Full text of Commercial and Financial Chronicle : March 2, 1918, Vol. 106, No. 2749

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IN C L U D IN G
Bank & Quotation Section
Railway Earnings Section

Railway & Industrial Section
Bankers’ Convention Section

VOL. 106

NO. 2749

SA T U R D A Y , M A R C H 2 1918
xae.
h
^
PUBLISHED WEEKLY.

1918.

For One Y ea r................................................................................................... $10 00
For Six M onths............................................. „.................................................
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Six Months Subscription in London ; im hiding postage)......................£ 1 11s.
Canadian Subscription (including postage) ........................................... $11 60

Subscription includes following Supplements—
B ank and Q uotation (monthly) I r a il w a y and I ndustrial (3 times yearly)
R a il w a y E a r m .nos (monthly)
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S tate and C ity (semi-annually) |B an kers ’ Convention (yearly)

T e rm s o f A d v e r tis in g — P e r I n c h S p a c e
Transient matter jier inch spaco (14 agate lines)...................................... $4 20
( Tw o Months
(S tim es)............................ 22 00
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Standing Business Cards < g[x Months

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O ffice —39 South La Salle Street, Telephone M ajestic 7396.
O ffice —E dwards
Smith, 1 Drapers’ Gardens, E. C.

W IL L IA M

1*. D A N A C O M P A N Y , P u b l i s h e r s ,

F r o n t . P i n o am i D c p o y s t e r Sits., N ew Y o r k .

Published every Saturday morning by WILLIAN 11. DANA COMPANY.

Jacob Solbert Jr., President and Treas.; (Jeorgo 3. Dana and Arnold G. Dana,

VIoe-ProsIdonta; Arnold G. Dana, Sco.

Addresses of all, Offloo of tho Company.

CLE AR IN G HOU SE RETURNS.
The following table, made up by telegraph, Ac., Indicates that tho total bank
clearings of all the clearing houses of the Unlred States for tho week ending to-day
have been $0,382,821,859, against $5,037,287,099 last week and $5,000,479,482
tho corresponding week last year.
Clearings—Returns b'j Telegraph.
Week ending March 2.

Per

1918.

1917.

Now York____
Chicago - .........
Philadelphia - - 
Boston _...........
St. Louis.........
Kansas City----Pittsburgh........
San Francisco..
Detroit_______
Baltimore.........
Now Orleans—

$2,993,272,542
405,093,958
301,821,213
210,320,078
133.S09.083
182,935,134
00,933,891
85,301,180
42,289,092
30,807,152
48,778,591

$2,001,949,303
438,470,032
290,052,483
182,583,030
113,950,705
109,097,609
70,418,195
75,848,044
46,340,788
35,080,479
31,395,521

+ 15.0
+ 0.2
+ 2.8
+ 18.5
+ 17.4
+ 07.7
— 12.4
+ 11.2
—8.7
+ 5.1
+ 41.8

Eleven cities, five days....................
Other cities, five days.........................

$1,577,033,119
755,260,814

$l,0i0,793,449
051,498,710

+ 14.1
+ 15.9

Total all cities, five days.................
All cities, one day...............................

$5,332,352,933
1,050,108,920

$1,002,292,195
938,187,287

+ 14.4
+ 12.0

Cent.

Total all cities for week
$0,382,821,859 $5,000,479,482 + 14.0
Tho full details for tho week covered by the above will bo given next Saturday.
Wo cannot furnish them to-day, clearings being made up by tho clearing houses
at noon on Saturday, and hence In tho abovo the last day of the week has to be In
all cases estimated, as wo go to press Friday night.
Detailed figures for tho week ending Feb. 23 show
Week ending February 23.

Clearings at—

1918.

1917.

In c . or
D ec .

1910.
3
S
%
S
s
New York-------- 2,750,011,905 2,575,204,832 + 0.8 2,385,000,830
Philadelphia___ 270,308,109 200,911,453 + 3.5 200,78 U195 ,440,413,201
121,701,189
Pittsburgh.........
03,001,545
71,097,119 — 11.8
03,538,498
44,150,133
Baltimoro .........
36,014,075
34,083,412 + 5.8
38,017,453
29,187,802
20,272,422
Buffalo.............
14,093,691 + 43.8
11,791,112
8,991,484
Washington----10,758,425
8,381,993 + 28,1
7,189,654
0,092,001
Albany...............
4,958,096
4,932,680 + 0.5
5,705,080
4,308,870
Rochester-------5,567,515
5,081,032 —2.1
1,477,588
3,082,398
Scranton--------3,045,304
2,734,585 + 33.3
2,012,712
2,539,893
Syracuse ...........
3,104,041
3,050,453 + 1.0
2,85.8,071
2,328,123
Reading.............
1,878,851
2,199,534 — 14.0
1,781,01!
1,352,243
Wilmington........
2,284,350
2,883,041 —20.S
21082,011
1,329,590
Wilkes-Barre . . .
2,195,352
1,847,545 + 18.8
L52L067
1,211,447
Wheeling--------3,150,000
3,072,854 + 2.5
2,055,801
1,400,001
Tronton.............
1,829,909
2,173,810 — 15.8
1,809,419
1,574,283
Lancaster..........
2,192,33!
2,004,910 + 5.9
1,500,021
1,239,321
Y ork .................
900,229
1,004,685 —3.8
'880,015
733,450
Erlo..................
1,560,393
1/i21,758 + 10.2
1,113,056
830,932
Chester.............
958,189
1,154,056 — 17.0
1,023,372
540,040
Binghamton----700,000
720,800 —2.9
010,200
535,100
GreenSburg-----725,000
719,217 + 0.8
002,000
559,073
580,721
Altoona.............
593,198 —2.1
492,903
171,815
Montclair.........
382,902
397,158 —3.0
309,008
322,145
Total Middle. 3,194,376,020 3,010,121,070 + 0.1 2,738,649,710 ,078,028,550
Boston............... 210,310,213 178,378,595 + 17.9 109,719,234 123,231,300
Providence-----9.081,700
8,280,300 + 9.0
7,020,300
5,915,700
Hartford...........
5,892,857
0,310,120 —0.7
5,533,245
5,533,325
New Haven........
4,500,320
4,218,271 + 5.9
3,280,755
2,700,829
Springfield........
3,259,105
3,815,199 — 14.0
3,085,535
1,998,575
Portland......... 2,050,000
2,105,918 —5.4
1,700,715
1,381,880
Worcester-------3,024,707
+ 1.3
2,899,920
2,000,110
2,061,754
1,550,910 * 1,201,092 + 22.0
Fall River....... .
1,389,890
1,088,310
2,098,303
New Bedford . . .
1,407,538 + 19.1
1,001,940
882,S82
Holyoke.............
599,177
738,94(1 — 18.8
700,132
660,603
911,701
Lowell-----------959,951 — 4.7
805,133
001,038
4.50.000
B a n g o r ....................
480,703 —7.5
490,558
349,282
Tot. New Eng. 243,732,209 _______________________
210,908.159 + 15 5 197,939,553 140,440,790
___________________________
Note.—For Canadian clearings see "Commorolal and Miscellaneous News.”




Week ending February 23.

C-earings at—

T e r m s o f S u b s c r i p t i o n — P a y a b le in A d v a n c e

Chicaoo
L ondon

Electric Railway Section
State and City Section

1917.

Inc. or
Dec.

1916.

1915.

Chicago.............
Cincinnati______
Cleveland______
Detroit_________
Milwaukee____
Indianapolis___
Columbus ..........
Toledo_________
P eoria............ . _
Grand R apids...
D ayton..............
Evansville..........
Springfield, 111..
Lexington__ ___
Fort Wayne___
Youngstown___
Rockford_______
Bloomington___
Quincy................
Akron................ ..
Canton_________
Springfield, O . . .
Decatur ............
South Bend____
Mansfield______
Danville________
Jacksonville, 111.
L im a __________
Owensboro........
Lansing..............
Ann Arbor______
Adrian............ .
Tot. Mid. West

$
424,981,043
40,824,502
59,890,277
42,270,592
23,541,080
13,268,000
7,917,100
8,957,459
4,780,581
3,939,517
3,044,246
3,085,069
1,550,000
2,394,599
936,077
2,465,027
1,596,168
1,301,451
1,203,294
4,990,000
2,300,000
1,065,509
788,823
774,785
1,056,121
480,000
473,120
069,096
1,512,211
802,290
266,558
70,000
663,200,055

$
401,058,292
33,122,709
49,692,179
45,117,378
19,538,874
10,026,999
7,540.000
8,970,746
3,750,000
3,962,210
2,699,709
2,179,001
1,400,337
911,329
1,G il,372
1,831,267
1,376,102
898,108
967,539
5,308,000
2,418,823
733,270
711,860
789,171
790,233
525,000
451,110
613,907
767,227
991,432
291,045
93,213
015,383,054

%
+ 5.0
+ 23.3
+ 20.5
— 6.3
+ 20.5
+ 24.9
+ 5.0
— 0.1
+ 27.0
— 0.6
+ 12.8
+ 41.6
+ 17.1
+ 162.8
— 43.1
+ 34.0
+ 10.0
+ 44.9
+ 24.4
— 6.0
— 1.9
+ 45.3
+ 10.8
— 1.8
+ 33.7
— 8.0
+ 4.9
+ 9.1
+ 97.1
— 19.1
— 8.4
— 24.9
+ 7.8

$
324,811,033
26,615,850
29,742,442
31,679,817
15,888,967
8,868,610
5,737,700
7,307,798
3,800,000
3.367.6S4
2,510,717
1,571,616
1,189,244
929,512
1,392,286
1,452,549
1,144,208
704,500
872,787
2,593,000
2,039,845
1,448,777
000,601
605,839
467,417
461,855
274,219
483,152
353,607
843,374
225,036
104,132
480.091,177

$
273,832,115
21,081,250
19,848,378
20,537,661
15,815,528
7,634,725
4,877,700
4,990,127
2,702,721
2,806,177
2,731,581
1,020,377
898,263
956,453
1,052,484
953,984
970,654
790,813
733,998
1,936,00b
1,300,000
1,198,900
380,193
497,943
421,958
384,069
303,135
314.548
417,680'
413,464
162.084
59,561
392,036,524

San Francisco__
Los Angeles____
Seattle_________
Portland........ ..
Salt Lake City...
Spokane________
Tacoma________
Oakland________
Sacramento____
San Diego______
Fresno ................
Stockton.......... .
San J o se .......... .
Pasadena_______
North Yakim a..
R e n o ..................
Lon gB each____
Total Pacific..

85,488,481
23,764,000
23.71G.557
16,210,687
10,950,294
6,024,340
3,463,204
4,393,630
3,515,419
1,200,000
3,380,470
2,415,075
756,869
798,902
549,524
350,000
719,372
187,699,830

07,227,830 + 27.2
24,545,000 — 3.2
16,910,554 + 40.2
12,429,970 + 30.4
9,711,185 + 12.8
4,729,848 + 27.4
1,987,303 + 74.3
+ 7.4
4,088,982
1,939,460 + 81.3
847,240 + 41.7
1,345,100 + 151.3
1,397,632 + 72.8
040,000 + 18.3
970,923 — 17.7
518,121
+ 6.1
200,000 + 34.6
579,637 + 24.2
150,128,857 + 25.0

50,125,844
21,930,660
10,347,814
9,373,883
7,475,953
3,084,623
1,612,536
’ 3,323,554
1,012,190
1,815,397
801,990
849,230
539,784
757,140
315,000
235,000
438,082
115,238.710

45,304,959
18,980,342
9,190,095
9,304,851
4,676,360
2,748,228
1,602,051
3,189,457
1,268.759
1,746,488
685,555
569,415
539,262
857,405
290,986
197,102
469,955
101,621,270

Kansas City___
Minneapolis___
Omaha_________
St. Paul________
Denver_________
St. Joseph..........
lies Moines........
Sioux City..........
Duluth................
Wichita..............
Lincoln________
T op ek a ________
Davenport_____
Cedar R apids...
Colorado Springs
Pueblo ................
Fargo................ .
Frem ont........ .
Waterloo_______
Helena_________
Billings________
Hastings ............
Aberdeen_______
Tot. oth. West.

174,466,403
25,704,504
42,478,723
11,241,353
18,009,131
17,603,018
7,339,619
7,144,458
4,789,453
8,180,211
3,530,439
3,405,920
2,332,603
1,433,923
637,818
552,833
1,627,077
721,507
1,800,000
1,420,088
807,327
497,920
817,798
330,758,882

110,033,928
22,858,078
29,425,475
12,864,807
11,890,781
12,139,942
6,410,011
5,016,064
4,119,841
4,700,886
3,043,593
1,974,198
2,094,527
1,786,667
739,745
458,053
1,060,339
493,020
1,929,614
1,613,320
758,347
357,490
551,198
236,380,017

71,707,593
25,051,718
21,635,199
11,947,569
9,343,857
7,887,022
5,330,407
.3,735,403
4,065,102
3,928,062
2,364,915
1,319,016
1,590,264
1,442,095
587,418
373,303
1.332,990
372,027
1.835,540
1,051,901
487,092
267,399
099,799
178,023,011

63,871,493
25,613,787
10,103,477
9,244,447
7,610,820
6,613,436
4,243,830
3,245,967
2,868,047
3,473,693
1,776,015
1,293,000
1,481,898
1,536,532
436,860
021,015
972,606
383,568
1,374,308
783,419
353,329
185,603
414.637
154,502,387

+ 58.5
+ 12.5
+ 44.4
— 12.6
+ 52.0
+ 45.0
+ 14.5
+ 42.4
+ 10.2
+ 71.8
+ 10.2
+ 75.5
+ 11.4
— 19.8
— 13.8
+ 20 5
+ 53.5
+ 40.2
— 0.7
— 12.0
+ 14.4
+ 36.4
+ 53.7
+ 42.5

130,438,553 112,300,232 + 10.2
75,397,510
63,453,100
24,151,988 + 83.9
44,422,328
22,073,454
18,168,022
20,285,293 + 10.1
22,337,304
10,702,961
12,149,200
11,000,000 + 18.2
13,000,000
10,567,733
8,069,391
2,871,279 + 01.2
4,627,271
4 ,446,080
4,279.702
18,798,139 + 94.0
36,46S,118
7,856,215
14,875,208
+
107.1
19,084,812
39,515,922
11,735,491
14,173,818
8,599,309 + 36.8
6,089,927
11,763,617
6,457,805
4,117,663 +55.1
6,384,130
3,701,804
Savannah
______
4,640,305
7,740,849 + 50.4
11,645,194
5,322,006
Nashville..........
6,394,342
9,540,407 + 59.9
Fort Worth____
7,010,402
7,210,837
15,245,718
4,080,423 + 80.7
N orfolk________
7,381,744
3,745,091
3,844,801
Birmingham___
3,435,242
2,913,255 + 17.9
2,169,430
2,408.278
Augusta________
2,074,024
1,455,345 + 83.8
1,735,183
1,368,683
2,203,935
+ 3.8
Knoxville.......... ..
2,350,107
2,008,703
1,607,625
4,890,213
2,495,489 + 96.0
1,676,632
Little Rock........
2,112,023
Jacksonville___
4,315,850
3,652,871 + 18.1
2,353,559
3,0.57,949
1,025,996 + 22.9
1,017,189
Mobile........ .......
1,200,858
952,612
Chattanooga___
4,834,412
3,055,000 + 58.2
1,969,585
2,324,248
Charleston______
2,700,000
2,137,242 + 26.3
2,261,588
1,715,401
9,490,672
Oklahoma______
4,433,682 + 114.1
2,189,885
3,068,277
1,800.000
2,643,146
M acon................
1,013,690 + 77.0
2,940,013
4,000.000
8,672,905
5,533,785
Austin................
5,000,000 — 20.0
Vicksburg..........
303,157
190,010 + 91.1
203,245
175,543
492.377
Jackson ________
700.00(1
573,817 + 22.0
592,842
1,122,346
8.S24.0SO
4,801,240 + 83.8
2,541,087
2,017,611
Muskogee_____
944,972
559,107
1,186,181 + 123.2
__________
0,220,025
14,000.000
10,018,648 + 39.8
D allas_________
Total Southern 411,519,497 288,792,873 + 42.5 228,200,382 179,441,058
Total all.......... 5.037,287,099 4,511,777,036; +11.6 3,938,202,54° 2,652,076.591
Outside N. Y . 2,2Sfl,645,194 1.930,512,201' +18.1 1,553, lSs, 713 x ,211,663,32

St. Louis_______
New Orleans___
Louisville............
Houston________
Galveston..........
Richmond______
Atlanta________

848

T H E CH R O N IC LE

[Vol. 106.

to beg off by pleading pressing business engagements
DIVIDEND ALLOCATIONS TO BE PUBLISHED for that night and recent bereavements and illness in
the family. Not one of them stood erect.
IN SEPARATE FORM.
In the spring of 1914, two months before the out
Within the next week we purpose to issue in circular
break
in Europe, a convention of accredited dele
form the numerous official statements regarding the
allocation of 1917 dividends which have been appear gates from local unions met in a town in Kentucky,
ing from week to week in our “ Investment News” calling themselves the Loyal Order of Amalgamated
Department, beginning early last January. This Workers. The nature of the loyalty was shown in
pamphlet (price 50 cents) will be found of much the declared purpose “to unite and solidify all
value by stockholders who are subject to the surtax. branches of useful labor on the political and indus
Generally speaking these statements embrace not trial fields of action, to the end that the working class
only all the dividend paying stocks listed on the may be able to act as a unit politically and indus
New York Stock Exchange, with scarcely an excep trially and thereby dictate the laws of the country;
tion, but also the great bulk of the important invest place members of its own class in office; control
ment issues in which the public are widely interested economic conditions; and finally deprive the capital
throughout the United States— railroad, public util ist class of its power to exploit labor.” The con
ditions of eligibility excluded every person who “ to
ity, industrial and miscellaneous.
any appreciable extent” derives income from prop
DELAY IN APPEARANCE OF THE FEBRUARY erty acquired.
In May of 1915 Mr. Gompers presented in person
NUMBER OF OUR RAILWAY EARNINGS
to
the constitutional convention then sitting in
SECTION.
Albany more than a half-dozen demands (they could
Owing to the tardy manner in which the returns
not be called requests) for provisions on behalf of
of earnings of the steam railroads of the United States
labor, one of them for absolute prohibition of suspen
for December and the calendar year are being filed
sion of habeas corpus, at any time and in any cir
with the Inter-State Commerce Commission at Wash
cumstances, and another embodying persistent
ington, we find ourselves again obliged to postpone
objection to a State constabulary or employment of
the issuance of the February number of our Railway
Earnings Section. The December statements are any private officers to maintain the peace.
The call for war material could not consider any
always slow in coming to hand (December being thecondition except time, and organized labor instantly
closing month of the year), but this time there is
drew boldness from an opportunity which it joyfully
unusual delay, probably because of the change in
saw and acclaimed. In the summer of 1915 the
the control of the properties, the Government
head of an organization of machinists spoke with de
having on Dec. 28 assumed possession and operation
lighted frankness. “ This is the best thing that ever
of the roads for the period of the war. A count last
happened to us” he said; “in the last 14 years there
night showed that the returns of some sixty roads
have been three men for every job and strikers have
were still missing, including half a dozen quite
been handicapped, but now there are three jobs for
large companies. Rather than let our Railway
Earnings Section go to press in such an* incomplete every man and the bosses are crying for help. This
is our time, and can you blame us for taking it?”
form, we deem it best to defer the issue for an
But as a general strike benumbs the men more than
other week.
___________________ _
the bosses, not all factories would be called out at
once; “ we’re going to hop along the line” through
THE FINANCIAL SITUATION.
New
England and the entire country, “ and as fast
The strike of the shipyard carpenters is ended—
as
we
settle one we'll take up another.”
for the present— and the subject temporarily dis
A month or two before, J. P. Maurer, head of the
appears from the day's news. The men resume
work, upon tl\e expectation, warranted by observa Pennsylvania Federation of Labor and a member
tion of the past, that their demands will be granted. of the Legislature of that State, publicly denounced
The whole subject is unpleasantly hackneyed. We, the State constabulary established ten years before,
the American people, are tired of it, as we tire of all as “American Cossacks,” and declared his intention
troublesome problems. Our dislike of inconvenience “ to recommend that our men shall be trained in the
makes us welcome any surrender which is offered military arts” in order to stop the tactics of the
under the convenient pseudonym of compromise and constabulary, “ the beginning of a military despot
arbitration, and we settle back in a feeling of relief ism.”
In April of 1916 Mr. Gompers announced that he
that now the way is smoothed again. Yet this old
had
notified all union men of the decision of his
problem is on the “ continuing” list, and .since the
Federation
of Labor to ask the unions, on behalf of
country will never get real industrial peace until
their
two
million
members, to have a new anti
organized labor is taught some fundamental limit
ations it is necessary to keep jogging self-indulgent injunction law introduced in all State legislatures,
the suggested draft following the line of the exemp
memories.
The politician's fear which inserted a surrender tion clause of the Clayton Law, but intended to
into the Clayton Law of 1914 is much older than that further lessen and obscure and obstruct amenability
year, but it need not for the present purpose be to the courts. Early in 1917 he declared that “we
traced back much farther. For one instance, how will exercise our God-given right, the law not
ever, in the election of 1913 organized labor was so withstanding,” and he told Mr. Adamson’s com
bold in Toledo that candidates for local offices were mittee that “if you enact certain laws to this end
openly summoned to appear, at a named time and you can count on me as one who will violate them.”
place, for questioning upon their “views” about Several months before, his Federation, in session in
organized labor, and were so subservient that sixteen Baltimore, had denounced a recent decision by the
of them did appear and submitted without even a highest court of Massachusetts as usurpation and
whimper of protest to the ordeal, while several tried tyranny and said that “ in cases of this kind judges




M ar . 2 1918.]

T H E C H R O N IC LE

must be disobeyed and should be impeached.” Mr.
Gompers was present and solemnly warned capital.
“ Men of wealth,” he said, “ be careful how you go,
there is a limit to human endurance; you throw down
the gauntlet and we accept the challenge.”
Last March, the country being then plainly on the
verge of entry into the war, Mr. Gompers declared
allegiance, upon conditions. Labor would “take
part in defense of the Republic” and would help the
United States if it could have spokesmen in the
councils for conduct of the war, “ also a voice in
determining the conditions upon which they will give
service;” it will help defend the country, “ with
increased guarantees and safeguards and when the
profits which the employers shall secure from the
industry in which they have been engaged have been
limited to fixed percentages.”
In last November, when the Federation held an
annual meeting in Buffalo and was told by President
Wilson, with a conciliatory attempt which surely
went to an extravagant length, that according to the
experience of himself and others “you are reasonable
in a larger number of cases than the capitalists” when
difficulties arise, this attitude of making conditions
was again assumed. The report adopted declared
that “ working people have never been adequately
represented in diplomatic affairs; the future must be
constructed upon broader lines than the past; we
insist, therefore, that the Government of the United
States provide adequate and direct representatives
of wage earners among the plenipotentiaries sent to
the Peace Congress.” A number of propositions
were added as a basis of peace, most of them un
objectionable generalities, but several declared “ of
vital importance to wage earners.”
That the labor situation has become acute we all
know, and in prices of necessaries we know it to our
sorrow. As an example, in last July an advertising
agency of this city, on behalf of a dry dock company,
one of its customers, offered to newspapers in Bridge
port and New London advertisements calling for
ironworkers and helpers, but the journals declined
them, explaining that they felt obliged to do so out
of consideration for industries in their home cities.
And now the country is struggling in preparations
for active conflict and already in its outer fringes.
Hundreds of thousands of men have been drawn into
military service. Some are owners or heirs of mil
lions and have left homes of every luxury; many
have left indoor desks or counters; many have laid
aside the industrial apron and hammer. All have
given up comfortable subsistence, have turned away
from more or less beckoning promises for the future;
have taken leave of wives and children, have kept
back the tears at parting, and have marched away,
whether volunteer or conscript, with heads up and
with smiles and songs on their lips. Some have not
promptly received their meagre pay. In camp they
have not all been quite well cared for in every
respect, and not over comfortable in clothing and
shelter; some have fallen victims of pneumonia,
among those one who was lately a Congressman.
They have some grievances individually; but what
they say to one another is unreported, and their
thoughts are their own. By fragments of infor
mation which drift in, we learn that a few have fallen
from heights of air, some went down with the Tuscania, a few arc already captives, some have been
“gassed,” and the list of all that is involved in the
grim word “ casualties” is beginning. These men




849

have all turned uncomplainingly from life and its
endearments towards discomforts, mutilation, the
hospital, and death. Yet it is “theirs not to reason
why,” and from them we get no plaints, no call for
higher wages, no hard-luck stories, no grumbling.
They are not in any “ union.” They are not “ or
ganized.” They are not laboring men and industrial
workers, the backbone of the nation. They are only
marching, with calm faces and firm step, up a hill
of Calvary, for duty, for the country, for all coun
tries, and for all future generations.
But men working on the railroads, with families
and homes untouched, are dissatisfied with their
periodically increased wages and clamor for more.
Without full support at and from home, the men at
the front will have been abandoned to destruction
and the country will also have yielded all ground of
hope for itself; the cause will have been lost, and the
men who have given themselves for its sake will have
been wastefully and basely sacrificed. The call from
our compatriots abroad has been increasingly for
ships, and while ocean transportation is not more
vital than inland, the call for ships— still unsatisfied
and very far from giving sufficient assurances of
satisfaction— seems just now loudest. The ship
carpenters, however, are like their fellows in the
organizations, mutineers who would make terms.
We are indispensable (they say) and we know it; you
cannot win your war without us, and this is our
opportunity. They are loyal to the core; they are
“ for” the country and the cause, but upon con
ditions always. They realize the national peril.
They believe in sacrifices, to be made by others.
In one thing they are all unanimous, and the railway
men echo them in it: that this is a rich men’s war and
the rich who are profiting by it should bear its cost.
Burdens for others; for us, increased wages, shorter
hours, our own dictation of terms, and the full ad
vantage of position which the emergency gives us.
This selfish cry from the ranks of workers in comfort
at home, against the heroic silence from the trenches
at the war front, is what runs a tingle to the fingerends.
And Authority— which called men to the colors
without asking their leave, listened to but usually
denied their excusatory pleas, and sternly claimed
a right to take their services and lives in the national
defense— shrinks into expediency and policy when
met who have been left at home say they will work
upon their own terms, that they will co-operate or
obstruct, according as they are treated. Wherefore
come the stern command which may not be dis
obeyed, or even questioned, in the one case, and
resort, in the other, to the old chaffering and bargain
ing and arbitrating? The trench at the war front
and the railway train or the shipyard— which is the
more sacrificing place to be, and as to which should
it be the more difficult for national power to assert
itself?
But the subject reaches into the distant future.
Our business just now is to carry on and win the
war, whereby we secure the right to stand on the
earth and breathe; but we make that task harder,
not easier, by magnifying the industrial problems
that have grown through our own sloth. Here are
men who are compacting themselves into a class.
They go counter to economic and all other sense,
trying to naturalize an exotic in this country of
opportunity, turning away from the co-operation,
which might be the gentle solution of the whole

850

TH E C H R O N IC LE

problem if they would allow it and await its action.
They live here, but they confess only a qualified
allegiance. They claim the vote, and they swing
their greatly exaggerated vote before spineless officeseekers; but they recognize no community of interest.
They insist that capital and labor are incapable of
dwelling together, in defiance of the law that capital
is only the unconsumed product of labor. They
pervert into an instrument of severance and danger
an organizing which is a natural right and might be
used for the advantage of all interests. Their great
menace is that they insist upon industrial war and
upon perpetuating “ class” and privilege; they claim
their share, and affirm that it is a preponderating
share, in making the laws, but reserve the right and
declare the intention to obey only such laws as please
them. They aim to be, and already proclaim that
they are, the dominant authority.
Our easy habit of shrinking from trouble, as a
people, has created this Frankenstein. By further
drifting we increase its growth. How soon shall
we begin to rally ourselves for the clinch with it ?
The country’s foreign trade statement for January,
published this week, furnishes further evidences of
the effect of the operation of the various restrictive
measures put* in force by the Government to check
the outflow of commodities to neutrals in Europe,
who have been under suspicion of acting as a source
of supply for Germany, and also to restrict the use
of merchant ships. Not only do the January ex
ports show a more or less marked falling off from
other recent months, but also a very decided decline
— 1083^ million dollars— from January a year ago, a
dimunition largely to be ascribed to the decreased
shipments of goods to neutral Europe and to Russia.
The detailed figures for New York are available for
January and, as they represent fully one-half of our
total exports, should give a fair clue to the general
result. These New York figures indicate contrac
tion in the outflow of commodities to all European
neutrals— especially so in the cases of .Holland, Nor
way and Sweden— and a remarkable shrinkage in
the volume of goods sent to Russia. On the other
hand considerable increases are to be noted in the
exports to Italy, France, Portugal, Japan and British
Africa and some augmentation in the West Indian
and South American totals.
The restrictions referred to above, it is to be under
stood, were those that had been operative for several
months, but were applied only to exports. But now
we have come to the time when considerable reduc
tions on both sides of the account may be looked for
as a result of the assumption of the control of our
entire foreign trade by the President under authority
of a law passed by Congress Oct. 6 1917. It is not
necessary to refer to that law here, as full reference
to it was made in our issue of last week. Suffice it
to say, therefore, that under its provisions the Presi
dent by proclamation Feb. 14 announced that, be
ginning with Feb. 16, all imports and exports would
be subject to license, the purpose being to reduce to
a minimum the outflow and inflow of the less essen
tial commodities, thus facilitating the transportation
of essentials and, furthermore, freeing additional
ship tonnage for war service.
Our merchandise exports for January covered a
value of 8504,823,303 (an enormous total under
■rdinary conditions) and compares with no less than
18,324,582 in 1917— the high record for any




[Vol. 106.

monthly period in our history— and $330,036,410 in
1916. For the seven months since July 1 1917 the
value of the commodity outflow has reached $3,
447,524,726, against $3,615,345,140 in 1916-17 and
$2,182,898,752 in 1915-16. Concurrent with the
heavy drop in the outward movement of merchandise,
imports show diminution as contrasted with 1917,
but only to a very moderate extent, the month’s
total standing at $234,704,109, against $241,793,282
in 1917 and $184,350,942 in 1916. For the elapsed
portion of the fiscal year (the seven months ended
Jan. 31 1918), however, the inflow of goods is the
heaviest on record for the period, reaching $1,634,
355,578 and overtopping 1916-17 by 286 million
dollars and 1915-16 by 537 millions. The net export
balance for the month at $270,119,194 appears small
by contrast with the $371,531,300 for January 1917,
but it is greater than, or approximates closely to,
all but 4 months of the calendar year 1917, and
largely exceeds any month prior to August 1916.
The seven months’ balance of $1,813,169,148 com
pares with $2,267,013,159 in 1916-17.
The gold movement for the month was of com
paratively small volume and netted an influx of
$630,249. Exports reached $3,746,244, mainly to
South America, while the imports of $4,404,254 came
in largest part from Canada. For the seven months
the net outflow of gold has been $94,401,984,
against an inflow of$447,830,677 in 1916-17 and of
$287,981,478 in 1915-16. In 1914-15 we were drawn
upon to the extent of $105,792,413 net.
Canada’s foreign exports for January, while of
full volume for the season of the year, were slightly
under those of the period in 1917, comparison being
between $96,216,284 and $99,106,259. For the ten
months April 1 1917 to Jan. 31 1918, however, the
total exports of domestic merchandise at $1,353,
811,184, compare with only $960,736,072 a year
earlier. The imports for the month also were less
than a year ago, $60,677,414, contrasting with $72,
322,074, while for the period since April 1 they
aggregate $823,059,701, against $674,964,548. The
favorable, or export, balance for the month this year
is $35,538,870, comparing with $26,784,185 last year,
and for the ten months the net export value is
$530,751,483, against $285,771,524.
German troops have continued their advances
into Russia this week, though in the closing days
there has been a slowing down, and it is reported
that Berlin had called a halt. This advance has
been in the face of complete acceptance of the terms
of peace which Germany offered at the BrestLitovsk conference. Notwithstanding the continued
invasion for conquest, the Imperial German Chan
cellor, Count von Hertling, on Monday delivered
a characteristically ingenious German address, which
we discuss in a separate article on a subsequent page.
It is understood that President Wilson will wait
for the promised reply of Count Czernin before
responding to von Hertling. Vienna has of late
been displaying evidence of lack of harmony with
Berlin, and it is desired to obtain some direct view
of the extent of this proposed disagreement before
proceeding further. Later dispatches from Berlin
by way of Amsterdam declare that von Hertling
denied any intention by Germany to establish her
self in either Esthonia or Livonia. These declara
tions, says the “ Frankfurter Zeitung,” exclude

M ar . 2 1918.]

T H E C H R O N IC LE

misunderstanding. That semi-official newspaper
adds:
It must now be assumed that there is no funda
mental difference of opinion between the Chancellor
and President Wilson, and peace discussion based on
President Wilson’s principles might begin imme
diately. It is important, however, for the President
to induce his allies to recognize his principles.
As they seem to be hopelessly entangled in their
own plans, while President Wilson himself is not
free, and a league of nations is not in existence to
offer mediation, there is slight hope that the Chan
cellor’s appeal will introduce general peace.
In view of the evidence of insincerity of the German
talk of peace, it is difficult to resist the impression
that these discussions have in them very little of
real value. On the other hand so long as they do
not succeed in promoting any slowing down of
American preparations for a complete military
victory, they can do no great harm and, indeed,
they may appeal perhaps to certain numbers of
our citizens who feel that all direct or indirect offers
of peace should be sifted for any grain of actual
substance. Our own Government as well as the
Governments associated with us in the war, seem
to be quite alive to the intent of the German Chan
cellor, which is so obvious, namely that of attempting
to sow seeds of discord among his opponents.
King Ferdinand of Rumania has been given time,
at his own request, to consider the terms on which
the Central Powers are ready to conclude peace.
These terms were communicated by Count Czernin,
the Austro-Hungarian Foreign Minister. A formal
denial, however, was issued on Thursday by the
official Rumanian Press Bureau at Paris of an official
German statement, in which it was announced that
Pierre Carp, former Rumanian Premier and Con
servative Party Leader, had recommended that the
King should relinquish his throne. Latter reports
reiterate that Ferdinand has been asked to retire.
The Germans, without encountering severe oppo
sition, are reported to have occupied the Baltic
port of Reval. There are evidences that Russian
troops are being mobilized on a scale sufficient to
induce greater caution among the German invaders.
Large Bolshevik forces are, it is said, being massed
to defend the approaches to Petrograd. This seems
the basis for the report that a halt in the advance
had been ordered from Berlin. General Hoffmann,
commander of the German army invading Russia,
in reply to a communication from Ensign Krylenko
inquiring if an armistice will be declared, stated
that the Teuton advance would be continued until
a treaty of peace was signed and carried out along
lines laid down in the German peace terms. In the
plenary sitting of the Soviet Parliament at Petro
grad on Sunday, at which consent to the conclusion
of peace on-German terms was given, there was vir
tually no discussion on the ground that it was im
possible “ to discuss the subject under German
bayonets.” Difficulties arose over the choice of
the delegation to be sent to Brest-Litovsk. The
leaders of the former delegation, Joffe and Trotzky,
refused to accept the odium of going and finally
Zinozieff with other minor lights was dispatched.
The terms of peace are so vaguely worded, according
to Petrograd dispatches, that the Bolsheviki in
signing them may be signing away even more than
appears on the surface. The future of Esthonia




851

and Livonia is left uncertain, and no hint is given as
to the probable frontiers of the Ukraine, which may
possibly extend further east than the Kharkov and
Ekaterinoslav Governments, but may, on the other
hand, according to the original Austro-German
terms, extend so far as the Kuban territory and
include all the chief ports of the Black Sea. “ At
any rate,” to quote the special correspondent of
the New York “ Times” at Petrograd, “ the Baltic
becomes a German lake. Great Russia 'is left en
tirely without an outlet to the sea except to the
White Sea in the far north. Petrograd loses its
importance and the work of Peter the Great is
undone.” According to a statement in the Reichs
tag on Wednesday by the German ^Under-Secretary
for Foreign Affairs, the Bolshevik peace represen
tatives must sign peace terms within three days of
their arrival at Brest-Litovsk and the terms must be
ratified within two weeks.
Arthur J. Balfour, Secretary of State for Foreign
Affairs, announced in the House of Commons on
Wednesday that it was the British Government’s
intention that the final fate of Rumania, Armenia
and Russia should be decided at the peace conference
despite forced peace agreements. He said that
until German imperialism was a thing of the past
and there came into existence a court armed with
executive powers making the weak nations as safe
as the strong, the war must go on.
The British Admiralty for the week ending on
Feb. 24 reports 18 British vessels sunk by mine or
submarine, 14 being 1,600 tons or over and 4 under
that size. These figures indicate an increase over
the preceding week, when 15 merchantmen were
sunk, 12 of 1,600 tons or more and 3 under that size.
The Spanish steamer Negura has been sunk this
week. This is the fifth Spanish vessel torpedoed
in as many weeks. The Spanish Government has
made representations to Germany in all these cases,
but without effect. General elections were held
throughout Spain on Monday. Everywhere the
Germanophile candidates appear to have been de
feated. They polled only 1,000 votes in Madrid.
The Spanish Cabinet resigned on Thursday. Public
opinion is expressing itself throughout the country
against the lack of energetic action by the Govern
ment in the case of Germany’s disregard of her
engagements concerning the immunity of Spanish
steamships from submarine attack. Marquis de Alhucemas, the retiring Premier, was called on to form
a Cabinet in April of last year. The Cabinet re
signed in June and he then formed another, announc
ing a policy of absolute neutality.
On the Western front the military developments
have been of a minor character. American troops
have been engaged in several skirmishes and have
repelled a number of enemy attacks. In Palestine
the British forces have captured the city of Jericho,
Australian troops having entered that city on Thurs
day of last week. Aside from its historical and
sentimental importance, the captured city gives
General Allenby control of, a number of strategic
roads. Russia is apparently facing an attack from
Japan. The latter has sounded the Entente Allies,
especially the United States, as to the advisability
of taking steps to prevent tremendous stores of
I munitions held at Vladivostok and other points
I along the Siberian road from falling into the hands

852

T H E CH RO N ICLE

of the Bolsheviki or the Germans. It is admitted
at Washington that the matter has been discussed
in official circles, but much reticence is displayed
by representatives of the Administration on the
subject. The American Consulate at Petrograd
has been taken over by the Norwegian Consul. The
American Envoy, David R. Francis, and his staff,
accompanied by the diplomatic representatives of
Japan and Brazil, are reported to have started east
from Petrograd on Feb. 27 with their staffs, though
their destination is not known definitely.

(Vol. 106.

of Liverpool City yearling bills. Allotments were
on a 4 % basis. The only banking combination
announced by cable from London this week is an
arrangement whereby the Williams Deacons Bank,
the Anglo-South American Bank and the London &
Brazilian Bank will work in harmony with special
facilities in Manchester for business with Spain,
Portugal and South America, thus enabling Man
chester to avoid the delay incident to doing foreign
business through London. The London “ Statist"
Index Number for the end of January was 186.2,
which is a new high-water mark and compares with
Financial London, according to cable correspond 185.1 at the end of December. This number is a
ents, is discussing with keen interest the future of continuation of the Sauerbeck index figure.
money rates. The Government's fiscal year ends
with March and revenues then will be reduced. This
The official report of the British Treasury shows
is a feature which should cut both ways, since it wil war bond sales through the banks for the week end
encourage the Chancellor of the Exchequer to in ing Feb. 23 to have been £31,272,000, which com
crease his sales of Treasury bills or speed up his war pares with £18,032,000 in the week preceding. The
loan campaign. On the other hand, having less tol total of sales to Feb. 23 was £391,196,000. The
pay in the way of taxes there should be a greater sales through post offices for the week ending Feb. 16
supply of funds, though as the correspondent of the reached a total of £749,000, a decrease from the
“ Evening Post" points out, there will be some change preceding week of £992,000. The aggregate sold
in the fiscal position if the Government’s policy is to by post offices to Feb. 16 was £18,433,000. War
be to reduce considerably the floating debt. The savings certificates of £1 each sold in the week of
national revenue for the fiscal year to the third week Feb. 16 were £2,373,000, compared with £2,908,000
of February has been £564,000,000, against an esti the week previous, bringing the total to Feb. 16 to
mate of £639,000,000 for the full year. A surplus of £154,270,000.
£50,000,000@£60,000,000 over estimates is expected
The British Treasury statement for the week end
from the final returns. On the other hand, expendi ing Feb. 23 showed an additional contraction in the
ture is nearly £500,000,000 over the original estimates. total of Treasury bills outstanding. Revenue re
Jhe Chancellor of the Exchequer recently stated turns declined, while expenditures were expanded.
that new taxation would be necessary if the war The week’s expenses amounted to £48,374,000
should extend beyond March. Further increase in (against £46,018,000 for the week ended Feb. 16),
the income tax has been discussed; otherwise no while the total outflow, including repayments of
strong views are expressed as to the direction of the Treasury bills, advances and other items, was £97,
new taxes. The correspondent of the “ Journal of 617,000, against £104,221,000 last week. Repay
Commerce" observes that a remarkable divergence ments of Treasury bills totaled £37,850,000, against
of opinion is apparent as to the probable value of £52,621,000, and of advances £10,000,000, against
money after the war. It is, he says, held by a £3,000,000. Payments on the War Loan Deprecia
majority of financial experts that rates will be high tion Fund totaled £500,000, against none the week
because capital will be in big demand for trade and before. Receipts from all sources equaled £97,523,
for the restoration of the damage done by the war. 000, as compared with £104,489,000 a week ago. Of
A minority which, however, commands respect, this total, revenues contributed £23,047,000, against
owing to the recognized prominence in the world of £28,957,000. The week’s total of Treasury bills
finance of many of its members, declares that after issued was £34,380,000, which compares with £42,
the establishment of peace, capital will be unlend- 211,000 the week previous; war savings certificates
able. An instance is mentioned of one reputed amount to £1,300,000, against £2,600,000, and other
millionaire in London who is telling his friends that debts incurred £16,495,000, as contrasted with
he is now putting his money in investment securities £2,518,000 last week. There were no advances this
for the first time in his life because he believes he will week. The amount a week ago was £9,000,000.
be unable to loan it as he has always done heretofore. Treasury bills outstanding amount to £1,051,516,000.
Others who are intimately identified with inter Last week the total was £1,054,985,000. The
national interests express similar opinions.
Treasury balance aggregates £15,965,000, against
Investment activity at the British centre has been £16,059,000 the preceding week.
restrained this week because of the special drive
that is under way to secure war loan subscriptions.
Operations on the French Bourse have been light
This drive will be continued next week when there throughout the week with prices variable. Japan
will be a special campaign to be known as “ Business is about to advance to France the sum of 50,000,000
M en’s W eek," in which it is hoped to raise £100, yen ($25,000,000). It is not definitely stated whether
000,000. The Chancellor of the Exchequer, who the transaction contemplates a direct loan or whether
inaugurated the campaign, states that the banks’ it is in the nature of a triangular operation providing
deposits still are too high and should be converted for the establishment of dollar credit to the United
into bonds. If successful, this £100,000,000 will States, such as has been the pratice in recent loans.
follow subscriptions of £400,000,000 in the last An appropriation of 110,000,000 francs to be used
twenty weeks. This explains the dulness in invest in chartering German ships placed at the disposal
ment securities apart from the Russian depression. of France by Brazil has been voted by the French
There is still a fair business passing in speculative Chamber of Deputies by 317 to 111. Speaking in
issues. Tenders aggregating £5,514,000 were re- support of the measure, the Foreign Minister, M .
eived on Wednesday for the £1,000,000 offering Pichon,said it was the first transaction between the




M ar . 2 1918.]

