpone action in
regard to the April 1 dividend on the first and second 4%
preferred shares until the Government railroad bill has been
signed and the contract between the Government and the
company executed. Dividend record:
'03. '04. '05. '06. '07. '08-'11. '12. '13. '14-'15. '16. '17.
Oct., 2 4
0
4 2 0 4 4 4 yearly 4 4
1st pref____
4
o
0
4 4 yearly 4 4
0 0 0 0
2d pref____
o
0
0
0
0 2 yearly 1
Common .._ o 0 0 0 0
President Hale Holden said: "It seemed best to the directors to postpone
action on dividend matters until the Government bill now pending is
passed and the contract between the Government and the company is
executed. Under the contract there should be a balance above all charges
sufficient to pay the usual dividends on the preferred stocks."
[The Chicago Burlington & Quincy owns $23,667.500 or more than 75%
of the 331.000,000 outstanding common stock, $1,130,000 of the $8,500,000
outstanding first pref. stock and $6,078.700 of the $8,500,000 outstanding
-V. 106, p. 709.
second preferred stock.)
-Judgment.
Denver & Rio Grande RR.
A judgment was entered Mar. 13 in the New York State Supreme Court
against the company in favor of the Equitable Trust Co. of N. Y. amounting
to $36,908,509 as the balance due (with Interest) on a judgment for $38,270,343 recovered in the United States District Court at New York in
May 1917 on a suit to force payment of the $50,000,000 bond issue of the
-V. 106, p. 1036, 929.
old Western Pacific Railway guar. by the defendant.
Detroit United Ry.-Offering of Five-Year Notes for
-Wm. A. Read & Co.
Refunding, Capital Expenditures, &c.
and the Guaranty Trust Co. of N. Y. are offering at 97 and
interest, to net 73 %, $4,500,000 Five-Year 7% Collateral
4
Trust Gold notes datvd Apr. 1 1918, due Apr. 1 1923, but
-Earns.
guntington & Broad Top Mt. RR. & Coal Co.
Net, after
Taxes, &c.
$273,145
253,773
Bond
Interest, &c.
$147,531
147,727
Balance.
Surplus.
$125,614
106,046
Illinois Traction Co., Champaign, Ill.-Earnings.
Net, after Bond, &c.,
Gross
Calendar
Interest.
Taxes.
Years- Earnings.
1917 ____$14,461,408 $5,312.232 $3,719,541
1916 ____ 12,566.447 5,076,650 3,603,418
-V. 106, p. 189. 86.
Pf.Divs.
(6%).
$432,750
428,130
Com.Divs. Balance
(3%)• Surplus.
$368,732 $791,209
367,584 677,518
-Construction.
Interborough Rapid Transit Co.
-V. 106, p. 1036, 929.
See Rapid Transit in New York below.
-Lease.
-Bonds.
Kanawha Valley Traction Co.
-V. 100, p. 1918.
See Charleston Interurban RR. above.
Kansas City Terminal Ry.-Improvemets.This company's general plan for the improvement of passenger facilities
in Kansas City will shortly be consummated by the opening for traffic of
the 3% mile High Line viaduct and bridge over the Kansas River. See
article in "Engineering News-Record," Feb. 28 1918.-V. 106, p. 296.
-Earnings.
Lehigh & New England RR.
Interest, Dividends Balance,
Net, after Other
Gross
Calendar
Income. Rents,&c. (107). Surplus.
Taxes.
Years- Earnings.
$3,666,567 $1,171,968 $223,232 $499,724 $624,000 $271,476
1917
3,046,332 1,116,762 61,202 480,193 600,000 97,771
1916
-V. 105, p. 1309. 716.
-Offering of Guaranteed
Macon Dublin & Savannah RR.
-J. R. Bridgeford & Co., N. Y. City, are offering a
Bonds.
block of this company's First Mtge. 5% bonds, due Jan. 1
1947, of which there are outstanding $1,529,000 of a total
authorized issue of $1,840,000. These bonds are guaranteed,
prin. and int., by the Seaboard Air Line By. Free of normal
Federal income tax.
11 Mos.
1917.
EarningsTotal operating revenue..--$574,492
$199,476
Gross income
Deductions (excl. bond hit.) 47,491
70,079
Interest on 1st 54, 1947
-Cal.Year -June 30 Years
1016.
1915.
1916.
$452,054
$469,054
$490.655
$93,600
$128,747
$139,483
30,282
34,782
36,343
75,250
76,450
76.450
$17,515 def.$11,932
$26,690
$81,906
Net income
See previous offering and description. V. M, p. 450.-V. 100, p. 1078.
-Electrification.
Manufacturers' Ry., St. Louis.
Permission has been obtained from the Board of Public Service to erect
trolley poles and string wires along the tracks. The entire line and termi-V. 103. p. 60.
nal facilities will be operated by electricity.
Memphis Street Ry.-Fare Increase Sought.
This company has filed a petition with the Board of City Commissioners
-V. 105, P. 2365.
for permission to increase fares from 5 to 6 cents.
-Litigation.
Michigan East & West RR.
Press advices state that as a result of an order issued by Judge Sessions.
at Grand Rapids, Mich., in the case of the William T. Joyce Co. vs. the
price $175,000)
company, the road will be sold as a going concern (upset to
be interested
instead of for junk. The Jacobson Corp., of Detroit, is said
and the possibility of a 30-mile extension from Marion to Gladwin on the
-V. 106. p. 189•
Central RR. Is suggested.
Michigan
Minneapolis St. Paul & Sault Ste. Marie Ry.-Offering
-William A. Read & Co. and
of First Consolidated Fives.
4
Tilney, Ladd & Co., are offering, at 963 and int., to, yield
5.27%, 40,000 additional First Consolidated Mtge. 5%
gold bonds due July 1 1938, making the total outstanding
$60,340,000; as 4s, $56,863,000, as 5s, $3,477,000. (See
also advertisement on another page.)
These bonds are secured by first mortgage lien on 2,590 miles and cover
all the company's lines directly owned, comprising 3,185 miles of railway
located in Mich., Wisc., Minn. and No. Dak., and Mont., together with
equipment and all railway property hereafter acquired, subject only on less
than 595 miles to divisional bonds aggregating $8,136,800. Compare
V. 47. p. 142.-V. 106. p. 499.
MAR. 16 1918.]
THE CHRONICLE
New Bedford (Mass.) & Onset Street Ry.—Earnings.—
Years
Ending—
Dec. 31 1917
June 30 1916
—V. 105, p. 1420.
Gross Net, after Interest, Balance,
Total
. Surplus.
Earnings. Depr.
.,&c. Tax,,&c. Sur.orDef
$190,604 337,961 $29,349 sur.$8,612 $44,375
29,335
167,886
20,049
def.9,286
23,981
New York New Haven & Hartford RR.—Maturing
Notes—No Decision as to Government Aid—Plan to Offer
Pref. Stock to Shareholders and Holders of Convertible Deben.
tures.—No definite assurance having been given that the
Government will aid the company to take care of its $43,000,000 of collateral notes due on April 15, the management, in
order to do what it can to meet this situation, has prepared
a circular offering to the shareholders at par $43,590,000 of
the recently authorized issue of $45,000,000 7% cum. pref.
stock. The following is pronounced correct:
The pref. stock is offered on the basis of one share for every 454 shares of
common, or for each $450 par value of the convertible debentures. The
new stock is to be callable at 110 on any dividend date after 30 days' notice,
and at least 75% of the proceeds from the sale of any of the company's
property pledged to secure the notes, must be applied to the retirement of
the pref. stock in blocks of not less than 10,000 shares at a time.
The subscription books will close on March 20 and subscriptions are to
be paid in full on April 8, or possibly in four installments of $25 each, due
April 5, July 1, Oct. 1 and Jan. 2 1919.
The company has outstanding $157,117,900 of stock and there are also
$39,029,000 of 6% debentures, which are convertible into stock after Jan.
1923. Permission to issue the pref. stock which was authorized by the
shareholders last October has already been granted by the Massachusetts
and Connecticut legislatures. Compare V. 105, p. 1413, 1420, 1708, 1802.
Maturing Notes.—
John Skelton Williams, Director of Division of Finance and Purchases
of the Railroad Administration, on March 12 said: "Director-General
McAdoo authorizes me to say that newspaper reports to tha effect that the
Railroad Administration has stated that the New Haven's obligations of
about 345.000,000, maturing shortly, have been or would be provided for
by the Government, are incorrect. While it is hoped that the road may
find some way to protect its obligations, no decision ha.s as yet been reached
by the Government as to the extent, if any, to which it may extend aid to
the system. The subject is now under consideration, and as soon as a
decision is reached official announcement will be made."—V. 106. p.715.607
1127
Ozark Valley RR.—Sale Apr. 22.—
Judge Dyer in the U. S. District Court at St. Louis has ordered that
the company's 55 mile property be sold to the highest bidder on Apr. 22,
provided it is not sold prior to that time for $150,000. V. 106, p. 1037.
Passenger Fares.—Oklahoma Court Opinion.—
Judge Frank A. Youmans in the U. S. District Court at Oklahoma City,
Okla., on Mar. 12 handed down an opinion permanently enjoining the
two-cent pas.senger rate provision of the Oklahoma State constitution. The
case has been pending since 1909.—V. 106, p. 500. 296.
Pennsylvania RR.—Auth. Debt Increase—Acquisition—
Contract with Government.—The stockholders on -March 12
approved an increase of $75,000,000 in the indebtedness of
the company, in accordance with the management's proposal providing for capital requirements, including maturing
obligations. (Compare annual report, V. 106, p. 1031.)
The shareholders also ratified the acquisition by the Pennsylvania RR.
of the properties and franchises of the Cornwall & Lebanon RR. Co. and
the Susquehanna Bloomburg & Berwick RR. Co. See V. 106. p.• 1031.
The shareholders voted to authorize the making of an
agreement with the President of the United States for the
use of the property during the war. The resolution follows:
The board of directors of &its company are hereby empowered to approve
and authorize the execution upon behalf of this company, by such officers
of the company as such board shall designate, of an agreement with the
President of the United States of the character defined in the Act of Congress, which shall, in the judgment of the said board,secure for the company
just and adequate compensation for the use of its properties during the
period of Federal control, and make proper provision for the maintenance,
renewals and depreciation thereof and for the return of the said properties.
together with all additions thereto or extensions thereof constructed or
acquired during such control, at the end of the period of Federal control in
substantially as good condition in all respects as they were at the beginning
thereof.—V. 106, p. 1031, 930.
Pittsburgh Cincinnati Chicago & St. L. RR.—Report.
See earnings statement published in last week's "Chronicle" on page 1040.
—V. 106, p. 1040, 608.
Pittsburgh Railways Co.—Interest Deposited.—
See United Traction Co. of Pittsburgh below.—V. 106, p. 930, 822.
Public Service Corp., New Jersey.—Rate Advances.—
The New Jersey P. U. Commission has granted rate advances to the
Public Service Gas Co. and the Public Service Electric Co. as follows: gas
The New York P. S. Commission has denied this company's application rates, a war surcharge of seven cents per 1,000 cu. ft.; electric rates, an
increase fares from 5 cents to 7 cents on the grounds o, addition of 25% to power consumers.—V. 106, p. 608, 500.
for permission to
lack of jurisdiction, inasmuch as the franchise granted by the Board
Estimate specifically stated that the fare should be 5 cents.—V. 106, p. 2964
Rapid Transit in New York.—Construction Difficulties.
and
In
Northampton Easton & Washing ton Traction Co.—. whichview of the extraordinary increase in wageshave costs of materials to
been subjected as a
the contractors on the new subway lines
The New Jersey P. U. Commission has granted this company permission result of delay for which they are not responsible, efforts are being made
to increase its fare from five to six cents. This increase applies on the line to secure from the city some form of relief by which they may continue
Phillipsburg to Port Murray, 17 miles.—V. 105, P. 1802.
from
the construction work.
Acting Chairman of the Public Service Commission Travis H. Whitney,
Northern Ohio Electric Corp.—Earns. (incl. Const. Cos.) in a statement published last Thursday, states that of the new construction
work $117,000,000 has been completed and is about ready for operation,
Calendar Years—
1917.
1916.
1915.
$6,515,987 $5,170,442 $3,890,751 leaving $80,000,000 of work under contract, on which $45,000,000 has been
Gross earnings
expended. The work completed will afford the city no benefit until the
} 874,043 12,509,623
Net earnings
1,738,252 construction work involved is completed. Contracts to the amount of
charges
Fixed
11,403,062
1,291,682 $25,000,000 have yet to be awarded to complete the construction program
Preferred dividends
360,000
360,000
(see N. Y. "Times" Mar. 14 and 15), Compare V. 106, p. 296. 1037.
Balance for replacem'ts, com. divs_ $514,043
$746,561
$446,570
Rhode Island Co.—Fares.—Investigation.—
—V. 106, p• 396.
Following a report of the Special Street Railway Commission to the
Oakland Antioch & Eastern (Electric) Ry.—Plan of General Assembly, the Rhode Island P. U. Commission has ordered, effective Apr. 1. the establishment of modified zone
Reorganization.—The plan referred to in our issues of Jan. 12 will increase charges on long runs,athe extension ofsystem for fares which
transfer privileges, re(page 190) and Feb. 23 (page 822) is dated Nov. 1 1917 and routing of several car lines in Providence, etc. The Commission declares
that a flat 6
-cent fare would not be equitable and is unjust.
provides in substance:
The report of the Special Commission has been published and included
Status.—Interest upon outstanding bonds which are held in 'ownership among its findings it appears that (a) the company does not receive a fair
amounts annually to about $231,000. Interest on the floating debt and equitable return upon the property; (b) that the fair value of property
amounts annually to approximately $60,000. These interest charges are owned and controlled and devoted to public service is $29,000,000; and
in excess of annual net earnings which in the year 1916 amounted to (c) that 6% is a fair return. Among the recommendations it is recomapproximately $150,000 and in the year 1917 should exceed $160,000.
mended that municipal franchise taxes be abolished, that the company
Unpaid interest coupons amounting to $726,250 will have accumulated be relieved from its paving obligations, &c., &c.—V. 105, p. 2095, 2090.
by Dec. 31 1917. Under the financing plan heretofore in operation,
-1917 Div.—
bondholders have temporarily waived collection of these coupons, but
St. Joseph South Bend & Southern RR.
this waiver becomes inoperative Jan. 1 1918.
An extra dividend of 54 of 1% was paid on the common stock on March 15
The sinking fund provisions of the various bond issues call for annual in addition to the regular semi-annual 1% on the common and 254% on the
payments aggregating at least $31,750. None of these payments have as pref. stocks. Extra disbursements of a like amount were paid in Sept.
yet been made.
1905, Sept. 1907, Mar. 1909, Sept. 1909, Sept. 1911, Sept. 1913 and Sept.
1915.—V. 106, p. 930.
Capitalization of the Proposed Successor Company.
[The San Francisco Oakland & Sacramento Thy.]
San Diego & Arizona Ry.—Construction.—
-Year 554% Cold Bonds (callable at 102 and int.), to
1. First Mortgage 20
Construction of this company's line between Yuma, Ariz., and Tidewater
be a first mortgage upon all the properties now owned by the three comat San Diego. California, delayed on account of litigation between the
panies or herea.fter to be acquired. Interest semi-annual. Denom. $100
its control,
Pacific Co.
to $1,000. Trustee, Union Trust Co. of San Francisco. Total auth. Southern be rushed. and the Spreckels Co.of San Diego over litigation is
A compromise is announced whereby the
will now
issue, $3,000,000, viz.:
abandoned and it is agreed that there shall be a plan of joint operation
To be used or set aside for reorganization (to be issued to bondof the road by John D. and A. B. Spreckels and the Southern Pacific.
holders and to secured creditors and to provide cash for first
Military necessity is given as the reason for the hastened construction and
lien holders, working capital and reorganization) • Not to
compromise over control.—V. 106, p. 297.
exceed
$1,950,000
remain in the treasury to provide not over 75% of cost of
To
San Joaquin Light & Power Corp.—Bonds.—
additions and betterments, but only with the consent of the
This company has filed an application with the California RR. CommisCalifornia Railroad Commission when the annual net earnsion for authority to issue $1,000,000 of its 6% First & Refunding Mtge.
ings are 1% times the annual interest charge, including the
bonds.—V. 106, p. 822, 403.
bonds proposed to be issued
$1,050,000
Seaboard Air Line Ry.—Guaranty.—
2. Preferred Stock, 6%,cumulative both as to dividends'and assets, callable
See Macon Dublin & Savannah RR. above.—V. 105, p. 2273.
any time at 110. Non-assess. Par $100. Total auth. $1,500,000, viz:
issued for reorganization purposes, not over
To be
$1,330,000
Twin State Gas 86 Electric Co.—Bonds Called.—
To remain in the treasury for additions and betterments,
Eighteen ($9,000) Cascade Light & Power Co. 5% bonds of 1905 have
only
$170,000
3. Common Stock, in $100 shares, non-assessable. Total auth_ _$4,000,000 been called for payment on Apr. 1 at par and int. at Amer. Tr. Co., Boston.
—V. 106, p. 1037, 716.
Terms Offered Creditors and Bondholders.
(a) Creditors having first and direct enforceable liens on the
Union Street Ry., New Bedford, Mass.—Earnings.-property which are approved by the bondholders' committee,mortgaged
are to be Years
Cross
Net
Interest, Dividends Balance,
paid in cash. This includes: (a) Purchase price mortgages on terminals
Earnings. Earnings. Taxes, &c. (8%). Surplus.
Ending—
(b) equipment liens; (c) certain claims for current supplies and materials.
31,155,864 $378,981 3209,676 $130.000 $39,304
(b) Holders of outstanding bonds, aggregating about $4,600,000, of Dec. 31 1917
1,024,434
313,836
99.371
130,000
84.465
Oakland & Antioch, Oakland Antioch & Eastern and San Ramon Valley June 30 1916
Ry.. who, if surrendering all bonds held by them (with all unpaid coupons —V. 105, p. 1803.
maturing on or after Jan. 11915), will receive therefor:(1) 20% [say, in all,
Corp.—New Director.—
United Gas & Electric
$920,000.—Ed.1 in the new 20
-year first mtge 554% gold bonds; (2) 20%
Marshall Dodge as director succeeds S. J. Dill.—V. 106, p. 602.
[say, $920,000] in new 6% pref. stock;(3)60% [say, $2,760,000] corn. stock.
(c) Creditors whose claims are secured by bonds (not over $2,048,000
United RRs. of San Francisco.—Litigation.—
being so pledged) are to cancel their obligations and receive for each bond
The Anglo-California Trust Co. and the Anglo and London Paris Naso held by them as collateral, new 1st M.bonds, pref. stock and corn. stock tional Bank of San Francisco have filed suit to foreclose a $400,000 mortsame proportions as hereinabove provided under Subdivision (b) gage against the Market Street Ry.. the United RRs. and the Union Trust
in the
[The respective amounts so required being about $4,096,000, $409,600 and Co. of San Francisco, as trustees. It is explained that the suit was filed to
31,228,800.1
prevent the mortgage going by default as the time for filing suit or foreHolders of Oakland Antioch & Eastern Ry. 6% Four-Year Convertible closing expires immediately.
Gold Notes come within the provisions of this subdivision, their collateral
The United Railroads Co. has filed with the San Francisco Board of
to be exchanged on the aforesaid basis.
Supervisors a demand on the city for $288,500 alleged damages through
4. Unsecured Creditors whose claims are valid and enforceable and are the blanketing of the lower Market St. lines by the Municipal Railway and
approved by the committee are to receive in exchange new common stock by interference with service caused by excavations made when the Municipal
after said distribution has been made to bondholders and secured creditors Railway tracks were installed.—V. 106, p. 191.
hereunder, but in no case are to receive in stock more than the face value
United Traction Co. of Pittsburgh.—Interest.—
of the debt due them.
Reorganization committee: L. S. Bachman, Fred H. Beaver, A. ChristePhiladelphia press dispatches say that bondholders have received notice
son, C. Osgood Hooker, John Lawson, Jesse W. Lilienthal, Paul A. Sin- that the Pittsburgh Railways Co. has deposited funds with the trustees
sheimer (See., Market St. and Grant Ave., San Francisco), Sidney M. Van for the coupons that were in default on the various issues of bonds, exWk Jr.
cept the $4,801,000 United Traction Co. bonds, and coupons will be paid
Depositary, Union Trust Co., San Fran. See also V. 106, p. 822, 190. on presentation.—V. 106. p. 930, 397, 88.
New York & North Shore Traction Co.—Fares.—
Orangeburg (S. C.) Ry.—Receiver.--
O. E. Dennison has been appointed receiver, with office at Orangeburg,
S. C., vice W. A. Gore, resigned.
Virginia Ry. & Power Co.—Dividend Omission.—
Regarding the omission of the dividend on the common stock due in
April, Philadelphia interests are quoted as saying: "Such action is attribut-
1128
THE CHRONICLE
[VOL. 106.
The New York Stock Exchange has authorized the listing of $16,500,000
able only to the extremely conservative policy of the management. Earnstock, on official
ings this year have been far in excess of previous years and, largely owing 7% cumulative preferred stock and $26,000,000 common
to the company's ability to derive a large proportion of its power from the notice of issuance.
River, its operating expenses having been much below
falls of the James
.
Earnings.—For fiscal years ending Dec. 31:
those of other industrials in that neighborhood." Compare V.106,p.930, 500.
1914.
1915.
1916.
1917.
$26,129,317 $19,440,509 $11,666,413 $10,323,150
Sales billed
Ohio Ry.—Bonds Authorized.—
Western
9,221,174
9,582,264
19,144,107 14,699,744
Cost, depreciation, &c
The Ohio P. U. Commission has authorized this company to sell at 80,
$500,000 of its 6% General Mgte. Gold bonds, the proceeds to be used for
$6,985,210 $4,740,765 $2,084,149 $1,101',976
Factory profit
additions, extensions and improvements.—V. 105, p. 73.
252,641
347,257
262,709
229,844
Other income
INDUSTRIAL AND MISCELLANEOUS.
Aetna Explosives Co., Inc.—Election of Directors.—J.
& W. Seligman & Co.in circular of March 14 say in substance:
The annual meeting is to be held on March 19 for the election of directors and such other business as may properly be considered.
A plan of readjustment in which we are named as the readjustment
managers, is being prepared and will be sent to the stockholders.
But, in the meantime, entirely independent of the deposit of stqck under the plan of readjustment, we ask for proxies of stockholders for the
forthcoming annual meeting. If you have already mailed your proxy
to Columbia Trust Co. running to A. W. Bullard and Howard Bayne, it
will not be necessary to execute any additional proxy.
A. G. Fay, Josiah Howard and the stockholders' protective committee, Henry Auchu, Chairman, who are asking for
proxies in the names of A. W. Bullard and Howard Bayne,
say in circular of March 11:
From the balance sheet of Dec. 31 1917 it appears that the current assets amount to $16,293,523, and the actual liabilities, including the bonds
of approximately $2,125,000, and all other liabilities except back dividends
on the preferred stock, amount to $10,186,564, leaving a balance of current assets of $6,106,959, an amount sufficient to represent $100 a share
for the $5,500,000 of preferred stock outstanding, and in addition thereto
enough to pay back dividends on said stock. The above assets do not
Include the value of the commercial and military plants.
Each share of preferred stock [owing to failure to pay dividends] is
entitled to nine votes at this election. The proxies will be voted for no
special purpose other than a board of directors which in a general way will
include: (a) The two receivers; (b) two representatives of Messrs. Seligman
& Co.; (c) three representatives of the Keystone, Aetna and Miami interests that originally made up the company;(d) a representative of the stockholders in the Scranton district; (e) a representative of one of the brokerage houses, which are largely interested in the securities of the company.
Net profit
$7,215,054 $5,003,474 $2,431,406 $1,354,617
1,379,685
1,353,054
1,838,454
Sell'g, publ'y, &c., exp. 1,906,264
Res. for Federal income
& excess profits taxes
1,298,300
& conting
Preferred dividends_(10%)1,618,375 (9)1,426,455 (3)475,485
Balance, sur. or def_sr.$2,392,116 sr$1,738,565sur.$602,867 def.$25,068
—V. 106, p. 1037, 716.
American Cities Co.—New Director.—
J. A.Cauldwell,Phila.las director succeeds J.J. Gannon.—V.106, p.601.
American Graphophone Co.—Decision.—
The U. S. Supreme Court on March 4 handed down a decision adverse
to the American Graphophone Co. and the Columbia Graphophohe Co. in
the appeal of the Boston Store of Chicago, holding that a price-fixing system cannot be justified either under general law or under the patent laws.
—V. 106, p. 1037, 603.
American International Shipbuilding Corp.—Construction of Hog Island Plant—Description—Reported Orders.
See page 990 in last week's issue.—V. 106, p. 298, 89.
American Manufacturing Co. of West Virginia.—
Holders of the certificates of interest issued by the St. Louis Union Trust
Co. to the shareholders of this company, pursuant to agreement of Jan. 21
1911, are notified that an amount equal to 80 cts. per share of original stock
represented by said certificates will be paid on March 28 to the registered
holders at office of said trust company.
American Sumatra Tobacco Co.—New Director.—
J. R. De Lamar has been elected a director to succeed Chas. Soby.—
V. 106, p. 931, 603.
.
American Telephone & Telegraph Co.—Report—Listing..
The annual report is cited at length on other pages of to-day's"Chronicle."
The New York Stock Exchange has authorized the listing of an additional
$6,000,000 capital stock upon official notice of issuance in exchange for
$7,500,000 of the capital stock of Bell Telephone Co. of Penna. This stock
The following plan is submitted as one fair to all classes of security is to be acquired from the New York Telephone Co., which at last advices
•
holders, avoiding the losses which would be suffered from litigation.
$59,859,000 of the $60,000,000 stock of said Pennsylvania company.
Bondholders waive any present payment of the principal of their bonds, owned
—V. 106, p. 1037, 608.
but 50% of surplus net earnings as defined in the plan, in addition
and war inventories, are
to certain proceeds of liquidation of war plants
American Woolen Co.—Wage Increase.—
-year bonds. These bonds are
to be applied to the retirement of the new 10
This company has announced a wage increase of 10% for its 30,000
to be subject to call at par as against 105 for present bonds. The prohi- employees in New England and New York, effective March 25. This is
bition against the payment of dividends on the present common stock will the third increase in a year, a graduated increase averaging 7% having
not be continued for the new common stock.
granted April 30 and a 10% advance on Oct.8.—V. 103, p. 1043.
The arrears of sinking fund claimed for the pref. stock, as of Jan. 1 1918, been
was approximately $440,000. The plan gives no recognition to such arrears
American Writing Paper Co.—Mill Rebuilt.—
but it provides that the new pref. stock shall succeed to the benefits of the
The "Engineering News-Record" Mar. 7 published an article describing
retirement provisions as soon as the new bonds shall have been retired. the new buildings of the company at Holyoke, Mass., erected to replace
All arrears of dividends up to the date when dividends shall commence to old Holyoke properties.—V. 106, p. 931. 89.
accrue on the new pref. stock are tia be settled for in new pref. stock at par.
The arrears of dividends on the present pref. stock amounted to 10A %
Ault & Wiborg Co., Cincinnati, Ohio (Dyestuffs).—
on Jan. 11918. The new pref. stock is to be redeemable at par, as against
110, the purchase price, for the present pref. Each share of the new pref. Offering of 7% Cumulative Preferred Shares.—Field, Richards
of the com- & Co. and W. E. Hutton & Co. are offering, by advertiseand com. stock will be limited to one vote, but a voting trust
mon stock is created to assure continuity of sound management.
7% Cumulative
Security holders are urged to deposit their securities without delay. ment on another page, at 97 2, $2,000,000
Columbia Trust Co., 60 Broadway, N. Y., is depositary for the pref. and Preferred shares of this long-established Ohio company.
com. stock, and Bankers Trust Co., 6 Wall St., depositary for the bonds. Divs. Q.
-J. The advertisement shows:
[The plan has been approved by (a) the bondholders' protective commit[Issue passed by the Capital Issues Committee of the Federal Reserve
tee, F. N.B.Close, Chairman; (b) Scranton and Wilkes-Barre Bondholders'
Protective Committee, J. E. 1Veissenfluh, Chairman; (c) Stockholders' Board as not incompatible with the interest of the United States, but withProtective Committee, Henry Auchu, Chairman; Dominick & Dominick, out approval of the merits, security or legality thereof in any respect.]
Parkinson & Burr; Kissel. Kinnicutt & Co.; Brooks & Co., &c.]
Authorized. Outstanding. Presently Iss.
r
"7apitalization—
$5,000,000 $2,200,000 31.000,000
Common stock
Proposed Capitalization of Successor Corporation.
2,300,000
5,000,000
Preferred stock
(A) Ten-Year 6% Sinking Fund Bonds. To be, so far as may be, a first
Held in reserve: Common stock, $1,800,000; preferred, $2.700,000.
mortgage on the entire property. Redeemable from time to time at par
Organization.—Organized under the laws of Ohio and does a general
sum to refund at par
and int. To be issued in at least a sufficient
acids, colors, printing
all of the outstanding bonds of the Aetna Explosives Co., Inc., and a! ur- business in the manufacture and sale of dyestuffs, U. S., in Argentina,
larger cities in the
ther amount shall be placed in the treasury of the new company or other- ink, &c. Branches in many of thealso Shanghai, China, and has affiliated
Brazil and Uruguay, South Amer.;
wise reserved or set apart sufficient to satisfy at par the underlying mortgage
and Toronto.
obligations upon the plants of subsidiaries, which are understood to aggre- companies in London40 years ago, and has been in continuous successful
Established nearly
gate $36,000 in amount; and any other similar liens.
since the supply of dyestuffs
(B) 7% Cumulative Preferred Stock. Par value $100 per share, preferred operation since. During the past three years unobtainable, owing to the
Callable at par and div. To be Issued in an ordinarily obtained from Germany has been the development of the dyeas to assets and
share war conditions, the company has undertaken
dividends.
amount at least sufficient to give depositing preferred stockholders,
for share, in the new pref. stock and the amount of accrued dividends stuff industry.
Purpose of Issue.—On account of this development, the company has
thereon at par.
and the proceeds of this pref.
(C) Common Stock (without par value). To be Issued to an amount at extended its plant and equipment largely,
purpose of liquidating obligations incurred princileast sufficient to give share for share to each depositing common stock- stock will be used for theof the dyestuffs industry and the general extension
pally in the development
holder.
this and foreign countries.
Voting Rights of Stock. All of the common stock shall be subjected of its business in Provisions.—(1) No lien, mortgage, or security prior or
Preferred Stock
to a voting trust for the period of five years, and Hon. George C. Holt and
will equal to this issue of pref. stock shall be made unless 75% of pref. stock
Hon. B. B. Odell, who have successfully conducted the receivership,
pref. stock outbe asked to act as two of the voting trustees. The Readjustment Managers outstanding consents. (2) Net quick assets of 125% of2 1918, after givon statement of Jan.
shall name five additional voting trustees. These seven trustees, together standing must be maintained; based of pref. and common stock to be sold,
shall ing effect to the proceeds of the sale
with two or more additional persons to be named by the Managers,
the pref. stock outstandconstitute the first permanent board of directors, and shall invite Hon. the net quick assets will be equal to over 175% ofsurplus earnings after the
ing. (3) Sinking fund to receive 10% of the net
B. B. Odell to become President.
payment of preferred stock dividends.
It is the intention that the claims of merchandise creditors and undisputed general creditors shall be paid off in full as promptly as the resources Balance Sheet as of Jan. 2 1918, after Giving Effect to Sale of $1,000,000
Common and $2,300,000 Preferred Stock.
will permit.
[There are now outstanding: (a) 628,414 shares of common stock of no Current Assets.—Cash, $280.430; notes receivable, 3269,834; accounts receivable, $1,474,857; Liberty bonds, 328,618; invenpar value; (b) $5,495,900 7% cum. pref. stock, par $100; (c) $2,188,850
$4,044,661
tory, $1,990,921
1st mtge. 6s, due 1945; (d) Jefferson bonds, $27,000; (e) mortgages, $9,
Fixed Assets.—Real estate and buildings, $1,367,158; machinery.
$106.326; Globe automatic sprinkler, $24,739; Chemical Cons.
Authority Granted to Accept Government Acid Contract.—
Co.. $18,455; investment, $37;128; deferred assets, $175— - - - 1,553,981
Judge Mayer in the U. S. District Court at New York has granted Offsets.—Preferred stock, $2,300,000; common stock, $3,200,000;
reserve First Nat. Bank account subscription Liberty Loan,
Receivers Odell and Holt permission to accept the United States Govern5,598,642
$36,500; surplus, $62,142
ment contract for 2,000,000 lbs. of picric acid, deliveries to be made at
the rate of 500,000 lbs. per month.—V. 106, p. 398. 88.
Earnings.—For the past four years earnings have been in excess of an
requirements on pref. stock.—
amount equal to over five times dividend
Alabama Power Co.—Muscle Shoals Development.—
V. 100, p. 400.
The two plants at Sheffield. Ala., for which the U. S. Government has
Baker, Hamilton & Pacific Co.—Merger—Stock.—
arranged to install a hydro-electric development at Muscle Shoals on land
This corporation, organized to merge the interests of 1;laker & Hamilton
donated by this company, are unofficially described as follows:(1) a factory
and Pacific Hardware & Steel Co., has been permitted by the California
for the fixation of nitrogen which will produce approximately 20,000 tons
of preferred and 5,000 shares of common
of ammonium nitrate a year and will be owned and operated by the U. S.; Commission to issue 12,500 shares
of each class to Pacific Hardware
and (2) a plant owned by the U. S. but operated by the Air Nitrates Corp., to Baker & Hamilton and a like amount acquired.—V. 106, p. 399, 299.
.& Steel Co., in part payment for the assets
which will produce 110,000 tons of ammonium nitrate a year. Compare
V. 106, p. 930. 716.
of Penna.—Merger.—
Bell Telephone Co.
See American Telep. & Teleg. Co. above.—V. 106, p. 931. 823.
American Brake Shoe & Foundry Co.—Extra Dividend.
Bingham Mines Co.—Listed in Boston.—
An extra dividend of 1% has been declared on the pref. stock in addition
to the regular quarterly 2% on the pref. and 13 % on the common stock,
The Boston Stock Exchange has listed the outstanding 150,000 shares of
all payable March 30 to holders of record 3 p. m.March 22. A like amount stock, par $10.--V. 106, p. 603.
was paid in December last—V. 106, p. 711.
Bucyrus Co.—New Directors.—
-Hammer Mfg. Co., and
Major F. R. Bacon, President of
Allis-Chalmers Mfg. Co.—Voting Trust to EndiMar. 27— Fred Vogel Jr., President of the Firstthe CutlerBank of Milwaukee, have
National
Exchange for Stock—Stock Listed.—As the voting trust of been elected directors.—V. 106, P. 1038.
Readjustment Plan Dated March 14 1918.—J. & W. Seligman & Co., readjustment managers, say in substance:
•
March 1913 in respect of the corn. and pref. stock will expire
by limitation on March 27 1918, the holders of voting trust
certificates are required to exchange their certificates for
certificates of capital stock on and after March 27 1918 at
the Guaranty Trust Co., New York.
Buffalo General Electric Co.—Earnings.—
1917.
1016.
Cal. Year—
Cal. Year—
1917.
Gross earnings$4,209,719 $3,356,953 Sinking fund- $98,675
Net,aft.tax.,&c.1,479,7574 1,226,007 Divs.(6%)--- 3374,335
440,608 Bal., surplus- $424,183
Bond, &c.,int. 582,564
—V. 106, p. 502.
1916.
$98.675
$299,151
$387,572
MAR. 16 1918.]
THE CHRONICLE
1129
•
$500 and $100 c*. Trustee, S. J. T. Straus. Redeemable at 1023 and
-Earnings.
Bunte Bros., Chicago.
Int. in reverse of numerical order on Feb. 1 1920 or any int. date thereafter.
Calendar Years1915.
1914.
1916.
1917.
The corporation agrees to pay the normal Federal income taxes not in
Net sales
$2,360,736 $1,966,678 $1,590,041 excess of 4%.
$3,212,343
Not statedNet,after depreciation, &c
$249,719 $144,543
Security.
-A direct closed first mortgage on all of the land, buildings and
-V. 105, P. 501.
equipment of the company in Chicago, Phila., Cleve., Toledo, New Orleans
and Denver; by buildings and a valuable leasehold estate in N. Y. City;
-Appeal.
Butte & Superior Mining Co.
and property
Argument has been heard in the United States Circuit Court at San by all equipment, apparatusand factories of every description contained in
offices, studios, plants
of
Francisco in the appeal from the decision of Judge Bourquin adverse to the S.; by all outdoor advertising property the company throughout the
U.
wherever located; and by its
the company in the U. S. District Court at Butte, Mont., in the oil- holdings in 22 companies
affiliated with and part
flotation suit between this company and the Minerals Separation Co. of the organization. In in the same field which are be secured by all other
addition the bonds are to
-V. 105, P. 1038, 823.
properties to be acquired during the term of the bond issue. Ample fire
security, $6,050,000.
is
-Earnings.
- insuranceanycarried. Value of the mortgagor must set up a cash surplus
California Petroleum Co.(& Sub. Cos.).
dividends in 1919
Before
1917.
1916.
Cal. Years1917.
1916.
of $50,000, in 1920 an additional $50,000, and in 1921, $75,000 (in addition
Gross earnings__ _$3,185,327 $2,081,154 Res've for Fed.,&e
to regular maturities), making $175,000, to be invested in bonds and
Net earnings
$2,462,278 $1,511,653 taxes & conting $217,808
deposited as additional security. After this deposit the company agrees
Depreciation, &e_ 673,877
381,778 Pref. divs. (4%)__ 493,721 $493,721 not to declare dividends without consent of the trustee unless it has first
Interest charges__ 102,219
207,450 redeemed $50,000 of the bonds of the last maturity, thus practically assur110,480 Special res've, &c_ 189,876
-V. 106, p. 603.
Balance, surplus_ - $784,775 $318,229 ing a yearly retirement of at least $150,000 of bonds after 1921.
Assets.
-The corporation will maintain quick assets and accounts receiv-Merger.
Central District Telephone Co.
able due within one year, at least $900,000 over all its liabilities, excluding
-V. 106, p. 931, 502.
See American Telep. & Teleg. Co. above.
the bond issue.
Earnings.-Thesa for 1917 were $450,000. The average yearly earnings
-Gov't Warehouses.
Central Mfg. District, Chicago.
for five years amount to nearly three times the annual interest charge.
A tract of 300,000 square feet in the district has been purchased by the
Purpose of Issue.
-To refund existing bonds (V. 104, p. 1901),to meet the
United States Government for $375.000, upon which will be erected for the cost of extensions, &c.,
-and to provide for the purchase of plants and franGovernment 3 warehouses, two of which will cost $2,800,000. The proper- chises on which the company has options.
-V. 102, p. 978.
will be used by quartermaster's and ordnance stores.
ties
For full details as to organization, business, &c., see previous bond
offering, V. 104, p. 1901.-V. 105, p. 2275.
-Operations.
Cerro de Pasco Copper Corp.
This company announces that it has received a cable from its office in
Dayton Power & Light Co.
-Offering of Two-Year
Peru stating that the statement of a shutdown of the works, published in
-Subject to the approval of the Capital Issues Comthe daily papers, is untrue. The mines are operating as usual and the Bonds.
labor conditions are good.
-V. 106, p. 1038, 717.
mittee of the Federal Reserve Board and the Ohio P. U.
-Merger.
Chesapeake & Potomac Telephone Co.
-V. 105, p. 2001:
See American Telep. & Teleg. Co. above.
Chicago Junction Rys. & Union Stock Yards.
Commission, Drexel & Co., Phila. are offering at 99 and
int. to yield over 7M% $1,750,000 Two-Year 7% General
Mortgage bonds, dated Mar. 1 1918, due Mar. 1 1920.
Int. M. & S. The bankers report:
Combined Earnings, &c.,for Calendar Years.
1915.
1916.
1914.
The company pays 2% of the Federal income tax on the interest on these
Livestock1917
3,207,427 2,730,176 2,262,752 2,237,881 bonds and the Pennsylvania State personal property tax of 4 mills will be
Cattle
7,168,852 9,188,224 7,652,071 6,618,166 refunded to holders resident in Pennsylvania upon request. Trustee,
Hogs
3,595,228 4,291,024 3,510.015 5,378,345 Fidelity Trust Co., Philadelphia. Callable in whole or in part on thirty
Sheep
820,977
995,594
973,248
697,339 days' notice, at 101 and interest.
Calves, &c
-The proceeds will be used to extinguish the floating debt
Results
This Issue.
$7,726,131 $7,208,313 $6,566,836 $5,982,367 and to provide for extraordinary improvements. So long as the bonds of
Gross earnings
Oper. exp., taxes and int_ _ _ 6,320,568 5,515,109 4,943,324 4,384,897 this issue are outstanding, no additional bonds secured by existing mortgages
shall be issued except for refunding this issue.
$1,405,563 $1,693,203 $1,623,512 $1,597,469
Net earnings
Equity.
-The estimated replacement value of the entire properties, will
The total valuation of all receipts of livestock for the year 1917 was $630,- probably exceed $12,000,000. The company has outstanding $2,962,500
preferred 6% stock, and $3,053,000 common stock.
612,550, the largest in the history of the yards.
-V. 104, P. 860.
See Central Manufacturing District above.
824.
Earnings.
-For earnings of calendar year 1917 see V. 106,
Property.
-The company with an aggregate capacity of p.
-Offering of Two-Year supplies power and light, practically without competition, to65,000 h. p.
Cincinnati Gas & Electric Co.
Dayton and
other
25 miles. Population about
-The Equitable Trust Co. and Weil, Roth & Co. 37 which towns and villages within The new main power house 250,000,
6% Notes.
of
is
are in Dayton.
3
are offering, at 97% nad int., yielding about 7.25%, $2,- just being140,000operation has a present capacity of 35,000 h. p.whichan
put in
with
6% Secured gold notes, dated March 15 ultimate capacity of 150,000 h. p. The system includes 264 direct miles
225,000 Two-Year
of underground
Dayton 180 miles of transmission lines, and
1918, due March 15 1920, but callable on any interest period about 775 milesconduits indistributing lines. Meters in service 26,000.
overhead
Franchises.
-The company conducts over 90% of its business under
,
upon 60 days' notice at 1003 and int. The bankers report:
[Issue of $2,225,000 notes, payable 1920. Passed by the Capital Issues franchises which are without limit as to time. The remainder granted
Committee of the Federal Reserve Board as not incompatible with the more recently and in accordance with present laws of Ohio,run for 25 years.
Interest of the United States, but without approval of the merits, security -V. 106, p. 1038. 824.
or legality thereof in any respect.]
-Earnings.
Diamond Match Co.
Interest M. & S. 15 in New York and Cincinnati, in gold coin without
deduction for any tax, assessment or Governmental charge (other than any
Cal. Years1917.
1916.
1917.
1916.
Federal income tax in excess of normal tax of 2% or State income tax) Earns.(all sources)85,637,925 $3,925,806 U. S. Gov't taxes.$1,130,098
Deprec'n reserves_ 180,000
which the company may be required to pay or retain therefrom, under any Profit from sale of
150.000
present or future law. Denom. $1,000 c*. Trustee, Central Trust Co. of
Dividends_ _ _ _(9%)1,526,859(73
Bryant & May,
4)1314795
Cincinnati.
Lt. ord. stock. 270,475
Balance, surplus__ $978,003 $1,315,326
252,944
The company owns generating and distributing systems supplying Cin- Deduct-Depr.,&c. 429,440
cinnati and surrounding territory_ one of the most important commercial Reserves
892,741
1,700,000
and. industrial centres of the country.
The total accumulated surplus Dec. 31 1917. after deducting $749,999
Security.-These notes are secured by deposit of $3,000,000 First & Ref. patents, rights, trade-marks, &c., written off, was $748,060.-V. 106, p.
now First Mtge. 5% gold bonds, due April 11956.
604, 503.
-These notes are issued for the purpose of obtaining
Purpose of Issue.
(E. I.) du Pont de Nemours & Co.
-Plan Upheld.
funds for the completion of the company's new electric generating station in
Shareholders on Mar. 11 approved the company's bonus system under
Cincinnati, with an initial capacity of 50,000 k. w., and an ultimate capacity of 100,000k. w., and to obtain funds to pay for extensions, additions which more than $10,500,000 had been distributed among employees in
-V. 106, p. 1038.
the last two years. The stockholders also approved an amendment to the
and new properties.
by-laws which empowers the directors to continue and to alter the bonus
-Mar.1 Dividend Deferred. plan. The bonus plan has been attacked in the courts by'Alfred I. du
City Ice Delivery Co., Cleve.
The directors on Feb. 23 decided that it was "wise to take no action" on Pont. Compare V. 106, p. 1038, 1034, 931, 824.
the dividend due Mar. 1 last, although the gross earnings were $2,179,232
-New Director.
Incorporation of Subsidiary Engineering Co.
and net earnings, after deducting operating expenses, maintenance of
and depreciation, 8215,054, with interest charges of $44,449,
Charles A. Patterson has been elected an additional director.
balance 3170,605.-V. 106, p. 926.
Engineering Co. below and V. 106. p. 1038, 1034,931, 824.
leaving
See du Pont
F
Cleveland Worsted Mills Co.
-Stock Increased.
-
The shareholders on Mar. 2 ratified the proposed increase in capitat stock
from $10,000,000 to $20,000,000. "Cleveland Finance" states that a
50% stock dividend has been declared, payable to holders of record as of
noon Mar. 2, making about $10,718,000 stock outstanding. The shareholders also approved the setting aside of $250,000 now stock for sale from
-V. 106, p. 931, 300.
time to time to employees at par.
Coachella Valley (Cal.) Ice & Electric Co.
-Sale.
-
-Incorporation.
du Pont Engineering Co.
This company, a subsidiary of the (E. I.) du Pont de Nemours & Co..
has been incorporated under Delaware laws with $7,000,000 authorized
capital stock. The engineering company is in charge of the erection of the
$60,000,000 explosives plant at Hadley's Bend near Nashville, Tenn.
See annual report in V. 106, p. 1034.
-Listing-Status.
Eastern Steamship Lines, Inc.
The Boston Stock Exchange has admitted for trading 67,509 of the
authorized 90,000 shares common stock (par $25) and all of the authorized
37,500 shares of pref. stock (par $100). (See terms of pref. stock, &c.,
Columbia Gas & Electric Co.
V. 103, p 846; V. 104, p. 456.)
-Report.
An official statement to the Exchange says that on March 4 there were
-V. 106, p. 824.
See Reports" above.
outstanding only $122,800 of the $5,700,000 Eastern Steamship Lines 30
Columbia Graphophone Co.
Year Income bonds, the balance having been retired by the sale of the fol-Decision.
lowing steamers: (a) Sold to and taken by U. S. Govt.: Massachusetts,
See American Graphophone Co. above.
-V. 105, p. 2458.
Old Colony, Bunker Hill, Boothbay. (b) Sold: H. M. Whitney, James
S. Whitney, Wm. S. McGowan, J. W. Walker, G. H. Prior, Eastern,
Commercial Acid Co., East St. Louis.
-Sale.
City of Augusta, Nahanada.
See Monsanto Chemical Co. below.
-V. 104, P. 1266.
The company's fleet at present includes 20 steamships, freight and pasComputing-Tabulating-Recording Co.
senger, notably the Governor Dingley and Calvin Austin, of 2,850 net tons
-Report.
each; also sundry lighters and floats. The 20 steamships have a total gross
Calendar Years1917.
1916,
1915.
1914.
tonnage of 37,048 and are valued at $8,550,000: of these, 5, with a gross
Co.'s share net profit,sub.
companies
$2,481,454 $2,163,720 $1,549,874 $1,313,063. tonnage of 16,425 tons, are under charter to the U. S. Govt., and 2, with
tonnage of 4,400, are chartered to the British, yielding a net income to the
MaInt.,depreciation, &c_ 447,113
467,973
403,959
349,276 company of over $1,000,000 per annum.
-T.
Exp. C. -R. Co. (net ,
[These particulars as to charters are from circular issued by L. Sherman
118,595
&c
144,521
58,461
68,051 Adams, of the Boston Stock Exchange, who sees a particularly promising
s. f. bonds.. *347,389
Int. on 6%
*344,373
396,760
405,874 future for the pref. shares which participate with the common in all divi-T.
Divs. on 0. -R.stock(4%)418,962 (4)418,292
dends after 6% on each class. The annual interest charge is now only
being 5% on the following obligations outstanding March 4 1918.
Balance, surplus
x$1,149,396
$788,562
$690,694
$489,862 $104,700
viz.: Income bonds, $122,800; Eastern SS. Co. 1st M., 1927, $1,081,000;
After crediting interest on treasury bonds. x No allowance has been Maine SS. Co. 1st, $93,000; Portland Consol. SS. Co. 1st M., $98,000;
*
made for 1917 Federal income and excess profits taxes, the amounts of 5-yr. deb. notes, $250,000; Union Wharf mtge., $250,000.1-V.106,p.1038.
which have not been finally determined.
-V. 106, p. 819.
-Extra Dividend.
Eastman Kodak Co.
of 7%% has been declared on the common stock payAn extra
Consolidated Arizona Smelting Co.
-1917 Income Int. able June 1 dividend of record Apr. 13.
.41
to holders
The directors have authorized the payment of interest on the outstandThe regular quarterly dividends of 1%% on the pref. and 2%% on the
ing Convertible Income Bonds for the year 1917 at the rate of 5% at the common stocks were also declared payable July 1 to holders of record
Equitable Trust Co. of New York on April 15 1918.-V. 106, p.610,604.
May 31-V. 106, p. 610, 400.
See Southern Sierras Power Co. below.
-V. 102, p. 2169.
Corona (Cal.) Gas & Electric Light Co.
-Sale.
-
See Southern Sierras Power Co. below.
-V. 102, p. 2169.
(Thos.) Cusack Co. (Advertisement Signs).-Offering
-5. W. Straus & Co. are offering, at
of Bonds-Refunding.
par and int., to yield 6%,$1,800,000 First Mtge. 6% Serial
bonds dated Feb. 1 1918, due serially. Int. F. & A. at any
office of S. W. Straus & Co., Inc.
Maturities: Feb. 11919, $90,000; 1920-1924, Inclusive, $100,000; 1925
1927, inclusive, $125.000, and $835,000 Feb. 1 1928. Denom. $1,000,
Federal Mining & Smelting Co.
-Earnings.
Quarter ending Jan. 31Month of November
Month of December
Month of January
Total
Estimated depreciation
1918.
1917.'Imm
loss $10,151 profit $170,627
loss 98,582 profit 110,862
loss 59,035 profit 97,163
loss $167,768 profit $378,652
25,757
62,487
Total profit or loss (estimated)
loss $193,525 profit $316,165
For the quarter ending Jan. 31 1918 the company shipped 12,036 tons,
against 32,659 tons for the corresponding period in 1916-17. During the
1130
THE CHRONICLE
quarter ended in 1917-18, the Morning mine, which is the company's main
producer, was closed down for repairs found necessary on account of a
swelling underground.
-V. 106, P. 820.
-Wages in Cuba, Etc.
Federal Sugar Refining Co.
[VoL. 106.
A. J. Brosseau, Henry J. Fuller, Arthur II. Lea, Charlton Yarnall, and
George G. Foster have been elected directors to succeed 0. H. Cutler, S. M.
Curwen, Thomas Newhall, A. M. Kittredge, H. W. Davis and H. D.
Gibson.
-V. 106, p. 825, 90.
-Dividend Reduced.
Hedley Gold Mining Co.
This company's Havana representative, H. A. Himely, states that caneA quarterly dividend of 30 cents per share has been declared on the
cutters who formerly received 70c. to 80c. per 100 arrobos of cane cut, are
Mar., June and
holders
now getting as much as $1 50 for the same quantity. Labor is nowhere stock payable Mar. 30 to20 cents of record Mar. 23. Instraight 50 cents
extra was paid with a
Sept. 1917, 30 cents and
plentiful on the island, Chinese and Spanish workmen being imported.
The company has made public statistics covering the distribution in December.
1910. 1911. 1912-13. 1914-15. 1916. 1917. Mar. 1918.
of the domestic beet sugar crop of 1917-18, showing that the high prices Dividends __
30 cents
$2
31 $2.50 $3 yrly.$2 50 yrly. $2
of last fall, together with the cane shortage, resulted in the Atlantic Coast
States consuming the largest quantities of beet sugar on record. New -v. 106, p. 820.
York State, for example, absorbed 251,162 bags of beet sugar, where
-Balance Sheet Dec. 31.Herring-Hall-Marvin Safe Co.
normally it takes practically none. About half of the amount mentioned
1916.
1917.
1917.
1916.
came all the way from California.
Liabilities
Assets
The distribution in the Eastern States aggregated 659,752 bags and the
stock
400,000 400,000
206,070 215,585
total of beet sugar for the entire country from the beginning of the season Real estate & bldg__ 264,812 287,489 Preferred stock
Common
700,000 700,000
Mach., tools&equip_
to Jan. 31 1918 amounted to 9,419,798 bags.
-V. 106, p. 503, 400.
Notes payable
185,000 135,000
Patents,trade-marks
and good-will_ _ _ _ 290,000 290,000 Accounts payable &
Ford Motor Co.
-Plant Near N. Y
48,860
accrued accounts_ 49,089
Stock on hand, &c_ _ 620,166 465,208
A Detroit dispatch announces that there will be constructed a duplicate Cash, notes and ac43,642
19,992
Sundry reserves
of the River Rouge shipbuilding plant, on an 80
-acre tract on the Lincoln
counts receivable_ 229,391 153,756 Discounted notes reHighway, between Newark, N.
and New York. Work, it is stated,
2,544
1,041
ceivable
prepaid
will be started at once, and the plant will be completed *ithin a few months. Advances, Atc
244,739 121,738
12,031
13,552 Profit and loss
charges,
Fifteen thousand men are to be employed and the plant will have a dock
2,544
1,041
Notes rec. dIscoun'd
frontage of 1,000 feet.
-V. 106, p. 932, 717.
Gas & Electric Co. of Bergen County, N. J.
-Bonds.
The New Jersey P. U. Commission has authorized this company to sell
at 90 $700,000 of its 5% General Mtge. bonds.
-V.80, p. 1365.
General Baking Co., N. Y.
-Earnings.
Calendar
Net
Bond, &c., Deprec'n KolbB.Co. Pf. Divs. Balance,
Years- Income. Interest.
Reserve. Divs.,&c. (4%).
Surplus.
*3964,020 $213,199 $215,712
1917
$237,000 *3298,108
205,156
919,053
213,113 $50,000
1916
237,000
213,784
* Before deducting war income and excess profits taxes.
-V. 106, p. 820.
General Cigar Co.
-New Director.
-
Total
1,623,512 1,428,134
-V. 106, p. 611.
Total
1,623,512 1,428,134
-Earnings.
Hocking Valley Products Co.
1917.
1916.
Cal. Years1917.
1916.
Gross earnings__ _$889,769 $483,617 Sinking fund, depredation, &c- $74,528 $51,847
Net, after interest,
$4,731
375,994
taxes, &c
$150,521 $56,578 Surplus
The total surplus Dec. 31 1917 was $22,654, after adding 375,153 profit
on bonds in 1917 and deducting $418;001 credit to property deficiency
account.
-V. 105, p. 824.
-New President.
Imperial Oil Co. Ltd.
Samuel Sachs has been elected a director.
-V. 106, p. 712, 706.
General Motors Corporation.
-Stock Increased.
The shareholders on March 20 ratified the plan to increase the authorized
capital stock to $200,000,000, of which $50,000,000 will be preferred and
$150,000,000 common stock. Compare V. 106, p. 1038.
The articles of incorporation as regards the capital stock are in other
respects altered only to the extent that they omit the provision that any
new pref. stock must rank as second pref. stock.
-V. 106, P. 1038, 824.
Gillette Safety Razor Co.
-Notes Retired.
This company has retired a further $700,000 of its outstanding.notes,
making $1,200,000 retired out of the original $6,000,000.-V. 106, p.
932, 604.
has been elected Pres. to succeed Walter C.
Hen. W. J. Hanna,
Teagle, retired.
-V. 106, p. 401.
-Combined Earnings.
Indian Refining Co.
Calendar Net after Reserve for -Preferred Divs.-Coin.Divs. Balance,
(3%) Surplus.
Accum.
Year- Charges. Est. Taxes. Current.
1917_ _ _ _ $2,878,395 $1,200,000 (7)3210,000 $1,102,500 $90,000 $275,895
From Jan. 1 to Sept. 15 1917 a total of 42% in dividends was paid on the
pref. stock on account of accumulations for the quarters ending from Dec.
15 1912 to Sept. 1917, thus clearing up all accumulations. In 1917 dviidends on common stock, suspended in 1911, were resumed with 3% paid
Dec. 30 1917.-V. 106, p. 820, 713.
International Cotton Mills.-Earnings.
Gimbel Bros. (Dept. Store).
-Merchandise Purchase.
-
COMBINED RESULTS (BY QUARTERS) FOR CALENDAR YEARS.
-V. 98, p. 1463.
See Greenhut Co. below.
(International Gotten Mills, Bay State Cotton Corp., Boston Yarn Co., Imperial
Cotton Co., Ltd., and Cosmos Cotton Co., Ltd., included.)
(B. F.) Goodrich Co.
-New Directors, &c.-Pref. Stock.
Calendar Yrs.Quarters in 1917 ending
Waddill Catchings, of Goldman, Sachs & Co., and F. C. Van Cleef (SecreMar. 31. June 30. Sept. 30. Dec. 31.
1917.
1916.
tary of co.) have been elected directors, succeeding Henry Goldman and
F. A. Harding, retired.
Gross profits_826,187 1,105,681 1,04528 1,407,223 4,408,618 1,84,890
The following have been elected to the Executive Committee for the Net profits_734,351 1,003,650 977,910 1,284,669 4,000,580 1,472,528
coming year: B. G. Work, W.C. Geer, W.0. Rutherford, H. K. Raymond,
2,595,779 1,376,121
do 1.0. Mills proportion
H. E. Raymond, A. B. Jones and L. D. Brown. H. K. Raymond, W. Interest on notes
240,000 240,000
Rutherford, W.C. Geer and A. B. Jones have been made Vice-Presidents.
proportion
Shareholders have ratified the retirement of $900,000 auth. preferred
Net, International Cotton Mills
2,355,779 1,136,121
stock, which brings the amount down to $25,500,000 (not $25,000,000). U.S. excess profits & income taxes(maximum est.)_ __ _1,096,000
-V. 106, p. 932, 919.
Canadian excess profits & income taxes(maximum est.) 146,661
Contingencies
25,000
-International Cotton Mills books
1,150,703 450,372
Net
Goodwin Car Co., Clearing, Ill.-Sold at Auction.
The total sales of finished goods for 1916, including the Bay State Cotton
This company's entire plant, equipment, &c. (manufacturers of steel
cars), were recently sold at public auction to Thomas M. Voyle of Scranton, Corp., Cosmos Cotton Co. Ltd., and Imperial Cotton Co., Ltd., aggregated 38,587,000 lbs. against 35,071,000 lbs. in 1916; and production,
Penn., for $350,000. It is understood that operations will continue.
'
38,575,000 lbs., against 32,943,000 lbs. in 1916.-V. 106, p. 504, 401.
Gorton-Pew Fisheries Co.
-Offering of 7% Cumulative
Pref. Stock.
-Richardson, Hill & Co., Boston, are offering
at a price to yield 731%, the 7% cumulative pref. (a. & d.)
stock of this long established Massachusetts company, a
producer, manufacturer and shipper of fish. Authorized
and outstdg. capitalization, pref., $750,000, corn., $2,500,000.
-Common DiviInternational Harvester Co. of N. J.
-A quarterly dividend of $1 75 (13 %) per
4
dend Increased.
share has been declared on the common stock, payable
Apr. 15 to holders of record Mar. 25. This compares with
1347, quarterly from Apr. 1913 to Jan. 15 1918, with 2%
extra in Dec. 1917.-V. 106, p. 713, 611.
-Earnings.
Intertype Corporation, Brooklyn, N. Y.
Divs. Q.
-J. Par $100. Callable as a whole at 110. Tax exempt in
Mass. Sinking fund provided.
Organization.-Incorporated in Mass. In Dec. 1916, and conducts a
Net after -Pref.Dies,- Reare't Pat.(Val) Bal.,
business established some 75 years ago, located in Gloucester, Mass., as
.
(8) 2d1'f (2) 1st Pref. Writ.Off Stun
.
.
Tax.
,&c. lstPf.
Periods endingproducers, manufacturers and shippers of fish. Branches are maintained Year end. Dec.31 '17_$190,420 $78,6'72 $20,000 $10,000
$59,6g1
in San Francisco, New York City and St. John's, Newfoundland. In Feb.4'16 to Dec.31'16 207,440 80,000 20,000 10,000 351,039 46,402
connection with the drying, salting and packing of sea food, the company -V. 105, p. 816.
operates its own canning factories, an oil factory, machine shops, sail loft,
net and seine factory, &c. It controls 60 fishing vessels with an average
Kelly-Springfield Tire Co.-Pref. Stock Retired.
gross tonnage of 200 tons.
The stockholders voted March 12 (a) to reduce the 6% cum. first pref.
Assets.
-The net quick assets of the company, exclusive of vessels, are stock to the extent of $248,900, representing shares purchased for the
equal to $139 for each share of preferred stock.
sinking fund and already canceled; and (b) to eliminate the provision authEarnings.
-For the year ending Mar. 31 1917 the consolidated income orizing 7% convertible second pref. stock, as all of the second pref. stock
account indicated net earnings of over $367,000, equal to 48.96% on the Issued has been converted into common stock.
-V. 106, p. 932, 927.
preferred stock. After preferred dividends and sinking fund, the balance
was equivalent to 11% on the common stock. For the current year gross
Keystone Tire & Rubber Co.-Sales.sales are showing an increase of about 30% over 1916.
1917.
1916.
Sales1917.
1916.
$462,924 $160.309 November ___ $518,768 $242,776
Greenfield (Mass.) Electric Light & Power Co.
- July
183,928 December_ _ _ _
492,810
August
398,856
171,329
Offering of 7% Notes.
-Merrill, Oldham & Co., Boston, are September _ 763,160 183,375
151,039 Total (6 mos.)33,097,296 $1,092,755
460,777
offering at 99 and interest, yielding about 7.18% a new October
The net
issue of $300,000 Three-Year 7% gold coupon notes, dated V. 106, p. profits for the year ended June 30 1917 aggregated $594202.713, 91.
Feb. 1 1918, due Feb. 1 1921, but callable Feb. 1 or Aug. 1
1919 at 101 and int., or Feb. or Aug. 1 1920 at 1003' and
2
int. on 60 days' notice:
-Sales for February, dec.(S. S.) Kresge Co.
1918-February-1917. Increased 1918-2 Mos.-1917.
Increase.
31,866,895
11.98%
15.34%134,144,382
$3,700,928
32.153.200
'
Denom. $1,000 and $500c8 Trustee, Commonwealth Trust Co., -V. 106, p. 922, 719.
.
Boston. Part of a total debt of $400,000 (which includes $100,000 First
-Annual Report.
-Sales
(S. H.) Kress & Co.
Mtge. bonds due Oct. 1 1923), followed by $1,015,850 capital stock receivIncrease.
1918
-February
-1917.
Increased 1918-2 Mos.-1917.
ing 6% dividends. A trust indenture protects the notes against any new
$1,926,925
$267,871
$990,008
3156,240132,194,796
mortgage and requires that the investment must at all times be 100% in $1,146,248
Compare "Annual Reports" on a preceding page.
-V. 106, p. 1039. 719.
excess of the total indebtedness. The company generates practically all of
its power by water, and net earnings in 1917 showed a substantial increase.
-Acquisition.
Indiana Public Service Co.
Net earnings of more than 5 times total interest charge.
-V. 101, p. 1631.
See Muncie Electric Light Co. below.
Greenhut Co.
-Sale of Merchandise.
This company which has announced its intention to retire from busine,s
has sold its stock of merchandise,&c.,having a value reported at $2,400,000,
to Gimbel Bros., who will also give places to such Greenhut employees as
desire employment.
-V. 106, p. 1039.
Gulf Oil Corporation.
-Partial Shutdown in New Jersey.
Announcement is made that this corporation has decided to close down
half of its 78 gasoline and kerosene distributing stations in Northern New
Jersey in territory adjacent to Paterson. It is reported that the reason
for this action is the commandeering by the Government of most of the
company's tank steamers. It has been intimated that a general 'pooling"
of all facilities in the trade was a possibility under present conditions.
V. 104, p. 951.
Hale & Kilburn Co., Phila.-Earns.-New Directors.
Cal. Years1917.
1916.
1917.
Total net sales_ _ _$4,235,582 $3,130,811 Liquidation of dis
Net earnings
$524,078 $344,163 conti'd prod__ $176,349
Other income_ _ _ _
43,067
40,750 Adjust. of prop'y
Total income
$567,145 3384,912 per appraisal
nt., &c ,charges_
128,638
81,182 Balance, surplus_ $262,158
Unfilled orders on hand Jan. 1 1918. $2,121,082.
1916.
$151,331
129,354
323,045
-Report-Sales.
Jewel Tea Co., Inc., Chicago.
Sales for Four and Eight Weeks ending February 23.
Decrease.
Decreased 1918-8 Weeks-1917
.
-1917.
1918-4 Weeks
325,343132,339,508
$31,330
$1,208,887
$2,370,838
$1.183,544
-V. 106, p. 719, 604.
Compare "Annual Report" on a preceding page.
La Belle Iron Works, Wheeling, W. Va.-Earnings.1916.
1914.
Calendar Years1917.
1915.
$588,812
$14,198,404 $6,434,318 $1,281,492
Total earnings
$927,874
$273,245
Net, after interest, &c_ _$12,791,560 $5,758,753
Charges
1,205,330
1,270,151
Prov. for Fed inc. & excess profits taxes_ .... _ 5,189,302
Preferred dividends (8%)79,323(13)1,289,002 (4)396,616 (7)694,078
(1)99,154
Common dividends_(12%)1,189,757
(3. )49,577
Balance, sur. or def_sr.$4,413,848sr.$3,100,445 sr.$531,254 df.$470,410
-V. 106, p. 713.
-Sale.
Lake Chelan (Wash.) Land Co.
Walter M. Olive, as trustee, will sell at public auction on April 10 at
Seattle, certain lands of this bankrupt enterprise, free from the lien of the
mortgage for $120,000 dated Dec. 30 1916.
MAR. 16 1918.]
1131
THE CHRONICLE
Lamson & Hubbard Corp., Boston (Furs & Hats).
-Cochran, Harper & Co. and Chandler, Hovey &
Offering.
Co., Boston, are offering, in blocks of 10 shares of 7% pref.
and 5 shares of common stock for $880, this Massachusetts
-F.
corporation's 7% cum. pref. stock, par $100. Divs. Q. 15.
Red. all or part on any div. date at 115 and div. on 30 days' notice.
Authorized pref., $5,000,000; outstanding, $650,000; common, auth.,
$5,000,000; outstanding, $3,000,000.
The corporation is a consolidation of the business interests of Lamson
& Hubbard (Boston). organized in 1882; Balch, Price & Co. (Brooklyn),
organized in 1833. In 1916 those interests consolidated as the Lamson &
Hubbard Co. and now the corporation is organized to take over the entire
equity of the company and to acquire an outlet for the company's products
in N. Y., and elsewhere. The combined companies do the largest manufacturing and retail fur business in the U. S. and in addition a straw and
felt hat business.
Lee Rubber & Tire Corp -Earnings.1917.
1916.
1916.
Cal. Years- 1917.
Net sales_ _ _ _$4,073,895 $3,587,761 Total income____ $61,688 $251,063
13,726
Gross profits.. $58,586 $246,901 Int., taxes, &c___ 39,099
225,000
4,162 Dividends paid_
3,101
Other income_
Total income_
$61,688 $251,063 Balance, surplus_ $22,588 $12,337
-V. 104, p. 1149.
-Stock Increase.
Lockport Light Heat & Power Co.
This company has filed notice of an increase in its outstanding capital
stock from $150.000 to $350.000.-V. 106, p. 401.
-Stock Increased.
(P.) Lorillard Co.
The shareholders on March 13 ratified the proposed increase in authorized common stock from $15,155,600 (all outstanding) to $30,311,200.
See V. 106. D. 825. 605.
Louisville Gas & Electric Co. of Ky.-Offering of BondSecured Notes.-Bonbright & Co. and H. M. Byllesby & Co.
3
are offering at 97% and int. yielding 8% (see advertisement
on another page), $1,600,0(50 Bond-Secured 7% gold notes,
dated March 1 1918, due Sept. 11920. The notes, part of
an authorized issue of $3,750,000, are issued to retire outstanding gold notes maturing April 1 1918. For details of
this issue see "Chronicle" of March 9.-V.106,p.1039, 924.
-New Directors.
Manhattan Electrical Supply Co.
Rufus Wilbur and Courtney Guilds have been elected directors to succeed
-V. 106, p. 713.
F. W. Manger and Marcus Stine.
-Par Value Reduced.Maxim Munitions Corp.
The following statement has -been issued: "Authority having been duly
given by the stockholders and the requisite steps having been taken to
reduce the par value of its present outstanding 1,0190,000 shares of common
in
stock from $10 par to $5 par, hereafter certificates sent$5 for transfer to
,
par instead of
the United States Corporation Co. will be restamped
par, and said certificates will be of good delivery.' Stockholders are
$10
certificates promptly to the aforesaid
requested, by adv., to send their
transfer agent, office 65 Cedar St., N. Y., for stamping. Compare V. 106,
p. 933.
-New Co.Mansfield Electric Light & Power Co.
'
-V. 105, p. 2184.
See Richland Co. below.
-Mansfield (Ohio) Public Utilities & Service Co.
-V. 104, p. 2343.
See Richland Company below.
-Extra Dividend.Merrimack Chemical Co. share has been
declared on the stock
An extra dividend of $1 50(3%) per
payable Mar. 25 to holders of record Mar. 18.-V. 105, p. 1002.
Mexican Petroleum Co., Ltd., of Dela.-Bonds Called.
Seventy-nine ($79,000) First Lien & Ref. Gold bonds, Series "A," of
1911, have been called for payment on Apr. 1 1918 at 105 at the Guaranty
-V. 106, p. 933,927.
Trust Co., N. Y.
-Earnings.
Michigan Limestone & Chemical Co., N. Y.
Mailii.,
Interest Preferred
Balance,
Gross Earns. Operating
Cal.
Year.(All Sources). Expenses. Dear., &c. Charges. Dividend. Surplus.
_12,550,614 $1,704,577 $389,880 $83,005 $115,492 $257,660
1917
186,339
35,397
87,421
1,040,863
283,643
1916_ _ 1,633,664
-V. 105, p. 1002.
-Purchase.
Monsanto Chemical Co., St. Louis.
This St. Louis company has purchased for an amount understood to be in
excess of $2,000,000, the property , &c., of the Commercial Acid Co., at
East St. Louis [V. 104, p.1266.1 The two companies will be consolidated
with an authorized capital stock of 33,000,000. The Commercial Co.
possesses substantial properties in Texarkana and Argenta, Ark., other
Missouri properties and is planning to construct a large sulphuric acid
plant at Port Arthur, Tex. All of these will be continued in active operation by the Commercial Acid Co.
--Earnings.
Montreal Cotton Co.
1916.
1917.
1916.
1917.
Cal. Year$492,720 $473,688 Bond int., &c_ _ $42,432 $43,250
Gross profits
16,345 Dividends
330,000 330,000
3,887
Other income_ _ _ _
Balance, surplus_ $89,175 $116,783
Deduct war taxes_ 35,000
The total sales of cloth amounted to $4,308,520 in 1917, against $4,397,823 in 1916.-V. 105, p. 289.
-Successor Co.
Mountain States Power Co.
This company, successor by reorganization, has acquired all the property
of the Northern Idaho & Montana Power Co. in Oregon, Washington,
Idaho and Montana. The property operating as Oregon Power Co.
with headquarters at Eugene and Marshfield, Oregon, will continue to
operate as the Oregon Power Co. The properties with headquarters at
Kalispell, Montana, and Sandpoint, Idaho, will operate under the name
Mountain States Power Co. The company will be under the operating
direction of H. M. Byllesby & Co. Compare V. 106, p. 92.
-Sale.
Muncie (Ind.) Electric Light Co.
The Indiana P. S. Commission has authorized this company to sell its
properties, &c., to the Indiana Public Service Co. of Aurora for $1,000,000.
-V. 105, p. 824.
-1917 Earnings.
National Acme Co.
Net sales
Net profits
Other income
Total income
-V. 106, p. 505.
$16,630,563
$5,218,084
56,068
$5,274,152
$5,274,152
Total income
Deductions
$109,8.51
Estimated U. S. taxes_ _ _ 1.500.000
Balance, surplus
$3,664.301
-New President, &c.
National Aniline & Chemical Co.
William J. Matheson and Dr. L. C. Jones have been elected Pres. and
Vice-Pros. respectively to succeed J. L. Schoellkopf and C. P. 0. Schoenkopf.-V. 106, p. 933, 825.
-New Directors.
National Carbon Co., Inc.
The following directors have been elected to represent the Union Carbide
& Carbon Co.: M. J. Carney, W. J. Knapp, G. W. Mead, B. O'Shea,
E. F. Price and J. J. Ricks. They succeed J. S. Bartlett, of Boston; M.J.
Degnon, of N. Y.; W. Cameron Forbes, of Boston; J. L. Severance. of
Cleveland; W. P. Schmuck, of N. Y., and F. C. Walcott, of N. Y.
V. 106, P. 713
.
-New Officers.
National Conduit & Cable Co.
Georg° J. Jackson has been elected President to succeed Edward S.
Perot, and Morton A. Howard,formerly Secretary, was chosen Vice-President to succeed Edward S. Perot Jr. H. J. Pritchard, formerly Treasurer,
-V. 106, p.
was elected Sec. and Treas. to succeed Morton A. Howard.
1039. 825.
-Consolidated Eearnings.National Fireproofing Co.
1914.
1915.
1916.
1917.
Calendar Years$260,125
$100,412 loss$98,907
Net earnings, all sources_ *3301,865
(4%)---_316,020
Preferred divs.
100,000
100,000
170,029
162,458
Depreciation, &c
Balance,sur. or def_ _sur.$139,407 def.$69,617 def.3198,907 def.$155,895
-V. 104, p. 1494.
* Includes in 1917 $42,459 profit on sale of property.
-Stock Inc.
National Radiator Co., Johnstown, Pa.
With respect to the purchase of the plant,&c., of the Federal Radiator
Co. of New Castle, Pa., this company announces an increase in the authorized capital stock from $100.000 to $2.500,000. See organiz.. V. 106, p. 826
-Sub. Co. Merger.
Nevada-California Electric Corp.
-V. 106, p. 302, 195.
See Southern Sierras Power Co. below.
-Sale to City.
New York & New Jersey Water Co.
-V. 106, p. 402, 92.
See "State & City" Dept. on subsequent pages.
-For cal. years:
-Earnings.
Niagara Falls Power Co.
1917.
1916. I
1916.
1917.
Cal. Years.
Gross earns_ _$3,225,115 33,062,836 1 Interest, &c__ $995,740 $1,003,699
460,616
Net earnings_ 2,017,229 2,210,939 Divs. (8%)-- 460,616
Net income__ 2,195,805 2,365,815 Balance, surp. $739,449 $901.500
-V. 105, p. 505, 195.
Miller & Lux, Inc., California.-Offering of Real Estate
68.-J. Barth & Co. San Francisco, are offering, at par
-Bonds Called.
North American Pulp & Paper Co.
yielding 6%,$1,400,000 Real Estate First Mtge. & RefundSee Chicoutimi Pulp Co. in V. 105. p. 2278.
in.g 6% gold bonds, Series "R," dated May 1 1918, duo
-Offering of First & ReMay 11933, but callable at 1023/2. A circular shows:
Northern States Power Co.
-Harris, Forbes & Co. are offenng $1,000,000
int. M. & N. Denom. $1,000 c&r. Tax-exempt in California. Trus- funding 5s.
tee, Mercantile Trust Co. of San Francisco.
First & Refunding Mtge. 5% bonds, due 1942, making the
Capitalization at Conclusion of Present Financing.
total outstanding including this issue, $22.568,500.
outstanding
and
Capital stock, authorized
$12,000,000
[Issue of $1,000,000 1st & Ref. bonds, payable 1941, passed by the
5,000,000 Capital Issues Committee of the Federal Reserve Board as not incompatible
5% 'oonds of 1910 (closed mortgage)
Real Estate First Mtge. & Ref. 6% bonds to be issued immediwith the interest of the United States, but without approval of the merits,
ately (see note)
1,400,000
-- = --------------- any respect.)
Additional real estate -bonds are issuable as follows: (a) Issuable at the security or legality thereof in
The company owns or controls, and operates electric light and power,
discretion of the directors, $1,600,000; (h) reserved to retire the 5% bonds
steam heat or other utility properties serving 172 communities located
of 1010 (duo in 1935), $5,000,000; (e) to be issued only when issue of 1910 is gas,
In Minn., Wisc., Ill., No. Dak., So. Dak. and Iowa, with a total popularetired, $2,000,000.
Security.
-An absolute first lien upon land, &c. In San Francisco, Santa tion at present estimated to exceed 914,000.
Outstanding Capitalization.
'
Clara, Madera Merced, Kern, San Mateo, San Benito, Monterey, San
$20,422,100
Luis Obispo, Tulare, Kings, Los Angeles and San Bernardino counties, Stock-Common, $6,170,000; pref.. $14,252,100_
7,805,000
Cal., appraised during 1917 at over $5,900,000, and all lands in California Ton-year gold notes
7,556,000
hereafter acquired. Also a direct lien upon all the additional lands. &c., Minneapolis General Electric Co. 1st 5s, due 1934 (closed)__
22,568,500
owned by Miller & Lux, Inc. in San Francisco, Madera, Merced, Stanis- First & Refunding 5s, due 1941 (including this issue)
Earnings for Year ended Jan. 31 1918.
laus, Fresno, Tulare, Kings; Kern, San Luis Obispo, Santa Clara, San
$7,133,257
Benito, Santa Cruz, San Mateo, Los Angeles, Alameda and San Bernardino Gross earnings
$3,303,599
counties, Cal. appraised during 1917 at over $24,000,000, subject only to Net, after taxes, insurance and current maintenance
1,506,225
$5,000,000 Miller & Lux, Inc., First Mtge. 5% bonds (issue of 1910) now Annual interest charge on above $30,124,500 bonds
outstanding. These bonds will be protected by the assets and business of
$1.797,374
Balance
the corporation.
As long as any of the bonds of 1910 remain outstanding, the corporation -V. 106, p. 710
must maintain, unencumbered, net quick assets of not less than 50% of the
Ocean Steamship Co.--Rate Increase.
amount of bonds of this Real Estate issue outstanding. Until the 1910
issue is retired, 75% of the proceeds of sale of any lands upon which these
-S. C. Commission has approved increases averaging 15% in allThe I.
bonds are a first mortgage shall be for the sinking fund, which moneys will water class and commodity rates from Boston, Providence and N. Y. to
purchase or redeem by lot bonds of this issue or of the issue of 1910; after Augusta, Ga., Beaufort and Port Royal, S. C., and other South Atlantic
the 1910 issue is retired, 50% of the.proceeds of sale of any lands shall be ports.
-V. 105, p. 1003.
paid for similar purchase of bonds of this issue.
Minerals Separation, Ltd.
-Litigation.
-V. 105, p. 2277.
See Butte & Superior Mining Co. above.
Mississippi River Power Co., Keokuk, Iowa.
-Earns.-Net
Gross
Interest and Sinking
Calendar
Balance,
Earnings.
Earnings. Amortization, Fund.
YearSurplus.
$1,976,461 $1,612,065 $1,176,803 $194,753 $240,509
1917
1,737,547
1,376,152
1,081,197
07,665
1916
197,289
V. 104, p. 1149.
--:-Combined Earnings.
Montana Power Co.
Net after Interest, Pref. Div.
Gross
Common
Balance,
Earnings. Taxes. Depr., &c. Ø'%).
Surplus.
Dividends.
Cal.
$
$
Year1917 ....6,912,364 4,889.032 1,745,604 077,026 (5%)1,654.958 811,443
_6,244,905 4,753,282 1,669,735 677,026 (331)1,067,364 1,339,157
1916
1915 _4,359,408 3,167,504 1,489,162 677,026 (2U)604,283 397,033
-V. 106, p. 1039, 602.
-Payment of March 1 1918 Interest
O'Gara Coal Co.
-Officers-Directors.
We learn that all interest on this company's bonds up to and including
Mar. 1 1918 has been paid at the Columbia Trust Co., New York.
Frank H. Woods, William R. Dawes, J. B. Russell, T. J. O'Gara,
Richard Fitzgerald, Benjamin B. Becker and George J. Woods have been
elected directors.
The officers elected were: Frank H. Woods, President; George J. Woods,
Vice-President, and J. B. Russell, Secretary. Thomas S. Jones, Treasurer.
The directors have appointed a committee to confer with the bondholders' committee and draw up an equitable plan of reorganization. The
plan, given at much length, with estimated earnings, in V. 103, p. 325,
failed to receive the support of the shareholders.
Bondholders' Committee: Henry L. Cohen. Chairman; Howard Bayne. '
Edward S. Jones and F. M. Kirby, with Graham Adams as Secretary,
61 Broadway, N. Y. City, with Paskus. Gordon & Hyman as Counsel.
Denositary, Columbia Trust Co., 60 Broadway, N. Y. City; sub-depositaries, Scranton Trust Co., Scranton, Pa., and Miners' Bank of Wilkes-V. 103, p. 583.
Barre, Wilkes-Barre, Pa.
THE CHRONICLE
1132
-Earns.for Cal. Year 1917.
Osceola Consol. Mining Co.
Gross earnings
$3,453,758
Net income
$1,777,625
105,159
Income tax (1916 & 1917)_
Excess profits tax (est.) __
496,935
Production of copper in 1917 was
-V.105, p. 1621.
Construction
Dividends
Balance, deficit
$96,789
1,346,100
$267,357
16,084,958 lbs. at 12.53 cts. per lb.
-Extra Dividend.
Owens Bottle-Machine Co.
An extra dividend of 2% has been declared on the common stock, payable in Second Liberty Loan 4s at par in addition to the regular quarterly
on
1% % the pref. and 3% on the common, all payable Apr. 1 to holders
of record Mar. 22. This compares with 3% and 2% extra since Jan. 1917.
-V. 106, p. 820.
[VOL. 106.
The company to-day declared its regular quarterly dividend of 1%% onits preferred stock, payable in cash April 1 1918 to stockholders of record'
at the close of business March 211918.
There was also declared the regular quarterly dividend of 3% and an extra dividend of 2% on the common stock, payable April 1 1918 to stockholders of record at the close of business March 211918, said dividends to
be paid in notes or scrip of the company, to be dated April 11918, to bear.
interest from date until maturity at the rate of 6% per annum, payable
semi-annually on Oct. 1 and April 1 until the maturity thereof, and to be
redeemed on April 1 1920 in pref. stock at par, or in cash, at the option of
the company.
This action was deemed advisable due to the demands of the growing
business having made it inexpedient at this time to pay dividends on com-V. 106, p. 934, 403.
mon stock in cash.
-Offering of Guaranteed
Richland Co. (Public Service).
Notes.
-Otis & Co. and the First National Bank, both of
973/ and interest, yielding
Cleveland, Ohio, are offering at
about 83/2%, $750,000 (total authorized issue) 7% secured
Packard Motor Car Co.
-Liberty Motor, Packard Product. coupon gold notes dated Feb. 1 1918, due Feb. 1 1920. The
interest
Emlen S. Hare, a representative of the company, has announced that the notes are unconditionally guaranteed principal and
evolution of the "Liberty Motor" Is the outcome of long-continued experi- by endorsement by the Cities Service Co. The bankers
ments carried on by the Packard Co. at an expense of about $500,000. report:
See N. Y. "Evening Post" March 13. The new motor it is claimed
-Dividend Passed.
Paauhau Sugar Plantation Co.
This Hawaiian company has notified its stockholders that due to crop
conditions, it has been considered advisable to pass the dividend due on
Mar. 5 until further notice.
-V. 106, p. 92.
-V. 106, p. 820.
develops one horse power for each two pounds of weight.
Peerless Truck & Motor Corp.
-Tenders-Report.
Sealed proposals will be received by the Bankers Trust Co., N. Y.,,until
3 p. m. March 18 for the sale to the company of sufficient ten-year 6%
Secured Convertible gold notes to exhaust the sum of $750,000.-V. 106,
p. 1040. See "Reports" above.
-V,106, p. 1040. 92.
Penmans, Ltd., Montreal.
-Earnings, &c.
Cal. Year1916.
1917.
1917.
Net profits
$1,135,742 $864,779 Pref. div.(6%)_ $64,500
Int., deprec., &c_ 220,223 126,026 Corn. div. (6')...107,530
Reserve acc't____ 500,000 400,000 Patriotic fund__ _ 16,300
War tax ______
91,814 104,129 Balance, surplus_$135,375
Sales for 1917 amounted to $6,896,496 against $5,840,128 for
1916.
$64,500
107,530
10,000
$52,593
1916.
Common Dividend Increased.
A quarterly dividend of 136% has been declared on the common shares,
,
together with a bonus of 1%, payable May 15 1918 to holders of record
May 6 1918.-V. 105, p. 2461.
-Rate InPeople's Gas Light & Coke Co., Chicago.
crease Denied.
The Illinois P. U. Commission has denied the company's application for
an increase in rates of 15%. The present contract with the city expires
August next.
-V. 106, p. 826, 710. 704.
-Extra Dividend.
Phelps-Dodge Corp.
An extra dividend of $5 50 per share has been declared on the stock in
addition to the regular quarterly $2 50 per share, both payable Mar. 29
to holders of record Mar. 19. This compares with previous extra dividends
In 1917 as follows: Mar. and June, each, $3 50 per share; Sept., $5 50 per
share, and Dec. $7 50 per share.
-V. 106, p. 505.
Pittsburgh Coal Co.
-Initial Common Dividend.
An initial dividend of $5 per share has been declared on the common
stock, payable in four quarterly installments on Apr., July and Oct. 25
1918 and Jan. 25 1919, to holders of record on the 10th day of the month
preceding each payment. Compare earnings, &c., V. 106, p. 933, 821.
[Issue of Richland company 7% notes, due 1920, "Passed as not incompatible with the interest of the United States, but without approval of
merits, security, or legality. (Signed) Capital Issues Committee.
Denom. $1 000. Int. F. & A. at The First Trust & Savings Co.. Cleveland, Ohio, trustee. Callable as a whole but not in part on any interest
date at 101 and interest on notice. Company agrees to pay principal and
interest without deduction for taxes in so far as it may lawfully do so.
-These notes are secured by the deposit of $1,500,000 of the
Security.
Richland Public Service Co., Mansfield, Ohio. First & Refunding Mortgage
Sinking Fund 51 gold bonds dated Oct. 1 1917, due Oct. 11937.
Company.
-The Richland Public Service Co has acquired a new modern
electric generating plant at Melco, Richland County, Ohio, having a
capacity of 10,000 k. w., with transmission lines running to Mansfield and
Ashland, Ohio, and appurtenant equipment, and pursuant to authorization
of the P. U. Commission of Ohio purposes acquiring the properties of the
Mansfield Public Utilities & Service Co.(V. 104, p. 2343). The Mansfield.
Electric Light & Power Co.(V. 105. p. 2184) and the Mansfield Gas Lt. Co.
Mortgage.
-The P. U. Commission has authorized the issuance of $1,500,000 First & Ref. Mortgage Sinking Fund 5% gold bonds against the
acquisition of the Melco property already acquired, and the further issuance
of $1,442,000 against the taking over of the additional properties above
referred to. Of the aggregate of $2,942,000 of bonds, $1,500,000 are
deposited to secure this $750,000 issue of notes of the Richland Co., and
the remainder are to be used in the retirement of bonds of the companies
to be acquired or for the acquisition of such properties. The value of
any properties to be acquired is substantially in excess of the bonds to be
issued therefor.
Management.
-Under the direction of Henry L. Doherty & Co. of N. Y.
'3
-Earnings.
• Riordan Pulp & Paper Co., Ltd.
1916.
1017.
1916.
Cal. Year1917.
Earnings__ __*$1,943,651 $1,526,615 Prof. divs.(7%)_ - $70,000 $70,000
149,480 Common dividend 450,000 202,500
Deprec'n, &c_
766,055
,
141,399 Balance, surplus_$512.943 $963,236
Bond int., &c_
144,653
* After deducting Government taxes for 1916. No provision has been
made for this tax for the year 1917.-V. 106, p. 613.
-Notes.
San Diego Consolidated Gas & Electric Co.
Replying to our inquiry regarding the company's Two-Yr. 6% Secured
notes, H.M. Byllesby & Co. write: These notes are dated Sept. 1 1917 and
due Sept. 1 1919. Authorized issue $400.000, all are outstanding. Interest
of $400,000 notes is secured by
M.
(Thos. G.) Plant Co., Boston.
-Earns.for Cal. Year '17. 000& S. Sale price $100. This issueof the company, dated Mar. 1$500,1909
First Mortgage 5% gold bonds
Net Fed.Inc.&
Preferred
Common
Balance, and due Mar. 11939. Compare V. 106, p. 1040. 934.
Cal.
Year- Earning's. Exc.Prof.Taxes. Dividends.
Dividends. Surplus.
-Earnings.
1917
$924,525 $160,235 (7%)$175,000 (6%)$150,000 $439,290
Sapulpa (Okla.) Refining Co.,• Baltimore.
-V.106, p. 821.
Total Net
Interest Federal Dividends Balance.
Calendar
Net
Paid. Surplus.
Sales.
Income. Deprec'n,&c. Taxes.
YearsPorto Rican-American Tobacco Co.
-Earnings.
1917
$5,177,944 $863,454 $429,672 $52,000 $330,000 $51,782
Year end'g 6 Mos.end. -Years end. June 30
- 1916
161,301 223,116
296,009
2,503,414
680,425
Dec. 31'17. Dec. 31'16.
1916.
1915.
New Stock.
Sales
Not stated $3,972,912 $5,705,129 $5,386,207
In order to reduce indebtedness and to provide additional working
806,979
623,240
Net for dividends
$511,332
490.260
Dividends
*(16%)581,240 (8)264,212 (16)528,450 (19)431,998 capital, stockholders of record Mar. 18 1918, are offered for subscription
*Includes two quarterly dividends of 4% each, paid in cash, and two at $8 per share, par $5 the remaining $55,000 shares of auth. cap. stock,
to the amount of 16% of their registered holdings. Payment in full must
quarterly dividends of 4% each paid in scrip.
-V. 106, p. 826, 821.
be made either in N. Y. or Baltimore funds to N. Y. Trust Co., N. Y., or
Prairie Oil & Gas Co.
-Extra Dividend.
Equitable Trust Co., Baltimore, Md., before noon Mar. 30 1918. The
-V. 106.
An extra dividend of $2 per share has been declared on the stock in ad- subscription and payment for this stockl has been , underwritten.
dition to the regular quarterly $3 per share, both payable Apr. 30 to holders p. 1026; V. 2558.
of record Mar.30,A like amount was paid in Jan. last.
-V.106, p.719, 605.
-Receiver.
Shasta Land & Timber Co.
Procter & Gamble Co.
-Sale of 7% Serial Gold Notes.
-The Guaranty Trust Co., the National City Co. and the
First National Bank announce by advertisement on another
page the sale of $25,000,000 7% Serial Gold notes dated
Mar. 1 1918, due in five equal installments Mar. 1 1919 to
1923 inclusive, but subject to call at various dates and prices.
This issue, as well as a description of the company's operations, were fully described in our issue of last week. See
V. 106, p. 1040, 506.
Public Service Co. of Northern Illinois.-Bonds.
-
Announcement has been made that the company's refinery at East
Chicago, Ill., started operations Mar. 13, oil having reached the now plant
from the Oklahoma and Kansas properties through the 800-mile pipe line
which was completed recently (V. 106, p. 720). It is stated that in addition to operations at the East Chicago refinery it will be possible to start
deliveries of 2,000,000 barrels of crude oil recently sold to the Standard
Oil Co. of Indiana. The new Sinclair refinery has capacity of 10,000
barrels dally.
-V. 106, p. 827, 720.
The Illinois P. U. Commission has authorized this company to issue
$1,334,000 First Refunding Mtge. boncLs.-V. 106, p. 934, 710.
-Earnings.
-Officers.
Sloss-Sheffield Steel & Iron Co.
Public Service Electric Co. N. J.
-Rate Advance.See Public Service Corp. under "Rd's." above.
-V. 106, p. 196.
Public Service Gas Co., N. J.
-Rate Advance.
See Public Service Corp. under "RR's." above.
-V. 106, p. 613, 506.
Punta Alegre Sugar Co., Boston.
-Preferred Stock.
-
This company has been placed in the hands of a receiver on the petition
of the Mercantile Trust Co. of San Francisco, owing to default in payment
of (a) Oct. 1917 interest on $162,000 bonds outstanding; (b) taxes to
amount of $15,000; (c) sinking fund requirements.
-New Refinery.
Sinclair Oil & Refining Corp.
13 Mos. to
Years ending Nov. 30
1913-14.
Dec. 31 '17. 1915-16.
1914-15.