T H E CH R O N IC LE

French and Brazilian Governments since Brazil
broke with Germany. He said that Brazil had to
choose between identical offerings from the United
States and France. The matter had been settled
amicably by the various Governments involved.
The Chamber of Deputies on Wednesday adopted
the first article of a bill regulating the distribution
of cereals. It provides for the suspension of all
private trading in wheat, corn, buckwheat, rye and
oats during the remainder of the war and until
after the first crops following the cessation of hos
tilities. The French Cabinet has decided that the
summer daylight saving schedule shall begin on
Saturday, Mar. 9, when all clocks will be set forward
an hour at midnight.

Dispatches from Berlin by way of Amsterdam
quote Count von Reodcrn, the Secretary of the
Imperial Treasury, in a recent budget debate in the
Reichstag as saying that the additional requirements
of 2,875,000.000 marks (8718,750,000) over 1917 was
due mainly to the increase in the interest on war
loans. He declared that no funds for war costs
were asked in the new budget. Dealing with the
principal items in the budget the Secretary said
that the yield from war profits tax with an additional
levy would exceed 5,500,000,000 marks and that the
coal tax produced 70,000,000 marks a month. He
added: “ We hope, in consequence of the votes of
recent years, to emerge from the war without un
covered deficits. Fresh taxation proposals will be
submitted to the Reichstag by Easter. Whether
they will represent the first step in extensive financial
legislation necessitated by the war or whether there
might again be temporary legislation for the duration
of the war is still uncertain. But, in any case, our
enemies on the west front would not be left in doubt
regarding our will and power to stand a final battle
on this front too. Deposits in German credit banks
again have increased during the last year by several
billions, and savings banks credits, after writing off
all war loan subscriptions, have risen 3,500,000
marks.”
A press dispatch quotes the Cologne “ Gazette” as
authority for the statement that the Hungarian
Finance Minister has informed the Lower House of
Parliament that new taxation and other revenue
producing measures which would yield 327,000,000
kronen will be necessary to cover the deficit of the
current fiscal year.
Official bank rates at leading European centres
continue to be quoted at 5 % in London, Paris,
Berlin, Vienna and Copenhagen; 5 }^ % in Italy and
Portugal; 6 % in Petrograd and Norway; 4 )^ % in
Switzerland, Holland and Spain, and 7% in Sweden.
In London the private bank rate has remained at
3 Ys% for sixty and ninety-day bills. Money on
call in London is still reported at 3 % . No reports
have been received by cable of open market rates
at other European centres, so far as we have been
able to ascertain.

85 3

to liabilities was advanced to 18.24%, as compared
with 18.02% a week ago and 15.83% last year.
Public deposits this week were expanded £4,098,000.
Other deposits, however, declined £7,112,000. Gov
ernment securities were unchanged. Loans (other
securities) showed a contraction of £2,799,000. The
English Bank’s stock of gold on hand aggregates
£59,352,898— the largest amount held in quite some
time, and comparing with £54,296,090 a year ago
and £56,992,087 in 1916. Reserves now stand at
£30,552,000, which contrasts with £34,161,380 in
1917 and £41,253,192 the preceding year. Loans
total £98,642,000. At this date last year the
amount was £117,383,137 and in 1916 £96^743,043.
Threadneedle Street reports, as of Feb. 23, the
amount of currency notes outstanding as £194,474,
893, against £193,793,855 the week previous. The
amount of gold held for the redemption of such notes
remains at £28,500,000. Our special correspondent
is no longer able to give details by cable of the gold
movement into and out of the Bank for the Bank
week, inasmuch as the Bank has discontinued such
reports. We append a tabular statement of com
parisons:
BANK OF ENGLAND’S COMPARATIVE STATEMENT.
1914.
1916.
1915.
1917.
1918.
Mar. 4.
Mar. 3.
Mar. 1.
Feb. 28.
Feb. 27.
£
£
£
£
£
Circulation_______ . 47,251,000 38,584,710 33,306,500 34,532,920 28,498,150
Public deposits__ . 42,659,000 47,846,179 50,630,757 51,872,482 22,441,289
Other deposits___ .124,767,000 167,992,209 102,018,500 118,841,851 40,877,199
Gov’t securities__ . 56,350,000 82,445,859 32,838,646 26,917,424 11,152,689
Other securities__ . 98,642,000 117,383,137 96,743,043 118,173,863 38,676,421
Reserve notes & coin 30,552,000 34 161,380 41,253,192 43,909,167 31,738,633
C< In and bullion.. . 59,352,898 54,296,090 56,992,087 59,992,087 41,786,783
Proportion ot reserve
50.13%
27.02%
25.75%
15.83%
18.24%
to liabilities___ .
3%
5%
5%
5%
SM%
Bank rate_______ .

The Bank of France reports a further gain this
week in its gold item of 1,419,866 francs. Total gold
holdings, including 2,037,108,484 francs held abroad,
now amount to 5,368,146,475 francs, as compared
with 5,148,881,453 francs (of which 3,203,278,167
francs is in vault and 1,945,603,286 francs held
abroad) at the corresponding date last year and
5,015,040,192 francs (all in vault) in 1916. The
silver holdings increased 1,415,000 francs during the
week, bills discounted 361,000 francs and Treasury
deposits 32,933,000 francs, while general deposits
and advances decreased 26,873,000 francs and
42,193,000 francs, respectively.
Note circulation
showed the substantial increase of 322,020,000 francs
and now aggregates 24,308,327,000 francs, against
18,097,436,325 francs in 1917 and 14,460,136,125
francs the year preceding. On July 30 1914, the
period just preceding the outbreak of the war, the
amount outstanding was 6,683,184,785 francs. Com
parisons of the various items with the statement of
last week and the corresponding dates in 1917 and
1916 are as follows:
BANK OF FRANCE’S COMPARATIVE STATEMENT.
Changes
----------------------- Status as of-----------------------for Week
Feb. 28 1918. Mar. 1 1917- lia r. 2 1916.
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
In France.............. Inc.
1,419 866 3,331,037,991 3,203,278.167 5,015,040,192
Abroad..................
No change 2,037,108,484 1,945,603,286
.............
T o ta l.............. .In c.
1,419,866 5,368,146,475 5,148,881,453 5,015,040,192
Silver.................... Inc.
1,415,000
254^40,000
270,511,996
360,775,362
Bills discounted.-Inc.
361,000 1,253,234,000
556,822,938
422,981,259
Advances-.............Dec.
42,193,000 1,150,070,000 1,247,343,069 1,252,285,482
Note circulation.-Inc. 322,020,000 24,308,327,000 18,097,436,325 14,460,136,125
Treasury deposits.Inc.
32,933,000
58,227,000
92,680,681
59,154,087
General deposits..Dec.
26,873,000 2,581,225,000 2,455,565,677 1,954,813,140

A substantial increase in gold was shown by this
week’s statement of the Bank of England, namely
The weekly statement of the Imperial Bank of
£881,431. This compares with a loss of nearly
Germany,
issued as of Feb. 23, shows the following
£500,000 last week. Note circulation registered the
changes:
Total
coin increased 1,125,090 marks; gold
substantial increase of £1,044,000; hence total re
serves declined £102,000. The proportion of reserve gained 166,000 marks; Treasury notes were expanded




854

T H E C H R O N IC LE

24.944.000 marks; notes of other banks increased
2.907.000 marks; securities showed the large gain
of 95,643,000 marks; note circulation showed an
expansion of 24,761,000 marks. Bills discounted,
however, registered the huge decrease of 519,608,000
marks, deposits of 147,723,000 marks and other
liabilities of 274,331,000 marks. Advances showed
a loss of 1,026,000 marks, and investments were
contracted 178,000 marks. The total gold holdings
as shown in the statement are given as 2,406,685,000
marks. This compares with 2,526,081,000 marks
held in 1917 and 2,456,421,000 marks the year
before that.
Saturday’s bank statement of New York Clearing
House members, which will be found in more com
plete form on a later page of this issue, made a
distinctly more favorable showing, there having been
a substantial increase in reserves. The loan item
wasexpanded 845,242,000. Net demand deposits de
creased $28,851,000 to $3,574,495,000 (Government
deposits of $438,825,000 deducted), while net time
deposits increased $1,024,000. Cash in own vaults
(members of the Federal Reserve Bank) declined
$1,672,000, to $98,977,000 (not counted as reserve).
The reserve in the Federal Reserve Bank of member
banks, however, increased $24,140,000, to $509,305,
000. Reserves in own vaults (State banks and trust
companies) decreased $276,000, to $16,375,000,
although reserves in other depositories (State banks
and trust companies) was increased $1,014,000,
to $8,457,000. Aggregate reserves recorded an
expansion of $24,878,000, which brought the total
to $534,137,000, and compares with $780,626,000
held a year ago. There was, however, a reduction
in the reserve required, as a result of which surplus
reserve was increased $28,534,880, and now stands
at $57,786,080, on the basis of only 13% reserves
for member banks of the Federal Reserve system
(but not counting $98,977,000 cash in vaults held
by these banks).
At the corresponding period
in
1917 surplus reserves were $167,452,940,
on the basis of 18% reserves including cash in
vault.
So completely is the money position under control
of the Treasury that the situation is very largely a
nominal one as affecting private capital require
ments. Capital issues must first be approved by the
special Treasury Committee before invitations for
public subscriptions are offered and such offerings
must then, to comply with the Government’s regu
lations, be accompanied by a letter of authorization
from the Federal Reserve Board. Loans for fixed
maturities are quoted at 6% bid for all dates with
no offerings at specific figures. Hence, transactions
are, as a rule, subject for negotiation. As a result,
borrowers are being called upon to use call funds
more freely, which explains in a measure the firm
ness for demand loans which has been a factor re
cently. Washington advices state that the Treas
ury has advanced about $150,000,000 to industrial
concerns working on Government contracts and un
able to obtain adequate facilities from the banks.
Banks are understood to be taking freely the new
4 H % Treasury Certificates of Indebtedness which
are being offered in anticipation of the next war issue.
The offering bears interest from Feb. 27 and is
payable M ay 28 1918, gn interesting feature being
that the new rate of interest, 4 ^ % , will be com




[Vol. 106.

puted for the exact number of days elapsed on the
basis of 365 days to the year. Subscriptions will
close on Mar. 5 at three o ’clock. The interest on
the notes is exempt from taxation on the same basis
as the present 4% war bonds, the exception to the
exemption being estate and inheritance taxes, the
graduated additional income taxes commonly known
as surtaxes and excess profits and war profits taxes
now or hereafter imposed by the United States upon
the income or profits of individuals, partnerships,
associations or corporations. As the new 4J^% cer
tificates are being issued in anticipation of the new
war loan, the disposition in the financial district is
to regard the terms of the notes as being identical
with those under which the new war loan will be
offered. In other words, the 4 Yi% loan, if this
supposition is accurate, will be on the exact terms as
the recent 4 % issue, except that the higher rate of
4 M % will prevail.
The absence of direct offerings of funds by the
banks may be traced in some measure to a statement
issued by the Federal Reserve Board calling upon the
banks of the country to cease their efforts in com
peting for deposits through increasing the interest
rate paid on funds placed in their hands. Reports
received by the Reserve Board indicate that though
this movement is sporadic at the moment, the ten
dency to fight- for resources is growing every week,
and that large financial concerns are depositing funds
outside their immediate tributary reserve districts in
order to obtain the higher rate of interest. This,
according to the Reserve Board officials, would, if
carried out by many concerns, defeat the very aim
of the Federal Reserve system. Obviously, if banks
pay high rates for deposits they will wish to recoup
by charging corresponding advances to borrowers.
All New York banks are understood to be restricting
their interest rate on deposits to a maxmum of 2% .
Impending withdrawals of funds on Government
account were another source of strength in the week’s
monetary position.
Referring to money rates in greater detail, loans
on call have again covered a range of 3 @ 6 % , the
same as the week preceding. On Monday the high
was 43^2%, which was also the renewal basis, with
3% low. Tuesday the maximum was advanced to
6% ; the minimum to 4 % and renewals at 5% . On
Wednesday 5 j^ % was the highest, with the low
still at 4 % , and 4)^ % the ruling figure. Thursday’s
range was 53^@ 6% and 6% the renewal basis. On
Friday the high 6% was the single rate for new
business and renewals. For fixed maturities in
creased firmness developed and, as already stated,
6% is now asked for all periods from sixty days to
six months, against 53^@ 6% for 60 to 90 days and
4 months, and 5 ^ @ 6 % for 5 and 6 months last
week, with very little business passing even at the
higher figure. Lenders are still averse to putting
out funds for protracted periods, and borrowers were
in many instances obliged to resort to the call loan
market to obtain accommodation; as a result the
market for fixed date funds was purely a nominal
affair. At this date a year ago sixty and ninety
day funds were quoted at 4% , and four, five and six
months at 4 @ 4}4% Mercantile paper rates were also firmer and sixty
and ninety days’ endorsed bills receivable and six
months’ names of choice character are now quoted
at 5 ^ @ 6 % , as compared with 53^2@5%% last week.
Names less well known continue to require 5 % @ 6 % .

T H E C H R O N IC LE

M ar . 2 1918.]

Trading was quiet, being still restricted by an inade
quate supply of offerings.
Banks’ and bankers’ acceptances have shown a fair
degree of activity. Local and out-of-town banks
were in the market as buyers, but the volume of
transactions recorded was not large. Bates were
without important .change. Quotation in details
follow:
----------- Spot Delivery----------Delivery
Ninety
Sixty
Thirty
within
Days.
Days.
Days.
30 Days.
Eligible bills of member banks
4 Mi @ 3% 4 M» @ 3 A 4@3J4 4 A bid 4 offered
Eligible bills of non-memb. banks. 4)4 @4
4R@4
4 A @ 4 4 % bid 4 A offered'
Ineligible bills................................ 5@4M
5@4M 5@ 4H 0 bid 5 offered

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:

Member Banks, Coll. Loans.
1 to 15 days’ maturity........ 4
Discounts—
4
10 to 30 “
“
____ 5
6
ni to 00 "
"
........ 5
Agricultural and
Lire-Stock Taper—
91 days to 0 months maturity 5
Trade Acceptances—
l to 30 days’ maturity........ 4M
31 to no ’’
"
------- m
81 to 90 ’’
"
........ 4 A

3A 4
3A
4A
4A
4A

4
4M
•l A
4A

j Kansas CUy.

3
33
<
•J

|Minneapolis.

Atlanta.

j Chicago.

j Richmond.

|Cleveland.

New York.

j Philadelphia.

CLA SSES
OF
DISCOUNTS AND LOANS

Boston.

DISCOUNT RATES OF FEDERAL. RESERVE BANKS.
<5

3

a
£

Q

3

4

4

4

4

4

4

4

4

4

4
4M
■t A
4M

4
4%
4A
4A

4
4%
4A
4A

4
4 Vt
4A
5

4
4A
4A
4A

4
4A
4A
5

4
4A
4A
4A

4
4H
4A
4A

4
4A
4A
4A
5A

5

S

5

4A 5

5A 5 'A 5A 5

6

4
4
4

4
4
4

4
4
4

4
4
4

3A 4
3% 4
4
4

3A 4
3A 4
4
4

4
4
4

3A 4
3A 4
4
4

• Rato of 3 to 4 A % for 1-day discounts In connection with the loan operation
of the Government.
Mote.— Rato for acceptances purchased In open market, 3 to 4 M % , except for
Boston, Chicago and Minneapolis, whose rates range from 3 to 5% . In the case
of San Francisco the rates range from 2 A to 4 M % .
In case the fiO-day trade acceptance rate Is higher than the 15-dny discount rate,
trade acceptances maturing within 15 days will be taken at the tower rate
Rates for commodity paper have been merged with those for commercial paper
of corresponding maturities.

The sterling exchange situation does not merit
extended review, the changes- being meaningless.
A conference was held at Washington this week
attended by the Canadian Premier and other Canadian
officials and by representatives of the Federal Re
serve banks and our Treasury for the purpose -of
devising means for affording relief to the strained
exchange situation as existing between Montreal and
New York. It is expected that the remedy will be
found in transferring English credits existing at
New York to the account of Canada. A further
conference is to be held in New York next week with
New York banking interests.
The following statement of interest to foreign
exchange dealers was issued this week by Fred. I.
Kent, director of the division of Foreign Exchange
of the Federal Reserve Bank:
“ Declarations of non-enemy interest, known as
customers’ statements, must be taken by all dealers
from all customers for whom transactions in foreign
exchange are undertaken. Dealers are not required
to take customers’ statements from other dealers,
as such dealers in turn must have taken proper
customer statements. The regular censorship stamp
of dealers -may be used upon letters or applications
for foreign exchange service from other dealers as
evidence of the fact that those asking the service
are dealers, and that they have provided themselves
with customers’ statements.
Bankers who are
not dealers, as well as other persons, when having
occasion to transact foreign exchange business with
dealers, must given such dealers customers’ state
ments. All dealers should advise their customers
of these conditions.”
Some interest is being taken in a bill proposed by
Senator Owen, of Oklahoma, to amend the Federal
Reserve Act in order to establish a Federal Reserve




8 55

foreign bank. Under the provisions of this bill the
capital contemplated is $100,000,000, and the paid-in
capital $20,000,000. The stock is to be offered to
the banks of the United States and to the public, and
if not fully taken by them is to be taken up by the
Treasury. It is felt that the functions of the bank
are at variance with, or duplicate, the agencies al
ready created to deal with the foreign exchange
situation.
Dealing more particularly with detailed rates,
sterling exchange on Saturday, as compared with
Friday o f the previous week, was quiet but steady,
with demand still quoted at 4 75% , cable transfers
at 4 76 7-16 and sixty days at 4 72@ 4 72J^.< On
Monday the tone was firm, and demand, as a result
o f buying by an international banking house, ad
vanced to 4 75% @ 4 7527%; cable transfers, howrever, were not changed from 4 76 7-16, nor sixty
days from 4 72@ 4 7 2 ^ . Dealings showed no in
crease in activity on Tuesday, although a further
fractional rise was recorded for demand, namely
to 4 75% @ 4 7530; other quotations were still
4 76 7-16 for cable transfers and 4 72@ 4 723^ for
sixty days; the address of the Imperial German
Chancellor on Monday was without practical effect
upon sterling rates. Wednesday’s market was a dull
affair with very little doing; demand was a shade
easier, relapsing on the completion of the temporary
buying movement, to 4 7534; nevertheless, the under
tone was steady and cable transfers continued un
changed, as also did sixty-day bills. Dulness feat
ured Thursday’s trading and quotations were pegged
at 4 75% for demand, 4 76 7-16 for cable transfers
and 4 72@ 4 7234 for sixty days. On Friday the
market ruled dull but firm and still without change.
Closing quotations were 4 72@ 4 72% for sixty days,
4 7534 l ° r demand and 4 76 7-16 for cable transfers.
Commercial sight finished at 4 75@ 4 75%, sixty
days at 4 71@ 4 7134, ninety days at 4 69% @
4 6934, documents for payment (sixty days) at
4 71 @ 4 7134 and seven-day grain bills at 4 74% @
4 74%. Cotton and grain for payment closed at
4 75@ 4 7534.
■
Very little of moment developed in the Con
tinental exchanges this week, and notwithstanding
the epoch-marking events now taking place on
Russian soil, fluctuations have been, for the most
part, confined to unimportant fractions, with trading
operations still at a low ebb. Italian exchange
received some support during the opening transac
tions and showed a partial recovery from last week’s
severe declines; later, however, renewed weakness
developed, under what appeared to be selling for
London account. Francs ruled firm, but without
specific activity. As to Russian exchange, ruble
quotations remain deadlocked at current nominal
levels. Dealers in this class of exchange, under
prevailing conditions, would naturally demand
guarantees and as these are not obtainable, busi
ness is practically suspended. The speech of
the Imperial German Chancellor before the Reichs
tag on Monday failed to exercise any influence
whatever, its palpable insincerity and prompt
rejection by both the United States and its
European allies having been fully anticipated in
banking and exchange circles. All transactions
have, of necessity, been suspended in German and
Austrian exchange and quotations for reichsmarks
and kronen are no longer obtainable. Tiace *n-

856

T H E C H R O N IC LE

official check rate on Paris closed at 27.18, against
27.17% a week ago. In New York sight bills on
the French centre closed at 5 72% , against 5 72% ;
cables at 5 70% , against 5 70% ; commercial sight
at 5 7334, against 5 7334, and commercial sixty days
at 5 7934, against 5 7934 on Thursday of last week.
Lire closed at 8 86 for bankers’ sight bills and 8 8434
for cables. A week ago the close was 8 77 and 8 76,
respectively. Rubles finished at 13 for checks and
1334 for cables (unchanged.) Greek exchange re
mains as heretofore at 5 14 for sight bills and 5 1234
for cables.
As to the neutral exchanges, the feature of the
week has been the rise in guilders, which under an
improvement in the demand coupled with a scarcity
of offerings, rose rapidly to 45% for cables— an
advance of over 134 cents— though subsequently
receding slightly. So narrow is the market and
limited the supplies of commercial bills, that the
smallest approach to anything resembling activity
at once produces either a sharp advance or de
cline as the case may be. The Scandinavian
exchanges were easy with further slight declines.
Swiss francs ruled a trifle lower, while Pasetas
showed a slight recession for the week. Ban
kers’ sight on Amsterdam finished at 44% , against
44; cables at 45, against 44%,' commercial sight at
44 7-16, against 43 15-16, and commercial sixty
days at 44 5-16, against 43 13-16 last week. Swiss
exchange closed at 4 48 for bankers’ sight bills and
4 46 for cables. This compares with 4 47 and
4 45, the previous close. Copenhagen checks closed
at 3034 and cables at 30% , against 30% and 30% .
Checks on Sweden finished at 31% and cables
at 32% , against 32% and 33% , while checks
on Norway closed at 30% and cables at 30% ,
against 31% and 31% , the preceding week. Spanish
pesetas finished at 24.35 for checks and 24.42 for
cables, as compared with 24.25 and 24.32 a week
ago.
The check rate on Argentina closed at 43.94 and
cables at 44.04, comparing with 43.77 and 43.87.
For Brazil the check rate is 26.01 and cables at 26.11
as against 26.01 and 26.11 a week ago. The Chilian
rate is 14 1-32, as against 14 3-32 last week, and for
Peru 56, against 55.
Far Eastern rates are as follows: Hong Kong,
71@ 71.15, against 71@ 71.15; Shanghai, 103@104,
against 106@107; Yokohama, 51.65@51.75 (un
changed); Manila, 4 9 % @ 5 0 (unchanged); Singapore,
56% @ 57 (unchanged), and Bombay, 3 5@ 35%
(unchanged).
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $436,000 net in cash as a result of the currency
movements for the week ending March 1. Their
receipts from the interior have aggregated $7,847,
000, while the shipments have reached $7,411,000.
Adding the Sub-Treasury and Federal Reserve oper
ations and the gold exports, which together occasioned
a loss of $99,556,000, the combined result of the flow
of money into and out of the New York banks for
the week appears to have been a loss of $99,120,000,
as follows:
Week ending March 1.
Banks' Interior movement................
Sub-Treasury ami Fed. Reserve oper
ations and gold exports__________
T o t a i...............................................




Into
Banks.
37.847.000
33.837.000

Out of
Banks.

Net Change in
Bank Holdings.

37,411,000 jGaln

3436,000

133,393.000 Loss 99,556,000

341,684,000 3140,804,OOo!Loss 399,120,000

[Vol. 106.

The following table indicates the amount of bullion
in the principal European banks:
February 28 1918.

Banks of
Gold.

Silver.

March 1 1917.
Total.

£
£
£
England.. 59,352,898
59,352,898
France a .. 133,241,519 ld.Veo,666 143,401,519
Germany. 120,334,250 5,691,800 126,026,050
Russia
129,650,000 12.375.000 142,025,000
Aus-Hun c 11 008,000 2.289.000 13.297.000
Spain___ 79.138.000 28.265.000 1^7,403,000
Italy.___ 33.434.000 3.496.000 36.930.000
Netherl’ds 59.701.000
600,000 60.301.000
Nat. Bel. h 15.380.000
600,000 15.980.000
Swits’land 14.525.000
14.525.000
Sweden . . 13.125.000
13.125.000
Denmark. 9.622.000
137,000 9.759.000
Norway. _ 6.414.000
6.414.000

Gold.

Stiver.

Total.

£
£
£
54,296,090
54,296,090
128,131,127 10,820,480 138,951,607
126,365,700
780,250 127,145,950
147,486,000 11.917.000 159,403,000
20.578.000 5.140.000 25.718.000
52.720.000 29.773.000 82.493.000
35.987.000 2.906.000 38.893.000
49.219.000
540,100 49,759,100
15.380.000
600,000 15.980.000
13,748,900
13,748,900
10.364.000
10.364.000
8,822,000
93,000 8.915.000
6.900,000
6.900.000

Tot.week. 684,925,667 63,613,800 748,539,467 669,997,81? 62,569,830 732,567,647
Prev.week 684,130,312 63,564,850 747,695,162 670,662,102 62,619,980 733,282,082
a Gold holdings of the Bank of France tills year are exclusive of £81,484,340
held abroad.
* No figures reported since October 29 1917.
c Figures for 1918 those given by "British Board of Trade Journal” for Dec. 7
1917; figures for 1917 estimated on the basis of the Dec. 7 1917 totals,
h Aug. 6 1914 In both years.

THE GERMAN CHANCELLOR'S REPLY.
Count von Hertling’s speech of Monday, in the
Reichstag, can hardly be regarded as a serious over
ture to the Entente Allies. The character of its
assertions, suggestions and denials, no less than the
circumstances under which it was delivered, wholly
preclude its acceptance even as a basis of discussion.
The Chancellor’s purpose probably was, first, to
divert if possible the pressure which President
Wilson’s formula of peace terms has evoked from the
German Reichstag and the German people, and
second, to quiet Austria’s obvious dissatisfaction
over the German policy toward Russia.
Even when so regarded, the speech was extremely
ineffective. This was not due alone to the dull and
heavy personality of the Chancellor; the insincerity
of his utterances was transparent. The German
Government, he tells the Reichstag, agrees with
the four principles set forth by Mr. Wilson. “ Each
part of the final settlement must be based upon the
essential justice of that particular case, and upon
such adjustments as are most likely to bring a peace
that will be permanent.” This, says the Chancellor,
is “ self-evident,” and he says so in the face of Ger
many’s present attitude toward Russia.
Of M r. Wilson’s second stipulation, that “ peoples
and provinces shall not be bartered about from
sovereignty to sovereignty as if they were mere
pawns in a game,” the Chancellor observes not only
that it “ can be unconditionally assented to,” but
that “ one wonders that the President of the United
States considered it necessary to emphasize it anew.”
The principle that “ every territorial settlement
involved in this war must be made in the interest
and for the benefit of the populations concerned,”
the Chancellor declares to be included in his assent.
Finally, to Mr. Wilson’s stipulation that “ all welldefined national aspirations shall be accorded the
utmost satisfaction that can be accorded them,”
the Chancellor “ can give assent in principle.”
How is all this to be squared with the invasion of
Russia, the German demand for dismemberment of
that State (mainly on Germany’s terms) and the
handing over of part of Poland to Germany’s new
friend, the Ukraine? By the fact, so answers Count
von Hertling, that “ our war aims from the beginning
were the defense of the Fatherland,” that “ our war
fare, even where it must be aggressive in action, is
defensive in aim,” and that “ the sole aim of the
advance of our troops was to safeguard the fruits
of our peace with the Ukraine.”

M ar . 2 1918.]

T H E C H R O N IC LE

The Chancellor hopes that “ no misunderstanding
shall arise about this action.” It is safe to say that
none will arise. Germany’s actions are more sigficant than her words, and the outside world will
scarcely he deceived by this clumsy shuffling with
the facts. That von Hertling should follow up
these crude attempts at justification by denouncing
as calumny the charge that Germany is a violator
of treaties, by declaring that Germany’s Russian
campaign “ has been undertaken in the name of
hamanity,” and by insisting that the question of
Belgium should be settled through separate overtures
from “ the Government at Havre,” was quite in
character.
So was the remarkable assertion in
which, after citing President Wilson’s reference to
the German Chancellor as “ speaking to the court of
the entire world,” the Chancellor replied that
“ I must, as things stand to-day, in the name of
the German Empire and her allies, decline this court
as prejudiced.”
One is tempted to ask if there
could possibly be a more complete confession of the
present moral and political isolation of Germany.
It is all the more complete because it is apparently
unconscious.
The futility of this effort by the German Chan
cellor was insured beforehand; it has already been
made evident in the course of events. No Entente
statesman has given it serious attention, except to
point out the hollowness of the German suggestions.
The German Socialists in the Reichstag have replied
by denouncing the Government’s policy, by declar
ing their opposition as a party to the dismember
ment of Russia, the subjugation of Belgium and the
terms of peace offered to the Bolsheviki. From Euro
pean neutral markets come reports of increasing dis
satisfaction at Vienna over Germany’s Eastern policy.
Meantime, however, the Bolshevik dreamers at
Petrograd have accepted the German terms in their
entirety, even while making pathetically futile
efforts to arm the laboring men to resist the German
advance. These terms are incredibly harsh. They
embrace not only the voluntary political dismem
berment of Russia, but the complete demobilization
of the Russian army, the internment of the Russian
fleet, the consent to occupation of some of the richest
Russian provinces by Germany until the people of
such provinces shall have adopted a new constitution,
and last of all, the promise of Russia “ to put an end to
every propaganda and agitation . . . against mem
bers of the Quadruple Alliance and their political
and military institutions, even in regions occupied
by the Central Powers.”
This is surely a finishing touch of humiliation.
The one consolation in the existing state of things
is that it marks the probably permanent disappear
ance of the Bolshevik fanatics and their peculiar
brand of political ideas. No public men and no
party who have gone down to defeat and ruin under
circumstances which have made them ridiculous
in the eyes of the whole world have ever subsequently
regained their public influence. Lenine’s remark,
in urging acceptance of the terms, that such action
would be analogous to declaring a strike a failure,
has drawn forth the quite universal comment that,
to make the analogy complete, one must imagine a
striking labor union not only calling off its strike,
but giving up most of its members’ possessions, dis
banding its organization, and promising never there
after to attempt to carry out the purposes for which
it was organized.




857

THE SCHOOL TEACHER—A PROSPECTIVE
FAMINE THAT THREATENS THE
CITADEL ITSELF.
He must be accounted an ingrained cynic who
said, “ Education is the greatest humbug in the
world, unless it be Medicine.” As a people, we have
optimistically supported our “ public school system”
with liberal taxes because we believe that education
is the bulwark of liberty and the State. The “ little
red schoolhouse” has been both a palladium and a
shrine. True, as citizens, we have not too much
concerned ourselves as to what was taught therein,
but we have insisted upon providing “ free education”
for the masses. Leaders in the profession or certain
of them (we have no real unified system of education
in the United States) are now warming to the
thought that technical training for the “ bread and
butter battle” of life is the desideratum. And this
may be taken as an indication of the constant change
that is going on in educational ideals. Viewing the
changes in practice in medicine and education, the
cynic no doubt was wondering what proportion of
evil is mingled with the good, and what direction
the next change will take.
But now it is pointed out, due to a commingling of
causes, we are facing a famine in “ education.” It
is averred there are not enough teachers, pedagogical
schools show a falling off in enrollment, other walks
in life are depleting the profession, there is a lure
of larger wages elsewhere. All combine to produce
a disastrous effect on the common schools. This is
one of the by-products of war that comes rather
unexpectedly to the average mind. And it would
be natural to say that if barbarism assails us from
without we should the more exert ourselves to combat
its growth from within. In the midst of the over
throw of sacred institutions throughout the world
we should build this bulwark of our republican safety
the higher. As the unfolding child-mind looks out
upon almost universal destruction and death, civiliza
tion demands of education only a higher elevation
of the ethical standards. But it seems, from
recent announcements, that teachers are deserting
the ranks and a famine threatens.
Perhaps we are only realizing that life is so much
more comprehensive than education that the stand
ards of the home are more important than those of
the school. The questioning of the child is often
pointed and quite disconcerting. To be asked, for
instance, why God doesn’t stop the wholesale
slaughter, since individual personal killing is men
tioned in the Ten Commandments, may cause an
uncomfortable feeling in, a sort of reflection upon,
the parent who is wont to animadvert against the
pacifist. It may be difficult to explain the necessity
of long mental training in many of the didactic
fields of education when universal military training
is held up as the salvation of the State. In fact,
philosophy and physical force, as governors of the
world, do not, to the eager child mind, seem to run
in the same channel. And generously, off-handedly,
paying a school tax, under present circumstances,
cannot seem entirely the end of duty on the part of
citizen and parent. Perhaps the teacher is losing
heart in the real efficiency of his missionary zeal! At
any rate there is a threatened famine.
Now it is manifest that we should not permit this
incipient evil to grow. The common school is the
very citadel of our democracy. We may have to

858

T H E C H R O N IC LE

close it occasionally due to some dispensation of
Providence or of the Fuel Administrator, but during
the progress of the war, be it two or five or ten
years, we should keep the school going. There may
be, at times, lack of food for the body, there should
be no lack for the mind. And there need be none.
Submarines and shells cannot destroy thought and
truth. Barbarism can never come to us unless we
embrace it, and forego everything else in the world
but war; and civilization is held to be a product of
education. If it is necessary to raise the teacher’s
wages due to the high cost of living, due to the war,
by all means let it be done, even as it is done to the
ranks of union labor, to stop the desertion. Let
not war lay its palsying hand upon the school,
whatever else it may do. And though the fires
of learning must pale to glowing embers in our
privately endowed great universities, let us preserve
the common sch ool!
Almost it would seem as if a final test were being
laid upon “ education.” Of what possible use could
it be to save civilization by the sword and let the
embryo citizen grow up, in a long struggle, a bar
barian? We do not turn the question around, as
the child mind may, and ask why all this laborious
process of education, these dull hours, year by year,
in the schoolroom, when the woods and the swimmin’-hole invite, only to turn the youth into a bar
barian at last? N o, this war is but a discord in a
sublime harmony and the drill-master is the teacher.
We must preserve the school at all costs, though it
is necessary to turn the home into a knitting factory
and a conservation gcncy in domestic science. For
if the public school perish what primal factor in
culture will be left, and how will the parent-citizen
explain the reason for our civilizing processes?
It may be necessary to exempt men for farm labor,
but here is a yawning field for women, where it will
not be necessary to wear a uniform, man-fashion,
and labor long hours for time-and-a-half pay. Even
the suffragist may begin the political training of
girls that will fit them for intelligent as well as equal
voting. And surely social leaders can “ do their
bit” here as well as in the stuffy halls of a ward
meeting. And here in the childhood of the race is
the most fallow of all fields for sowing the seeds of
saving and thrift.
Statistics are constantly quoted to show that from
two-thirds to three-fourths of the children leave
school finally at the age of fourteen. Five years
must elapse before the boys can go into projected
military training. As we look at this war now it is
unlikely that they will enter it, though no one can
tell its duration. They may therefore be ushered
into universal peace, and it would be nothing short of
a catastrophe to find them wholly unprepared for
its benigli influences. We must give our common
schools only a closer attention, a mqro devoted
concern. They have been neglected too long by
parenthood as it is, despite the liberal endowments
given them through a system of patriotic tax-paying.
Business, economics, even the home itself, are
being invaded by dictatorial edicts having the end of a
great material movement in view. Here in this
quiet cloister of learning and love can come none of
these instrumentalities that are sometimes com
plained of as autocratic. “ Knowledge is power!”
“ There is no excellence without great labor!” The
lustre of these precepts is undimmed by the far-a-way
conflicts of a warring world. In the controversies




[Vol. 106.

of such an era children should be seen and not heard.
And the teacher was never more useful and necessary
than now.
There are many by-products of war. Famine is
one of them. Some consider pacifism one, of very
doubtful benefit. But a culture without democracy
is not to be tolerated. And wherever else the violence
of clashing opinions may show they do not come
within the pale of the common school.
Here
there is only the authority of truth, and the power
of moral suasion. And it would be a pity, if simply
for lack of properly paid teachers, we should fail to
keep alive this last stronghold, this last bulwark of
liberty. A famine in schools is an important
matter, and should receive prompt consideration by
a Government that seeks general co-ordination for
the public good!

THE FINAL ACCOUNTING OF THE GOVERN
MENT TO THE RAILROADS.
Destiny does not always reveal itself. Rivers
seek the sea. But there are many rapids and shoals
along the way. We do not know yet what we shall
be. Even universal democracy may encounter
obstacles not now foreseen. We may, in a sudden
assumption of prerogative and power, “ take over”
the railroads, but if we are to operate them success
fully we must solve all the problems that attach to
their activities as common carriers, and as these are
complicated and aggravated by the needs of war.
And, although, over a period of years we have, by
means of an Inter-State Commerce Commission,
been tinkering with control, we have not denomstrated our fitness therefor. Now that the Govern
ment is in actual possession we shall at least broaden
our knowledge if we do not reveal our ability.
The debate on the “ Administration” bill, as re
ported by the press, does not entirely assure us that
the magnitude of the undertaking has been fully
appreciated by our law makers. There are im
portant considerations that seem to have been
touched upon very lightly. For instance, a Senator
defending and explaining the Commttee report upon
the bill, made substantially the following declaration:
“ We did not take as the basis of compensation the
value of the roads. We did not know what it was.
I do not know; and I do not believe a man on this
floor knows their true value. We have been for
years, at a cost of millions of dollars, endeavoring
to ascertain the physical valuation, and to my mind
we have wasted the money; we do not know. So, we
adopted the plan of basing compensation upon the
average returns of the roads for a specified three
years’ period. This has little, or nothing, to do with
capitalization and values.”
Now this explanation is very pertinent, and its
purpose was clearly to offset arguments made to
show that compensation was too high as based upon
capital stock— part of which, it was contended, as is
generally the case in all discussion, is water. But
coupled with this compensation, as the interested
citizen must understand, is another proposition in
the bill, perhaps vaguely expressed, but explicity
implied, the guaranty that the Government will
return the roads to their owners in as good a con
dition a< when received. At the end of the period of
Government control, how and by whom is this to be
determined, or is the promise or guaranty a mere
direction as to how the properties are to be managed ?

M ar . 2 1918.]

TH E C H R O N IC LE

Another Senator said in substance in the course
of the discussion: “ We do not to-day know whether
the employees are working for the roads or for the
Government. Millions of dollars are being received
every day by the roads in the course of business, we
do not know to whom this money belongs.” We
are not informed, so far, cither by the statements of
the bill or by the acts of the Director-General that
there is a clear and definitive procedure entered upon
in these particulars. And yet here is a tenant
assuming possession and control of a vast property
without knowing specifically what its items are, to
say nothing of their value, and binding himself to
return the whole in as good a condition as when
received! N ot only this, but he proposes to operate
it at his will, carrying goods by the most direct
route, for example, establishing new rate schedules
if he sees fit, wearing down one road more than
another, if war so demands; and undertakes to pro
vide upkeep, and return in corresponding order, with
out any independent books of his own, trusting, as
we must presume, to the showing made when the
time comes for a final settlement!
It is a curious proceeding, to say the least of it,
and one that does not show the Government to
be even an ordinarily careful business man. As we
see it, the vital elements in this question are left
in chaos. The courts are open, no doubt, to the
adjustment of all the equities involved. The power
which the bill grants to make contracts may be in
clusive of a power to make the necessary adjust
ments at the time with the various roads. And if
this be true, what a tremendous undertaking un
folds itself! Further— there is to be a revolving
fund— it is provided that earnings above the average
of three years are to be covered into this. Is the
nominal tenant to have no proof that the returns
made b y 't h e actual tenant are correct? Is the
nominal tenant to pay at the end of possession what
the actual tenant demands after his own operation?
Is the guaranty a determinable sum under any system
of computation when the tenant, after possession,
turns the actual property and operation back to the
owners, and does none of the work and handles none
of the money?
By a curious twist the discussion centred about
an amendment providing that the short lines be
taken over and be correspondingly remunerated.
There was a repeated statement that the Govern
ment could not in the nature of things take the roads
over “ for war purposes only.” It was averred that
a feeder, though it handle no war needs at all, would
still be affected by governmental possession and
operation of the main lines and new routes and rates
that might be subsequently established. It was
said many of these roads were weak, would in fact
become bankrupt, and were now showing precarious
earnings. As a consequence of this it was justice
that the Government “ take care” of them. Certain
avowals were made that under the bill excess earn
ings of one road might by the President be given
over to a road not earning the average if he saw fit.
What a masterpiece of confusion this suggests if
such shall be the case in the future! And how can
the President do this save by a most perfect system
of accounting over all the roads during the period
of operation? And how, then, can he accomplish
justice when the orders of the nominal tenant, the
Government, interferes with the free action of the
actual tenants, the owners?




859

Admitting the imperative need of rendering the
railroads amenable to the service of the Government
for use in the war, and considering the complications
that must inevitably arise under the present whole
sale system of operation, one is impelled to ask if
all other plans were thought out and discarded before
this one was adopted. For it must seem that the
third party in interest is in a very precarious situ
ation. Where will the shipper now lay his com
plaint; where will the injured go for relief? The
people are even more dependent in their domestic
affairs, in a territory as large as the United States,
upon the railroads, than they are in the small and
compact States of Europe. To serve an equal
population the haul is longer. Even jn war this
proposition is reversed— that of getting the freight
age out (by a co-ordination with an inadequate
shipping) rather than in, of moving troops in the
main to a shore line preparatory to embarkation,
rather than shifting them in different directions to
lines of active warfare.
The congestion would seem to increase with dis
tance converging at a few points of embarkation.
But whether or not Government operation here is a
parallel problem to that in England, France and
Germany, the assumption of control for war’s needs
affects vitally the civilian population scattered over
a vast territory and embraces the moving of several
distinctive crops over long distances on which large
sections are preponderatingly dependent. And there
fore single management over many systems becomes
a more comprehensive, as it is an acute, test.
For these reasons a blanket law authorizing
operation must fail to meet many of the specific
questions that will arise. It cannot become specific
ally directory. And it is reasonable to . suppose
that had the “ taking over” been in time of peace
many difficulties would have been threshed out in
advance. There will be a general disposition on
the part of the people to make all allowances for
whatever faults may develop. But this does not
lessen the compulsion of preparing as far as may be
for the final accounting. As long as there is the
disposition of an overplus from all earnings, its
possible distribution from the strong to the ' weak;
as long as a Government stands ready to constantly
replace wear and tear, a species of individual com
petition still exists even with the Government in
possession. And it is no reflection on the integrity
of management to expect that roads will fill up their
losses and depreciation with a view to their own
ultimate interests.
Managements may change and with them policies
of internal management. Special requirements laid
upon special roads and systems will compel such
changes. And what the Government puts into the
roads outside of and aside from that which is re
turned by the roads themselves from current earn
ings will have to be taken into consideration in final
settlement. The precise methods covering this mat
ter do not seem to be wholly determined at this time.
An auditing department in connection with so
tremendous an undertaking will grow to very large
proportions and entail a heavy expense which must
fall somewhere. And this suggests consideration
of the final rest for all deficiencies that may occur.
Some of the strong roads, fattened by war costs,
have been able to show earnings for three years
above the average. Weak roads have remained
weak, while a number are in the hands of receivers.

T H E C H R O N IC LE

8 (5 0

Speaking largely, the railroads as a whole, owing to
increasing costs of operation and stationary returns,
have not been, were not at the time of seizure, in a
prosperous condition. In fact it has been openly
charged that they were willing to be taken over—
this supposedly in view of their powers to meet
demands and the outlook for business. Be this as
it may, if “ business” is to diminish rapidly through
a suppression of non-essentials, with a shutting down
of general exports and imports, they might not earn
proportionately as much in the next three years
as in the last three. And the result of all these con
ditions is this— the people must assume their burdens
whether by taxation or an increase of rates, and the
consequent cost of the experiment may fall heavily
in a time of unusual exactions and economies. So
that the care and safeguards with which the under
taking should be surrounded becomes one of the
greatest tasks ever proposed by legislation in this
country.

____________________

SPURRING CONGRESS TO USEFULNESS.
Suddenly taking the role of the “ terrible child’*
who breaks upon the orderly course of dinner when
there is “ company,” with questions which reveal
household conditions that should stay hidden.
Congressman Fuller of Massachusetts, classed as
“ Independent,” has sent to the Speaker a note
resigning his membership in the Committee on
Expenditures in the Interior Department. Its
meetings during this Congress, he says, have been
confined to “ one smoke talk,” and as far as he can
judge it is like in this to about one-half the com
mittees. More than one-half, he affirms, are useless.
He clearly seems to be correct. Committees on
Coinage, Weights and Measures, on Foreign Affairs,
on Military Affairs, on Railways and Canals, on
Expenditures, of which there is one for each of a
number of Departments; on Mileage, on Accounts,
on Reform in the Civil Service, on Railways and
also on some others which could be mentioned— it is
impossible to conceive that these are doing any
thing or are holding more than a few perfunctory
meetings.
The current legislative habit, as we unhappily
know, has become that of preparing bills outside of
the Capitol and sending them in for prompt passage;
this is the new development of “ recommending”
measures which seem expedient. The work of
shaping important matters, such as revenue and
similar bills, so far as Congress takes part in the
process, is done in the rooms of a few committees,
and, as we are not permitted to be ignorant, much
of it is done very clumsily; the many other com
mittees are only means of individual recognition in
respect to individual importance. The whole ma
chine is cumbrous and ill-working. If it did nothing
else harmful, it would tend to scatter and diminish
rather than aid efficiency in what was meant to be
the greater governmental department. But Mr.
Fuller avers that these committees could be changed
into useful agencies. “ W hy,” he asks, “ could not
some of these needless committees that never meet
and are occupying valuable room and employing
secretaries and messengers that have no work to
do be utilized for various useful purposes, such as
inspecting camps, soliciting labor for shipyards,
doing any one of the hundred and one things that the
Government is in need of to-day ?” On the contrary,
he tells the Speaker that instead of being busy the




[Vol. 106.

majority of Congressmen are telling stories and
practicing expectoration.
It is the business of a Congressman to legislate,
and if inspecting camps could qualify him better
and increase his influence for good, he would be well
employed, though absent from Washington. Some
Congressmen have been to the war front, and one of
them did give some pointed and apparently wellgrounded testimony about conditions there, for in
stance, as to the anxiety expressed by the command
ing officers that we should avoid any differences
between our small arms and ammunition and theirs.
And if any Congressman with nothing to do or with
scant opportunity to do anything, should visit ship
yards and other industrial places, and could apply to
laggards and grumbling skulkers any such spur as
is wielded by one New York clergyman who is
actively engaged in pushing matters, he would be
serving his country well.
We hope, also, that one of the evening journals
here is correct in finding that Congress “ is worried”
about money and wants “ criminal waste” elimi
nated. “ Millions for defense, but not a cent for
tribute,” was a watchword of our country in its first
struggle; and now it is time Congress took up deter
minedly the feeling attributed by this Washington
dispatch to an unnamed Senator, “ billions for vic
tory, but not one cent for waste.” For the stream
of waste, increasing even in ordinary times, is
swollen by war, and there is a shocking indifference
about it. The people are constantly exhorted to
save, even to pinching, but the precept is not en
forced by any governmental example. M r. Fuller
concludes his protest by saying that “ the President
is asking our business men to economize and become
more efficient, while we continue to be the most in
efficient and expensive barnacle that ever attached
itself to a ship of State.” But the waste is wide
spread. It is not by multiplying bureaus, commis
sions, controls and non-producers, not by borrowing
through War Stamps or otherwise, or by turning
hard down the screw of taxation, that the war is to
be won. Taxing ourselves, rushing into a mass of
varied and drastic statutes for saving waste, and
doing what is unusual, will not suffice; we can win
only by effective military action and by public, as
well as private, economy. Public saving never has
the pressure behind it that is behind public spend
ing; yet if Congress is beginning to “ feel worried”
there is encouragement.

NEW YORK STATE GOES INTO TIIE ICE
BUSINESS.
An advertisement has appeared many times of late
in the daily journals, signed by the new Ice Comp
troller, former Governor Odell, announcing that mak
ing artificial ice on Long Island or in any county
bordering on the Hudson is forbidden after yesterday,
on penalty of $50 a day; the first notice was that in
any city of more than a million inhabitants no person
or corporation shall “ engage in the business of manu
facturing, selling, and delivering artificial ice” bebetween March 1 and Feb. 1 next, without first pro
curing a license; the second notice was that temporary
permits pending applications for permanent permits
will be granted, if sought in writing before the end
of February.
■
This action is under a law approved on the 13th,
whereby the State goes into the ice business and Mr.
Odell is provided with a job by the express terms of

M ar . 2 1918.]

T H E C H R O N IC LE

the law. He explains that a threatened shortage of
ammonia because of the imperative need of the
article for various military purposes has forced the
State to this course. Ice,, as we know, long ago
passed from the status of a luxury into the list of
essentials, and various reasons, largely the un
certainty of our winter climate, have gradually in
creased reliance upon the artificial product which is
quite as naturally produced as any; ordinarily, it
might be questioned whether the advantages do not
lie with the “ made” article, except that the problem
of storage in a great city keeps production approxi
mately near to consumption. Now comes a problem
over ammonia, and the new “ control” proposes to
rely mainly upon the river ice and to license only
such plants as can show economy in both coal and
ammonia. There is now cut and stored on the upper
river, we are told, about one-half the quantity
annually used by this city, and an additional million
tons are contracted for. There will be no ice famine
and no iceless days; the cost to large dealers may be a
little more than usual, but that to families will stay
at or near the regular 50 cents per 100 pounds. So
we are assured, if a verbal assurance does assure.
Here is one more instance of benevolent intervening
control, which may be admitted to mean well. The
men who are in the ice business, one would ordinarily
say, must be already aware of the situation as to
ammonia; they must also be aware that the climate
has been generously lavish of low temperatures, so
that the natural supply on both river and lakes, in
this State and in Maine, is very great. Ordinarily
they might be expected to go after and get this
abundance; but nowadays Government is telling us
all how to cook eggs (if we can get any) and how to
cook potatoes, make bread, and generally and
minutely how to conduct ourselves, from bed left in
the morning to bed resumed at night. It is all
meant in kindness; but the country has grown from
thirteen feeble colonies, brought into a union only
by the unanswerable argument that Europe would de
vour them seriatum if they stayed apart, to a country
of many powerful States, and all through the simul
taneous initiative and action of individuals. The
methods and conditions which have made us great,
we are now asked to believe, will serve no longer.
It would be interesting to seek the authority for
so much exercise of regulative and repressive action.
All proceeds from the people and by grant from
them, it is admitted; but not in the Federal or in
the State Constitution is there anything which can
be read as authorizing a law forbidding trade and
industry in such manner and extent as they are
now forbidden. Grant that the people may com
mand or prohibit or regulate anything conceivable,
for thereby the majority assumes to govern itself
and the minority; it is the present fact that the
majority now assumes powers, and that an emergency
is pleaded as the warrant for assuming powers never
conferred. The example is contagious. Congress
enacted an almost unlimited “ control” law, and forth
with this State is put to the expense of a special session
for the purpose of enacting a still bulkier one, which
would be futile if it conflicted with the other and is
superfluous so far as it does not. And now comes a
minor control, levied at one necessary commodity.
If this is accepted without protest, whither will
precedent, hardened into an unquestioning custom,
carry us? Driving towards absolutism, how much
short of it shall wo stop?




861

CANADA’S FOREIGN EXCHANGE PROBLEM.
Ottawa, Canada, Mar. 1.
The task before Sir Robert Borden and Hon. A.
K . Maclean, in their visit to Washington this week
to remedy the exchange situation, is regarded by
Canadian bankers as peculiarly difficult. Nor,
considering all that is involved, does there appear an
immediate way of escape from serious embarrass
ment to this country. About two weeks ago,
owing to the exports of wheat, exchange improved,
but the remedy was transient and to-day the rate
stands inconveniently high against Canada.
The situation calls for prompt action because many
Canadian provincial, municipal and corporation
loans are falling due in American centres, in addition
to the Federal Government loans coming due in
New York. Within a month the half-yearly pay
ment of two and half million dollars on the Dominion
loan placed in New York last August was remitted,
and next month the interest on the 875,000,000 loan
of an earlier date must be provided, running close
to $2,000,000. The call loans and balances of the
Canadian banks in Wall Street have been drawn upon
heavily.
Complicating these developments, Canadian cor
porations are forced to refund in the home market
because renewals of large issues have been made
impracticable.
There are certain happier factors, of course, giving
promise of an advantageous adjustment. War
contracts have been placed in Canada by the United
States Government and very heavy expenditures
with Canadian munition works are said to be im
pending. Hope is entertained in some Government
quarters here that the financial delegation may
succeed in securing a Canadian credit of one or two
hundred million dollars.

RAILROAD GROSS EARNINGS FOR THE
CALENDAR YEAR 1917.
The gross earnings of United States railroads during
the calendar year 1917 reached prodigious propor
tions. That is the striking and illuminative feature
in the extensive tabulations we present herewith.
The’ year was a trying one for the rail-carriers, as
everyone knows, but it was unsatisfactory mainly
because of the great leap in transportation costs,
the augmentation in expenses cutting deep into net
income. The compilations we give below deal
entirely with the returns of gross earnings and, if
the inquiry ended here, there would be not the slight
est occasion for complaint, but rather every reason
for rejoicing and gratification. The traffic of the
roads reached unexampled proportions. If any
one had any doubt as to the volume of trade during
the twelve months, that doubt would be dispelled
by these returns of. earnings with the great increase
they show all over the country as compared with the
twelve months of the calendar year 1916. The
increase is of imposing proportions, treating the roads
as a whole. Indeed, in the extent of the gain
recorded, 1917 has been but once surpassed, namely
in the year immediately preceding, 1916, and the
circumstance that the expansion in 1917 followed
upon the heels of an even greater expansion in 1916
invests it with added significance, constituting the
two years combined a unique chapter in the railroad
and industrial history of the United States. The
colossal addition to railroad traffic and railroad

863

T H E C H R O N IC LE

revenue in these two years indicates in what a
marvellous way the industrial activities of the coun
try have been speeded up as a result of the European
War.
That these are not merely superlative forms of
expression, but are statements borne out by the facts,
will appear when we say that the tables which we pub
lish herewith and which are elaborate and compre
hensive, covering practically the entire railroad mile
age of the country, show that the gross earnings for
1917 exceeded those for 1916 by no less than $422,
724,523. That this great gain in the gross receipts
has been converted into a minus quantity in the case
of the net results, as a result of the huge augmentation
in expenses, illustrates how trying were the conditions
that railroad managers 'had to contend with. As
already indicated, an addition to the gross revenues
of such dimensions as this would be notable in any
event even if it stood all by itself, but in the light of
the similar exhibit for the year preceding, it takes on
the nature of a development almost phenomenal
in character, for, it should be remembered that in
reviewing the figures for 1916 we pointed out that
that year,too,had been a period of wonderful expan
sion in traffic and railroad revenues, the expansion
having continued in progress from beginning to end
of the year. Stated in brief for 1916 the increase
over 1915 had reached the magnificent figure of
$547,412,940 or 17.62%. If now we add the further
gain in 1917 over 1916 of $422,724,523, we have an
addition for this brief period of two years of almost
an even thousand million dollars. If we go still
further and include also the gain of $149,191,801
in 1915 over 1914 (though this* latter gain did not
represent new growth, but was merely a recovery of
loss sustained in 1914 when the European war had
its advent), we get a total increase for the three
years in the grand aggregate for the twelve months

grain deliveries in the West and East and the cotton
shipments in the South underwent important contrac
tion. At the Western primary markets the receipts
of wheat for the 52 weeks ending Dec. 29 were only
255.476.000 bushels in 1917, against 421,940,000
in the 52 weeks of 1916; the receipts of corn 190,873,
000 bushels against 232,681,000 bushels; of oats,
283.542.000 bushels against 312,001,000; of barley,
78.472.000 against 109,424,000 bushels, and of rye,
21.180.000 bushels against 21,907,000. Combining
the five cereals we find that the receipts for the 52
weeks of 1917 were only 829,543,000 bushels against
1.097.953.000 bushels, being a loss of over 268,000,
000 bushels. The details of the Western grain
movement in our usual form are set out in the follow
ing:
Jan. 1 to
Flour.
Dec.29.
(bbls.)
Chicago—
1917-- 9,617,000
1916.. 9,243,000
Milwaukee—
1917. - 1,060,000
1916.. 1,867,000
St. touts—
1917— 3,850.000
1916— 4,444,000
Toledo—
1917...................
1916...................
Detroit—
1917— 322,000
1916.. 344,000
Cleieland—
1917.. 721,000
1916.. 838,000

of over $1,118,000,000.

Unfortunately the growth in the gross revenues has
not been attended by a proportionate enlargement
of the net, there having actually been a heavy de
crease in net in 1917, as already stated, in face of the
large increase in the gross. That such should be the
case reflects the unsatisfactory conditions for the
carriers that have been prevailing and which, until
the Government took over the control of the
roads, at the very close of the year, had made the
outlook for railroad properties so dismal. Repeated
advances in wages, together with the great rise in
the cost of fuel, materials, supplies and everything
else needed in the operation of a railroad, are respon
sible for the deplorable outcome. We shall hope to
deal with the net earnings, as distinct from the gross
earnings, a few weeks hence, when complete returns
as to expenses, which are now missing in a number
of instances, are available.
In the main the further expansion in the gross
earnings of the roads in 1917 followed from the
activity of trade and from general industrial develop
ment. Some increases in rates were granted in
different parts of the country at different times by
the Inter-State Commerce Commission, but these are
responsible for only a small part of the additions to
the gross receipts. It is a striking fact, the sig
nificance of which should not be lost sight of, that
the movements of nearly all the leading staples
declined— in some cases heavily declined— and that
the magnificent further growth in gross revenues
occurred in face of that circumstance. Both the



[ V o l . 106.

W h ea t.

(bush.)

Corn.
(bush.)

Oats.
(bush.)

Barley.
(bush.)

Rye.
(bush.)

31.674.000 71,344,000 125.487.000 22,208,000 4.934.000
74.864.000 102,426,000 160.785.000 34,346,000 5.601.000
8.670.000
8.696.000

11.468.000 27.322.000 16.316.000 2.554.000
11.342.000 37.899.000 21.338.000 3.532.000

29.858.000 22.004.000 30.454.000
40.188.000 18.240.000 19.036.000

1.643.000
1.806.000

488.000
790.000
77.000
26.000

5,149,000
7
non

2,180,000
3,955,000

3.424.000
4.133.000

2,000

2.591.000
2.656.000

2.646.000
4.729.000

3.787.000
4.286.000

1,000

781,000
1,137,000

2.034.000
3.535.000

4.466.000
4.971.000

87.000
48.000

207.000
242.000

1917- 1,950,000 2.784.000 29.328.000
1916— 2,273,000 4.033.000 38.037.000
Duluth—
15,000
1917
.......... 22,815,000
95,000
1916—
49,000 41,621,000
Minneapolis—
1917—
29,000 99.988.000 8,122,000
1916
...... 128,914,000 7,630,000
Kansas City—
1917
...... 36.566.000 13.810.000
1916.......... 74.927.000 22.015.000

16,681,000
12,130,000

3.170.000
3.453.000

351.000
696.000

Peoria—

Omaha—

1917...................
1916...................

717,000
4,240,000

7,989,000 3,787,000
11,612,000 2,922,000

28.895.000 27.056.000 8.782.000
43.441.000 36.791.000 8.098.000
14.457.000
7,930,000

14.600.000 27.922.000 27.852.000
37.859.000 20.577.000 13.150.000

..........

—

Total of All—

1917—17,549,000 255.476.000 190.873.000 283,542,000 78.472.000 21,180,00
1916.-19,058,000 421.940.000 232.681.000 312,001,000 109.424.000 21,907.00

A t]the seaboard"there was a similar contraction
in the grain movement, the receipts of grain for the
52 weeks of 1917 having been only 421,180,000
bushels against 656,144,000 bushels in the 52 weeks
of 1916 and 561,091,000 bushels in 1915, as will be
seen by the following:
GRAIN AND FLOUR RECEIPTS AT SEABOARD FOR 52 WEEKS.
1917.
1916.
1915.
1914.
1913.
FIour............. bbls. 21,962.000 25.453.000 27,532,000 24,075,000 13,600,000
Receipts of—

Wheat
bush.204,521,000 374,883,000 323,610,000 254,942,000 207,189,000
Corn """
- - 49,439,000 57,960,000 53,049,000 31,614,000 51,003,000
0ata.............
135,255,000 178,940,000 152,285,000 75,058,000 54,070,000
Barley""-*.-.......... 17,396,000 27,499,000 17,391.000 2,941,000 3,340,000
Ry0........................ 14,569,000 16,862,000 14,720,000 8,556,000 3,031,000
Total grain..........421,180,000 656,144,000 561,091,000 373,111,000 318,633,000

The Western livestock movement also appears to
have been smaller than in the year preceding,
though the returns are rather meagre and therefore
inconclusive. The receipts of hogs and .the receipts
of sheep both fell off, though on the other hand the
cattle receipts ran well above those of the preceding
year. At the Union Stock Yards in Chicago the
live stock receipts in 1917 comprised altogether
255,093 carloads against 270,521 carloads in 1916;
at Kansas City they were 138,186 carloads against
131,812, and at Omaha 116,949 against 112,187.
In the South there was a further great contraction
in the cotton movement. The shipments overland
in 1917 were 2,663,497 bales against 3,108,517
bales in 1916. At the Southern outports the receipts
for the calendar year 1917 reached only 5,328,882
bales against 7,651,641 bales in 1916 and 9,734,000
bales in 1915.

T H E C H R O N IC LE

M ar . 2 1918.]

RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JANUARY 1 TO
DECEMBER 31 1912 TO 1917, INCLUSIVE.
Full Year.
Ports.

1917.

| 1916.

1915.

1914.

1913.

1912.

Galveston........bales. 1,90S,O1S 2,800,245 3,463,217 3,220,293 3,247,905 4,327,940
Texas City, &c-------- 107,398 448,706 6S5.833 437,988 708,254 974.288
New Orleans........... . 1,355,695 1,646,911 1,979,400 1,534,583 1,517,379 1,755,530
99,511 172,401 141,824 219,094 379,241 307,704
Mobile____________
90,069 178,397 177,911
57,908 124,187 143,000
Pensacola, &c--------Savannah............. - - 907,757 1,086,194 1,585,215 1,261,039 1,709,200 1,788,985
Brunswick................. 175,770 168,132 208,200 135,208 278,484 352.289
Charleston_________
198,533 204,800 377,244 262,230 435,689 372,518
2,484
110
389
101
Georgetown...............
72,272 162,570 315,728 172,828 376,942 484,627
Wilmington________
379,895 686,553 726,695 440,994 597,230 602,954
Norfolk______ ____
83,653
00,775 115,294 179,325 104,952
6,125
Newport News, &c__
Total.................... 5,328,882 7,561,641 9,734,000 7,953,051 9,533,855 11,288,794

It happened, too, that the Lake Superior iron ore
shipments did not quite come up to the exceptional
total of the preceding season, leaving so much less
to transport by rail after the ore was delivered to the
lower Lake ports. For the whole season the ship
ments of ore from the Lake Superior docks aggregated
62,498,901 tons against 64,734,198 tons in 1916, but
comparing with 46,318,804 tons in the season of 1915
and 32,021,897 tons in 1914. The coal tonnage over
the railroads must have been heavier than that of
the preceding year; since the total output of coal
increased so heavily— the increase is estimated at 50
million tons— but quite a few of the larger systems
actually moved less coal in 1917 than in 1916.
Freight congestion and car shortage played an
important part in reducing shipments over some of
the roads in the eastern half of the country. The
Pennsylvania Railroad coal figures have been given
out only for the ten months to N ov. 1 for which pe
riod the shipments of bituminous coal were 43,787,689
tons against 40,496,441 tons in the ten months of
1916. But the shipments of coke for the ten months
reached only 10,143,673 tons against 12,053,243
tons. The Baltimore & Ohio for the eleven months
to Dec. 1 moved 33,429,850 tons of bituminous coal
against 31,305,489 tons, but only 3,198,585 tons of
coke against 3,999,378 tons. The Chesapeake &
Ohio for the twelve months moved only 28,008,139
tons of bituminous coal against 29,040,267 tons and
501,340 tons of coke against 550,163 tons. An
thracite shipments to tidewater for the twelve months
over the different carriers reached 77,133,305 tons in
the 12 months of 1917 against 67,376,364 tons in
1916, but this benefited comparatively few roads.
As far as the separate roads are concerned the
showing is the same as in the case of the general
totals— that is, there is great improvement in earnings,
the gains being large and widespread, and in most
cases following equally noteworthy improvement in
the preceding year. Out of 488 roads contributing
returns, only 20 roads record decreases of any kind,
large or small, while 468 roads report gains, many
of these latter being of large extent. In the following
we show all changes for the separate roads in excess
of 8500,000, whether increases or decreases. It
will be observed there are only two instances of
decreases above the limit referred t o .
PRINCIPAL CHANGES IN CROSS EARNINGS FOR 12
Tnrrpn
Pennsylvania (3)...........a$37.312.363 Delaware Lack & West
Southern Pacific (10)— 30,644,066 Erio (2).-.........................I
Atch Top & S Fo ( 4 )--- 21,239.281 Great Northern___
Southern Ry System____ 16,527,195 N Y N II & Hartford” '
Union Pacific f t ) _______ 15,689,257 Chesapeake & Ohio____
Now York Central______615,568,210 Lehigh Valley...........
Illinois Central_________ 13,125,413 Chicago & East Illinois.
Chicago Burl & Quincy.cl2,512,515 Seaboard Air Line______
Baltimore & Ohio______ 11,819,478 Boston & Maine______I
Louisvlllo & Nashvillo-_cl 1.069,715 St Louis Southwest (2 ).
Chicago & North W est-. 10,823,011 Delawaro & Hudson__ I
Chic R I & Pac Lilies (2) 8,722,889 Chic Milw & St Paul__
Missouri Pacific (2)......... 8,347,502 Yazoo & Miss Valley__
Northern Pacific_______ 7,944,383 Denver & Rio Grando..
Phila Balt & Wash......... 7,605,979 Wabash.............................
Atlantic Coast Lino------- 6,741,246 Chicago & Alton_______
Missouri Kansas & T ex. 6,610,448 Central Now Jersey____
St Louis-San Fran ( 4 ) . . . 6,564,783 Hocking Valley________
Michigan Central........... 6,460,644 Long Island................ ..
Norfolk & Western......... 6,460,260 Kansas City Southern..
Philadelphia & Reading. 6.371,152 Buffalo Roch & P ittsb ..
Clovo Cm Chic & St L . . 5.972,680 Colorado Southern (3 )-.




M ONTH S.

In c re a se s.

85,630,325
5,465,107
5,382,146
5,352,726
.4,809,482
c4,475,308
4,194,844
4,160,659
4,067,234
3.459,526
3,339,678
3,129,513
2,966,057
2,958,652
2,750,893
2,744,410
2,724,391
2,496,014
2,314,340
2,258,163
2,213,245
2,111,466

863

Increases.
Increases.
Central of Georgia_____$c2.017,265 Georgia R R ___________
S933.568
Toledo & Ohio Central_ 1,884,694 Duluth Missabe & N o r ..
917,322
Texas & P a c ific ..-......... 1,855,350 Chicago Ind & L oulsv..
959,622
Internat & Great North. 1,821,279 Midland Valley________
805,960
Virginian_______________ 1,786.508 West Jersey & Seashore.
725,727
Elgin Joliet & Eastern.. 1,678,150 Lake Erie & W estern ...
718,712
Nash Chatt & St L ouis.. 1,675,167 Chicago S t P M & O __
682,340
Western Maryland_____ 1,670,468 Atlanta Birm & Atlantic
643.528
Western Pacific________ 1,628,221 Bingham & Garfield____
630,693
Pittsburgh & Lake Erie. 1,578.491 Monongahela Conn_____
627,328
Spokane Port & Seattle. 1,562,948 Lehigh & New England.
620,235
Richmond Fred & Potom 1,528,205 Belt Ry of Chicago____
614,057
N Y Chicago & St Louis 1,513,278 St Louis M Bridge & Ter
613,251
Mobile & Ohio................. 1,374,863 Grand Rapids & I n d ...
593,793
Maine Central_________
1,300,901 Duluth So Sh & A tl____
565,607
Bessemer & Lake E rie.. 1,261,934 Cincinnati Northern____
530.883
Cumberland Valley_____ 1,154,260 Atlantic C it y .............
503,615
Los Angeles & Salt Lake 1,109,838
Toledo St Louis & West -1,082,676
- Representing 113 roads
Western N Y & Penna.. 1,027,987
in our compilation. $302,138,333
Wheeling & Lake E rie.. 1,025,296
El Paso & South W est.. 1,020,859
Decreases.
Chicago Ter H & 8 E . .
$804,068
991,265 Pitts Shawmut & N o_
Washington Southern__
962,703 Florida East Coast_____
572,911
Carolina Clinch & O____
957,947
Pero Marquette________
Representing 2 roads
948,600
Grand Trunk W estern..
in our com pilation.. $1,376,979
936,290
Note
Figures in parenthesis after name of road indicate the number of
lines or companies for which separate returns are given and which we have
combined so as to make the results conform as nearly as possible to those
given in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania R R ., together with the Pennsyl
vania Company and the Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania R R ., reporting $24,814,961 increase, the Pennsylvania Com
pany $3,026,272 gain and the P. C. C. & St. L. $9,471,130 gain. Including
all lines owned and controlled which make monthly returns to the Inter
State Commerce Commission, the result is a gain of $51,976,243.
b Those figures cover merely the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the “ Big Four,” &c., the whole going to form the New
York Central System, the result is a gain of $33,511,274.
c These figures aro for eleven months only.

With reference to the general tota ls,'w e have
already pointed out that while'T915, 1916 and 1917
alike, according to our tabulations, recorded exten
sive increases in earnings, the gain in the first men
tioned year (1915) was entirely a recovery of a loss
sustained in 1914. The loss in 1914 reached no less
than $219,701,002, or 6.79% . If we go further back
we find that in 1911 there was also a loss, but only
relatively small in extent. In 1908, following the
panic of 1907, there was a prodigious falling off.
Our tables for 1908 registered a loss of no less than
$301,749,724; actually the loss was of still larger
extent, as our figures then covered only 199,726
miles of road. Careful computations which we
made at the time showed that, if we could have
had returns for the whole railroad mileage of the
country, the decrease in gross earnings would prob
ably have been no less than $345,000,000. Prior to
1908, of course, we had an uninterrupted series of
gains year by year back to 1896, as will appear from
the following summary of the yearly totals. The
mileage covered in each year is indicated in the table.
Jan. 1 to
Dec. 31.
Year.
1894
1895
1890
1897
1898
1899
1900
19 01
1902
1903
1904
1905
1900
1907
1908
1909
1910
1911
1912
1913
1914
1915
1910
1917

_____
_____
--------_____
_____
_____
_____
_____
_____
_____
_____
_____
_____
_____
_____

_____
---------

Mileage.

Gross Earnings.

Year
Year
In
Given. Preced. cr’se.
Miles.

Miles.

150,911 155,950
157,537 150,110
102,037 101,340
105,253 103,840
164,893 103,075
104,080 101,295
172,358 107,396
179,097
170,073
__________________
181,928 178,929
181,138 177,427
190,724 193,257
195,251 193,385
203,411 199,983
205,270 202,953
199.720 197,237
228,508 225,027
241,304
__________________
238,080
241,432
__________________
238,275
__________________
241,430
237,848
244,259
__________________
241,991
__________________
249.720
247,437
249,114
__________________
240,010
250,151 247,019
250,193 249,879

%
0.02
0.90
0.83
1.15
0.89
2.20
2.97
1.25
1.50
2.13
1.05
0.90
1.71
1.14
1.20
1.54
1.87
1.32
1.51
0.94
0.93
1.01
1.02
0.13

Year
Given.

1,046,016,407
1,086,464,008
1.114.430.883
1,185,154,054
1,253,807.714
1,332,006,853
1,459,173,305
1,603,911.087
1,705,497,253
1,918,652,252
1,960,596,578
2,099,381,086
2,374,196,410
2,595,531,672
2,235,164,873
2,605,003,302
2,836,795,091
2,822,722,752
3,045,778,327
3.200.506.884
3,013,849,825
3,107.948,095
3,653,663,420
4,127,840,183

Year
Preceding.

Increase ( + )

or

Decrease (—■).

S
,170,821,735 —130,205,328
024,461,781 +62,002,827
,114,696,887
—266,004
122,817,579 + 62,337,075
,172,777,136 + 81,030,578
213,686,610 + 118,980,243
345,201,005 + 113,972,300
454,922,185 + 148,988,902
604,033,539 + 100,863,714
710,458,891 + 212,193,361
957,831,297 +8,765,279
929,382,949 + 169,998,137
132,282,814 + 241,913,590
373,888,811 + 221,642,801
530,914,597 —301,749,724
322,549.343 +282,453,959
597,783,833 +239.901,258
853,749,318 —31,026,566
825,465,394 +220,312,932
054,779,042 + 115,727,242
233,550,827 —219,701,002
018,750,294 + 149.191,801
,106,250,480 +547,412.940
705,121,000 +422,724,523

%
11.07
6.05
0.02
5.55
6.98
9.81
8.40
10.24
6.28
11.77
0.45
8.76
11.34
9.33
11.90
11.50
9.25
1.09
7.78
4.70
6.79
4.93
17.62
11.42

As was the case in the preceding year, the improve
ment continued throughout the whole twelve months.
In other words, notwithstanding the smallerTmovement of the leading staples, as outlined above, rail
road gross revenues kept mounting to larger and still
larger totals month by month— speaking of the roads
collectively, of course. The only exception was in
the case of the month of February. In that month
freight congestion and car shortage, which had trou
bled the roads during the whole of the preceding
year, reached exceptional proportions, and, as a con-

T H E CH R O N IC LE

864

sequence, the handling and moving of freight was
seriously interfered with. In that month also the
grain movement in the West underwent large con
traction, and, finally, the month had one day less,
since comparison was with February in 1916,when
the month had twenty-nine days, it being leap year.
The weather was also a retarding influence in certain
sections of the country, but even in that month,
despite all these adverse influences, there was no loss
in the grand total of the earnings of all the roads in
the country, but rather a slight increase. In all the
remaining months the improvement was large in
both ratio and amount. It should be added that
on some individual systems severe weather was like
wise experienced in January (more particularly in
Colorado and Utah) and in other cases in March, a
branch of the Chicago Great Western being re
ported in a dispatch under date of March 19 as having
been blocked by snowdrifts for six weeks, and a
branch of the Minneapolis & St. Louis as having
been blocked for two or three weeks. Our summary
of the monthly totals is as follows:
Miles of
Road in

Month.

1917. | 1916.

1917.

1910.

EARNINGS OF SOUTHERN GROUP.
Year.

Inc. ( + ) or |
Dec. (—) ! %

248,477 247,327 307,961,074 267,115,289 + 40,845,785 15.29
249,795 248,738 271,928,066 269,272,382 + 2,655.684 0.99
248,185 247,317 321,317,560 294,068.345 + 27,249,215 9.27
248,723 248,120 326,560,287 288,740,653 + 37,819,034 13.10
248,312 247,842 353,825,032 308,132.069 + 45,092.063 14.82
242,111 241,550 351,001,045 301,340,803 + 49,096,242 16.49
July.......................... 245,699 244,921 353,219,982 306,891,957 + 40,328,025 15.09
247,099 246,190 373,326,711 333,555,136 + 39,771,575 11.92
245,148 243,027 364,880,086 330,978,448 + 33,901,038 10.24
247,048 245,967 389,017,309 345,079,977 + 43,937,332 12.73
242,407 241,621 360,062.052 320,757,147 + 33,301,905 10.19
December_________ 219,167 218,523 310,340,828 287,440,623 + 22,900,205 7.97

1917.

S
Cent of Ga ;15,742,408
Chcs & Oh 54,643,794
Lou & N. a75,997,836
Mob A Oh 13,604,506
N C A St L 15,194,755
Norf & W 65,910,242
South Ry. 1
Ala Gt S
CNOATP [115430311
NO&NE
Nor Ala. 1
Y & M Val 1°,101,181

1916.

1915.

5
13,725,144
49,837,312
64,928,120
12,229,643
13,519,588
59,449,982

S
12,254,153
43,580,840
54,026,978
11,197,362
11,539,843
49,668,250
164,407,814
i 5,041,466
98,903,116 [ 9,853,969
i 3,006,882
[ 584,517
15,135,124 12,837,392

1914.

1913.

1912.

S
13,004,516
37,983,010
55,016,421
11,956,585
11,973,871
42,631,823
66,534,532
5,020,592
10,222,033
3,700,435
559,803
11,851,123

$
14,184,940
30,116,985
61, 73,708
12,928,315
13,262,030
45,100,789
70,261,507
5,461,971
10,767,307
4,055,404
592,349
12,079,980

$
13,979,052
35,170,585
57,814,963
11,479,728
12,810,085
41,888,002
00,493,108
4,985,879
10,097,467
3,720,295
472.212
10,003,209

Total . . 374,625.033 327,728,029 278,599,466 270,461,344 280,085,351 68,975,185
a December not yet reported; taken same as last year.
EARNINGS OF SOUTHWESTERN AND PACIFIC GROUP.
Year.

1917.

1910.

1915.

1914.

1912.

1913.

S
$
S
$
$
s
A T A S Fe 165,529,519 144,290,238 123,544,314 114,304,544 113,574,168 114,043,935
Col A So.6. 18,580,745 16,409,279 14,745,006 13,628,964 14,366,462 14,250,131
D A R G.l 28,423,138 25,464,486 23,138,794 22,190,188 24,321,340 24,214,755
IntAGtNi 12,588,224 10.766,945 9,092,899 9,178,579 10,402,345 11,189,382
M K A T . 43,444,130 36,733,682 32,453,460 31,639,561 32,202,544 30,256,434
Mo Pacific 78,320,312 69,972,810 59,500,589 59,097,915 01,423,839 58,683,578
StLASFd 59,681,610 53,116,827 44.513.240 43,076,877 46,111,855 4 4,090,671
St L S W-l 17,309,656 13,850,130 11,275,019 11,478,672 13,103,127 12,769,933
So Pacific 193,971,48 163,427,423 142,407,905 132,595,170 140,540,772 138,103,910
Tex A Pac; 22,714,007 20,858,657 18.490.240 18,282,294 18,302,543 17,674,016
Union Pac 130,101.864 114,412,607 91,952,245 89,166,623 94,032,977 90,513,332
Total . . 770,004,694 669,363,084 571,180,377l544,039 387 508,507,972 555,796,677
b Includes all affiliated lines except Trinity & Brazos Valley RR. and Colorado
Sprl gs & Cripple Creek District Ry.
d Does not Include Chicago & Eastern Illinois In any of the years.
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
Year.

Gross Earnings.

[Vol. 106

1917.

1916.

S
$
C A E 111a 21,112,173 16,817,329
C t W.c 16,368,373 16,131,692
CMAStPfi 113,739,202 110,009,089
C A N W i /111761,028 100,938,017
CStPMAO /22,015,696 21,333,356
D SS A At 4,310,295 3,750,688
Grt Nor.. 88,534,163 83,152,017
M A St L. [11,005,003 10,995,223
Iowa Ccn
Minn St P
A S S M e 34,540,491 34,472,084
Nor Pac.. 88,225,726 80,281,343
St JAGr I 2,346,814 2,133,425

1915.

1914.

1913.

1912.

$
15,204,746
14,119,319
97,048,052
86,676,018
18,013,772
13,207,794
72,211,323
10,319,209

S
14,735,520
14,152,863
92,029,813
85,537,024
18,377,019
3,116,360
71,191,829
9,912,889

$
16,303,869
14.302.117
93,955,253
87,882,297
17,915,603
3,570,147
80,454,547
9,581,121

$
15,404,386
13,296,370
87,98 ,690
81,904,530
16,512,811
3,217.229
73,65 1,272
8,891,209

29,986,094 27,929,618 31,303,346 29,464,435
00,992,429 05,860,738 73.123.117 68,665,913
1,549,174 1,593,085 1,558,070 1,564,858

Total . . 513,865,024 480,014,863 415,928,530 404,430,764 429,950,087 400,624,709

a Includes Evansville A Terre Haute.
In the foregoing our remarks concerning railroad
b Now Includes Chicago Milwaukee A Puget Sound.
c Includes the Mason City & Fort Dodgo and tho Wisconsin Minn. A Pacific.
earnings have had reference entirely to the gross
d Includes trans-Mlssourl lines.
e Includes Wisconsin Central for all the years.
revenues of the roads. In the net earnings, as already
/ Includes not only operating rovenue but also all other receipts.
indicated, the showing has been the reverse of that
EARNINGS OF ANTHRACITE COAL GROUP.
in the gross. Such has been the rising cost of oper
Year.
1916.
1915.
1914.
1917.
1913.
1912.
ations— such the great augmentation in expenses—
«
S
$
S
$
$
that notwithstanding the continued great improve Cent N J. 37,096,739 34,372,348 33,619,742 633,350,500 30.884,638 29,261,894
Val a53,335,217 48,859,910 44,650,152 41,056,750 43,131,618 39,018.617
ment in gross results, the net earnings have in most Lehigh
NY O A W 9,164,878 8,794,166 8,779,753 9,177,710 9,421,470 8,796,909
of the months registered losses. Indeed, only five NY S A W 3,478,993 3,398,205 4,107,030 3,892,101 3,907,035 3,530,162
60,440,246 51,140,052 48,095,063 52,396,402 48,948,439
of the twelve months have registered increases in net, Phil A R d 66,811,398
Total . . 169,887,225 155,864,875 142,303,335 136,178,130 139,741,109 130,150,081
and in only two of these instances have the increases
a December not yet reported: taken same as last year.
d These are the earnings of the railroad company only; tho results of coal-mlnlng
been of material extent. February showed an un
operations are not Included In any of the years.
usually large decrease in net for the reasons already
b Now Includes outside operations; on the old basis tho figures for 1914 were
given, but during the closing months of the year the $29,425,847.
Our full detailed statement of the gross, embracing
comparisons of the net became poorer with each
all the roads for which it has been possible to procure
succeeding month.
To complete our analysis we now insert six-year or to make up the figures for the last two calendar
comparisons of the gross earnings of the leading years, is as follows:
GROSS EARNINGS OF UNITED STATES RAILROADS
roads arranged in groups.
IN CALENDAR YEARS 1917 AND 1916.
EARNINGS OF TRUNK LINES.

Year.

1917.

1916.

1915.

1914.

1913.

1912.

S
S
S
S
5
S
Balt & O a 133,613,321 121,793,843 100,717,666 92.611,946 102,718,333 98,121,277
CCCAStL \52,650,920 40,078,240 38,364,085 35,305,691 37,613,499 J32.714.238
1 3,429,867
Pco & E /
E rie........ 79,770,367 74,311,260 66,436,718 59,600,224 62,450,347 59,218,745
Mich Cent 52.879.434 46,418,790 30,540,665 33,464,968 30,076,970 32,911,753
N Y Cent 1238829 800 223,261,590 [167234 618 151,661,799 (104095 523 [109697 588
117,695,805 16,491,441 117,719,565 J
I
i 4,462,451 4,235,820
C I & So
335,633
| 380,370
D & A V[59,353,110 54,283,616
LS & MS )
i
Penna—
E PAE.c 255.093,491 230,278,533 196,628,170 187,251,852 205,148,241 187,452,316
W PAE d 152.102.926 139,605,524 113,729,637 104,844,399 122,336,722 117,303,217
Wabash.. 40,471,995 37,721,102 30,684,319 29,073,022 31,286,715 29,952,186
Total . . 1005418257 920,068.882 768,031,743 710,425,3421784,241,849 729,656,250
a Includes the Cleveland Lorain A Wheeling Ry. In all years and properties now
comprising the Toledo division from July 19 1916.
c Includes Northern Central In all years.
d Includes the Vandalla In all years.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
Year.
Buff R & P
Ch I & L.
Hock Vail
111 Ccnt.d
LE &Wa
Tol & O C
Tol P & W
Tol S LAW
Wh & L E

1917.

1916.

1915.

1914.

1913.

1912.

$
5
' $
S
$
S
14,975,000 12,761,755 10,400,033 9,078,782 11,405,470 10,336,878
9,161,897 8,202,275 6,977,062 6,667,025 7,004,150 6,795,082
10,696,434 8,200,420 6,441,443 6,278,196 7,919,348 7,598,369
86,865,679 73,740,266 63,804,080 64,339,819 60,030,289 62,140,952
8,122,896 7,404,184 6,239,646 6,602,771 6,934,643 5,839,630
8,088,541 6,203,847 4,722,351 4,930,626 6,031,430 5,363,019
1,289,433 1,217,695 1,182,907 1,212,842 1,382,630 1,345,331
7,041,663 5,968,9V7 6,138,720 4,445,218 4,657,342 3,916,844
11,028,904 10,003,608 0,963,879 6,029,199 7,961,267 7,869,112

Total . . 157.270,447 133,693,037 111,870,121 109,184,478 118,326,569 111,205,217
a Includes the Northern Ohio.
d Includes Indianapolis Southern.