$761,327
$805,430
Net earnings
$3.370,614 $2,200,674
$271,188
Interest, deprec., &c
$893,341
$283,042
$288,050
Federal taxes
325,000
469,000
Preferred divs. (7%)_.._
469,000
351,750
469,000
Com.divs.pd.Feb.1'17 (1 %)150,000
$21,139
Balance,surplus
$1,533,273 $1,443,624
$170,638
The holders of the $3,100,000 outstanding common stock (total issue
L. Sevier has been elected a director to succeed Richard Mortimer.
limited to $8,000,000) will vote Mar. 18 1918 on authorizing an issue of
Waddill Catchings, who recently resigned as President, has been elected
$760,000 8% cumulative preferred stock (shares of $50 each) with preference as to assets as well as dividends. This new stock will be offered to the Chairman of the Board to succeed J. C. Mabon. General Mgr. L. Sevier
common shareholders for subscription at par on or before April 1 and must has been elected a director to succeed Richard Mortimer, resigned.
be paid for in full on July 1. It will be redeemable as an entire issue on V. 106, p. 827, 600.
any dividend day (J. & J.) at par and divs. and beginning in 1920 will be
-Name Changed.
-Woods, Ltd.
Smart
subject to payment at the same rate each Jan. 1 when drawn by lot out of
25% of the net earnings of the Florida Sugar Co. of Cuba.
This company on Feb. 28 filed papers with the Secretary of State of
President Edwin F. Atkins, in circular of Mar. 7, says in brief: "The Canada changing its namo to "Woods Mfg. Co., Ltd.," as of Feb. 28 1918.
proceeds will assist in the financing of an addition to the mill of our sub- -V.105, p. 2005.
sidiary, the Florida Sugar Co., substantially doubling its present produc-New President.
South Pennsylvania Coal Co.
tion. Arrangements have been made with the original contractors to
build this addition ready for operation by Dec. 15 1918. Conditions are
L. W. Young Jr. has been elected President to succeed Joseph Seep.
peculiarly advantageous for this increase in capacity, there having been
large plantings of cane in the Florida zone, contracts for which can be ob-Notes Sold.
Spring Valley Water Co.
tained on a very advantageous basis. Overhead expenses will be only
We are informed that this company's now issue of $4,000,000 Two-Year
slightly increased. The cane in the Florida district has proved particularly 6% notes, dated Mar. 11918, has been subscribed for and taken by the
rich in sugar and the operation of the company has produced splendid Bank of California N. A., and by Wells Fargo Nevada National Bank,
results. [The $760.000 new stock has been underwritten by a syndicate both of San Francisco. Compare V. 106, p. 934.
headed by Hayden, Stone & Co. The new addition, it is said, will probably cost $1,250.000.j
-V. 105, p. 2364.
Earnings.
-For years ending Dec. 31:
1917.
1916.
Cal. Year1916.
1917.
7E.. J.) Reyno ds To acco o.- tvidends on Common Gross earns_ _$3,899,191 $3,693,548 Depre.,&c.,res. $357,888 $334,737
Stock, 3% Regular and 2% Extra, Payable in 6% Two-Year Net earnings_ 2,444,002 2,171,456 Dividends-(3%)1015000(33i)980,000
Bond
Notes Redeemable at Maturity at Company's Option Either in -V.,&c.,int_ 790,862 792,032 Balance, slap. $278,408 $64,687
106, p. 934.
Cash or Pref. Stock.-Secretary M. E. Motsinger writing
March 7 says:
For Other Investment News, see page 1143.
THE CHRONICLE
MAR. 16 1918.1
Pines ant
1133
prinuntuts.
AMERICAN TELEPHONE AND TELEGRAPH COMPANY
ANNUAL REPORT—FOR THE YEAR ENDING DECEMBER 31 1917.
New York, March 111918.
To the Stockholders:
Herewith is respectfully submitted a general statement
covering the business of the American Telephone and Telegraph Company and its associated companies—the Bell
System, exclusive of independent connecting companies—
followed by the report of the American Telephone and Telegraph Company, for the year 1917.
Combining the accounts and excluding all duplications
and inter-company matters—including interest, dividends
and other payments to the American Telephone and Telegraph Company by the associated companies—the actual
operations of the service, the actual revenues and expenses,
are thereby shown.
BELL TELEPHONE SYSTEM IN THE
UNITED STATES.
TELEPHONE COMPANIES AND SUBSCRIBER STATIONS.
The Bell System, as a whole, is made up of the American
Telephone and Telegraph Company and associated and
connecting companies. The associated or Bell companies
are Bell companies by virtue of contract or license arrangements and financial relations. The connecting companies
are independent companies, operating in territory dependent
upon them for service, connecting with the Bell companies.
.
Besides the separate systems making up the Bell System,
there are many independent companies covering, partially
or completely, large areas of territory, operating independently of, not connecting with, the Bell companies.
There are in the United States approximately 11,200
separate companies giving telephone service. Of them 37
are Bell companies, 9,129 independent companies connecting
with the Bell System, and about 2,000 independent companies not connecting with the Bell System. There are also
a large number of rural lines and systems which connect with
these companies, 22,299 of which are connected with the
Bell System.
At the end of the year the number of telephone stations
which constituted the Bell System in the United States was
10,475,678, an increase during the year of 628,486, of which
increase 486,040 were owned by the Bell companies and
142,446 were Bell connected stations. Of the total number
of stations in the system, 7,031,530 were owned and operated
by Bell companies and 3,444,148 by local, co-operative and
rural independent companies or associations having sublicense or connection contracts; the so-called connecting
companies.
In addition to these there are about 1,300,000 stations
operated by independent companies not connected with
the Bell System.
THE WIRE SYSTEM.
The total mileage of wire in use for the exchange and'toll
service of the Bell companies, not including connecting
companies, was at the end of the year 22,610,487 miles, of
which 2,760,172 were added during the year. Of the total
mileage 19,521,679 miles were exchange wires and 3,088,808
miles were toll wires. Ninety-four per cent of the total
wire mileage is copper wire. 13,451,121 miles, or 59 per
cent of the mileage, including 964,899 miles of toll wires, is
in underground cables, and this percentage is steadily increasing. The underground conduits represent a cost of
$110,500,000 and the cables in the conduits $144,100,000,
a total in underground plant of $254,600,000.
Attention was called last year to the mileage of "phantom
circuits." During 1917 59,022 miles of "phantom circuits"
were added, making 281,016 miles of these "phantom circuits" at the end of the year.
The wire mileage owned and operated by connecting companies is not included in any of these figures. The approximate mileage of connecting companies toll wires is 410,000
miles, which, added to the 3,088,000 miles of toll wires
operated by the Bell companies, makes a total of nearly
3,500,000 miles of such wires, bringing together in one
comprehensive, inter-communicating system all the cities
and towns and practically all of bthe rural communities
throughout the United States.
TRAFFIC.
Including the traffic o'er the toll and long-distance lines,
but not including connecting companies, the daily average
of toll connections was about 1,009,000, and of exchange
connections about 30,845,000, as against corresponding
figures in 1916 of 890,000 and 28,530,000; the total daily
average for 1917 reaching 31,854,000, or at the rate of about
10,600,000,000 per year. This is an average of approximately 100 calls per year for every man, woman and child
in the United States.
Real Estate
Equipment
Exchange Lines
Toll Lines
Construction Work in Progress, etc
$13,770,614
28,029,466
41,565,583
25,834,824
9,398,975
$118,599,462.
PLANT ADDITIONS OF PREVIOUS YEARS.
The net amounts added in eighteen years have been as
follows:
1900
1901
1902
1903
1904
1905
$31,619,100
31 .005.400
37.336.500
35.368.700
33.436.700
50,780.900
1906
1907
1908
1909
1010
1911
$79,366,900
52.921,400
26.637.200
28.700.100
53.582.800
55,660,700
1912
1913
1914
1915
1916
1917
S75.626,900
54.871.900
50.045.300
S2,863,700
66.224,700
118,599,500
making a total for the eighteen years of $914,648,400.
MAINTENANCE,DEPRECIATION AND RECONSTRUCTION.
Particular attention is asked to this statement. Statements have been circulated to the effect that the Bell companies had neither fully maintained their property nor set
aside from revenue the usual allotments for reconstruction.
The following figures are a complete refutation of such
statements.
During the year $94,071,000 was applied out of revenue
to current maintenance and depreciation, an increase of
$9,515,000 as compared with 1916. Current maintenance
increased $6,227,000, averaging 4.3 per cent on the average
plant in service, which compares with 3.9 per cent in 1916.
The provision for depreciation of plant during the year
was $52,919,000, an average of 5.5 per cent of the cost of
plant, and an increase over 1916 of $3,288,000.
Plant which originally cost about $43,000,000, but which
had reached its limit of serviceable life, was removed and
replaced by new and improved construction, or sold, as compared with $44,000,000 in 1916. After deducting this
amount less salvage from the provision for depreciation, the
balance. about $33,000,000, increases the reserves for such
depreciation and obsolescence, which must be provided for
out of current expenses, but cannot be currently determined
or expended.
GROWTH AND PROSPECTS.
The continued and unprecedented business activity of
the country during the past year has thrown on the Bell
System a heavy burden of traffic, taxing our facilities to
the utmost and necessitating the rapid increase of those
facilities which is indicated by the statistics.
It was stated in last year's report that we would carry
on the work of new construction at an unprecedented rate
during the year, the plans contemplating additions to plant
aggregating about $90,000,000. The actual additions, as
shown elsewhere, however, amounted to more than $118,000,000, larger than for any previous year by nearly 50%.
Subscribers' stations increased by 486,000.
The continued policy of the Bell System of constructing
in advance of requirements, partly to provide for emergencies,
and for economical reasons, has again justified itself many
times over during the year. In consequence of the absorption of much of the surplus plant into the service last year,
the new construction during the current year was to meet the
immediate needs of the service, and as far as possible restore
the normal surplus. Great difficulties were met in securing
the necessary raw materials, supplies and adequate transportation; there was a large increase in the cost of labor and
materials; there was necessary to meet the emergency a
large toll line construction; all contributing to the increase
of the average investment per station from $146 to $153.
It is difficult to estimate what additions will be made to
the plant during 1918. Plans have been made aggregating
$90,000,000. This is believed to be the maximum requirement; the probabilities are that much less will be expended.
The Government's desire for the conservation of men,
material and money for direct war requirements and the
difficulties of transportation because of priority orders and
freight embargoes, make the exact determination of the
program impossible.
The demands of the Government in time of necessity are
paramount, but the Administration and all its .officials
recognize the importance, both to the Government and the
public, of an efficient service, and will co-operate with the
companies in their efforts to maintain regular service. We
are confident of being able to meet necessary demands and
maintain existing conditions.
OPERATING RESULTS.
The American Telephone and Telegraph Company and
associated companies constitute one operating entity, and
to understand or correctly determine the actual costs and
charges of the telephone service and the ultimate distribution
of the revenue, their accounts must be consolidated.
PLANT ADDITIONS.
The following tables show the business for the year of the
The not amount added to plant and real estate by all the Bell Telephone System including the American Telephone
companies, excluding connecting companies, constituting and Telegraph Company and its associated holding and
our system in the United States during the year 1917, was operating companies in the United States, but not including
$118,599,462, distributed as follows:
connecting independent or sub-licensee companies, or the
1134
[voL.'901
THE CHRONICLE
Western Electric Company, Inc., except as investments in
and dividends from those companies are included respectively
in assets and revenue. All inter-company duplications are
eliminated in making up these tables so that the figures
represent the business of the system as a whole in its relations
to the public.
The statement of earnings and expenses is presented in
the form called for by the Inter-State Commerce Commission's accounting system. In round figures the total operating revenues of the Bell System were $294,900,000, an
increase of $30,300,000 or 11.5% over last year. Of these
revenues depreciation and maintenance consumed $94,071,000, an increase of $9,515,000 over 1916 or 11.3%; traffic
expenses consumed $68,122,000, an increase of $14,373,000
or 26.7%; commercial expenses, $28,364,000, an increase
of $2,665,000 or 10.4%; general and miscellaneous expenses,
$13,850,000, an increase of $1,947,00Q or 16.4%; taxes
assignable to operations, in which provision is made for the
estimated amount of Federal income and excess profits
taxes payable in 1918, $20,711,000, an increase of $5,795,000
or 38.9%.
Including $475,000 taxes not assignable to operations the
total taxes were $21,186,000, which is 2.31% on the outstanding capital obligations. There were net non-operating
revenues of $7,976,000, made up chiefly of interest, dividends
and rents received less taxes and minor expenses connected
therewith. The "total gross income," using the term
officially provided by the Inter-State Commerce Commission, was $76,524,000, a decrease of $2,829,000 or 3.6%
under 1916. Out of this $25,810,000 was paid for interest,
rents, &c.,leaving $36,862,000 for dividends and $13,852,000
to be carried into surplus.
The total capitalization, including inter-company items
and duplications but excluding reacquired securities of the
companies of the Bell System, is $1,612,552,575. Of this,
$695,176,153 is owned and in the treasury of the companies
of the Bell System, and is represented to the public by the
outstanding securities of the American Telephone and
Telegraph Company and associated companies.
The capital stock, bottds and notes payable of the Bell
System outstanding in the hands of the public at the close of
the year were $917,376,422, of which the outstanding securities of the American Telephone and Telegraph Company
represent $626,412,025, and outstanding securities of the
associated companies in the hands of the public represent
$290,964,397.
If we consider the current accounts payable, $46,382,252,
against which there were liquid assets, cash and current
accounts receivable, of $78,459,782, or an excess of $32,077,530 to the credit of the system, it leaves as the net permanent
capital obligations of the whole system outstanding in the
hands of the public $885,298,892.
The telephone plants stand on the books of the companies
at $1,064,892,710, as of December 31 1917 a net increase
during the year of $118,599,462, after deducting all plant
withdrawn from service, sold or abandoned. Stocks and
bonds owned increased during the year $19,791,755. Supplies, tools, &c., increased $7,511,646. Receivables decreased $23,556,638. Cash balances decreased $44,705,989.
The increase in total assets of $77,640,236 is represented
by $36,051,601 increase in outstanding obligations of the
whole system and an increase in surplus and reserves of
$41,588,635.
In accordance with our previous practice in making up
the combined figures for the Bell System, all inter-company
items have been eliminated, and all intangible assets have
been excluded, so that the combined surplus and reserves
as shown above are considerably less than the sum of surplus
and reserves shown on the books of the separate companies.
The surplus and reserve, aggregating $303,500,000, is invested. in productive property, the revenue from which,
being free from capital charges, is subject only to operating
charges, and in this way reduces the cost of the service.
It is also a provision against abnormal depreciation or
obsolescence.
AVERAGE OPERATING UNITS.
The table below shows average operating revenue and expenses per station, operating ratios, unit plant cost, etc., of
the Bell Telephone System for the years 1895, 1905, 1915,
1916 and 1917.
AVERAGE OPERATING UNITS OF BELL TELEPHONE SYSTEM
IN UNITED STATES.
(Includes American Telephone and Telegraph Co.)
Average per Exchange Station.
1917.
1916.
1915.
1905.
1895.
Earnings:
Exchange Service
$71 91 $33 86 $29 73 $30 49 $30 62
12 45
11 75
11 04
16 43
13 21
Toll Service
$88 34 $47 07 $40 77 842 24 $43 07
Total
Expenses:
$28 84 $1677 $1483 $1526 $1674
Operation
244
312
230
170
287
Taxes
$31 71 $18 47 $17 13 $17 70 $19 86
Total
$9304
54 $23 21
Balance
$56 63 $28 60 $23 64
13 67 $13 91
$13 34
Maintenance and Depreciation $27 73 $14 66 .
$28 00 $13 94 $1030 r087
1
Net Earnings
Per Cent Operation Expense to
38.9
36.1
36.4
35.6
32.6
Telephone Earnings
Per Cent Telephone Expense to
78.4
74.3
74.7
70.4
67.3
Telephone Earnings
Per Cent Maintenance and Depreciation to Average Plant,
9.3
9.2
8.8
8.5
9.1
Supplies, etc
Per Cent Increase Exchange Sta7.4
9.7
24.5
6.9
15.7
tions*
Per Cent Increase Miles Ex6.9
27.2
13.7
6.7
15.9
change Wire *
Per Cent Increase Miles Toll
.6t
9.4
12.8
15.1
19.5
Wire*
Average Plant Cost Per Exchange Station (Exchange and
$300 00 $164 00 $149 00 $146 00 $153 00
Toll Construction)
Average Cost Per Mile of Toll
Wire (including Poles and Con$85 00 $69 00 $74 00 $72 00 $71 00
duits)
Per Cent Gross Telephone Earn29.9
27.2
29.2
27.5
28.4
ings to Average Plant
Per Cent Total Net Earnings to
8.03
9.12
8.24
8.87
13.12
Average Capital Obligations
Per Cent Total Net Earnings to
Average Plant and Other As5.86
6.37
6.70
7.23
7.70
sets
Per Cent Paid Out on Average
6.50
6.46
6.35
6.14
8.62
Capital Obligations
Per Cent Paid Out on Average
4.74
4.91
4.74
5.00
5.06
Plant and Other Assets
BELL TELEPHONE SYSTEM IN UNITED STATES.
COMPARISON OF REVENUE AND EXPENSES, 1916 AND 1917
(ALL DUPLICATIONS INCLUDING INTEREST, DIVIDENDS
AND OTHER PAYMENTS TO AMERICAN TELEPHONE AND
TELEGRAPH COMPANY BY ASSOCIATED COMPANIES
ARE EXCLUDED.)
Increase.
1917.
1916.
$188,888,149 $207,471,937 $18,583,788
Exchange revenues
72,971,668 84,559,861 11,588,193
Toll revenues
147,689
2,863,152
2,715,463
Miscellaneous revenues
$264,575.280 $294,894,950 $30,319,670
Total operating revenues
$49,631,966 $52,919,458 $3,287,492
Depreciation
* Increase during year shown, over previous year.
6,227,492
34,923,549 41,151,041
Current maintenance
t Small increase mainly due to increase in radius covered by exchange
53,748,707 68,121,646 14,372,939 rates.
Traffic expenses
25,698,913 28,364,039 2,665,126
Commercial expenses
1.947,490
13.849,960
General and miscellaneous expenses 11,902,470
It will be observed that both average earnings and average
$175,905,605 $204,406,144 $28,500,539 expenses per station which now vary slightly from year to
Total operating expenses
$88,669,675 $90,488,806 $1,819,131 year are very much less than in earlier years. The average
Net operating revenues
$1,480,502 $1,229,263 *S251,249 expense3 per station have been reduced, in spite of improved
Uncollectible revenues
5,794,485
14,916,448 20,710.933
Taxes
$72,272,725 $68,548,620 *$3,724,105 wages and increased taxes, by improved methods and greater
Operating income
895,485 efficiency in every branch of the service.
7,975,869
7,080,384
Net non-operating revenues
$79,303.109 $76,524,489 *32,828,620
Total gross income
-in
The decrease-from $71 Olin 1895 to $30 62 in 1917
$254,577 the average rate of exchange earnings per station, is largely
$3,990,047
Rent and miscellaneous deductions $3,735,470
3,441,300
21,820,231
18,378,931
Interest deductions
result of "measured service," which places the system
$22,114,401 $25,810,278 $3,695,877 the
Total deductions
can afford to pay for
$57,238,708 $50,714,211 *$6,524,497 within the reach of the many who
Balance net income
1,702.463 actual service, but would not, possibly could not, pay, and
35,160,119 36,862,582
Deduct dividends
$22,078,589 $13,851,629 *88,226,960 in any case should not be called on to pay for more than their
Surplus earnings
own service, or to pay any rate based on average use. Aver* Decrease.
BELL TELEPHONE SYSTEM IN UNITED STATES.
COMBINED BALANCE SHEETS, 1916 AND 1917.
(Duplications Excluded.)
Increase.
AssetsDec. 311916. Dec. 311917.
plant
$946,293,248 $1,064,892,710 $118,599,462
Telephone
7,511,646
31,543,745
24,032,099
Supplies, tools, &c
42,472,942 *23,556,638
66,029,580
Receivables
35,986,840 • *44,705,989
80,692,829
Cash
19.791,755
101,607,231
81,815,476
Stocks and bonds
Total
$1,198,863,232 $1,276,503,468 $77,640,236
Liabilities
$463,101,569 8505.403,777 $42,302,208
Capital stock
407,434,080 *15,152,537
422,586,617
Funded debts
800,114
4,538,565
Bills payable
3,738,451
8,101,816
46,382,252
38,280.436
Accounts payable
Total outstanding obligations
$927,707,073 $963,758,674 $36,051,601
68,143
9,219,142
9,151,000
Employees' benefit fund
41,520,492
303,525,651
262,005.159
Surplus and reserves
Total
$1,198,863,232 81,276.503,468 $77,610,236
* Decrease.
A number of appraisals of our properties in the various
cities and States have been made by public authorities
practically all of which have appraised the value of the
properties for rate-making purposes greater than the amounts
carried on our books.
age use is very greatly increased because of the very large
use made by some. The best and most complete answer
to the demands for flat rates is that 75 per cent of the total
subscribers of the Bell System pay less than the average rate
for their telephone service. Any method of charge which
does not call upon the large users for their proportion of
the cost caused by their use is unjust to the great mass of
subscribers.
Particular attention is again directed to the percentage
of net earnings and of dividend and interest disbursements
of the Bell Telephone System to total plant and other assets;
also of taxes paid to the public:
Percentage of net earnings to plant and other assets
Percentage of charges paid on capital to plant and other assets
Percentage of taxes paid to public to plant and other assets
5.86
4.74
1.71
These percentages of earnings and charges compare with
6.70 per cent and 4.74 per cent in 1916.
READJUSTMENTS.
During the year there has been a very general readjustment of salaries and increase in the number of operators to
meet the necessary demands. The increase in operating
expenses reflects the increase in both the number of operat
tors and the readjustment of compensation to meet presen-
MAR. 16 1918.]
THE CHRONICLE
conditions of living and work. It takes time to provide
skilled employees. They have to be educated. It takes
time to create facilities. The increase in work came so
rapidly in 1916 that surplus facilities were fully employed,
and our regular employees overworked. During the same
year our increased earnings were larger than increased expenses. This was reflected in the companies' surplus for the
year, and a liberal distribution was made to the employees.
The expenses during the past year more than overcame increased earnings and the increase in the expenses was due
in a large part to increases in regular wages.
It is the intention of the Bell System to distribute in regular wages to its employees, their full proportion of the revenue
it is allowed to collect, the maximum that is being paid by
others for similar services and such an amount as will secure
the vesy best class of employees.
There is no utility so dependent upon the service rendered
by the employees as is this. There is no service rendered
by any corporation which is so exacting. It is largely a,
personal service rendered by each employee to each individual. Much depends upon the employee. When a connection is asked for, it is important, at least in the mind of
the individual asking. Delay irritates, and anything which
seems to be indifference or inattention on the part of the
employees more than irritates. This is intensified by the
fact that although the relation is personal, it is carried on at
a distance out of sight, and also that no one person engaged
in the co-operative process required for the telephone connection can always know or fully understand the difficulties
or obstructions occurring at other points.
It is necessary that the service required of the employee
shall not overtax physically or mentally, and that the working
conditions and opportunities for relaxation shall be of the
best. Every effort has been made to create such conditions
and make the work as attractive and pleasant as any continuous work can be. It is also necessary that the control of
the operating organization shall be absolutely under the authority of the company which is responsible for the service,
and it is obligatory on the part of the company to see that
such authority shall not be abused and that every employee
has immediate and free access to higher authority in case of
any real or fancied grievance.
This policy has worked very satisfactorily and there has
been relatively little trouble with our employees, and what
there has been has been the outgrowth of local conditions
rather than a result of any grievance or dissatisfaction on
the part of the employees with their work.
VALUE OF PROPERTY OF THE BELL COMPANIES.
In view of the many derogatory statements .which have
been circulated through carelessness or intention, we think it
is our duty to reassure our shareholders; we wish to impress
upon them the value and security of their holdings. No one
can forecast the future, but based on an intimate knowledge
of the past, it is within limits to say that there is as much
reason for confidence now as there has been. Our business
is growing, the public is friendly, the decisions of the boards
of control and regulation without exception have been intended to be fair, and have been acceptable if not always
entirely to our satisfaction. Our plant has been maintained
at the highest state of efficiency.
Our obsolescence has in great part been taken care of
in our maintenance, all of it in our maintenance and reconstruction, and there is a large and increasing reserve against
any emergency. We have allotted to these items as liberally
as in the past years, and yet in this year of unusual expense
our surplus, while not quite equal to previous years, shows a
safe margin over all.
Our shareholders have paid to the Company in premiums
about $35,000,000 in excess of par for their capital stock.
The minimum replacement value of our property, exclusive
of intangibles, is far in excess of the book value, and intangibles represent expenditure and have value. Actual appraisals are continually being made by boards of control, municipal
and other rate-making bodies for rate-fixing purposes. They
are made by independent appraisers who certainly have no
interest in over-valuation. In every case the appraisals
have demonstrated the conservatism of the book value.
The book value of the plant and other assets of the Bell
System as a whole, exclusive of intangibles, is over three
hundred millions in excess of the outstanding obligations; or
a surplus amounting to much over one-half of the share
capital obligations outstanding, inclusive of American Telephone and Telegraph Company's and other Bell companies'
share capital in the hands of the public.
WESTERN ELECTRIC COMPANY, INCORPORATED.
The business of the Western Electric Company, Inc., has,
of course, reflected the policy of its principal customers. At
the beginning of the year the Bell Telephone System was
without sparing cost, extending its plant to meet the phenomenal demands of general business, and the consequent
demand for Western Electric products exceeded all previous
records.
When it became probable that this country would become
involved in the great war, the Bell System, in preparation
for extraordinary service demands which would come in.
such a contingency, directly and indirectly, from the various departments of the Government, commenced a systematic restraint of station growth. That naturally affected
adversely a certain portion of the Western Electric business.
Later (in July) it appeared to us that we should do our part
1135
to conserve the resources of the country which would be
required for war purposes and we decided to limit construction and reconstruction which would use lead, copper and
other materials and likewise man-power, to such work as
would further military preparations. This cut down materially another part of the Western Electric product.
With this came the setting aside of its program on central
office work and a substitution in its place of emergency requirements for camps, cantonments, &c., so that during the
year the company has been meeting a variety of changes.in
requirements which will probably affect its earnings. It
has, however, been successful in adjusting itself rapidly to
changing conditions and in giving us what the changing conditions have required. It has, of course, put its great facilities in the way of development and experimentation as
well as of manufacturing at the command of the Government.
SUMMARY OF THE ACTIVITIES OF THE BELL SYSTEM IN
CONNECTION WITH GOVERNMENT MATTERS.
The officials of the Bell System, recognizing the necessity
of telephone service in the mobilization of the resources of
the nation, for over a year prior to the declaration of war,
made studies of preliminary plans to meet war conditions.
What could be done to meet the problem of national defense was demonstrated in 1916, during a mobilization of
our communication facilities conducted by a staff of the system at the request of the Secretary of the Navy and in cooperation with naval officers under the command of Admiral
W.S. Benson, Chief of Naval Operations.
Immediately upon the declaration of war, Washington
became the centre of great activity. Under authority of and
co-operating with the Council of National Defense and military and naval officers, effective and harmonious methods
were worked out by the Bell System, by which it has been
able to meet the unusual requirements.
The following is a short summary of the resulting activities of the Bell System.
Precedence was established throughout the system for all
Government service, and at Washington and over the entire
country for the maintenance of existing Government facilities and the construction of the numerous additional ones required.
Special attention is being given to, and special investigation is being made of, this service, that it may be always
available, and as far as possible provided in advance of the
need. For this, elaborate plans had to be worked out,
special operating methods devised and some twelve thousand
toll operators specially trained. Work has been done in a
few weeks that ordinarily would have taken several months.
In times of peace telephone traffic flows along the channels
of commerce. War has made new centres and new routes.
Washington has become the centre of a vast new traffic.
The growth during the last few months in the toll telephone
service centring at Washington has been.greater than during the eight previous years.
To meet this increased toll business new facilities centring
at Washington have been provided; the number of lines radiating from Washington has been increased many times, and
further increases are still being made. There is also nearly
completed between New York and Washington a new underground cable of the latest design, containing 80,000 miles of
wire. This will be an important addition to the underground
facilities connecting the seaboard cities from Washington
to Boston.
Five times already have the toll switchboards at Washington been increased and the plans are made and material
ordered for additional increases. Notwithstanding the rapid
growth of this service, and the scarcity of labor, material and
transportation, a satisfactory service has been provided and
maintained
Localtraffic of the Washington telephone exchange increased many times, making necessary one entirely new central office and substantial additions to all the existing ones.
Large additions to the underground wire system have been
and are still being made.
To meet the necessity for trained operators for both local
and toll traffic, hundreds of operators have been brought
from other cities. Large additions to the training schools
have been established, where operators are being trained as
fast as they can be secured.
To supply departmental and inter-departmental service
in Washington, a large amount of underground cable has
been laid directly connecting different Governmental and
departmental buildings widely separated. Existing private
switchboard and other equipment has been thoroughly gone
over and large additions made. Still larger additions are •
now under way. Several of the departmental multiple
switchboards are large enough for a city of one hundred
thousand population. The new and temporary buildings
which have been and are being erected are being equipped with
complete telephone systems and connected with other departmental buildings and the local system. For use in the
national service 15,000 miles of toll wire and 27,000 miles of
circuit for telegraph use have been taken from commercial
service and devoted exclusively to the use of the Government.
To this work at Washington the expert and technical
telephone men of the Washington system, as well as many
others from all parts of the country, have devoted their entire time.
In other sections it has been necessary to provide telephone
facilities and toll connections for the National Army Can-
1136
[VOL. 106.
THE CHRONICLE
tonments, National Guard Camps, Division Headquarters
of the Army and Navy, Army Posts, Navy Yards, Aviation
Fields, Supply, Quartermasters' and Training Camps, munition manufactures, ship-building yards and. various Federal and State camps and headquarters located in different
parts of the country.
A full description of this work would require long lists and
detailed statements of large undertakings at many hundreds
of places in all parts of the country.
Many of them are located far from existing facilities and
in sections heretofore not requiring extensive telephone facilities, and some of them are the equivalent telephonically
of cities of thirty to forty thousand inhabitants.
This new traffic has necessitated trunk lines from all such
points to adjacent cities, many new toll lines or additional
wires on existing lines of the Bull System (including additional circuits on the transcontinental line), and in many local
exchanges additions to the local switchboard facilities, wire
system and operating force.
At the request of the United States Coast Guard complete
plans for the enlargement of the Coast Guard telephone system were made, and the work of reconstructing and extending these lines done. This work includes connecting about
100 lighthouses and 200 coast guard stations, the laying of
some 300 miles of submarine cable, the constructing of over
650 miles of pole line and the stringing of over 1,200 miles
of wire. The Coast Guard system is now connected with the
Bell System.
The Bell System has been called upon to manufacture
and furnish a very large amount of telephone equipment
and supplies of every kind, including many special devices
for the Army and Navy, both for use in this country and by
the American Expeditionary Force in France.
The Signal Corps of the Army required a large force of
men specially trained in telephone and telegraph work.
From the Bell System some fourteen battalions of picked
officers and men have joined this branch of the service.
Many of these are already over the water, and those not
needed for service in this country will soon join them. The
training they have received in the Bell System, together
with the intensive training under officers of the regular army
in camps, has made these men especially efficient, and we are
gratified to know that they receive many commendations.
We have assisted in the organization of a Division of Research and Inspection for the American Expeditionary
Force in France, recruited largely from the scientific staff
and laboratory forces of the Bell System.
Technically trained men have been detached from our
service for special service in the Army and Navy. Over
150 men have been admitted to Officers' Training Camps,
and 2,000 employees are members of the National Guard
or Naval Militia and are in active service.
The Bell System has a total of approximately 7,500 employees now engaged in serving the country abroad and at
home in various activities incident to the war.
These large deductions from the limited supply of trained
men available for telephone work have come at a time when
the system has had to meet the most extraordinary demands
ever put upon its service.
REPORT OF THE AMERICAN TELEPHONE AND
TELEGRAPH COMPANY.
The statement of earnings of the American Telephone
and Telegraph Company represents, in addition to the net
receipts of the long-distance lines, only that part of the earnings of the Bell System which is received by the American
Telephone and Telegraph Company, out of the divisible
surplus of the associated companies from operation, as interest or dividends on money advanced by the Company to
finance the associated companies, or as payments by the
associated companies to maintain the central administrtaion.
The disbursements of dividends and interest represent
the charges on the securities issued by the Company to finance the associated companies and the long-distance lines.
The actual financial and statistical statements of the telephone service of the Bell System, that is, revenue and expense, are shown in the report of the Bell Telephone System
preceding.
EARNINGS.
The account "Trustees—Employees' Stock—Purchase
Plan," $4,611,478 63, represents the balance on advances
made to the Trustees to acquire stock which they sold to
employees on the plan of easy payments explained in previous reports, less payments on that account received from
employees.
On the other side, under liabilities, the increase in capital
stock outstanding of $40,037,600 represents new stock
offered shareholders of record December 11 1916 and stock
issued in exchange for convertible bonds. Capital Stock
Installments of $17,524 50 represent payments on account
of subscriptions not then paid in full. The total indebtedness decreased ,422,208 30 during the year.
There was a total increase in assets of $40,234,012 19,
against which was a net increase in capitalization and indebtedness of 831,600,897 20, showing a not improvement
in the Company's financial position of $8,633,114 99, which
is represented by the increase of that amount in surplus and
reserves.
CAPITAL STOCK AND BONDS.
During the year Capital Stock increased $40,037,600. Of
this $39,106,000 was issued under date of November 1 1917
for cash at par, in accordance with the terms of the offer to
stockholders of record at December 11 1916. The balance
of $931,600 of stock issued was in exchange for convertible
bonds.
$729,300 of 43' per cent convertible bonds were converted
into stook during the year at the ratio of $120 of bonds, or
$100 of bonds and $20 of cash, for one share of stock. There
remained outstanding at the end of the year $13,160,800
of these bonds out of a total of $67,000,000 issued in 1913.
During the year $284,000 of the 4 per cent convertibte
bonds were exchanged for stock at a slightly changing ratio,
averaging about $125 of bonds for one share of stock. At
the end of the year $2,843,000 of this issue remained outstanding. The right to convert these bonds into stock expired at the end of February 1918.
Of the $50,000,000 4 per cent coupon notes of this Company, or of the associated companies bearing its endorsement, maturing February 1 1918, $31,612,000 had been
acquired by this Company at the end of 1917. The Company had also acquired the additional $1,610,000 of associated companies' notes endorsed by it maturing February 1
1918 and mentioned in last year's report. In order to
reimburse its treasury in part for the subscription for $14,639,700 Western Electric preferred stock and the purchases
of coupon notes, and to provide funds for the payment of
the balance of $18,388,000 coupon notes on February 1
1918, the Company, in January of this year, sold with its
endorsement $40,000,000 6 per cent notes of the associated
companies dated February 1 1918 and maturing February 1
1919.
There are also outstanding, endorsed by this Company,
$11,100,000 notes of the 195 Broadway Corporation, due
July 1 1920, which corporation owns the real estate where
the Company's offices are now located.
The total outstanding capital stock and bonds of the
American Telephone and Telegraph Company at December
31 1917 were as follows:
Capital Stock
$435,641,200
47 Collateral Trust Bonds, 1929
78,000,000
79,195,500
5% Collateral Trust Bonds, 1946
4% Convertible Bonds, 1936
2,843,000
4% %, Convertible Bonds, 1933
13,160,800
5% Western Telephone and Telegraph Company Bonds,
1932, guaranteed
9,985,000
Total
$618,825,500
For the $435,641,200 capital stock $470,613,540 94 has
been paid into the treasury of the Company; the $34,972,340 94 in excess of par value represents premiums on stock
which are included as part of the Company's surplus.
All discounts on bond and note issues are deducted in
determining the net surplus as shown in the balance sheet.
The number of shareholders, not including employees
purchasing stock under the plan of easy payments, was
86,599 on December 31 1917, and shows an increase of 16,044
during the year. That the distribution continues to be
more general appears from the following:
77,258 held less than 100 shares each;
8,917 held from 100 to 1,000 share's each;
389 held from 1,000 to 5,000 shares each;
18 held 5,000 shares or more each (omitting brokers, holders in investment trusts, etc.).
The net earnings of the American Telephone and Telegraph Company for the year were $48,940,466 63, which
Of the holders of less than 100 shares each:
is $4,197,090 18 more than for the previous year. These
5 shares
each;
results are after making provision for the Federal income and 21,683 held 25 shares or less each.
or less
excess profits taxes payable in 1918. The interest charges 59,280 held
The average number of shares held was 50, or deducting
were $10,469,360 47 and the dividends at the regular rate of
8 per cent per annum were $32,481,613 76. Of the resulting the stock held by Trustees under the Employees' Stock
balance there were carried to Reserves $2,500,000 and to Purchase Plan the average was 49 shares.
A majority of the Company's shareholders are women.
Surplus $3,489,492 40.
Less than 4 per cent of the stock was at December 31st in
BALANCE SHEET.
the names of brokers and less than 2 per cent of all the stook
The balance sheet of the American Telephone and Tele- is held in Europe.
graph Company is given as usual at the end of this report.
To the 86,599 stockholders of record shown above there
By comparison with the previous year's balance sheet it will should be added some 33,000 employees of the Boll System
be seen that the investment in stocks, bonds and notes of in all parts of the country who are paying for stock out of
associated companies increased $88,455,220 69, and perma- their wages at the rate of $2 per share per month. (Several
nent plant increased $12,975,353 09, current assets decreased thousand employees have already paid in full for their stook,
$19,023,302 40 and cash decreased $42,173,259 19.
and are now stockholders of record.) Counting these and
Of the increase in stocks, bonds and notes, $14,639,700 also those persons whose stock is held for them in investment
represents the amount subscribed for preferred stock of the trusts and the like, there are probably at least 130,000 actual
Western Electric Company, Incorporated.
owners of stock in this Company.
of
THE CHRONICLE
MAR. 16 1918.]
1137
BELL. TELEPHONE SYSTEM IN THE UNITED STATES.
CONDENSED STATISTICS.
Dec. 31
1895.
Dec. 31
1900.
Dec. 31
1915.
Dec. 31
1910.
Dec. 31
1905.
Dec. 31
1916.
Dec. 31
1917.
Increase.
78,203
131,538
213,233
_
282,877
30,165
44.510
47.120
51,208
4,088
184,515
2,028
488,872
705,269
4,203
1,252,329
2,345,742
9,373
3,424,803
5,992,303
24,636
5,625,273
10,536.837
36,314
7,932,394
11,468,525
41,172
8,340,618
13,451,121
46,868
9,112,498
1,982,596
5,696
771,880
675,415
1,961,801
5,779,918
11,642,212
18,505,545
19,850,315
22,610,487
2,760.172
215,687
459,728
607,599
1,354,202
1,265,236
4,514,682
1,963,994
9,678,218
2.453,483
16,052.062
2.682,910
17,167,405
3,088,808
19,521,679
405,898
2,354.274
675,415
1,961,801
5,779,918
11,642.212
18,505,545
19.850,315
22.610.487
2,760,172
115,506
Total Miles of Pole Lines
196,841
221,994
281,016
59,022
Miles of Underground Conduit (length of
single duct)
Miles of Underground Wire
Miles of Submarine Wire
Miles of Aerial Wire
Total Miles of Wire
Comprising Toll Wire
Comprising Exchange Wire
Total
Miles of Phantom Circuit
330,602
337,289
351,222
13,933
Total Exchange Circuits
Number of Central Offices
237,837
1,613
508,262
2,775
2,082,960
1,135,449
4,933
4,532 '
3.174,271
5,300
3,459,069
5,397
3,706,682
5,676
247.613
279
Number of Bell Stations (Owned)
Number of Bell Connected Stations
309,502
835,911
20,000
2,282,378
246,337
3,933,056
1,949,663
5,968.110
3.183,111
6,545,490
3,301.702
7,031,530
3,444,148
486,040
142.446
Total Stations
309,502
855,911
2,528.715
5,882,719
9,151,221
9,847,192
10,475.678
628,486
Number of Employees
14,517
37,067
89,661
120,311
156,294
179,032
192,364
13,332
17,845
28,306
30,358
2,351,420
5,668,986
13,543,468
21,681,471
25,183,799
28,530.073
30,845.153
2.315,080
51,123
148,528
368.083
602.539
819.030
889.860
1.009.205
119.345
Number of Connecting Companies, Lines
and Systems
Exchange Connections Daily
Toll Connections Daily
31,428
1,070
BELL TELEPHONE SYSTEM IN THE UNITED STATES
ALL DUPLICATIONS BETWEEN COMPANIES EXCLUDED.
COMBINED BALANCE SHEETS AT FIVE YEAR INTERVALS, 1885-1917.
Dec. 31
1885.
Assets
Contracts and Licenses
Telephone Plant
Supplim, Tools, Sze
Receivables
Cash
Stocks and Bonds
Dec. 31
1890.
Dec. 31
1895.
Dec. 31
1900.
Dec. 31
1905.
Dec. 31
1910.
$16,732,100 $18,925,700 $20,005,300 $14,794,300 $13,313,400 $2,943,381
38.618,600 58,512,400 87,858.500 180,699,800 368.065,300 610,999.964
348,500 1,021,800
1,810,000
6,464,400 11,069.500 20,987,551
1,450,900 1,761,600
3,746,600 13,644,000 26,220,800 26,077,802
1,792,600 1,183,300
3,223,000 11,005,900 27,548,933
2,484,100
1,138,800 2,697,400
4,480,500 11,400,400 23,041,200 64,766,089
Dec. 31
1915.
Dec. 31
1917.
$880,068,520 $1,(16, - - 6
1.8V2,'71 15,951,582
31,543,745
43,518.625
42,472.942
45,716,330
35,986,840
72.652.646
101.607,231
$60.081,500 $84,102,200 $120,385,000 $230,225,900 $452,716,100 $753,323,720 $1,057,907,703 $1,276,503,468
Total
Liabilities
Capital Stock
Funded Debts
Bills Payable
Accounts Payable
$38,229,200 $43,792,800 $57,462,700 $130,006,900 $238,531,100 $344,645,430
367,400 6,473,100 10,074,100 44,137,900 93,079,500 224.791,696
1,323,000
7,000.000 35.000,000 42,566,943
2,000,000
} 2,618,900 3,301,100
6,138,000 13,583,300 22.407,500 21,721,125
Total Outstanding Obligations
Employees' Benefit Fund
Surplus and Reserves
Total
5440,711,200
353,236.464
2,404,920
29,039,127
$505,403,777
407.434.080
4.538.565
46,382,252
$41,215,500 $54,890,000 $75,674,800 $194,728.100 $389,018,100 $633,725,194
5825.391,711
9,114,329
223,401,663
$963,758,674
9,219,143
303,525.651
18,866,000 29,212,200
44,710,200
35.497,800
63,698,000 119.598,526
$60,081,500 584.102.200 S120.385.660 3236.225.900 5452.716.100 5753.323.720 51.057.907.703 51.276.503.468
-BELL TELEPHONE SYSTEM IN THE UNITED STATES
ALL DUPLICATIONS BETWEEN COMPANIES EXCLUDED
COMPARATIVE REVENUE AT FIVE YEAR INTERVALS, 1885-1917.
Year 1885.
Year 1890.
Year 1895.
Year 1900.
Year 1905.
$10.033,600
5.124,300
516,212,100
9,067,600
524,197.200
15,488,400
546.385.600
30.632,400
$97,500,100 $165.612,881 3239.909.649 $301,867,172
66,189.400 114,618,473 173,727.892 229,332,730
Net Revenue
Interest
$4,909,300
27,700
$7,144,500
278,700
58,708,800
655,500
515,753,200
2,389.600
$31,310,700
5,836,300
$50,994,408
11,556,864
$66,181,757
18.095.643
$72,534,442
21,820.231
Net Income
Dividends
$4,881,600
3,107,200
$6,865,800
4,101,300
$8,053,300
5,066.900
$13,363,600
7,893,500
$25.474,400
15,817,500
$39,437,544
25.160,786
$48,086,114
32,897.065
$50,714,211
36,862.582
51.774,400
$2,764,500
$2,986,400
$5,470,100
$9.656,900
$14,276,758
$15,189,049
$13,851,629
Giross Revenue
Expenses
Balance for Surplus
_
AMERICAN TELEPHONE & TELEGRAPH COMPANY
BALANCE SHEET, DECEMBER 31 1917
Assets
Stocks of Associate Companies
$489,148,443 05
Bonds and Notes of Associated Companies_ 119,786,058 91
$608,934,501 06
Telephones
$18,088,289 24
Real Estate
509,147 42
Office Furniture and Fixtures
255,231 46
Long Lines Telephone Plant
65,084,543 39
83,937,211 51
Trustees-Employees'Stock Purchase Plan
4,611,47863
Special Demand Notes
20,394,800 52
Current Accounts Receivable
19,876,721 82
40,271,522 34
Temporary Cash Investments
$2,176,340 00
Cash and Deposits
23,064,401 51
25,240,741 51
$762.995,455 95
Liabilities
Capital Stock _
$435,641,200 00
Capital Stock IiiSW1iiice-- -------------ntii
17,524 50
3135658724 50
4? Collateral Trust Bonds, 1929
78,000,000 00
' '
5 Collateral Trust Bonds, 1946
79.195,500 00
5 Western 'P. & T. Co. Bonds, 1932
9,985,000 00
4 Convertible Bonds, 1936
2,843,000 00
13,160,800 00
4 Convertible Bonds, 1933
7,569,000 00
4% Coupon Notes, 1918
190 753 300 00
Dividend Payable Jan. 15 1918
$8,712,824 00
' '
Interest and Taxes Accrued, but not due
4,084,664 54
Current Accounts Payable
3,057,981 92
15,855,470 46
Employees' Benefit Fund
2,000,000 00
Reserves for Depreciation and Contingencies
36,354,400 53
Surplus (including Capital Stock Premiums and excluding
Debt Discount and Expense)
82,373:560 46
$762,995,455 95
-$21,919.000 00 Coupon Notes of Associated Companies, endorsed
Note.
but not owned by this Company, are not included above in either Assets
or Liabilities.
II. BLAIR-SMITH, Acting Comptroller.
Year 1910.
Year 1915.
Year 1917.
AMERICAN TELEPHONE & TELEGRAPH COMPANY.
COMPARATIVE STATEMENT OF EARNINGS AND EXPENSES
FOR THE YEARS 1916 AND 1917.
Earnings
1916.
1917.
Dividends
$26,710,690 58 $28,894,254 50
Interest and other Revenue from Asso14.529,978 74
ciated Companies
17,805,005 88
8,136.314 23
Telephone Traffic (net)
7.887.547 98
1,555,067 89
1,650,254 84
Other Sources
$50,932,051 44 $56,237,063 20
Total
56.188.674 99
Expenses
7,296,596 57
$44,743,376 45 $48,940,466 63
Net Earnings
Deduct Interest
6.730.098 86
10,469,360 47
Balance
538,013.277 59 $38.471,106 16
Deduct Dividends
31.122,18746
32,481,613 76
Balance
56.891.090 13
55.989,49240
Carried to Reserves
$2,500.000 00 $2,500.000 00
Carried to Surplus
4.391,090 13
3.489,492 40
Total
$6,891,090 13
55,989.492 40
H. BLAIR-SMITH, Acting Comptroller.
Year1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
ANNUAL EARNINGS AND DIVIDENDS.