Gross Earnings.

ame of Road.
Jan. 1 to Dec. 31.
Alabama A Vicksburg.
Alabama Tenn A Nor.
Ann Arbor__________
Arizona A New Mexico
Atch Top A S Fe (4 rds)
Atlanta Blrm A Atl__
Atlanta A West Point.
Atlantic A St Lawrence
Atlantic Coast Line__
Atlantic C ity _______
Baltimore A Ohio____
B A O Chic Term RR
Bangor A Aroostook..
Bessemer A Lake Erlo.
Belt Ry of Chicago__
Bingham A Garfield..
Birmingham Southern.
Boston A Maine..........
Buffalo A Susquehanna
Buffalo Roch A Plttsb.
Can Pac Ry In Malno.
Caro Clinchf A Ohio..
Central New England.
Central of New Jersey.
Central of Georgia___
Central Vermont____
Charleston A W Caro.
Charlotte Harb A Nor
Chesapeake A Ohio__
Chester A Delaw River
C lcago A Alton.........
Chicago A East Illinois
Chicago A North West
Chicago Hurl A Quincy
Chic Det A Can G T Jc
Chicago Great West..
Chicago Ind A Loulsv.
Chicago Junction____

1917.
$
2,139,316
584,763
3,138,943
897,038
cl65,529,519
3,983,368
1.770,251
1,858,904
44,063,331
3,215,426
0133,613,321
1,940,003
4,384,561
12,372,619
3,805,947
3,351,394
1,201,530
59,450,779
1,785,701
14,975,000
2,424,739
4,003,267
5,477,288
37,090,739
1/14,387,034
4,482,811
2,401,443
430,925
64,643,794
591,444
20,525,689
21,012,173
0111,761,028
y lll,954,304
1,305,345
16,368,373
9,101,897
3,260,982

1910.
S
1,818,133
487,837
2,807,121
930,082
144,290,238
3,339,840
1,409,722
2,174,364
37,322,085
2,711,811
121,793,843
1,862,356
4,013,403
11,110,685
3,191,890
2,720,701
1,096,415
55,383,545
1,678,686
12,701,755
2,121,236
3,105,320
5,208,198
34,372,348
1/12,370,369
4,403,588
2,025,309
507,780
49,834,312
453,859
17,781,279
10,817,329
100,938,017
1/99,411,789
1.201,160
10,131,092
8,202,275
2,810,017

Mileage.
Inc. (+ ) or
Dec. (—).

1917.

1910.

$
+ 321,183
143
113
+ 90,920
222
188
+ 331,822
301
301
—39,044
112
112
+ 21,239,281 11,301 11,271
040
040
+ 043,528
+ 300,529
93
93
—315,400
167
167
+ 0,741,246 4,788 4,701
+ 503,015
170
170
+ 11,819,478 4,937 4,937
+ 77,017
79
79
032
+ 371,153
632
+ 1,201,934
208
205
+ 014,057
31
*31
+ 030,693
36
30
+ 105,115
44
43
+ 4,007,234 2,305 2,305
+ 107,015
252
252
+2,213,246
580
685
+ 303,503
234
234
283
283
+ 957,947
301
+ 269,090
301
684
684
+ 2,724,391
+ 2,017,205 1,918 1,918
411
111
+ 19,223
312
342
+ 376,074
114
114
—70,855
+ 4,809,482 2,478 2,381
0
+ 137,585
0
+2,744,410 1,053 1,053
+4,194,841 1,131 1,130
+ 10.823.011 8,109 8.108
+ 12,512,515 9,373 9,372
+ 101,185
00
60
+ 230,081 1,490 1,496
+ 959,022
022
054
13
+ 450,965
13

T H E C H R O N IC LE

M ar . 2 1918.]
Gross Earnings.

Name of Road.
Jan. 1 to Dec. 31.

Chicago Mllw A Gary.
Chicago Mllw A St P.l
Chic Mllw & Pug SdJ
Chicago Hock Isl A Pac
Chic Rock Isl A Gul
Chicago Peoria & St L.
Chic St P Minn A ()..
Chic T II & South Eas
Cine Indlanap A west.
Colorado A Sou (3 rds)
Colorado A Wyoming.
Colorado Midland___
Copper Range...........
Cumberland A Penn..
Crip Crk & Colo Spgs.
Delaware A Hudson..
Dclaw Lack A Western
Denver A Rio Grand
Denver A Salt Lake...
Dot & Tol Short Line.
Detroit A Mackinac..
DetGrd Hav & Mllw..
Detroit Terminal____
Detroit Tol & Ironton.
Duluth * Iron Range.
Duluth Mlssabo & Nor
Duluth Winn A Pac__
Duluth So Sh * Atl__
East St Louis Conned
Elgin Joliet A Eastern.
El Paso A Southwest’n
Erie (2 roads).............
Florida East Coast___
Fonda Johns A Glov..
Fort Smith A Western

1917.
$
571,088
113,739,202

1910.
455,83:
110,609,089

77,482,911
85,709,51!
3,402,921
3,899,172
1,810,461
2,192,288
21.333,351
c22,015,090
2,813,701
3,805,020
2,372,130
2,039,537
1,150,430
1,290,005
10,469,279
cl8,580,74f
1,083,222
1,104,54:
1,666,811
1,021,932
1/801,368
1/882,470
777,432
802,410
1,354,675
1,113,171
20,595,975
29,935,052
51,580,89!
57,211,22
25.404,480
28,423,138
1,913,071
2,005,210
1,757,54:
1,827,431
1.254,102
1,340,451
3,274,925
3,403,425
727,982
743,735
2,325,278
2,010,122
7,170,865
7,371,39!
14,389,278
15,300,001
1.882,88!
2,020,10!
3,750,088
4,310,295
740,212
1,120,252
14,138,328
15,81G,47£
12,614,004
13,034,80::
74.311,260
79,770,307
8,713,078
8,140,107
999,907
1,004,311
927,145
1,179,84!
1,399,830
1,094,56c
3,433,009
4,300,037
1/733,057
j/792,178
551,811
598,92!
2,009,809
2,983,421
9,229,591
10,105,881
83,152,017
88,534,165
1/779,730
1/758,39!
1,986,157
2,328,741
2,051,088
2,322,051
8,200,420
10,090,434
725,027
837,227
73,74 ,206
80,805,07!)
083,839
007,179
483,195
571,230
10,766,945
12,588,224
1,230,643
1,217,344
1,354,681
1,308,779
11,289,324
el3,547,487
1/911,271
1/1,035,420
828,113
791,252
541,74]
757,781
2,247,017
2,143,597
1/49,495,607 1/45,020,299
3,000,507
3,016,332
1,509,722
1,512,480
2,142,104
2,497,535
1/70,010,801 1/58,971,086
1,751,114
2,220,650
12,700,723
11,656,885
498,730
585,302
490,655
011,820
481,530
513,153
12,824,670
14,125,577
489,894
531,509
2,121,107
2,927,127
1,107,781
1,184,850
34,472,084
34,540,491
949,157
1,029,900
10,995,223
11,005,003
823,361
974,749
907,097
983,189
1,310,935
1,417,909
30,733,082
43,344,130
1/1,439,954
1/1,701,08!)
09,972,810
78,320,312
12,229,043
13,001,500
1,383,642
2,010,970
004,580
824,095
056,052
774,407
13,519,588
15,194,755
882,003
882,283
2,119,115
2,512,402
914,101
1,143,320
0,410,378
cO,001,229
1,746,701
1,910,401
238,829,800 223,261,590

Mileage.
Inc. ( + ) or
Dec. (—).

Gross Earnings.

Name of Road.

1917.

1916.

S
+ 115,855
135
131
+ 3,129,51: 10,304 10,207
+ 8,226,63!
7,824 7,055
+ 496,251
470
477
+ 381,82]
225
225
+ 682,341
1,753 1,753
+ 991,265
37^
375
+ 207,407
313
322
+ 140,235
197
197
+ 2,111,460 1,840 1,842
+ 81,31!
43
43
— 14,87!
337
337
+ 21,10!
141
141
+ 85,017
61
62
—241,505
110
87
+ 3,339,07!
87!
879
+ 5,630,325
955
+ 2,958,052 2,568 2,578
+ 152,13!
255
255
+ 69,887
81
81
+ 80,34!
384
384
+ 128,50!
190
190
+ 15,752
22
20
+ 314,844
441
441
+ 200,534
270
270
+ 917,322
41!
414
+ 143,220
175
191
+ 505,007
G01
G01
+ 380,010
3
3
+ 1,0/8,150
SOI
800
+1,020,859 1.028 1,028
+ 5,405,107 2,25e 2,250
—572,911
765
765
+ 64,351
8!
88
+ 252,701
251
254
—30.5,27!
14
14
+ 933,508
334
307
+ 58,521
34!
348
+ 47,119
19!
193
+ 313,019
402
402
+ 930,290
34]
347
+ 5,382,140 8,20!
8,170
—21,337
254
253
+ 342,581
307
307
+ 271,562
402
402
+ 2,496,014
35!
350
+ 112,200
72
72
+ 13,125,413 4,700 4,767
—16,600
130
136
+88,035
20
26
+ 1,821,279 1,159 1,159
— 19,299
272
272
— 15,902
468
468
+ 2,258,103
830
836
+ 124,149
24
20
—30,801
34
36
+ 216,010
10
10
+ 104,020
97
97
+ 4,475,308 1,444 1,444
+ 020,235
297
290
+ 57,242
303
279
+ 355,371
342
342
+ 11,009,715 5,070 5,071
+ 475,530
200
200
+ 1,109,838 1,154 1,154
+ SO,500
5
5
+ 154,105
93
93
—31,617
190
190
+ 1,300,901 1,210 l,22i
+ 44,705
81
81
+ S05.900
380
385
+ 77,009
120
120
+ 68,407 4,227 4,228
+ 80,803
190
196
+9,840 1,046 1,640
+ 151,385
104
104
+ 75,492
04
64
+ 107,034
365
305
+ 0,010,448 3,809 3,865
+ 321,735
332
334
+ 8,347,502 7,301 7,485
+ 1,374,803 1,160 1.100
+ 027,328
0
6
+ 159,515
52
52
+ 117,755
133
133
+ 1,675,107 1.237 1,237
+ 220
48
48
+ 393,287
105
105
+ 229,219
15
13
+ 250,851
920
920
+ 109,700
285
285
+ 15,508,210 .6,083 6,073

Georgia......................
Georgia A Florida___
Georgia Fla & Ala
Georgia South A Fla..
Grand Trunk Western
Great Northern_____
Green Hay A Western.
Gulf & Ship Island___
Gulf Mobile A North..
Hocking Valley______
Hunt A B T M R R A C
Illinois Central...........
Illinois Southern........
Illinois Terminal____
Intermit A Great Nor.
Kan City Mcx A Orient
K C Mex A O of Texas
Kansas City Southern.
Kansas City Terminal.
Lake Superior A Ishp.
Lako Terminal...........
Lehigh A Hudson Rlv.
Lehigh Valley.............
Lehigh A New England
Louisiana A Arkansas.
Louisiana lty A Nav .
Louisville A Nashvlllo.
Loulsv Head A St L .
Los Angeles A SaltLakc
McKeesport Connect’g
MaconDublln A Savan
Manistee A North East
Maine Central______
Maryland A l’enna__
Midland Valley. ___
Mineral Range. ____
Minneap St P A S S M
Minn A International.
Minneap A St Louis..
Mississippi Central
Miss Rlv A Bonne Terre
Missouri A Nor Arkan
Missouri Kans A Texas
Missouri Okla A Gulf.
Missouri Pac (2 roads)
Mobile A Ohio...........
Monongahcla Connect
Montour....... .
Munising Marq A S E.
Nashv Chatt A St L _
New Jersey A N Y ---Nevada Northern-----Nowburg A So Shore..
N O Tex A Mcx (1 rds)
New Orleans Great Nor
New York Central...)
Boston A Albany . J
223,099
+ 28,100
251,199
Chic Kal A Saginaw
1,909,947
+ 530,883
Cincinnati Northern
2,440,830
40,078,240 + 5,972,0«O
52,050,920
Clov Cln Chic A St L
4,653,900
+ 467,918
5,121,878
Indiana Harbor Belt
3,527,800
+ 79,130
Kanawha A Mich.
3,000,990
7,404,184
+ 718,712
Lake Erlo A Western
8,122,890
40,418,790 + 0,400,044
52,879,434
Michigan Central...
21,043,163 + 1,578,491
Pittsb A Lake Erie..
25,521,054
0,203,847 + 1,884,094
Toledo A Ohio Cent.
8,088,541
391,535
+ 221,812
Zanesville A Western
013,347
15,387,928 + 1,513,278
N Y Chic A St Louis. .
10,901,200
80,432,107 + 5,352,720
N Y N II A Hartford..
85,784,893
8,794,106
+ 370,712
N Y Ontario A Western
9,101,878
3,398,205
+ 80,788
N Y Susq A Western..
3,478,993
f/4,500,397
+ 377,254
Norfolk Southern........
1/4,883,051
59,419,982 + 0,400,260
Norfolk A Western___
05,910,242
80,281.343 + 7,944,383
Northern Pacific __ .
88,225,720
4,516,562
+ 356,032
NorthwestornPaclflc..
4,871,594
416,S93
+ 218,951
Pacific Coast._______
035,844
Pennsylvania— Lines E ist of Plttsbu rgh—
Pennsylvania HR
C255,093,494 230,278,533 + 21,814,961
Northern Central/
189,414
+ 69,534
Balt A Sparrows Pt.
258,948
+ 49,344
1,232,021
Balt dies A Atlantic
cl,281,305
3,084,044 + 1,154,200
Cumberland Valley.
64,838,904
14,971,839 + 2,314,340
Long Island .......... cl7,2S0,179
924,288
+ 87,232
Maryland Del A Va.
61,011,520
+ 127,890
2.024,939
Monongahcla.........
2,152,835
+ 322,052
5,194,168
N Y Plitla A Norfolk
65,510,810
515,386
+ 92,530
Penn Terminal___
007,910
25,546,425 + 7,665,979
Phlla Balt A Wash . 633,212,401
239,109
—48,109
Susq Blooms A Bcrw
191,000
1,902,200
+ 44,378
Union RR of Balt
2,000,578
+ 725,727
7,829,320
West Jersey A Seash
68,555,017
Western N Y A I’a .. cl4.710.397
13,082,410 + 1,027,987
Lines West of Pittsburg i—
225.888
+ 77,167
Central Indiana___
303,055
815,589
+ 125,952
Cine Lebanon A Nor
911,541
+ 593,793
5,897,565
Grand Rap A Ind. . .
c6,401,358
75,509,026 + 3,020,272
Pennsylv Company.
78,595,298
492,972
+ 139,900
Pitts Char A Yough.
032,878
01,030,498 + 9,471,130
Pitts Cln Ch A St L\ 673,507,028
Vandalla........... /
1,217,695
+ 71,738
Toledo Peoria A Wes
1,289,433
128,053
+ 21,674
Waynesb A Wash__
149,027




8 65

45
240
2,387
114
176
900
1,802
225
430
90
572
1,997
508
130
907
2,087
6,534
507
50

45
210
2,387
109
170
900
1,802
225
430
90
571
1,998
568
140
907
2,086
0,514
507
50

4,562

4,534

5
87
163
397
82
108

87
163
397
82
108

112

5
717
41
8

112

5
717
41
8

359
658

359
668

127
70
575
1,754
22
2,399

127
70
575
1,754
22
2,399

247
28

247
28

Jan. 1 to Dec. 31.

1917.

Peoria A Pekin A Un._
Pere Marquette_____
Perklomen__________
Pitts Shaw A Northern
Pittsb A West Virginia
Phlla A Reading_____
Port Reading_____
Quincy Omaha A K C.
Raritan River. _____
Ray A Gila Valley___
ltlchm Fred A Potomac
Rio Grande Southern..
Rutland____________
St Jos A Grand Island.
St Louis-San Fr(4 rds)
St L Mer Bdge A Term
St Louis Troy A East’n
St Louis Transfer____
St Louis Soutliw (2 rds)
San Ant Uvalde A Gulf
San Ant A AransasPass
Seaboard Air Line..a.
South Buffalo...........
Southern Ry System..
Southern Ry In Miss..
Southern Pac (10 rds).
Spokane Port A Seattle
Spokane International.
Staten Isl Rapid Tran.
Sullivan County_____
Tacoma Eastern.........
Tennessee Central___
Term Assn of St Louis.
Texas A Pacific______
Texas Midland___ ..
Texas Mexican_____
Tonopali A Goldfield..
Tonopah A Tidewater.
Toledo St Louis A West
Trinity A Brazos Vail.
Toledo Terminal____
Ulster A Delaware___
Union Pacific (3 roads)
Union RR (Penn)___
Un Stock Yds (Omaha)
Vermont Valley.........
Vicks Shrove A Pacific
Virginian..........
Wabash...............
Washington Southern.
West Side Belt.........
Wheeling A Lake Erie.
Western Maryland__
Western Pacific___
Western Ry of Ala. _.
Wilkes Barre A East..
Winston Salem Sou'b’d
Wyoming Northwest..
Yazoo A Miss Valley. _
229 minor ronrls

S
1,206,718
23,507,854
905,402
1,230,927
1,289,883
66,811,398
2,105,395
1/793,198
780,978
712,458
5,249,407
633,120
4,325,369
2,340,814
C59.681,610
3,166,033
565,652
901,107
17,309,656
843,687
4,178,192
30,345,146
1,168,509
115,430,311
1,309,222
193,971,489
0,778,799
1,000,131
1/1,388,177
682,036
450,711
1,797,252
3,712,529
22,714,007
718,994
503,780
1/568,349
469,392
7,041,603
1,095,339
587,195
1,008,893
Cl30.101.864
5,732,026
507,827
592,833
2,200,558
10,242,472
40,471,995
2,779,700
769,714
11,028,904
13,638,450
9,898,483
1,725,860
072,152
898,302
034,098
18,101,181
48,195,507

1916.

Mileage.
Inc. ( + ) or
Dec. (—).

1917.
S
S
1,097,903
+ 108,815
19
22,559,254
+ 948,000 2,248
811,493
+ 93,909
42
2,034,995
—804,068
204
1,256,181
+ 33,702
63
60,440,246 + 6,371,152 1,127
1,787,516
+ 317,879
V813,991
—20,793
256
004,846
+ 176,132
619,558
7
+ 92,900
3,721,202 + 1,528,205
88
585,970
+47,150
ISO
4,035,656
+289,713
415
2,133,425
+ 213,389
258
53,110,827 + 6,564,783 5,166
2,552,782
+ 613,251
9
424,136
+ 141,516
26
513,937
0
+ 387,170
13,850,130 + 3,459,520 1,753
667,332
+ 176,355
317
4,141,619
+ 36,573
732
26,184,487 + 4,100,659 3,461
955,275
+ 213,234
36
98,903,110 + 16,527,195 7,946
1,170,428
+ 138,794
278
103,427,423 + 30,544,000 11,164
5,215,851 + 1,562,948
555
877,944
+ 122,187
163
J/l ,420,585
24
—32,408
618,299
+ 63,737
26
520,533
—69,822
92
1,707,522
+ 89,730
292
3,577,079
+ 135,450
36
20.858,657 + 1,855,350 1,946
605,997
+ 52,997
125
429,703
+ 74,077
102
1/603,704
—35,415
113
505,635
—30,243
109
5,95S,9S7 + 1,082,670
455
1,058,408
+ 30,931
369
508,133
+ 79,062
31
1,007,840
+ 1,053
129
114,412,007 + 15,089,257 7,999
5,698,568
+ 34,058
35
491,122
+ 76,705
35
554,132
24
+ 38,701
1,805,138
+ 401,420
171
8,455,964 + 1,780,508
512
37,721,102 +2,750,893 2,519
1,810,997
+ 962,703
30
071,375
+ 98,339
22
10,003,608 + 1,025,290
512
11,967,982 + 1,670,408
697
8,270,202 + 1,628,221
974
1,305.275
133
+ 300,585
576,220
+ 95,920
92
790,335
+ 107,907
101
523,595
+ 111,103
148
15,135,124 + 2,960,057 1,382
44,252,367 + 3,943,200 11,371

1916.
19
2,248
42
1,127
256
7
88
180
468
258
5,257
9
26
6
1,753
317
732
3,461
36
7,946
280
11,090
555
163
24
26
93
295
36
1,944
125
162
113
169
455
358
31
129
7,962
32
35
24
171
510
2,519
36
22
512
773
958
133
92
99
148
1.382
11,395

Grand Total (488 rds). 4.127,846,183 3,705,121,660 + 422,724,523 250,193 249.879
Net Increase (11.42%)
a In clu d es C a rolin a A tla n tic * W estern .
c T h e se figures a rc furnished b y th e co m p a n y .
figures are fo r elev en m on th s o n ly In b o th y ears.

1/ T h e so

© u v v cn t g tr c n ts a n d Q istx i& sia tx s
U N P IC K E D COTTON I N A B U N D A N C E .
N e w Y ork , Feb. 27 1918.
E d itor “ F in a n c ia l C h r o n i c l e N e w Y o r k City;
Sir: — Visiting relatives at Camp Greene, Charlotte,

N . C ., I was surprised to see what looked like unpicked cot
ton in the fiolds nearby. From High Point to Charlotte
thero was aero after acre with the white bolls drooping and
storm-boaton, looking to tho writer like unpicked lint on the
stems.
Closer examination developed that there were thousands of
full bolls, storm-boaton and stained like the enclosed. The
excuse givon mo was tho dearth of labor, but as thero is
apparently plonty of opportunity for idleness, and tho farm
ers aro generally prosperous, and careless of small expenses,
it appoars to bo another case of “ spoiled by prosperity.”
It sooms but a fow months ago since we were exhorted to
“ Buy a Bale” at 10c. a pound to keep these people from star
vation and ruin.
Yours very truly,
J. D . H .
C O N T IN U E D
OFFER IN G
OF
B R ITISH
TREASURY
B I L L S B Y J. P . M O R G A N & CO.

This week’s offoring of ninety day British Treasury bills
by J. P . Morgan & C o.w as effected on a discount basis of
6 % . During tho two weeks previous the bills had been
disposed of at 5 ) ^ % , the latter having represented a reduc
tion from 5 % % . The rate had, however, previously
roached 6 % . Tho present increase is said to bo due to the
advanco by Secretary of the Treasury M cAdoo in the rate
on certificates of indebtedness from 4 to 4 J ^ % , and to the
general stiffening of tho local call money market. The
original offering of tho bills was at 5 J 4 % . While the offer
ings aro limited to 815,000,000 weekly tho maximum amount
has not been issued regularly and in some weeks the offerings
woro suspended altogether. The amount outstanding has
never roachod tho $150,000,000 limit.

T H E C H R O N IC LE

866

SWISS GOVERNMENT PAYS OFF NOTES.
Payment was made yesterday •(March 1) by Lee, Iligginson & C o ., fiscal agents in this city for the Swiss Gov
ernment, of the $5,000,000 5 % gold notes which matured on
that date.
The above notes, which were put out for the purposo
of providing funds to be applied to the purchase of com
modities in the United States, are part of an issue of $15,
000,000 placed in this country during March 1915 with a
syndicate headed by Lee, Higginson & C o. of N ew York.
The notes were subsequently offered and disposed of to
investors as follows: $5,000,000, due M arch 1 1916 at
9 9 % and interest, yielding about 5 % % ; $5,000,000, due
March 1 1918 at 9 7 % , yielding about 6 % , and $5,000,000,
due March 1 1920 at 9 5 % , yielding about 6 % .
One striking feature of the notes just paid is that on account
of the appreciation of Swiss oxchange since March 1915, and
a corresponding decline of dollar exchange in Switzerland,
the Swiss Government were able to meet the notes at a
large discount in Swiss money, sufficient to cover interost
for two and two-thirds years.
The notes aro dollar obligations, and when thoy wore
issued Swiss oxchange was at a discount of about % % .
A t the present timo there is a premium of 1 6 % on the re
mittance.
Furthor particulars of those notes will bo found in our
issue of March 13 1915, page 918.

ITALIAN

EXCHANGE A N D
FUTURE.

ITALY'S

FIN ANCIA L

Under’ the abovo caption “ The Bankers’ Magazine” of
this*city,|in its February issue, has an interesting article by
Luigi Criscuolo. W e quote as follows:
After a long controversy between the Italian Government, bankers and
merchants the question of preventing the total demoralization of Italian
exchange has led to tho recent establishment in Italy of a National Institute
of Exchange. The institute will bo under the direction of tho lion. Fran
cesco Saverio Nittl, Minister of tho Treasury, whom many Americans will
remember as one of tho most eloquent among the members of tho Italian
Mission which visited us last Juno. Tho purposo of tho institute Is to
reduce speculation in Italian exchange and to regulate tho exportation
of national bonds, while all foreign banking transactions must bo registered
with the institution.
Tho writer’s last article on Italian industries and finance evoked so much
interest both here and abroad that it has seemed opportune to say some
thing relative to the stabilization of Italian exchange. So far as can bo
ascertained by a purely cursory study of the matter, and in the absence of
detailed statistics regarding Italy’s foreign trade, tho fact remains that
tho principal factor which has tended to depreciate lire has been tho adverse
balance of trade which has been apparent since the war began. That is
to say, from 1915 and onwards Italy has been importing an enormous
amount of products from the United States, while the exports from Italy
to the United States have’’ decreased to an alarming degree. The same
condition is said to exist with respect to Italy’s trade relations with other
countries, although it has not been possible to securo statistics to verify
♦ho assertion.
In order to give one an idea of how the balanco of trade has worked be
tween Italy and tho United States in tho past decade, the annexed tabu
lation from tho Statistical Abstract of the United States may bo interest
ing:
VALUE OF MERCHANDISE IMPORTED INTO A N D EXPORTED
FROM THE UNITED STATES, AC. TO IT A L Y .
Excess of
Year
exports ( + )
ended
or imports (— ).
Imports.
Exports.
June 30.
+811,291,808
850.455,157
1907 ........................... ______861,746.695
+ 9,373,220
44,814,174
1908 .......................... ........... 54,217,394
49,287.894
+ 9,221,701
1909 .................... .. ______ 58,509,595
40,868.367
+ 3,598,080
19 10....................... ........... 53.467,053
47.334,809
+ 13,245,957
19 11--------- ---------- ______ 60,580,766
48,028,529
+ 17,232,739
1912 - ......................... ______ 65.261,268
+ 22.177,914
54.107.304
1913 .......................... ........... 76,285.278
+ 17,827,341
56,407,671
1914 .................... .. ........... 74,235,012
+ 129,845,902
54,973,726
1 9 1 5 ....................... ______184,819,688
57,432,436
+211,813,669
1916---------------------- ______ 269,246.105
It is obvious that the figures for 1916 and 1915 show enormous increases,
duo to war conditions, of the war exportations from the United States into
Italy.
For some months the United States Treasury Department has been taking
care of the financing of Italy’s requirements for purely war purposes and
fo r somo timo this tended to hold lire exchange around 7.30. This was
very far from the normal rate and not at all in comparison with the rates
or sterling or francs, which have been kept near parity by artificial moans
adopted by tho respective Governments. In tho past few months lire
reached a low of about 8.93 on account of tho Italian roverses at tho Austrian
front and while this figuro was changed to about 8.00 or better after tho
reverses wero changed into an offensive, more depressing war nows caused
the rate to drop to around 8.30 or thereabouts.
Difficulties of the Situation.
Ordinarily the exchange rate could bo remedied by the exportation of
gold or commodities, or by the securing of a large credit in tho country in
whose favor the trade balanco happens to bo. The United States is now in
possession o f a very large amount of gold and it is an open question as to
whether or not such a great accumulation is entirely desirablo. Italy is
not exporting such staple commodities as cheese, oil. macaroni, &c., be
cause it is claimed that they aro needed by her armies. A commercial
credit, which could solvo the problem, would depend entirely upon tho
willingness of American bankers to make a study of Italian economics with
a view to making a very large profit with a little risk. Tho chances aro
against any favorable attitude on the part of American bankers until more ls
known here regarding what development Italy has made, both industrially




[Vol. 106.

and financially, in the past fifty years, which really amounts to her whole
fe as a nation.
While the United States Government has an Interest as an ally of Italy in
keeping her supplied with funds and munitions of war, especially since both
nations are now at war with Austria, it really has no direct interost in
stabilizing tho exchange rate, since such an operation would requlro many
millions of dollars yearly. As it is a speculative proposition, it is doubtful
whether tho Government would care to tako part in it, although it might
give its sanction to any strong group of bankers which would undertak0
to handle the operation.
Such an operation is not without its hazards. Let us take tho caso of
Russia as an example, although it will hardly represent a parallel case.
Russia Ls a country with enormous natural resources and man-power but
jittlo financial strength, while Italy has a limited territory, a great deal of
man-power, little mineral wealth, but an undeveloped industrial field in
the meridionale Is worth pointing out as a possibility for exploitation.
American investors were shown about a year ago tho advisability of buying
Russian rubles or internal bonds with a view to making a very large profit
as rubles advanced from 33 to a normal rate of 52. Many wise men were
none too anxious about the speculation, although it was well-sponsored
by prominent banking firms, because thoy feared that although Russia was
economically rich, her political status was unsound. When rubles started
o decline until they reached below 13 during tho upsetting of tho Kerensky
Government, it was easily comprehended that the political status was tho
crux of the whole Russian financial situation. Tho Russian experience
would deter many from speculation in millions of lire, although there is
no relationship between Russian and Italian economics or individua
tomperament.
The First Liberty Loan took up two billion dollars while tho second
realized something under four billions. War savings certificates to tho
amount of two billions are in process of sale and it is said that tho next Issue
of Liberty bonds will amount to five billions. With these enormous
requirements in view, it seems that even if tho Government did not frown
upon bankers who might want to take a very large credit from Italy in
order to stabilize exchange, tho bankers themselves would not bo inclined
to bo too keen on the speculation because tho investment business has been
practically at a standstill on account of Government domands and general
uncertainties in the financial situation.
In ordinary times, a banking credit would be tho logical solution, but
from Impressions gained in tho past few months, tho time is not opportune.
It is, obviously, a question that should bo watched very closely and this
work should bo performed by a group of men who aro competent in their
respective vocations- bankors, business men and writers on economic
subjects.
For the past few months Italian newspapers and periodicals have pub
lished many criticisms of bankers who encouraged speculation in lire and of
the Italian Government officials who took no stops to stabilize tho rate by
artificial means such as have been employed in other countries. It is tho
writer's opinion that at this time a great deal can bo done in tho United
States to strengthen Italy’s financial position, with great futuro profit to
American financiers, merchants and manufacturers. Tho work should
bo conducted through somo sort of co-operation botwcon the Italian Em
bassy and a group of bankers through a financial attache who ls familiar
with American financial methods and who could interest American capital
ists in what Italy has to offer.
A number of New York merchants havo recently voiced tho opinion that
the exchange situation should be remedied. One of thorn writing in "II
Carrocclo" recently stated that Franco, Spain and oven Argentine were
robbing Italy of her markets hero for cheese, oil and other products, so that
after tho war Italy will have to begin anew to creato markets here which
sho had already been developing before the war began. One writer said
that one reason for tho depreciation of lire was tho fact that many Italian
merchants quoted prices for products in dollars instead of lire, which
caused a demand for dollar exchange and just so much less demand for lire,
thus causing a depreciation in tho latter.*
Italy seems to bo one of the few nations which is paying moro attention
to tho war as a conflict to regain her lost provinces than to tho economic
aspect. While Italy allows sentiment to play tho most Important part in
her war, England. France and tho United States aro all realizing tho im
portance of keeping their economic machinery in good working order.
Opportunity for American Rankers.
Tho futuro of Italy may be linked with that of the United States if only
American bankers will tako the trouble to look into the possibilities which
she has to offer. The amount of Interest there is in Italy with respect to
American capital can best bo shown by tho fact that following tho publi
cation of the writer’s first article on Italian finance and industries in this
magazine last July**, he received propositions rrom Italian interests aggre
gating fifty million dollars for electric railway and hydro-electric con
struction. Tho article is commented upon at length in tho "Revue Financiero & Economiquo dTtalio,” which is tho leading financial authority in
Italy and the leading factor in spreading propaganda for tho securing of
foreign capital to develop Italian resources, other than German capital.
Tho writer hopes that this article may rouse American bankers and capital
ists to tho realization that thero Is a great necessity for thought on inter
national lines at this moment
*G. B. Vitelli, "L . Carroccio,” Nov. 1917, pago 423.
♦♦“ Opportunities in Italy for American Capital.”

CONFERENCES A T WASHINGTON W ITH REGARD TO
AD JU STM EN T OF C A N A D A ’S TRADE BALANCE.
The need for the establishment of a credit for Canada in
the United States was indicated by Sir Edmund Walker,
President of the Canadian Bank of Commoreo, in an address
in this city before the Republican Club on Fob. 23. He
stated that the United States would bo asked to include
Canada in the list of Allies to which sho had advanced
credits; ho explained that tho Dominion was manufacturing
largo amounts of munitions for England, using largoly steel
and other raw materials from tho United States. Ho re
ferred to tho fact that England was not paying cash for those
supplies, but had boon granted credits by tho Dominion.
It was not practicable, therefore, ho said, for Canada to
continue paying cash to tho United Sattes for materials,
but credits should bo created here for Canada. Sir Edmund
noted that in granting such credits financiers of tho United
States would be but extending credits to England. The

M ar . 2 1918.]

T H E C H R O N IC LE

Now York “ Times” roports him as stating that the exports
of Canada in 1913 were $1,063,000,000 and the imports were
greater than tho exports, making Canada a borrowing natioij.. lie said that in 1917 the exports wero $ 2 ,043 ,00 0,00 0,
and had becomo greater than tho imports. B ut, he said, this
did not moan that Canada was getting a correspondingly
great amount of gold. He pointed to the shipment of $1 ,
000,000,000 in gold to America from England in tho first
part of the Avar, and said that it soon became apparent that
that had to stop. Therefore, credits for England wore
arranged in America. Ho said that England had begun by
paying large amounts to Canada for supplies, but then
credits for England were established in Canada. Ho further
said:
Now. to mako these supplies, wo have to buy materials from you. We
are giving long-time credits to England to pay for tho supplies wo send
thorn. You must give us long-time credit, and by that I mean credit until
after tho war. By giving us credit for tho materials wo buy hero, you aro
but extending credit to England, for she gets the munitions. It will not
do for Americans to say in response to this that you might as well mako
tho supplies hero. I say to you that all tho munitions and all tho ships
that every ono o f us can make will bo needed, and that on no excuso should
production bo curtailed, but ships built where there are facilities and
munitions mado where there are plants.

An Ottawa press dispatch of Feb. 23 stated that tho prob
lem of adjusting the unfavorable oxchange rate now existing
betAveen tho Dominion and tho United States Avas ono
seriously ongaging tho attention of tho Finance Department
and the Government at OttaAva. It Avas pointed out that
Canada noAv has an adverse balance of trade Avith tho United
Statos of nearly $400,000,000, and as a consequence tho rate
of exchange is unfavorable to tho Dominion. The adverse
balanco is largely due to tho fact that there is little Avheat
movement from this country across tho border and that tho
Unitod Statos has embargoed a long list of imports. It is
said to havo beon suggested that provincial and municipal
bonds might bo deposited in the United States against a
credit to obviato tho unfavorable oxchange rate. A further
suggestion, and one on which tho Government Avas reported
to bo working, is that Great Britain socuro a loan of $300,
000,000 from tho United States, to be placed at tho disposal
of Canada, in return for an equal amount which Canada
must raiso to financo British orders.
A delegation of Canadians visited Washington this Aveok
to discuss, it is understood, Avith various official heads thoro,
Canada’s financial problems. The Canadian interests in
cluded Sir Robert Borden, Primo Minister, and A . K . M acLoan, Acting Minister of Finance. Besides conferring Avith
Secretary M cAdoo Premier Borden hold conferences Avith
Earl Reading, tho British Ambassador, Lloyd Harris, Chair
man of tho Canadian W ar Mission, and Sir Charles Gordon,
Vice-Chairman of tho British W ar Mission. Sir Robert
upon leaving Washington for N oav York on Feb. 28 Avas
quoted as saying:
I have had many conferences with officials o f tho Government and havo
every roason to believe that my visit will bo attended with marked ad
vantages.

While it is said to have been admitted that tho conferences
had for thoir object the adoption of plans for adjusting Can
ada’s advorso trado balance, Secretary M cAdoo is said to
havo announced that no diofinito program had been de
cided upon.

867

Tho war expenditure for the year, according to the financial statement,
was less than anticipated, and is given for the ten months as $188,355,015,
or six million dollars less than the year previous for the same period.
These figures are, however, perhaps a little misleading as they are the ex
penditures only in Canada. The Canadian war expenditures in England
aro being met temporarily by the British Government on account o f the
difficulty of exchange. On the other hand, Canada is paying British bills
for provisions, war supplies, &c., in Canada. These accounts will about
counter-balance.
Of the Canadian revenue the customs is still furnishing the largest por
tion. The customs revenue for the ten months of the fiscal year was $121 ,
764,535, an increase over the same period of about 13 million dollars.
The revenue was as follows for the ten months ended Jan. 31 1917
and 1918:
1917.
1918.
S108,868,302 $121,764,535
Custom s________________
. 20,561,709
21,965,878
E xcise__________________
15,881,627
16,550,000
Post Office______________
. 21,701,730
23,704,225
Public works and railways.
24,556,ll{j>
. 20,890,194
M iscellaneous___________
T ota l.................................. ........... ........... ....... $187,903,563 $208,540,753
Tho national debt now totals 81,000,000,000, although it is $200,000,000
less than the prediction o f Sir Thomas AVhite a year ago.

COMPARATIVE FIGURES OF CONDITION OF
C A N A D I A N BANKS.
In tho following we compare the condition of the Canadian
banks, under the last <wo monthly statements, with the
return for June 30 1914:
Gold and subsidiary coin—

ASSETS.
Jan. 31 1918. Dec. 31 1917. June 30 1914.
$
$
$
55,348,784
28,948,841
. 54,836,383
. 27,607,289
26,684,073
17,160,111

. 82,443.672
Total______________
82,032,857
Dominion notes_________
. 184,919,958
167,509,121
Deposit with Minister of Finance
5,772,350
for security of note circulationi
5,769,631
Deposit in central gold reservess 75,570,000
97,270,000
Due from banks________
. 155,534,103
191,400,677
Loans and discounts__________ 11,018,399,622 1,016,241,854
468,406,273
Bonds, securities, &c_________ 419,129,889
Call and short loans in Canada.
71,779,020
76,239,201
Call and short loans elsewhere
134,483.482
132,687,066
than in Canada____________
87,141,172
88,270,703
Other assets__________________

46,108,952
92,114,482
6,667,568
3,050,000
123,608,936
925,681,966
102,344,120
67,401,484
137,120,167
71,209,738

Total.........................................2,237,867,033 2,323,163,621 1,575,307,413
LIABILITIES.
$
$
$
Capital authorized___________ 189,866,666
189,866,666
192,866,666
Capital subscribed..................
112,091,466
112,091,466
115,434,666
Capital paid up......................... 111,709,465
111.673.776
114,811,775
Reserve fund.............................. 114,161,223
114,100,693
113,368,898
Circulation..................................
Government deposits...............
Demand doposits.....................
Timo doposits...............
Due to banks...............................
Bills payable...............................
Other liabilities..........................

171,674,464
124,458,726
729,358,343
900,314,256
35,137,912
2,788,309
29,446,998

192,923,824
82,780,074
744,220,975
995,978,013
33,508,646
3,479,765
28,842,025

99,138,029
44,453,738
495.067,832
663,650,230
32,426,404
20,096,365
12,656,085

Total, not including capital
or reserve fund...................1,993,179,008 2.081,733,322 1,330,488,683
Note.— Owing to the omission of the cents in the official reports, the
footings in tho above do not exactly agree with the total given.

INCREASE

IN

PUBLIC DEBT OF FRANCE
BEGINNING OF WAR.

SINCE

Tho following dotails concerning tho increase in the public
olobt of Franco since tho beginning of tho war Avere received
this Aveok in tho United States through correspondence of
Press from Paris under date of Feb. 9:
In order to facilitate the transaction of public business in thoTheAssociated
public debt of France was about 115,000,000,000 francs at the end
the tAvo countries, a direct Aviro connection Avas established o f 1917, or 81,000,000,000 francs more than on July 31 1914. At least
on Feb. 26 betAveen the Canadian War Trade Board at 50,000,000,000 francs moro will bo added to it during tho course of this
bringing it up to 165,000,000,000 francs, it is expected.
OttaAva and tho Canadian War Mission in Washington. Tho year,
Tho interest charge in 1914 was 1,037,000,000 francs. At the end o f
opening of tho Aviro Avas marked by tho exchange of con- 1917
M . Klotz, Minister o f Finance, estimated it at 4,725,000,000 francs.
gratulary telegrams botween President Wilson and repre Based on tho cost of the war up to the end of 1917, the budget o f France,
as compared with that of 1914, is estimated as follows:
sentatives of Premier Borden.
1914.
After War.
C A N A D IA N FINANCES.

Tho rovenuo of tho Dominion of Canada by tho end of tho
financial year, March 31, Avill total,' according to the “Mone
tary Times” of Toronto, around $250,000,000, or an incroaseovor tho provious year of some $18,000,000. Con
tinuing, tho “Monotary Times” says:
Tho revenue o f Canada has nearly doubled sinco the war began. For
tho first year o f the war from all sources it was about S130.000.000. It
roso during tho second year to ? 170,000,000. Tho third year o f tho war it
jumped to $232,000,000. For tho ten months of tho present fiscal year
ended Jan. 31, the revenue was $208,540,755, and at tho present rato
should touch $250,000,000 by tho end of tho year.
Tho economy wnich has been practiced by the Government is reflected
In tho financial statement. For tho ten months o f the fiscal year tho ex
penditures were 8113,457,924 on account of consolidated fund. On capital
account outside o f the war tho expenditure was $21,841,533, or a total of
about $125,000,000. In other words, tho balance o f rovenue over ex
penditure for tho ten months was some $83,000,000 and for tho twelve
months will total 8100,000,000.
Canada has saved sufficient during tho past year to pay 100 million
dollars o f her war expenditure.




National defense appropriations___________$2,618,000,000 $2,300,000,000
Public services................................................. 1,850,000,000 3,000,000.000
Interest on public debt___________________ 1,306,000,000 6.135,000,000
Pensions and social reforms_______________
200,000,000 2,600,000,000
Pensions, based on the casualties reported up to the end o f the year,
are estimated at 700,000,000 francs annually.
Tho interest charge will be increased, it is expected, not only by loans
already floated, but by an Increase in the interest on the sums advanced
by tho Bank o f France, which must eventually be converted into loans at
a higher rate. This item is estimated at 240,000,000 francs a year. A
considerable part o f the paper circulation may be retirod and replaced by
a perpetual loan involving a further charge of 120,000,000 francs a year.
Short-term national defense bonds, o f which there are now outstanding
about 24,000,000 francs, will also be converted into bonds at a somewhat
higher rato, adding perhaps 50,000,000 francs moro.
Tho balance of the estimated increase in the interest charge is mado up
of 500,000,000 francs interest on the 10,000,000,000 required to repair
war damages and 500,000,000 more on a fresh loan of 10,000,000,000 francs.
For each additional year of war about 3,000,000,000 francs must be
added to tho budget to care for the added war debt. If the war ends within
a year tho amount Franco will have to raise each year will be in the neigh
borhood of 17,000,000,000 francs, according to present estimates. That
amount Is susceptible, however, to important reductions. For example,
tho national defonso item will depend upon the measure of success obtained
in the constitution o f the Society o f Nations.

868

T H E C H R O N IC LE

SUBSCRIPTIONS TO CUBAN SUGAR [CREDIT.
Subscriptions of $114,250,000 to the proposedfsugar credit
which is to be used in financing the 1917-18£Cuban sugar
crop were announced on Feb. 27 by Francis H . Sisson,
Vice-President of the Guaranty Trust Co. of New York.
The proposed financing of the crop by a syndicate of Ameri
can bankers was referred to in these columns last Saturday,
page 760. The New York bankers were pledged to raise
$60,000,000 of the loan; Chicago was expected to raise
$20,000,000, and Boston and Philadelphia $10,000,000 each.
M r . Sisson reported subscriptions as follows:
New York........................................................ - ......... ................... $74,625,000
Philadelphia_______________________________________________ 11,100,000
Chicago
________________________________________________ 10,200,000
Boston........................................................- ....................... 5.150,000
New Orleans________________________________________________
2,250,000
$103,325,000

The remainder of the subscriptions came from Pittsburgh,
St. Louis and other cities. It is stated that becauso of the
oversubscription the amounts subscribed will be allotted
on an 8 4 % basis, except in cases of $100,000 or less, which
will receive full allotments. The committee in charge of
the financing operation consists of Charles H . Sabin (Chair
man) of the Guaranty Trust C o ., William A . Simonson of
the National City Bank and Eugene V . R . Thayer of the
Chase National Bank.

MORE GOLD SHIPMENTS TO MEXICO.
Gold to the amount of $150,000 for shipment to Mexico
was withdrawn from the Sub-Treasury by th National City
Bank on Feb. 26. This was one of several consignments
of small amounts made recently, with tho approval of the
Federal Reserve Board. W o referred last week (page 758)
to the arrangements between the Mexican officials and the
State Department, whereby limited amounts of gold would
be allowed to go into Mexico, against balances which have
been accumulated in this country through the sale of sisal
hemp and other products.

REPRESENTATIVE McFADDEN ON DANGERS OF WAR
FINANCE CORPORATION BILL.
The views of Representative L . T . M cFadden, a member
of the House Committee on Banking and Currency, on the
bill creating a W ar Finance Corporation, are set out at con
siderable length in a letter addressed by him to the Financial
Editor of the N ew York “ Tribune” and published in the
Feb. 24 issue of that paper. W e noted in tho “ Chronicle”
of Feb. 16, page 654, Representative M cFadden’s remarks
on the bill in the House on Feb. 8 , when he asserted that
he saw in it through its note-issuing powers, “ the worst
kind of inflation” which would “ lead to ultimate disaster
and ruin.” In his letter to the “ Tribune,” M r . McFadden
enlarges upon his remarks before the House, and we repro
duce the same herewith:
.
To the Financial Editor of “ The Tribune” :
Your kind request for me to write an article on the War Finance Bill
prepared by tho Secretary o f the Treasury and recently introduced in
Congress reached me at a very busy time; and while tho demands on my
time are most engrossing, still I feel that I should comply with your re
quest, for the press is tho one potent influence which must be invoked to
enable us to win this war.
As yours is not a journal o f finance whoso readers in general are familiar
with the fundamental principles o f credit and finance, I am in duty bound
to avoid all technicalities and couch my thoughts in such plain and simple
language that the reader having no more than ordinary knowledge o f such
matters may fully understand the bill and my criticism o f It.
Substance of the Bill.
The bill in substance creates a corporation with $500,000,000 capital
to be paid by the Government. Tho corporation may issue $4,000,000,000
of its notes or credit obligations, which may be used for rediscounts at the
Federal Reserve banks. The purpose o f the corporation is to render finan
cial aid to such corporations and other enterprises as are engaged in work
to win the war.
The first thing to be considered is the relative influence on values of
gold and credit. McLeod says: “ Credit has precisely tho samo influence
on values as gold.” John Stuart Mill says: "Credit and gold are exactly
on a par” in influencing values. I ask the reader to observe the strong
words used by those two great philosophers in giving expression to the
samo thought. “ Precisely,” “ exactly," are the words used by them.
Nothing could be stronger.
But credit is only on a par with gold when it possesses the samo ex
changeable value. That is to say, so long as the public will exchange $100
o f gold for $100 o f credit. Just that long may credit be said to possess an
equal exchangeable value with gold. And that condition will continue so
long, and no longer, as tho credit institutions o f the country— the banks
and government— redeem their credit obligations in gold, dollar for dollar.
What "Consumptive Credit” Means.
Consumptive credit is credit obtained for the purchaso o f something to
eat, something to wear or something to have pleasure with or to produce
waste. An example o f the latter is the sale o f credit to the Government
to manufacture shells to be shot away in battle. Productive credit is
credit obtained for the production o f essentials for civilized man's existence.
Productive credit reproduces itself, whereas consumptive credit does not
reproduce itself. As an illustration. I might cite the case o f a farmer who
has a quantity o f com but has no cattle to feed it to. Therefore the bank




[Vol. 106

which sells him tho credit with which to buy such cattle and thereby
enables that farmer to utilize his corn in fattening thoso cattle becomes
the instrumentality o f production. Such credit is self-liquidating, and the
paper representing such credit is termed a “ liquid asset.”
Such paper will bring gold from a hiding place when paper representing
a permanent investment will not. The credit paper representing the pur
chase or sale o f thoso beef cattle is termed “ liquid paper” until it finally
reaches the actual consumer, and then it becomes consumptive credit, for
the man who buys a piece o f that beef to eat will have nothing to show for it
when pay-day comes. Therefore, where consumptive credit is sold we
find the people overconsuming; such has always been the practice in this
country. In countries where consumptive credit is prohibited we invariably
find greater economy than in countries like ours, where it is practised.
Tho next question is. How do credit and gold influence values? They
influence values two diametrically different ways, namely, upward, when
used for consumption, waste or speculation, and downward when used
for tho production of the necessities o f life. It will be observed therefore,
it is through the use, and the use only, to which credit is placed that prices
of commodities advance or declino. Commodity prices are governed by
the law o f supply and demand. Therefore, whatever increases tho supply
or decreases the demand for commodities will decrease the prices thereof,
and whatever decreases the supply or increases tho demand will increase
the prices o f commodities.
W e daily observe the effect o f that inexorable law when thousands,
hundreds o f thousands, even millions o f men, are being taken out o f pro
ductive pursuits and placed in the business of destruction, "which is waste,”
in the army and munition factories. But that is a condition which war
Invariably brings about. W e know tho best way to decrease tho cost o f
living is to increase production, but it is as foolish to talk increased pro
duction to a people engaged in war as it is to laugh at a drowning man
for grabbing at a straw instead o f a lifeline not within his roach. So the
only salvation for a people engaged in war is to practise enforced economy,
and here comes hi the potent influence o f tho press. Tho public must
deny itself tho luxuries of life and invest every penny it has hi Government
securities.
Observe what has happened in Europo. Whilo Germany has pursued
every device Imaginable to secure tho materials for carrying on the war,
issuing tens of billions o f credit instruments, Great Britain has pursued
the opposite course; 14% o f tho latter’s war expense has been raised by
taxation and tho balance by selling the premanent securities of tho Govern
ment. Yet commodity prices for most o f the essentials of life aro as cheap
in Germany as in Great Britain.
Compulsory Saving and Production.
Why is that so? Simply becauso the German war machine uses the
ruthless instrument o f “ force” in production of thoso essentials. That is
to say, sho has placed her prisoners o f war at work and made them do two
men's work. Sho lias used tho samo effective Instrument in enforcing
economies. Every living creature in Germany must work to tho fullest
capacity, and that, too, on half ration. She employs the samo force In
enforcing economies. The vast hordo o f spies employed to enforco the
bread and fat card system shoot first thoso volating that law and talk
about it afterward. I t’s tho same way with the workers who strike. In
such a country it matters little how much money or credit tho people
possess, for it is worthless to them in tho purchaso of thoso things their
souls crave. What will happen to tho German credit system after the
war, when the people exerciso some authority, tho future alone can toll.
Therefore, for us to attempt to follow in the footsteps o f German finance,
as I shall show tho War Finance Bill proposes, will bo folly in the extreme,
for we have not the war machine to prevent tho inflation which is sure to
result from such an act and cause the breaking down o f our whole credit
system. W e should try to follow in the footsteps of our great democratic
ally, Great Britain, in financing this war, and tho gist o f her policy is to
avoid the issuance o f facilities for consumption. It is not as effoctlvo a
war remedy as the German, but her credit system will bo intact at the
close o f tho war. For generations consumptive credit has been almost
prohibited in Great Britain, and that has been tho curse of our country
since the birth o f our nation.
Claims of Reserve and Treasury Officials.
When the Secretary o f the Treasury and tho Governor and Deputy
Governor o f the Federal Reserve Board appeared beforo tho Financo Com
mittee o f the Senate In advocacy o f tho War Financo Bill, and in defense
o f the provision giving the proposed corporation authority to issue $4,000,
000,000 o f its notes and credit obligations, which by the bill aro made
“ eligible” for rediscount at the Federal Reservo banks, they claimed that
th's was following out the plan pursued by tho British Government In
financing tho war. Let us examine into tho statement of thoso high offi
cials. “ The Statist,” of London, in its issue o f Jan. 19 1918, had this to
say regarding Britain’s war bill;
"Roughly speaking,” Groat Britain’s war bill on Saturday amounted
to £5.676,000,000 ($28,380,000,000), including £296,500,000 ($1,482,
500,000) o f war debt interest and not far short o f £1,300,000,000 ($6,500,
000,000) of loans and advances to Allies, and excluding £275,000,000
($1,375,000,000) o f normal army and navy expenditure. Just over 14%
(£822,000,000) ($4,110,000,000) o f this total had bcon met out of rovenue,
and the balanco had bcon provided by loans, which now aggregate £4,858,
000,000 ($24,290,000,000), of which ’other debt represents £847,000,000
($1,235,000,000).”
H
In setting forth the condition o f the Bank of England the same journal
had this to say in conclusion;
"The amount o f the reserve (gold) is now £31,893,000 ($159,465,000).
The ratio is, however, a shade lower for the week, being 19.56% against
19.71% on January 9. A year ago tho reserve stood at £35,734,000
($178,670,000), and the ratoi at 18.91%. ‘Other’ deposits o f £121,598,000
($607,945,000) are at the lowest since November 14, whilo Government
securities, which aro now given as £56,768,000 ($283,840,000), have not
been under £57,000,000 ($285,000,000) since the latter part o f August."...j
But Conditions Differ Importantly.
In order to fairly treat this question I must take into consideration the
obligations o f all tho credit institutions o f the two countries. Tho deposits
o f our banks, “ guaranteed cash surrender values" of our lifo insurance
companies and like cash values of our building and loan associations aggre
gate the stupendous sum o f 32 billion dollars, roughly speaking, as com
pared with only about 3 billion dollars for tho samo credit institutionslof
England and Wales. Furthermore, thero are but nine banks hi England
and Wales, banks o f largo capital and numerous branches, wliereas.wohave
some thirty thousand banks. Those few sound bankers o f England.and
Wales havo long since learned tho danger of selling consumptive! and
speculative credit, and they practised that sound principle during peace
times. So it ’s no troublo to got thoso few Intelligent bankers to adhere
to sound practices during the war. IIow different it is with us. with so
many ignorant bankers who don’t seem to know tho first principles o f sound
credit, bankers who look solely to tho security offered by the borrower
and never consider tho use to which the credit sought is tolbo put. j ...j

W o must not lose sight o f tho natural desire o f many bankers and indus
trial heads for a source o f relief during this critical period. When tho
demands o f Government aro so great for both goods and credit wo must
remember that these mon aro only looking for tho immediate relief of each
individual situation, and will seize upon any vehicle appearing to offer the
required relief, without stopping to consider whether tho instrument created
is properly created and sound economically. There is groat danger o f tho
Congress enacting such legislation under tho stress o f war conditions, and
a grave responsibility rests upon Congress in this respect. Relief is being
sought for a certain class o f tho people o f the United States, but tho whole
people expect and demand that wise legislative judgment bo exercised.
Creating Credit for Speculation.

In the November 1917 Issue o f “ The Journal o f tho Institute of Bankers
o f London” appeared an article claiming that but 14% o f tho bank credit
o f England represented speculation and consumption, and tho balance, or
86% , represented production. There is no way o f determining tho amount
o f our bank credit which represents production, but I dare say those per
centages aro almost reversed in this country. Yet it Is proposed to increase
our facilities for speculation and consumption to the extent o f 4 billions bj
authorizing the proposed corporation to create that much eligible credit
paper. If a country bank obtains 81,000 o f that paper and sends it to its
Federal Reserve bank for the purpose o f increasing its reserve, that will
increase tho member banks’ loaning power by some seven or eight times
tho deposit, and how is it possible for tho Federal Reserve banks to know
whether tho member banks will use such reserve in making loans repre
senting production 7 It is simply out of the question to think for a moment
they can prevent such Inflation. We should profit by our War Savings
Stamp experience. Many people not accustomed to tho saving habit
deniod tliomsolves for a few days somo luxuries in order to get one o f the
cards, and afterward sold the stamps to somo merchant. Such people aro
like tho man who does without one meal and acts tho glutton the next.
Such so-called economies aro worthless in aiding to win the war. It is ouly
the persistent effort by all in economies in foodstuffs and savings out of
our earnings and investing them in Government securities which will win
tho war for us. That is tho way the British aro doing it.
q'lio very purposo o f the War Finance Corporation being to render aid in
winning the war by creating engines o f destruction, it naturally follows that
nono o f its paper will bo lqiuid, and to place such paper in tho credit stream
will not only weaken our credit Institutions and possibly cause our whole
credit machine to break, just as it did in 1907, but such an expediency will
not tend to bring about the economies which aro necessary to be brought
about to win tho war. It makes no difference whether the Government
directly aids the enterprises engaged in winning tho war or does it through
the proposed corporation, to bo controlled by the same Government officials
as if tho Government did it.
Raise Interest Rate I f Necessary.
I f tho enterprises now engaged exclusively in producing war material
could croato liquid paper, then the proposod corporation is unnecessary,
because the Federal Reserve system can and will tako caro o f the situation.
To illustrate, let’s suppose an enterprise manufacturing shells is to be aided
by tho proposed corporation. That is waste, for those shells aro to bo
shot away. The Government is to pay tho enterprise for those shells.
Thero aro but two ways in which tho Government can discharge that debt
and not injure the credit institutions o f tho country. One way is to raise
the sum by taxation, and tho other is by tho sale o f its funded debt to tho
people. I f tho Government can’t fund that obligation at 4% , lot it raise
the rate to 5% , or whatever rate the people require. But let it bo a per
manent Investment. Make such bonds non-transforable during tho war
and start an educational campaign to sell such bonds and keep that cam
paign up until the end o f tho war, and this Government can raise every
dollar it neods to win tho fight.
This policy would enforco economies, the very thing we must have; for
the public would have to deny itself the luxuries o f life in order to invest in
that debt. On tho other hand, if wo give the proposed corporation tho
right to increase tho credit Instruments by tho stupendous sum o f 4 billion
dollars and thereby increase the facilities for inflation by tho same amount,
wo will not only encourage extravagances, but run great danger o f tho
breaking down o f tho whole credit system. I f it does not break down
during tho war it will Immediately thereafter, and it will require years
and yoars to recoup from such a disaster..
<
Lot mo repeat. This can bo accomplished only by tho press. Let the
Administration inaugurate such a campaign for tho press and keep ever
lastingly at it until tho close o f tho war, and wo will come out of tho war
ready to capture tho foreign markets for our surplus products. When tho
boys return from the trenches wo must have something for them to do or
else tho price o f labor will fall to such a low level that we aro sure to meet
with dire disaster. But wo cannot givo them employment unless we havo
a sound credit machine which will enable us to capture foreign markets
for our surplus products. Germany will bo in a deplorable plight at tho
end o f tho war by reason o f her bad financial policy.
L. T . M cFA D D E N .
Washington, D. C ., Feb. 18 1918.

WAR

FINANCE

CORPORATION

BILL

IN

SENATE.

Dobato by the Senate on tho Administration bill to es
tablish a W ar Finance Corporation was virtually con
cluded on Feb. 28, when consideration of tho amendments
by tho Senato Financo Committee was begun. As noted
in theso columns a week ago tho bill as rovised by the Com 
mittee was reported to the Senato on Feb. 21. Tho bill
proposes tho creation of a corporation Avith a capital of
$500,000,000, and Avith poAver to aid Avar industries and to
veto non-essential financing. Four directors, to bo ap
pointed by tho President, instead of tho Secretary of tho
Treasury, as tho bill originally proposed, Avoidd, togother
Avith tho Secretary of the Treasury, manage tho corporation’s
affairs. One of tho most important amendments made
by tho Committee provides that, instead of tho corporation’s
directors, a “ capital issues committeo” of fivo members,
appointed by the Foderal Reserve Board and including
throe of its members, Avould license and control security is
sues of $100,000 or moro. Another amendment restricts
tho corporation’s poAver to mako loans direct to private
industries. Instead of the issuanco of short term notos Avith
Avhich to socuro funds for extending financial aid to industry




869

T H E C H R O N IC LE

M ar . 2 1918.]

tho Committee changed the bill so as to provide that bonds
running from one to five yoars shall bo issued up to eight
times the capital stock of the corporation. Interest rates
on advances are fixed at one-half of 1 % instead of 1 % in
oxcess of the discount rates in the respective Federal Reserve
districts. The period of advances to saAdngs banks was
extended from ninety days to one year. The new proA’ision,
limiting direct loans, provides that the directors shall have
poAver to make advances directly:
(1 )
. To any corporation owning or controlling (directly or through stock
ownership) any railroad or other public utility.
(2)
. To any firm, corporation, or association conducting an established
and going business whoso operations are necessary or contributory to the
prosecution of the war, provided that such advances shall bo made only in
such cases as the board of directors, in their discretion, shall determine to
be of exceptional importance in the public interest.

According to the bill:

Such advances may be made for periods not exceeding five years from the
passage of this Act, upon such terms and upon such security and subject
to such rules and regulations as may be prescribed from time to time by
tho board of directors of the corporation, with the approval of the Secretary
of tho Treasury. The corporation shall have and retain power to require
additional security from time to time.

On the 28th the Senate without discussion adopted the
amendment giving President Wilson authority to appoint
the directors. This amendment had been agreed to by
Secretary M cAdoo in conference with tho Senate Com 
mittee. Senator Simmons in oponing the debate on the
bill in the Senate on Feb. 26 said the legislation Avas neces
sary because the Government must control the money
market in order to finance tho Avar. He denied that the
measure would causo inflation. He Avas quoted to the folloAving effect in tho NeAV York “ Times” of Feb. 27:
The primary reason why this legislation is necessary is that the Gov
ernment, by floating its war bonds upon the market, has made it difficult
for corporations to sell their securities. Thero has been little market for
them. Tho Government, of necessity, has had to raise stupendous amounts
of money to conduct tho war. Enormous funds have been needed not only
for its own uses but to help its allies.
The Government, as a result of its own financial operations, has pre
empted the security market to such a degree that to save the situation a
way has to bo found to enable many corporations to keep up. The small
buyer of securities has become timid, lie won’t tako corporation securi
ties, for ho has not felt safe In doing it.
Banking experts appearing before tho Senate Financo Committee said
that several public utility corporations, with an aggregate of $750,000,000
of obligations maturing within six or seven weeks, wore unable to meet
them, and that unless help came they would have to go into bankruptcy.
Tlie banks holding notes of these corporations wore unable to rediscount
them. This bill would give the Federal Reserve banks power to accept
these notes, backed by security, and tho corporations would be saved from
going to the wall.

The folloAving debate betAveen Senator
Senator Smith of Michigan is also reported:

Simmons

and

“ It seems to me that we are running toward inflation in currency in this
legislation,” put in Senator Smith of Michigan. “ Does tho Federal R e
serve Board approve this scheme?”
“ It does," replied Senator Simmons.
“ AVell, what is it called— inflation?”
“ Expansion," replied Senator Simmons. “ And I may say that it will
bo done without inflicting tho slightest harm upon the financial solidity of
tho country. Tho Federal Reserve Board looks upon it with perfect
equanimity. There are safeguards against an injury to currency. The
Foderal Reserve Board is authorized to put a special tax rate— or interest—
upon notes upon which currency is issued under this legislation. That
would keep tho making of new currency down to tho normal need. There
could be no harmful inflation.”

Sonator Simmons is also quoted as folloAvs:
This bill does not enlarge the powers of the Federal Reserve Board. The
only thing it does is to add to tho eligible paper for rediscounting in the Fed
eral Reserve banks. The only paper that is added by it to the paper
eligible for rediscount by the Federal Reserve banks is the bonds of the
corporation which we propose to create. The bill simply provides for this
corporation and authorizes it to issue a certain number of bonds, namely,
not in excess of eight times its capital stock. Theso bonds are.made
eligible in the hands of member banks, but not otherwise eligible.

Senator Simmons declared that the purpose of the bill is
to stimulate industries essential to the Avar, to protect
Government securities and foster concerns doing Govern
ment Avork. He further said:
Tho corporation which it is now proposed to establish is an instrumen
tality articulating both with the Treasury and with tho Foderal Reserve
banks and tho member banks generally. It will occupy, with reference
to the member banks or other banks of tho country in making loans and
advances practically the same position which the Federal Reserve Bank
does; that is, in the sense of the help it can afford and the manner of afford
ing tho help that the Federal Reserve Bank now occupies with reference
to the security based upon commercial paper.

Senator Hollis of N
tho bill, saying:

cav

Hampshire (Democrat) attacked

AVc were told last summer not to have high income taxes, so the capi
talists might have capital for business purposes. So we shall have small
taxes and largo borrowings. The result is wo are now asked to finance
private business, because capitalists havo no money for private busi
ness. They are spending their Incomes at Balm Beach, and the Gov
ernment must finance their business for them. This bill is highly socialistic
AVhy is it that socialism to help the well-to-do is sound and respectable,
while socialism to help the poor is unsound and disreputable?
This bill authorizes the Government to do six things; 1. To create a
central United States bank. 2. To stimulate essential industries. 3.
To discourage non-essential industries. 4. To manipulate Government
securities. 5. To issue tax-exempt bonds in competition with Liberty

870

T H E C H R O N IC LE

[Vol. 106

Bonds, with no limitation of the rato of interest; and 6. To appropriate
four and one-half billions, to bo spent by tho bank without accounting to
Congress.
These are enormous powers— thoy will revolutionize United States fi
nances, but I am for tho bill if thoy are necessary.
This bill transfers money control from Wall Streot to 15th Street and
Pennsylvania Avenue, from Morgan, Kuhn, Loeb & Co. and Kidder,
Peabody & Co. to tho United States War Bank. I welcome tho trans
fer, but I do not want any ono financially interested in Wall Street on
the board o f directors.
If some super-financier is willing to servo his country by becoming ono
of tho five men who constitute tho United States Money Trust, he should
bo willing, yes, anxious, to give up his financial connection with all other
banks and trust companies.
I do not object to having Secretary M cAdoo marshal all tho capital of
tho country by borrowing it on Government bonds or taking it by taxes,
I prefer to do it by taxation. In that way inflation is avoided and economy
is compelled.
It is the inflation of interost I am afraid o f in this financial scheme.

issues of 8500,000 and over. It is stated that tho Com
mittee recently found, after analyzing pending applications
for approval of proposed issues, that tho great bulk of munici
pal bonds was offered in blocks of less than 8250,000, and
therefore they were not subject to tho Committee’s restric
tive influences. In a circular of instructions to applicants
for tho Committee’s approval of contemplated issues the
Committee and its advisory body, headed by Allen B .
Forbes, explains that the purposes and circumstances sur
rounding each issue must bo described fully in tho applica
tion. This is particularly necessary if funds are needed
for extensions or improvements relating directly to war
production or for fulfilment of any national, State or local
governmental requirement. Tho instructions say:

The measure was further criticised on Fob. 28 by Senator
Hollis. Senator Thomas of Colorado likewise criticised it;
both, however, conceded its necessity during tho war and
promised to vote for it. Senator Thomas warned- against
inflation. During the course of his remarks ho spoke in
opposition to tho new war tax bill and announced his oppo
sition to higher taxation during the war. “ W o havo already
gone too far in taxing tho people,” ho said. “ W o have tho
highest taxes in the world. Addition of 2 5 % would paralyze
industry.” Support of wealthy persons in the war was
highly praised by Sonator Thomas, who said: “ Wealth
has done magnificently.”
Senator Owen, of Oklahoma, Domocrat, Chairman of
the Senate Banking Committee, while favoring tho moasuro,
urged on Feb. 28 that a maximum interost rato bo fixed for
the bonds to bo issued. Ho said 4 % , with taxos exompt,
was sufficiently attractive. He also proposed that, to
protect business interests, tho licensing clause should be
amended so that appeals might be taken from decisions of
tho Capital Issues Committee in passing on secmity issues
of 8100,000 and more. Tho Senator said:

In all cases full reasons should be given why tho proposed issues cannot
be given why tho proposed issued cannot bo postponed until after tho war
or why the necessity is greater than the paramount need o f tho national
Government in conserving tho financial resotirces, materials and labor
of tho country for tho war.

Tho Committee's power is enormous and might bo exercised tyranni
cally. It should be exercised with great caution and moderation, and
provision should bo mado for tho taking o f appeals.

The text of tho bill as originally presented to Congress
was printed in our issue of Fob. 2, page 440.
In a statement accompanying the report of his committee
on the bill Senator Simmons explained the Committoo
amendments as follows:
Sec. 3. As amended, this section requires tho directors o f tho corpora
tion to bo appointed by tho President o f tho United States, by and with
tho advice and consent of tho Senato, instead of by tho Secrotary of tho
Treasury, with tho approval o f tho President o f tho United States.
Sec. 5. Tho amendments to this section striko out tho provision requir
ing directors of tho corporation to dovoto their entire timo to tho business
of tho corporation, and fix tho salary o f tho directors at not oxceeding
$12,000 per annum. Thoy also striko out tho provision providing that no
director or officer of tho corporation shall continuo to bo an officer, direc
tor or trustee of any other corporation or member o f any firm of bankers.
Sec. 6., sub-division C is amended so as to extend tho term of advances
to savings banks from ninety days to ono year, and provides that tho rate
of interest charged on such advances shall not bo less than ono-lialf of 1%
per annum instead o f 1% per annum (as provided in tho original draft of
the bill) in excess o f the rato o f discount for ninety days’ paper prevailing
at the timo o f such advances at Federal Reserve banks in tho district whero
tho borrowing institution is located.
Section 6, sub-division D. This sub-dlvislon has been stricken out and
rewritten. As re-writ ton tho corporation may make advances directly
(1) to any corporation owning or controlling (directly of through stock
ownership) any railroad or other public utility, and (2) to any firm, cor
poration, or association conducting an established and going business whoso
operations aro necessary or contributory to tho prosecution o f tho war:
Provided, that such advances shall bo mado only in such cases as tho Board
of Directors in their discretion shall determino to bo mado for a period not
exceeding five years from tho passage of tho Act.
Sec. 7. Tills section has boon revised so as to confer tho licensing pow
ers upon a capital issues committee to consist of fivo members appointed
by tho Federal Reserve Board, with tho approval o f tho Secretary of tho
Treasury, of whom at least three shall bo members of tho Federal Reserve
Board, and tho compensation of tho several members o f such committeo
who aro not members of tho Federal Rescrvo Board is fixed at $7,500 per
annum, tho samo to bo paid by tho corporation.
Sec. 8. Tho penal provisions of this section aro reduced from a maxi
mum of fivo years’ imprisonment to a maximum of ono year, and from a
maximum fine o f $5,000 to a maximum fine of $1,000.

Senator Halo, of Maine, Republican, introduced an amend
ment on Fob. 26 requiring the corporation to make monthly
reports to Congress.

CAPITAL ISSUES COMMITTEE TO CONSIDER IS
SUANCE OF M U NICIPAL SECURITIES OF 8100,000
A N D OVER INSTEAD OF 8250,000—
INSTRUCTIONS TO APPLICANTS.
Tho Capital Issues Committee of tho Federal Reserve
Board made known on Feb. 24 tho decision to reduco from
8250,000 to 8100,000 the minimum size of municipal is
sues which it would pass upon in furtherance of its task
of determining what proposed issues might bo classed as
covering essentials. In tho caso of industrial and public
utility securities the Committee’s observations extend to




For Stato, county or municipal issues, tho Committee
requires a copy of tho bill, resolution or ordinance under
which they were authorized.
Tho following are the instructions issued to applicants
seeking the Committee’s approval for issues of bonds, notes,
stocks, &c.:
Applications should bo addressed to tho Capital Issues Committeo, 718
Metropolitan Bank Building, Washington, D . C.

N o prescribed form of application is to bo required by the
Committee, but tho applicant should provido all tho infor
mation which is appropriate to the proposed issuo, or which
would facilitate the speedy decision of tho Committee.
For the guidance of applicants tho following suggestions
aro made:
The purposo o f the issue should be fully and accurately described.
If the purpose is to refund, pay or extend outstanding bonds,obliga
tions or indebtedness, describe fully tho natucr and character o f bonds
& c., to be refunded and stato briefly tho timo or times and thogencral
purposes for which unsecured Indebtedness was incurred.
If the issue is to bo made for war purposes or to raise capital in connec
tion with war contracts or war supplies, or to provido equipment, build
ings, or facilities o f any kind for war work full description thereof and
amounts needed therefor should bo stated.
If any war purposes aro involved, reference should be mado to the
proper Governmental authorities at Washington and elsewhero to enable
definite information and corroboration to bo obtained directly by the
Committee.
I f tho issuo is deemed necessary on account o f any Governmental re
quirement, national, State, or municipal, or of any commission or public
authority, describe tho same in full. If tho Issue is deemed necessary
for reasons o f public health or wclfaro, or other public economic necessity,
describe the samo in full.
I f tho issuo is made for privato financial requirements and no public
interests aro involved, a very clear exposition of necessity will bo desired.
In all cases full reason should bo given why tho proposed issues cannot
bo postponed until after the war or why tho necessity is greater than the
paramount need of tho national Government in conserving tho financial
resources, materials and labor of tho country for tho war.
It will bo necessary to identify accurately tho issues before a final opinion
is expressed. For that purposo tho following information, when appro
priate, should be furnished:
With regard to proposed issues o f bonds, notes, certificates of indebted
ness and other securities (Stato, county, municipal or corpoate):
First.— Name, amount, date and dates o f maturity and serial number
o f the proposed bonds, notes or other aecurities.
Second.— Amount o f total authorized issuo of which jn'oposed issue is
part.
Third.— Attested copies of votes, ordinances or resolutions authorizing
proposed issue.
Fourth.— Attested copy of mortgage, deed o f trust or similar instru
ment under which proposed issue is made or by which it is to bo secured.
Fifth.— Last balance sheet If a corporation and copy o f charter and by
laws if in print.
AVith regard to proposed issues o f shares o f stock:
First.— Total capitalization o f company.
Second.— Last balance sheet and copy of charter and bylaws if in print.
Third.— Total authorized issue of stock of which proposed issuo is part.
Fourth.— Amount o f proposed issuo, method and dates of issue, whether
by offer to shareholders, sale or public subscription.
Fifth.— Attested copies o f votes authorizing proposed issued.

The Committee announced on tho 23rcl that it was work
ing with the Federal Bureau of Public Roads in determining
what contemplated road construction this year would bo
necessary for urgent military or economic reasons. M ost
roads, to which tho bureau heretofore has planned to con
tribute will be built even under tho capital issues restric
tions, it is said, sinco they havo been carefully selected on
the basis of their economic importance. Tho support of
State highway commissioners was enlisted at a recent con
ference with the Capital Issues Committeo and they will re
port soon to tho Public Roads Bureau an outlino of their re
spective curtailed road building program for tho year.
In normal times highway construction and maintenance
in tho United States call for an outlay of about 8300,000,000
a year. Officials.aro inclined to the view that this sum will
not be greatly curtailed this year, but that it will bo spent
on roads vitally necessary for transportation of war ma
terials. Projects for building of roads which cannot bo

T H E C H R O N IC LE

M ar . 2 1918.]

completed for more than a year probably will be given un
favorable consideration, since the Capital Issues Committee
is basing its verdicts on the usefulness of projects completed
this year.
In a statement recently issued, containing the first offi
cial summary of tho Committee’s work since its organiza
tion, Paul M . Warburg, Chairman of the Federal Capital
Issues Committee, cited the resolution adopted by the
governing committee of the New York Stock Exchange,
the League of Kansas Municipalities and tho Richmond
(V a.) Real Estate Exchange as examples of support which
he described as “ most encouraging.” Tho action of the
New York Stock Exchange in requiring the approval of
the Capital Issues Committee as a condition for the listing
of new capital issues, M r. Warburg said, indicated that
tho Government could rely to a great extent on the sup
port of financial interests without compulsory legislation.
The Kansas League of Municipalities urged that cities
during the war undertake paving and other public improve
ments only if they are immediately necessary. The Rich
mond exchange suggested that the President and Secretary
M cAdoo appeal to Governors to have State and local offi
cials curtail improvements wherover possible to conserve
capital for tho war. Tho Committee’s policy on applica
tions involving the renewal of maturing obligations, M r.
Warburg explained, has been favorable, and a similar at
titude has been displayed in dealing with the funding of
banking debt incurred before Feb. 1.
Tho Federal Reserve Bank of Atlanta in a statement,
issued under date of Feb. 24 with reference to tho decision
of tho Capital Issues Committee to reduce from $250,000
to $100,000, tho limit on municipal issues, upon which it
will give advico with respect to tho question of whether or
not tho issuo at this time is compatible with public interest,
quoted M . B . Wellborn, its Chairman as saying:
This docs not mean ttiat sub-committees in the various Federal Re
serve Districts will not discourage the issue o f oven less amounts of stocks
and bonds, where tho issue can, without detriment to tho weifaro o f tho
community bo postponed until after tho war.
The Capital Issues Sub-Committee, with headquarters in tho Federal
Reserve Bank o f Atlanta, earnestly solicit the co-operation o f every cor
poration and municipality in its efforts to dlscourago all unnecessary ex
penditures during tho period o f tho war.

A M E R IC A N

B A N K E R S ASSO C IA T IO N APPROVES

W O R K OF C A P I T A L IS S U E S C O M M I T T E E .

Tho Administrative Committeo of tho American Bankers’
Association has given unanimous approval to tho work of
tho Capital Issues Committee of tho Federal Reserve Board,
in tho following resolution:
Whereas, Tho Secretary o f tho Treasury requested tho Federal Reserve
Hoard to take up the question o f a limitation o f tho issuo o f new securities
throughout tho United States along tho lines o f tho conservation of capital
for the prosecution o f the war—that Is to say, to limit so far as possible tho
issuo o f now securities for non-essential purposes, in order that essential
financing including tho Government financing itself can bo made possible;
and
Whereas, Pursuant thereto, the Federal Reservo Board has named M r.
Warburg, M r. Delano and M r. Ilamlin on a committee to bo known as tho
Capital Issues Committee,
Now, therefore, bo it resolved, That wo, tho Administrative Committeo
o f tho American B an kers'Association, are in full accord with this move
ment and give it our hearty and unqualified support, and further, that
wo recommend to tho members o f tho American Bankers’ Association that
tlioy also extend thoir hearty support in carrying out tho purposes for which
the Capital Issues Committee was appointed.

STOCK

EXCHANGE

R ESO L U TION

TO

STOP

SPREAD

OF F A L S E RUM ORS.

A resolution designed to stop tho circulation of rumors
affecting Stock Exchango prices was adopted by tho Govern
ing Committeo of the Now York Stock Exchango on Fob. 27.
The resolution is described as an indirect war moasuro
instituted for tho purpose of locating enomy agonts or sym
pathizers who might be attempting to depress securities or
spreading rumors of American revorses tending to affect
financial interests. W o givo tho resolution bolow:
NEW Y O R K STOCK EXCH ANGE.
New York, February 27 1918.
To the Members of the Exchange:
Tho following resolutions were this day adopted by tho Governing C om 
mitteo:
“ That tho circulation in any manner o f rumors o f a sensational character
by members of tho Exchango, or their firms, will bo doomed an act detri
mental to tho interest and weifaro o f tho Exchango."
“ That all mombers of tho Exchango shall report to tho Secretary of the
Exchango any information which comes to their notice as to tho circulation
of such rumors and all houses having correspondents with whom they havo
prlvato wire connections shall obtain and report to tho Secretary of the
Exchango any information as to such rumors that comes to tho attention
of their correspondents.”
GEORGE W . ELY, Secretary.




871

N E W $500,000,000 I S S U E O F T R E A S U R Y C E R T I F I 
C A T E S OF IN D E B T E D N E S S I N F U R T H E R A N C E
OF T H IR D L IB E R T Y L O A N .

The second bi-weekly offering of $5 00,000,000 of Treas
ury certificates of indebtedness to be issued in anticipation
of the Third Liberty Loan was announced by Secretary of
the Treasury M cAdoo on Feb. 21. The initial offering was
announced Feb. 6, the certificates in that case being dated
Feb. 8 and maturing M a y 9. The new issue will date from
Feb. 27 and will mature M a y 28. The Feb. 8 certificates
wero issued at 4 % ; the new offering in accordance with
Secretary M cA doo’s announcement referred to in the
“ Chronicle” of last Saturday will bear interest at 4 M % .
The certificates will be issued in denominations of $500,
$1,000, $5,000, $10,000 and $100,000, and will have the
same tax exemption features as previous issues. Payment
is to be made at par and accrued interest between Feb. 27
and March 5, inclusive. The present certificates are the
third issue which will be received in payment of the Third
Liberty Loan subscriptions. The first of these, for $400,
000,000, was dated Jan. 22 and was made payable April 22.
Tho $500,000 certificates dated Feb. 8 were the first to be
put out under Secretary M cA d oo’s plan of offering at least
half a billion every other week up to the time of the offering
of the Third Liberty Loan. Approximately $2,000,000,000
additional certificates will be issued at 4 3 ^ % before the next
Liberty Loan campaign. The Secretary’s announcement
concerning the present $500,000,000 offering says:
The Secretary of the Treasury, under the authority o f the Act approved
Sept. 24 1917, offers for subscription at par and accrued interest, through
tho Federal Reserve banks, §500,000,000 Treasury certificates o f indebted
ness payable M ay 28 1918, with interest at the rate of 4 H % per annum
from Feb. 27 1918. Applications will bo received at the Federal Reserve
banks. Subscription books will close at the close of business March 5.
Certificates will be in the denominations o f $500, SI ,000, $5,000, $10,000
and $100,000.
Tax-Exemption Features.
Said certificates shall be exempt both as to principal and interest from
all taxation now or hereafter imposed by the United States, any State,
or any of the possessions o f the United States, or by any local taxing au
thority, except:
(a) Estate or inheritance taxes, and
(b) Graduated additional income taxes, commonly known as surtaxes,
and excess profits and war profits taxes, now or hereafter imposed by the
United States, upon the income o f profits o f individuals, partnerships,
associations or corporations.
Tho interest on an amount of bonds and certificates authorized in said
Act tho principal of which does not exceed in the aggregate S5.000 owned
by any individual, partnership, association or corporation, shall be exempt
from the taxes provided for in clause (b) above.
Redemption Features.
Upon ten days’ public notice, given in such manner as may be determined
by the Secretary of the Treasury, this series of $500,000,000 o f certificates
may bo redeemed as a whole at par and accrued interest on or after any
date, occurring before the maturity of such certificates, set for the pay
ment of the first installment o f the subscription price o f any bonds offered
for subscription by tho United States hereafter and before the maturity
o f such certificates.
The certificates o f this series whether or not called for redemption will be
accepted at par with adjustment o f accrued interest if tendered on such
installment date in payment on the subscription price then payable o f any
such bonds subscribed for by and allotted to holders o f such certificates.
Tho certificates of this series will not be accepted in payment o f taxes.
The right is reserved to reject any subscription and to allot less than the
amount of certificates applied for and to close the subscriptions at any
time without notice. As fiscal agents of the United States Federal Reserve
banks are authorized and requested to receive subscriptions and to make
allotment in full in order of receipt o f applications up to an aggregate in
each district as follows:
.$50,000,000
B o s to n ............................. $33,000,000 Chicago_____
. 25,000,000
Now Y ork______________194,000,000 St. Louis____
. 17,000,000
Philadelphia..................... 40,000,000 Minneapolis ..
. 23,000,000
Cleveland_____________ 40,000,000 Kansas City..
. 18,000,000
Richmond_____________ 15,000,000 Dallas______
San
Francisco.
. 30,000,000
15,000,000
Atlanta______________
Payment at par and accrued Interest for certificates allotted must be
made on and after Feb. 27 and on or before March 1. After allotment and
upon payment Federal Reserve banks will issuo interim receipts pending
delivery o f tho definitive certificates. Qualified depositaries will be per
mitted to make payment by credit for certificates allotted to them for them
selves and thoir customers up to an amount for which each shall have been
qualified in excess o f existing deposits when so notified by Federal Reserve
banks.
Feb. 8 Issue Subscriptions.
The subscriptions by districts for the issue dated Feb. 8 were as follows:
Boston .............................$29,134,000
Now Y o rk ........................241,322.000
Philadelphia..................... 30.000.000
Cleveland_____________ 34,000,000
Richmond_____________ 12,131,000
Atlanta............................ 12,391,000
Chicago________________ 42,352,000

St. Louis...........................S20.064.000
Minneapolis___________ 15,000,000
Kansas City____________ 21,411,000
D a lla s ............................. 14.076,000
San Francisco__________ 25,000,000
Treasury Department__ 3,119,000

Tlie following was the allotment to the Federal Reserve
districts of the Feb. 8 issue of certificates:
B o s t o n .............................$33,000,000| Chicago ............................ $50,000,000
Now York.........................194,000,0001 St. Louis......... .................. 25,000,000
Philadelphia..................... 40,000,0001Minneapolis___________ 17,000,000
Cleveland......................... 40,000,0001 Kansas C ity..................... 23,000,000
Richmond......................... 15,000,0001Dallas............................... 18,000,000
Atlanta________________ 15,000,0001San Francisco__________ 30,000,000

873
N.

T H E C H R O N IC LE

Y . F E D E R A L RESERVE B A N K ’ S C IR C U L A R R E L A 
T I V E TO N E W $500,000,000 O F F E R I N G O F C E R 
T IF IC A T E S OF IN D E B T E D N E S S .