Dividends
Added to
Net
Added to
Paid.
Revenue.
Reserves.
Surplus.
$5.486,058
$4,078.601
5937.258
$470.199
7.398,286
5,050.024
1,377,651
970,611
7.835.272
522.247
6,584,404
728,621
10.564,665
8,619,151
728,140
1,217,374
11,275.702
9,799.118
890,435
586.149
13,034.038
1,743.295
9.866,355
1,424.388
12.970,937
1,773,737
1.001,967
10.195,233
16,269,388
10,943,644
3,500,000
1.825.744
18,121.707
12,459,156
3,000.000
2.662,551
23.095,389
3.000,000
17,036,276
3,059.113
26,855.893
20,776,822
3,000,000
3,079,071
27.733.265
22,169,450
2.800.000
2.763,815
32.062,945
26.015.588
2,800,000
3,247,357
32,920.090
27.454,037
2,500.000
2,966.053
32,334,814
2.500.000
2,262,139
27,572.675
34.618.638
29,100,591
2.500.000
3.018,047
38.013,277
31,122,187
2.500,000
4.391,090
38,471,106
32,481,614
2,500.000
3,489.492
H. BLAIR-SMITH. Acting Comptroller.
1138
THE CHRONICLE
[Vol.. 106.
LACKAWANNA STEEL COMPANY
AND SUBSIDIARY COMPANIES
ANNUAL REPORT-FOR THE FISCAL YEAR ENDED DECEMBER 31 1917.
City of Lackawanna, Erie County,
New York, February 28 1918.
To the Stockholders:
The outstanding feature of the year 1917 was the entrance
of this country into the European War on April 6 1917.
Consumers of steel throughout the world had for some
time realized the probability of such action and the shortage
in supply of steel for general consumption which must follow
the demands of the United States Government for its own
requirements, and had, therefore, been in keen competition
to supply their own reeds. Under the stimulus of this
competition prices for all steel products had risen to ,an
abnormally high point, and our Government decided that
the best interests of the country, looking toward winning
the war, called for the fixing of reasonable maximum prices;
high enough to stimulate the maximum production, yet such
as to prevent undue profits. President Wilson,in his speech
in Washington on July 11 1917, laid down the principle that
such prices must be fair and reasonable, based on cost of
production, and must apply not only to the requirements
of the Government and its Allies for war purposes, but also
to the general public within the United States. Following
this principle it was evident that such prices should only be
fixed after investigation by the Federal Trade Commission
of the actual cost of production; and the steel makers were
asked, and agreed, to furnish promptly all requirements of
the Government pending final determination of the proposed maximum prices. It is to the credit of the industry
and of the steel makers of the country, that at no time since
the entry of this country into the war has any department
of the Government suffered in its war preparations by their
failure to supply steel in any form, and they have at all times
co-operated to the fullest extent with the Governmental
authorities in this regard.
It was not until September 24 1917 that the first announcement of maximum prices governing specific items in the steel
list was made by the Government, the final announcement
being made under date of November 5 1917, at which time
it was stated that the iron and steel manufacturers had
agreed promptly to adjust the maximum prices of all iron and
steel products, other than those on which prices had been
agreed upon, to the same general standard as those which
had been announced. The responsibility for such adjustment was placed by the War Industries Board on the Committee on Steel and Steel Products of the American Iron
and Steel Institute, and that Committee made recommendations from time to time as to maximum prices, extras and
differentials, making its final announcement on January 7
1918.
The prices fixed by the Government and the Committee
of the American Iron and Steel Institute have with few exceptions been strictly adhered to, and have resulted in
greater stability in the industry. The steel manufacturers,
through Committees of the American Iron and Steel Institute, have also assisted the Government in so placing orders
for its requirements and those of the Allies as to distribute
the burden equitably among all the manufacturers of the
country.
Costs of production have increased very greatly, especially
since July 1 1917, due to higher prices of supplies used, and
to the increases in wages which have been general throughout the industry, and some adjustments of prices may be
necessary in order that the manufacturers whose costs are
the highest may continue to operate without loss. A basis
of prices that will permit the highest cost manufacturer to
have a reasonable profit will secure the maximum production
which is so essential to the winning of the war and which
cannot be had unless prices are such that every manufacturer will nave at least a living profit. The final net profits
of all will be leveled by the War Excess Profits Tax.
Operations after April 6 1917 were complicated by various
Governmental regulations, such as manufacturing priority
orders, railroad priority orders and embargoes, fuel control,
licensing of imports and exports, regulations as to trading
with the enemy, etc. Without questioning the necessity
or wisdom of such regulations, your Company has endeavored to co-operate with the Government in every way, and
while delays arising from and through the various Governmental departments have at times been detrimental, your
Company has made no complaint.
Notwithstanding increased productive capacity the output of iron ore, coke, pig iron and steel in the United States
during 1917 fell below that of 1916, due mainly to difficulties
of transportation. The statement made in the report
covering the year 1916, in regard to railroad transportation,
has proved to be just and in accordance with the facts. The
increases granted in rates, effective August 1 1917, in the
Trunk Line territory, and September 20 1917, in the Central
Freight Association territory, while helpful to the railroads,
came too late to prevent a serious break-down in the railroad
transportation facilities of the country. On December 28
1917 President Wilson, by proclamation, took over the control, for the Government, of the railroads of the country,
naming Secretary McAdoo as Director-General in charge.
It is interesting to note that it is apparently the intention
of the Government, having taken control of the railroads and
guaranteed their earnings, to furnish them with the facilities
necessary to provide adequate service, which the railroads
would themselves have supplied, had they during the past
five years been allowed to charge the rates necessary to secure
earnings sufficient to pay for such facilities; and had such
facilities been so provided the failure of transportation
service, except as it was influenced by unusual and extraordinary weather conditions, would not have occurred and the
country would have been saved the enormous delays and
losses in production and in war preparation which have
occurred.
Shipments, as shown by the table below, decreased about
7.35 per cent as against those of 1916; but this is due to the
reduced shipments of pig iron following the sale of your
Lebanon properties to Bethlehem Steel Company. The
average price per gross ton of $64 40 received therefor is
$22 81 more than in 1916,. an increase of 54.84 per cent.
Shipments of rolled steel products were 1,184,863 tons, an
increase of 31,402 tons over 1916, and were the largest in
your Company's history. Operations for the year, after
the usual full allowance for depreciation, and full provision
for Federal Income and Excess Profits Taxes, show a profit
of $16,106,976 22, equivalent to 45.89 per cent on the
$35,097,500 of your Company's outstanding common stock.
Your Company received during 1917, from mines which
it owns or is interested in, and from other sources, 2,105,734
gross tons of iron ore and produced a total of 859,776 gross
tons of coke and 975,198 gross tons of pig iron. It also produced 89,592 gross tons of Bessemer ingots and 1,492,775
gross tons of Open Hearth ingots, a total of 1,582,367 gross
tons of steel ingots of all kinds.
Shipments of products were as follows, all in gross tons,
the figures for the years 1913, 1914, 1915 and 1916 being
given for comparison:
Standard Rails
Light Rails
Angle Bars, Fittings, etc_ _ _
Structural Shapes
Plates
Merchant Steel Products_
Sheet Bars, Slabs, Billets and
Blooms
Pig Iron and Miscellaneous_
Total
1917.
1916.
310,655 302,149
7,828
1,748
74,606
89,701
135,329 142,353
111,370 ' 83,981
423,046 443,247
122,029
17,631
1915.
276,692
5,327
74,165
111,613
44,809
229,276
1914.
176,877
6,384
47,788
85,568
25,941
102,259
1913.
336,339
8,376
75,606
138,538
57,529
163,887
90,282 67,487 44,464 62,045
144,364 94,463 90,461 142,601
1.202,494 1,297.825 903,832 579,742 984,921
Your properties have, as usual, been maintained in high
physical condition, so that your Company has been able to
benefit to the fullest extent by the great demand for its
products.
The last of the Open Hearth Furnaces under construction
was placed in operation on April 8 1917.
The new 8
-inch and 12
-inch combination Bar Mill was not
completed, the final delivery of all equipment required for
this Mill having only been made on January 15 1918. Your
operations have not suffered from the delay, the buildings
erected for this Mill having been utilized advantageously
for other purposes, and the extraordinary demand having
absorbed your entire production of steel in forms produced
by the other mills.
All construction is now and has for some time past been
greatly delayed owing to shatage of labor in all trades, and
the inability of out-door workers to continue at work in the
very severe weather conditions experienced since early in
December of 1917.
Your Company has been exceptionally fortunate in maintaining a fuel supply. Railroad and Governmental regulations have not interfered with full use of the 1,400 coal
cars purchased in 1916 for service between the mines and the
plants. The operation of The Ellsworth Collieries Company has been in excess of any coal company operating in
the Pennsylvania field which depends on railroad ears for
the movement of its product. The ownership of the private
coal cars has, during the past two years, been of almost
incalculable benefit to the operations and earnings of your
Company. Three hundred additional cars of the same type
were purchased and delivered during 1917, being paid for
from earnings. These cars have been used to supplement
the operations of the 1,400 coal cars and for general purposes
within your Buffalo plant.
Owing to unavoidable delays of construction, the new
No. 8 Blast Furnace at Buffalo, which it was hoped would
be in operation by the end of 1917, will not be completed
and in blast before early March 1918. Your Directors
during 1917 authorized the construction of still another
Blast Furnace at Buffalo of the same capacity as the No. 8,
to be. known as No. 9, which it is now estimated may be
completed and put in operation about August 11918.
The sale of the Lebanon properties of The Lackawanna
Iron and Steel Company to Bethlehem Steel Company,
which it was stated in the report for 1916 had been arranged,
was finally made as of February 1 1917; actual possession
OM-
MAR. 16 1918.]
THE CHRONICLE
1139
of the property being given Bethlehem Company on that
In May an extraordinary dividend of 23 per cent on the
date. Final papers were passed, and all payments due outstanding common stock was declared, payable June 30
during 1917 were made. A deduction from surplus of $1,- 1917, and in August a dividend of 13' per cent on the out812,342 36 has been made to cover the loss on this sale, as standing common stock was declared, payable on Septemagainst the value at which the property was carried on ber 29 1917. On November 22d a quarterly dividend of
the books.
1 per cent on the outstanding common stock was declared,
The LItckawanna Iron and Steel Company acquired the payable December 31 1917 and an extraordinary dividend
Lebanon properties in 1894 as a valuable source of supply of 33/ per cent payable on the same date. The above,
of ore and pig iron in connection with its principal business, together with two installments of the dividend declared in
the manufacture of steel rails by the Bessemer process. 1916 and payable March 31st and June 30th 1917, respecThe removal of its principal works to Buffalo, with new lines tively, made a total of actual dividend disbursements during
of production, together with the change in the manufacture 1917 equal to 12 per cent on your outstanding common stock,
of steel from the Bessemer process to that of the Open Hearth, and aggregating $4,211,685 00.
made the Lebanon properties of no value in connection with
Appended hereto are the Balance Sheet, Profit and Loss
the manufacture of steel at Buffalo, whereas they were of and Income Accounts, duly certified by Messrs. Price,
value to Bethlehem Steel Company because of the location Waterhouse & Company. Working capital as shown by
of the works of the Pennsylvania Steel Company, which the surplus of current assets over current liabilities (which
Bethlehem had purchased, within a few miles of the Lebanon include all tax liabilities) has increased $3,645,911 62, and
ore mines and furnaces.
is sufficient for your Company's needs. Cash on hand and
The operation of the Lebanon properties has been a source in banks amounts to $4,339,755 80.
of loss to your Company for a period of ten years, and your
Orders on hand as of December 31 1917 were 731,526
Directors deemed it in your best interests to dispose of the gross tons. Additional sales entered since January 1st,
property at this time.
together with estimated Governmental requirements, should
Your Directors during the latter part of 1917 concluded ensure full operations for 1918. On the basis of existing
an arrangement whereby they have made disposition of Government prices, operations should show a fair profit,
part of your ownership in the Scranton Mine, one of the ore and subject to the contingencies of Government regulation,
properties of the company located on the Mesaba Range, the outlook for 1918 is not unfavorable.
Minnesota. This has been accomplished by transferring
Your Board of Directors takes pleasure in acknowledging
the property to a new mining company, called the Hoyt the loyal and efficient service of the officers and employees
Mining Company, and your interest in this latter company of Lackawanna Steel Company and its several Subsidiary
represents the proportion of the ore it is estimated can be Companies.
used by your company during the life of the mine.
By order of the Board of Directors.
Your officers have been giving this subject serious consid- •
E. A. S. CLARKE, President.
eration for several years. The excessive cost of mining the
ore by underground methods made it desirable, if possible,
PRICE, WATERHOUSE & CO.,
to strip the ore body and thereby produce the ore at much
54 William Street,
cheaper cost; but this method involves a much larger annual
production than could be used by your company. It was
New York, February 25 1918.
thought wise, therefore, to try to associate with your Com- To the Directors of the Lackawanna Steel Company:
pany other consuming interests who could use some of the
We have examined the books of the Lackawanna Steel
ore, and thus secure the benefit of the very much cheaper Company and its Subsidiary Companies for the year ending
costs of production for such quantities of the ore as your December 31 1917, and certify that the Balance Sheet at
company could use. Unless the stripping method were that date and the relative Income Account are correctly
resorted to, it also seemed probable that all of the ore could prepared therefrom.
not be mined from the property during the remaining term
We have satisfied ourselves that during the year only acof the lease.
tual additions and extensions have been charged to Property
interesting the additional consumers Account; that full provision has been made for depreciation
The arrangement for
has been consummated and it is believed will prove a wise and extinguishment in accordance with the definite plan
one. Contracts for stripping the property have been made adopted by the Directors and approved by ourselves, and
and active work commenced, and it is expeqted that ship- that the treatment of deferred charges is fair and reasonable.
ments of ore will be made from the stripped area commencThe valuations of the inventories of stocks on hand as
ing in 1920.
certified by the responsible officials have
carefully and
also authorized during 1917 the purchase accurately made at cost, and full provisionbeenbeen made for
Your Directors
interest in the Plymouth Mining Company, bad and doubtful accounts receivable, andhas all ascertainof a 15 per cent
for
which owns a valuable stripping lease on the Gogebic range. able liabilities, including Excess Profits and Income Taxes.
has been consummated, a substantial portion
This purchase
We have verified the cash and securities by actual inspecof the purchase price having been paid; the balance will be tion or by certificates from the depositaries, and
earnings. The purchase of this interest in the
paid out of
We certify that, in our opinion, the Balance Sheet is propPlymouth Mine constitutes a valuable addition to your erly drawn up so as to show the true financial position of
Company's ore reserves.
the combined. Companies on December 31 1917, and the
Your Company acquired during the year the dock property relative Income Account is a fair and correct statement of
of the Buffalo & Susquehanna Railroad, immediately ad- the net earnings for the fiscal year ending at that date.
joining your Buffalo plant on the north, aggregating a total
PRICE. WATERHOUSE dr CO.
of 21.762 acres. Title was taken in the name of the South
Buffalo Railway Company.
On account of the restrictions of the Clayton law, the LACKAWANNA STEEL COMPANY AND SUBSIDIARY
number of your Company's Directors was, by resolution
COMPANIES.
adopted at a Special Meeting of Stockholders held March 12 INCOME ACCOUNT FOR YEAR ENDING DECEMBER 31 1917.
1917, reduced from twenty-one to fifteen, the number of Total net earnings of all properties after deducting all expenses, including ordinary repairs and -maintenance
each class of Directors being reduced from seven to five.
amounting to $6,627,195 55, but not renewal expendiPrior to the Special Meeting Messrs. Richard F. Howe,
tures and other appropriations for the current year,
which are deducted below
Hamilton F. Kean, Percy R. Pyne, E. J. Haney, Henry R.
$29,833,916 85
Deduct—
Taylor, Fred F. Graham and W. J. Wilson had resigned as
Interest on Bonds and other obligations (including
members of the Board; and at the Annual Meeting of Stockpremiums on Bonds retired):
Lackawanna Steel Company
$1,285,356 71
holders on March 14 1917 Messrs. John Henry Hammond
Subsidiary Companies
191,379 16
Rentals and Royalties
and H.0. Dalton were elected members in addition to those
8,542 72
members whose term expired in 1917. On March 22 1917
$1,485,278 59
your Directors reduced the number of the Executive CommitAppropriations:
For extinguishment of
tee to eight members, there having previously been nine.
mines and mining inDuring the year $612,000 face value of bonds of subsidiary
vestments
$412,603 28
For depreciation and accompanies were redeemed and canceled, and in addition
cruing renewals
1.789.058 76
$206,000 was deposited with Trustees for the cancellation
2,201,662 04
early in 1918 of an additional $206,000 face value of such
3,686,940 63
Profit for the year, before deducting Federal Exbonds.
cess Profits and Income Taxes
$26,146,976 22
First Consolidated Mortgage Bonds, Series "A," Five Estimated Federal Excess Profits and Income Taxes
10,040,000 00
Per Cent Convertible, to a face value of $1,000, were preProfit for the year
$16,106,976 22
sented for conversion during 1917, and ten shares of common Surplus January 1 1917
17,148,168 95
stock issued therefor.
$33,255,145 17
During the year $124,000 face value of your Company's
Less—
Dividends on Common Stock
$3,158,777 50
Car Trust Certificates were redeemed and canceled.
Loss on sale of Lebanon property
1,812,342 36
Your Company purchased during 1917 $3,436,000 face
4,971,119 86
value of its First Mortgage Five Per Cent Convertible Gold
Surplus at December 31 1917
$28,284,025 31
Bonds, duo 1923, making, with previous purchases, a total
of $3,520,000 face value owned. Of these bonds, $3,250,000
We have audited the books and accounts of the Lackaface value were canceled in December 1917; $230,000 of the wanna Steel Company and its Subsidiary Companies for
balance having been placed in escrow with a Trustee in con- the year ending December 31 1917, and we certify that the
nection with the sale of the Lebanon properties to Bethlehem. above Income Account correctly sets forth the results of the
Your Company also purchased $3,000,500 face value of operations of the combined Companies for the year ending
its First Consolidated Mortgage Bonds, Series "A," Five .at that date.
PRICE, WATERHOUSE & CO.
Per Cent Convertible, of which $3,000,000 face value were
canceled in December 1917.
54 William Street, New York, February 25 1918.
1140
[VOL. 106.
THE CHRONICLE
LACKAWANNA STEEL COMPANY AND SUBSIDIARY
COMPANIES.
PROFIT AND LOSS ACCOUNT FOR YEAR ENDING
DECEMBER 31 1917.
Gross Sales and Earnings
9177,446,241 05
Less—Manufacturing and Producing Costs and Operating Expenses
46,650,979 34
$30,795,261 71
Dividends on Investments, Net Income from property
rented, etc
858,190 26
331,653,451 97
Deduct—
Administrative, Selling and General Expenses
$1,362,451 67
Taxes other than Federal Excess Profits
and Income Taxes
429,643 19
27,440 26
Commercial Discount and Interest
1,819,535 12
Net Earnings for year, carried to Income Account _$29,833,916 85
LACKAWANNA STEEL COMPANY AND SUBSIDIARY
COMPANIES.
CONSOLIDATED BALANCE SHEET, DECEMBER 31 1917.
ASSETS.
Cost of Property, Real Estate, Buildings, Plant, Machinery, etc.:
As at December 31 1916__$73,485,955 92
Additions during 1917____ 4,686,685 90
$78,172,641 82
Less—
Property sold during the
year
$3,352,545 78
Ore property transferred
2,146,731 11
to investments
5,499,276 89
$72,673,364 93
Investments in Ore Companies, etc
6,220,267 59
Cash in Hands of Sinking Fund Trustees and Other Trust
Funds
1,334,440 24
Current Assets:
Inventories
$16,964,593 56
Miscellaneous Accounts Receivable
589,420 14
Customers' Accounts (less Reserve)
10,735,774 14
Notes Receivable
295,694 16
Cash
4,339,755 80
Company's and other marketable securities
362,530 81
Liberty Bonds:
Subscribed for by Company on Own Account $2,535,400 00
For Employees
858,200 00
3,393,600 00
36,681,368 61
Deferred Charges
449,827 04
$117,359,268 41
LIABILITIES.
Capital Stock:
Preferred 7% Cumulative:
Authorized
$10,000,000 00
Common:
Authorized
$60,000,000 00
Issued
$35 097,500 00
:
Capital Stock of Subsidiary Companies not held by Lackawanna Steel Company
3,887 50
Bonded Debt:
Lackawanna Steel Company:
First Mortgage 5% Convertible Gold
Bonds, due 1923
$11,750,000 00
First Consolidated Mtge. Gold Bonds,
due 1950—Series A,5% Convertible_ 6,902,500 00
Car Trust Certificates, due 1918 to 1926 1,054,000 00
19,706,500 00
Subsidiary Companies' Bonds
$5,421,000 00
Less—The Lackawanna Iron & Steel Co.
Bonds, formerly assumed by Lackawanna Steel Company and now assumed by Bethlehem Steel Company 1,775,000 00
3,646,000 00
Current Liabilities:
Current Accounts Payable and Pay-rolls_ $6,231,143 53
Bills Payable
37,618 37
Estimated Provision for Federal Excess
Profits and Income Taxes
10,040,000 00
Other Taxes and Interest Accrued
292,243 43
16,601,005 33
Reserves:
For Depreciation and Replacement
$9,056,214 84
For Extinguishment of Mines,and Mining
Investments
4,338,366 21
For Contingent and Miscellaneous Operations
625,769 22
14,020,350 27
Surplus:
Balance as at December 31 1916
$17,148,168 95
Add—Profits for the year 1917, as Per
16,106,976 22
Income Account
$33,255,145 17
Less—Dividends on Common Stock
$3,158,777 50
Loss on Sale of Lebanon Property
1,812,342 36
4,971,119 86
28,284,025 31
$117,359,268 41
We have examined the books and accounts of the Lackawanna Steel Company and its Subsidiary Companies for
the year ending December 31 1917, and we certify that the
above Balance Sheet correctly sets forth the financial position of the combined Companies at that date.
PRICE, WATERHOUSE & CO.
54 William Street, New York, February 25 1918.
COLUMBIA GAS AND ELECTRIC COMPANY
ANNUAL REPORT-1917.
PROPERTY DEVELOPMENTS.
To the Stockholders of Columbia Gas dc Electric Company:
Gas sales of the Columbia Gas & Electric Company durYour Directors present herewith the Annual Report covering the operations of your Company for the year 1917. As ing the year were 17,466,125,000 eubic feet, as compared
will be noted from the attached statements, excellent results with sales of 15,841,991,000 cubic feet in 1916, an increase
of 10.2%.
were obtained in all departments.
The total gas and oil acreage under lease and owned in
EARNINGS.
69 an increase of 19.9% fee as of December 31st 1917 was 271,970 acres. There were
$10,861,330
Gross Earnings were
7,165,117 07 an increase of 36.1% then 225 gas wells in operation.
Total Gross Income was
After deducting Prior Fixed Charges of 3,514,488 64
Furthering the development of the territory of the Union
There was available a Net Income of 3,650,628 43
Gas & Electric Company, your Company acquired the entire
717,265 59
For Columbia Interest Charges of
2,933,362 84 an increase of 153.4% Capital Stock of the Loveland Light & Water Company, of
Surplus for the year was
Gross Income includes so much of the earnings of the Loveland, Ohio. This property, as soon as practical, will
United Fuel Gas Company as was actually received as divi- be connected with and operated as a part of the system of
the Union Gas & Electric Company.
dends.
Also, in order to guarantee an adequate coal supply, your
During the year $488,500 of your Company's First Mortgage, Five Per Cent Bonds were issued to cover construc- Company acquired a one-half interest in the Wood Coal
tion expenditures made, and were placed in the Treasury, Company, of Logan, West Virginia. The mine owned by
and $125,000 of such bonds were purchased and are also held this Company has a seam of the highest quality steam coal
in the Treasury; $138,000 of bonds were redeemed and can- and is sufficient to meet the coal requirements of your Comceled through the Sinking Fund. As will be noted from the pany's subsidiary properties for many years.
balance sheet, there are $624,500 of your Company's bonds
GASOLINE.
held in the Treasury, at a cost of $582,340.
The operation of the eight gasoline extraction plants proIn compliance with the Cincinnati Gas Transportation duced excellent results. The output for the year was 12,Company lease,$297,000 First Mortgage Bonds of that Com- 524,201 gallons, an increase of 10,025,733 gallons.
pany were redeemed and canceled through payments made
UNITED FUEL GAS COMPANY.
by your Company, leaving $3,311,000 bonds outstanding
on December 31st 1917.
The progress of this Company has continued in a remarkYour Company, together with its subsidiary, the Union able manner. Gas sales were 60,610,762,000 cubic feet, an
Gas & Electric Company, subscribed for and purchased increase of 54.2%. This increase is principally due to the
$725,000 United States Government Liberty Loan Bonds extension of the Company's markets, and from the large
wholesale contracts made in 1916.
with money available in the Guarantee Fund.
There has been set aside for depreciation, from surplus,
Gas and oil well drilling operations were very successful,
with a satisfactory increase in production, as shown in the
the amount of $774,124 60.
Provision has also been made for all State and Federal figures given herewith.
Taxes, including the Excess Profits Tax.
The production-of oil for the year was 189,381 barrels, an
An initial dividend of One Per Cent was declared and paid increase of 69.9%.
In order to provide for the increased demand for gas, four
on the Company's Capital Stock May 15th 1917, since
which time quarterly payments of One Per Cent have been new compressor stations wore erected, and the capacity of
made.
the Spencer Compressor Station was largely increased.
MAR. 16 1918.]
THE CHRONICLE
The gas and oil acreage under lease and owned in fee as
of December 31st 1917, was 802,023 acres; there were then
651 gas wells and 134 oil wells in operation.
THE UNION GAS & ELECTRIC COMPANY.
The Union Gas & Electric Company has enjoyed a successful year.
The question of the final determination of the proper price
to be charged for natural gas service in Cincinnati for the
future is now before the Public Utilities Commission of
Ohio.
am order to improve the gas service in Cincinnati during
extreme cold spells, when the unusual demand exceeds the
capacity of the transportation lines, a modern artificial gas
plant has been erected, with a plant capacity of 15,000,000
cubic feet daily.
Notwithstanding numerous delays due to congestion in
manufacturing and railroad deliveries, the new electric power
plant is nearing completion. A third 30,000-k.w. turbogenerator has been ordered for delivery in 1919, making a
total capacity of 90.000 kilowatts.
All requirements upon both parties in the lease with the
Cincinnati Gas & Electric Company have been fulfilled during the year.
During the year 1917 $2,500,000 additional Cincinnati
Gas & Electric Company First and Refunding Mortgage Five
Per Cent Gold Bonds were issued and sold to carry on the
construction of the new power house, and $405,000 of such
bonds were issued and sold to reimburse the Union Gas &
Electric Company for expenditures for betterments and
extensions to the property of the Cincinnati Gas & Electric Company.
In compliance with the provisions of the lease, the Union
Gas & Electric Company during the year deposited $574,490
cash in the Guarantee Fund, in exchange for Columbia Gas
& Electric Company First Mortgage Five Per Cent Bonds
previously held in the Fund. Of the cash in the Fund,
$575,000 was invested in Liberty Loan Bonds.
KENTUCKY PROPERTIES.
All requirements of your Company's agreement with
the Cincinnati, Newport & Covington Light & Traction
Company have been complied with, and all departments of
these properties have been adequately maintained and
efficient service rendered.
The 25 now double-truck cars ordered in 1916 were placed
in operation in the early part of the year, and have materially
benefited traffic and service conditions.
A new 25-year franchise was granted by the City of Cincinnati for the operation of the Cincinnati, Newport & Covington Light SoTraction Company's lines in the City of
Cincinnati. This franchise provides for the operation of oars
into the Dixie Terminal when that building is erected.
GENERAL.
During the year the head office of your Company was, by
appropriate action, transferred to Charleston, West Virginia.
Your Directors believe that, notwithstanding the unusual
conditions now existing, the normal growth of the Company's
business will continue throughout the year 1918.
By order of the Board of Directors,
A. B. LEACH, President.
Charleston, W. Va., March 1st, 1918.
1141
CONSOLIDATED INCOME STATEMENT
-YEAR ENDED DEC.31
1917 (WITH COMPARATIVE FIGURES FOR 1915 AND 1916).
Income1917.
1916.
1915.
Gross Earnings
$10,861,330 69 $9,058,251 61 $8,044,532 17
Operating Expenses and Taxes_ 5,640,537 12 4,623,776 05 4,143,064 58
Not Earnings
Other Income
$5,220,793 57 $4,434,475 56 $3,901,46759
1,944,323 50
829,327 74
514,17865
Total Gross Income
$7,165,117 07 $5,263,803 30 $4,415,646 24
Deductions
Accrued Rentals to eine. Gas
& Elec. Co
1,972,816 72 1,865,937 21 1,788,546 99
Accrued Rentals to Cinc. Gas
Trans. Co.(including Sinking
Fund requirement of $250,000)
698,957 33
692,747 34
688,389 67
Accrued Rentals to C. N. &
C. L. & T Co
840,479 93
801,095 85
795,693 79
Accrued Interest of The Union
Gas & Electric Co
51,263 86
2,234 66
80,467 86
Total Deductions
$3,514,488 64 $3,411,044 26 $3,353,098 31
Not Income
$3,650,628 43 $1,852,759 04 $1,062,547 93
Fixed Charges, Columbia Gas
& Electric Co.:
Accrued Interest on 1st Mtge.
5% Gold Bonds of Col.
G.& E. Co
$586,440 59
Accrued Interest on 5% Gold
Debentures of Col. G.& E.
Co
130,825 00
Other Accrued Interest of
Col. G.& E.Co
Total Fixed Charges
Surplus
Dividends Paid
$717,265 59
$540,136 31
$517,008 54
130,825 00
126,554 16
24,322 02
38,346 10
$695,283 33
$681,908 80
$2,933,362 84 $1,157,475 71 $ 380,639 13
$1,500,000 00
COLUMBIA GAS & ELECTRIC COMPANY, THE UNION GAS &
ELECTRIC COMPANY
CONSOLIDATED BALANCE SHEET, DECEMBER 31ST 1917.
ASSETS.
Property Account, Comprising Gas Fields, Plants, Franchises, Leases and Stock owned of United Fuel Gas Co.
(51,000 shares
-51%)
$64,022,167 73
Guarantee Funds Deposited with Trustees:
Cash
$3,969 84
United Kingdom
96,875 00
% Gold Notes
Col. G.& E. Co. 1st Mtge.5% Gold Bonds_ 1,471,000 00
State of Ohio non-taxable municipal securities 1,399,496 86
United States 3% and 4% Liberty Bonds_
724.948 30
3,696,290 00
Other Securities Owned:
Cincinnati Newport & Covington Lt. & Tr. Co. 4%
Preferred Stock (850 shares)
85,000 00
First Mtge.5% Bonds in Treasury ($624,500 face amount)
582,340 00
5% Gold Debentures in Treasury
232,831 67
Current and Working Assets:
$1,262,755 14
Cash
Accounts Receivable
1,533,525 32
Material and Supplies
639,857 01
Interest and Dividends accrued on Securities
Owned
499,805 14
3,935,942 61
Deferred Assets:
Prepaid Accounts
$194,210 82
Cincinnati Newport & Covington Lt. & Tr.
Co. account betterments
35,728 55
229,939 37
$72,784,511 38
LIABILITIES.
Capital Stock, Col. G.& E. Co
$50,000,000 00
OPERATING STATISTICS YEARS ENDED DECEMBER
13,839,000 00
31ST. First Mortgage 5% Gold Bonds, Col. G.& E. Co
5% Gold Debentures, Col. G. & E Co
Utilities Operating in Cincinnati District:
2,850,000 00
Outstanding Union G. & E. Co. Common Stock at par
5,000 00
Gas Department:
1917.
1916.
1915.
Current and Accrued Liabilities:
Total number of gas customers__ _
143,394
139,624
132,084
Accounts Payable
$1,067,063 92
Total number of meters in use..
149,641
145,511
135,927
Accrued Taxes
546,800 46
Total gas sold (thousand cu. ft.)__ 19,831,565 18,251,852 16,614,119
Accrued Rentals
794,572 49
Electric Department:
Accrued Interest on 1st Mortgage Bonds
293,587 50
Total number of electric customers
40,205
34,448
30,884
Accrued Interest on Debentures
65,412 50
Total number of meters in use____
40,749
35,026
31,520
Capacity of motors (II. P.)
2,767,436 87
63,516
• 47,867
40,039 Deferred Liabilities:
Capaticy of transformers (K. W.)_
36,622
27,275
22,170
Customers' Deposits
Number of incandescent lamps
185,370 90
Reserves:
(K. W. equivalent)
51,262
45,796
43,061
Accrued Accounts
$15,297 20
Total connected load (K. W.) _ _
105,729
87,988
78,103
To Amortize Kentucky Betterments
119.444 53
Street Railway Department:
For Net Current Assets leased Sept. 1 1906_
336,731 43
Total revenue passengers carried_ _ 30,749,860 29,814,937 28,089,231
For Depreciation
774,124 60
Total car miles
•
4,620,414
4,583,596
4,563,844
1,245,597 76
Water Department:
Surplus
1,892,105 85
Total number o' water consumers_
3,863
3,804
3,721
Natural Gas and Oil Properties:
372,784,511 38
United Fuel Gas Company:
Gas sold (thousand Cu. ft.)
60,610,762 39,290,446 29,594,673
011 produced (barrels)
WE HEREBY CERTIFY that we have audited the books ofaccount and
189,381
111,435
78,177
Gas Wells owned
651
556
511 record of the COLUMBIA GAS & ELECTRIC COMPANY, CHARLES011 Wells owned
TON, W. VA.,and THE UNION GAS & ELECTRIC COMPANY,CIN134
114
78
Gas Mains owned (miles)
1,449
1,345
1,200 CINNATI,OHIO,covering a period offive years ended December 31st 1917,
Gasoline produced (gallons)
and that,In our opinion,the foregoing consolidated Balance Sheet correctly
9,085,137
1,397,885
Columbia Gas & Electric Company:
reflects the financial condition of the combined Companies at December 31st
Gas sold (thousand Cu. ft.)
17,466,125 15,8417991 14,000,105 1917, and the accompanying Consolidated Income Statement is correct.
Gas Wells owned
225
202
(Signed) ERNST & ERNST,
183
Gas Mains owned (milesj
298
263
253
Certified Public Accountants.
Gasoline produced (gallons)
Cincinnati, March 1st 1918.
3,439,064
1,100,583
1142
[VOL. 106.
THE CHRONICLE
UNITED DRUG COMPANY
BOSTON, MASSACHUSETTS
ANNUAL REPORT FOR YEAR ENDING DECEMBER 31 1917.
Boston, February 23 1918.
To the Stockholders of United Drug Company:
It is with much gratification that I present to you herewith
the statement of the business of your consolidated company
for the year ending December 31 1917, because it represents
the fulfillment of the promises made for the year—and more.
Expectations to reap a substantial benefit in 1917 of the
consolidation of the United Drug Company and Riker &
Hegeman Co. were thought by some of our stockholders to
be too optimistic to be realized in so short a time. The
progress made in co-ordinating the two companies in the
first eleven months (1916) was surprising, but as the decks
were cleared and the organization perfected, the increased
business and increased profits for the year 1917 were clearly
to be seen.
My promises to you were based on absolute belief in the
stability of the co-operative principles of your company—
confirmed faith in the Rexall stockholders—and the tested
loyalty, capabilities, and the will of the organization to
succeed in our splendid commercial undertaking.
I shall not attempt to recite all that has been done during
this annual period, nor to burden you with the complex
difficulties attending the business in the war-year just passed.
The results are more interesting and they speak for themselves
in the language of figures.
There are, however, certain indicative facts to which I
invite your attention. The combined Sales increased
$7,311,423 83, or 22%. The Net Profits increased $1,142,196 99, or more than 56%, over 1916 (the first 11 months of
the consolidation).
This increased Net Profit, which seems out of proportion
to the increased Sales, is due in a large measure to Savings.
By savings I mean savings as a result of the consolidation
and doing an increased business with relatively less expense.
• I cannot resist the temptation to emphasize the fact to
our Rexal Stockholders that INCREASED BUSINESS done
by an effective organization once set up, is the business that
yields the profit, because operating expenses should not,
and do not, under good management, keep pace.
Just a word about Gross Profit. Two years ago we were
able to show better than 36% Gross Profit. The cost of
materials then began to increase so rapidly that in the year
1916 our Gross Profit dropped to 33 1-3%. In 1917 we
were able to recover only Yi of 1% of this decline, and yet
Net Profits were greatly increased because of the ADDITIONAL VOLUME of business-and the saving of expenses.
There was no new capital brought into the parent company
during the year. The increased business, new stores, added
equipment and enlarged facilities have been financed with
profits and a comparatively small amount of floating capital,
except as to the Seamless Rubber Co. We financed the
purchase of the Seamless Rubber Co.—which was acquired
in June 1917—by the issue of $750,000 of its preferred stock.
The issue was oversubscribed by the stockholders of the
United Drug Company upon the first offering.
Turning to the consolidated balance sheet—
CASH on hand, $1,037,571 80, is approximately $300,000
less than it was a year ago, which represents temporary
fluctuations in bank balances. We maintain from $1,000,000
to $1,500,000 in cash, which is normal.
ACCOUNTS AND NOTES RECEIVABLE are likewise
normal. This indicates the healthy financial condition of
the 8,000 Rexall Drug Stores throughout the United States
and Canada, which buy and control the sale of United Drug
Company's products in their respective communities.
MERCHANDISE INVENTORY has increased over
$2,500,000 during the year, which is being accommodated in
part by an increase in the floating indebtedness of $900,000.
Besides providing for $7,000,000 of additional business it is
necessary to carry larger stocks at increased prices now,
because of the difficulty in securing many classes of merchandise and also because of the uncertainty of transporta-
tion. Our Retail Stores alone have nearly $500,000 worth of
merchandise paid for that is still in the hands of the railroads
—a condition that did not exist six months ago.
The Property Accounts, consisting of
REAL ESTATE AND BUILDINGS
BUILDINGS AND IMPROVEMENTS TO LEASEHOLDS
MACHINERY,FURNITURE AND FIXTURES
increased during the year $1,211,427 20. This represents
the real estate, plant and equipment of the Seamless Rubber
Co., above referred to; additional machinery in our manufacturing plants, and the store fixtures, &c., of our new Retail
Stores. At the beginning of the year we were operating
143 Liggett's-Riker-Hegeman Drug Stores. During the
year we opened 46 new ones—almost one a week, closed 14
old ones and now own 175 such stores, which did a business
of over $22,000,000 last year.
ADVANCES AND SUSPENSE ACCOUNTS are substantially increased since last year, mainly because of new
leases, &c., on stores to be opened in 1918. We have so far
this year twenty new leaseholds to be occupied. Rents paid
in advance, together with unexpired insurance, taxes, &c.,
of all companies constitute this account.
RESERVE FOR DEPRECIATION OF MACHINERY,
FURNITURE AND FIXTURES has been increased during
the year at our normal rate of depreciation, which of course
was charged off to expense. This reserve now amounts to
42% of the equipment of all companies.
SURPLUS, as you will observe, is now $2,724,133 60, or
almost double what it was at the beginning of the year, and
this is after paying all dividends on first and second preferred
stocks and the common stock of United Drug Company, as
well as all dividends on preferred stock of subsidiary companies outstanding. The United Drug Company owns every
share of common stock of all subsidiary companies. This
surplus is equal to $13 58 per share on the common stock
outstanding, and is only subject to reduction by the amount
of Excess Profits Tax to be paid, which we estimate at
$150,000.
These earnings amply justify an increase in the dividend
rate on common stock, which is now 5%,but your Executive
Committee considers it prudent to conserve cash resources
for the present.
Your Company was never in a stronger condition than it
is to-day. It is younger now than it was ten years ago, for
the reason that it is better equipped and better organized
to improve the unlimited opportunities for development that
lie before it.
I shall not attempt to discuss conditions in 1918 that might
affect the business—that is entirely too problematical, but
I assure you that we are organized for peace and we are
organized for war, and we rely on men and not on conditions.
Knowing our business as well as we do and having carried it
through business and war depressions, I have the feeling
that unless transportation facilities of this country entirely
break down this Company will increase in greater proportion
in 1918 than it did in 1917.
That I am justified in this statement is indicated by the
fact that our business is starting off with a wonderful impetus
in the first six weeks of this year. We have been upset in
both our manufacturing and retail businesses by rulings of
the Fuel Administration and by embargoes placed upon
our merchandise at different points in larger number than
ever before. In spite of these handicaps our increased sales
for these six weeks is a higher percentage than the increase
of 1917 was for the same period.
I do not hesitate to predict that the results will be highly
satisfactory to the stockholders.
Sincerely yours,
LOUIS K. LIGGETT, President.
MAR. 16 1918.;
THE CHRONICLE
CONSOLIDATED INCOME STATEMENT YEAR ENDING
DECEMBER 31 1917.
$40,716,289 88
Sales (net)
26,832,192 88
Cost of Goods Sold
$13,884,097 00
9,968,438 47
Current Gross Profit
Operating Expenses
Merchandising Profit
Other Income:
Dividend on Outside Invest$31,986 17
ments
Adjustment Property and Sun16,115 20
dry Accounts
Total Operating Profit
Deduct:
Depreciation of Machinery,
$399,363 91
Fixtures, Etc
Doubtful Accounts Receivable 65.193 14
232,873 99
Taxe.s, Current
110,322 35
4% War Income Tax
$3,915,658 53
1143
(J. V.) Thompson Coal Properties.
-Proposed Sale.
The Trustees in bankruptcy have petitioned the United States District
Court at Pittsburgh for permission to dispose of the Greene County,Pa.,
coal lands to Joseph G. Butler, Jr., of Youngstown, Ohio, for $3.627.846
an agreement having been entered into with the prospective purchaser for
-V. 106, p. 104.
the blanket sale of the property.
-Extra Dividend.
Tidewater Oil Co.
An extra dividend of 3% has been declared on the stock in addition to the
regular quarterly 2% both payable Mar. 30 to holders of record Mar. 22.
-V. 106, p. 507.
A like amount was paid in Oct. and Dec. last.
-Extra Dividend.
Torrington Company.
48,101 37
$3,963,759 90
A quarterly divdend of 3% and an extra dividend of 1%, have been
declared on the common stock, payable Apr. 1 to holders of record 3 p. m..
Mar. 22.-V. 106, p. 303.
U. S. Industrial Alcohol Co.
-Acquisition.
-Officer.
807,753 39
$3,156,006 51
Net Profit to Surplus
ANALYSIS OF SURPLUS.
$1.410,456 18
Net Surplus January 1 1917
3,156,006 51
Net Profit Added during Year
It was stated at the annual meeting that the company recently purchased
an additional distillery at Peoria, Ill., for the purpose of manufacturing
alcohol to meet the growing demands for the use of that commodity in
making powder for the Government.
Assistant Secretary Joseph Malone has been elected Secretary to succeed
James B. McGovern, who is now in Washington as special attorney for the
company.
-V. 106, p. 1035, 928.
-Approximate Results.-.
United Alloy Steel Corp.
Calendar Years
Gross sales (approximately)
833.700.000 $16,700,000 $9,800,000
$4,566,462 69 Net profits
Total
6.400,000
3,000,000
2,600,000
Common
Dividends Paid on all Preferred and
Depreciation and Federal taxes
4,900.000
(?)
(?)
Stocks (including Subsidiary Companies)-- 1,842,329 09
-V. 106, p. 404.
$2,724,133 60
U. S. Cast Iron Pipe & Foundry Co.
Net Surplus Balance, January 1st 1918
-Earnings.
-This Surplus is subject to reduction by the amount of Excess
Note.
Cal. Years1917.
Profits Tax for 1917. estimated to be $150,000.
Total income_
41,863,095 $1, 91 ,8 Dividends•
59
1 6 .96
1917.6
$1,200.000 $ 9 5%)
6 ,
1 007000
.
Dividend rate.._
*
Depreciation, -Ate_ 403,6411
(10%)
COMBINED BALANCE SHEET, INCLUDING ALL SUBSIDIARY Interest charges_
117,3141 281,255 Balance, surplus
$142.140 $70.641
COMPANIES, DECEMBER 31 1917.
1917 8600.000 (5%) dividends declared and paid in 1917.
* Includes in (Inter-Company Accounts Eliminated)
and $600,000 (5%) declared in 1917 payable in 1918. x After deducting
ASSETS.
operating expenses, maintenance of plants. &c., provision for taxes,
$1,037,571 80
-V. 106. p. 507.
Cash
doubtful accounts, &c.
94,730 67
Net Equity in Liberty Bonds
3,063,355 18
Accounts and Notes Receivable
United Profit Sharing Corp., N. Y.
-Earnings,--.
10,593,427 66
Merchandise Inventories (at Cost or Less)
Other
Dividends
Net
Balance,
talendar
Total
Income.
Paid.
Surplus.
Earnings.
YearsSurplus.
814.789,085 31
Total Quick Assets
$48.138
*3192.968
$81,908
*8159.198
n13 3 4
48
1 13
2,456,169 92 1917
and Buildings (owned in fee)
Real Estate
123,215
253,704
130.489
1,127,646 98 1916
Buildings and Improvements to Leaseholds
*Subject to change on account of Federal excess profits war tax.4,479,150 10
Machinery Furniture and Fixtures
428,922 69
Stock holdings In other companies
721.227
Advances and Suspense Accounts
-Results of Sub. Cos.
United Service Co., Scranton, Pa.
Trademarks, Patents, Formulae, Processes, Leaseholds and
23,496,575 53
Good-Will
1916. I
Cal. Years1917.
1917.
1916.
Gross earnings__ _$983,523 $793,264 I Pref. divs.(6%)_ $81.083 $78,074
$47,498,778 15 Net after tax.,&c- 350.377 315,158 I Common dim__ _ 51,248 50.836
Total
Interest, &c
153,875 128,059'Balance, surplus_ $64,171 $58,189
LIABILITIES.
- 104, p. 1270.
,,
.1
utfl
$2,784,525 89
due)
Current Accounts Payable (not Company
1,840.000 00
Notes Payable. by United Drug
-New Director., United Shoe Machinery Co.
120.000 00
Notes Payable, by Subsidiary Companies
Dan.el G. Wing. President of the First National Bank of Boston, has been
$4,744,525 89 elected a director to succeed Joseph C. Kilham, resigned.-V.106,p.404. 197.
Total
7,500,000 00
First Preferred Stock
United States Steel Corp -Output-Unfilled Orders..