The circular issued by Benjamin Strong, Governor of the
Federal Reserve Bank of New York, announcing Secretary
M cA d oo ’s offering of $500,000,000 of Treasury Certificates
of Indebtedness dated Feb. 27 states that interest will be
computed for the exact number of days elapsed, on the basis
of 365 days to the year. Governor Strong also announces
that if desired by subscribing banks, the New York Reserve
Bank will receive and hold in custody for their account,
subject to their order, their certificates of indebtedness of
this and future issues. W e give the circular herewith:
FEDERAL RESERVE BAN K OF N EW Y O R K .
Offering of §500.000,000
,
United States Treasury 4H % Certificates of Indebtedness, dated Fob. 27
1918, due M ay 28 1918.
Dear Sirs.— The Secretary of the Treasury, under authority of Act
approved Sept. 24 1917, offers for subscription through the Federal Reserve
banks at par and accrued interest from Feb. 27 1918 an offering of $500,
000,000 United States Treasury certificates of indebtedness dated Fob. 27
1918, payablo May 28 1918, with interest at tho rate of 4 Vi % per annum.
Upon ten days public notice given in such manner as may bo determined
by the Secretary o f tho Treasury tho series o f $500,000,000 certificates
now offered may bo redeemed as a whole at par and accrued intorest, on
and after any date occurring beforo maturity o f such certificates set for
tho payment o f tho first installment of tho subscription price o f any bonds
offered for subscription by tho United States hereafter and beforo tho
maturity o f such certificates, but the certificates o f this series, whether or
not called for redemption, will bo accepted at par with adjustment of
accrued interest if tendered on such Installment dato in paymont on the
subscription price then payable o f any such bonds subscribed for by and
allotted to holders o f such certificates.
The certificates will be issued in denominations o f $500, $1,000, $5,000,
$10,000 and $100,000 payablo to bearer.
They will be payable with accrued interest at maturity at the Treasury
Department, Washington, D. C., or optional with holders, at tho Federal
Reservo banks.
Interest will be computed for tho exact number o f days elapsed, on the
basis o f 365 days to tho year.
Subscriptions will be received by tho Federal Rcsorvo Bank o f New York
up to close of business on Tuesday, Mar. 5 1918, and certificates may bo
allotted in full in the order o f receipt o f applications, but tho right is re
served to reject any subscriptions and to allot less than tho amount applied
for and to close tho subscriptions at any timo without notice.
Payments for certificates allotted must bo mado to the Federal Reserve
Bank of New York at par and accrued interest on and after Fob. 27 1918,
tho date of issue, until Mar. 5 1918, inclusive, and must reach tho bank
beforo 3 o'clock p. m. on Mar. 5 1918.
They shall bo oxempt both as to principal and interest from all taxation
now or hereafter imposed by the United States, any State, or any of the
Possessions of tho United States, or by any local taxing authority, except:
(a) Estate or inheritance taxes, and
(b) Graduated additional incomo taxes commonly known as sur-taxes,
and excess profits and war profits taxes now or heroafter imposed by the
United States upon tho incomo or profits of individuals, partnerships,
associations or corporations.
Ilowever, the interest on an amount of bonds and certificates authorized
in said Act, tho principal of which does not exceed in the aggregate $5,000,
owned by any individual .partnership, association or corporation, shall be
oxempt from the taxes provided for in clause “ b” above.
Tho certificates o f this series will not be accepted in paymont of taxes.
Interim receipts will bo issued if necessary pending delivery of definitive
certificates.
In connection with tho foregoing offering of certificates of indebtedness
of tho United States, the Secretary o f tho Treasury announces that qualified
depositaries will be permitted to mako payment by credit for certificates
allotted to them for themselves and their customers up to tho amount for
which each shall have qualified in oxccss o f existing deposits when so
notified by Federal Reservo bank .
Ploase noto that paymont may be made at par and accrued interest to
dato o f payment either by book credit or by check on this bank or other
funds available in New York on the day of receipt. If, however, payment
Is made in funds not available on the day of receipt, remittance should
include interest to tho dato when such funds will becomo available.
The Federal Reserve Bank of New York, if desired by subscribing banks,
will receive and hold in custody for their account, subject to their order,
their certificates of indebtedness o f this and futuro Issues.
Wo print on opposite page copy of announcement authorized by the
Secrotary of tho Treasury under date of Feb. 20 1918, in regard to this and
futuro issues of Certificates of Indebtedness.
Respectfully,
_
BENJ. STRONG, Governor.
February 21 1918.
T R E A S U R Y C E R T IF IC A T E S OF IN D E B T E D N E S S
S U E D I N A N T I C I P A T I O N OF T A X E S .

IS

The following circular with reference to the now issue of
Treasury Certificates of. Indebtedness, dated Feb. 15 and
maturing June 25, which will be received in payment of
income'excess profits and other war taxes, and which were
referrod to in the “ Chronicle” of Feb. 16, page 650, has
been issued by tho Federal Resorvo Bank of Minneapolis:
FEDERAL RESERVE BAN K OF M INNEAPOLIS.
4% United States Government Certificates of Indebtedness, dated Feb.
15 1918, Due June 25 1918.
To All Banks and Trust Companies in Federal Reserve District Number Nine:
As Fiscal Agont for the Government, tho Federal Resorvo Bank of
Minneapolis invites subscriptions at par and accruod interest to an issue
of 4% United States Government Treasury Certificates of Indebtedness,
to bo dated Feb. 15 1918, and to mature Juno 25 1918, in denominations of
$500, $1,000, $5,000, $10,000 and $100,000, payablo at tho Troasury
Department, Washington, D. O., or at tho option of tho holder, at any
Fedoral Resorvo bank. No subscription will bo recoivcd for a less amount
than $500.




[Vol. 106

Until further notico subscriptions will be accepted upon payment of par
and accrued interest. Tho right is reserved to reject any subscription
and to allot less than tho amount of subscriptions applied for, and to close
the subscriptions at any timo without notice. This bank will issuo its
intorim receipts.
Depositaries qualified in accordance with tho procedure laid down in
Troasury Department Circular No. 92 will bo permitted to mako paymont
by credit for certificates' allotted to them, for thomsolves and their cus
tomers, up to an amount for which eacli shall have qualified, in oxcoss of
oxisting doposlts, when so notified by this bank. If qualification is not
completed, payment must bo mado in tho ordinary way, in which case
unexpended proceeds will be redeposited as promptly as qualification is
completed. Such deposits will bo left as long as tho requirements of the
Government permit.
These certificates are issued under tho Act of Congress, approved Sept.
24 1917, and will be exompt both as to principal and interest from all taxa
tion now or hereafter imposed by tho United States, any Stato or any of
tho possessions of the United States, or by any local taxing authority,
except (a) estate or inheritance taxes, (6) graduated additional income
taxes commonly known as surtaxes and excess profits and war profits
taxes, now or hereafter imposed by the United States upon tho incomo or
profit of Individuals, partnerships, associations or corporations. Intorest
on an amount of bonds and certificates authorized in said Act, tho prin
cipal of which does not exceed in tho aggregate $5,000 owned by any in
dividual, partnership, association or corporation, shall bo exompt from
tho taxes provided for in clauso (6) abovo.
As authorized by Section 1010 of tho War Rovonuo Act, approved Oct.
3 1917, collectors of Internal Revenuo will rocelvo tho certificates of this
issuo at par and accrued interest, under rules and regulations to be pro
scribed or approved by the Secretary of tho Treasury, in paymont of in
como and oxcoss profts taxes when payablo at or beforo maturity of the
ceitificates.
These certificates will not bo accepted in paymont of or on account of
bond subscriptions and Secrotary M cA doo’s telegram of Fob. 6 requesting
that bailies tako a certain percentage of their resources in Certificates of
Indebtedness in anticipation of futuro bond issues doos not apply to this
issue.
The certificates are designed to avoid concentration of tax payments
on one dato, thus relieving the burden which would othcrwlso bo thrown
upon tho banks by tho heavy payments which will be necessary.
By tho purchase from timo to timo of theso certificates, when in funds,
individuals, firms and corporations subject to incomo and excess profits
taxes, may procure, in anticipation, a 4% investment, which will bo ac
cepted in paymont of taxes when duo.
Payment may bo made in Twin City, Chicago or Now York oxchango.
Orders may bo telegraphed collect if marked “ O. B. Government Rate,
Charge Treasury Department.”
Yours very truly,
THEODORE WOLD, Governor.
Circular No. 63.
Dated Feb. 15 1918.
P.
S.— As all subscriptions will be granted in full, ploase forward your
draft at once, adding accrued intorest from Fob. 15 until remittance is in
our hands.
F U R T H E R A P P E A L TO B A N K S TO A C C E P T A P P O I N T 
MENT
A G E N T I N W A R SA V IN G S C A M P A IG N .

AS

Joromo Thralls, Assistant to tho President of tho American
Bankers’ Association, working in co-operation with the
National W ar Savings Committeo, announces that tho
war savings campaign, though in its infancy, has gained
groat impotus. Millions of now savors and new savings, ho
says, havo already boon created, but tho movomont should
be intensified; 13,487 banks, ho notes, havo accopted appoint
ment as agents; in furthoranco of tho desire that the support
of the banks shall bo unanimous, tho following letter has
been sent by M r . Hinsch, President of tho Amorican Bankers’
Association to those which havo not accoptod:
Feb. 13 1918.
“ WE MUST GO ON OR GO U N D E R ,”
Says Lloyd Gcorgo.
This applies to America as well as Groat Britain.
To the Banker Addressed:—
You did not call for war, but you havo got to fight. Poaco-timo mothods
cannot continuo. Every American banking institution must become a
fighting unit. Banking resources must bo developed to tho maximum.
Credit must be extended in a constantly Increasing volume. Tho bankers
must direct it into tho channels that produco tho things that aro essential
to tho health and efficiency of our pcoplo and to tho proper conduct of the
war.
We aro confident that you desire to do your utmost to protect your present
business, to build for tho futuro, and to aid your Government. This you
aro not doing unless you aro selling War Savings and Thrift stamps, and
otherwise actively assisting in tho powerful campaign to croato billions of
now savings and millions of now savers.
Wo earnestly urgo that you executo tho enclosed form and send It to
tho Secretary of tho Treasury. If you aro already selling stamps, this will
not increaso your work or responsibility and you will not need to change
your present procedure in buying or selling. It will (a) bring to you a
certificate of authority which you will bo proud to display, which will
impress those who view it, and which will bo a real ovidcnco of your patriotic
service; (b) enable you to appoint as sub-agents, individuals, firms and
corporations for whom you aro willing to stand sponsor so that you may
receive credit for their sales; (c) bring to you valuablo material to aid you
in tho campaign; (d) enablo us to enter your name among tho institutions
that aro doing effective service.
If you aro not selling War Savings and Thrift stamps, will you not imme
diately procure a small supply from your Federal Roservo bank or from your
local post-office, and placo them on salo? This will help to protect your
Institution and tho entire credit structure. Every dollar that is put into
War Savings and Thrift stamps automatically reduces tho amount of funds
that will need to be raised through tho flotation of Liborty bonds.
When you send tho enclosed form to tho Secretary of tho Treasury you
release the force of a powerful campaign to protect your bank and your
community. Send it to-day. Your interests, the interests of your patrons,
and tho need of tho nation demand it.
Sincerely yours,
C. A. IIIN SC n.

M ar . 2 1918.]

T H E C H R O N IC LE

GOVERNOR S E A Y O F R I C H M O N D F E D E R A L R E S E R V E
B A N K C A L L S A T T E N T I O N OF B A N K S OF
D I S T R I C T TO I T S A L L O T M E N T

.

In calling attention of tho banks in the Richmond Federal
Reserve District to Secretary of the Treasury M cA d oo ’s o f
fering of $5 00,000,000 of Treasury certificates of indebted
ness dated Feb. 27, George J. Seay, Governor of tho Federal
Reserve Bank of Richmond, says:

873

independent initiative, have indicated a willingness to pay a higher rate—
al though not a uniform one than the customary 2 % , and, very naturally,
this action on their part suggests query as to whether in the interest o f good
banking such action is wholly warranted. To reach a conclusion one must
be mindful o f some very important elements that enter into consideration.
Among these are the constantlyy rising cost o f operation and the prospec
tive increase in taxation.
W e are disposed to the opinion that as time goes on the banks o f the coun
try will be increasingly called upon, and very properly, too, to assist the
Government in its financing and to carry more and more o f Government
securities at rates which from present Indications cannot be expected to be
anywhere near a level with the prevailing market rates for commercial
paper. Indeed, it would seem safe to assume that the rate which banks
will receive on Government obligations may bo expected to be in the neigh
borhood o f a par with the rates for commercial paper during comparatively
easy money conditions.
1 hen there Is the thought of the unsettlement that might result by reason
o f tho higher rate policy being generally adopted. I f it becomes the gen
eral policy o f all o f the banks in New York, it is but fair to assume that the
banks in the other financial centres o f the country will be governed ac
cordingly and raise their rates abovo their heretofore esutomary c ate in
order to be on a relative basis.
All these things being considered. It is a serious question whether the
banks in the large financial centres are warranted in raising the rate of in
terest as is being done in the few individual cases. It is a question to which
all of us must give careful consideration to the end that not only our cor
respondents may have fair and equitable treatment, but that the princi
ples o f good banking may not be fgnored or even become secondary to the
showing of large deposits. We would value an expression o f your opinion
on this important question, as it will have a very considerable influence
in tho determination of our future policy.

The allotment of this issue to the Fifth Federal Reserve District is $15,000,000.
Tho subscription in tho district to tho preceding issuo was only $12,131,
000 and tho number of subscribers was but 452.
There aro in tho district 1,991 banking institutions and 74 investment
houses, so that less than 25% o f tho banks subscribed to tho first of tho
bi-weekly issues.
Tho total banking resources o f tho district aro considerably in excess of
$1,500,000,000.
To lay aside weekly 1 % o f resources for a period of 10 weeks, as requested
by tho Secretary, would call for a total o f $150,000,000, or $30,000,000
every two weeks.
It is thereforo to bo noted that tho proportion of this issue allotted to this
district is but half of that sum.
It is earnestly hoped that, tho banks and their customers will oversub
scribe this allotment, and again wo call attention to tho fact that a sub
scription to these certificates is a potential subscription to tho next Liberty
Loan, and tho date o f flotation of tho loan must depend upon tho response
of tho banks and tho public to tho issues o f certificates.
Tho attention of bankers is directed to tho accompanying statoment of
tho Sccrotary rotating to the previous issuo.
To insure tho expected subscription it will clearly bo necessary that
The New York “ Times” of Feb. 28 referring to the Re
banks which have arranged to set asido for this purpose 1% o f their re
servo Board’s stand, and its general approval by bankers,
sources weekly shall take tho full two weeks’ proportion in tills issue.

also said:
F E D E R A L RESERVE BO ARD D ISA PP R O V E S P A Y M E N T
OF H IG H E R R A T E O N D E PO SITS.

The advance in the rate from 2 to 2J4 % is explained on two grounds:
1’ *rsfc. ^ Is pointed out that under the old system banks in this and other
central Reserve cities were required to maintain reserves of 25% , while
In a statoment deprecating the payment by banks of now the law calls for only 13%, and in view o f this reduction the ‘ ‘loan
able funds” o f a $1,000,000 deposit now aggregate $870,000, compared
increased interest on deposits, tho Federal Reservo Board
through Governor W . P . G . Harding statos that “ reckless with $750,000 under the old law. That being the case, the New York bank
can use for tho purposes o f investment $120,000 more than it could for
competition for deposits, supported by high interest rates
merly, and consequently, as a matter of justice, the out-of-town bank
will tend to force tho Government to pay higher rates' should be entitled to extra compensation, which In reality amounts to
about one-quarter o f 1% .
thoreby imposing additional burdons on tho people, and
Secondly, it is pointed out that, while under the old banking system
any forced and artificial expansion of banking credits will New York institutions were obliged to loan out a largo part o f their loanable
funds
on call, such demand loans constituting a so-called secondary reserve,
promote, rather than check inflationary tendencies which
should be guarded against at tho present tim e.” It is stated at present the rediscounting facilities o f tho Federal Reserve system supply
tho necessary secondary reserve, and consequently there is no occasion for
that reports reaching the Federal Reserve Board show that banks carrying a heavy line o f call loans. This is emphasized for the rea
son
that in normal times call loans command lower rates than any other
though the movement is sporadic at present, tho tendency
form o f loans, and naturally this fact had to be taken into consideration
to fight for resources is growing weekly and large commer when the banks fixed the 2% rate. At present the minimum rate at which
cial concerns are depositing outside their immediately hanks make loans or investments Is considerably In excess of the old call
tributary reserve districts in order to get the higher rate of money rate. Before the establishment o f the Reserve banks call loans
were made at as low as \ and 2 % , while at present banks hardly make
interest. This, according to Reserve Board officials
commitments yielding less than 5J4 or 6% , excepting purchase of certifi
would, if carried out by many concerns, defeat tho aim of cates of Indebtedness.
Tho arguments advanced in favor o f an increased rate do not take into
tho Federal Reserve system. A number of banks are re
consideration the present extraordinary conditions, but aro merely based
ported to have raised their rates from 2 to 2]/2 and 3 % on on the changes that have taken place as a result o f the establishment of the
checking deposits in the belief that this would increase Federal Reserve system.

thoir deposits. This, it is feared, will result only in a cen
tralization of funds, upsetting the financial situation and for
cing tho Government to pay higher interest on Liberty bonds.
Governor Harding’s statement, issued on Feb. 26 says:
Tho Federal Reserve Board regrets exceedingly to learn o f the disposition
evidenced by banks In various sections o f tho country to increase rates of
Interest allowed on deposits. It is unfortunate that any bank or group of
banks should undertake, especially at the present time, to increase deposits
by offering unusual inducements in the way o f interest, and it follows that
any aggressive stops which may bo taken by any bank to Increase Its de
posits at tho expense o f other banks will doubtless bo met by protective
measures on the part o f banks whoso business Is subjected to attack.
The Board does not beliove that the inducement o f a higher rate o f in
terest on deposits will bring any more real money into tho banks, and it
feels that tho result o f a general increase in the interest rate on deposits
will bo either an added burden to borrowers in the shape o f higher Interest
and discount rates, or the bringing about o f conditions which would put
tho banking business upon an unprofitable basis, thereby weakening our
entire banking structure.
Tho loans and deposits o f banks have increased enormously during tho
last threo years, and It would seem to bo tho part o f wisdom for the banks
to undertake to place themselves in a position to continue to aid tho Gov
ernment in its financial operations by curtailing unnecessary credits and
by encouraging their depositors to buy Treasury certificates and Govern
ment bonds, oven though there bo somo shrinkage in their deposits as a
consequenco. Banks should remember that when deposits are reduced,
reserves aro released. Reckless competition for deposits, supported by
high interest rates, will tend to force tho Government to pay higher rates,
thereby imposing additional burdens on the people, and any forced and
artificial expansion o f banking credits will promoto rather than check
inflationary tendencies, which should be guarded against at the present
time.
Thcro docs not seem to be any demand on tho part o f depositors for In
creased rates o f interest on their balances, and the Board wishes it under
stood that it does not favor any movement to increase these rates, and that
it will do all in Its power to discourage It. It sincerely hopes that theso
banks which have unduly advanced their rates will consider well tho con
sequences involved, and that they will, as far as possible, do their part to
ward restoring rates to tho former level.

Indorsement of tho Reservo Board’s stand is given in a
letter written by Gates W . M cGarrah, President of the
Mechanics’ & M etals National Bank of this city, as fol
lows:
Perhaps no more important question bearing upon the relations existing
between country banks and their correspondents in the financial centres
o f the country has como up for thoughtful consideration than that o f In
terest on bank balances. Recently a few New York national banks, on




AMENDMENTS
TO R E S E R V E A C T P R O P O S E D
R E P R E S E N T A T IV E CARTER GLASS.

BY

A bill amending and re-enacting Sections 4 , 11, 16, 19,
22 and 25 of the Federal Reserve A ct, was introduced by
Carter Glass, Chairman of the House Committee on Bank
ing and Currency on Feb. 21. The bill is designed to se
cure better representation of smaller banks on Federal Re
serve Bank directorates; increase national bank privileges
to a wider scope of fiduciary business as executor and ad
ministrator and to clarify existing law in other ways. The
introduction of the bill results from conferences between
Chairman Glass and the Federal Reserve Board. It is
entirely independent of the series of bills presented to the
Senate last week by Senator Owen at the instance of Comp
troller of the Currency Williams. One of the chief purposes
of the Glass bill is to make the Federal Reserve system
attractive to small State banks and trust companies. It
would furthermore provide for the regrouping of banks
for tho selection of Class A and B directors of the Federal
Reserve banks so as to give fair representation to both
large and small member banks. W hile it is the intent of the
present law to have one Federal Reserve Bank director from
the largest bank, one from the medium-sized banks, and one
from the smaller banks within a Federal Reserve District,
it is stated that there have been instances where this pur
pose has been evaded.
Another change amplifies and more definitely specifies
the nature of the transactions which m ay be engaged in by
associations incorporated under Federal authority to do a
foroign banking business. The Glass bill would also per
mit national banks to act as trustees, executors, administra
tors, registrars of stocks and bonds, guardians of estates,
assignees, receivers and to act in other fiduciary capacities,
in conformity with Supreme Court decisions upholding the
law permitting national banks to act as executors and ad
ministrators, the legality of which was contested by the

T H E C H R O N IC LE

874

[Vol. 106.

State banks and trust companies. Another section would ing bank at the face value. The paper will then bo forwarded by the
Manager of tho branch to tho Federal Reserve Bank of Richmond for final
permit member banks located in the outlying district of action by the executive committee of tho Fodcral Reservo Bank of Rich
reserve and central cities or in territory added to such cities mond. Tho bank offering tho paper will bo advised by tho Richmond
by extension of their corporate limits to hold the reserve office of tho amount of discount deducted, and tho branch will receivo a
similar advice and will charge the amount to tho reserve account of tho
balances specified for country banks rather than the bal member bank.
Paper rejected by tho executive committee of tho Fedoral Reserve Bank
ances required for the reserve banks.
of Richmond will bo returned direct to tho offoring bank with reasons for
W ith regard to his amendment to Section 22 of the A ct, non-acceptance. Tho branch will receivo advice of such return and upon
Representative Glass stated that this was intended simply receipt of the advice will charge tho faco valuo of tho rejected paper to the
to clarify the language which stipulates that no officer, reserve account of the momber bank, and will mako an cquitablo charge to
director, employee, or attorney of any member bank shall cover the discount for tho intervening time.
be a beneficiary or receive, directly or indirectly, any fee,
commission, gift, or other consideration, for or in connec S E C O N D E D I T I O N O F T H E I N D E X - D I G E S T O F T H E
F E D E R A L RESERVE A C T A N D A M E N D M E N T S .
tion with any transaction or business of a bank.
The second edition of tho Index-Digest of the Federal
S A N F R A N C I S C O F E D E R A L R E S E R V E B A N K A P P O I N T S Reserve Act is ready for distribution and is being sent
to subscribers. Tho volume contains 656 pages, and fur
D I R E C T O R O F S A L E S O F U . S. C E R T I F I C A T E S
nishes a complote analysis of the Fedoral Rosorvo A ct, as
OF IN D E B T E D N E S S .
Announcement is made by the Fedoral Reserve Bank amended to date, including those provisions of other acts
of San Francisco of the acceptance of the appointment by which affect the Federal Resorvo System. Copies bound
E . W . Wilson, Vice-President of the Anglo and London in paper are sold for $1 each, and bound in buckram for
Paris National Bank of San Francisco, as Director of Sales $1 25 each. Subscriptions should be sent to tho Federal
of United States Treasury Certificates of Indebtedness Reserve Board direct.
which are to be issued as frequent intervals in advance and
in anticipation of the Third Liberty loan. M r . Wilson, in
accepting, said:
Yes, I will accept. It is necessary for us to lay asido privato business
long enough to assist the Government in financing tlio war by urging the
purchase o f the required quota of war certificates. The next call will bo
made shortly, when wo will be advised o f tho total amount this district is
asked to raise, the proportionate amount wo shall hope to receive from
each bank, and the time and terms of payment. Tho benefits to tho coun
try of the plan of buying Treasury certificates are apparont, and I am sure
wo will have the fullest co-operation of all the banks in tho district.
O PE N IN G

OF B A L T I M O R E B R A N C H O F F E D E R A L
RESER V E B A N K OF R I C H M O N D .

The Baltimore branch of the Federal Reserve Bank of
Richmond was opened yesterday (March 1). The territory
assigned to tho new branch embraces tho ontire State of
Maryland. The branch has been elected a momber of the
Baltimore Clearing House Association. M orton M . Prentis
is Manager of tho branch. Tho directors were given in
our issue of Saturday last, page 764. A n executive com
mittee to serve for three months, consists of M r . Prentis,
Henry B . Wilcox and Charles H . W y a tt. A n announce
ment issued by George J. Seay, Governor of tho Federal
Reserve Bank of Richmond, says:
Only member banks in Maryland will have dealings directly with tho
branch oxcept as hereinafter noted. The reserve accounts o f such member
banks will bo kept at tho branch, and their drafts drawn against their reserve
accounts should be drawn on the Baltimore Branch and addressed In the
following manner:
‘ ‘BALTIM ORE BRANCH
Federal Reserve Bank o f Richmond,
BALTIM ORE, M D ."
Such drafts will be payable at tho branch in tho City o f Baltimore. AI
drafts and checks on Baltimore, whether drawn upon tho Baltimore Branch
or Baltimore banking institutions, will bo received by the Federal Reserve
Bank o f Richmond at the Richmond office after tho opening o f the branch
on a one-day deferred basis. In liko manner, all checks on Richmond,
whether drawn on the Federal Reserve Bank o f Richmond or other Rich
mond banking institutions, will bo received by tho branch upon a one-day
deferred basis, in accordance with tho time schedulo in operation between
all reserve banks and member banks.
Member banks in Maryland will send direct to tho branch all of their
items heretofore sent to tho Federal Reservo Bank of Richmond, and
credit will bo given by tho branch in accordance with tho published tune
schedule. All such items drawn on banks in tho City of Richmond will
bo forwarded by tho Baltimore Branch to tho Federal Reserve Bank of
Richmond. All other items (in tho district) will bo forwarded by tho Bal
timore Branch to the banks upon which they are drawn. Banks in Mary
land will account directly to tho branch for items sent to them, and banks
in tho Fifth District outside o f Maryland will account for items sent to
them by the branch to the Federal Reserve Bank o f Richmond at its Richmonu uiiiuu.
.
Member banks in the district outside o f Maryland will send all of their
items as heretofore to tho Federal Reserve Bank at Richmond.
Checks drawn on banks located in the city o f Baltimore received by tho
Federal Reserve Bank o f Richmond at its Richmond offico will bo for
warded by tho Richmond office to the Baltimore Branch. Items received
by the Richmond office drawn on banks in Maryland, outsido of Balti
more, will be forwarded direct to such banks to bo accounted for by them
to the Baltimore Branch.
In this manner one transit day will bo saved. Tho banks in Maryland
will thus account direct to the branch for all items received by them,
whether from the branch o f from the Richmond offico, and all other
banks in tho district will account to the Richmond offico for all items
received, whether from tho Richmond office or from the branch.
DISCOUNTS.
Paper offered for rediscount or purchase by a member bank in Maryland
may be sent direct to tho Federal Reserve Bank o f Richmond, as heretofore,
and the proceeds thereof will be reported to tho Baltimore Branch for the
credit o f the sending bank, and advice immediately forwarded. But since
credit can be obtained more quickly by forwarding paper direct to the
branch, whenever immediate credit is desired tho paper may bo forwarded
direct to the branch, accompanied by discount application sheet, state
ments, &c., in accordance with existing regulations. When paper is thus
6ent direct to the branch, it will be passed upon by tho executive committee
o f the branch, and, if approved, immediate credit will bo given to tho send




S IX

“ LIG H TLESS

”

N IG H T
ORDER
RE SC IN D E D .

IN

NEW

YORK

Tho “ lightless night” ordor, effective on Jan. 2, wheroby
it was directed that every night, except Saturday, bo kopt
as dark as safety would permit, from sundown to sunrise,
in every city, town and hamlet of Now York States was
rescinded in an ordor issued by Stato Fuel Administrator
Albert H . Wiggin on Feb. 25, and effective March 1. M r .
Wiggin, howevor, calls attention to tho fact that the Fodoral
Fuel Administration’s ordor for two lightless nights a week,
Sunday and Thursday, is still in effect. M r . Wiggins’ new
ordor, also rescinds tho restrictions regarding tho use of light
and heat for office buildings. His announcement said:
Tho order issued by this offico under date of Jan. 1 in regard to lightlcss
nights is rescinded. This will take effect Mar. 1. This Is tho order pro
viding for six lightless nights. Attention is called to tho fact that there
is an order from Washington calling for two lightless nights a week, namely
Sunday and Thursday, which is still in effect.
The order issued by this office under date of Jan. 2, in regard to reduc
tions of light and heat for buildings is also rescinded, to take effect Mar. 1.
There is still a shortage of fuel in this Stato and a continuation of con
servation is urged. These orders aro Issued so that tho rules in tho various
States may be uniform.
.. .
I have no comment to make, except to thank tho public for the hearty
manner in which almost every one co-operated in carrying out tho orders.
Tho public spirit of all business men has been mast gratifying and is another
examplo of patriotism of tho city and State of New York.
P R I C E FO R 1918 W H E A T CRO P F I X E D B Y P R E S I D E N T
W I L S O N A T $2 20, S A M E A S I N 1917.

The agitation in Congress for a higher price for the 1918
wheat crop has been followed by tho fixing of tho prico for tho
coming season’s yield, by President Wilson, at 82 20 per
bushel— the same as that fixed for tho 1917 crop. The price
just announced by tho President is for N o. 1 Nor thorn Spring
wheat at Chicago, with a scale of differentials for other
markets. The differentials differ slightly from those now
operative and range from a minimum of 82 to a maximum of
82 28. In a statement, relativo to his action in deciding on
the price for the 1918 crop, President Wilson says that “ this
guaranteed price assures tho farmer a reasonable profit,
even if the war should end within tho year and tho large stores
of grain in those sections of tho world that are now cut off
from transportation should again como into competition
with his profits.” The President further says that “ to
increase the price of wheat above the present figure, or to
agitate any increase of price would havo tho effect of very
seriously hampering tho large operations of the nation and
of the Allies by causing tho wheat of last year’s crop to bo
withheld from tho market.” Under the Food Control
Act a minimum price of 82 for the 1918 crop is stipulated.
Recently bills have been introduced in Congress to increase
the price, Senator Gore’s bill raising it to 82 50 a bushel.
Senator M cCum ber’s 82 75 while Senator Thompson has
proposed a minimum price of 82 65. Measures increasing
the price have likewise been introduced in tho House.
Tho 1917 price was not announced until Aug. 30 of last year;
in fixing the price now for tho now crop, which will not be
harvested until June, the President is believed to havo been
actuated by a desire not only to anticipate the ponding
legislation, but to stimulate spring wheat planting. The
introduction of price raising bills had already, it is said,
begun to cheok the flow of wheat to market, and Food
Administration officials aro reported to have foared that

M ar . 2 1918.]

T H E C H R O N IC LE

875

Seattle, Wash., S2 05 per bush.
Chicago, 111., $2 20 per bush.
San Francisco, Cal., $2 10 per bush.
Omaha, Neb., $2 15 per bush.
Los Angeles, Cal., $2 10 per bush.
Kansas City, M o., $2 15 per bush.
Glaveston, Tex., S2 zO per bu.
St. Louis, M o., $2 18 per bush.
Minneapolis, M inn., 2 17 per bush. New Orleans, La., S2 20 per bush.
Salt Lake City, Utah, S2 per bush
Duluth, M inn., $2 17 per bush.
Great Falls, M ont., $2 per bush.
New York, N . Y ., $2 28 per bush.
Spokane, Wash., $2 per bush.
Philadelphia, Pa., 82 27 per bush.
Pocatello, Idaho, $2 per bush.
Baltimore, M d „ $2 27 per bush.
Newport News, V a., $2 27 per bush. Fort Worth, Tex., 82 09 per bush.
Oklahoma City, Okla. ,82 05 per bush
Charleston, S. C ., $2 27 per bush.
Wichita, ICan., $2 08 per bush.
Savannah, Ga., $2 27 per bush.
Under tlie Food Control Act o f Aug. 10 1917, it is my duty to announce
Portland, Ore., 82 05 per bush.
a guaranteed price for wheat o f the 1918 harvest. I am, therefore, issuing and that tho guaranteed price for the other grades established under the
a proclamation setting tho price o f tho principal interior primary markets.
United States Grain Standards Act approved Aug. 11 1918, based on said
It makes no essential alteration in the present guarantee. It is a continua price for N o. 1 Northern spring wheat at the respective principal primary
tion o f the present pricos o f wheat, with some adjustments arising from the markets of he Uniied States above mentioned, will assure the producers
designation o f additional terminal marketing points.
of wheat produced within the United States a reasonable profit; the guar
This guaranteed price assures the farmer of a reasonable profit evon if
anteed prices in the principal primary markets above mentioned being
the war should end within tho year and tho largo stores o f grain in those
fixed by adopting No. 1 Northern spring wheat or its equivalents at the
sections o f the world that are now cut off from transportation should again
principal interior markets, as the basis.
come into competition with his products. To increase the price o f wheat
For the purposes of such guaranty only, I hereby fix the guaranteed
above the present figure, or to agitato any increase o f price, would have the
prices at tho respective principal primary markets above mentioned for thf
effect o f very seriously hampering tho largo operations o f the nation and
following grades of wheat, to-wit: No. 1 Northern spring, No. 1 hard winter.
o f tho Allies by causing tho wheat o f last year’s crop to be withhold from
the market. It would morcoover, dislocate all the present wage lovels No. 1 red winter. N o. 1 Durum, No. 1 hard white. The guaranteed
principal
primary markets aforesaid o f all other grades of wheat established
that have been established after much anxious discussion and would, there
fore. create an industrial unrest which would bo harmful to overy industry under the United States Grain Standards Act approved Aug. 11 1916
shall be based on the above guaranteed prices and bear just relation thereto.
in tho country.
, ,
. . . .
,
,
The sums thus determined and fixed are guaranteed by tho Government
I k n o w t h o s p ir it o f o u r fa r m e r s a n d h a v e n o t t h o le a s t d o u b t a s t o t h o
o f the United States at the respective principal primary markets of tho
lo y a lt y w i t h w h ic h t h e y w i ll a c c o p t t h o p r e s e n t d e c is io n .
T h o fa ll w h e a t
United
States above mentioned, to every producer of wheat of any grade
p la n t in g , w h ic h f u r n is h e s t w o - t h ir d s o f o u r w h e a t p r o d u c t io n , t o o k p la c e
so established under the United States Grain Standards Act, upon the con
w i t h n o o t h e r a s s u r a n c e th a n t h is , a n d t h e f a r m e r s ’ c o n fid e n c e w a s d e m o n 
dition
that
said wheat is harvested in the United States during the year
s tr a t e d b y th o fa c t t h a t th e y p la n te d a n a c re a g e la r g e r th a n th o r e c o rd o f
1918 and offered for sale before tho first day of June 1919 to such agent or
a n y p r e c e d in g y e a r , la r g e r b y t w o m il l i o n a c r e s t h a n t h o s e c o n d la r g e s t
employee of the United States, or other person as may be hereafter desig
r e c o r d y e a r , a n d s o v o n m illio n a c re s m o r o th a n t h o a v e r a g e f o r th o f iv e y o a r s
nated, at any one of the above mentioned cities, which are, for the purposes
b e fo re th o o u tb re a k o f th o E u ro p e a n w a r .
.
.
of
this Act, hereby declared to be the principal primary markets of the
It seems not to bo generally understood why wheat is picked out for price
determination, and oniy wheat, among tho creals. Tho answer is that, United States, and provided that such producer complies with all regulations
while normal distribution o f all our farm products has oecn subject to great which may bo hereafter promulgated in regard to said guaranty by the
disturbances during tho last three yoars becauso o f war conditions, namely, President of tho United States.
In witness whereof, I have hereunto set my hand and caused the seal of
wheat and sugar, havo been so seriously affected as to require Governmental
intervention. The disturbance which affect thoso products (and others t h e U n i t e d S t a t e s t o b e a f f i x e d .
Dono in the District o f Columbia this twenty-first day o f February, in
in less degree) ariso from tho fact that all o f tho overseas shipping in tho
world is now under Government control, and that the Government is the year o f our Lord one thousand nine hundred and eighteen, and o f the
independence
o f the United States of America the one hundred and fortyobliged to assign tonnage to each commodity that enters into commercial
WOODROW W ILSON,
overseas traffic. It has, consequently, boon necessary to establish singlo second.
By tho President:
agoncics for the purchase o f tho food supplies which must go abroad. Tho
ROBERT LANSING, Secretary of State.
purchase of wheat in tho United States for foreign use is of so great volumo
in comparison with tho available domestic supply that tho price o f wheat
Indicating approval of President W ilson’s action, Joseph
has been materially disturbed, and it becamo nocossary, in order to protect
P . Griffin, former President of the Chicago Board of Trade,
both tho producer and tho consumer, to provent speculation. It was
necessary, therefore, for tho Government to cxerciso a moasuro o f direct was quoted on Feb. 24 as saying:
The pricos named by the President are approximately the same as thoso
supervision, and as far as possible to control purchases o f wheat and tho
process of its exportation. This supervision necessarily amounted to price paid last year, but they are tho same as an increase o f 20 cents per bushel
fixing and I, therefore, thought it fair and wise that there should be a price to the farmer.
Tho food bill was intended to fix the S2 price, free on board, at the ter
stated’ that should bo at once liberal and equitablo.
These peculiar circumstances governing the handling and consumption of minal points. The President's prices, as I understand them, will give the
whoat put tho farmer at the very centre of war service. Next to the soldier farmor 82 at his farm .”
himself, ho is serving the country and the world and serving it in a way
which is absolutely fundamental to his own future safety and prosper.ty.
M A X I M U M P R I C E FOR O A T S F I X E D A T 93 C E N T S
Ho sees this and can be relied upon as tho soldier can.
Tho farmer is also contributing men to tho army, and I am keenly alive
B Y CH IC AG O BOARD OF T R A D E — A C T IO N A T
to tho sacrifices involved. Out o f 13,800,000 men engaged in farm indus
W IN N IP E G — OTHER DEVELOPM ENTS.
tries, 205,000 havo been drafted, or about 1.48% of tho whole number.
In addition to these, there have boon volunteers, and the farmers have lost
A resolution fixing maximum prices on oats and provi
a considerable number o f laborers because tho wages paid in industrial sions was adopted by the Chicago Board of Trade on Feb. 21.
pursuits drew them away. In order to relievo the farming industry as far
as possible from furthor drains of labor, tho new draft regulations havo been Tho resolution establishes a maximum prico of 93 cents a
drawn with a view to taking from tho farms an even smaller proportion of bushel for oats for future delivery and rules that the closing
men, and it is my hope that tho local exemption boards will make tho new
price of tho 21st ult. for hog products shall be the maximum,
classifications with a view o f lightening tho load upon the farmers to tho
utmost extent. Tho Secretary o f War has asked for authority to furlough figures for those commodities. This action, which was
soldiers o f tho National Army if conditions permit it, so that they may return taken in an effort to stop speculation, rescinds the rule
to their farms when assistance is necessary in the planting and harvesting
adopted on Feb. 20, which was not deemed adequate to
of tho crops. National and local agencies are actively at work, besides,
in organizing community help for tho moro efficient distribution o f availablo meet tho situation, limiting the advance in the price of oats
labor and in drawing upon now sources o f labor. While there will bo dif for future delivery in any one day to two cents over the
ficulties, and very serious ones, tnoy will bo difficulties which are among tho
previous closing quotation. The maximum prices were im
stern necessities o f war.
Tho Federal Railway Administration is co-operating in tho most active, posed as a result of speculation which had carried prices to
intelligent and efficient way with tho Food Administration to remove tho the highest lovels ever known. The highest price quoted
difficulties o f transportation and o f tho active movement o f tho crops.
Their marketing is to bo facilitated and tho farmers given tho opportunity on oats before the present rise is stated to have been 90
to rcalizo promptly upon their stocks.
cents in 1867. Sales for March delivery were made on the
Tho Department o f Agriculture and tho Food Administration will con 21st at 93 cents. The resolutions adopted by the Chicago
tinue to co-operate as heretofore to assist tho farmers in overy way possible.
All questions of production, o f the marketing of farm products, o f conserva Board of Trade on Feb. 21 are as follows:
tion in tho course o f production, and of agricultural labor and farm prob
Whereas, By reason o f the state o f war which now exists, it becomes the
lems generally, will bo handled by the Department o f Agriculture; while patriotic duty o f all to second the efforts o f our Government to prevent
all questions of distribution o f food supplies to tho Allies and o f conservation undue price increase in food products. Now, therefore, bo it
in consumption will bo handled by tho Food Administration; but tho chiof
Resolved. That on and after Feb. 23, members o f this Association in
reliance is upon tho farmer himself, and I am sure that that rollanco will bo making contracts for the purchase or the sale by grade alone o f oats to be
Justified by tho results. The chiof thing to be kept clearly in miud is that delivered in store during the months of February, March, April and M ay
regulations o f this sort aro only a part o f the groat general plan o f mobiliza 1918, shall not, in entering Into such contract, exceed the price of 93 cents
tion into which overy element in tho nation enters in this war as in no other. per bushel, this being In conformity with Section No. 3 o f Rule 23.
Tho business o f war touches everybody.. It is a stern business, a co-opera
Resolved, That on and after Feb. 23 members o f this Association, in
tive business, a business o f service in tho largest and best and most stirring making contracts for tho purchase o f or for the sale of mess pork to be
delivered
in store during the months o f M ay and July 1918, shall not, in
sense o f that great word.
WOODROW WILSON.
entering into such contracts, exceed the price o f 50.55 per barrel. Further
Resolved, That in making contracts for the purchase or for the sale o f
The President’s proclamation issued under date of Feb. mess pork to bo delivered.in store during the months o f May and July 1918,
21, fixing tho prico for the coming season’s crop, said in shall not, in entering into such contracts, exceed the price o f 50.55. Further
Resolved, That in making contracts for the purchase or sale o f lard to
part:
Now, therefore, I, Woodrow Wilson, President o f tho United States, bo delivered in store during the months o f M ay and July 1918, shall not. In
by virtue o f the powers conferred upon mo by said Act o f Congress, and entering into such contracts, exceed tho price o f 26.97 ^ for M ay and
especially by section 14 thereof, do hereby find that an emergency exists 27.25 for July. Further
Resolved, That in making contracts for the purchase or sale o f short ribs
requiring stimulating o f tho production o f wheat, and that it ossontial
that tho producors o f whoat produced within tho United States shall have to bo delivered in store during the months o f May and July 1918, shall not,
tho benefits o f tho guarantee provided for in said section; and, in order to in entering into such contracts, exceed the price of 26.20 per 100 pounds
for the month o f M ay and 26.55 per 100 pounds for the month o f July.
mako offectivo tho guarantee by Congress for tho crop o f 1918 and to assure
Prices for mess pork, lard and short ribs beyond July
such producors a reasonable profit, I do hereby determine and fix, and give
public notice o f reasonable guaranteed prices for N o. 1 Northern spring shall not oxceed $50 55 per barrel for pork, $27 27 per 100
wheat and its equivalent at tho respective principal primary markets as
pounds for lard and $26 55 per 100 pounds for short ribs.
follows, to-wit:

mills would soon be compelled to close down. In the hope
that the pending legislation would pass, it is asserted, far
mers had been refusing to sell at $2 20. According to Food
Administration officials, if the bills were enacted, the
Government would be forced to raise present prices to new
levels, thus upsetting the Administration flour and food
program. Tho following is the President’s statement
accompanying his announcement as to the 1918 price:




876

THE CHRONICLE

A t a meeting of the Board of Directors of the
Grain Exchange on Feb. 22 it was decided to fix
mum price of M a y oats at 99 cents a bushel.
York “ Evening Sun” of Feb. 23, comme nting on
of the several grain exchanges said:

Winnipeg
the maxi
The New
the action

Over-holiday developments In grain trading circles wero o f a nature to
curb the runaway tendencies o f the markets. The action o f the Chicago
Board o f Trade directors on Thursday in placing a maximum price on
oats of 93c. per bushel, which was followed by tho authorities at Minneapo
lis and at Winnipeg in placing maximums o f 92c. and of 99c. respectively,
caused heavy liquidation to develop, particularly in oats, Chicago values
losing 2 to 3 He. per bushel in tho early trading. A subsequent rally of a
cent a bushel was due to covering o f shorts, with cash interests taking
part o f tho offerings, although tho expectation o f a continued liberal move
ment acted with the maximum price regulation in keeping down outside
participation in tho market.
Corn values eased K to He. a bushel in sympathy with tho moro violent
break in oats.