9.109.000 00
Second Preferred Stock
Judge Gary, in reply to Inquiries following the weekly meeting of the
20,050.000 00
Common Stock
899,100 00 finance committee March 12, stated that the output of blast furnaces
Preferred Stock of Subsidiary Companies outstanding
at present was about 83%, the ingot production 87% of capacity and ship
Real Estate and Mortgage Bonds (all of subsidiary com590,804 43 plates 100%. and structural steel about 90% of capacity.
panies)
See "Trade & Traffic Movements" on a preceding page.
-V. 106.
Reserve for Depreciation of Machinery. Furniture and Fix1,881,214 23 p. 1040, 935.
.
•
• •
tures
. • .
•
4.‘
2,724,133 Co .•••••.
Surplus, after Paying All Dividends
•••••••••••••4,••••+
•
Total
$47,498,778 15
Respectfully submitted,
JAMES C. McCORMICH, Treasurer.
-Extra Dividend.United Verde Extension Co.
An extra dividend of 25 cents a share (par 50 cents a share, has been
declared on the $525,000 stock in addition to the regular quarterly 50 cents
per share, both payable May 1 to holders of record Apr. 5. In Feb. last
-V. 100, p. 827. 821.
an extra of $1 75 per share was paid.
-New Directors.
Vacuum Oil Co.
Chas. E. Moser of Brooklyn and Herbert Baker of Rochester have been
elected directors to succeed C. C. Campbell and Charles M. Everest.
V.
The following concerns which obtain all of their electricity from this - 106, p. 507.
company, namely, the Corona Gas & Electric Light Co.(V. 102. p. 2169),
Rialto Light, Power & Water Co. and
-Annual Report.
Vulcan Detinning Co., New York.
the Bishop Light & l'ower Co., the Co.(V.
Electric
102,
the Coachella Valley Ice & for authority to p. 2169), have applied to
Earnings for Three and Twelve Months ending December 31.
sell their properties to the
California RR. Commission the prices
Other Decrease Res.forInc Costs and
Balance.
being $135,914, $60.576, $24.915 3 Mos. end. Total
Power Co.,
Southern Sierras
Income. in Inv. Taz.(est.). Gen'l Ezp. Surplus.
Sales.
The purchaser, it
Dec.
and $821,687, respectively. difference in cash. is stated, proposes to assume 1917 31- $468,880 $7.238 $72.002
$316.258
$87,858
Practically all of the capital
the obligations and pay the
19,818
208,647
249,513 3.758
24.806
companies are owned by the Nevada-California Electric 1916
stocks of the above
Corporation. Compare V. 106, p. 613, 303.
8
0
:72 572
$1,333,122 $8,590 $23.492 $11,859 81 19 ;875 V45 8
81:57 6
3
9
2
1917 M".-10,103
836.073 12,495
1916
-New Director.
Standard Oil Co. of Calif.
F
V.
- 105, p. 2010.
• i
-V. 106, p. 1035. 934.
been elected a director.
J. P. Smith has
Southern Sierras Power Co.-Acguisition.-
•
-Report for Cal. Years.
Standard Oil of Indiana.
-Earnings for Calendar Years.Washington Oil Co.
Dfridends
Balance, Previous
Net
Total
Calendar
1915.
1916.
1017.
Paid.
or Def. Surplus.Surplus.
Profits.
Year$15,998,376 $30,043,614 $40,208,931
Net profits for calendar years
$
Pa d..000 sur.$12,385 $45,862 $58,247
o 5
rfi13.
$52,38 (40%)i40
1917
the year
(12%)3,600.000(12)3,600,000 1916
Dividends paid during
32,985 (40%)40,000
def.7,015 52,876 45,862
$26,443,614 n36,608,931 -V. 106, p. 606.
Balance, surplus for calendar years
*The surplus shown above does not include a charge for Federal income
and excess profits taxes for 1917, amounting to approximately $17,000,000.
Balance Sheet Dec. 31.
1916.
1916.
1917.
1917.
Liabilities
i
Assets$
Real estate
6.856,708 4,220,743 Capital stock____30,000,000 30,000,000
Personal property_ 7.609,043 4,555,574 Undivided prof*89,845,588 53,236,657
Construction___:39.187,196 28,642,318 its
Securities, &e
18.043,644 13,142,028 Accounts payable_ 6,650.629 3,178,334
Merchandise
41,417,364 25,538,088 First mortgage
bonds
438,500
Cash
4,559,605 3,399,092
Accounts receiv 9,261,150 6,917,148
Total
126,934,717 80,414,991
126,934,717 86.414,991
*See foot-note for income account above. x After allowing for depredation, $12,474.133.-V. 106, p. 1040. 403.
Total
-Rates.
Western States Gas & Electric Co.
The California RR. Commission has authorized increased gas rates on
-V. 106, p. 925. 720.
the Eureka division.
-Dividend Increased.
Western Union Telegraph Co.
A quarterly dividend of 154 % has been declared on the stock, payable
Apr. 15 to holders of record Mar. 20.
Dividends '93-'07. 1908. '09-'13. '14. '15. '16. '17. Jan.'18. .Apr.'18.
3 yly. 35( 4X 5 53•1 .
”i
13
Regular _ % 5 yly.
1
1
234% stk. --_%
Extra
.
-V. 16e, p. 364.
-New Name.
Woods Manufacturing Co., Ltd.
See Smart-Woods, Ltd., above.
-Earnings.
Worthington Pump & Machinery Corp.
Results for Year Ending Dec. 31 1917 and Nine Months to Dec. 31 1916.
Year 1917.9 Mos.'16.
Year 1917.9 Mos.'16.
Stromberg Carburetor Co. of America, Inc.
Depreciation
$
$
Billings to custom534.192
(y)
28,407,699 10,655,576 of plants, ace_
era
Increase.
1917.
Calendar Years1916.
130,180
Of Invest'ts.&0- 1.500,000
52,286
500.000
Other income
Net profits after all deductions, but before
Pref. diva.
deducting war taxes in 1917
.
$318,819 $278,219 $40,600
391,498
Class "A"
293,623
Total income_ _28,459.985 10,785,756
-V. 104, p. 1708.
464,475
Class "B"
Cost of sales, gen.
Sullivan Machinery Co. (Mining & Quarrying Maexpenses, &c..._22,205,414 8,641.947
Adjustments, &c.. .317.349
chinery), Chicago.
-Stock Inc. & Divs.-Subscription Rights Federal taxes__x1.501,857 145,525 Balance, surplus 2,076,391 670,469
At the annual meeting held Feb. 6 1918 the corporation voted to increase
* Includes in 1917 adjustments of value of foreign investments, $286.546.
its authorized capital stcck from $4,000,000 ($3,846,800 being outstanding, x Includes reserve for 1917 taxes. y Included in "cost_ of sales, &c., in
all one class) to $5,500,000,such increase to consist of 15.000 $100 shares. 1917.---V. 106, p. 509, 93.
The corporation also voted to issue as of April 1 1918 $384,680 of such
increased stock as a 10% stock distribution to holders of record Feb. 15.
-Earnings.
Yale & Towne Manufacturing Co.
Shareholders of record Feb. 15 1918 are also offered the right to sub1915.
1916.
1914.
1917.
Calendar Yearsscribe at $100 a share for $480,850 new increased stock to extent of one Net earnings
$663.898
$2.867.510 $3,386.426 $2,126.269
as to each eight shares held by them respectively. Subscriptions and
share
162.501
662.579
120.451
323.669
payment in full must be made at office of Treasurer J. Duncan Upham, Depreciation
Claremont, N. II.. on or before April 17. Compare V. 106. p.827,714, 720. Reserve for Federal taxes 553.850
29,980
91.599
Interest ...,
1,513.539
559.703
314.998
989.614
Extra Dividend.
Dividends
An extra dividend of 1% has been declared on the stock in addition to
$1,000,377 $1,210,308 $1.374,085
$136.850
Surplus
the regular quarterly 134 %,both payable April 15 to stock of record March
-v. 106. p. 509. 404.
30.-V. 106, P. 827,720.
1144
THE CHRONICLE
l'itt Tommtmal Time&
COMMERCIAL EPITOME.
[VOL. 106.
the roasters are being unduly favored. Trade houses were
at one time buyers, but have latterly withdrawn
from the market. The spot demand is said to have increased.
Some grades of Santos below No. 3 are reported scarce.
On the other hand, however, the world's visible supply of
coffee on March 1, according to the available figures, was
12,537,066 bags, compared with 12,004,869 bags on Feb. 1
and 10,312,462 last year. The stocks at Santos and Rio
total 4,832,000 bags, against 2,482,000 bags last year.
Tonnage is still scarce at Brazilian ports; freights are reported as about $3 25 per bag. To-day prices closed unchanged to 4 points higher. For the week May ends unchanged. Two memberships of the Exchange sold here
to-day at $3,500 each and another at auction at $3,300,
as against a recent sale at $4,800.
Friday Night, March 15 1918.
Business is helped by improved railroad conditions, although railroad traffic is still much delayed. Jobbing business and the great industries of the country are on a larger
scale. Retail trade in the West and South is good. Here
in the East it would be better with warmer weather. Much
of the business of the country is still under the call of the
Government. In other words, American trade is more and
more adjusting itself to war conditions. A sharp line of
demarcation is being drawn between essentials and nonessentials. In some lines where non-essentials have hitherto March__ cts_8.4008.45 July ____cte_8.56 8.57 November cts8.65 8.68
been produced work is being diverted to commodities needed April
8.4608.50 August
8.59 8.61 December___8.67 8.70
May
8.5108.55 September ..8.62@8.65 January
8.72
in war. The sales of automobiles, jewelry, furniture, June
8.5408.56 October -- __8.64 8.67 February -- 8.73(d8.75
liquors and novelties are decreasing. Coal is more plentiful
SUGAR firm; centrifugal, 96-degrees test, 6.005e.; granuand the textile industries are operating on something more
like a normal scale. The Government is giving out orders lated, 7.450. Cuban exports have greatly increased. Still
for 250,000,000 yards of bandage cloth for hospitals, but this the shipments to Atlantic ports were smaller than in the presignificant thing has occurred: The mills are not allowed to ceding week, whatever might be said of those to New Orcharge the Government the price which they obtain from leans, which in fact doubled. Europe, on the other hand,
the civilian trade. They are obliged, it is understood, to received much more than then. Cuban shipments for the
accept 72% to 753/i cents per pound for goods for which week were 118,183 tons, or nearly 40,000 tons more than the
civilians are said to pay 87% to $1 08. pound. There is preceding week. But Atlantic ports received close to 1,500
per
no movement as yet to regulate the price of raw cotton, but tons less than the week before and 24,250 tons less than the
in a way the cost of goods to the Government, at least, is week ending Feb. 25. Shipments to Europe increased 21,500
certainly being regulated. At present prices, it is figured tons. Receipts at Cuban ports dropped 14,500 tons, reachthat the Government is paying on the basis of about 40 cents ing 139,100 tons;stocks were 650,869 tons, an increase for the
for raw cotton, whereas in the regular cotton markets prices week of 21,000 tons. A year ago the insurrection in Cuba
range from 30 to 35 cents, according to grade. The winter was in progress and no trustworthy comparisons with that
wheat crop in the main is looking well. Evidently there time are available. In general, the prospects of an increased
supply
was little winter killing and there is talk of the possibility forts of Cuban sugar tonnage are more cheerful. And efare being made towards an equitable distribution of
of a yield of 600,000,000 bushels or about 200,000,000 refined, the
demand for which is still very keen. Supplies
bushels larger than that of 1917. And determined efforts will of
refined are steadily increasing. With a view to a fair
be made to increase all the grain crops. President Wilson has summoned the boys of the nation of 16 years distribution of the refined product, it is suggested that records be made
and over, not permanently employed, to enroll in the United ers during the up of purchases made by all buyers from refinpast two years up to Sept. 30. This could be
States Boys' Working Reserve with a view of increasing made
the basis of allotments. Some think this plan will
the food supply by working on the farms. The ocean tonnage supply is to be increased on the 18th inst. by the seizure shortly be put into operation by the Food Administration.
OILS.
-Linseed higher; city raw American seed, $1 55 ©
of about 1,000,000 tons of Dutch ships. And it is a fact
of interest to the general business of the country that the $1 57; Calcutta, $1 50. Lard, prime, $2 35. Cocoanut,
%
%
Administration Railroad bill has passed and is now ready Cochin, 183 ©19c. Ceylon, 173 ©18c. Soya bean, 19e.
for the President's signature. Shipbuilding will be pushed. Palm, Lagos, 34c. Spirits of turpentine, 44 ©44%c.
There are already some signs of commendable rivalry among Strained rosin, common to good, $6 65. Cottonseed oil
the yards; the severe winter hampered the work, but with closed higher on the spot at 20c. Prime crude, Southeast,
prices for
follow:
milder weather greater activity is expected. Railroad em- 17.500. Closing 20.001May refinedforfuture delivery eta 20.25
March
eta
eta 20.25 July
bargoes continue in the Eastern section of the country, but April
20.00[June
20.251
it is believed that before long they will be lifted. Money
PETROLEUM firm; refined in barrels, $12 70@$13 70;
rates are inclined to be rather tight and conservarism is bulk, $6 50@$7 50; cases, $16 75(017 75. Naphtha, 73 to
noticed on the eve of the new Liberty Loan to be launched 76 degrees, in 100-gallon drums and over, 54%O. Gasoline
on April 6. Collections are still fair to good, but credits steady; motor gasoline, in steel barrels, to garages, 24o.; to
are kept within very conservative bounds. The high prices consumers 2643. Gasoline, gas machine, steel, 41c.; 72 to 76
preclude over trading. In the iron and steel trades there is degrees, 38c. Operations in the north Texas fields have been
an agitation in favor of higher fixed prices. The present stimulated. Prospects for an important field are reported
ones expire in about two weeks and on March 20 producers about 35 miles north of Douglas, Wyoming. A gusher
and Government officials will confer at Washington. In starting at the rate of 4,000 barrels a day and increasing to
general business is in good condition, though a salutary note 5,000, is reported completed at Goose Creek, Texas. In the
of caution is everywhere apparent,as it should be in unset- Eastern field keen interest is centred in a new tract in Glen
tled times like these.
Mary field, Tenn. A well at Marion County, W. Va., which
LARD lower; prime Western, 26.40@26.50c.; refined to had recently reached a capacity of 900 barrels a day, has
the Continent, 27.750.; South America, 28.15c.; Brazil, steadily declined to 400 barrels a day.
29.15c. Futures declined on larger receipts of hogs, which Pennsylvania dark 4 00 South Lima
$2 18 Illinois, above 30
C bell
2 77 Indiana
2 08
degrees
_ __$2 22
also weigh heavier and have declined in price. The cash Crichton_
1 50 Princeton
2 22 Kansas aud Okla2 85 Somerset,32 deg_ 2 60
demand at the West has been light. Stocks of provisions Corning
homa
2 00
Wooster
2 48 Ragland
1 25 Caddo, La., light_ 2 00
are increasing at Western points. Exports are somewhat Thrall
2 00 Electra
2 00 Caddo,La.. heavy_ 1 00
disappointing. The average weight of hogs at Chicago Strawn
Moran
2 00
2 00 Canada
2 45
De Soto
1 90 Plymouth
2 13 Healdton
1 20
last week was 239 lbs.; in the previous week 233 lbs., last North Lima
218Henrietta
2 00
last year, 204 lbs. and two years ago 211 lbs. To-day
TOBACCO has been quiet but firm. In fact, new
prices declined. Stock yards houses bought May on the features are almost lacking. But this new fact has come to
decline. Prices are lower for the week.
light, that the Sumatra Purchasing Corporation is reported
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. to
have bought 4,000 bales more of the 1916 crop, half of
Sat.
Mon. Tues.
Wed. Thurs.
Fri.
which is expected to arrive at New York within a couple of
May delivery
cts_26.17
26.00 25.92 26.07
26.00
25.92
July delivery
26.38 26.22
26.15
26.27
26.20
26.12
weeks. Sumatra will ship some 8,000 bales of the new crop
PORK higher, but steady; mess,$53 ©$53 50; clear,$52© to this country during March. At least, that is the common
$58. Beef products, steady; mess, $31©$32; extra India understanding. Cuban leaf is in fair demand and firm.
mess, $52©$54. Cut meats, steady; pickled hams, 10 to The tobacco stocks in England are said to be almost exhausted.
20 lbs., 253'c.; pickled bellies, 31c. To-day May pork
COPPER is unchanged, but producers are agitating for
ended at $48 25,showing some decline for the week. Butter, higher prices. It remains to be seen what the Government
creamery, 46 ©46Mc. Cheese, flats, held, colored, specials, will do. Lead quiet at 73@73/2c. Offerings are small, but
.
25%©26c Eggs, fresh, 40c.
shipments are coming forward more freely. The differential
COFFEE higher; No. 7 Rio, 90.; No, 4 Santos, lie.; fair between spot and future lead is broadening. Tin remains
to good Cucuta, 11 3/2©123'c. Futures declined somewhat. strong and scarce. March shipments from Hong Kong
Trading has been greatly restricted by new regulations re- sold recently at 75 cents. London cables announced that the
garding it. Under the new rules importers are allowed London Metal Exchange has established new regulations for
23/2% profit on coffee imported and sold here. Jobbers' the sale of tin. Total American stocks 997 tons; afloat
profits are not to exceed 5% gross, plus brokerage. If from the East and Europe 6,300 tons. Spelter dull at 8.10©
coffee can be turned over only four times a year at the most, 8.150. Government requirements are confined to grade "A.':
it will mean only 10% profit to importers on the money inPIG IRON production is gradually increasing as traffic
volved. That, it is maintained, would mean only a very conditions improve. March's outturn is expected to be
small net profit, possibly in some cases none at all, if not an large. Already there are larger shipments from New York,
actual loss. Others take a more cheerful view of the matter. Pennsylvania and Virginia as the coke situation improves
They think that the rules will work much better than alarm- and cars become more plentiful. Pig iron mctnufactuers in
ists imagine. Roasters have been warned by the Govern- some cases will ask the Government to fix a higher price for
ment that if they charge excessive profits they will also come their product, owing to the scarcity and high cost of coke.
under the supervision of the Food Administration. Some
STEEL continues in sharp demand. The Government
of the importers profess to be a bit puzzled as to the exact will want largo amounts for big projects in the building line.
.
meaning of the 23/2% profit clause. Some think that Enormous tonnage will be wanted for railroad equipment.
1145
THE CHRONICLE
MAR. 16 1918.]
In addition to- above exports, our telegrams to-night also
The civilian needs may, and probably will, have to wait.
A good many warehouses and docks will have to be built. give us the following amounts of cotton on shipboard, not
It all moans, of course, a big consumption. Better weather cleared, at the ports named. We add similar figures for
has helped the production of steel as well as pig iron. One New York.
of the principal drawbacks in steel is the lack of sufficient
On Shipboard, Not Cleared for
transportation. Yet the production of shell steel tonnage
Leaving
GerOther CoastGreat
for the second half of 1918 is estimated at 2,500,000 tons, or
Stock.
Mar.15 at Britain. France. many. Cont't. wise. Total.
1,000,000 tons more than for the first half of this year. The
Government, it seems, is about to place orders for 150,000 Galveston _ _ 3,558
23,307 25,000 51,865 283,479
3.000 3,000 21,000 435,694
New Orleans'_ 5,000 10E,666
cars and 2,500 locomotives.
5,000 7,V 265.509
)
0
Savannah _ - 2,000
COTTON.
Charleston_ __ Mobile
Norfolk
New York*
Other ports*_ _
500
2.288
186
_
2,288
150
13.000
12,000
56,228
8,145
92,137
120,160
155,989
6,000 4,000 • ____ 3,000
Friday Night, March 15 1918.
_
2,000
7,000 3.000
THE MOVEMENT OF THE CROP, as indicated by our
31.307 33.650 107,803 1,417.341
Total 19i8_ 25,846 17,000
telegrams from the South to-night, is given below. For the
23,688 9,400 89,124 1,160,844
38,305 17,731
Total 1917
week ending this evening the total receipts have reached
100 58.687 18,405 152,549 1,276,442
52,084 23,273
Total 1916
104,363 bales, against 109,187 bales last week and 97,216
*Estimated.
bales the previous week, making the total receipts since
Speculation in cotton for future delivery has continued to
Aug. 1 1917 4,725,414 bales, against 5,676,083 bales for the
same period of 1916-17, showing a decrease since Aug. 1 be moderately active and prices, though irregular, have
advanced. On March 15 appeared the Census Bureau re1917 of 950,669 bales.
port of the American consumption in February. It stated
Total. the total at 510,187 bales, against 524,083 in January, 516,Mon. Tues. Wed. Thurs. Fri.
Sat.
580 in December and 547,174 bales in February 1917. This
Galveston
3,378 4,145 5,915 4,436 6,658 5,300 29,832
-----was not so large as the National Ginners' Association guess
Texas City
-----Port Arthur_ _
of 529,000 bales, but the average per day of 19 working days
Aran. Pass, Scc
4,224 5,978 5,457 5,718 7,178 4,534 33,089 in February pleased believers in higher prices. Before the
Now Orleans
393
2
813 report on consumption appeared, prices had weakened some74
179
29
136
Mobile
----------Pensacola
what. Favorable reports about the acreage have been reJacksonville
4
3,528 _8,571 - 4,244 _ - ;i6A _ 2.414 _ 4.332 27,257 ceived from some parts of Texas. These insist that it is
_Savannah
Brunswick
94
167
138 ---974 likely to be increased 10 to 15%. Advices from various
77 ---356
142 •
Charleston
220
465
164 2,006 parts of the belt lay stress on the powerful incentive to the
371
482
304
Wilmington
622 6,483
237 1,422 1,640
464 2,098
Norfolk
98
98 planting of cotton given by the high price. Moreover, low
N'port News,&c.
636
846 grades at the South are said to be selling at a considerable
210
Now York
172
72
235
165
879
235
Boston
1,487 1,487 discount under white cotton. And even white cotton canBaltimore __
195
106
301 not be moved freely to the mills, owing partly to the railroad
Philadelphia ___embargo on the Eastern seaboard of this country. And
this week_ 12,386 21,615 17,666 17,063 18,351 17.282 104,363
Totals
stocks are larger both at the ports and interior towns than
The following shows the week's total receipts, total since they were a year ago. Exports at the same time are well
Aug. 1 1917 and stocks to-night, compared with last year:
known to be far below those at this time last year. British
mills, it will be recalled, can use American cotton to only
1916-17.
Stock.
1917-18.
50 per cent of their capacity, except on the low grades.
Receipts to
This Since Aug This Since Aug
Mar. is.
Ocean tonnage continues scarce. No allotment for
1918.
Week. 11917. Week. 11916.
1917.
March has been made by the British Government,
29,832 1,407,958 30,223 2,259.110 335,344 271,272 so far as cotton shipments from this country are concerned.
Galveston
____ 240,959
34,214
53,562
24,521
Texas City
The weather at the South has been generally favorable, field
35,074
8,102
_-_
Port Arthur
21,786
____
58,444
298
work is being rapidly pushed. Although Texas needs
Aransas Pass,&c_
1,262,164 15,875 1,224,314 456,694 421,254
33,089
Now Orleans
have done much good.
377
85,614
89,724
10,433
813
6,951 more rain, recent precipitations
Mobile
.30,213
-___
31,381
___
Even on the same acreage, it is argued, larger crops of cotPensacola
____
38,000
967
48,987
15,500
4,200
Jacksonville
The South has had bad luck for
27,257 900,971 4,237 757,534 272,509 144,634 ton could be raised.
Savannah
117,000 3,500 101.500
21,000
5.700 three years in succession. Is it likely to continue for a
Brunswick
186,533 2,730 146,414
974
56,728
37.311 fourth season? It had a cold late spring last year and an
Charleston
75,786
486
2,006
82,562
41,374
52,380
Wilmington
6,483 260,270 11,276 423,408
92,287 101,586 unusually early killing frost in October. That conjunction
Norfolk
217
4,602
98
11,767
N'port News. &c..
of circumstances might not arise again for some years to
846 108,203 1,132
34.177 133,160 146,310
Now York
89,966
990
879
70,455
18,623
12,034 come. And there are reports that negro labor is returning
Boston
69,340 2,948
1,487
56,558
29,323
19.005 to the South, both from the mills at the South and elseBaltimore
301
5,344
---_
3,715
7,955
2,810
Philadelphia
where and also from Northern cities, where the negroes
104,363 4,725,414 74,958 5.676.083 1.525.144 1.249.088 got a taste of Northern winter, not at all to their liking.
irntala
Many of them left the South last year on account of race
In order that comparison maybe made with other years, riots there and the high wages at the North. Now a good
we give below the totals at leading ports for six sedsons:
many are said to be returning taking a chance on riots
and also encouraged by much higher wages which are being
1917.
1916.
1915.
1914.
1913.
1918.
Receipts at
paid by Southern farmers. There is said to be plenty of
32,223
34,802
29,832
59.181
44,464
38,553 farm labor in Louisiana and it is also more plentiful in
Galveston ___
11,865
11,692
4,844
3,515
298
TexasCity,&c
15,875
16,694
27,144
16,866 the Carolinas and in parts of Georgia. The South has
33,089
57.300
Now Orleans_
377
2,086
3.199
1,862 been selling for hedge account to some extent. In
4,094
813
Mobile 4,237
8,426
7,692
31.907
17,375
27,257
Savannah___
3,500
1,000
1,150 some cases trade interests .have sold the near months.
6,000
2,150
Brunswick _
2,730
1,573
882 The premium on the near deliveries over those of the next
16,424
2,419
974
Charieston,&c
486
2,004
16,699
2.912
2,205
2,006
Wilmington_ _
11,276
7,681
5,359 crop has been reduced. A week ago May closed at 168
22,698
7,378
Norfolk
6,483
217
2,915
600 points over October; it went to 180 and then fell to 147,
4,124
98
N'port N.,&c.
6,037
2,206
1,121 ending at 151. A good many have sold out May and bought
5,127
1,624
3,513
All others___ _
74,958
91,252 227,227 118,524
79,805 October. Some liquidation of straddles has partly accounted
Total this wk. 104,363
for this. Some time ago not a few sold October and bought
Since Aug. 1_ 4,725,414 5,676,083 5,587,674 8,536,588 9,387,238 8,747,290
May. And the tone in the dry goods trade has been
week ending this evening reach a total somewhat more cautious. It was understood that the
The exports for the
which 82,870 were to Great Britain, Government is not disposed to pay the recent advance in.
of 197,890 bales, of
18,677 to France and 96,343 to other destinations. Ex- cotton goods. It is supposed that it will insist upon conports for the week and since Aug. 1 1917 are as follows:
tracts being made on the basis ruling before the latest rise,
say, something like 723/ to 75Y cts. per lb. for goods which
Week ending March 151918. From Aug.11917 to March 151918.
have latterly in some cases sold as high as 873'c. to 81 08
Exported to
Exported toExports
to civilians. The Gov't is keeping a sharper eye on the mills.
Great
Tom
Great
On the other hand,spot markets have been almost universally
Total.
Britain. France Other. Total. Britain. France. Other.
firm, especially on white cotton. That is in very general
6,620 440,631 50,780 130,742 622.153 demand. It commands big premiums over the lower grades.
Galveston. _ 6,620
8,102
8,102
-----Port Arthur -----2,507
2,507 And as the railroad situation improves, it is believed that
Laredo, Ace
17,078 344,468 98,907 34,200 477,575 New England mills will buy more freely. They will, of
NewOrleans 17,078
_
5,208 64,624
1,000 65,624
Mobile
5,208
*4,272 30,987
POUSSCOla__ *4,272
30,987 course, have a greater incentive to do so. Liverpool has
4,269 1(33,808 108,773 121,095 394,576 been a heavy and persistent buyer. Spot interests and mills
Savannah__ ------ 4,269
------ 01,652
91,652
Brunswick
------ -----7,174 28,218 24,906 60,298 have also bought here, presumably in part against GovernWilmington
-----Norfolk___
60,492 21,000
2,003 83,495 ment contracts. Exports have been light, but it is suggested
A46,904 400,574 03,913 181,273 675,760 that the April allotment of ocean tonnage by Great Britain
New York__ a29,490 al1,849 a5,565,
2,607 131,377
Boston ___ .5,781 .2,559 .100 .8,440 105,606 23,164
2,452 79,365 will be increased. And as the railroad situation improves
Baltimore__ .3.897
1,367
'200 .4,097 75,546
473 27,457 that of itself may help export business. And after all May
Philadera_ '241
.241 26,984
1,600
1,600
Portrd,Me. .202
.202
1,623 has continued to maintain a good premium over October, and
1,623
Detroit
402,151 402,151 March at times has been 130 points over July. Just now it
PaeltioPorts
a90,478 a90,478
p.X.44 ,
41
Total____ 82,870 18.677 96,343 197,890 1,823,871 426,122 006,309 3,156,302 is very hard to bring cotton to New York and the stock here
is small. Cotton goods too are strong with a steady demand.
Tot. '16217 25,408 6,662 1,945 34.0152,105,501 663.170 1,440,362 4,209,036 This is also the case in Manchester. Some reports too insist
Tot. '15-'16 48,236 16,12R 33,426 97,788 1,850,163 540,728 1,378,013 3,768,904
that labor is scarce at the South. The operation of the
*February exports not heretofore available.
draft is expected to make matters even worse as time goes on.
alLargely February exports not heretofore available.
1146
THE CHRONICLE
I.
[VOL. 106.
Mexicans are leaving Texas to avoid the draft. It is insisted But to make the total
too, that food and feed crops all over the South will be greatly (Friday), we add the itemthe complete figures for to-night
increased. They are both easier and cheaper to raise than including in it the exports of exports from the United States,
of Friday only.
cotton. To-day prices advanced, with March especially
Mar.
1918.
1917.
1916.
1915.
strong. Though the February consumption in this country Stock at15Liverpool
bales_ 474,000 785,000 932.000 1,426,000
was smaller than some had been led to expect, others con- Stock at London
20,000
25,000
50.000
23.000
Stock at Manchester
55,000
68,000
75,000
sidered it large, all things considered. Liverpool and trade
121.000
Total Great Britain
bought. Middling upland closed at 33.65c., an advance of
549,000 878.000 1,057,000 1,570.000
Stock at Hamburg
*1,000
*1,000
45 points for the week.
*28,000
Stock at Bremen
*1,000
*1.000 *402.000
The official quotation for middling upland cotton in the Stock at Havre
135,000 309.000 332,000 242,000
Stock at Marseilles
1,000
6,000
New York market each day for the past week has been:
8,000
9,000
Stock at Barcelona
25,000
116.000
81.000
39.000
March 9 to March 15Middling uplands
Sat. Mon. Tues. Wed. Thurs.
Fri.
32.90 33.25 33.15 33.30 33.20 33.65
Stock at Genoa
Stock at Trieste
11,000
50,000
*1.000
106.000
*1,000
469,000
*4,000
NEW YORK QUOTATIONS FOR 32 YEARS.
Total Continental stocks
172,000 484.000
530,000 1,193.000
Total European stocks
721,000 1,362.000 1,587.000 2,763.000
India cotton afloat for Europe
40,000
115.000
78.000
120,000
Amer. cotton afloat for Europe
120,000 205,000 388.564 1,151.119
Egypt,Brazil,&c.,afloat for Euepe 65.000
50,000
51.000
57,000
Stock in Alexandria, Egypt
355.000 141,000 116.000
271.000
Stock in Bombay, India
*565,000 760,000 978.000 671,000
Stock in U. S ports
1,525,144 1,249.968 1,428.991 1.486.290
Stock in U. S. interior towns
1,272,797 E910.691 1,100.044 1,008.044
U.S. exports to-day
11,617
12,112
6.492
35.775
MARKET AND SALES AT NEW YORK.
Total visible supply
The total sales of cotton on the spot each day during the
4,675,558 5.005.771 5,738.091 7,563.228
Of the above, totals of American and other descriptions are as
week at New York are indicated in the following statement.
follows:
American
For the convenience of the reader we also add columns which Liverpool stock
bales.. 293,000 662.000 692.000 1,113,000
Manchester
show at a glance how the market for spot and futures closed Continental stock
20.000
59.000
51,000
89.000
stock
*145,000 429,000 *455.000*1,073.000
on same days.
American afloat for Europe
120,000 205.000 388.564 1,151,119
U. U. ports stocks
1,525,144 1,249.968 1,428,991 1,486.290
U. S. interior stocks
1,272,797 1,110.691 1,100,044 1,008.044
Futures.
SALES.
U. S. exports to-day
11,617
12,112
6,492
Spot Market
35.775
Market
Closed.
Closed.
Spot. Contract Total.
Total American
3,387,558 3,727,771 4,122,091 5.956,228
East Indian, Brazil, &c.
Saturday___ Quiet 30 pts dec____ Steady
Liverpool stock
181,000 123.000 240,000 313.000
Monday ___ Steady 35 pts adv
Steady
300
London stock
300
20,000
25.000
50.000
Tuesday
23.000
_ Quiet 10 pts dec_
_ Steady
300
Manchester stock
300
35.000
9,000
24.000
Wednesday_ steady 15 pts adv__ Steady
32.000
300
300 Continental stock
*27.000 *55.000 *75.000 *120.000
Thursday __ Quiet 10 pts dec_
Steady
200
200 India afloat for Europe
40.000 115.000
79.000
Friday
120.000
4teady45 pts adv
Steady
Egypt, Brazil, &c., afloat
65.000
50.000
51.000
57.000
Stock in Alexandria. Egypt
355.000
141,000
119.000 271.000
Total_
1,100 1,100 . Stock in Bombay, India
*563,000 760.000 978.000 671,000
Total East India, &c
1,288.000 1,278,000 1,616.000 1.607.000
FUTURES.
-The highest, lowest and closing prices at
Total American
3,387,558 3,727.771 4,122.091 5.956,228
New York for the past week have been as follows:
Total visible supply
4,675,r88 5,005.771 5,738,091 7,563,228
Middling Upland. Liverpool
23.83d.
12.08d.
7.87d.
5.27d.
Saturday, Monday, Tuesday, Wed'day, Thinsd'y Friday,
Middling Upland, New York
33.65c.
18.00c.
11.95c.
8.95c.
Mar. 9. Mar. 11. Mar. 12. Mar. 13. Mar. 14. Mar. 15. Week.
Egypt, Good Brown, Liverpool
31.93d.
24.10d.
11.95d.
8.05d.
Peruvian, Rough Good, Liverpool 39.00d.
18.50d.
12.50d.
March
9.00d.
Broach, Fine, Liverpool
22.00d.
11.65d.
7.65d.
4.95d.
Range
31.80-.10 31.85-.23 32.10-.25 32.00-.30 32.18-.38 12.1-63 31.80-.63 Tinnevelly,
Good, Liverpool
22.25d.
11.83d.
7.77d.
Closing.- 31.85-.88 32.23 -32.15-.16 32.29-.30 32.20-.22 32.63-.65
4.99d.
April
* Estimated.
Range
31.80-.90
31.80-.90
Closing____ 31.48 -31.83 -31.74 -31.89 -31.77 -32.04 --Our cable advices covering data for the Continent and a portion
- - Note.
May
of Great Britain having falled to reach us this evening the figures for
1918
Range
31.35-.64 31.35-.75 31.64-.95 31.45-.80 31.62-.85 31.62-.85 31.35-.95 in the foregoing are in part approximate, but are believed to be substanClosing..._ 31.38-.40 31.73-.74 31.64-.65 31.79-.80 31.67-.71 31.84-.85--- tially correct.
June,
Range
The above figures for 1918 show a decrease from last week
Closing
31.18 -31.48 -31.36 -31.56 -31.41 -31.53 -- of 535 bales, a loss of 330,213 bales from 1917, a decline of
July
Range
30.79-.16 30.84-.23 31.13-45 31.00-.39 31.20-42 31.19-.39 30.79-45 1,062,533 balesfrom 1916 and a falling off of 2,887,670
bales
Closing
30.88-.90 31.18-.20 31.16-.17 31.36-.39 31.21-.24 31.33-.35- _ from 1915.
August
Range
31.19 -31.19 Closing
30.62 -30.92 -30.90 -31.16 -31.01 -31.13 -- AT THE INTERIOR TOWNS the movement
-that is,
September
the receipts for the week and since Aug. 1, the shipments for
Range
,-Closing
20.92 -30.22 -30.34 - 30.65 -30.50 -30.63 - -- the week and the stocks to-night, and the same items for the
October
corresponding period of the previous year-is set out in
Range
29.65-.00 29.63-.99 29.93-.20 29.85-.36 30.19-.40 30.17-.35 20.63-.4C
Closing__ 29.68-.70 29.93-.94 30.04-.06 30.35-.36 30.20-.22 30.33-.35--- detail below.
1
December
Range
29.45-.84 29.50-.79 29.76-.00 29.70-.18 30.00-.16 29.97-.15 29.45-.1E
Closing
29.46 -29.74-.75 29.83-.84 30.14-.18 30.00-.01 30.13-.15- .Movement to March 15 1918.
Morement to March 16 1917.
January
Towns.
Range
20.33-.58
Receipts.
29.66-.00
Ship- Stocks
Receipts.
29.33-.0(
Ship- Stocs
no go -90 An _ 90 AR -90 QO -21:1 R4- RA 2Q AR- no -- -meats. Mar.
meats. Mar
Week. Season. Week.
Week. Season. Week.
15.
16.
QUOTATIONS FOR MIDDLING COTTON AT OTHER Ala., Eufaula__
8
4,168
37 2,698
9,472
102
3 9,307
Montgomery _
237
47,182 1,317 9,986
MARKETS.
40,523
-Below are the closing quotations of middling Selma
370
608 31,250
100
33.700
172 1,251
83 20,740
1 7.056
cotton at Southern and other principal cotton markets for Ark., Helena
1,327
38,033
____ 13.327 1,615
66.435 2,527 21,529
Little Rock
6.024 200,935 5,038 60,506 2,224 205,614 3,814 35,146
each day of the week.
Pine Bluff_ 2,200 129,648 2,200 60.021 2,304 139.457
__- 39,701
Ga., Albany
15
12.255
66 1,900
10
19,037
52 2,054
Athens
Closing Quotations for Middling Cotton on
2,841 110,063 2.643 33,575
350
93.966 1,040 26,594
Week ending
Atlanta
9.485 281,720 10.299 53,957 2.732 261.005 3.099 72.627
Mar. 15.
Saturday, Monday. Tuesday. Wed'day. Thursd'y. Friday.
Augusta
6,808 404,875 9,877 146.0 5 2,958 338,427 6,509 110,826
Columbus
500
33,133
400 8,401
94
50.652
776 10,1n3
Galveston
32.55
Macon
32.65
3,457 148,020 3,097 23,791 2,265 141,901 2,215
32.65
32.75
32.75
32.75
15,656
New Orleans
Rome
32.50
32.50
32.50
800
32.50
50,758
32.50
32.50
843 16,800
766
52,589
380 7,514
Mobile
La.,Shreveport 2,484 188.799 4,835 37,101
32.50
32.50
32.50
32.50
32.50
32.50
791 139,782 1,643 17,846
Savannah
Miss.,Columbus
323i
32
32X
32X
265
32x
9,634
32
315 1,577
31
5,242
53 1.260
Charleston
32
Clarksdale *
32
32
500 102,194 1,000 43,500
32.00
51
55.212
____ 17,451
32
Greenwood
32
32
1,482 118,643 4,683 37,779
31
400 104,746 . 566 24,500
Norfolk
31.63
Meridian
31.75
32.00
31,75
184
:15760 5§76o
30,792
960 10,396
125
19,168
153 6,788
Baltimore
Natchez
32.75
32.75
32.75
32.75
530 50.152
32.75
32.75
635 9.024
50
33.319
54 11,100
Philadelphia
Vicksburg_ _ _.
33.15
33.50
33.40
33.55
530
33.45
25,964
33.90 '
190 5,840
15,364
11
307 4,027
Augusta
33.00
Yazoo City_
33.13
33.25
33.13
250
33.25
36.920
33.25
688 15,185
__I_
19.010
23 6,600
Memphis
Mo.,St. Louis_ 14,023 758,023 14,991 18,169 8,671 805,846
32.60
32.60
32.50
32.50
32.50
32.50
8,801 38,918
Dallas
N.C.,Gensboro
32.25
32.10
32.22
500
32.15
39.388
32.25
500 7,197
500
58,598
541 6,700
Houston
Raleigh
32.25
32.50
32.50
387
32.65
8,691
32.55
32.65
400
220
251
9,651
225
192
Little Rock
0., Cincinnati_ 2,768 100.170 4,735 27,894 2,100 162,262 2,449
32.38
32.38
32.38
32.38
32.38
32.50
22.587
Okla., Ardmore
___
13,751 1,000 3.000
209
51,555
18 2,655
Chickasha
1.343
51,342 2,253 8,111 1,148
71,980
NEW ORLEANS CONTRACT MARKET.
834 8,881
-The high- Hugo
128
33,010
241 6,953
_25.052
200 2,300
est, lowest and closing quotations for leading contracts in the Oklahoma
250
39.181
350 6.400
064
36.053
527 2.003
S.C.,Greenville 5,082
95.650 4,470 22.060 1,515 111,478 2,604 27,630
New Orleans cotton market for the past week have been as Greenwood
873
12.888
___ 6,215
65
16,432
follows:
Tenn.,Memphi 40,431 969.544 19,463317,544 20,437 1,086,895 1,101 7,105
19,764 355,456
Nashville
Ill
1,503
41 1,172
29
550
157
115
Tex., Abilene
26.942
122
170 1,152
200
56,897
200 2.000
Saturday, Monday, Tuesday. Wed'day, Thursd'y, Friday,
Brenham
170
20.603
208
704
12
23,693 -_ - 2,232
.lar. 9. Mar. 11. Mar. 12. Mar. 13. Mar. 14. Mar. 15.
Clarksville_ _ _
1,331
51.571
998 4,724
--__
41.398
100 2.000
Dallas
1,200 118,963 1,200 15,000 2.140 104,354 1,521 6.212
March
31.28-.30 31.61 -31.60 -31.78-.7931.60-.6431.69-.70
Honey Grove_
776
57.810
693 6,268
39,218
-_
100
May
30.32-.37 30.62-.64 30.65-.68 30.76-.80 30.71-.72 30.-81.84
Houston
19,783 1,754,740 24,966211.113 18.9142,253,137 26,100 1,100
July
134,828
29.81-.83 30.06-.11 30.09-.12 30.25-.27 30.19-.21 30.28-.29
Paris
1,736
97.354
486 14,998
200 115.923
300 2,400
October
28.68-.72 28.95-.96 28198-.00 29.25-.26 29.19-.20 29.26-.28
San Antonio_.
51
29,593
143
204
75
43,037
December
---. 2 542
28.47-.50 28.75-.77 28.78-.82 29.05-.07 29.02-.--- 29.06-.08
January
28.37-.40 28.65-.67 2.866-.69 28.95-.97 28.91-.93 28.96-.98 'row 41 town,'1 21 MR 6.338.304197 9011272797
74.7gna 058.170 90.268 i1 IAA.
Tone
Spot
Steady
Steady
Steady 1 Steady
Firm 1 Steady
* Last year's figures are for Greenville.
Options
Steady
Steady
Steady
Steady
Steady
Steady
1918-c
1917
1916
1915
1914
1913
1912
1911
33.65
17.95
11.95
8.90
13.25
12.60
10.75
14.55
1910_c
1909
1908
1907
1906
1905
1904
1903
15.15
9.80
11,20
11.25
11.05
8.20
16.45
10.00
1902_c
1901
1900
1899
1898
1897
1896
1895
9.12
8.75
9.88
6.44
6.12
7.25
7.69
6.06
1894c
1893
1892
1891
1890
1889
1888
1887
7.50
8.94
6.75
9.06
11.44
10.25
10.12
9.88
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
The above totals show that the interior stocks have increased during the week 3,865 bales and are to-night 162,106
bales more than at the same time last year. The receipts at
all towns have been 56,288 bales more than the same week
last year.
1147
THE CHRONICLE
MAR. 16 1918.]
4
Selma, Ala.
-Rain has fallen on two days during the week
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the to an inappreciable extent. The thermometer has ranged
overland movement for the"week and since Aug. 1, as made from 40 to 85, averaging 64.
Savannah, Ga.-It has been dry all the week. The therup from telegraphic reports Friday night. The results for the
mometer has averaged 64, ranging from 43 to 84.
week and since Aug. 1 in the last two years are as follows:
----1916-17---Charleston, S. C.
-We have had no rain during the week.
----1917-18---Since
Since
Mar. 15.
The thermometer has ranged from 41 to 79, averaging.60.
Week. Aug. 1.
ShippedWeek. Aug. 1.
-Dry all the week. Minimum thermomCharlotte, N. C.
8,801 a779,055
Via St. Louts
14,991 749,207
528 200,718 eter 34, maximum 80, mean, 57.
Via Mounds, &c
1,605 323,016
7,969
79
Via Rock Island
5,595
650
-We have had no rain the past week.
Memphis, Tenn.
149
64,999
Via Louisville
94,722
1,287
312
33,912
Via Cincinnati
62,069 The thermometer has ranged from 34 to 84, averaging 61.
601
168,177
4.627
Via Virginia points
1,947
16,933
Via other routes, &c
24,514 1,930,149
Total gross overland
38,074 1,847,234
Deduct shipments
Overland to N. Y.. Boston,SW--- 3,513 272,853
67,909
Between interior towns
1,278
Inland, &c., from South
20,659 594,767
Total to be deducted
25,450
12,624
5,070
523
9,522
911,705
164,905
91,214
263,918
15,115
935,529
Leaving total net overland *
119,784
668,206
10,018
499,954
520,037
9.399 1,410,112
* Including movement by rail to Canada. aRevised.
The foregoing shows the week's net overland movement
has been 12,624 bales, against 9,399 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 498,407 bales.
-----1916-17
-----1917-18
Since
Since
In Sight and Spinners'
Week.
Aug. 1.
Week.
Aug. 1.
Takings.
Receipts at ports to March 15_ ___104,363 4,725,414 74,958 5,676.083
911,705
9,399 1,410,112
12,624
Net overland to March 15
Southern consumption to Mar.156 82,000 2,654,000 87.000 2.609,000
198,987 8,291,119 171,357 9,695,195
Total marketed
918,305 *15.488 • 756,957
3,865
Interior stocks in excess
Came into sight during week
Total in sight March 15
202,852
Nor.spinners'takings to Mar. 15_ 24,625 111,495,215
155 869
'
16,151,185
79,199 2,198,053
* Decrease during week. a These figures are consumption; takings not
available. b Revised on basis of final export returns for February.
Movement into sight in previous years:
Wek1916
-March 18
-March 19
1915
-March 20
1914
EXPORTS OF COTTON GOODS FRWM uit=
-Below we give the exports of cotton yarn,
BRITAIN,
goods, &c., from Great Britain for the month of January
and since Aug. 1 in 1917-18 and 1916-17, as compiled by us
from the British Board of Trade returns. It will be noticed
that we have reduced the movement all to pounds.
Since Aug. 1Bales.
183,002 1915-16-March 18
-March 19
285,408 1914-15
-14
158,224 1913 -March 20
Bales.
9,641,991
12,353,796
13,028,681
COTTON CONSUMPTION AND OVERLAND MOVE-Below we present a synopsis of the
MENT TO MARCH 1.
crop movement for the month of February and the seven
months ended Feb. 28-29 for three years:
Yarn de Thread
Total of All.
Cloth.
000's
omitted. 1917-18 1916-17 1917-18. 1916-17. 1917-18. 1916-17. 1917-18. 1916-17.
lbs.
lbs.
lbs.
Wards.
August _ 18,766 17,750 469,083 424,317
Sept __ _ 11,074 16.486 420,448 461,697
October 12,272 15,674 382.821 386,229
lbs.
87,679
78,671
71,555
lbs.
lbs.
97.062
79,312 106,44
86,298 89,74 102,784
72,192 83,827 87,866
1st guar 42,122 49.910 1,272,352 1.272,243 237,905 237,802 280,017 287.712
Nov ___ 9,929 14,785 394,487 340,500
Dec___. 9,541 13,024 352,912 499.361
Jan.._ _ _ 10,344 16,424 400,612 499,484
73,736
65,965
74,881
78.430
83,66
75,506 106,344
85,22' 109.785'
83,645
93,320
93.361
28 quar. 29,814 44,233 1,148,011 1,339,345 214,582 250,32
244,39
294 559
83
22,58
1,309
23,551
Stockings and socks
Sundry articles
Total exports of cotton manufactures
547,828 607,131
The foregoing shows that there have been exported from
the United Kingdom during the six months 547,828,000
pounds of manufactured cotton, against 607,131,000 pounds
last year, a decrease of 59,303,000 pounds.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statements indicates
at a glance the world's supply ofocotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
1917-18. 1916-17. 1915-16.
Cotton Takings.
1917-18.
1916-17.
bales
173,093
146,638
Gross overland for February
Week and Season.
249,397
1,780.864 1,867,479 1,382,169
Gross overland for 7 months
Week.
Season.
Week. I Season.
57.116
February
Net overland for
83,896
158,794
896,363 1.384,836
Net overland for 7 months
4,676,093
5,026.559
988,825 Visible supply March 8
437,185
334.324
Port receipts in February
2,814,776
614.861 Visible supply Aug. 1
3.198.251
4,497,542 5,515,065 5,351.637 American in sight to March 15.. 202,852 9,209,424 155,869 10,452,152
Port receipts in 7 months
336,725
Exports In February
338.010
78.000 1,576,000
698,873 Bombayreceipts to March 14_ _ 1130.000 1,065,000
3,036,614 4.087.694 3,542,900 Other India ship'ts to March 14
Exports for 7 months
111.000
60,000
5.000
175,000
1,500,983 1,295,771 1,500,182 Alexandria receipts to March 13
Port stocks on Feb. 28-29
b8,000
676,000
11.000
610.000
Northern spinners' takings to March 1.. 1,419,342 2.069,059 2,109,073 Other supply to March 13*---b5,000
110,000
7,000
124.000
2,479,000 2,411,000 2,149,000
Southernconsumption to March 1
Overland to Canada for 7 months (inTotal supply
4,922,945 13,935,200 5,283.428 16,135,403
100,172
101,958
cluded in net overland)
Deduct
105,046
1,383
Burnt North and South in 7 months
4.675,558 4,675,558 5.005,771 5,005.771
2,522 Visible supply March 15
Stocks in Northern interior markets Feb.
32,402
22,832
247,387 9,259,642 277.657 11,129,632
28-29
15,695 Total takings to March 15 a
762,301
670.220
Of which American
Came in sight during February
204,387 7,341,642 213.657 8.812,632
918,655
8,812,905 10,100,901 9.197,462
Of which other
Amount of crop in sight March 1
43,000 1.918,000
64.000 2.317.000
balance of season_ _
2.874,668 3,755,988
Came in sight during
a This total embraces the tota estimated consumption by Southern mills,
12,975,569 12,953,450
Total crop
512.69
Average gross weight of bales
515.99
513.38 2,654,000 bales In 1917-18 and 2,609.000 bales in 1916-17-takings not
487.69
Average net weight of bales
490.99
488.38 being available-and aggregate amounts taken by Northern and foreign
spinners. 6,605,642 bales in 1917-18 and 8,520.632 bales in 1916-17. of
Note.
-Overland figures for 1917-18 have been corrected on the basis of which 4,687,642 bales and 6,203.632 bales American. b Estimated.
more complete returns than were at hand Mar. 1; exports have been largely
February figures for Northern and I'acific ports
Increased by the addition of
not available until this week and there has been a consequent revision down-The receipts of
BOMBAY COTTON MOVEMENT.
ward of the Northern spinners' takings.
India cotton at Bombay for the week ending Feb. 21 and for
WEATHER REPORTS BY TELEGRAPH.
-Our telegraphic advices from the South this evening denote that the
weather has been dry as a rule during the week. Temperature seasonable. Farm work is making good progress in
most sections.
Galveston, Tex.
-Dry all the week. The thermometer
has averaged 69, ranging from 60 to 78.
Abilene, Tex.
-There has been no rain during the week.
The thermometer has ranged from 42 to 92, averaging 67.
Brownsville, Tex.
-It has been dry all the week. Minimum thermometer 64, maximum 88, mean 67.
Dallas, Tex.
-We have had no rain during the week.
The thermometer has averaged 67, the highest being 90
and the lowest 44.
Fort Worth, Tex.
-Dry all the week. The thermometer
has averaged 68, ranging from 44 to 92.
Palestine, Tex.
-There has been no rain during the week.
The thermometer has ranged from 46 to 88, averaging 67.
San Antonio, Tex.
-We have had no rain the past week.
Minimum thermometer 54, maximum 92, mean 73.
Taylor, Tex.
-There has been no rain during the week.
Minimum thermometer 48.
New Orleans, La.
-We have had rain on one day during the
week, the rainfall reaching fifteen hundredths of an inch
The thermometer has averaged 72.
Shreveport, La:
-We have had no rain during the week.
The thermometer has ranged from 50 to 88.
Vicksburg, Miss.
-We have had no rain during the past
week. Average thermometer 65, highest 84, lowest 44.
Mobile, Ala.
-It has rained on one day during the week,
the precipitation being thirty-four hundredths of an inch.
The thermometer has averaged 68, the highest being 81
and the lowest 52.
the season from Aug. 1 for three years have been as follows:
1917-18.
February 21.
Receipts at
Bombay
1916-17.
Since
Since
Week. Aug. 1. Week. Aug. 1.
1915-10.
Since
Week. Aug. 1
40.000 944,000 137,000 1,383,000 iO3,000i 1,809,000
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON.
-The following are the receipts and shipments for
the week ending Feb. 20 and for the corresponding week
of the two previous years:
Alexandria, Egypt,
Feb. 20.
Receipts (cantars)This week
Since Aug. 1
Exports (bales)To Liverpool
To Manchester, &c
To Contin't & India
To America
'I`nt.n1 cnrnnr1,1
1917-18.
1916-17.
1915-16.
107,400
4,680,198
67,109
4,369,254
82,643
4,130,771
Since
Since
Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
130,5142 5,016 151,591
5,228126,500
____ 106,190
1,975 47,408 5,751 91,681
13,530 5,588 102,127
7 9AR :11 A n7n IA 2c c et c1 ARQ
____ 163,791
9,115 104,719
2,587 116,894
7,660 145.693
10 .
4110 n.11 9 A07
The statement shows that the receipts for the week ending
Feb. 20 were 107,400 cantars and the foreign shipments
were 7,203 bales.
-Our report by cable from
MANCHESTER MARKET.
Manchester on the state of the market has failed to reach us
this evening. We give prices for to-day below and leave
those for previous weeks of this and last year for comparison:
1148
THE CHRONICLE
1918.
32s Cop
Twist.
d. s. d.
a. d. d. d.
40 18 43.025 9 23.36 16%
40 18
403j 18
40% 18
4034 18
4%025 9
4%025 9
4%025 9
434025 9
23.16 164
23.09 15%
23.01 153.5
23.16 15%
40% 18 434026 9
4034 18 434026 9
4034 18 434026 9
23.81 15%
23.59 15%
23.63 15%
000 0000 0
Jan. d.
26 38%
Feb.
1 38%
8 38%
15 38%
21 38%
Mar
1 39%
8 40
15 40
000 0000 0
32. Cop
Twist.
1917.
8% lbs. Shirt- Cor n
trips, common Mid.
So finest.
Ups.
834 lbs. Shirt- Corn
ing:, common
to finest.
Up'.
.
d. e. d.
s. d. d.
17;i 9 4 @120 10.91
17% 9
16% 9
1634 9
1634 9
4 @120
2%011 10
1%011 9
0 011 7%
10.33
10.56
10.86
11.33
isu 9 134@11 934 11.48
16% 9 4348812 0 11.94
17 9 5 012 1% 12.08
LIVERPOOL.
-Sales, stocks, &c., for past week:
Sales of the week
Of which speculators took
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
Feb. 22.
7,000
Mar. 1.
12,000
Mar. 8. Mar. 15.
23.000
18,000
4,000
8,000
15,000
9,000
82,000
457,000
301,000
44,000
30,000
142.000
40,()00
86,000
466,000
297,000
83,000
43,000
145,000
67,000
461,000
298,000
68,000
53,000
170,000
58,000
474,000
298,000
70,000
44,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
CornMarch 1904
' 1905
" 1906
" 1907
" 1908
" 1909
" 1910
1911
" 1912
1913
" 1914
1915
" 1916
" 1917
" 1918
Spot.
Saturday.
Monday.
Quiet.
Tuesday. Wednesday. Thursday.
Quiet.
Quiet.
Quiet.
Friday.
Quiet.
Product of
Previous Year.
Bushels.
2,244,176,925
2,467,480,934
2,707,993,540
2,927,416.091
2,592,320,000
2,668,651,000
3,552,190,000
2,886,260,000
2,531,488,000
3,124,746,000
2,446,988,000
2,672,804,000
2,994,793,000
2,566,927,000
3,159,494,000
On Hand
March 1.
Bushels.
839,053,000
954,268,000
1,108,000,000
1,298,000,000
962,429,000
1,047,763,000
977,561,000
1,165,378,000
884,059,000
1,289,655,000
866,392,000
910,894,000
1,116,559,000
782,303,000
1,292,905,000
Per
Cent.
37.4
38.7
40.9
44.3
37.1
39.3
38.3
40.4
34.9
41.3
35.4
34.1
37.3
30.5
40.9
Consumed°.
Distributedr
Bushels.
1,405,123,925
1,513,212,934
1,599,993,540
1,629,416,091
1,629,891,000
1,620,888,000
1,574,629,000
1,720,882,000
1,647,419,000
1,835,091,000
1,580,596,000
1,761,910,000
1,874,234,000
1,784,624,000
1,866,589,000
The stock of wheat on March 1 for 15 years is shown in
the subjoined table:
WheatMarch 1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
14
41
11
46
11
41
Market, I
12:15 {
P.M. i
[VOL. 106.
Product of
Previous Year.
Bushels.
637,821,835
552,399,517
692,979,489
735,260,970
634,087,000
664,602,000
683,350,000
635,121,000
621,338,000
730,267,000
763,380,000
891,017.000
1,025,801.000
636,318,000
650,828,000
On Hand
March 1.
Bushels.
132,608,000
111,655,000
158,403,000
206,644,000
148,721,000
143,692,000
160,214,000
162,705,000
122,025,000
156,483,000
151,809,000
152,903,000
244,448,000
100,650,000
111,272,000
Per
Cent.
20.8
20.1
22.9
28.1
23.5
21.6
23.4
25.6
19.6
21.4
19.9
17.2
23.8
15.8
17.1
Consumed or
Distributed.
Bushels.
505,213,835
441,344,517
534,576,489
528,616,970
485,346,000
520,910,000
523,136,000
427,416,000
499,313,000
573,784,000
611,571,000
738,114,000
781,353,000
535,668,000
549,556,000
BREADSTUFFS.
Friday Night, March 15 1918.
Flour has been quiet and more or less unsettled. The daily
wants are being supplied by current arrivals. They are of
24.12
24.08
24.15
24.08
24.15
HOLTfair size. But there are many complaints. After all, it is
Sales
DAY
4,000
4,000
4,000
3,000
4,000
far from easy to get flour. A. good deal is still in transit.
Futures. f
Steady,
Quiet,
Steady,
Steady,
Steady,
When it will reach New York is a conundrum. Moreover,
Market {
508 pts. 1883 pts. 2(4)5 pts. 507 pts. 4887 pts.
very few new contracts have been made thus far this year.
opened_ I
advance, advance, advance. advance.
decline.
This fact gives rise to talk of more acute shortage later on.
Quiet, Quiet,4pts. Easy, Quiet, 1 pt.
Quiet,
I
6014 pts. 7018 pts. dee.to5pts. 16019 pts. dee.05pts. It may be worse, it is feared, than anything thus far experiMarket, I
closed {
dec. on
adv. on
adv. on
deo. on adv.on new enced. Possibly there may be a new plan of distribution
new,10 pts. new,14pts. new, 8 pts. new, 8 pts. 8 pts. adv,
under consideration. It is hoped so. Dealers try to get
I
adv.on old. den. on old. ndv.onnld. den. on old
on old
some encouragement from the fact that the Food AdminisThe prices of futures at Liverpool follow:
tration officials have latterly been in conference with leading
mill interests. This may mean a new arrangement, both as
Mar. 9
Mon.
Sat.
Tues.
Wed.
Thurs. . Fri.
to
regards distribution and the percentages of substitutes reMar. 15. 12341 1234 1234 4 1234 4 1234 4 1234 4 1234i 4
P.m. P.m.P. m.P.m. p.m. P.m. p.m. P.m. P.m. P.m. p.m. p.m. quired. Substitutes have been somewhat less active, but
there is no doubt that a good deal of business could be done
New Contet d. d.
d.
d.
d.
d.
d.
d. d.
d.
d. d.
if liberal supplies were available. But mill prices are very
March____
24 05 11 13 18 20 16 16 00 02 04
April
23 93 99 05 13 14 09 11 92 96 97
strong. In fact they are so high that jobbers are cutting
May
,
23 81 87 97 03 08 03 06 85 89 89
under them. Allotments to the mills have been increased
June
23 71 75 87 93 97 93 96 74 79 76
July
somewhat, but this does not help matters much. There is
HOLI- 23 60 62 75 77 85 82 86 64 68 63
Old Contract DAY
big room for improvement in flour trade conditions generally.
March....._
22 44 54 40 40 48 48 40 40 48 48
Wheat has continued strong with light stocks. The
Mar.
-Apr _
22 35 45 31 31 39 39 31 31 39 39
-May_
Apr.
22 27 37 23 23 31 31 23 23 31 31
decrease in the visible supply in the United States last week
May-June_
22 19 29 15 15 23 23 15 15 23 23
was 790,000 bushels, as against a decrease in the same time
June-July _
22 11 21 07 07 15 15 07 07
15 15
last year of 3,422,000 bushels. The total is now only 8,EXPORTS OF BREADSTUFFS, PROVISIONS, COT- 949,000 bushels, against 56,240,000 last year. Canada has a
TON AND PETROLEUM.
visible supply of 14,482,000 bushels, against 35,904,000 a
year ago. In Canada supplies of wheat are liberal, whatExports
1917-1918.
1916-1917.
1915-1916.
ever the visible stocks may be, and the consumption has been
from
January. 7 Months. January. 7 Months. January. 7 Months. reduced fully 20%. This of course is with a view of helping
U. S.
the Allies. Canada continues to export to Europe. In
. Quantities.
Wheat..bu 1,913,667 29,538,826 18,906,394 90,166,662 13,460,674 103,945,271 Canada the weather has been normal. The total exports
Flour_bbls 2,339,663 10,144,494 1,132,654 6,960,986 1,661,626 8,621,527 from North America last week were 4,315,000 bushels.
Wheatsbu 12,442,150 75,189,049 24,003,337 123,401,099 20,892,541 142,742,142 Reports from the United Kingdom say that world's shipCom _ bu 1,952,528 14,417,728 7,253,348 32,269,707 3,498,443 13,183,516 ments of wheat were larger than expected. Those from
Argentina have increased materially. Australia is contribTotal_ _bu 14,394,678 89,606,777 31,266,685 155,760,806 24,390,984 166,926,668
uting moderately. The American quota is maintained. In
Values.
$
$
Breadst'Is 47,998,892 311,797,743 63,133,841 291,480,773 37,306,604 230,617,786 'England the weather has been excellent and good progress is
Provisions 40,017,766 218,607,573 41,278,433 190,035,557 21,254,548 137,309,793
Cotton _ _ _ 70,907,744 431,704,218 69,712,166 388,302,648 34,040,694 191,588,539 being made in spring sowing. Provincial markets there
Petrol.,&e. 26,803,302 160,276,764 20,701,353 132,101,654 11,712,621 87,808,553 report larger supplies. In Europe generally the weather has
Cot's'd oil
774,581 4,937,732 2,260,479 8,991,889 2,304,365 12,313,950
latterly been mild. The snow is rapidly disappearing,
Total __ 186,602,274 1127324030 187,076,272 1010912'421106,618,732 659,638,620 leaving ample moisture. The general farming outlook
there is fair. The acreage, however, is said to be smaller.
*Including flour reduced to bushels.
AGRICULTURAL DEPARTMENT'S REPORT ON In France further snows and rains have benefited agriculture,
CEREAL STOCKS.
-The Agricultural Department's re- and the general prospects are described as fine. It is true
that stocks of native wheat are small, but arrivals of foreign
port on cereal stocks, &c., was issued on March as follows:
The Crop-Reporting Board of the Bureau of Crop Estimates tram re- wheat are increasing. Some Argentine wheat has arrived
ports of correspondents and agents estimates that the amount of corn on at Marseilles. The flour mills of France are, however,
farms March 1 was about 1,292,905,000 bus., or 40.9% of the 1917 crop,
against 782,303,000 bus., or 30.5% of the 1916 crop, on farms March 1 still operating slowly. In Argentina the weather has been
1917, and 1,116,559,000, or 37.3%, of the 1915 crop on farms March 11916. very good and the movement of wheat from country stations
About 21.9% of the crop will be shipped out of the counties where grown,
against 17.6% of the 1916 crop and 18.17% of the 1915 crop so shipped. is not only liberal, but is increasing. Farmers there are
The proportion of the 1917 crop which is merchantable is about 60.37 selling more freely, owing to increased competition and good
(equivalent to 1,905.723,000 bus.), against 83.9% (2,154,487,000 bus.) bids.
In fact, the northern, ports of Argentina are conof the 1916 crop and 71.1% (2,127,965,000 bus.) of the 1915
The amount of wheat on farms March 1 1918 was about 1.11,272,000 gested by the large arrivals.
Tonnage there, however,
crop.
bus., or 17.1% of the 1917 crop against 100,650,000 bus., or 15.87 of continues to increase; some Brazilian tonnage is being utilthe 1916 crop on farms March 1 1917 and 244,448,000 bus., or 23.8%, of
'
the 1915 crop on farms March 1 1916. About 51.2% of the crop will be ized. Reports of a very disastrous winter have been confirmed
'
shipped out of the counties where grown, against 56.7% of the 1916 crop in Russia. The cold was severe and snows were scattered;
and 61.7% of the 1915 crop so shipped. _
The amount of oats on farms on March 1 1918 was about 595,195,000 they were heavy only in parts of the country. Much of the
bus., or 37.5% of the 1917 crop, against 394,211,000 bus. or 31.5% of great belt was partly bare. Winter killing may have been exthe 1916 crop on farms March 1 1917, and 598,148,000 bus. or 38.6%,
of the 1915 crop on farms March 1 1916. About 32.07 of the crop will tensive. The Ukraine is reported to hold about 40,000,000
be shipped out of the counties where grown, against 28.4% of the 1916 bushels of wheat. Germany, it is supposed, will got a good
crop and 30.1% of the 1915 crop so shipped.
The amount of barley on farms March 1 1918 was about 43,404,000 bus.. deal of this. Stocks at the northern ports of Russia are trifor 20.8% of the 1917 crop, against 33,244,000 bus., or 18.2% of the 1916 ling, where there is any wheat at all. In Italy the weather
crop on farms March 1 1917 and 58,301,000 bus., or 25.5% of the 1915 has been fine and some
of the time cold. Growing wheat
crop on farms March 1 1916. About 38.87 of the crop will be shipped
0
out of the counties where grown, against 43.5% of the 1916 crop and 43.2% on the whole looks favorable. It is hoped that no severe
of the 1915 crop so shipped.
winter weather will return, as the snow has been disappearAs of interest in connection with this report, we give below ing. Native supplies in Italy are light, but the acreage on
a statement covering the stock of corn on March 1 for a series the next crop will be increased. Much of the area formerly
of years as made up by us from the Agricultural Depart- devoted to melons, it is said, will be put under wheat.
ment's figures:
In the Scandinavian peninsular the weather has continued
Mid.Upl'd51
Good Mid.
Uplands_
23.59
23.55
23.63
23.55
23.63
MAR. 161918.1
1149
THE CHRONICLE
cold and farm work is slow. Supplies there are scanty, with way down. Illinois and Iowa have farm reserves amounting
importations moderate. The crop outlook in Morocco is to about 210,000,000 bushels. This is 33% of the total
good. In South Africa the crop is officially reported as the holdings of the country. With the rather large stocks in
largest on record; the barley yield is also large. In India the country elevators this is taken to mean just one thing: The
condition of the crop is 90 to 95%. In this country the win- receipts before long are likely to increase materially. Only
ter wheat seems to have come through in pretty good condi- the necessity of marketing soft corn as rapidly as possible
tion. The talk is that possibly 600,000,000 bushels will be stands in the way. When this is removed oats will come
raised, against 418,070,000 in 1917, 480,553,000 in 1916, forward, it is believed, much more freely. Seeding is pro673,947,000 in 1915 and 684,990,000 in 1914. The unfor- ceeding rapidly in the Southwest. In fact it has begun
tunate thing is that the crops of 1916 and 1917 were so small as far north as Central Illinois. The Southwest has had
that reserves in this country are supposed to be only 210,000,- pretty good rains of late, too. The weather has been favor000 bushels, of which it is said about 132,000,000 bushels able for germination. There is no doubt that every effort
may be required for home consumption for the four months will be made to raise a big crop. Southern oats will be
ending July 1. Recent snows, of course, were helpful. On available by June. Large purchases have recently been
the Pacific Coast the outlook has been improved by good made, both for export and home use. The trouble is
rains; winter wheat there is in fair condition and the prospects to get the oats moved eastward. Oats prices are affor spring sowing are favorable. Mills there are operating fected to some extent by the favorable outlook in the
freely. The railroad situation has greatly improved. Aus- winter wheat belt. Also the indications of an early
tralian wheat continues to arrive in moderate quantities. 'spring after a winter of remarkable severity are not without
their influence. After such a winter, it is contended that
To-day wheat was as firm as ever.
an unusually early spring would be nothing at all surprising.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Possibly the law of reaction applies to weather as it does to
226
226
226
226
226
No. 2 red
cts 226
most other things that come within the cognition of men.
229
229
229
229
229
229
No. 1 spring
the
year ago.
Indian corn has continued to fluctuate within very con- Of courseis an visible supply is far below that of alook more
old story. People are beginning to
tracted limits, but has declined. From a speculative stand- But that
In
to the future than to
point the market lacks the old interest. It is gone, not to tina stocks are largethe present or to the past. and Argenocean
liberal
return, in all likelihood, until conditions of supply are radi- tonnage is increasing. and offerings are moderate quantity
In Liverpool
cally different-possibly not until peace comes. Prices of American grades in store and afloat a been sold at firm
has
have continued to be about steady, on futures, but cash prices. American and Canadian on the spot are very firm.
prices at the West early in the week declined anywhere from River Plate spot oats are exhausted. Argentina's surplus is
5 to 20 cents. The imperative demand for the moment large, however. The outlook for the new crop in the
seemed to have been satisfied. In any case cash business has United Kingdom is fine. European crop accounts are favfallen off sharply. On the 12th inst. Western representatives
To-day prices declined and they are lower for
here are said to have offered good shipping corn at prices orable. Stop orders were caught. Government agents the
are
week.
showing a decline within forty-eight hours of 8cents. To be said to be making fair purchases. It is suggested by the
sure, shipments from the West do not look like a very at- Chicago Board of Trade that trading in coarse grains be
tractive proposition. For when would the corn arrive here?
prices.
Or when would it be shipped? It is hard to get permits to allowed without limitations as to OATS IN NEW YORK.
DAILY CLOSING PRICES OF
ship corn from Western markets eastward. Everything is
Mon.
Wed.
Thurs.
Fri.
Sat.
Tues.
in confusion. Nobody knows quite what to make of Standards cts..107-108 108-109 10734-10834 10734-10834 107-108 108
Some suggest that the permit system No.2 white
the situation.
cts_107-108 108-109 10734-10834 10734-10834 107-108 10834
should be dropped for a time, or else that the DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
embargoes should be lifted. Right here in New York
March delivery
9134 9134 9134 89,i 893(
little corn is arriving May delivery inin elevator____cts_ 92
the cash situation is strong because so.
elevator
893j 893.4 8834 89
8734 8634
from the West. On the 12th inst., curious as it may sound,
The following are closing quotations:
Argentine corn sold here on the spot at $2 50 a bushel.
FLOUR.
This certainly looks like eloquent testimony to the urgency Spring
$10 75 $11 25 Hominy (100-1b. sacks)
$5 75
of the need of corn. .Cash prices in the sample market at Winter
5 7234
10 85@ 11 15 White granulated
11 25 Yellow granulated, In batrels.4 6734
10 90
the 12th inst. fell 5 to 10 cents; poor grades Kansas
Chicago on
goods
-Portage barley:
15 000
declined even more. The embargo of course cuts both ways. Rye Flour sacks 196 lbs., yel- 15 75 Barley 1
No.
i025
Corn meal,
990
Nos. 2, 3 and 4
low, kiln dried, export
It tightens up the situation here and it depresses Chicago.
10 40
Nos. 2-0 and 3-0
Primary receipts, however, have fallen off at the West. On Fine yellow feed
No. 4-0
10 55
5 60
White
Coarse, Nos. 2, 3 and 4
7 65
a single day they were 1,962,000 bush. or 550,000 bush. Coarse
-Carload, spot del_ 11 90
6 05 Oats goods
less than on the same day in the previous week. Meanwhile Corn flour
GRAIN.
kiln dried corn is being rushed to Atlantic and Gulf ports for
Oats
export to the Allies. The weather has been bad for hand- Wheat
Standard
Si 08
No. 2 red
$°26
ling of soft corn. It has been too warm. At times
2 29
No. 2 white
1 0834
No. 1 spring
No. 3 white
1 0734
No. 1 Northern
2 28
it has been unsettled. A good .deal of soft corn
No. 4 white
1 07
has been fed to hogs. That is plain enough from the Corn-- mixed
nom. Barley
No. 3
Feeding
fact that their average weight has been increased to 239
No. 2 yellow
2 03
Si 90® 2 00
Malting
1 81
No. 3 yellow
2 000 2 30
pounds as against 204 a year ago and 211 pounds
Rye
No. 4 yellow
1 77
.
in 1916 at this time. Later on an improvement in the
2 35-2 4 Western
2 76
Argentine
quality of corn is expected. It is supposed that the run
The statement of the movement of breadstuffs to market
of soft corn will not last very much longer. Trading at indicated below are prepared by us from figures collected by
Chicago at times has already begun to show a little improve- the New York Produce Exchange. The receipts at Western
.
.
ment. Exporters, moreover, have been buying recently. lake and river ports for the week ending last Saturday and
For a fortnight past leading terminal markets have been since Aug. 1 for each of the last three years have been:
under agreement with the Food Administration to furnish
500,000 to 750,000 bushels pf corn daily for foreign mar- Receipts at
Wheat.
Corn.
Oats.
Rye.
Barter.
- Flour.
kets. Much of this corn is still to be moved eastward. The
bbls.1961be bush.60 lb. bush. 56 lbs.1bush. 32 lbs. bush.48lbs. bush.561bs
export agreement terminated, however, on the 10th instant. Chicago
139,000 3,255,000 2,244,0O0
52,300
280,000
126,000
786,000 1,075,0001 1,524,000 1,128,000
257,000
This fact and the embargo eastward• are the factors which Minneapolis
5,000
3,000
63,000
20,000
14,0001
are considered most depressirig at Western markets. In Duluth
72,000
763,000
398,000
258,000
117,000
20,000
Milwaukee _ _
17,000,
93,00
127,000
83,000
Argentina the corn outlook is favorable. The old crop Toledo
16,000
58,000
5,000
11,000
214,000
is freely offered and the new crop is being accepted by Detroit
183,000
3,000
118,000
12,000
Cleveland
_
11,000
1,050,000
21,000
5,000
exporters. In Liverpool the general situation is described St. Louis.... 54,000 212,000 1,340,0
6,000
14,000 i,143,000
as more promising as regards the supply. The weather Peoria City_ 41,000 177,000 1,848,000 654,000 50,000
378,000
Kansas
remains mild in England and consumption regulated. Stocks Omaha
225,000
69,000 2,431,000
there are increasing and the floating quantity is also in- Total week'18 412,000 1,571,000 12,294,000 6,873,000 3,033,000 532,000
.
creasing. American receipts at Liverpool are double Same wk. '17 '552,000, 5,006,000 4,483,000 5,165,000 1,201.000 218,000
those of last year and better reports are received of Same wk. '16 421,000, 6,521,000 5,884,000 3,581,000 1,443,000 169,000
.
the grading and the American Government's activity along Since Aug. 1
1917-18 ___ 10,298,000 140,655,000 135,612,000 217,212,00036,424,000 19,169,000
the line of movement suggests increased clearances. Argen1916-17 __ 11,849,000 267,832,000141,999,000,188,332,000 67,881,000 17,663,000
tipe offerings at Liverpool of new crop are liberal; their ship13,436,000 395,176,000 154,280,000 130,893,000 85,759,000.18,4i3,000
1915-16
ping season commences April 1 and the available export
Total receipts of flour and grain at the seaboard port's for
.
surplus will be important. Further rains have fallen in
Argentina, where they were needcd. Current arrivals are the week ended Mar. 9 1918 was as follows:
meeting consumption. To-day prices declined slightly. It
Corn.
Wheat.
Oats.
Barley.
- Flour.
Rye.
is proposal that the Chicago Board of Trade suggest to the Receipts at
Food Administration trading Yor future delivery on the basis
Bush -is.
Bushels.
Bushels. Bushels.
Bushels.
Barrels.
141,
356,000
296,000
134,00
95,000
of No. 4 as the contract grade, with a moisture test of New York_ _ 213,000
84,000
159,000
52,000
35,0
35,000
16,000
15.6%, to permit trading in coarse grains for future delivery Philadelphia
228,000
71,000
94,000
138,
5,000
93,000
Baltimore ....1,023,000
35,000
Newp't News
without price restrictions. Prices for the week are lower.
26,000,
76,000
NEW YORK.
DAILY CLOSING PRICES OF CORN IN
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 3 yellow
cts_20134 20134 19334 19134 18534 18134
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed, Thurs. Fri.
March delivery in elevator_ cts_128
128
12
12734 128
734 1278
delivery in elevator
May
12734 1273( 12734 12734 1253i 125%
have declined with less business. Premiums have
Oats
fallen at Chicago. Stop orders have been caught on the
New Orleans a
Montreal...
Boston
80,000
17,000
102,000
309,000
2,000
633,000
593,000
383,0
Total wk. '18
Since Jan.1'18 4,615,000 7,108,000 2,158,
346,000 3,781,000 1,788,
Week 1917_
Since Jan.1'17 L614,000 42,994,000 18,085,
78,000
109,000
28,000
3,000
2,029,0001 364,000 207,000
0 01
0
16,752,0001 1,978,0 0 1,582,000
2,928,000, 201,000 202,000
21,540,0001 5,062,
2,688,000
Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
THE CHRONICLE
1150
[VoL. 106.
•
te,' The exports from the several seaboard ports for the week many of the buyers. Demand recently had been very active
ending Mar.9 are shown in the annexed statement:
Wheat.
Corn.
Flour.
Oats.
Rye. Barley- Peas.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
Exports from.
New York
Boston
Baltimore
Newport News_
New Orleans
Galveston
Total week
Week 1917
135,063
171,705 49,998 171,456
10,086
296,000
35,000 1,023,000
34,000 1,012,000
1,823,000 73,000 487,000
86,000
10,000 209,000
44,370
531
368,254
531
446,624 1,098,000,170,063 3,017,705 439,084 867,456
4.117.418 1.434.8411214.072 2.551.191 196.728 18.330 33.065
ft. The destination of these exports for the week and since
July 1 1917 is as below:
Flour.
Exports for Week,
and Since
Week
Since
July 1 to
Mar. 9 July 1
1918.
1917.
Corn.
Wheat.
Week
Mar. 9
1918.
Since
July 1
1917.
Since
July 1
1917.
Week
Mar. 9
1918.
Barrels. Barrels.
Bushels.
Bushels.
Bushels. Bushels.
United Kingdom.. 77,556 1,512,682
10,000 22,890,383 1,089,000 5,380,611
Continent
435,624 25,784,179
4,249,362
92,507 2,348,769
So. dr Cent. Amer.
426,256
231,411!
1,000
20,754
9,000
West Indies
333,6341
168,841
7,282
Brit. No. Am.Col.
5,250'
Other Countries__ -----5,689
66,7571
32,190,
Total
170,063 4,498,5031 446,624 48,734,788 1,098,000,10,230,759
Total 1916-17_ _ -- 214,072 9,876,013 4,117,418 192,113,059 1,434,841134,556,084
The world's shipments of wheat and corn for the week
ending Mar. 9 1918 and since July 1 1917 and 1916 are
shown in the following:
Wheat.
Exports.
1917-18.
Week
Mar. 9.
Corn.
al916-17.
Since
July 1.
Since
July 1.
1917-18.
Week
Mar. 9.
al016-17.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
Bushels.
NorthAmer* 4,315,000 196,194,000 247,986,00
312,00 16,842,000 34,035,000
Russia
6,352,00
Danube
Argentina
1,768,000 15,652,000 49,736,000
386,00 14,997,000 86,901,000
Australia_ __
760,000 30,721,000 31,664,000
India ,
220,000 11,537,000 25,314,000
0th .countr'
132,000 2,266,000 2,936,000
62,000j 2,623,000 4,734,000
L'
Total ____ 7,195,000256,370,000 363,988,000
760,0001 34,462,000 125,673,000
* North America.
-The Canadian Government has officially prohibited the
issuance of both manifests and exports until after ten days. This is effective
during the continuance of the war. a Revised.
igibytj
u=.
-•
k The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
Kingdom. Continent.
corn.
Total.
United
Kingdom. Continent.
Bushels.
Bushels.
Bushels.
Bushels.
Mar. 9 1918._ Not avalla ble
Mar. 10 1917_ _ Not avalla ble
Mar. 11 1916_
53,208,000
Total.
Bushels.
Bushels.
14,093,000
The visible-supply Of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Max. 9 1918 was as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
GRAIN STOCKS.
Wheal.
Corn.
bush.
bush.
303,000
51,000
6,000
1,000
9,000
38,000
153,000
103,000
Oats.
bush,
376,000
110,000
174,000
360,000
83,000
737,000
198,000
777,000
9,000
641,000
3,539,000
49,000
328,000
181,000
41,000
161,000
162,000
75,000
151,000
985,000 3,224,000 6,758,000
731,000
689,000 1,147,000
754,000
41,000
25,000
689,000
800,000 1,576,000
56,000
378,000
418,000
816,000 2,273,000 1,070,000
26,000
331,000
390,000
63,000
558,000
248.000
269,000 1,198,000 1,087,000
Rye.
bush.
151,000
3,000
14,000
151,000
Barley.
bush.
760,000
1,000
12,000
7,000
6,000 665,000
3,000 103,000
94,000 271,000
10,000 117,000
24,000
178,000 566,000
50,000 269,000
14,000 347,000
443,000 1,050.000
4,000
3,000
8,000
9,000
2,000
17,000
51,000
Total Mar. 9 1918
8,949,000 11,268,000 15,199,000 1,172,000 4,231,000
Total Mar. 2 1918
9,739,000 8,949,000 13,947,000 1,225,000 4,343,000
Total Mar.10 1917
43,136,000 12,677,000 35,944,000 1,992,000 4,525,000
Total Mar.11 1916
63,895,000 25,423,000 18,862,000 2,221,000 2,782,000
Note.
-Bonded grain not included above: Oats, 42,000 Boston, 1,000 Duluth,
4,000 New York: total, 47,000 bushels, against 2.950,000 in 1917; and barley.
143,000 in New York; total, 143,001, against 633,000 in 1917.
Canadian
Montreal
375,000
24,000
. 272,000
48,000
Ft. William & Pt. Arthur
5,194,000
5,313,000
"
afloat
2,692,000
Afloat and Other Canadian_ 6,221,000
2,511,000
Total Mar. 9 1918
Total Mar. 2 1918
Total Mar. 10 1917
Total Mar.11 1916
I SummaryAmerican
Canadian
10
Total Mar. 9 1918
Total Mar, 2 1918
Total Mar.10 1917
Total Mar. 11 1916
14,482,000
24,00" 8,096,000
48,000
15,476,000
19,000 8,521,000
1,000
50,000
35,904,000
9,000 20,268,000
19,000
82.000
31,387,000 '
-1 711,000,15,945,000 T.124,000 - 197,000
f
• • • •8,949,000-11,268,000 15,199,000 1,172,000:4,231,000
14,482,000
24,000 8,096.000
48,000
23,431,000
25,215,000
79,040,000
95,282,000
11,292,000
8.968,000
12,686,000
25,439,000
23,295,000 1,172,0004,279,000
22,468,000 1,226,000 4,393,000
56,262,000 2,011,000 4,607,000
34,807,000,2,245,000 2,979,000
THE DRY GOODS TRADE.
New York, Friday Night, March 15 1918.
There has been less activity in tue markets for dry goods
Cuing the past week, with a more conservative feeling among
with merchants willing to pay almost any price to secure
supplies, but mills have discouraged business with the result
that buyers are now viewing the situation more carefully
before placing additional orders. Owing to the uncertainties surrounding the raw material situation, manufacturers
are not inclined to continue booking business for deferred
delivery even at the record-breaking high levels. Furthermore, in view of the fact that the sharp advances which
have taken place in prices recently have been due to the
urgent inquiry, should prices weaken later in the season
many of the orders placed at the top would likely be canceled. A number of mills are withdrawing fabrics from
sale and are allotting to buyiers only a part of their original
orders. The fact that machinery is continually being turned
over for Government work is another factor why mills have
less to offer for civilian account. The reluctance of mills
to take on new business will no doubt materially
help them to catch up with back orders. Order
books are said to show a large amount of contracts
still unfilled, and very few of them are being canceled
by buyers, as prices are now much higher as compared
with those prevailing when the orders were placed. The
present lull in demand does not appear to affect prices in any
way, which continue to be firmly maintained. Very few
fabrics are being offered from second hands at concessions,
while everything is being done to curb speculation with
mills cutting down orders when they feel that buyers have
asked for more than they need. In the meantime, manufacturing conditions seem to be improving and merchandise
is beginning to more more freely. The fuel situation has
become much easier and the congested freight situation is
being rapidly relieved. Mills are not only able to make deliveries in better time, but they are able to get their raw material with less difficulty. The one condition, however,
which does not appear to grow any better is the labor situation. Skilled workers are still difficult to obtain in sufficient
quantities, while agitations for higher wages continue. A.
number of cotton and duck mills have announced further advances, and it is estimated that increases in wages during the
past few years aggregated 60% or more. Nothing of special
interest has developed in the export division of the market,
business and shipments continuing whenever freight room
is available.
-While markets for
DOMESTIC COTTON GOODS.
staple cottons have quieted down considerably, business is
still fairly active, as many buyers need supplies. They find
it difficult, however, to obtain goods, as mills are offering
less freely. Few fabrics are available for prompt or nearby
delivery, and the supply of spot goods is steadily growing
smaller. Mills continue backward with deliveries and unless
some way can be found to increase production little relief is
looked for within the near future. All colored cottons are
in very small supply, with mills well booked ahead, and while
bleachers, printers and dyers are working as actively as
possible, there has been little increase in the available supply
of finished goods. Many buyers are offering advanced
prices for ginghams, but are unable to induce mills to accept
orders. Some cutters have already been inquiring about
patterns for the next spring season. Gray goods rule quiet
with many buyers obliged to withdraw from the market
without having obtained the goods they desired. Gray
%
goods, 383' -inch standard, are quoted at 163 c.
-Woolens and worsteds have been
WOOLEN GOODS.
quiet during the week, this usually being a dull period.
Some clothiers neverheless are endeavoring to obtain fabrics
to meet their requirements, as earlier in the season they were
unable to place as large orders with manufacturers as they
desired. Mills continue to be actively engaged with Government work, and reports have been in circulation that they
would be compelled to further reduce the amount of goods
they had originally allotted to buyers for civilian account.
In the ladies' wear division of the market, velours are in.
good demand from cloak manufacturers. Dress goods distributors have been advised to centre their attention on
staples, and not to attempt to carry a large variety of goods.
Prices rule very firm, and are expected to continue so as
long as raw material remains in small supply.
-Trading in linen markets has
FOREIGN DRY GOODS.
likewise been less active. This has been due more to the
smallness of supplies and the reluctance of holders to part
with their fabrics than to any falling off in the inquiry.
Importers are selling sparingly, and in most cases are endeavoring to push forward various substiutes as they
realize, in view of the British restrictions, that when their
stocks of pure linens become depleted they will be unable
to replenish them. Prices remain firm with further advances believed inevitable. Household lines have shown
particularly sharp advances, as there has been a very urgent
inquiry for table and bed linens. Prices for substitutes are
also firm with supplies none too plentiful. While advices
from abroad continue very pessimistic as regards the near
future, it is hoped that some relief will result from the
movement for a much larger flax crop in Great Britain,
Ireland and Scotland. Markets for burlaps have developed
decided strength as there has been an active demand with
stocks light. Light weights are quoted at 18.50c, and heavy
weights at 22.75o.
MAR. 16 1918.]
THE CHRONICLE
1151
the bills referred to are
$TITE MO CITY DErMITMENT, of Toronto, as follows: explained in the "Monetary Times"
NEWS ITEMS.
•
Bayonne, N. J.—City Commissioners Authorize Purchase
of Water Company.—Local papers state that resolutions of
agreement for the purchase of the property of the New
York & New Jersey Water Co. were adopted at a meeting
of the City Commissioners on March 8 by a vote of 4 to 1.
Those opposed to the purchase, it is said, will endeavor to
prevent the deal going through. Mayor Pierre P. Garven
voted against the resolution, declaring that the Board had
been elected to safeguard the people's interests, and that as
the water purchase proposition had been twice rejected by
the people since the Board has been in office, he considered
that the American principle should rule and that the voice
of the majority should prevail.
The resolutions provide that the city shall pay to the company the appraised value, $1,466,848, which was reached
in April 1917. At a recent conference, J. Gilmore Fletcher,
President of the water company, declared that the price the
company would sell for was $2,211,848. He said that since
the appraisal was made the company has invested $400,000
in making improvements; that the Avenue F line, which was
not included in the appraisal, is worth $100,000, and that the
pipe line No. 1 is worth $25,000, and was also omitted from
the appraisal. The water company is given ten days in
which to accept the city's offer.—V. 106, p. 411.
Delaware (State of).—Special Session of Legislature.—
House Ratifies National Prohibition Amendment.—The General Assembly convened in special session on March 12
to consider ratification of the national prohibition amendment, co-ordination of the State and national war work,
and aims and solution of the State labor problem, particularly
as affecting farms. By a vote of 27 to 6 the House on
March 14 adopted a joint resolution ratifying the Federal
amendment. See reference in our editorial columns this
week.
Maryland (State of).—Assembly Defeats State-Wide
Prohibition.—Reference is made in our editorial columns this
week to the defeat by the Assembly of a bill providing for
Statewide prohibition.
New York State.—Annual Budget Bill Introduced in
Legislature.—The annual budget bill, carrying appropriations amounting to $52,748,954, was introduced in the
Legislature on Mar. 12. Items which the Legislature either
has passed or will pass in separate bills bring the grand total
to $77,202,011, or $1,256,198 less than Governor Whitman's
tentative budget of $78,458,209.
It was pointed out at the time the bill was introduced that
the State's resources for the next fiscal year, according to the
estimate of Comptroller Travis, would be $69,525,190, to
which must be added the amount of the debt service, to be
raised by direct thx, of $13,017,805, making a total of $82,542,995. If the total appropriations to be made at this session equal the amount suggested in the tentative budget,
there will be a margin for safety, it is said, of about $4,000,000.
The Finance Committee, it is said, will attempt to hold
the gross total to this amount, which will make the sum
necessary to be raised by direct tax just the amount of the
debt service.
State's Finances.—In a financial report made public by
State Comptroller Travis on March 7, an increase is shown of
about $6,000,000 in the general fund receipts for the past
eight months of the current fiscal year. The report shows
the total receipts aggregated $48,606,039 20, or $5,899,852 10 over the same period last year. The principal increases were in direct taxes, $2,636,573 14; and in the following indirect taxes: Corporation tax, $6,606,681 23;
motor vehicles, $302,676 58; investment tax (secured debt
tax last year), $546,084 53; miscellaneous receipts from departments, institutions, &c., $956,290 43. Decreases were
shown in excise tax, $2,250,367 81; organization of corporations, $211,285 67; inheritance tax, $822,485 25; stock
transfer tax, $1,753,532 98; mortgage tax, $108,174 43, and
motorcycles, $607 61.
War conditions are strikingly reflected on the expenditure
side, the expenses for this period aggregating $43,581,769 10,
an increase of $9,774,077 87 over last year of 28.9%. The
daily average of these expenditures has been $179,348 84,
compared with $139,126 30 for last year. Included, however, in the expenditures for 1918 is an increase of
829 78 contribution made to sinking funds and for the redemption of maturing serial bonds.
Assembly Opposes National Prohibition Amendment.—Favors a Referendum on the Question.
--Reference to this is made
in our editorial colunins this week.
Municipal Ownership Proposed for All Municipalities in
State.—Reference will be found in our editorial columns this
week to a bill now Pending at Albany, empowering municipalities to take over or construct public utilities if the voters
favor the project.
Quebec (Province of).—Control of Municipal Affairs
proposed.Bills have been introduced in the Quebec Legislature providing, among other things, for the establishment
of a Department of Munciipal Affairs which, it is said, will
be given a wide field of operation. The main purposes of
The Department of Municipal Affairs, which is being created by the
Quebec Government, will have a wide field of operations. As the new
system of controlling municipalities is found to meet with success, the
ultimate result, according to what has been said in the Quebec Legislative
Assembly, will mean that it will no longer be possible for a municipality,
civic or scholastic, to commit acts that affect it badly in the money market.