W e quote from a special Chicago dispatch to tho Now
York “ Evening Post” of Feb. 5 as follows:
To-daytho movement o f corn in the West assumed tho largest propor
tions o f tho season, primary arrivals aggregating 3,369,000 bushels, or
moro than double last year. Local arrivals were estimated at 750 cars,
and whilo prices wero 5® 10 cents lower, the demand was excellent at the
declino, with driers and elevator interests active buyers. Tho Corn
Products Company has been embargoed, and is out o f tho market tem
porarily.
Scattered liquidation was on in oats early and at tho inside figuro March
was 5H cents under tho recent top, while M ay was o ff 4% cents. Buying
on resting orders absorbed tho offerings on the decline and when the shorts
tried to cover a rally to around Saturday’s finish followed.

On Feb. 27 it was made known tha tho Chicago Board of
Trado directors had prohibited further trading in corn for
February delivery. Tho settlement price of $1 28 was fixed.
Directors also approved plans of the special committee for a
new style of trading in corn, whereby tho grades were re
adjusted.
It was announced on Feb. 28 that tho Chicago Board of
Trade directors had ruled that when bids for grain to arrive
are put out after the close of tho regular market, buyers
should notify others, at least five commission houses, of
tho fact. On the same date it was stated that President
A . S. White of the Board of Trade had received a message
from J. I I . M cM illan, head of tho council of Grain Ex
change, calling attention to the fact that members of tho
Terminal Elevator Association were devoting their entire
onergies to preparing corn for exportation to tho Allies, and
members of tho council of Grain Exchanges wero requested
to desist from shipping any corn to domestic points from the
Chicago market during tho next three weeks, unless specially
requested or permitted to do so by the Food Administration.

MARCH M I L K PRICES FIX ED BY FEDERAL M I L K
COMMISSION.
The price of milk for the month of M arch, according to
tho decision reached by tho Fodoral M ilk Commission in
executive session at tho Hotel M cAlpin on Feb. 24 is to
remain at the figures fixed for February, except that Grade B
milk, to stores in pint bottles is to bo 7 Yz cents as compared
with 7 cents for February. The price which tho producers
aro to receive for 3 % milk in the 150-mile zone is fixod at
83 10 per 100 lbs., as against 83 34 for February and 83 52
for January. Under the resolution adopted by the Commis
sion, however, the distributors and producers will bo recouped
for the losses sufferod in November and December, a total
of 24 conts altogether being allowed them, 12 cents to bo
received in March and 12 conts in April, making the price
which producers will receive in March 83 22 per 100 lbs.
Tho April price will bo fixed later. Tho following is the
resolution adopted:
Resolved, That the price o f milk which the producers shall receive for the
month o f March shall bo $3 10 per 100 lbs. for 3% milk In tho 160-mile
zone, subject to the rules and regulations o f the trade.
That a recoup o f 24 cents for both distributers and producers be divided
equally over two months.
That the producers receive 12 cents o f such recoup for March, making
a total price o f S3 22 to the producers for tho month o f March, and that
12 cents o f such recoup be added in April, the base prlco for which month
will bo fixed later.
That the distributer receive 12 cents for March and 12 cents for April.
That tho prices to tho consumer for tho month o f March shall remain as
they wero in February, excepting that Grade Bmllk sold to stores in pints
shall be 7H cents per pint. ,

W e givo below the prices as fixod for February which, as
indicated, will prevail for March, oxcopt as to tho one item
of Grade B bottled milk, which instead of being 7 cents to
stores, will be 1 A
X cents during March.
Price to be charged by distributors for Grade A milk, delivered to cus
tomers, 16H cents per quart.
Price to bo charged by distributers for Grade A bottled milk delivered
to consumers; pints, 9 cents.
Price to be charged to the stores for Grade B loose milk, 10H cents per
quart.
Price at which stores may sell Grade B loose milk to consumers, 11 cents
per quart.




[Vol. 106.

Price to bo charged to stores for Grade B bottled milk, 13H cents a quart.
Price to be charged to consumers by stores for Grade B bottled milk
14 cents a quart.
Prlco to be charged to stores for Grado B bottled milk, 7 cents per pint.
Price to be charged to consumers by stores for Grado B bottled milk, 8
cents per pint.
Price to be charged by distributers for Grado B milk, delivered to con
sumers, 14H cents per quart.
Price to be charged by distributers for Grado B milk, delivered to cus
tomers, pints, 8 cents.
Price o f milk, delivered in wholesale lots to hotels and rostaurants, for
ten gallon cans, 11 cents per quart.
Less than ten gallon lots delivered, 11H cents per quart.

The Chairman of tho Commission, D r. W . II. Jordan,
Director of the New York Agricultural Exporimontal Sta
tion, is said to havo stated on Feb. 23 that because of tho
lack of shipping facilities an enormous amount of choose
and condensed milk was being hold in storage; tho amount
of cheese stored, ho said, was 60,000,000 pounds, or two and
a half times as much as that hold in storage last year. Sinco,
ho said, it is impossible to ship moro than 12,000,000 pounds
abroad, tho cheese must bo consumod on this side. He urged
that its consumption be advised as a substitute for moat,
both on tho ground that it is moro nutritious than moat and
because of the conservation of meat that would bo thereby
effected.

NO GENERAL PRICE F IX IN G ON AGRICULTURAL
PRODUCTS— FOOD AD MIN ISTRATIO N
LIM ITED TO W H E A T A N D SUGAR.
A statement announcing that it was not tho purpose of
the Food Administration to attempt a gonoral price fixing
on agricultural products was issuod by Horbort Iloovor
on Fob. 25. Noting that tho two commodities under roguation aro sugar and wheat M r . Iloovor stated that with
the further exception of casos in which it has intervened
purely as a friendly intermediary botwoon organized pro
ducers and consumers, a s jn city milk, the executive depart
ment of the Government has no authority and no desiro to
fix prices of products of agriculture. M r. Hoovor’s state
ment which also enters into tho roasons for undertaking
control of the marketing of tho two commodities is as folfolws:
Thero appears to be a good deal o f misinformation circulated among the
agricultural community as to the policy and scope of the Food Administra
tion with relation to price-fixing. I wish to say at onco, and emphatically,
that the Food Administration is not a price-fixing body, except with re
gard to certain commodities which aro to-day dominated by wholly ab
normal overseas commercial rotations, and tho surrounding factors with
regard to which aro such as to project groat dangers both against tho farm
ing community and at tho samo time tho consuming community. The
two commodities under regulation aro wheat and sugar. With tho further
exception of cases in which it has intervened purely as a friendly Interme
diary between organized producers and consumers— as in city milk— tho
Executive Department of tho Government has no authority and no desire
to fix prices of products of agriculture.
It seems necessary and desirable to rcstato tho roasons already roferred to
by tho President which render it necessary and possible to undertake con
trol of tho marketing of tlieso two commodities. . Tho economic forces
arising out of tho war which havo necessitated this action aro in tho main
as follows.
1. All of tho overseas shipping in tho world has been placed In Govern
ment control and tho volume of this shipping is much reduced. As a consoquonce thero is no longer any free play in commercial overseas traffic, as the
Governments Involved must designate what tonnage is. to bo assigned to
each commodity and each class of traffic.
2. Inasmuch as normal commercial overseas traffic has broken down, it
was necessary for the allied Governments in Europo to set up single agen
cies for tho purchaso of tho wholo of their food supplies from abroad. Of
American wheat their purchases aro of sufficient volurno to control tho price,
and this is tho only agricultural commodity whero this maintains.
3. In tho face of a necessary duty to reduce our consumption of food— so
badly needed by tho Allies— it has been absolutely necessary to arrivo at a
division of thoso two commodities in tho common interest of tho war, and to
control tho reduced supplies internally, In order that all may bo treated
alike, rich and poor, and this implies a control of distribution and price.
As stated, practically tho only commodities as to which theso now
economic forces dangeriously involve tho United States aro wheat and sugar.
All control measures aro tho lesser of evils. In wheat wo wero faced with
a single agoncy whose proportionate purchases to tho wholo wero such as
to dominate tho prlco. Any relationship with this agency by our officials
in limiting tlioir operations thus becomes absolutely price-fixing, and it
becomes at onco a question as to whother it should bo dono oponly and
frankly with our producing community, or dono secretly, at tho will or
Government officials.
Furthermore, in tho ordinary courso of our wheat marketing tho wheat
goes to tho markets during tho first four months of tho harvest year, and
during this period, wero no control established with tho Allies and neutrals,
it would bo entirely posslblo for them to oxport from tho United States
such a portion of our wheat supplies as to loavo our population short of
broad. It has therefore been necessary, In tho interest of tho American
consumer, that tho Government should intervono to protect his supplies.
Again, in tho faco of this abnormal situation, tho normal wheat-markotlng machinery of tho country was completely paralyzed. To havo
attompted tho normal courso of marketing through tho Boards of Trades
and Exchanges, by which tho buyers of wheat protect thoir operations
by sales of futures, involved a dangerous sorics of speculations, nor did
tho Exchanges themselves wish to bo centres around which such specula
tions should take place. Every action of tho allied buyer, overy rumor of
peace, and thereby tho liberation of tho largo wheat supplies in Australia,
every monthly shlpmont of wheat abroad In tho depletion of national sup
plies, would havo boon tho centre of speculation and the cause of violent
fluctuations In tho Exchanges, of tho samo character that occurred during
tho last five months of tho 1910 harvest year, when, although tho farmor
had marketed his wheat at an average of $1 44 a bushel, tho prico, duo to
these very causes, at ono tlmo roso to over $3 a bushel, and flour to over
317 a barrel.

M ar . 2 1918.]

THE CHRONICLE

In theso circumstances an independent commission was appointed by
tho President, upon which the farming community was represented by six
members out of eleven, and this commission unanimously agreed upon
the price o f $2 20 for No. 1 Northern wheat, based on Chicago, as a mar
ket centre. And in coming to its conclusions this coinmitteo considered
tho necessity to give to tho farmer a prico not only covering his cost and
normal profit, but a prico that would stimulate and assure future produc
tion. That their judgment has proved correct is evidenced by tho fact
that 42,000,000 acres of winter wheat havo been seeded, being an incroaso
of about 2,000,000 acres over any acreage hitherto known in our history
and some 7,000,000 acres over tho pre-war average.
Having established tho basic prico o f this commodity, the Food Ad
ministration has followed it through tho manufacturing and distributing
trades with limitations as to tho profits to be earned in distribution, and
has thereby brought this primo commodity to tho door of tho consumer
at tho least possiblo expense, and at a margin between producer and con
sumer less than normal. The samo situation confronts tho American
farmer and tho American consumer in wheat for the next harvest year.
In tho matter o f sugar, the samo economic forces aro in action to displace
normal traffic, except that in this case tho American people aro purchasers
abroad of the large portion o f their supplies, and that, in addition to the
necessity o f Governmental action to securo a fair division o f the available
sugar to tho American people, it has been common business prudenco to
join with tho Allied Governments in a dofinito contract with tho Cuban
authorities as to prico, rather than leave it to tho fluctuation which would
ariso from short supplies and irregular shipping facilities.
AVhcro tho various arrangements made havo involved tho interests of tho
American sugar producer thoy havo been mado in consultation with him
and with his co-operation, in order that ho might bo protected in his in
dustry. In this case, as with wheat, tho distributing trades have been
placed under regulation as to tho profits in distribution o f a stabilized
commodity and tho consumer protected as to prico.
Tho only other situation whero tho Food Administration has interested
itself in prico of agricultural products has boon in instances such as milk to
tho cities, whero tiio producer was himself organized and was in sharp con
flict with tho consumer and where these conflicts promised to work hardship
on both producer and consumer. In such cases tho Food Administration
has acted mcroly as a friendly agont in securing a settlement between the
parties. In all such cases the producer must necessarily bo a contracting
party and therefore must bo satisfied with tho arrangements mado, and it
may bo stated parenthetically that no such negotiations havo been un
dertaken by tho Food Administration except at tho request o f tho pro
ducers.
A similar case lies in tho purchaso of pork products by tho Allied Govern
ments, which, while not sufficiently largo to control tho market, yet could
affect the prico. In this Instance representative bodies of tho producers
were called together, and upon their recommendation tho Food Admin
istration undertook, so far as the influences of theso purchases mado it
possiblo, to uso the purchases for tho purposo of maintaining a minimum
prico for livo hogs in Chicago in order to provent an unduo fall in tho prico
of hogs during tho larger packing season and thus tho discouragement of
tho producer.
Boyond the above tho Food Administration has no powers or intention
to in any way interest itself in prico. Asido from theso matters, tho Food
Administration has been actively interested in tho elimination o f profiteer
ing and speculation in tho distributing trades by regulating tho profits on
to a pre-war normal basis in order that no greater tax should bo placed
upon tho consumer by virtue of tho high prices than bear a proper relation
to producers’ receipts. A still larger duty has been tho maintenance of
tho oven courso of food distribution in theso times o f tho greatest disloca
tion in which tho Administration is called upon hourly to help in many
directions.
Tho law o f supply and demand is not seriously disturbed by tho condition
of overseas transport and overseas market in any other food commodities
than thoso mentioned. Tho law of supply and demand has boon, however, se
riously interfered with in tho other food commodities within tho United States
during tho last three montlis by virtue of tho cumulative shortage, irregu
larity and disturbance in railway transportation and consequent delay of
months in marketing tho harvest. It is considered, however, by tho Ad
ministration that tho solution to this situation should bo obtained by the
increased mobility of transportation and thus tho restoration o f tho free
flow of commodities.
HERBERT HOOVER.

FOOD ADMINISTRATOR HOOVER CHARGES TH AT
RAILROAD CONGESTION H AD BROUGHT ABOUT
CRITICAL FOOD SITUATION.
Tho assertion that the Eastern part of tho Unitod Statos
faced a food shortage, likely to continue for tho next sixty
days, was mado on Feb. 21 by Food Administrator H . C .
Hoovor, who placod the blame for tho situation on railroad
congestion, which he declared had thrown tho Food Adminis
tration behind in its program for feeding tho Allios. M r .
Hoovor statod that “ the economic ramifications of this whole
delay in tho movomont of tho national harvest are almost
countloss and they present tho most critical of situations,
of which no solution exists but a continued expansion of the
efforts of tho Railway Administration in the movemont of
foodstuffs in every direction to tho exclusion of much other
commerce of the country.” M r . Hoover’s assertions were
answerod on Feb. 22 by Director-General of Railroads
M cAdoo, who avorrod that “ so far as transportation is con
cerned, there is no danger of suffering from a serious food
shortage in the Eastern part of tho country.” Ho added, in
a letter to M r. Hoover, that if the lattor would give dofinito
information on the location of stocks of supplios intended
for tho Allies, tho railroads would movo them promptly to
tho seaboard. On the succeeding day, Feb. 23, the prompt
adjustment of railroad transportation to the country’s
needs, as Food Administrator Hoover might demonstrate
them, was promised by Diroctor-Gonoral M cA doo, who
reiterated his statement of the previous day that practically
all food offered for movement by farmers and food doalors
was being transported. A settlement of the problems which




877

had served to precipitate the controversy between tho two
Administration heads was undertaken on Feb. 24 and 25; on
the latter date plans for co-operation between the Food and
Railroad Adminsitrations were considered in conference
between Director-General M cAdoo and Food Administrator
Hoover. M r . Hoover on that date agreed to appoint a
committee of traffic and food specialists to meet the traffic
and transportation directors of the railroad administration
to develop specific plans by which the railroads might learn
immediately of food shipments held up, or lack of cars.
M r . M cAdoo appointed to represent the railroad adminis
tration in future conferences on food shipments Carl R .
Gray, director of transportation; Edward Chambers, direc
tor of traffic; C . E . Spens, assistant traffic director in charge
of shipments of the food administration, and C . N . Kendall,
chairman of the railroad administration’s car service divi
sion. M r. M cAdoo also announced tho addition of F . M .
Whittaker, Vice-President and Traffic ManagePof the Chesa
peake & Ohio, as assistant traffic director in charge of fuel
administration shipping problems.
Tho following is M r . Hoover’s statement of Feb. 21 as to
the food situation:
In response to many Inquiries I beg to say it is true that since Dec. 1 we
havo fallen far behind our agreed food program with the Allies. By the
end of February we will be short 45,000,000 bushels in cereal products
which we undertook as our share of their supplies. We will also be short
of the amount of meat and ipork products that wo were to deliver. This
deficiency is due solely to tho railway congestion since that date The
railway directorate since coming into control on Jan. 1 has made effort to
find a remedy, but during the month of January the weather was insuper
able, and although progress has been made since Feb. 5, the situation is
the accumulation o f three months’ delays. The next sixty days will be the
most critical period in our food-history.
The simple fact is that tho problem goes far deeper than supplies to the
Allies. During tho last three months wo have fallen far behind in move
ment of foodstuffs from tho farms to tho consuming and storage centres.
Up to the 1st of February less than 50% of tho normal ratio of com has been
moved, less than 80% of tho oats and less than 60% of the potatoes. From
Nov. 1 to Jan. 1 we were short in the usual movement of grains and grain
products into the terminals alone by over 120,000 carloads )over 120,000,000
bushels), and this is further aggregated by similar shortage outside the ter
minals.
Furthermore, this year we have the largest percentage of soft corn in
many years, and though wo havo a record crop of corn, a considerable
portion o f the soft corn will be lost by spoiling unless it can be moved in
the next sixty days to tho drying terminals. The least amount o f grain
that must be loaded for the next sixty days is 8 ,000,000 bushels per day—
and we have not yet attained that. Less than this will solve neither the
Allied nor our domestic situation.
We had about 130,000 carloads of potatoes on Nov. 1, which should have
been moved from the principal producing centres, and up to the 1st of
February we had moved about 28,000 carloads, while we should have
moved over 50,000 in this period. Tho result is that potatoes are piled
up spoiling in the producers’ hands, and tho consuming centres have only
been supplied by virtue of tho summer gardens and other stores carried
over from last year.
There is a great deal of livestock which has been ready for the market
for some time, but is still held in the farmers’ hands through inability to
secure transportation. Theso cattle are eating their heads off without
increasing their meat value, and are only adding to the costs of the farmer
and consuming the grain.
The effect of this delayed movement has been many-fold:
First. To jeopardize the safety of a great deal of the soft corn and
perishables such as potatoes.
Second. The stricture in flow of distribution has entirely disturbed the
price conditions in the country by practically suspending the law of supply
and demand. The margins between the farmer and the consumer in many
commodities were never wider than they aro to-day because the consuming
trades aro undersupplied and the farmers compete for transportation.
Prices of the coarse grains have reached unheard of levels, while the limited
transportation has diminished the farmers’ returns.
Third. The cost o f grains for feeding livestock has so increased to the
feeders o f finished cattle that they face serious losses. The costs of the
dairying industries have necessarily greatly increased.
Fourth. Through the large consuming areas we have been living off
reserves through the period of scant supplies. Theso reserves are in many
sections approaching exhaustion.
Fifth. AVe have been unable to transport to seaboard the necessary food
stuffs for the Allies. This has not been due so much to the actual inability
of the railways giving priority to foodstuffs for Allied shipping as it has
been to bringing products from the farms to the terminal markets, where
they can be aggregated, prepared and purchased by the Allies.
The economic ramifications of this whole delay in the movement of the
national harvest are almost countless, and they present the most critical
of situations, of which no solution exists but a continued expansion o f the
efforts of tho Railway Administration in the movement of foodstuffs in
every direction to the exclusion of much other commerce o f the country
Considerable progress has been made in the last ten days, but continued
rises in the price of cereal commodities and the failure to secure sucfficient
surplus over immediate domestic consumption to feed the Allies, are evi
dence that there is still a deficiency in food cars, and that they need to be
still further Increased. Comparisons o f the movement from day to day
during tho last few days with movements of similar periods' last year
reflect the efforts being made by tho railway directorate. We have a long
accumulation to be got over and to be got over within the next sixty days.
The situation calls for every co-operation of the public— through the
quick loading of cars, loading them, to capacity and discharging them quickly
— and in ev ery w ay red u cin g the tax on the railways. Co-operation
can be given by reduction in consumption of foodstuffs, by the consump
tion of home and local stores to the exclusion, so far as may be, o f trans
ported articles. If every interest co-operates we shall supply the Allies and
remedy the distribution of (our tabundant domestic supplies, for our
farms are full of foodstuffs.
No effort is being spared to move Allied food as fast as it can be accumu
lated In the interior, and to-day the railway directorate is arranging special
trains to carry meat and packing-house products from Chicago to load the
waiting ships.

878

THE CHRONICLE

Director-General M cA d oo’s letter of the 22d to M r.
Hoover, in which the former declared that there was no
danger of a food shortage so far as transportation was con
cerned, said:
Feb. 22 1918.
Dear M r. Hoover:
You are, as I understand it, the sole purchaser in this country o f food
supplies for the Allied Governments. You must, therefore, know the
location o f the food supplies which you from time to time purchase and the
ports in this country to which you desire such supplies shipped. If you
will notify me from time to time o f the location o f the specific supplies
and the port or ports in the United States to which you wish to have such
supplies transported, I will guarantee the necessary transportation subject
alone to interruptions from blizzards and floods.
I wish to reassure the country by saying that so far as transportation is
concerned there is no danger o f suffering from a serious food shortage in
the Eastern part o f the country.
Cordially yours,
W . G. M cADOO.
Hon. Herbert Hoover, Food Administrator.

The Food Administration, with the receipt of M r . M c 
Adoo’s letter, issued a statement on the 22d, saying:
While M r. Hoover is out o f town. Food Administration officials consider
M r. M cA doo’s statement very reassuring, since it indicates that further
cars will be furnished to Western terminals, and the shortage in shipments
from these Western terminals to Eastern territory will now be overcome.
As the railway directorate is evidently alive to the situation, it will no
doubt take all necessary steps.

A Railroad Administration statement of the 22d, without
referring to M r . Hoover’s declaration that the domestic
and Allied food situation could be solved only by loading
8,000,000 bushels of grain a day for the next 60 days, ex
plained that already 6,000,000 bushels of grain are being
loaded daily and even better loading is in prospect. U n
officially it was declared that practically all the grain being
offered by farmers and local elevators was being hauled by
the railroads under general priority orders for foodstuffs,
particularly for grain in the W est. It was suggested that
farmers might not be bringing their grain to market as fast
as they should. Railroad officials also called attention to
the fact that potato growers last fall held much of their
crop for higher prices, and that condition is partly respon
sible for the extraordinary offering at this time of potatoes,
which the railroads were having some difficulty in moving.
Referring to the general food-moving situation, the Railroad
Administration said:
There has now been about two weeks o f moderately good weather,
during which time an extraordinary effort has been put forth by the rail
roads. For the week ended Feb. 16, 22,104,000 bushels o f grain wore
received at Western primary markets, which were the largest receipts for
one week In two years, an increase o f 54% over the provious week and
51
over the same week last year. The average number o f cars of
grain being loaded is 5,000, which is approximately 6,000,000 bushels daily.
This has been done notwithstanding the weather conditions are still severe
in a large part o f the country, and It will certainly increase in proportion
as the weather moderates.

This statement, it was said, was based on figures gathered
by the traffic division of the Railroad Administration,
headed by Edward Chambers, former traffic manager for
the Food Administration. Other reports showed that in
the nine days between Feb. 11 and Feb. 20 28,365,000 bush
els of grain were received at the principal elevator and milling
centres of the W est. This movement included 17,361,000
bushels of corn, much of which was the soft corn which is so
prevalent this year, 9,329,000 bushels of oats and 2,446,000
bushels of wheat. In the eight days between Feb. 11 and
Feb. 19 38,750 cars were loaded with grain, of which 26,549
were in the Western district, or west of the Mississippi,
9,319 in the Eastern district and 2,882 in the South.
The 23d was marked by the further exchange of the fol
lowing correspondence between the two Administration
heads:

Feb. 23 1918.
Mi/ Dear M r. McAdoo:— I am grateful for your note o f the 22d, and I
wish to express the great relief o f myself and my colleagues at your assurance
that not only will the Allied foodstuffs be promptly moved, but that there
will bo no delays In our domestic distribution causing any danger of suffer
ing, which necessarily Implies the collection o f our food materials from the
country to our terminals, mills and packing houses before either the domes
tic or Allied supplies can be aggregated for transportation to points of
consumption or export.
I am certain that this assurance from you will greatly quiet the growing
apprehension in the country o f the last few weeks.
Faithfully yours,
HERBERT HOOVER.
The Honorable the Director-General ofltailroads, Washington, D . C.
Feb. 23 1918.
Dear M r. Hoover:— I am just in receipt o f your letter o f the 23d. You
do not, however, touch the points o f my letter. I should like to enumerate
and re-emphasize them.
1. You are, as I understand it, the sole purchaser in this country of
food supplies for the Allied Governments.
2. You must, therefore, know the location o f the food supplies which
you, from timo to time, purchase and the ports in the United States to
which you desire such supplies shipped.
3. I f you will notify me from time to time o f the location o f the specific
supplies and the proper ports in tho United States to which you wish to
have such supplies transported, I will guarantee the necessary transporta
tion, subject alone to interruptions from blizzards and floods.




[Vol.

106.

I am eager to co-operate with you to relieve all anxiety about food
supplies for the Allies. Will you co-operate with mo by promptly furnish
ing me with the essential information called for in items 1 and 2 above?
I f you do, tho transportation will be provided. You can readily under
stand that generalizations will not accomplish the object in view, and that
we must be specific in order to get results.
Cordially yours,
W . G. MeADOO.
Hon. Herbert Hoover. Food Administrator.

As indicated above, M r . Hoover on the 23d announced
the appointment of C . E . Spens, Vice-President of the
Chicago Burlington & Quincy R R ., as director of the trans
portation division of the Food Administration, succeeding
Edward Chambers, who was made director of the division
of traffic of the Railroad Administration. The latter on the
23d quoted an official report from A . H . Smith, assistant
to the Director-General, to show that no ships were being
held up in New York Harbor waiting cargoes of foodstuffs.
It was stated, however, that some ships were being held
back in the Southern ports which were now being used ex
tensively for the shipment abroad of foods, due, it was said,
to the failure of grain merchants of the W est to load cars
as rapidly as was expected. Announcement that the Food
Administration would in the next few days complete its
organization for the purpose of keeping the Director-General
informed as to its car necessities on account of the Allied
purchasing agencies and domestic requirements was made
as follows on Feb. 24:
Tho Food Administration will in the next two or threo days complete
its organization for the purposo of keeping tho Director-General of Rail
roads completely informed of tho car necessities not only of tho Allied
Governments but for tho domestic movement of foodstuffs as well.
The Food Administration directly purchases only a minor proportion
of tho foodstuffs for tho Allied Governments. The bulk of this foodstuff
is purchased directly by the Allied agencies with tho assistance of the Food
Administration. Tho arrangements of transportation rests in tho Allied
agencies, and their complaints as to car shortages and delayed movements
havo hitherto been addressed directly to railway points, and tho Food
Administration has been generally Informed.
The Food Administration has now directed tho Allied agencies to furnish
it daily with their requirements in order that they may bo transmitted
to tho Railroad Administration in Washington.
Tho most serious problem is tho car needs duo to delayed movement
of last year’s crops and of livestock from the primary country points to
tho interior terminals, the mills and the manufacturing centres, where thoy
can bo purchased for export and domestic supply. The presentation of
these needs to the Railroad Administration is being mot by the appoint
ment of regional transportation agents for tho Food Administration—
already established in Chicago, and proposed at Now York and Atlanta.
Their agencies will secure and furnish Information as to car necessities
for tho primary movement of foodstuffs to the regional railway adminis
tration.
Shippers of foodstuffs should apply in the first instance to the local
railway officials for cars, and upon failuro to securo necessary transporta
tion they should for grain and grain products apply to tho Food Adminis
tration zone managers, whilo shippers of livestock and perishables in the
same difficulties should apply for the present directly to tho Food Ad
ministration in Washington. These applications for cars will bo put before
tho various regional directorates and will be daily reported to tho Rail
road Administration in Washington.
C.
E. Spens, Vice-President of the Burlington Railway, has been ap
pointed tlio head o f tho Food Administration Transportation Division
in charge of all these activities.
Tho Food Administration is confident that in viow of tho Director of
Railroad’s assurances as to tho supply of cars, If brought to his attention,
losses of foodstuffs through decay and possible shortage in distribution
or to the Allies will thus be averted.

Assurances that six trains of packing-house products for
export to the Allies would be moved eastward daily for the
next month until a great quantity had been hauled were
given by Secretary M cAdoo on Feb. 21 to Earl Reading,
the British Ambassador, Count Macclii di Cellere, the
Italian Ambassador, and Andre Tardieu, French High
Commissioner. The representatives of the three Allied
nations were also told by M r . M cAdoo that between 1,500,
000 and 2,000,000 bushels of corn were now being taken to
primary markets in the W est each day. Although in De
cember only about 600 cars of grain wero transported daily,
the movement, it is said, is now about 5,000 cars.

G. W . LAWRENCE HEADS N E W DIVISION I N FOOD
ADMIN ISTRATIO N TO PASS ON COFFEE.
Under the headship of George W . Lawrence, President of
the New York Coffee and Sugar Exchange, a now division
of the Federal Food Department has been created to super
vise all matters relating to coffee. Tho possibility of control
of coffee being extended, and the probability of there being
recommended roasting margins similar to refining margins in
sugar, were among the measures reported as likely to follow
M r . Lawrence’s appointment. A n announcement of the
Food Administration on Feb. 28 said: ’
On Feb. 6 speculation in green coffeo was prohibited by tho Food Ad
ministration. Such action followed tho conference of members of the
New York Coffee and Sugar Exchango with tho Food Administration, in
which the members patriotically volunteered to tako tho necessary action
to eliminate speculation in coffee. Actual dealers In tho green coffee bean
aro prohibited from having on hand or under control in this country sup
plies more than sufficient for their reasonable requirements forjiinety days.

M ar . 2 1918.]

THE CHRONICLE

The stocks permitted tocoffeo dealers are, o f course, in addition to those
en route to foreign countries or which thoy may have In such countries
under contract.
In addition, dealers in green coffee must keep that commodity “ moving
In as direct a line as practicable and without reasonable delay,” and
“ resales within the samo trade without reasonable justification, particularly
if tending to result in a higher market price to a retailer or consumer, is
regarded as an unfair practice."

TEMPORARY LIFTING OF MUTTON A N D LAMB
RESTRICTIONS I N WEST— SAVING EFFECTED
THROUGH MEATLESS DAYS.

879

these shipments are now being received in Europe among the Allies, they
would feel amply rewarded for the sacrifices which they have made, and
the animal raisers in the West would themselves feel that it has been an
accomplishment for which the.American people can be distinctly proud.

SHOE RECOMMENDATIONS OF COUNCIL O f
N ATIONAL DEFENSE.
The Council of National Defense made known on Feb. 13
the shoe recommendations of its Commercial Economy
Board, as follows:

The shoe recommendations o f the Commercial Economy Board o f the
Council of National Defense for the fall season of 1918 havo now been is
sued in their final form to manufacturers, wholesalers and retailers. They
are as follows:
1. That no women’s shoes should exceed nine inches in height (measured
from breast of heel at side to centre of top at side of finished shoe).
2. That no children’s and misses' shoes should exceed seven inches
in height (measured as above).
3. That each manufacturer should restrict his output of men’s shoes,
except canvas, to the following colors: black and two shades of tan.
4. That each manufacturer of women’s shoes should restrict his output
to the following colors: white, black, two shades of tan and two shade? of
gray.
With the single exception noted, the regulations apply to shoes of all
materials.
The recommendations are part of the Commercial Economy Board's
general program of forehandedly working with business men to eliminate
needless uses o f men, materials, equipment and capital, as necessary to
meet war requirements. Tho Board is working similarly for the conserva
tion o f various other materials, including wool and woolen cloth, paint
and tin, and for the simplification of retail delivery service, in each case
with the voluntary co-operation o f the men in the trade.
Some of the facts which the Board had in view in proposing further con
servation in the shoe and leather business were the following:
That about 99% of the goat and kid skins used for shoes in the United
States are imported, many of them from the remotest parts of the world,
and that the tonnage necessary for these importations must be conserved;
that about half of the other leather used for shoes is also imported in ships;
that if, as is asserted, there are now large stocks of leather in tho country,
these stocks should nevertheless be husbanded; that excessive multiplicity
o f shoe styles means needless work in both manufacturing and selling and
ties up needlessly large amounts o f capital in the stocks o f dealers, at a time
when the Government is making increasing demands for capital upon all
citizens.
It Is desirable to bear in mind that the meatless day Is simply and solely
In conference and through correspondence this situation was laid be
for the purposo o f enabling us to feed the Allies by saving on our meat con fore hundreds of representative men in all branches o f the shoe and leather
sumption. The meatless day was instituted as a device to this end because industry, from tanners to retailers, and their views were asked as to how the
it places tho burden o f saving on those classes who are most able to do so. situation could best be met. There was widespread agreement on all four
From tho first of November, when tho meatless day was instituted, to the points of the recommendations as given above. Tho program is already
end o f February, the estimated slaughter o f cattlo in the United States will assured very general support. The Board expects this support to be unani
amount to a minimum o f 3,800,000,000 pounds o f beef.
mous. As a result, leather and other materials will be saved, waste effort
Tho oxports o f beef to the Allies during this period will reach approxi in the making and selling o f shoes will be reduced, the rate o f turnover in
mately 165,000,000 pounds, or loss than 5% o f tho total. This is con factories and in wholesale and retail stores will be quickened, operating costs
siderably less than it is highly desirable that we should havo exported to will be lowered, and considerable sums will be released for the purchase of
them. The stocks o f beef in the cold storage warehouses will be approxi Liberty bonds. Furthermore, the Board is assured that tho savings will
mately tlie same at the end o f February that thoy wero at the end of Oc be passed on to the public through closer prices on shoes.
tober, and wo could have done somewhat better had thero been more cars
The letters to the wholesalers and retailers request them to purchase
available. The average pre-war export o f beef for four months was about only such shoes for the fall of 1918 as conform to the recommendations. At
25.000. 000 pounds, and therefore the amount o f conservation realized has present no similar appeal to the public is contemplated.
been roughly 140,000,000 pounds.
During the samo period o f four months, since N ov. 1, the estimated
production o f pork products will bo approximately 5,500,000,000 pounds
SCALE OF BINDER T W IN E PRICES ANNOUNCED BY
Of this we will have, by the end o f February, exported approximately
FEDERAL FOOD AD M IN ISTRATIO N .
400.000. 000 pounds. Tho pre-war average rate o f oxports would have
amounted to approximately 200,000,000 pounds for such a period. It is
Tho Federal Food Administration on Feb. 28 announced
important to note that tho consumption o f beef find potrk products for the
United States averaged eleven pounds per capita per month under pre-war the scale of prices fixed for binder twine and sisal. Its an
conditions and that thoy averaged 12.25 pounds per month per capita in nouncement said:
1917— an increase o f about 10%— whereas tho numbers o f our cattle and
Following an investigation o f the cost o f manufacturing binder twine,
hogs have not increased in this ration per capita. In other words, our the United States Food Administration to-day announced the maximum
national consumption has increased at a faster rate than our production, advances over cost o f sisal which may be charged by the manufacturer.
and therefore without tho meatless day we would not have been in position Tho scale is based upon the present price of 19 cts. per pound for sisal fiber.
to havo exported as much as even the pre-war average amounts. There Standardand sisal binder twine containing 500 feet to the pound should be
fore the actual saving is more than is apparent by tho comparison o f direct sold in carload lots o f 20.000 pounds or more at a maximum advance o f 4
figures.
cents per pound above the cost o f sisal. Lots o f 10,000 pounds or more,
It would seem to be contended by the peoplo who aro objecting, either but less than 20.000 pounds, are to be sold at an advance o f not more than
that tho meat production is sufficient to afford us the oxports necessary 4Vi cents per pound above the primary price. All smaller amounts are
for tho Allies, without meatless days, in which case tho meatless day could to carry an advance o f not more than 4K cents per pound.
havo had no effect; or alternatively, that tho meatless day has been a suc
Twine that contains 550 feet to the pound should be sold at a maximum
cess and lias enabled us to mako this saving for exports. That the exports advance o f lJ i cents per pound above the price for standard twine; 600
aro absolutely vital needs no proof further than tho statement o f the ration feet to tho pound, an increase of 3 cts.; 650 feet to the pound at 4J£ cts.
at present in force in Europo among tho Allies, which has been reduced per pound increase. Pure manila twein containing 650 feet to the pound
to approximately one pound o f meats o f all kinds, per week, per capita
should bo sold at an advance o f not more than 6 cents per pound above the
or less than 30% o f the presont American consumption, and it is to-day at price of standard twine. All o f these prices are f. o. b. factory. In formu
so low a figure as to tend to diminish the moAlo and resistance o f tho lating this scale o f prices, the Food Administration has considered the
Allies. We are doing our best to increase tho amount o f oxports and can increased weight o f binder twine over its sisal content. It has made allow
only do so by tho rigid conservation o f tho American peoplo.
ances for the fact that manufacturers now havo on hand sisal which was
Tho situation In mutton and lamb is somewhat different. We do not purchased at lower prices than rule to-day or twine that was manufactured
export this kind o f meat to tho Allies. On the other hand, the Food Ad from the lower priced sisal.
ministration’s recommendation that it should not bo used on tho volun
It was made known on Jan. 7 that the Food Administra
tary meatless Tuesday is simply because if its uso wore confined to tho
other six days it would displace a certain amount o f beef and pork, whereas tion had arranged to control the binder twine output of the
if it wero left open to eat mutton and Iamb on Tuesday an equivalent
amount o f beef and pork would bo consumed on other days in tho week. country, and reference thereto appeared in our issue of
Further, tho recommendation o f tho Administration was that mutton Jan. 12. The “ Journal of Commerce” of yesterday said:
and Iamb should bo used on the other six days in preference to beef and
In fixing prices the intimation was given that a lower price might shortly
pork. Tho situation Is now somewhat changed as tho season o f marketing be arranged for sisal. Negotiations to this end are reported to be continu
mutton and lambs raised entirely for moat purposes is now on in some ing between representatives o f the United States and Mexico. The War
sections o f tho West, and tho Food Administration in Washington has Trade Board is still engaged on the determination o f a price for manila
recommondcd to tho State Food Administrators that tho restriction as to hemp. Recently the understanding was that 26 cents a pound at New York
mutton and lamb in thoso States to which this Western product is avail had been decided upon, but discussions are going on now with the object
able, should bo takon off tho recommendations as to tho meatless day until of obtaining a still lower price. Twenty-three cents a pound, it was learned
April 15. This product under present transportation conditions does not on high authority to-day (Feb. 28), is the figure now being considered.
appreciably reach tho Eastern sections o f the United States and, there Decision rests largely on action by the Shipping Board and the conditions
fore, it has not been made an exception to the meatless days in that area
upon which it will supply the necessary tonnage.
Tho Food Administration would bo glad to receive any suggestion as to
Tho settlement o f binder twine prices will end the period o f uncertainty
any moro oquitablo method by which the consumption of meat could bo for tho trade, wnich has been proceeding with contracts subject to price
reduced than through the meatless day, which could bo carried out within fixing by the Food Administration. Because o f this position o f the trade,
tho powers granted by Congress. I f tho many peoplo who havo assisted comparison with market prices at this time is not possible. It can be said,
us in tho accumulation of exportable stocks of meat products during the however, that the margins allowed are all below the average profits taken
last three months could receive tho expressions o f gratitudo with which by the manufacturers.

s A saving of approximately 140,000,000 pounds of beef since
the institution of the meatless days in November is reported
in a statement issued by the U . S. Food Administration on
Feb. 22. The exports of beef to the Allies during the four
months amounted to approximately 165,000,000 pounds,
as compared with the pre-war export for four months of
about 25,000,000 pounds, while the exports of pork products
in the four months were about 400,000,000 pounds, whereas
the pre-war averago as to pork for the same period would
have approximated 200,000,000 pounds. On the day of
this announcement, Feb. 22, the Food Administration
granted permission to the Administrators in the States west
of the Mississippi to lift during the spring marketing season
until Apr. 15 the restrictions on the use of mutton and lamb
on meatless days. A n explanation as to why the Food A d
ministration had refused requests of cattle raisers and sheep
growers to remove altogether the ban on beef, mutton and
lamb is contained in the statement. In that portion of
the country where the use of mutton and lamb is tempor
arily permitted on meatless days, the restrictions as to beef
and pork will continue in force. The *temporary lifting of
tho ban on mutton and lamb rosults because this kind of
meat is not exported to the Allies, and because railroad con
gestion has prevented its free movement East. Food A d minsitrator Hoover in his statement says:




THE CHRONICLE

880

Of interest is the statement in M r. W oolley's letter reading:
“ Information reaching us indicates that as much wool is bein brought
forward from South America as can be provided with shipping space. Wo
do not understand that vossels are coming from South American ports
empty or only partially loaded. We are further o f tho opinion that ap
proximately the normal share of tho South American wool is flowing towar d
the United States, and until it is clearly indicated that such is not the case,
the War Trade Board would not feel disposed to alter existing regulations.’
This seemed to have disposed effectually o f the matter o f revision of
regulations at least for the present. Another matter that was brought to
the attention o f tho War Trade Board by tho War Service Committee was
that modification safely might be made in rules regarding reporting sales
to manufacturers. On this point the War Trade Board s reply reads.
"W e can see that in tho case of manufacturers who are thoroughly loyal
and in no wise inclined to hoard and speculate, tho present arrangement
must appear somewhat burdensome. However, we must request the
better element of the trade to put up with this inconccmence in order that
the War Trade Board may be in a position promptly and effectively to
curb any tendency on tho part o f the less loyal to conduct their business in
a manner which will embarrass the national program.”