An almost complete control of civic finance is provided in the new bill, or
rather series of bills on the same subject, that were taken up in the course
of a protracted sitting. The manner in which municipalities are to issue
their loans, obligations on the municipalities to provide sinking funds each
year, and a number of other matters very directly affecting all matters
of municipal finance, even to the control of the bookkeeping, are included
in the new legislation.
It will be the aim of the Government to see that the municipalities issue
serial bonds for obligations. Each year the coupons, when paid, will pay
not only the interest, but also the year's proportion of the capital, so that
at the end of the term on whch the bonds are issued, the principal and
interest will both be extinguished.
There is to be created a department of municipal affairs, under the
direction of a "Minister of Municipal Affairs." This department will be
added to one of the already existing departments for the present, but it
will have its own deputy minister and own staff. The minister to whom is
assigned the supervision of this department will bear the title of two departments, as, for example Mr. Mitchell might be styled "Provincial Treasurer
and Minister of Municipal Affairs."
One of the bills presented in the Quebec Legislature regarding the new
department deals with the deposit in certain cases of moneys intended for
the sinking funds of municipal and school corporations, and to amend what
is necessary in the statutes in regard thereto. Mr. Mitchell explained in
the provincial house that by virtue of this bill municipalities and school
corporations are obliged to create a sinking fund for the time of the loan
made. This will do away with perpetual demands to the legislature each
year for special favors in that regard. The law provides that when the
capital of a loan contracted, or of bonds issued, by a municipality incorporated by special Act, or under the provisions of the general law, is
repayable by annual installments, or by a series of consecutive and yearly
installments, covering the whole term of the loan or of the bond issue, the
moneys set aside each year for the sinking fund shall be deposited every
year in the office of the Provincial Treasurer at Quebec, and so much of
said deposit as may be required shall be used to meet installments, if any.
at the dates on which they respectively fall due. However, there is a
provision to the effect that if a municipality can satisfy the Minister of
Municipal Affairs that it is advisable and in the interest of the municipality
that the sinking fund be deposited elsewhere than in the office of the
Provincial Treasurer, or be otherwise invested, authorization may be given
to use the money otherwise than to turn it over yearly to the Provincial
Govhrnment.
T ee
Government will allow the municipalities interest at the rate of
% on the yearly moneys thus entrusted to it for what is practically
safekeeping, that is, to prevent the municipalities from being tempted to
spend it otherwise than to meet debentures.
The Government will compound the interest yearly, which will be a
considerable item. When the municipality has made the yearly payments
to the Government to look after the loans at maturity, and when the loans
are due, and consequently the Government has the municipality's funds
needed to meet the loan, it is enacted not that the Government shall turn
the money over to the municipality so that it may pay back the loan, but
—still greater precaution against a municipality that is apt to be careless—
the Government itself will pay the money over to the bank where the
bonds are to be paid. The Government is simply taking no chances of
collecting, say, a million dollars in the course of the term of a loan and
then handing the money over to the debtor to pay to the creditor.
The moneys deposited by the Government to meet municipal loans are
unseizable, save and except in execution of a final judgment from a competent court rendered in favor of the lender, or of one or more of the
bondholders, for whose benefit the sinking fund has been created. The
moneys, if seized, must be distributed ratably among all the holders of
the bonds.
The moneys which the municipalities are required to deposit with the
Provincial Treasurer may be invested in Dominion or Provincial stock or
bonds in public securities of the United Kingdom, or of the United States
of America, or in the stock or bonds of any municipal or school corporation
in the province.
Provision is made whereby a tariff of fees and duties shall be paid by
the interested corporations in connection with deposits and reimbursement.
The purpose of this clause is evidently that the cost of the municipal department in regard to receiving municipal money and paying it out to
meet municipal obligations shall not be a charge on the province: also the
Government, by paying 3 % to the municipalities on their own money,is
liable to benefit by the fact that it has the option of investing such money
where it wishes, and naturally at considerably higher than 35%.
Another clause provides that a municipal or school corporation which
has effected a loan from which a sinking fund must be created under the
laws governing the same, or which has issued bonds,shall, within the thirty
days immediately following the completion of the loan, or the delivery
of the bonds, make to the Provincial Treasurer a report, under oath, of the
particulars of the by-law or resolution under which the loan was contracted
or the bonds were issued: the amount of the loan or of the bonds, the
amount of each installment, if any, the maturity dates and the places'of
payment of the principal: the date of the completion of the loan, the name
of the purchaser, and the net amount received by the corporation out of
the money borrowed or out of the sale of the bonds,together with a certified
copy of the by-law or resolution.
Provisions are made whereby municipal officers are forced to comply
with these provisions, and whereby any trustee, bondholder' ratepayer
or other interested party may, by an action in law, force the municipality
to make the deposit of the sinking fund with the Provincial Government,
and there is a fine for officers giving false information. The Act is to
come into force by proclamation.
Another bill dealing with the new department is to the effect that all
municipalities must keep proper accounts. Such accounts must be ren.
dered to the Minister of Municipal Affairs two months after the end of the
fiscal year, and if the accounts are correctly kept that matters end there,
but if not correct, in the opinion of the Minister, the latter is authorized
to have a proper audit and report, for any period of time, made of the
affairs of the municipality, and at the expense of the municipality, using
inspectors of his department for that purpose, or outside accountants.
Provisions are made to force the municipal officers to give all facilities to
the officers of the Government, with a penalty for refusal. If the inspector
reports that a change in the bookkeeping is needed, the Minister is to have
power to order such change, and to compel compliance.
The bill deals with the question of borrowing money and the term.
These clauses are particularly important, applying as they do to every
municipality.
It is provided that the term of a loan for establishing, purchasing,
extending or enlarging a system of sewers or a system of supplying water,
or acquiring land for water-works for developments of or for improvement
to public parka or playgrounds shall be for forty years.
For works undertaken by municipalities for gas or electric light plants
and system, for improvement of highways, of streets and sidewalks, if the
pavements or sidewalks are of stone, block brick, concrete or other material of similar lasting character, or for the construction of bridges when
of similar solid construction, the term of the loan shall be for thirty years.
For acquiring land for development, construction or extension or improvement of highways, streets and sidewalks, if the pavements or sidewalks are of macadam or asphalt, or other materials of similar lasting
character, or for the acquisition and construction of wooden bridges, or
material expected to last as long as wood, for acquiring necessary lands,
therefore the term of the loan shall be twenty years.
For acquiring land for development, construction, extension and improvement of highwaja, streets or sidewalks, if the pavement or sidewalks
are not of material of a lasting kind, or for loans for aid bonus or encouragement, the term of the loan is to be for ten years.
Loans contracted for any purposes not specified. if the Minister of Municipal Affairs considers that such works are of a lasting character, the loan
may be of thirty years, if not so considered the loan is limited to ten years.
It is made obligatory to apply all moneys borrowed for a certain purpose
to such purpose only, but if there is a surplus, if such should happen, the
excess may be used for other purposes. Every member of the council, who
either verbally, or in writing by his vote or tacitly, authorizes the misfro
on
:teall be personally responsible for all sums thus
arprogialive of monff,41h
ega
use for which they were intended, and such
money may be recovered by action in law, and enforceable by coercive
1152
THE CHRONICLE
imprisonment against the member or the members of the council who are
guilty. Such responsibility shall be joint and several, and shall apply to
the Secretary-Treasurer or other officer who participates in such illegal
diversion of such moneys or who causes the same. The action to recover
the money may be taken by the municipality itself, by a ratepayer, and
even by the Minister of Municipal Affairs.
Changes are made as to the voting on by-laws. At present money
by-laws before coming into force have to be approved by the proprietors.
They will have to approved also by the Lieutenant-Governor-in-Council,
which means the new Minister of Public Affairs. Every loan must be
provided for with a sufficient sinking fund to meet it at maturity instead
of the 1% now provided for, which would only meet a forty-year loan at
maturity. There are a number of provisions as to loans, insuring greater
safeguards to bondholders.
Rhode Island (State of).-Senate Defeats National Prohibition Amendment.
-See reference in our editorial columns
in this week's issue of our paper.
Texas (State of).
-Legislature Ratifies National Prohi-We refer in our editorial columns this
bition Amendment.
week to the ratification by both branches of the Legislature
of the national prohibition amendment.
-Soldiers' and Sailors' Civil Rights Bill
United States.
Signed.
-We refer to the signing of the Administration's
Soldiers' and Sailors' Civil Rights bill by President Wilson
in our editorial columns this week.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
-Additional
-BOND OFFERING.
AKRON, Summit County, Ohio.
Information is at hand relative to the offering at 12 m. on Mar. 9 of the
following 6% bonds
-V. 106, p. 1053:
$50,000 sewer and sewage-disposal-plant bonds. Date Mar. 1 1918.
Due $10,000 yearly on Mar. 1 from 1920 to 1924, incl.
16,200 special assess. bonds. Date Jan. 1 1918. Due $2,000 yearly
on Jan. 1 from 1919 to 1925, incl, and $2,200 on Jan. 1 192(1.
Prin. and semi-ann. int, payable at the National Park Bank, New York.
Cert. check for 1% of amount of bonds bid for, payable to City Treasurer,
required.
-The
-BOND SALES.
ALCORN COUNTY (P. 0. Corinth), Miss.
-24-year serial Corinth to the Gulf Road Dist. and the $40,000
$60,000 10
10-19-yr. serial Corinth Iuka Road District 6% bonds offered on Mar. 6-were awarded as follows:
V. 106. p. 948
$60,000 Corinth to the Gulf Road Dist. bonds to Cummings & Prudden
of Toledo for $02,000 (103.33) and int.
40,000 Corinth Itika Road Dist. bonds to Francis Bros. & Co. of St.
Louis for $40.420 (100.50) and int.
Denom. $500. Date Mar. 1 1918. Int. M. & S.
-An
-BONDS AUTHORIZED.
ALLISON, Butler County, Iowa.
ssue of $40,000 bonds for funding purposes has been authorized, it is stated.
ANDREW COUNTY (P. 0. Savannah), Mo.-BOND ELECTION
PROPOSED.
-A campaign has been started, it is stated, for the purpose
of holding an election to vote on the issuance of $1,000,000 road bonds.
-The
ASHLAND, Boyd County, Ky.-BONDS AUTHORIZED.
State Legislature has passed a bill authorizing the issuance of school bonds
not to exceed $200,000, it is stated.
-BONDS DEFEATED.
-On Mar. 5.
BATH, Steuben County, N. Y.
the question of issuing $45,000 village-hall bonds was defeated.
-On
-BONDS DEFEATED.
BEAVER COUNTY (P.O. Beaver), Utah.
Feb. 28 the question of issuing $52,000 bonds was defeated by a vote of
55 "for" to 360 "against."
-Local
-BONDS PROPOSED.
BEE COUNTY (P. 0. Beeville), Tex.
papers state that an issue of $200,000 road bonds is proposed.
-Pro-BOND OFFERING.
BENTON COUNTY (P. 0. Fowler), Ind.
posals will be received by B. Hawkins, County Treasurer, until 10 a. in.
March 20 for $10,900, $7,250, $10,720 and $13,140 4% 1-10-year serial
highway improvement bonds.
-On Mar. 11
BERESFORD, Union County, So. Dak.-BOND SALE.
the $25,000 5% 5 -year water-works bonds dated Apr. 1 1918 (V. 106,
-20
p. 730) were awarded to John Nuveen & Co. of Chicago for $25,012
(100.048) allowing $1,580 for oxpenses. Denom. $500.
-BOND SALE.
-The $77,500
BLACKWELL, Kay County, Okla.
water-works extension, $82,500 electric-light extension and $15.000 fireds a = eil
l
ris
0g5-ien bortiave u n zo d by the voters at an election held
,
,
uaratus
r
t
v07
BLUE CREEK TOWNSHIP SCHOOL DISTRICT, Adams County,
-Proposals will be received by Chas. J. Jones,
Ind.
-BOND OFFERING.
Township Trustee (P. 0. Berne R. F. D. No. 2) until 2 p. m. March 26
for $12,000 and $6,000 5% 1-10-year serial school bonds.
-An issue
-BOND SALE.
BOONE COUNTY (P. 0. Harrison), Ark.
of $175,000 Jefferson highway bonds has been sold to St. Louis investors
at 93, it is stated.
BOONTON SCHOOL DISTRICT (P. 0. Boonton), Morris County,
-Proposals will be received by George W.
N. J.
-BOND OFFERING.
Blanchard, District Clerk, until 8 p. m. Apr. 1 for $12,000 5% tax-free
serial coupon school-site bonds. Denom. $1,000. Date Apr. 1 1918.
Int. (A. & 0.) payable at Boonton National Bank. Bonded debt (incl.
this issue), $60,000. Assess. val., $2,500,000.
-Bids will
-BOND OFFERING:
BOSSIER CITY, Bossier Parish, La.
be received until 7 p. m. on Apr. 30, it is stated, by U. W. Hutchings,
City Clerk, for $30,000 5% water works bonds. Int. ann. Cert. check
for 2% required.
BRADDOCK, Emmons County, No. Dak.-BOND ELECTION.
Reports state that an election will be held Mar. 25 to vote on a proposition
to issue $3,400 6% fire-building and equipment, general building and
street-impt. bonds. Denom. $100. Int. semi-ann. Due 1938.
BRIDGEPORT, Conn.
-BOND SALE.
-The 3900,000 5% streetimpt. bonds, dated Apr. 1 1918, recently authorized (V. 106, p. 1053)
were awarded at private sale, it is stated, to Hincks Bros. & Co. of Bridgeport and Harris, Forbes Co. of Boston, jointly. Due serially from 1923
to 1947 incl. The bonds are being offered to investors on a 4.70% basis.
-TEMPORARY LOAN.
BRIDGEWATER, Plymouth County, Mass.
-A temporary loan of $50,000, issued in anticipation of revenue, dated
March 11 and maturing Nov. 1 1918, was mfarded, it is stated, to the
Wildey Savings Bank of Boston at 5.30% discount, it is stated.
-TEMPORARY LOAN.
BROCKTON, Plymouth County, Mass.
The temporary loan of $200,000, dated March 14 and maturing Nov. 7
1918, offered on March 12 (V. 106, p. 1053) was awarded to the National
City Co., New York, at 5.30% discount plus $5 25 premium. Other
bidders were:
Discount.
Discount.
R. L. Day & Co., Boston_ _ _ _5.34% A. Perry & Co., Boston
5.46%
S. N. Bond & Co., New York_5.34%
-BOND SALE.
BUFFALO, Erie County, N. Y.
-The $182,957 4,%
153' -months deficiency bonds dated Mar. 15 1918 and offered without
success on Mar. 8 (V. 106, p. 1053), were subsequently awarded to the
Marine National Bank of Buffalo at par and int.
-The following 4% bonds aggregating $59,636 86 were
BOND SALES.
purchased at par by the City Comptroller for the account of various
sinking funds during the month of February:
$51,594 92 Sundry dept. bonds. Date Feb. 1 1918. Due July 1 1918.
8,041 94 Public works bonds. Date Feb. 15 1918. Due Feb. 15 1919.
BURLINGTON, Alamance County, No. Caro.
-BOND SALE.
-On
Mar. 12 Harris, Forbes & Co. of N. Y. were awarded the $125,000 6%
-year street-impt. bonds dated Apr. 1 1918 (V. 106, p. 1053) for $125,1-20
726 (100.58) and int.
SE
[VOL. 106.
Financial Statement.
Estimated value of taxable property
--$7,000,000 00
Assessed value taxable property last assessment (1917)
3,161,174 00
Value of municipal property
200,000 00
Bonds outstanding
$320,000 00
Floating indebtedness
125,000 00
Total indebtedness (including this issue)
Sinking funds in treasury
Total of deductions
$445,000 00
$25,935 99
254,269 32
Net indebtedness'$190,730 68
There is no civil division except the Burlington City School District
whose territorial limits are approximately coterminous with those of the
city of Burlington, and said school district has no separate indebtedness.
City tax rate, $1 58 per $100. Popula.(1910 census),4,808;'18 (est.),6,00
CAMBRIA (Town), Niagara County, N. Y.
-BOND SALE.
-On
Feb. 28 the Farmers & Mechanics Say. Bank of Lockport was awarded at
par $5,628 95 5% road bonds. Date Feb. 28 1918.
CANTON, Starke County, Ohio.
-BOND OFFERING.
-Proposals
will lie received until 12 m. Mar. 18 for the following bonds:
$2,000 5% 10-yr. coupon City Auditorium bonds. Denom. $1,000.
Date Sept. 1 1917.
2,000 534% 8-yr. Fourth Street (city's portion) bonds. Denom. $1,000.
Date Sept. 1 1917.
24,000 5% water works bonds. Denom. $3,000. Date Mar. 1 1917.
Due $3,000 yearly on Mar. from 1940 to 1947, incl.
Int. semi-ann. payable at the office of the City Treasurer. Cert. check
on some solvent bank of Canton for 5% of the amount of bonds bid for
payable to the City Treasurer required. Purchaser to pay accrued int.
and furnish blank bonds. A certified copy of the abstract showing the
legality of this issue will be furnished the successful bidder. Bonds to be
delivered and paid for within ten days of tho time of award.
BONDS AUTHORIZED.
-The City Council has also passed an ordinance
authorizing the issuance of $2,500 554% coupon water-tank wagon bonds.
Denom. $500 and $1,000. Date March 1 1918. Due March 1 1928.
Principal and semi-annual interest(M.& S.) payable at office of City Treas.
-At an election
CARROLL, Wayne County, Neb.-BONDS VOTED.
held March 5 $9,500 heat and lighting-system bonds carried by a vote of
75 to 5, it is stated.
-On March 5
-BONDS VOTED.
CHARLESTON, Coles County, Ills.
a proposition to issue $20,000 5% 1-10-yr. serial water works impt. bonds
carried by a vote of 627 to 190. The bonds will probably be offered for
sale the latter part of this month or the first of April.
CHOUTEAU COUNTY SCHOOL DISTRICT NO. 36, Chauteau
-Proposals will be received by
-BOND OFFERING.
County, Mont.
R. 11. Duhl, Clerk of School Trustees (P. 0. Power), until Mar. 18 for
$2,000 coupon 15-20-yr. (opt.) school-site, bldg. and equipment bonds at
not exceeding 6C/ int. Denom. $100. Cert. check for $100, payable to
above Clerk,required.
-BOND OFFERING.
CLAY COUNTY (I'. 0. West Point), Miss.
L. J. Howard, Clerk of Board of County Supervisors, will receive bids, it is
stated, until 2 p. in. Apr. 1 for 840,000 6% road bonds.
-Additional information
CLEVELAND, Ohio.
-BOND OFFERING.
is at hand relative to the offering on Apr. 1 of the three issues of coupon
park bonds, aggregating $184,000-V. 106, p. 1053. Proposals for these
bonds will be received until 12 m. on that day by C. J. Neal, Director of
Finance. The bonds answer the following description:
% bonds. Date Nov. 1 1917. Due $1,000 yearly on Nov. 1
$8,000
from 1918 to 1925, incl.
50,000 5% bonds. Date Feb. 1 1918. Due $2,000 yearly on Feb. 1
from 1919 to 1943, incl.
126,000 534% bonds. Date Mar. 1 1918. Due $14,000 Nov. 1 1918
and $28,000 yearly on Nov. 1 from 1919 to 1922, incl.
Denom. $1,000. Prin. and semi-ann. int. payable at the American
Exchange National Bank, N. Y. Cert. check (or cashier's check) for 3%
of the amount of bonds bid for upon some solvent bank other than the one
bidding, payable to the City Treasurer, required. No bids will be entertained unless made on a blank form furnished by the Director of Finance.
Purchaser to pay accrued interest.
COAL TOWNSHIP SCHOOL DISTRICT (P. 0. New Straitsville)
-Sealed bids will be received
-BOND OFFERING.
Perry County, Ohio.
until 12 m. to-day (Mar. 16) by Alex Porter, Jr., Clerk of Bd. of Education,
for $4,000 6% gold coupon school bldg. bonds. Auth. Secs. 7630-1,
subject to provisions of Secs. 7625-6-7, Gen. Code. Denom. $500. Date
Mar. 16 1918. Int. semi-ann. (M. & S.) payable at the office of the
Treasurer of Bd. of Education. Due $1,000 yearly on Mar. 16 from 1920
to 1923 incl. Cert, check for 5% of bid payable to the Treas. required.
CONTINENTAL VILLAGE SCHOOL DISTRICT (P. 0. Con-No sale was
-BONDS NOT SOLD.
tinental), Putnam County, Ohio.
made of $2,350 534% school bldg. heating system bonds offered on Feb.
25, owing to the fact, we are advised, that bidders did not comply with
notice of sale." Denom. 4 for $500 and 1 for $350. Date Mar. 1 1918.
Int. semi-ann. J. H. Young is Clerk Board of Education. ,
CORNING VILLAGE SCHOOL DISTRICT (P. 0. Corniii7)7P7r7
-On Mar. 4 Seasongood & Mayer of
County, Ohio.
-BOND SALE.
Cincinnati were awarded $4,500 6% school bonds, for $4,559, equal to
101.31. Denom. $500. Date Mar. 4 1918. Int. M. & S. Due $500
yearly on Mar. 4 from 1920 to 1928 incl. Other bidders were:
J. C. Mayer Sr Co., Cin___$4,556 25ITillotson & Wolcott, Cleve.$4,524 30
Well Roth & Co., Cin
4,528 501W. L. Slayton & Co., Tol__ 4,521 60
COVINGTON, Alleghany County, Va.-BOND AUTHORIZED.
Recently $30,000 school building bonds was authorized, it is stated, by
the Legislature.
-It is
-BONDS DEFEATED.
CROOKSTON, Polk County, Minn.
stated that a proposition to issue $536,000 water and light plant purchase
bonds was defeated.
DEEPWATER SCHOOL DISTRICT (P. 0. Deepwater), Henry
-Proposals will be received until
County, Mo.-BOND OFFERING.
6 p. in. Mar. 18 by the Secretary Board of Education for $16,000 5-20-yr.
serial bonds. Denom. $500. Int. ann. Bids are requested for bonds
bearing 534 and 6% int.
-BONDS NOT SOLD.
DELAWARE COUNTY (P. 0. Muncie), Ind.
No sale was made of the $5,200 434% 1-10 serial John Stafford et al high-Vol. 106, p. 840.
way impt. bonds offered on Feb. 28.
-It is
DES MOINES, Union County, N. Mex.-BOND ELECTION.
stated that an election will be held to veto on a proposition to issue $50,000
water and light plant improvement bonds.
"
DE SOTO COUNTY (P. 0. Arcadia), Fla.-BON/5 OFFERING.Proposals will be received until Apr. 12 by B. Vance, Clerk Bd. of County
Commrs., for $330,000 6% 5-50-year road and bridge bonds. Auth. vote
of 254 to 51 at election held Mar. 7 1918.
DUBLIN, Laurens County, Ga.-BONb OFFERING.
-Sealed bids
will be received until 3 p. m. April 4, it is stated, by I. Bashinski, Mayor,
for $35,000 street, $25,000 school and $15,000 water 5% 2634-yr. average
bonds. Interest semi-annual.
-BOND SALE.
-The Harris
FAIRFIELD, Jefferson County, Iowa.
Trust & Savings Bank of Chicago was recently awarded, it is stated,
$35,500 funding bonds for $35,641, equal to 100.40.
FAIRFIELD SCHOOL DISTRICT (P. 0. Fairfield), Teton County,
-An election will beheld on April 6, it is
Mont.
-BOND ELECTION.
stated, to vote on a proposition to issue $10,000 school bonds.
-BONDS VOTED.
FAYETTE COUNTY (P. 0. Vandalia), Ills.
On Mar. 5 a proposition to iSSUO $142,000 5% 1-10-yr. serial road constr.
bonds carried by a vote of $2,823 to 1,655. G. A. Brown is County Clerk.
-BOND OFFERFRANKLIN COUNTY (P. 0. Columbus), Ohio.
ING.
-Sealed proposals will be received until 10 a. in. Apr. 2 by F. M.
Ranck, Clerk Board of County Commissioners, for $750,000 5% gold
flood emergency bonds. Auth. Secs. 3, 4, 5 and 6, Gen. Code. Denom.
$1,000. Date Apr. 1 1918. Prin. & semi-ann. int. (A. & 0.) payable at
office of the County Treas. Due $28,000 Apr. 1 1919 and $38,000 yearly
on Apr. 1 from 1920to 1938 incl. Cert. check (or cash) on some solvent
national bank or trust company, for 1% of the amount of bonds bid for,
payable to the Board of County Commissioners, required. Purchaser to
•
..1..0.1.1••••••
MAR. 16 1918.1
THE CHRONICLE
pay accrued int. A complete transcript of all proceedings had in the matter
of the issuing and sale of these bonds will be furnished the successful bidder
at the time of the award, and bids conditions on the acceptance of bonds bid
upon only the approval of said proceedings by the Attorney of the bidder
will be accepted and considered, and a resonable length of time will be
allowed the successful bidder for examination of said transcript before
requiring compliance with the terms of this advertisement or of bids made
thereunder.
-BOND OFFERING.
GALLIA COUNTY (P. 0. Gallipolis), Ohio.
Sealed bids will be received until 1 p. in. Apr. 2 by Amos Boggs, President
Board of County Commissioners for $40,000 6% refunding bonds. Auth.
Secs. 5656-58 and 59 Gen. Code. Denom.$500. Date Apr. 6 1918. Int.
A.& 0. Due $20,000 on Apr.6 in each of the years 1927 and 1928. Cert.
check for $3,000 required. Purchaser to pay accrued int.
LONG PRAIRIE LEVEE DISTRICT, Lafayette County, Ark.
-The Wm. It. Compton Co. of St. Louis and elsewhere was
BOND SALE.
awarded $217,000 6% tax-free bonds. Dated Feb. 1 1918. Due serially
from 1923 to 1942, Inclusive.
McHENRY COUNTY (P. 0. Towner), No. Dak.-BOND SALE.
Sidney Spitzer & Co. and Stacy, Braun & Co., both of Toledo, were awarded
jointly $350,000 seed and feed bonds.
-Carl W.
-BOND OFFERING.
MADISON, Darke County, Ohio
Thomas, Village Clerk, will receive proposals until 12 in. Mar. 25 for $4.000
6% fire protection bonds. Denom. $400. Date Dec. 1 1917. Int. ann.
Due 840() each six months from June 1 1919 to Dec. 1 1923 incl. Purchaser
to pay accrued int.
-BONDS AUTHORIZED.
MANSFIELD, Richland County, Ohio.
An ordinance was passed Mar. 5 providing for the issuance of 85,000 5%
sanitary sewer bonds.
-BOND SALE.
MATAGORDA COUNTY (P. 0. Bay City), Tex.
The County Judge has just advised us that the 835.000 5 % Road Dist.
-were
-V. 104, p. 1518
No. 8 road impt. bonds offered on Apr. 20 last
awarded to various investors at par. Denom.$1,000. Date Mar. 26 1917.
Prin. and semi-annual int., payable at the Seaborad Nat'l Bank, N. Y.
Due $1,000 yearly from 1920 to 1922 incl., $2,000 yearly from 1923 to
1933 incl. and $1,000 yearly from 1934 to 1943 incl. Cert. check for I%
of the issue required. Bonded debt, this issue only. Total assess. val.
of dist. $894,845.
-Proposals
-BOND OFFERING.
MIAMI COUNTY (P. 0. Peru), Ind.
will be received by Henry Knauff, County Treasurer, until 2 p. m. Mar. 26
for 9,000 4%% 1-20 yr. serial Palo Creek Twp. Road No. 10 bonds.
Int. M. & N.
-No
-NO BIDS RECEIVED.
MILL VALLEY. Maria County, Calif.
bids were received for 825,642 80 77 street impt. bonds offered on Mar. 5.
Due part yearly on July 1 from 1919 to 1928 incl.
-The City
-BONDS PROPOSED.
MONACA, Beaver County, Pa.
Council at its meeting on Mar. 6 passed on first reading, it is stated, an
ordinance authorizing the issuance of funding and water plant impt.
bonds.
-On
-BOND ELECTION.
MONROVIA, Los Angeles County, Cal.
April 23. it is reported, an election will be held to vote on a proposition to
issue $42,500 municipal water-system-impt. bonds.
-Additional information
-BOND OFFERING.
MONTANA (State of).
Is at hand relative to the offering on Mar. 20 of the $500.000
6% coupon war defense bonds-V. 106, p. 1054. Proposals for
these bonds will be received until 2 p. in. on that day by D. A. McFatridge,
Clerk of the State Board of Examiners at Helena. Denom. $500. Date
Mar. 20 1918. Prin. & semi-ann. Int.(M. & S.) payable at office of State
Treasurer, Helena. Due in 5 years, subject to call at any interest paying
date or within 30 days thereafter. Certified check for I% of the amount
of the bid, payable to the State Board of Examiners, required.
-BOND ELECTION
GONZALES COUNTY (P. 0. Gonzales), Tex.
PROPOSED.
-Petitions are being circulated, it is stated, asking the Commissioners' Court to grant an election to vote on the issuance of $200,000
road bonds.
-BOND OFFERING.
GRANT COUNTY (P. 0. Marion), Ind.
Proposals will ho received by Mort McRae, County Auditor, until 2 p. m.
Apr. 24 for $:35,000 5% bridge bonds. Denom. $1,000. Date Jan. 11918.
Int. ann. l'urchaser to pay accrued int.
GROTON SCHOOL DISTRICT (P. 0. Groton), Brown County,
-Proposals will be received until 10 a. m.
So. Dak.-BOND OFFERING.
April 8, it is stated, by Angus McKiver, Clerk of Board of Education, for
383.000 school bonds. Certified check for $5,000 required.
-TEMPORARY
HAMPDEN COUNTY (P. 0. Springfield), Mass.
LOAN.
-A temporary loan of $175,000, issued in anticipation of taxes.
maturing Nov. 8, was awarded on March 13 to S. N. Bond & Co. of New
York at 5.20% discount, it is stated.
HARRISBURG SCHOOL DISTRICT (P. 0. Harrisburg), Dauphin
-Additional information is at hand
County, Pa.
-BOND OFFERING.
relative to the offering on March 25 of the 8230,000 4 % coupon tax-free
school bonds
-V. 106, p. 1054. Proposals for these bonds will be received
until 3:30 p. in. on that day by D. D. Hammelbaugh, Secretary. Auth.
vote of 6,555 to 4,295 at election held Nov. 7 1916. Date Feb. 1 1918.
-payable at Treasurer's office.
Principal and semi-ann. int.-F. & A. Feb. 1
from
Duo $38,000 Feb. 11923, 87,000 yearly on 1948, incl. 1924 to 1931, incl..
Certified check for
on Feb. 1 from 1932 to
and $8,000 yearly
Official circular states that
2% of par value of bonds bid on required. or threatened
concerning the
there Is no controversy or litigation pending or
boundaries of the District,
validity of the bonds, the corporate existence
or the title of the present officers to their respective offices. .
Financial Statement.
$67,125.000 00
Estimated real value of taxable property
1917
53,800,000 00
Assessed valuation of taxable property, this issue
1,623,900 00
Total bonded debt of district, including
101,138
sinking funds
Amount in
1,587,000 00
Value of property owned by school district
Value of property owned by school district when new build2,287.000 00
ings are completed
10 mills
Tax rate, school purposes
Population, 1910 Census, 64,186; 1918 (est.), 70,754.
HASTINGS SCHOOL DISTRICT (P. 0. Hastings), Adams County,
-The voters on March 18 will decide whether
Neb.-7301VD ELECTION.
they are in favor of issuing $100,000 10-20-year opt. school-building bonds
exceeding 6% interest.
at not
HIGHLAND PARK SCHOOL DISTRICT (P. 0. Highland Park),
-On Mar. 7 the Highland Park
-BOND SALE.
Wayne County, Mich.
State 13ank was awarded the $325,000 5% coupon high-school-impt. bonds
-for $325,450
-and int.
-100.138
dated Mar. 15 1918-V. 106, p. 949
Due Mar. 15 1933.
-BOND ELECTION.
-An
HILL COUNTY (P. 0. Havre), Mont.
election will be held, it is stated, on March 22 to vote on a proposition to
issue $100,000 seed bonds.
HILL COUNTY SCHOOL DISTRICT NO. 18 (P. 0. Fres.no), Mont.
-Sealed bids will be received until Mar. 23, it is stated,
BOND OFFERING.
by Tony Schend, Dist. Clerk, for $5,929 6% 18-20-yr. school site, bldg.
7
,
1 ..0s-ifit.444 ...
and furnishing bonds.
-BOND OFFERING.
-C.A.Ear,
HOLGATE, Henry County, Ohio.
will receive bids until 12 in. .Apr. 9 for $3,800 6% coupon
Village Clerk,
refunding bonds. Auth. Sec. 3916 Gen. Code, Denom. 6 for $500 and
1 for $800. Date Mar. 1 1918. Int. ann. Duo $500 yearly on Mar. 1
from 1923 to 1928 and $800 Mar. 1 1929. Purchaser to pay accrued int.
-BIDS.
-The other
HOLLEY (Village), Orleans County, N. Y.
bids received for the $55,000 5% coupon water bonds awarded on Feb. 25
Co. of New York at 101.78 and int. (not 101.87 as first
to H. A. Kahler &
as follows:
reported-V. 106, p. 949) were
Geo.B. Gibbons & Co., N. Y.101.61811. W. Sherrill & Co., Poughk.._101.04
100
Harris, Forbes & Co., N. Y__101.3331Payson & Co
-BOND SALE.
HUNTINGTON COUNTY (P. 0. Huntington), Ind.
1-10-yr. serial John Turpin at al highway impt. bonds
-The 816,560 4
of Salamomo Twp., dated Feb. 1 1918, and offered on Feb. 20-V. 106,
p. 7:31-were awarded to investors of Huntington and Lafontaine at par
and Int.
-BOND SALE.
-On Mar. 11
IDA COUNTY (P. 0. Idagrove), 10.
Geo. M. Bechtel & Co. of Davenport were awarded the $20,000 5% funding bonds offered on that date. V. 106, p. 1054. Duo $1,000 each six
months.
-Local news-NOTE SALE.
IRONTON, Lawrence County, Ohio.
papers state that the Fifth-Third Nat. Bank of Cincinnati was awarded
$93,860 6% 5-yr. street-impt. notes for $95,710 (101.971) and int.
-BOND OFFERING.
-Scaled
KENTON, Hardin County, Ohio.
bids will be received until 12 M. Mar. 30 by Charles C. Stevenson, City
Auditor, for $28,000 5% coupon refunding bonds. Denom. 81,000. Date
Apr. 1 1918. Prin. and semi-ann. int. (A. & 0.) payable at the office of
the City Treasurer. Due 81,000 each six months trom Apr. 1 1928 to
Oct. 1 1941 incl. Cert. check for 5% of the amount of bonds bid for,
payab o to the above City Auditor, required. Delivery of bonds will be
made as soon as possible after purchase.
KING COUNTY INDEPENDENT HIGHWAY DISTRICT NO. 1
-On Feb.9 the 815,000 6% 11-20-BOND SALE.
(P. 0. Seattle), Wash.
year serial highway bonds, dated Feb. 15 1918-V. 106, p. 518-were
awarded to John Ii. Price & Co. of Seattle for $15,011, equal 100.073.
Denoin. $500. Int. J. & J.
LAKE COUNTY (P. 0. Crown Point), Ind.
-BONDS NOT SOLD.
No sale was made of the two issues of 43'i % 1-10-year serial road bonds
aggregating $138,000 offered on Mar. 1. V. 106, p. 1054.
LAKEWOOD SCHOOL DISTRICT (P. 0. Lakewood), Cuyahoga
-P. T. I1arrold, Clerk of Board of
County, Ohio.
-BOND OFFERING.
Education, will receive bids until 7:30 p. in. Mar. 26, it is stated, for
890,000 5% 17
-year aver, school bonds. Int. semi-annual. Certified
check for 5% required.
-An issue of
-BOND SALE.
LANESBORO, Carroll County, Iowa.
$7,000 electric-light bonds authorized by a vote of 67 to 2 on Mar. 8 has
been sold.
LAPORTE COUNTY (P. 0. Laporte), Ind.
-BONDS PROPOSED.
Local papers state that an issue of $57,000 highway bonds will be put on
the market.
-The
-BONDS AUTHORIZED.
LEE COUNTY (P. 0. Jonesville).
Legislature recently authorized, it is stated, the issuance of road bonds.
11
LINCOLN COUNTY (P. 0. Iyanhoe), Minn.-BOND SALE.-Reh
ireVeysta .to
11.
N5 9
1; 00 was recently awarded to the Wells &
Minneapolis
-On
LOGAN COUNTY (P. 0. Bellefontaine), Ohio.
-BOND SALE.
-12-year aver, ditch bonds dated Mar. 1 1918
Feb. 11 the $18,000 534% 2 7
V. 106, p,950) were awarded to Seasongood & Mayer of Cincinnati for
$18,021 (100.116) and int. Other bidders were:
$18,007 20
Sidney Spitzer & Co., Toledo
18,005 00
Durfee, Niles & Co., Toledo
18,000 00
Bello Centro Bank Co.. Belle Centre
r
1153
MOUNT UNION SCHOOL DISTRICT (P. 0. Mt. Union), Henry
-At an elec(ion held on Mar. 9 835,000
-BONDS VOTED.
County, la.
school building bonds were authorized, it is stated, by a vote of 137 to 62.
NACHES-SELAH IRRIGATION DISTRICT (P. 0. Selah), Yakima
-Of the 8300.000 6%
-BONDS AWARDED IN PART.
County, Wash.
canal impt. bonds offered on Mar. 12-V. 106, p. 950-8200.000 were
awarded to Ferris & Hardgrove and the Union Trust Co. of Spokane
jointly at 95.
-The other bids received for the four
-BIDS.
NASHVILLE, Tenn.
Issues of 5%, coupon (with privileges of registration) bonds, aggregating
8 to the lIarris Trust & Savings Bank of
$505,000, awarded on Mar.
Chicago for 8500,657, equal to 99.14.-V. 106, p. 1054-were:
Continental & Commercial Trust & Say. Bank, R. H. Rollins &
$498,182 50
Sons and R. M.Grant & Co., Chicago
Mercantile Union Trust Co., Jackson, Tenn., and Win. R.
497,980 50
Co., New York
Compton
Field, Richards & Co., Cincinnati: Hornblower & Weeks,
497,819 00
Mississippi Valley Trust Co., and Whittaker & Co
07 041 80
495:7 8 00
13Iodget & Co., Boston
National City Co., New York
495,354 50
Nashville Trust Co.. Nashville
Cladwell & Co. Nashville; Mercantile Trust Co., St. Louis;
Well, Roth tir: Co., Cincinnati: Seasongood & Mayer, Cin492,652 75
cinnati, and Kauffman-Smith-Emert Inv. Co., St. Louis
Breed. Elliott & Harrison, Cincinnati (police station, fire hall
196,779 50
and grammar bonds only)
0
15 .
7 00 A n
-BONDS AUTHOR;7 5%
NEWARK, Licking County, Ohio.
ordinance was passed on March 4 authorizing the issuance of
coupon fire apparatus (city's portion) bonds. Auth. Secs. 3820-1, Gen.
Code. Denom. $1.000. Date April 1 1918. Int. A. & 0. Due 82,000
yrly. on April 1 from 1919 to 1925 incl. and $1,000 on April 11926.
-BOND OFFERNEWBURY COUNTY (P. 0. Newbury), S. Caro.
-Proposals will be received by J. C.Sample, Clerk of Board of County
ING.
Supervisors, until April 1 for $60,000 jail bonds, it is stated.
-BOND
NEW HANOVER COUNTY (P. 0. Wilmington), No. Car.
-An election is to be held to vote on the issuance
ELECTION PROPOSED.
of $250,0J0 school-house bonds, it is stated.
-BOND OFFERING.NEW MADISON, Darke County, Ohio.
Sealed bids will be received until 12 m. Mar.25 by Carl W.Thomas, Village
Clerk, for 84,000 6% fire-protection bonds. Denom. $400. Date Dec. 1
1917. Interest annual. Due 8400 each six months from June 1 1919 to
Dec. 1 1923, inclusive. Purchaser to pay accrued interest.
-On Mar. 11 the $10,000
-BOND SALE.
NIAGARA FALLS, N. Y.
2-7-yr. serial paving and the 815,000 10-yr. municipal bldg. bonds, dated
-were awarded as follows:
Nov. 1 1917-V. 106. p. 1054
$10,000 paving bonds to II. A. Kahler & Co. of N. Y.for $10,038 (100.38)
for 5s.
15,000 Municipal building bonds to the Wm. R. Compton Co. of N. Y.
for 815.006 50 (100.043) for 4.70s.
Other bidders were:
$15,000 Issue.
$10,000 Issue.
$10.020 00 for 5s 815,175 00 for 5s
C. W. Whitis & Co., N.Y
15.030 00 for 4.85s
10,015 00 for 5s
Geo. B. Gibbons & Co., N. Y
15,225 00 for 5s
10,013 00 for 5s
13. J. Van Ingen & Co., N.Y
15,021 00 for 4.80s
10.009 00 for 5s
Harris, Forbes & Co., N Y
15.169 80 for 5s
10,009 00 for 5s
Hornblower & Weeks, N Y
15,004 65 for 4.858
Isaac W. Sherri! & Co., Poughlele_ 10.005 00 for 5s
0. Norman), Cleveland Cour",
NORMAN SCHOOL DISTRICT (P.
-Reports state that on Mar. 19 an election wil
Okla.
-BOND ELECTION.
be held to vote on the question of issuing 822,000 school bonds.
EAST (Borough) SCHOOL DISTRICT (P. 0. North
NORTH
-Lyon, Singer & Co. of Pittsburgh
-BOND SALE.
Erie County, Pa.
have been awarded 86.5,000 57, tax-free coupon (with privilege of regis$1,000. Date April 1 1918. I'rin. and int.
tration) bonds. Denom.
payable at the National Bank of North East. Due $5.000 on April 5
In each of the years 1923, 1927, 1930, 1933, 1936. 1938, 1940, 1942, 1944.
1945, 1946, 1947 and 1948. Legality approved by Reed, Smith, Shaw
& Beal of Pittsburgh.
Financial Statement.
$3,000,000
Real valuation (estimated)
1,317,114
Assessed valuation (1917)
75,000
Bonded debt (including this issue)
,
Population 1917, 3,000. Incorporated 1834.
NORTH EAST TOWNSHIP SCHOOL DISTRICT (P. 0. North
-An issue of $50.000 57, tax-BOND SALE.
East), Erie County, Pa.
free coupon (with privilege of registration) bonds were awarded to Lyon,
Singer & Co. of Pittsburgh. Denom. 81,000. Date April 1 1918. Principal and int. payable at the First National Bank of North East. Due
$5,000 on April 1 in each of the years 1925, 1929, 1933, 1936, 1939, 1941.
1943, 1945, 1947 and 1948. Legality approved by Reed, Smith, Shaw
& Beal of Pittsburgh.
Financial Statement.
$3,500,000
Real valuation (estimated)
1,750,037
Assessed valuation (1917)
50.000
Bonded debt (including this issue)
2,500. Incorporated 1810.
Population 1917 (est.),
1154
THE CgRONICLE
NEW YORK CITY.
-SALE OF CORPORATE STOCK NOTES AND
[VoL. 106
.5
Denom. $500. Date Apr. 1 1918. Prin. and
)
REVENUE BILLS.
-The $12,000,000 corporate stock notes dated Mar. 12 payable at the office of the Board of Education. semi-ann. 11(A. & 0.)
Due $500 y rly on Oct.
1918 and maturing June 28 1918 and the $8,000,000 revenue bills dated 1 from 1919
incl., $500
25 to 1920
Mar. 12 1918 and payable July 8 1918 offered at public sale by City Comp- incl. Cert. to 1924for $100 Apr. 1 and $1,000 Oct. 1 from
check
upon some solvent bank in Lake County.
troller Craig on Tuesday last
-V. 106, p. 1054
-were awarded to the payable to the Treasurer of said Board of Education, required. Bonds to
Guaranty Trust Co. of New York on its bid of 4.79% for "all or none." be delivered and paid
for within ten days from time of award. Purchaser
Thirty-one bids were received totaling $111,680.000.
to pay accrued
At the last public offering on Feb. 7 for $20,000,000 revenue bills, 46 bids defaulted and int. Official circular states that this district has never
were submitted, aggregating $146,880.000. The bills were awarded to the validity of that there is no litigation pending or threatened affecting
J. P. Morgan & Co. as follows: 310,000,000 maturing May 10 1918 at Floating debt these bonds. Total bonded debt (incl. this issue) $27,000.
none. Property valuation 1917 for taxes $7,343,990.
4.31% and $10,000,000 maturing May 20 1918 at 4.32%.
Actual value (est.) 812.000.000.
On Jan. 26 the city sold at public sale $5,000,000 revenue bills at interest
rates ranging from 4.45% to 4.55%. The number of bids received was
PARK COUNTY (P. 0. Livingston), Mont.
-BONE ELECTION
PROPOSED.
-Reports state that petitions are being circulated by the Park
33 and the total amount subscribed was $45,635,000.
After the bids received for Tuesday's offering had been read Comp- County Chamber of Commerce, asking for a special election to be held in
troller Craig expressed himself as being gratified at the confidence reflected the near future, to vote on the question of issuing $150,000 highway bonds.
in the credit of the city as shown by the number of bids submitted and the
PARMER COUNTY (P. 0. Farwell), Tex.-WAMVINT SALE.
satisfactory interest rates quoted at a time closely approaching the issue
of the Third Liberty Loan. The unsuccessful bidders on Tuesday were J. L. Arlitt recently purchased $25,000 road and bridge and $25,000 funding 6% 1-7-yr. warrants.
as follows:
$12,000,000 Corporate Stock Notes, Payable June 28 1918.
(4.875
14.90
5.25
4.85
Hartfield, Solari it Co. 4.91
Spencer Trask & Co_ -14.97
Hountze Bros
15.03
Barr & Schmeltzer
15.09
15.15
15.21
15.27
15.33
(5.39
Salomon Bros.& Hutzler (all or any part). 4.89
(All or none)
4.86
4.98
4.995
5
5.01
5.02
5.03
Public National Bank. 6.04
15.05
5.06
5.07
5.08
5.085
5.09
4.90
Equitable Trust Co_ 44.95
5
$25,000
14.705
$50,000
75,000
4.71
50,000
200,000
4.715
50,000
100,000
4.72
50,000
100,000 Mechanics' Bank,
4.725
50,000
100,000
Brooklyn
14.73
50.000
100,000
4.735
50,000
100,000
4.74
50,000
100,000
4.745
50.000
100,000
4.75
50,000
100,000 National Thrift Bond
100,000
Corporation
5.25
50,000
100,000
14.85
400,000
14.875
400,000
12,000,000
4.90
400,000
12,000,000 Central Trust Co
4.925
450,000
50,000
4.95
450,000
60,000
4.975
450,000
50,000
5
450.000
50,000 Brown Bros. & Co
5
250,000
50,000
5.05
250,000
50,000 Liberty National Bank 4.99
500,000
50,000 Alexandre & Burnet
4.75
150,000
50,000 Chase National Bank_ 4.87
2,500,000
50,000 Mechanics' & Metals
50,000
National Bank
4.70
500,000
50,000 Samuel Kempner
5
15,000
50,000 Morris Sternbach &Co 4.75
..60,000
50,000
14.74
200,000
1,000,000
14.87
200,000
1,000,000 William Salomon & Co.1 4.99
200,000
1,000,000
5.04
200,000
5.09
200,000
$8,000,000 Revenue Bills, Payable July 8 1918.
Hartfield,Solari & Co.. 4.90
$25,000 Brown Bros. & Co....15.10
$250,000
J.P. Morgan & Co.15.15
250,000
(All or none)
4.90
8,000,000 Liberty National Bank 4.99
500,000
(All or any part)_.... 4.92
8,000,000
4.75
100,000
14.79
100,000
4.76
100,000
4.85
100,000 W.J. Wollman & Co__ 4.77
100,000
4.91
100,000
4.78
100,000
4.97
100,000
14.79
100,000
Barr & Schmeltzer
5.03
100,000 Dry Dock Savings In.
5.09
100,000
stitution
4.73
500,000
5.15
100,000 Chase National Bank.. 4.96
2,500,000
5.21
100,000 Mechanics & Metals
5.27
100,000
National Bank
4.80
500,000
5.33
100,000 Farmers' Loan .Sc Trust
Salomon Bros.& HutaCo
4.00
1,000,000
ler (all or any part)_ 4.94 8,000,000
(4.87
200,000
(All or none)
4.86 8,000,000
14.99
200,000
The Bank for Savings_ 4.80
500,000 Wm.Salomon & Co__ _15.04
200,000
(4.90
400,000
15.09
200,000
14.925
400,000
15.14
200,000
Central Trust Co
14.95
400,000
14.975
400,000
15
400,000
Either Class, viz., Corporate Stock Notes or Revenue Bills.
14.74
5500,000
(4.80
$200,000
White, Weld & Co.....(4.84
500,000 S. N. Bond & Co
14.95
400,000
14.94
1,000,000
[4.98
400,000
1,000,000 New York Says. Bank_ 5
l5
300,000
Callaway, Fish & Co__ 4.45 .
130,000 Kuhn, Loeb & Co
4.90
1,000,000
14.97
200,0001
(5.35
1,000.000
15.05
200,000 Bernhard, Seholle &15.39
1,000,000
Blake Tiros. & Co
15.10
200,000
Co
15.41
1,000,000
15.15
200,000'
15.44
1,000,000
15.22
200,000 ,
(5.47
1,000,000
OAKLAND SCHOOL DISTRICT(P.O. Oakland), Alameda County,
Calif.
-BOND ELECTION PROPOSED.
-According to local papers the
issuance of $4,000,000 school-site and building bonds is under consideration
.
ONTARIO, Malhuer County, Ore.
-BOND OFFERING.
-Pro posals
will be received until 7:30 p. m. Mar.25 by Clay M.Stearns, City Recorder,
$100,000 10-20-yr. (opt.) water system bonds. Date Mar. 11918. Int.
semi-ann. An unconditional cert. check for 5% of the amount of bonds
bid for payable to the City Treas., required.
ORANGE, Essex County, N. J.
-BOND OFFERING.
-Further details
are at hand relative to the offering on Mar. 19 of the two issues of 5%
coupon (with'privilege of registration) gold bonds, aggregating $137.000V. 106, p. 1055. Proposals for these bonds will be received until 4 p. m.
on that day by John J. Byrne. City Clerk. The bonds are described as
follows:
$82,000 central fire-house bonds. Due $2,000 yearly on Mar. 1 from 1919
to 1926 incl. and $3,000 yearly on Mar. 1 from 1927 to 1948 incl.
• 55,000 sewer refunding bonds. Due $2,000 yearly on Mar. 1 from 1919
to 1920 incl. and $3,000 yearly on Mar. 1 from 1921 to 1937 incl.
Denom.$1,000. Date Mar. 1 1918. Prin. and semi-ann. int.(M.& S.)
payable at the Orange National Bank. Cert. check on an incorporated
bank or trust company for 2% of the amount of bonds bid for payable to
the City of Orange required. Official advertisement states that the successful bidder or bidders will be furnished with the favorable opinion of Reed
McCook & Hoyt, Attorneys of New York City. and the bonds will be
engraved under the supervision of the U. S. Mortgage & Trust Co., New
York. which will certify as to the genuineness of the signatures of the officials
and seal impressed on the bonds. Purchaser to pay accrued int.
OTTAWA COUNTY (P. 0. Port Clinton), Ohio.
-BOND OFFER-Proposals will be received until 10 a. m. March 18 by D.L. Mackey.
ING.
Co. Aud. for the following three issues a 5% coupon highway bonds
;firitittie!-Wii5 t0March 18 1919 to439 bonds. -Due 32,000 each
n03% highway No. Sept. 18 1926
months from
incl.,
six
$2,500 March 18
1927. $3,000 Sept. 18 1927 and $3,000 March 18 1928.
115,500 Inter-County highway No. 279 bonds. Due $6,000 each six
months from March 18 1919 to Sept. 18 1026 incl., $6,500 duo
March 18 1927, Sept. 18 1927 and March 18 1928.
133,500 Inter-County highway No. 52 bonds. Due $7,000 each six mos.
from March 18 1919 to Sept. 18 1927 incl. and $7,500 Mar. 18 1928.
Auth. Secs. 1178 to 1231-11, Gen. Code. Denom.$500. Date Mar. 18
1918. Int. semi-ann. (M. & S.) payable at Co. Treas. office. Cert.
check for $1,000 on a Port Clinton bank required. Purchaser to pay
accrued interest. Bonded debt (incl. these issues) Mar. 13 1918, 3529.000.
Sinking fund, $12,000. Assess. val., $40,143,090.
OXNARD, Ventura County, Cal.
-BOND OFFERING.
-Proposals
will be received by the City Clerk until Mar.19,it is stated,for 342,711 44
paving assess. bonds.
PAINESVILLE RURAL SCHOOL DISTRICT (P. 0. Painesville),
Lake County, Ohio.
-BOND OFFERING.
-Sealed bids will be received
until 12 m. Mar. 22 by C. T. Mehaffey, Clerk Board of Education, for
%Lcoupon school impt. bonds. Auth. Sec. 1629, Gen. Code.
$15,400
PELHAM (TOWN) UNION FREE SCHOOL DISTRICT NO. 1
(P. 0. Pelham Manor), N. Y.
-BOND OFFERING.
.
-Additional in-
formation is at hand relative to the offering on Mar. 26 (postponed from
March 18) of the two issues of 5% bonds, aggregating $165,000 (V. 106,
p. 1055). Proposals for these bonds will be received until 8 p. in. on that
day by T.J. James,President. The bonds answer the following description:
$50,000 bonds due 52.000 yearly on Mar. 1 from 1923 to 1947 incl.
115,000 bonds due $3.000 Mar. 1 1923 and $4,000 yearly on Mar. 1 from
1924 to 1951 incl.
•
Denom. 31,000. Date Mar. 1 1918. Int. semi-ann., payable at the
Farmers' Loan & Trust Co. of New York in Now York exchange. Cert.
check (or cash or bank draft) for 5% of the amount required. Purchaser
to pay accrued interest.
PITTSFORD UNION FREE SCHOOL DISTRICT NO. 6 (P. 0.
Pittsford), Monroe County, N. Y.
-BOND OFFERING.
-Proposals will
be received until 4 p. m. Mar. 18 by the Board of Education. Albert Forman, Clerk, for $8,000 registered bonds at not exceeding 6% int. Denom.
$500. Date Mar. 1 1918. Prin. & semi-ann. Int. (NI. & N.) payable at
some Rochester, N. Y., banking house in New York exchange. Due $500
yearly on Nov. 1 from 1922 to 1937 incl. Cert. check for $200, payable
to the above Clerk, required. Bonded debt, excluding this issue, Mar. 7
1918, 379.000. Assess. val., $1,250,000.
PORTAGE, Columbia County, Wisc.-BOND SALE.
-On Dec. 1
last the White Construction Co. was awarded at par 312.000 6% street
impt. bonds. Denom. $503. Date Dec. 1 1917. Due $3,000 yearly on
Feb. 1 for four years.
PORT ANGELES, Clallam County, Wash.
-BOND SALR.-An
Issue of $14,315.84 7% 12
-year Local Improvement District No. 50 bonds
has been awarded to contractors. Int. ann.
PORT CHESTER, Westchester County, N. Y.
-BOND SALE.
-On
March 11 H. A. Kahler & Co. of N. Y. were awarded the $14,000 5%
1-7-yr. serial refunding bonds dated April 1 1918-V. 106, p. 951-for
314,049 14 (100.351) and int. Other bidders were:
Arthur R. Wilcox
100.251G. B. Gibbons & Co., N. Y..100.173
PORTLAND, Me.
-TEMPORARY LOAN.
-A temporary loan of $300,000, in anticipation of taxes, dated Mar. 20 and payable Oct. 2 next, was
awarded on Mar. 15 to Bernhard, Scholl° & Co. of New York at 5%
discount, it is stated.
PULASKI COUNTY (P. 0. Winamac), Ind.
-BOND OFFERING.
Proposals will be received by Cecil Bachtenkercher, County Treasurer.
until 3 p. m. March 29 for $3,300
% highway-impt. bonds. Denom.
$165. Date Jan. 9 1918. Int. M. & N. Due $165 each six months
from May 15 1919 to Nov. 15 1928.
RANDALL COUNTY (P. 0. Canyon), Tex.
-DESCRIPTION OF
BONDS.
-The 350,000
-40-year (opt.) road and bridge bonds
% 10
awarded on Feb. 11 to James N. Wright & Co. of Denver at par (V. 106,
951) are in denom. of $1,000 and dated Dec. 13 1917. Int. J. & D.
P.
RENVILLE COUNTY (P. 0. Mohall), No. Dak.-BOND SALE.
The Wells & Dickey Co. of Minneapolis has been awarded the $225,000
seed and feed bonds recently authorized.
-V. 106, p. 843.
RICHVALE DRAINAGE DISTRICT (P. 0. Richvale), Butte
County, Calif.
-BONDS NOT YE7' SOLD.
-No sale has yet been made
of the $40.000 (unsold portion of an issue of $50,000) bonds offered on
Jan. 20-V. 106, p. 628.
RIVERSIDE CONSOLIDATED SCHOOL DISTRICT, Washington
County, Miss.
-BONDS VOTED.
-An additional 310,000 school bldg.
bonds was authorized at a meeting of the Board of County Supervisors on
Mar. 5, it is stated.
ROANOKE, Roanoke County, Va.-BOND OFFERING.
-Proposals
will be received until 8 p. m. Mar. 26 by P. H. Tucker, City Clerk,for
535,000 4%% 30
-year coupon fire-impt. bonds. Denom. $1,0ii0. Date
July 1 1917. Int. semi-ann. (J. & J.), payable at the office of the City
Treasurer. Cert. check for 1% of the amount of bonds bid for, payable to
the City Treasurer, required. Official advertisement states that the successful bidder must pay for the bonds within thirty days after notice of the
acceptance of the same unless some other date or dates of payment be mutually agreed upon. The bonds will be ready for delivery Apr. 1 1918.
The legality of the issue will be passed upon by John C. Thomson of N. Y.
and a copy of his opinion will be furnished to the successful bidder. The
bonds will be prepared under the supervision of the U. S. Mortgage &
Trust Co. of N. Y., which will certify as to the genuineness of the signatures of the city officials signing the bonds and tho seal impressed thereon.
The city, the official circular states has never defaulted in the payment of
obligations. Bonded debt (excluding this issue), 32,306.000. Floating
debt, none. Sinking fund, $235,783 49. Assess. val. 1917. 336,565,681.
Actual val. (est.), $65,000.000. Total tax rate (per 31.000), $17.
ROCHESTER, N. Y.
-NOTE SALE.
-On March 14 $100.000 conduit
construction notes to run for four months from March 19 were awarded to
White, Weld & Co. of N. Y. at 4.90% int., plus $7 premium. Other
bidders, all of New YorkCity, wore:
Int.% Prem.'
Int.1
% Prem.
Redmond & Co
A B. Leach & Co
4 88
5 00 $13 00
Salomon Bros.& Hutzler 4 93
I S. N Bond & Co
5 00
2 30
B
Bernhard, Scholl° & Co. 4 93
ROCKPORT, Atchison County, Mo.-BOND SALE.
-The $5,000
6% well-finishing bonds authorized by the voters on Feb. 15 (V. 106, D.
951) have been disposed of.
ROOT TOWNSHIP SCHOOL DISTRICT, Adams County, Ind.
-
BOND OFFERING.
-Proposals will be received by P. T. Schleferstein,
Twp. Trustee (P. 0. Decatur), until 2 p. m. March 27 for $16,000 5%%
-year school bonds.
8
ROTTERDAM (P. 0. Schenectady), Schenectady"County, N. Y.
-
BOND SALE.
-On Mar. 1 the Schenectady Trust Co. was awarded at
par $3,000
% highway bonds. Denom. 1500.
Due $500 yearly on
Mar. 1 from 1919 to 1924 incl. Int. ann. on Mar. 1.
RUSH COUNTY (P. 0. Rushville), Ind.
-BOND OFFERING.Sealed bids will be received until 2 p. m. March 18 by John 0. Williams,
County Treasurer, for $38,800 4%% John G. Beale et al. highway-impt.
bonds of Rushville Twp. Denom. $970. Date Feb. 15 1918. Int. M.& N.
Due $970 each six months from May 15 1919 to Nov. 15 1938 inclusive.
Purchaser to pay accrued interest.
A like amount of bonds was offered without success on Fob. 25.V. 106, p. 951.
ST. LANDRY PARISH (P. 0. Opelousas), La.
-BONDS AUTHORIZED.
-An ordinance has been passed authorizing the issuance of 35 500
road bonds to be used for road improvements in the Second Police Jury
Ward.
ST. LOUIS COUNTY (P. 0. Duluth), Minn.
-BOND OFFERING.
Proposals will be received by the County Commissioners until Mar. 27
for $500,000 5% court
-house const. bonds. Due $250,000 in Mayto1923
and May 1928. Prin. will be payable at the American Exchange Bank
New York.
*10
ST. MARTIN PARISH (P. 0. St. Martinville), La.
-BOND OFFER-Proposals will be received by L. M. Fournet, President of Police
ING.
Jury, until 10 a. m. April 8 for $300,000 bonds. Bids must be unconditional. Cert. check for 312,500. payable to the above President, required.
The successful bidder will be furnished a proper legal opinion as to the
validity of the bonds at the expense:of thelparish.
k. Ita Mil
MAR. 16 1918.]
THE CHRONICLE
-BONDS VOTED.
-It is
ST. PARIS., Champagne County, Ohio.
stated that the issuance of $5,500 bonds to pay off the light-plant indebtedness has been authorized.
-Reports state that
-BONDS SOLD.
SALEMAlarion County, Ore.
Morris Brut., Inc., of Portland recently purchased $31,569 74 6% Bancroft impt. bonds. Date Feb. 15 1918. Due Feb. 15 1928.
-BOND SALE.
-Local papers
SANDUSKY, Erie County, Ohio.
state that Spitzer, Rorick & Co. of Toledo were awarded on Mar. 1 $10,000
5% subway construction bonds at par.
SAN JOSE SCHOOL DISTRICT (P. 0. San Jose), Santa Clara
-OFFERED ATPRESENT.
County, Calif.
-The
-BONDS NOT TO BE RE
Clerk of the Board of County Supervisors advises us that the $7,000 5%
bonds offered without success on Feb. 8(V. 106. p. 843) will not be reoffered again for some time.
-BOND SALE.
SHELBY COUNTY (P. 0. Shelbyville), Ind.
-The
$10,320 434% 1-10-year serial Wm. R. Gray et at. highway-impt. bonds
Atlated Feb. 15 1918 and offered without success on Jan.
of Marion Twp.;
Harry Deprey at par and
26 (V. 106, p. 628), were awarded on Feb. 26 to
a bonus of $105.
SKAGIT COUNTY SCHOOL DISTRICT NO.3(P.O. Mt. Vernon),
Wash.
-BONDS NOT SOLD.
-No sale was made of $2,000 school bonds
offered on Mar. 2.
SOLON TOWNSHIP (P. 0. Solon), Cuyahoga County, Ohio.
BOND OFFERING.
-Proposals will be received until Apr. 5, it is stated,
% 13 1-3 yr. aver, school
by E. D. Rhoade, Twp. Clerk, for $42,000
bonds. Cert. check for 10% required.
-On Feb. 27
SPRINGFIELD, Clark County, Ohlo.-BOND SALE.
the City Sinking Fund Trustees purchased, it is stated, $15,429 5% impt.
bonds.
SPRINGFORT SCHOOL DISTRICT (P. 0. Springport), Jackson
-BONDS TO BE SOLD LOCALLY.
County, Mich.
-BONDS VOTED.
A proposition to issue $35,000 5% new school house bonds carried at a
recent election by a vote of 62 to 20. Date Apr. 1 1918. Due $2,000
yearly for 5 years and $2,500 yearly for 10 years. The bonds, we are
advised, will probably be sold to local investors at par.
-BOND SALE.
-On Mar.
SUNNYVALE, San Diego County, Calif.
4 the $2,500 5% 5-yr. fire house bonds, voted on Jan. 22-V. 106, p.
were awarded to the Bank of Sunnyvale at par and int. Denom. $500.
Date Mar. 15 1918. Int. M.& S.
-BONDS AUTHORIZED BY FEDERAL RESERVE
SYRACUSE, N. Y.
BOARD.
-It is stated in local papers that official approval of the $522,000
municipal financing program for 1918, entailing the immediate issue of
$372.000 worth of bonds for school construction and of $150.000 for intercepting.sewer and creek improvement work, was obtained from the Government on Mar. 13 through the sub-committee for the Second Federal
Reserve District of the Capital Issues Committee.
-LOAN OFFERING.
-Proposals
TAUNTON, Bristol County, Mass.
will be received by the City Treasurer, it is stated, for the purchase at
discount of a temporary loan of $100,000, issued in anticipation of revenue,
maturing Oct. 17.
TERREBONNE PARISH SCHOOL DISTRICT NO.3(P.O. Houma),
-Proposals will be received until 11 a. m. Apr.
-BOND OFFERING.
La.
2 by A. R. Viguerie, Pres. of School Board, for $75,000 5% school- building
and equip. bonds. Auth. election held July 2 1917. Denom. $1,000.
Date Feb. 11918. Prin. and ann. int. (June 1) payable at District Treasurer's office, or at Peoples Bank & Trust Co. of Houma,at option of holder.
Due yearly on Juno I as follows: $4,000 1918 to 1923, incl., $5,000 1924
to 1927, incl. $6,000 1928 to 1931, incl., and $7,000 1932. Cert. check
.
for $1.000 req uired. Purchaser to pay accrued int. All investigations as
to legality must be made before date of sale, and necessary data will be
furnished for that purpose. Official circular states that there is no controversy or litigation pending or threatening the corporate existence or the
boundaries of this school district, or the title of its present officials to their
respective offices, or the validity of these or any other outstanding bonds.
This district, proper, has no outstanding debts. It includes, however,
the City of Houma with an outstanding 12onded debt of $18,000, and it
forms a part of road districts with outstanding bonded debts of $142,000.
The property valuation of the district is $2,988,160.
THREE RIVERS SCHOOL DISTRICT (P. 0. Three Rivers), St.
-BOND ELECTION PROPOSED.
Joseph Co., Mich.
-Reports state that
an election will be held to vote on a proposition to issue $50,000 school
bldg. bonds.
TIPPECANOE COUNTY (P. 0. Lafayette), Ind.
-NO BIDS RECEIVED.
-No bids were received for the $6,400 43i 10-yr. highway
impt. bonds offered on Mar. 8.-V. 106. p. 951.
TITONKA CONSOLIDATED INDEPENDENT SCHOOL DIS-BOND ELECTION.
TRICT (P. 0. Titonka), Kossuth County, Iowa.
-An election will be held to-day (Mar. 16) at 1 p. m. to vote on a proposition to issue $8,000 school-building bonds. Wm. Bayken is Sec. of Board
of School Directors.
-BOND SALES DURING 1917.
-During the calendar
TOLEDO, Ohio.
year ending Dec. 31 1917 the City of Toledo issued $276,000 general
bonds and 3506,097 35 assess. impt. bonds, all of which were taken by the
interest. A full description of the general bonds
Sinking Fund at par and
sold is given below:
Int.
Date of
%
Date.
Amt.
Purpose.
Maturity.
Sale.
4 Apr. 1 1917 Apr. 1 1932 July 1
$21,000 Fire-police alarm
elimination_ 4 May 1 1917 May 1 1921 July 20
20,000 Mosquito
4 May 1 1917 May 1 1922 July
60,000 Street repair
4 May 1 1917 May 1 1922 Aug. 1
25.000 Library
4 May 1 1917 May 1 1947 Dec. 1
*50,000 Park
1
4 Dec. 1 1916 Dec. 1 1941 Dec. 1
100,000 Workhouse farm
* The report of this sale was given by us on another date.
The city also issued last year $300,000 5% street (city's portion) bonds
which were purchased by the State Industrial Commission at par.
-BOND OFFERING.
TULSA,Tulsa County, Okla.
-Proposals will be
received until 9 a. m. Mar. 29 by Frank Newkirk, City Auditor, for the
following ten issues of 5% coupon bonds, aggregating $1,042,600:
Utility Bonds.
$15.000 water-pumping-station (auxiliary) bonds. Auth. vote of 423
to 138. Denom. $1,000. Due $1,000 yrly. on Aug. 1 from 1922
to 1925, incl., and $1,000 yrly. on Aug. 1 from 1931 to 1941, incl.
17.500 Storage-house bonds. Denom. $500. Duo $1,500 Aug. 1 1922
and $1,000 yrly. on Aug. 1 from 1923 to 1938, incl.
20,000'convention-hall repair and equipment bonds. Denom. $1,000.
Duo $1,000 yrly. on Aug. 1 from 1922 to 1941, incl.
35,000 fire-station bonds. Denom: $1,000. Due $3,000 Aug. 1 1922
and 32,000 yrly. on Aug. 1 from 1923 to 1938, incl.
70,000 fire-alarm system bonds; Denom. $1,000. Due $6,000 Aug.
1932 and $4,000 yrly. on Aug 1 from 1923 to 1938, incl.
75,000 city-hall completion and furnishing bonds. Denom.$1,000. Due
$10,000 Aug. 1 1922, $4,000 yrly. on Aug. 1 from 1923 to 1937,
incl., and $5,000 Aug. 1 1938
'
80,000 sewer-mains onds. Deuom. $1,000. Due $8,000 yrly. on Aug.
1 from 1922 to 1941, incl.
water-pump and water mains bonds. Denom. $1,000. Due
660,000
$60,000 Aug. 1 1620 and $30,000 yrly. on Aug. 1 from 1921 to
1940, incl.
Non-Utility Bonds.
$30,000 subway and viaduct bonds. Denom. $1,000. Due $5,000 Aug.
1 from 1922, $1.000 yrly on Aug. 1 from 1923 to 1935, incl.. and
$2,000 yrly on Aug. 1 from 1936 to 1941, incl.
40,000:heavy-traffic road bonds. Denom. $1,000. Due $2,000 yrly.
on Aug. 1 from 1922 to 1941, incl.
Date Feb. 1 1918. Prin. and semi-ann. int. payable at State fiscal
agency in New York. Cert, check on some solvent bank, banking house
or trust company for 5% of each issue for which bid is made, required.
Bonds aro ready for delivery and purchasers will be furnished complete
transcript and opinion of Storey, Thorndyke, Palmer & Dodge of Boston,
and S. P. Freeling, Attorney-General of Oklahoma. Official circular says
that there has never been any defaults or contests. The utility bonds are
issued under Section 27, Article 10 of the Constitution and the non-utility
bonds under Section 26, Article 10 of the Constitution. The bonds were
also authorized by the voters at an election held July 11 last.
1155
FINANCIAL STATEMENT, FEB. 1 1918.
Warrants outstanding
$150,281 15
Less uncollected taxes
183,198 68
Balance to credit
Sinking Fund
Cash
Less warrants outstanding
$32,912 53
$176,881 29
34,600 34
InvestmentsBonds-City of Tulsa
Liberty bonds
$142,280 95
$196,600 00
10,000 00
$206.600 00
Judgments (payable 1-3 each year 1918-19-20)_ 18,239 08
$224,839 08
Total value Sinking Fund Feb. 1 1918
Assessed ValuationReal estate
Personal
Corporation
$369,120 03
1916-17.
1917-18.
$16,521,846 $26,692,060
5,323,176
8,340,894
2,492,772 3,500,992
$24,337,772 $38,533,946
Rate Taxation
State, Co..school dist. and city for 1916-17 is $32 20 per M. (City $13 20.)
State, Co., school dist. and city for 1917-18 is $32 00 per M. (City $12 40.)
-BOND OFFERING.UNION COUNTY (P. 0. Marysville), Ohio
W. H. 'Lusted, County Auditor, will receive bids until 2 p. m. Mar. 18
for the following bonds:
$8,500 6% fair-ground impt. bonds. Due $500 Oct. 1 1918 and $500 on
Apr. 1 and Oct. 1 1919; $1,000 each 6 months from Apr. 1
1920 to Oct. 1 1922 and $1,000 Apr. 1 1923.
7,000 5% Byhalia-Arbela Road bonds. Due $500 Oct. 1 1918 and $1,000
Apr. 1 and $500 Oct. 1 from 1919 to 1923, incl.
Denom. $500 and $1,000. Date Apr. 1 1918. Prin. & semi-ann. bit.
(A. & 0.) payable at office of County Treasurer. Cert. check for 5% of
amount bid required. Transcript to be supplied purchaser of proceedings
in reference to the issuance of said bonds. Successful bidder will be fur
fished with a certified transcript of all the proceedings of the Commissioner
had in reference to these bonds and such other information as may be required by the provisions of the General Code.
VIGO COUNTY (P. 0. Terre Haute), Ind.
-BOND OFFERING.
Proposals will be received by E. E. Messick, County Treasurer, until 10
a. m. Mar. 20 for $7.300 49' highway-impt. bonds. Denom. $365.
Date Jan. 15 1917. Int. M.& N. Due $365 each six months from May 15
1918 to Nov. 15 1927. inclusive.
VINTON RURAL SCHOOL DISTRICT (P. 0. Vinton), Gallia
County, Ohio.
-BOND SALE.
-On Mar. 9 the Vinton Banking Co. was
awarded at par $1,0006% school bonds. Denom. $500. Date Mar. 9
1918. Due Mar. 9 1919.
WAKEFIELD, Middlesex County, Mass.
-TEMPORARY LOAN.
A temporary loan of $100,000, issued in anticipation of taxes, dated May 14
and payable $25,000 Nov. 7, and $75,000 Nov. 15, was awarded on Mar. 14
to the Old Colony Trust Co. of Boston, at 5.33% discount, it is stated,
Old Colony Trust Co
5.33% discount
R. L. Day & Co
5.399' discount
S. N. Bond & Co
5.40% discount
WARREN COUNTY (P. 0. Vicksburg), Miss.
-BOND SALE.
-On
Feb. 5 the $63,000 6% 20-yr. serial bridge and road bonds. dated Feb. 15
1918-V. 106, p. 415
-were awarded to Seasongood & Mayer of Cincinnati
for $63,105; equal to 100.16.
WAUSA SCHOOL DISTRICT (P.0. Wausa), Knox County, Neb.BOND ELECTION.
-An election will be held, it is stated, to vote on the
question of issuing $80.000 school-building bonds.
WELLINGTON,Collingsworth'County, Tex.
-WARRANT SALE.
J. L. Arlett of Austin was recently awarded $15,000 street impt. and $5,000
water-works-impt. 6% warrants, maturing serially.
WEST ALLIS, Milwaukee County, Wis.-BONDS AWARDED.
The $50,000 5% 1-20-year serial coupon street-impt. bonds dated Sept. 1
1917, bids for which were received on Feb.9-V.106, p.844
-were awarded,
it is stated, to the Continental & Commercial Trust & Savings Bank of
Chicago for $50,568, equal to 101.136.
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
-BOND
OFFERING.
-Robert A. Patterson, County Controller, will receive proposals, it is stated, until 12 m. Mar. 20 for $41,195 5% 5 1-3-year aver.
highway bonds. Certified check for 3% required.
WILLIAMS COUNTY (P. 0. Williston), No. Dak.-BOND SALE.
The Minneapolis Trust Co. was recently awarded, it is stated, $200,000
6% grain and seed bonds, at par. Purchasers to pay for printing of bonds,
advertising and other expenses incident to the sale.
WINCHESTER, Middlesex County, Mass.
-TEMPORARY LOAN.
A temporary loan of $250,000 issued in anticipation of revenue has been
awarded to R. L. Day & Co. at 5.337 for $125,000, maturing Nov. 15
0
1918 and 5.48% for $125,000 maturing Jan. 15 1919, it is stated.
WINCHESTER, Frederick County, Va.-BONDS AUTHORIZED.
Reports state that the Legislature recently authorized the issuance of
$50.000 refunding improvement bonds.
WINSLOW TOWNSHIP SCHOOL DISTRICT, Camden County,
N. J.
-BOND OFFERING.
-Proposals will be received until 8 p. m.
March 19 by Wm. J. Thompson, District Clerk, (P. 0. Sicklerville) for
the following 5% bonds:
$3,000 Series No. 1 bonds. Due two bonds in 4, 15 and 16 years.
3,000 Series No. 2 bonds. Due one bond in 2, 3, 4, 5, 6 and 7 years.
2,400 Series No. 3 bonds. Due one $500 bond in 1, 2, 3 and 4 years and
$400 in 5 years.
Cert. check for 2% of the amount of bonds bid for required.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
WOONSOCKET, Providence County, R. I.
-BOND OFFERING.
A. J. Follet, City Treasurer, will receive proposals until 10 a. m. Mar. 19
for the $500,000 5% gold coupon (with privilege of registration) funding
bonds recently authorized-V. 106, p. 1056. Denom. $1,000. Date
Mar. 15 1918. Prin. and semi-ann. int. (M. & S.) payable at the First
National Bank of Boston. Due $17,000 yearly on Mar. 15 from 1919 to
1938, incl., and $16,000 yearly Mar. 15 from 1939 to 1948, incl. The
bonds will be engraved under the supervision of an certified as to their
genuineness by the First National Bank of Boston, and their legality will
be approved by Ropes, Gray, Boyden & Perkins, whose opinion will be
furnished the purchaser. Bonds will be delivered to the purchaser on or
about Mar. 21 1918 at the above national bank. All legal papers incident
to this issue will be filed with the above bank where they may be inspected
at any time. The bonds have also been passed by the Capital Issues
Committee of the Federal Reserve Board.
Debt Statement March 1 1918.
Bonded debt
$4.185.00000
Floating debt
800,000 00
Total debt
$4,985,000 00
Loss water bonds
$650,000 00
Less sewer bonds
359,000 00
1,009,000 00
Less total sinking funds
Loss water sinking fund
Less sewer sinking fund
31,397,854 29
$266,325 61
212,281 64
$3,976,000 00
478,607 25
919,247 04
Net debt March 1 1918
$3.056,752 96
Assessors' Valuation of the City 1917.
Real estate
$24,382,100 00
Personal
11,773,525 00
'
$38,155,625 00
property owned by the city
Assessors' valuation on
3,000,000 00
Population U. S. Census 1915, 40,075.
TEMPORARY LOAN.
-A temporary loan of $250,000 issued in anticipation of revenue, maturing July 10 1918, has been awarded to Arthur
Perry & Co. of Boston, it is stated, at 5% discount.
•
1156
THE CHRONICLE
[VOL. 106.
-
WOODBRIDGE TOWNSHIP (P. 0. Woodbridge), Middlesex
County, N. J.
-BOND OFFERING.
-Additional information is at hand
relative to the offering on March 18 of the $100,000 6% 2-yr. gold coupon
(with privilege of registration) temporary loan bonds. Proposals for these
bonds will be received until 8:30 p. m.on that day by Andrew,Keyes, Clerk.
Denom. $1,000. Date April 1 1918. Prin. and semi-ann. int, payable
in New York City. Cert. check on an incorporated bank or trust company
for 2% of the amount of bonds bid for, payable to the Township of Woodbridge, required. Official advertisement states that the successful bidder
• or bidders will be furnished with the favorable opinion of Reed, McCook
& Hoyt, attorneys of New York.
WORCESTER, Worcester County, Mass.
-TEMPORARY LOAN.
The City Treasurer awarded on Mar. 14 $200,000 city notes, issued in
anticipation of taxes, to be dated not later than Mar. 15 and maturing
Nov. 6 to Salomon Bros. & Hutzler, of New York, at 5.16% discount, it is
stated.
WORCESTER COUNTY (P. 0. Worcester), Mass.
-TEMPORARY
LOAN.
-The temporary loan of $150,000 issued in anticipation of taxes,
dated Mar. 15 and maturing Oct. 10 1918 offered on Mar. 7-V. 106, P.
1056
-was awarded to S. N. Bond & Co. at 5%% discount plus $3, it is
stated.
WYANDOTTE COUNTY (P. 0. Upper Sandusky), Ohio.
-BOND
SALE.
-On Mar. 9 the $25,120 5% coupon Sycamore Twp. road impt.
bonds, dated Mar. 1 1918-V. 106, p. 952
-were awarded to the Sycamore
State Bank at par and int. Due $1,256 each six months from Sept. 1 1918
to Mar. 1 1928, incl.
CANADA, its Provinces and Municipalities.
when the same become due or payable, and payment for services chargeable to capital account that may be authorized by the Legislature.
The reports also state that the maturing debentures this year amount to
$70,000, and the existing obligations, $200,000. This would leave $530,000
available for expenditure on capital account. Last year, it is stated, $354,000 was expended on capital account. The maturing debentures, which
are of various amounts, bear interest at 4 and *6%.
OSGOODE TOWNSHIP, Carleton County, Ont.-DEBENTURE
SALE.
-An issue of $3,500 5% 10-instaliment coupon debentures was recently awarded to Geo. A. Stimson & Co. of Toronto. Prin. and int. payable at Union Bank of Canada at Metcalfe. Debenture debt, $18,630.
Assessment $2,217,828.
PARRY SOUND, Ont.-DEBENTURE OFFERING.
-Proposals will
be received until 12 m. to-day (Mar. 16) by J. D. Broughton, Town ClerkTreasurer, for $15,000 6% coupon 30
-installment debentures. Int. ann.
Debenture debt (excl. this issue), $238,485. Further issues contemplated
in 1918, about $10,000 local improvements only. Population last roll,
6,121.
PETROLIA, Ont.-DEBENTURE SALE.
-On Mar. 4 the $26,742 52
6% debentures
-V. 106, p. 953
-were awarded to the Canada Bond Corporation, Ltd., at 94.50. Other bidders wre:
A. E. Ames & Co., Toronto_ -93.55 W. A. MacKenzie & Co., Ltd.,
W.F. Morgan Dean Co., HamToronto
ilton
93.50 C. H. Burgess & Co., Toronto_93..86
9 0
2 3
G. A. Stimson & Co., Toronto_93.50 Brent, Noxon & Co., Toronto_92.40
Aemilius Jarvis & Co., Toronto 93.17 Macnell & Young, Toronto __ _91.27
Mulholland, Bond & Graham,
G. B. Perry & Co., Hamilton 90.12
Toronto
93.15
REGINA, Sask.-DEBENTURES OFFERED BY BANKERS.
-Wood,
Gundy & Co. of Toronto, it is stated, are offering to invsetors $1,012,000
6% gold debentures dated Mar. 1 1918 and maturing Mar. 1 1923.
RIVERHURST SCHOOL DISTRICT NO. 3836, Sask.-DEBENTURE SALE.
-J. H. Kern of Moose Jaw has been awarded $4,000 debentures.
SARNIA, Ont.-DEBENTURE SALE.
-On Feb. 22 the four issues of
53 and 6% coupon debentures, aggregating $24,031 83-V. 106, p. 734
were awarded to the Industrial Mortgage & Savings Co. of Sarnia for
$23,407 70 (97.40) and int. Other bidders were:
G. A. Stimson & Co., Tor_$23,197 76 C. N.Burgess & Co. Tor_$22,957 00
W.A.MacKenzie&Co.,To. 23,061 83 C. B. Perry & Co.,}am'n 22,949 59
Brent, Noxon & Co., Tor_ 23,037 00 Macneill & Young, Tor__ 22,933 57
Canada Bond Corporation 23,032 78 Mulholland, Bird & GraW.L. McKinnon & Co.
.T. 23,019 46
ham,Toronto
22,929 00
SCOTT RURAL MUNICIPALITY, Sask.-DEBENTURE SALE.
The Great West Life_Assn. Co. has recently purchased $6,000 debentures.
it a stated.
SMITH FALLS, Ont.-DEBENTURE SALE.
-On Mar. 4 the $23,120 29 6% 20-installment local-impt. debentures (V. 106, p. 953) were
awarded, it is stated, to Mulholland, Bird & Graham.
STAMFORD TOWNSHIP, Ont.-DEBENTURE SALE.
-Newspapers
state that an issue of $15,000 6% 30
-installment debentures was sold lo-
BELLEVILLE, Ont.-DEBENTURE OFFERING.
-Proposals will be
received until Mar. 20 for $50,000 6% 10
-Instalment patriotic debentures.
CUT ARM SCHOOL DISTRICT NO. 136, Sask.-DEBENTURE
SALE.
-An issue of $1,500 debentures has been awarded to Chris. Thorvaldson of Bradenbury.
' ETOBICOKE TOWNSHIP, York County, Ont.-DEBENTURE
SALE.-Geo. A. Stimson & Co. recently purchased $36,000 6% coupon
20
-installment debentures. Prin. and int, payable at Union Bank of
Canada at Toronto. Debenture debt, $109,808. Assessment, $3,490,496.
GREEN CORN SCHOOL DISTRICT NO. 3917, Sask.-DEBENTURE SALE.
-Recently this district sold $1,800 debentures to Nay &
James of Regina.
HANOVER, Ont.-DEBENTURE SALE.
-Brent, Noxon & Co. of
Toronto have been awarded, it is stated, s40,000 6% 20
-installment debentures.
HOLTON COUNTY (P. 0. Milton), Ont.-DEBENTURE SALE.
Reports state that A. E. Ames & Co. of Toronto were recently awarded
-installment debentures at 97.67.
$114,000 6% 20
MOON LAKE SCHOOL DISTRICT NO. 3948, Sask.-DEBENTURE
SALE.
-J. H. Horn of Moose Jaw has been awarded an issue of $1,400
debentures.
NOVA SCOTIA (Government of).
-LOAN PROPOSED.
-A bill was
Introduced in the Nova Scotia House of Assembly on Mar. 4, it is stated,
which would give the Government authority to borrow $1,000,000. The cal1Y
YORK TOWNSHIP SCHOOL DISTRICT, Ont.-DEBENTURE
loan, as set forth, is intended for the payment of any of the existing obliga- OFFERING.
-Proposals will be received until Mar. 11, it is stated, for
tions of the Province, the payment of any debentures of the Province $7,000 6% 25
-instalment school debenture.
FINANCIAL
NEW LOANS
ATLANTIC MUTUAL INSURANCE COMPANY
$210,000.00
New York, January 25th, 1918.
The Trustees,in conformity with the Charter of the Company,submit the following statement of Us affairs on the
31st of December, 1917.
The Company's business has been confined to marine and inland transportation insurance.
Premiums on such risks from the lit January, 1917, to the 31st December, 1917
$11,105,619.46
Premiums on Policies not marked off 1st January, 1917
1,135,785.43
Total Premiums
$12 241,404 89
Premiums marked off from 1st January, 1917. to 31st December. 1917
311,171,853.93
Interest on the investments of the Companyreceived during the year 3404,41135
Interest on Deposits in Banks and Trust Companies, etc.
126,991.53
Rent received less Taxes and Expenses
93,474.66 3 624,877.34
Losses paid during the year
$3,513,653.20
Less: Salvages
$336,896.32
Re-insurances
553,857.68 $ 840,754.00
$2,672,899.20
Re-Insurance Premiums and Returns of Premiums
$1,913,710.65
Expenses, including compensation of officers and clerks, taxes, stationery,
advertisements, etc
$ 857,596.09
A dividend of interest of Six per cent, on the outstanding certificates of profits will be paid to th,,
holders thereof, or their legal representatives, on and after Tuesday the fifth of February next.
The outstanding certificates of the issues of 1915 and of 1916 will be redeemed and paid to the holders
thereof, or their legal representatives. on and after Tuesday the fifth of February next,from which date all
interest thereon will cease. The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent. is declared on the earned premiums of the Company for the year ending
31st December, 1917, which are entitled to participate in dividend,for which, upon application, certificates
will be issued on and after Tuesday the seventh of May next.
By order of the Board,
G. STANTON FLOYD-JONES, Secretary.
TRUSTEES.
EDMUND L.13AYLIES,
HERBERT L. GRIGGS
ANTON A. RAVEN,
JOHN N. BEACH,
JOHN J. RIKER,
SAMUEL T. HUBBARD,
NICHOLAS BIDDLE,
LEWIS CASS LED YARD,
DOUGLAS ROBINSON.
JAMES BROWN,
WILLIAM H.LEFFERTS,
JUSTUS RUPERTI
WILLIAM JAY SUHIEFFELIN,
JOHN CLAFLIN,
CHARLES D. LEVERICH,
GEORGE C. CLARK,
SAMUEL SLOAN,
NICHOLAS F. PALMER,
FREDERIC A. DALLETT,
WALTER WOOD PARSONS, WILLIAM SLOANE,
CLEVELAND H. DODGE,
CHARLES A.PEABODY.
CORNELIUS ELDER''',
WILLIAM A. &MEET.
WILLIAM R. PETERS,
RICHARD H. EWART,
GEORGE E.TURNURE,
JAMES H.POST,
G.STANTON FLOYD-JONES. CHARLES M.PRATT.
GEORGE C. VAN TUYI,Jr.
RICHARD if. WILLIAMS.
PHILIP A. S. FRANKLIN,
DALLAS B.PRATT.
A. A.RAVEN. Chairman of the Board.
CORNELIUS ELDERT, President,
WALTER WOOD PARSONS, Vice-President.
CHARLES E. FAY, 28 Vice-President.
WILLIAM D. WINTER,3rd Vice
-President.
ASSETS.
LIABILITIES.
United States and State of New York
Estimated Losses and Losses Unset$ 4,432,959.00
$ 1,185,000.00
Bends
tled in process of Adjustment
Premiums on Unterminated
Stock of the City of New York and
1,069.550.96
Stocks of Trust Companies at Banks 1,445,550.00 Certificates of Profits and Interest
Stocks and Bonds of Railroads
3,287,129.85
Unpaid
301,406.75
Other Securities
305,410.00 Return Premiums Unpaid
121,989.96
Special Deposits in Banks and Trust
Taxes Unpaid
500,000.00
Companies
- 3,000,000.00 Re-insurance Premiums on TermiReal Estate cor. Wall Street, William
nated Risks
365,667.87
Street and Exchange Place__
3,900,000.0u Claims not Settled, including ComReal Estate on Staten Island (held
pensation, etc
183,517.10
under provisions of Chapter 481.
Certificates of Profits Ordered ReLaws of 1887)
75,000.00
deemed, Withheld for Unpaid PrePremium Notes
1,009,577.74
miums
22,750.10
Bills Receivable
1,038,460.86 Income Tax Withheld at the Source....
3,135.96
Note Receivable
5,122.26 Certificates of Profits Outstanding... 5.722.590.00
Cash in hands of European Bankers
to pay losses under policies payable
Balance
5,318,322.55
in foreign countries
598,675.67
Cash in Bank and in Office
2,187,198.87
Statutory Deposit with the State of
4,765.00
Queensland, Australia
$18,041.890.25
$18,041,890.25
Balance brought down
$5,318,322.55
Accrued Interest on the 31st day of December, 1917, amounted to
$ 75,724.00
Rents due and accrued on the 31st day of December 1917, amounted to...
$ 22,201.50
Re-insurance due or accrued, in companies authorized in New York, on the 31st day (of
December, 1917, amounted to
$ 583.467.92
Note: The Insurance Department has estimated the value of the Real Estate on Staten Island
in excess of the Book Value given above, at
$ 63.700.00
The Insurance Department's valuation of Stocks, Bonds and other Securities exceeds the
Company's valuation by
$2.303,887.87
On the basis of these increased valuations the balance would be
28,387.303.84
CITY OF MINNEAPOLIS
BONDS
Sealed bids will be received by the Committee
on Ways and Means of the City Council of
Minneapolis, Minnesota, at the office of the
undersigned, WF.DNESDAY, MARCH 27TH,
1918, AT 3 O'CLOCK P. M., for $150,000 00
Main Sewer Bonds, $25,000 00 Fire Department
Bonds and $35,000 00 Hospital Bonds, and said
bonds will be dated April 1st, 1918, and to
become due and payable at a time not less than
one year, nor more than thirty years from the
date thereof, as desired by the purchaser, all
bearing interest at the rate of Four (4%) Per Cent
per annum, payable semi-annually, and no bid
or proposal will be entertained for a sum less
than 95% of the par value of said bonds and
accrued interest on same to date of delivery.
The right to reject any or all bids is hereby
reserved.
A certified check for Two (2%) Per Cent of
the par value of the bonds bid for, made to
0. A. Bloomquist, City Treasurer, must accompany each bid.
Circular containing full particulars will be
mailed upon application.
By order of the Committee on Ways and Means
at a meeting held March 4th, 1918.
DAN C. BROWN,
City Comptroller.
Winslow Township,Camden Co., N.J.
District School Bonds
Sealed proposals will be received for Winslow
Township, Camden County, District School
Five per cent per annum.
-Six Five-hundred-dollar Bonds,
Series No, 1.
two payable in each of the following terms: 4
years, 15 years and 16 years.
-Six Five-hundred-dollar Bonds
Series No. 2.
one payable in each of the following terms: 2
years, 3 years, 4 years, 5 years, 6 years, and
Bonds.
7 years.
-Four Five-hundred-dollar Bonds,
Series No.3.
and one Four-hundred-dollar Bond, payable as
follows: one of the Five-hundred-dollar Bonds in
each of the following terms: 1 year, 2 years, 3
Years, and 4 years, and the Four-hundred-dollar
Bond in 5 years.
•-• Bids will bo received, immediately opened, and
publicly read by the Board of Education of the
Township of Winslow, at the Blue Anchor Hall on
MARCH 19, 1918, AT 8 O'CLOCK P. M.
Each bid shall be accompanied by a certified
check for two per cent of the amount of bonds
bid for. i4 5 f11.
The Board of Education reserves the rightt0
reject any and all bids.
WILLIAM J. THOMPSON.
District Clerk,
I"
81c1derville, N.L
March'.6, 1918.
r4 40
@FedFRASER