PLATINUM

COMMANDEERED
M EN T.

BY

U.

S.

GOVERN

[Vol. 106.

of impotence and failure.” The Fuel Administration he
denounced as an “ unnecessary agoncy” “ composed largely
of amateurs.” While dealing less harshly with tho Food
Administration he asserted that the fixing of tho price of
sugar was a “ mistaken policy” and tho sugar famino largely
artificial. Ho added:
In justice to M r. Hoover ho made every effort to got rail distribution and
get Java sugar. How much ho was thwarted by tho railroad situation and
tho tangle of priority orders I do not know, but I am certain that, if ho had
been efficiently aided instead of being crossed by other commissions, there
could havo been no sugar famine in the Eastern States.

W ith regard to the procedure of the Fuel Administra
tion, tho Washington dispatches of Fob. 27 quoto Sonator
Lodge as saying:
They fixed a price which made it impossible to work many minors, fright
ened the producer and tended to reduce production. Not contont with
tills, they also set to work to change the wholo system of distribution. No
moro reckless experiment could havo been better calculated to make rail
road difficulties almost insuperable. At a singlo blow tlioy partially
paralyzed all the machinery of distribution. Only ignorance of economic
laws could bo offered as an excuse. The result of the Fuel Administration's
policy was to add to tho already enormous railroad difficulties by creating
chaos in distribution and adding to all this suspenso, alarm and uncer
tainty duo to fixing an arbitrary price. The system adopted by Mr.
Hoover had at least tho merit of maintaining production. Tho system of
making a different coal price at each mine was impracticable. Even if
they kept prices down, which is purely guesswork, tlioy brought a coal
famine with this nominal fixed price.

A n order for tho commandeering for war purposes of all
crude and unworked platinum in the hands of importers,
jobbers and wholesalers was issued by tho U . S. Government
on Feb. 28. The largest imports of platinum have come, it
is said, from Russia, and in view of tho present situation in
that country it is feared that tho supply might be curtailed
during tho continuance of tho war. On Jan. 24 it was stated
Declaring that ho did not boliovo tho railroad problem
that a tentative price of $90 an ounce had been set by the
could not havo been solved, Senator Lodge continued:
U . S. Government for the purchase of 21,000 ounces of
But nothing can bo moro cortain than that tho policy of tho Fuel Ad
platinum recently imported from Russia. It was said at ministration, its attempt to substitute a new scheme of distribution, its
reckless
prico fixing, brought on a coal famino in a country which has moro
the time that bankers in Petrograd who financed the collec
coal than any in tho world. What wo needed was not a shutting down of
tion of the metal would be allowed to' produce proof of the industries, but a freight embargo on all railroads. It (tho Fuel Admin
expense incurred if they thought a higher price should be paid. istration policy) is a striking ovldenco of how much harm has been done
The United States in normal times uses about 165,000 by paralyzing privato interests and undertaking to solve tho difficulties
by one bureau composed largely of amateurs. There was no need of tho
ounces of platinum and produces only about 800 ounces an Fuel Administration, no reason why it should exist at all, and tho powers,
nually, according to the U . S. Geological Survey. Only liowver amiable and patriotic tho purposes of their possessor, havo been
about 5,000,000 ounces havo been produced in tho world to employed to make a bad situation worso and do nothing but harm. The
vital point of tho wholo coal situation was tho railroad problem.
date, of which 1,000,000 ounces has been used in jewelry,
Either Secretary Lano or Francis Poabody, Sonator Lodge
1,000,000 ounces in dental work and tho remainder for sci
entific purposes. It is an essential in tho manufacture of said, should havo charge of the coal situation. Annulment
sulphuric acid, a constituent of explosives, and in the compo by Secretary Baker of the agreement Secretary Lane brought
sition of delicate gun mechanisms. A census of tho available about at a conference of operators, dealers and consumers
platinum is now being made to determine how much is on was criticised by the Senator. He also denounced conferr
hand. Besides the commandeering of platinum, the Gov ing of vast powors upon State Fuel Administrators.
ernment was also reported on Feb. 28 to have taken under
Federal control toluol and other property needed to increase PRESIDENT WILSON’S PROCLAMATION PUTTING
the production of vital explosives.
FERTILIZER INDUSTRY UNDER LICENSE.

STEEL INTERESTS CONFER W IT H VIEW TO DE
CIDING UPON PRICE RECOMMENDATIONS
TO GOVERNMENT.
The relative prices of various iron and steel products was
discussed yesterday by representatives of the iron and steel
industry at the W aldorf, with a view to reaching a decision
on which to base possible recommendations to the Gov
ernment. A statement, issued at the conclusion of the
meeting, said:
Tho general committee o f tho American Iron and Steel Industries expect
to bo invited in tho near future beforo the War Industries Board at Wash
ington to discuss prices o f tho various iron and steel products commencing
March 31, when tho term for tho present prices as approved by tho Presi
dent will expire.
Tho meeting to-day was held for tho purpose o f examining tho cost
sheets o f tho manufacturers and for discussing rclativo and differential
price heretofore onforced in order to give the Board tho necessary facts
to determine future prices. After the facts wore given it was decided to
place the claims o f the manufacturers in tho hands o f a general committee
for submission to tho War Industries Board.

A proclamation putting the fertilizer industry of the United
States under license was issued by President Wilson on
Feb. 26. The proclamation requires the securing of licenses
by March 20 by all persons engaged in the importation,
manufacture, storage or distribution of fertilizers or fertilizer
ingredients, except those specifically exempt by Act of
Congress, and except to the extent to which licenses have
been issued under tho President’s proclamation of Jan. 3
relating to ammonia, ammoniacal liquors and ammonium
sulphate. W e give the proclamation for the control of
fertilizers in full herewith:

B Y TIIE P R ESID E N T OF TIIE UN ITED STATES OF A M ER IC A .
A PROCLAM ATIO N.
Whereas, under and by virtue o f an Act o f Congress entitled "An Act to
provide further for the national security and defense by encouraging the
production, conserving tho supply, and controlling tho distribution of
food products and fuel,” approved by tho President on tho 10th day o f
August 1917, it Is provided, among other things, as follows:
That by reason of the existence of a state of war, it is essential to the na»
tional security and defense, for tho successful prosecution or the war, and
for tho support and maintenance of tho Army and Navy, to assuro an adoquato supply and equitable distribution, and to facilitate the movemont of
foods, feeds, fuel (including fuel oil and natural gas) and tortil zor and fer
tilizer ingredients, tools, utensils, implements, machinery, and equipment
SENATOR LODGE I N CRITICISM OF FUEL A D M I N  required
for tho actual production of foods, feeds, and fuel, hereafter In this
Act called necessaries; to prevent, locally or generally, scarcity, monopoliza
ISTRATION A N D PRICE FIXIN G OF GOVERNMENT.
tion hoarding. Injurious speculation, manipulations, and privato controls
The price fixing methods of tho Government, devised affecting such supply, distribution, and movemont; and to establish and
maintain Governmental control of such necessaries during tho war. For
with a view to proventing profiteering, wero described as such purpose the instrumentalities, means, methods, powers, authorities,
obligations, and prohibitions hereinafter set forth are created, estab
having proved a failure in a speech made beforo the Senate duties
lished conferred, and prescribed. The President is a u ^ oriz«l to make
by Senator Lodge on Feb. 27, in outlining tho conclusions such regulations and to Issuo such orders as are essontial effectively to carry
out tho provisions of this Act.
drawn by him from tho recent investigations into the coal
And, whereas, it is further provided in said Act as follows:
and sugar shortage. In the case of coal, the Senator said,
That, from time to time, whenever tho President shall find It essontial to
price-fixing had only served to curtail production, while license tho importation, manufacture, storage mining or distribution of any
necessaries in order to carry Into offect any of the purposes of this Act, and
the Food Administration’s price plan for sugar had kopt shalTafter a date fixed In tho announcement, engage In or carry on any such
business specified in tho announcement of importation manufacture, stor
Western beet sugar from the Eastern States and in tho moan age
mining or distribution of any necessaries as set forth in such an
time retailors of coal and sugar had profiteered. The Sen nouncement unless ho shall secure and hold a license Issued pursuant to
this section
Tho President is authorized to issue such llconses and to pre
scribe regulations for tho issuanco of licensos and requirements for systems
ator said:
of accounts and auditing of accounts to be kopt by licensees, submission of
T o prevont profiteering by a fow tho fundamental error of tho Admin reports by them, with or without oath or affirmation, and the entry and
istration was that a policy for all o f fixing prices, declared a failure In both Inspection by tho President’s duly authorized agents of the places of busi
Germany and Franco, was adopted. Instead of one o f stimulating and in ness of licensees.
creasing production.
And whereas It is essential in order to carry into offect tho provisions of
Senator Lodge placed the blame for the coal shortage the said Act, and in order to secure an adequate supply and equitable dis
and to facilitate tho movement of cortain necessaries hereafter
on tho Fuel Administration’s price-fixing plan, together tribution,
in this proclamation specified, that tho liconso powers conferred upon tho
with railroad difficulties and the close down order of tho President by said Act bo at this timo exorcised to tho estont hereinafter
Fuel Administration he described as a “ complete confession set forth:




M ar . 2 1918.]

T H E C H R O N IC LE

Now, therefore, I, Woodrow Wilson, President o f the United States of
America, by virtuo o f the powers conferred on mo by said Act o f Congress,
hereby find and determine and by this proclamation do announce that it is
essential, in order to carry into effect the purpose o f said Act, to license
the importation, manufacture, storago and distribution o f the following
necossaries: Fertilizers and fertilizer ingredients, including sulphuric acid,
phospliato rock, acid phosphate bones (raw, ground or steamed), bone
black, basic slag, sodium nitrate, ammonia sulphate, cottonseed meal,
slaughter house tankage, garbage tankage, castor pomace, fish scrap,
baso goods, cyanamid calcium nitrate, dried blood, acidulated leather,
hair, hoof meal, horn dust, ground leather, other unacidulated ammoniates,
potash salts, cement dust, blast furnace dust, kelp ash, kelp char, dried
kelp, wood ashes, cottonseed hull ashes, potassium nitrate, tobacco waste,
mixed fertilizers, sulphur, and all other fertilizers and fertilizer ingredients.
All individuals, partnerships, associations and corporations engaged in
tho business o f importing, manufacturing, storing or distributing fertilizers
or fertilizer ingredients except those specifically exempted by said Act of
Congress, and except to tho extent to which licenses have been issued under
the proclamation o f tho President o f Jan. 3 1918, relating to ammonia,
ammoniacal liquors and ammonium sulphates) are hereby required to secure
licenses on or before March 20 1918, which will bo issued under such rules
and regulations governing the conduct o f the business as may be proscribed.
Tho Secretary o f Agriculture shall carry into effect tho provisions of said
A ct, and shall supervise and direct tho exercise o f tho powers and authority
thereby given to tho President, as far as tho samo apply to fertilizers and
fertilizer ingredients, and to any and all practices, procedure and regulations
applicable thereto, authorized or required under the provisions o f said Act,
and in this behalf ho shall do and perform sucli acts and things as may bo
authorized or roquired o f him from timo to time by direction of tho Presi
dent and under such rules and regulations as may bo prescribed by tho
President from timo to time. All departments and agencies o f tho Govern
ment aro hereby directed to co-operato with tho Secretary o f Agriculture
in the performance o f tho duties hereinbefore set forth.
Applications for licenses must bo made to the Law Department, License
Division, United States Food Administration, Washington, D. C ., upon
forms prepared for that purpose.
Any individual, partnership, association or corporation, other than as
heroinboforo oxcepted, who shall engage in or carry on tho business of im
porting, manufacturing, storing or distributing fertilizers or fertilizer in
grcdlcnts, after tho date aforesaid, without first securing such license, will
bo liable to tho penalties prescribed by said Act o f Congress.
In witness whereof I have hereunto set my hand and caused tho seal of
tho United States to bo affixed.
Dono in tho District o f Columbia this 25th day of February, In tho year
o f our Lord 1918 and o f tho independence o f tho United States of America
tho ono hundred and forty-second.
[Seal.]
WOODROW WILSON.
Ily tho President:
ROBERT LANSING,
Secretary of State.

Secretary of Agriculture Houston on Fob. 26 announced
that tho following committee would assist him in the enforce
ment of tho now regulations:
Charles W. Morrill, Chairman; C. L. Alsberg, K. F. ICellorman, A. E.
Taylor, F. W. Brown and L. L. Summers.

Licenses will bear tho signature of tho Sectotary, to whom
reports must bo mado when required, Iio is authorized to
cause his representatives to inspect aay business licensed
under tho proclamation, with tho provision that no unau
thorized disclosure of information concerning any business
shall be made.
_________________________

IRVING T. BUSII RESIGNS AS CHIEF EXECUTIVE
OFFICER OF WAR BOARD FOR PORT OF N E W YORK.

881

A R M Y DRAFT TREATIES SIGNED BETWEEN UNIT ED
STATES A N D GREAT BRITAIN, &c.
Tho signing of treaties between the United States and
Groat Britain and the United States and Canada, to govern
tho application of tho army draft to citizens of each country
residing in the other, was announced on Fob. 19, when they
were sent to the Senate by Secretary of State Lansing.
They were signed by M r. Lansing and Earl Reading, who
affixed his signature to the documents as his first official
act in the office of British High Commissioner and special
Ambassador to the United States. Under the treaties, it is
stated, tho United States may apply the draft law to British
subjocts, and Canadians living in this country betweon the
agos of 20 and 45 years, tho British draft limits, while Great
Britain and Canada may draft resident citizens of the United
States from 21 to 31 years old. B y the enforcements of the
American-British treaty, it is expected that more than
250,000 men in this country will be made liable to service,
while at least 60,000 will bo affected by the AmericanCanadian treaty. Estimates place the number of draft
ago Americans in England at approximately 18,000 and in
Canada at about 36,000. On Fob. 26 it was announced that
Franco and Italy had accepted in substance a proposed draft
treaty with the United States similar to that signed with
Great Britain and Canada. Tho information was convoyed
to Chairman Flood of the House Committee on Foreign
Affairs on tho 26th by Secretary Lansing, who stated that
advices to that effect had come in cablegrams from the
American Ambassadors at Paris and Rome. M r. Lansing
wrote:
Referring to the negotiations which the Department o f State is carrying
on with certain of our co-belligerents regarding military service conven
tions, I desire to state for your information that on Tuesday last I signed
with the British representative two conventions, one for Great Britain
and ono for Canada, and that I am now in receipt o f telegrams from the
American Ambassadors at Rome and Paris practically accepting, with a
few minor changes, tho proposal of the United States to enter into similar
conventions with Italy and France. I am not expecting that any serious
obstacle will bo placed in the way o f early signature to these conventions.

SAMUEL GOMPERS PLEDGES A N E W THE LOYALTY
OF AMERICAN LABOR.
That Amorican labor would back tho war until German
militarism was crushed, and in the mean time would refuse
to participate in any labor peace conferences was the message
of Samuel Gompers, President of tho American Federation
of Labor, speaking at a crowded mass meeting in this city
on Washington’s Birthday. M r. Gompers reforred to the
message ho had recently delivered to Arthur Henderson,
Secretary of the British Labor Party, saying that American
workors would send no delegates to the labor peace confer
ence in London. This message was given in our issue of
Saturday last, page 779.
M r. Gompors excoriated tho Bolshevik movojnent in Rus
sia, saying thoy had given the people neithor land nor bread
nor peaco, and laid to their door the undoing of^Russia.
Continuing, ho said:

Irving T . Bush on Fob. 19 resigned as Chiof Executive
Officor of tho W ar Board for tho Port of Now York. M r.
Bush will rotain tho posts of Chiof of Embarkation for tho
Port of Now York and Director-Gonoral of Harbor and Ter
minal Facilities. Iio assumed tho duties of Chiof of E m 
And they aro showing their heads hero. If the so-called radicals o f Amer
barkation on Fob. 5. In a statomont concerning his resig ica could havo their way, you would find the peoplo of the United States
nation as Chiof of tho Port, issued by his assistant, J. O. in tho samo position as the people of Russia aro now.
And let mo say to you that, talking of international conferences with rep
Ilam m itt, it is said that when M r. Bush accopted tho office
resentatives of tho enemy countries, wo are not going to permit ourselves
in Novombor thoro was a largo amount of constructive work to bo lulled into a false sense of security and, under the guise of radicalism,
to bo dono in co-ordinating tho activities contoring in Now go back a hundred years. Why, the Kaiser's minions would not givo a
York harbor. Sinco then much has beon accomplished, and passport to any ono unless he would carry out the policy of the autocracy of
Germany. Then shall we meet in council with these men, gaining from us
gradually tho various functions havo been reorganized under our confidence, swerving us from tho path of duty, trying to influence us
difforont Government departments, until a point has been that tho Governments of these democracies are, after all, only capitalistic?
I havo said, and I say, in the name of the American labor movement:
reachod whoro it soomed unneccessary for him to give up "You
can’t talk peace with us now. You can't talk international confer
furthor his own pressing affairs.
ences with us now. Either you smash your autocracy or, by the gods, we
W ith regard to roports that tho Government plannod to will smash it for you. Before you talk peace terms, get back from France,
got back from Belgium, into Germany, and then wo will talk peace."
buy the plant of tho Bush Terminal C o., of which M r. Bush
M r . Gompors said that labor had gained in this war recog
is Prosidont, tho latter on Fob. 19 was creditod with stating
nition by tho Government of the principles for which it
that ho did not know of tho basis for tho roports. Before
had so long fought, and pointed to tho participation by labor
tho House Appropriations Committee, the “ Brooklyn
leaders in tho conferences of war at Washington. “ When the
Eagle,” in spedial Washington correspondence, recently
war is over,” ho said, “ do you think those representatives
quotod Gon. Goothals as declaring it to bo tho purposo of tho
of labor aro to bo thrown aside? N ot on your life.”
Government to purchaso tho Bush Terminals, lately com
Tho meeting was held under the auspices of tho American
mandeered by tho Government. Ho was also quotod as
Alliance for Labor and Democracy. Resolutions adopted
saying boforo tho samo committeo during consideration of
ropoated tho pledge of loyalty of American workers and said:
tho Urgent Deficiency Bill:
Resolved, That wo commend the determination of the American labor
In arranging for tho storago at Now York, the Bush Terminals in South
Brooklyn were commandeered for storago purposes, and it is my purposo if
I can get tho necessary funds to enlarge tho Bush Terminals by construc
tion there of piers and storehouses to givo about two to tlirco million square
feet o f storago spaco, utilizing as many piers as wo can on tho Manhattan
sido and using tho Nowark terminal as a storehouse for general supplies
for distribution to tho cantonments, and there is somo reservo there for
oversoas shipments.
Tho extension o f the Bush Terminals will cost approximately $20,000 000
to $25,000,000.




movement to have no contact or dealings with enemy nations so long as
those nations remain autocratic, and that wo send again to the people of
thoso nations tho word that the American working people can discuss no
international or other questions with them so long as thoy consent to auto
cratic domination and fight the battles of autocracy; and be it further
Resolved, That wo aro ono with the whole people of America in our resolve
to exert overy effort for a triumphant military effort on tho battlefields of
Europo to bring about tho final overthrow of autocracy, meanwhile guard
ing Jealously our democratic institutions at home as tho foundations of a
wider and fuller democracy to come; and be it further

882

T H E C H R O N IC LE

Resolved, That wo hero again express our appreciation of tho farsighted
wisdom and singleness o f purpose o f President Wilson, as manifested in
his first statement o f tho aims o f our nation in this war, which statement
has furnished a rallying point for the advancing democratic thought of the
world; and bo it further
lib Resolved, That we forward this declaration of fidelity and loyalty to tho
President o f tho United States as our renewed pledgo o f fealty and true
understanding at this most fitting time, tho anniversary of tho birth of
our first Great Liberator.

SENATE A N D HOUSE PASS BILL PROVIDING FOR
GOVERNMENT CONTROL OF RAILROADS.
Both the Senate and the House have passed the bill pro
viding for tho Federal control of the railroads during the war.
A n appropriation of $500,000,000 as a revolving fund to
carry out plans for Government control is authorized under
the bill. The Senate passed the bill without a roll call on
Feb. 22, while it was passed by the House on Feb. 28 by a
vote of 337 to 6. The negative votes in the House came
from Representatives Thomas of Kentucky and Gordon of
Ohio, Democrats; and Chandler of Oklahoma, Denison of
Illinois, Haugen of Iowa, and Ramslyn of Iowa, Republicans.
The House bill provides for the return of the roads to their
owners two years after the termination of the war, while
the Senate bill would continue control of the transportation
systoms by the Government for a period of eighteen months
after the war ends. A s finally passed by the House tho bill
gives the President final authority in fixing rates; the Senate
bill, on the other hand, vests in the President authority to
initiate rates subject to revision by the Inter-State Com
merce Commission. In tho House Committee of the Whole
on Feb. 28, before tho final disposition of the bill, an amend
ment submitted by Representative Sweet of Iowa, continuing
the rate-fixing power with the Inter-State Commerce Com
mission, was adopted by a vote of 164 to 157. The House,
however, later defeated the amendment by a vote of 211
to 165. The House in Committee of tho W hole also adopted
on Feb. 2 8 ,by a vote of 133 to 40, an amendment proposed
by Senator Esch of Wisconsin, limiting Federal control to
one year after the war, but like the Sweet amendment this
was defeated on final passage by a vote of 206 to 166.
The Senate bill definitely provides that the basis of com
pensation shall be a just return on the average not oper
ating income for the three year period ending June 30 1917,
but the House bill is a little more elastic. The House
adopted an amendment which would give the President
discretionary power to take into consideration money spent
for improvements by tho roads between June 30 and Dec. 28
1917, the day they were taken over. Tho Senate defeated
an amendment specifically requiring that such expenditure
should be included. Some of tho House mombers are said to
view their amendment as a compromise and think it will be
adopted by the conferees.
In the Senate on Feb. 22, tho day of its adoption by that
body, amendments to reduce the period of control after
the declaration of peace, failed. One by Senator Lodge of
Massachusetts to make tho time limit six months instead
of 18 months was defeated, 47 to 28, and another by Senator
King of U tah, to make the period twelve months was also
rejected, 45 to 29. There was no attempt on the 22d to
revive tho fight for indefinite Government control, which
was defeated on tho 21st, when Senator Johnson’s amend
ment providing that Government control should continue
until Congress ordered otherwise, was rejected by a vote
of 61 to 10. Provision for the “ short lino” railroads was
mado in an amendment by Senator Cummins of Iowa, and
adopted by the Senate on Feb. 22 by a voto of 58 to 14.
Independent “ feeders” of the trunk lines estimated to bo
worth more than a billion dollars are affected. Fears ex
pressed by many Senators on tho 22d that the “ short lines”
would become bankrupt if not brought within Government
control, was the basis of the Senate’s action.
An amendment empowering the President to take over
all short lines competing with trunk lines was adopted by
tho House on Feb. 23. The House amendment differs from
that in the Senate bill in that it excludes any lino not acting
as a common carrier and includes only those that tho Presi
dent might deem necessary to win tho war. DirectorGeneral of Railroads M cAdoo has opposed legislation for
“ short lines” on the ground that no railroads except those
selected as necessary to Government unification and suc
cessful operation should bo brought within Federal direction
and aid. As passed by tho Senate the measure provides
that approximately $945,000,000 will bo guaranteed tho
carriers, based upon their standard net return for the threeyear period ended June 30 1917. Senator Cummins offered
on the 22d amendmentsjproviding, respectively, that such




[Vol. 106.

net rotum^should not be above 5, 6 and 7 % of their capi
talization.': They were^defeated 46 to 19, 45 to 24 and 47
to 27, respectively.1 Amendments designed to limit the
scope of tho President’s orders in operating tho carriers were
also voted down. A proposal by Senator Sterling of South
Dakota, to keep in effect tho present laws and functions
governing’ the Inter-State Commerce Commission and State
Railway Commissions was rejected by a viva voce vote,
while one by Senator Hitchcock of Nebraska to limit the
President’s orders to acts specially authorized by law failed
by a vote of 46 to 20. The Senate also on Feb. 22 rejected,
58 to 11, a motion by Senator Kirby of Arkansas to strike
out the provision authorizing tho President to buy and sell
railroad securities.
A substitute., bill of Senator Townsend of Michigan, a
member of tho Inter-State Commerce Committoo, was re
jected, 51 to 14. In his effort to reduce tho President’s
jurisdiction over rates, Senator Cummins proposed that he
bo authorized to initiate only rates of troops and Govern
ment materials and merely to suggest rates to the Inter
State Commerce Commission, but not effective until the
Commission approved them. This amondmont was re
jected, 46 to 19.
In tho Senate on Feb. 21 an amendment by Senator Cum 
mins, designed to reduce by about $173,000,000 tho compen
sation to bo paid the railroads, was dofeatod by a vote of
52 to 23. In effect. Senator Cummins proposed that G ov
ernment compensation to the railroads should cover only
normal dividends paid during tho last throe years, and that
earnings above dividends should bo retained. An amend
ment by Senator Robinson, of Arkansas, to eliminate a
provision grainting carriers an additional allowance, aggre
gating about $6,500,000 annually, for monoy spend on im
provements last year, was adopted by tho Sonato on tho 21st
44 to 34. On a viva voce voto, tho Sonato on tho 21st re
jected Senator Cummins’s- amondmont to place Government
control after the war in a board of five men. An amondmont
offered by Senator Frelinghuyson of Now Jorsoy, and adopted
on the 21st,'provides that tho new law shall not interfere
with States’ taxation of railroads.
An amendment proposing to reduce the revolving fund
from $500,000,000 to $200,000,000 was rojected in the House
on Feb. 26. The House has named as conferees on the bill
Chairman Sims of the Inter-Stato and Foreign Commerce
Committee, and Representatives Doremus and Esoh.

DIRECTOR-GENERAL McADOO ON RELATIONS OF
RAILROAD ADMIN ISTRATIO N A N D EMPLOYEES.
In an order designed to make clear tho relations between
the railroad 1administration and employees of tho roads
issued;on;Fob. 21, Director-General of Railroads M cAdoo
emphasized the fact that officers and employees aro now in
tho„Govemment service and that all must co-operate toward
tho winning of the war. In order that tho greatost efficiency
may bo maintained at all times, M r . M cAdoo directs that all
lawsjpertaining^to the promotion of tho safoty of employees
and passengers bo fully complied with. Ho points out that
when necessary employees will bo required to work a reason
able amount of overtimo, and states that tho question of
hours of employees will bo passed upon as promptly as pos
sible by tho Railroad Wago Commission; ponding a dispo
sition of These matters, he says, all requests of employees
involving a change in wages and hours will bo hold in abey
ance by both managers and employers. W ages, when deter
mined upon, will, he says, be made retroactive to Jan. 1
1918. The following is M r. M cA doo’s ordor:
Washington, February 21 1918.
ORDER NO. 8.
To correct wrong impression® mat may exist regarding tho employment
and conditions of labor in railway sorvico, it is until further order directed
that:
1. All Acts o f Congress to promote tho safety o f employees and travelers
upon tho railroads, including Acts requiring investigation o f accidents on
railroads and orders of the Inter-Stato Commerce Comm.ss.on mado in
accordance therewith, must bo fully complied with. These Acts and orders
refer to hours o f service, safety appliances and inspection.
Now that the railroads aro in tho possession and control of tho Govern
ment, it would be futile to impose fines for violations o f said laws and orders
upon tho Government; therefore it will bocomo tho duty of tho DirectorGeneral, in the enforcement of said laws and orders, to imposo punishments
for willful and inexcusable violations thereof upon tho person or persons
responsible therefor, such punislimout to bo determined by tho facts hi
each case.
2. When tno exigencies of the service roquiro It, or when a sufficient
number o f employees in any department are not available to render tho
public prompt transportation sorvice, employees will be roqidred to work
a reasonable amount o f overtime. So far as efficient and economic op
eration will permit, excessivo hours of employment will not be required
o f employees, ^iij
S(. T » t

M ar . 2 1918.]

T H E C H R O N IC LE

3. The broad question o f wages and hours will bo passed upon and
reported to the Director-General as promptly as possible by the present
Railroad Wage Commission. Pending a disposition o f these matters by
the')Director-General, all requests o f employees involving revisions of
schedules or general changes in conditions affecting wages and hours will
be held in abeyance by both the managers and employees. Wages, when
determined upon, will be made retroactive to Jan. 1 1918 and adjusted
accordingly. Matters o f controversy arising under interpretations of
existing wage agreements and other matters not relating to wages and
hours will take their usual course, and in the event o f inability to reach a
settlement will be referred to the Director-General.
4. In Order N o. 1, Issued Dec. 29 1917, the following appeared:
"AH officers, agents and employees of such transportation systems may
continue in the performance of their present regular duties, reporting to
the samo officers as heretofore and on the same terms o f employment.”

883

DIRECTOR-GENERAL McADOO CALLS FOR REPORTS BY
RAILROADS REGARDING PASSES,
It was announced on Feb. 23 that at the suggestion of
Government railroad officials the Inter-State Commerce
Commission had ordered roads to report fully b y March 25
detailed information concerning their practices in issuing
intra-State passes. Owing to the lack of uniformity of
State laws and the variety of customs of railroads there is
no common policy for the whole country on administering
pass privileges. Consequently roads were asked to tell how
many passes they issued last year, to what classes of persons
and for what services. They were required to report the
States in whichdt is legal to give passes in exchange for news
paper and magazine advertising.

The Impression seems to exist on some railroads that the said order
was intended to prevent any change In the terms o f employment during
Governmental operation. The purpose o f the order was to confirm all
terms o f employment existing upon that date, but subject to subsequent
modifications deemed advisable for the requirements o f the service. Any
contrary impression or construction is erroneous. Officers and employees
DIRECTOR-GENERAL McADOO’S S TATEMENT CON
will bo governed by the construction hero given.
5. No discrimination will be made in the employment, retention or con
CERNING ASSUMPTION BY GOVERNMENT OF
ditions o f employment o f employees because o f membership or non-mem
CONTROL OF HUDSON TUBES.
bership in labor organizations.
The Government now being in control o f the railroads, the officers and
The comment occasioned last week over the Government’s
employees o f the various companies no longer serve a private interest.
All now servo the Government, and public interest only. I want the offi assumption of control of the Hudson & M anhattan R R .,
cers and employees to get the spirit o f this now era. Supreme devotion commonly called the Hudson or M cAdoo tubes (which only
to country, an invinciolo determination to perform the imperative duties
became generally known last week), brought from Directoro f the hour while the life o f the nation is imperilled by war must obliterate
Goneral of Railroads M cAdoo a statement on Feb. 22 in
old enmities and make friends and comrades o f us all. Thcro must bo co
operation, not antagonism; confidence, not suspicion; mutual helpfulness, which he said that the action was taken in accordance with
not grudging performance; just consideration, not arbitrary disregared
o f each other’s rights and feelings; a fine discipline based on mutual rospoct the conclusions reached by the Railroad Advisory Board
and sympathy, and an earnest desire to servo the great public faithfully that the road was “ an important and necessary part of the
and efficiently. This is the new spirit and purpose that must pervade terminal facilities of the Pennsylvania R R . Co. in N ew York
every part and branch o f the national railroad service.
America's safety, America’s ideals, America’s rights are at stake. Democ and that it was included in the President’s proclamation of
racy and liberty throughout the world depend upon America’s valor, D ec. 2 6 ,” in which he (the President) announced that the
America’s strength, America’s fighting power. We can win and save the would take possession and assume control of the transpor
world from despotism and bondage only if wo pull together. Wo cannot
pull apart without ditching the train. Let us go forward with unshakable tation systems on D ec. 28. M r . M cAdoo states that the
purposo to do our part superlatively. Then we shall save America, re Hudson & M anhattan Co. was, along with other roads,
store peace to a distracted world, and gain for ourselves the coveted dis notified by the Inter-State Commerce Commission on D ec. 28
tinction and just reward o f patriotic service nobly done.
of the President’s proclamation and that on Jan. 3 special
W . G. McADOO, Director-General o f Railroads.

DIRECTOR-GENERAL McADOO rBARS INCREASES I N
SALARIES OR CREATION OF N E W OFFICES BY
RAILROADS.

notice was bulletined by its President, W . C . Fisk, calling
attention to the proclamation and to the fact that “ the
business and operation of the road will continue in accordance
therewith.” The following is M r . M cA doo’s statement:

Tho Hudson & Manhattan Railroad o f New York (commonly known as
tho Hudson Tubes) was placed under Federal control under the President’s
The creation of additional offices or the filling of vacancies proclamation o f Dec. 28 1917, which provided for Federal possession and
by railroads and the raising of officers’ salaries are restricted control o f "each and every system o f transportation and the appurtenances
thereof, located wholly or in part within the boundaries o f the continental
in a general order issued by Director-General of Railroads United States and consisting o f railroads and owned or controlled systems
M cAdoo on Feb. 23. The order also requires the filing with o f coastwise and inland transportation engaged in general transportation,
the Regional Director of monthly reports of salaries paid to whether operated by steam or electric power, including also terminals,
terminal companies and terminal associations,” &c.
all officials receiving from $3,000 to $10,000 a year, and du
The Inter-State Commerce Commission, at my request, sent on Dec. 28
plicate reports regarding salaries of $10,000 or more, one of 1917 to all railroad companies in the United States a formal notice o f the
President’s
proclamation. Among the railroads so notified was the Hudson
these to go to the Director-General. This action is reported
& Manhattan C o., which is an inter-State carrier, and an important and
to have been prompted by rumors that a few roads were necessary part of the terminal facilities in New York and New Jersey,
planning to create new high-salaries positions on the assump being, in fact, the Pennsylvania Railroad C o.’s connection for passengers
tion that the salaries would be paid by the Government, and mails, between Manhattan Transfer and the Hudson Terminal, which
is the, Pennsylvania Railroad C o.’s station in downtown New York.
and that the railroads’ compensation would not be diminished Through tickets are sold at the Hudson Terminal by the Pennsylvania
It is said to be the Director-General’s purpose gradually to Railroad, and its trains are regularly scheduled to and from the Hudson
Terminal. The Hudson & Manhattan Co. is also an important connec
eliminate many high-salaried positions and to avoid filling tion for other railroad systems terminating on the New Jersey water front.
vacancies whenever a road can be operated without them. It seemed clear, therefore, that this company was embraced i* the Presi
There i3 no intontion, however, of taking drastic steps to dent’s proclamation as a “ terminal company."
On Jan. 3 a special notice as well as a general order was issued and bulle
ward that end, and reports that the Railroad Administration tined in the usual way by M r. W. C. Fisk, President o f th# Hudson &
is considering wholesale dismissals of employees and officers Manhattan C o., calling attention to the President’s proclamation, and
considered unnecessary under Government control were stating that tho "business and operation of the road will continue in ac
cordance therewith.” At the same time Mr. Fisk (in like manner as other
said on the 23rd ult. to have been vigorously denied. Tho railroad presidents have done with respect to other railroads) formally
following is M r . M cAdoo’s order relative to the restriction as requested advico as to the exact status of the Hudson & Manhattan Co.
under the President’s proclamation in order that there might be no question
to additional offices and increases in salaries:
about it.
On account o f my previous connection with 'the company, which was
DIRECTOR-GEN ERAL OF RAILROADS.
terminated when I entered public life five years ago, I submitted the ques
tion to a meeting o f the Railroad Advisory Board, at which wore present
Inter-State Commerce Building.
Messrs. John Skelton Williams, Henry Walters, Edward Chambers,
Washington, Feb. 23 1918.
Walker D. Hines an John Barton Payne. A. H. Smith, Regional Director,
General Order No. 9.
Eastern territory, was also present.
I asked them to consider tho matter upon its merits and to advise me
With roferenco to officers whoso salaries are chargeable to operating ex
what
should be done. After full discussion they were unanimous in the
penses, it Is hereby ordered:
1.
A carrier shall not create an additional office or fill a vacancy in anconclusion that tho Hudson & Manhattan Railroad was an important and
existing office, except when such step is necessary to the operation o f tho necessary part o f tho terminal facilities of the Pennsylvania Railroad Co.
railroad under tho existing condition o f Government possession and con in Now York and that it was included in the President’s proclamation.
trol. In cases o f doubt, application, with statement o f salary propdUcd, M r. John Barton Payne, General Counsel to the Director-General, gave
may bo made through tho Regional Director for tho Director-General’s M r. Fisk formal notice of this decision.
These facts were o f common knowledge. No unusual consideration has
approval.
A.
A carrier shall not fill a vacancy in an office o f or above tho grado ofbeen given to the Hudson & Manhattan Railroad C o.; it has been dealt
general manager or creato such an office without the approval o f tho Direc with solely on the merits of the case and exactly as in the case o f other
tor-General. Application with statement o f salary proposed may be made railroad companies which in like manner have applied for specific decisions.
Comment has boon mado in a newspaper article on the rise in the market
through the Roglonal Director for the Director-General's approval.
3. With reference to general officers and division officers (according to valuo o f Hudson & Manhattan Railroad bonds. There is nothing signifi
Inter-State Commerco Commission classification o f steam railway employ cant In this, since there was a prompt rise in the value of all railroad securi
ees). receiving $3,000 or moro and less than $10,000 per year, each carrier ties after tho publication of tho President's proclamation.
shall make to the Regional Director a monthly report showing Increases in
salaries, appointments (showing salaries therefor) to fill vacancies, and tho PRESIDENT
WILSON AN D SECRETARY McADOO
creation o f new positions (showing salaries therefor), beginning with tho
SEE NEED OF RATE INCREASES FOR PUBLIC
month o f January, 1918.
UTILITIES.
4. With reference to such general officers and divisional officors receiv
ing $10,000 or moro per year, such monthly report shall be mado in dupli
Tho upkeeping of public utilities has recently boon the
cate, and one duplicate shall bo sent to the Regional Director and tho other
subjoct of correspondence between Secretary of the Treasury
duplicate to th* Director-General.
W . G. McADOO
M cAdoo and President Wilson. This becamo know* on
•
Director-General of Railroads.




884

T H E C H R O N IC LE

Fob. 21, when Secretary M cAdoo made public the corre
spondence. A letter addressed by the latter to the President
disclosed the fact that a committee representing public
utility interests had presented to M r . M cAdoo memoranda
setting forth the apprehension existing regarding the ade
quacy of services and rates of local public utilities and asking
that the matter bo brought to the President’s attention.
Both Secretary M cAdoo and President Wilson agree that
public utilities are a necessary part of the nation’s equipment
for war and the Secretary was authorized by the President
to communicate with local authorities in behalf of utilities
found to need assistance. On Feb. 23 it was made known
consideration of tho financial needs of public utilities would be
given by tho Government at a conference on the 28th between
the Federal Reserve Board’s Capital Issues Committeo and
representatives of State and local commissions having juris
diction over public service corporations. It was stated on
tho 23d that the Secretary had not yet found it necessary to
act on tho President’s suggestion that ho communicate with
local authorities in specific cases where it appeared that
public utilities cases were not being considered as promptly
as appeared necessary. M r . M cAdoo was represented as
hoping that the declaration of the President and himsolf,
that public utilities’ financial health and efficient mainte
nance are essential to tho nation’s welfaro in tho war, would
be sufficient to stimulate public sorvico commissions into
expediting consideration of utilities’ ponding cases without
the necessity of his sending special requests. Tho following
is tho correspondence between Secretary M cAdoo and Presi
dent Wilson:
February 15 1918.
Dear M r. President:— I beg to hand you herewith several memoranda
and letters relating to the street railway and other local public utilities
furnishing light, heat and power, which I have been asked to bring to your
attention by a committeo representing public utility interests.
These papers indicate the existence o f genuino apprehension regarding
the adequacy under present conditions o f the services and rates of local
public utilities. The view is expressed that increased wages and tho high
cost o f essential materials and supplies havo affected them as thoy have
affected everybody else, and that united effort will bo necessary in order
to meet alike tho public requirements for service and tho corporato financial
needs upon which that service depends.
As Secretary o f the Treasury I must take official notice o f these matters.
It is obvious that every part of our industrial and economic life should be
maintained at its maximum strength in order that each may contribute in
the fullest measure to tho vigorous prosecution o f the war. Our local
public utilities must not be permitted to becomo weakened. Tho trans
portation o f workers to and from our vital industries and tho health and
comfort of our citizens in their homes aro dependent upon, and the necessary
power to drive many o f our war industries and many other industries
essential to tho war is produced by them. It may bo that hero and thcro,
because o f the prominence given to less important interests immediately
at hand. State and local authorities do not always appreciate tho close
connection between tho soundness and efficiency o f these local utilities
and the national strength and vigor and do not resort with sufficient
promptness to tho call for remedial measures. In such cases I am confident
that all such State and local authorities will respond promptly to tho na
tional needs when tho matter is fairly and properly brought beforo them.
Our public service utilities are closely connected with and are an essential
part o f our preparations for a successful prosecution o f tho war and tho
unfavorable tendencies which tho accompanying papers reveal may most
effectively bo checked, wherever thoy may bo found to exist, and tho needed
relief chained only by prompt action on tho part o f tho respective local
autln ritt s.
I earnestly hope that you may feel justified in oxpressing the conviction
that the vital part which tho public utilities companies represent in the
life and war-making energy o f tho nation ought to receive fair and just
recognition by State and local authorities.
Cordially yours,
W . G. M cADOO.
The President, the White House.
The White House, Washington, Feb. 19 1918.
M y Dear M r. Secretary:— I havo examined with care tho memoranda and
letters which you transmitted to mo with your letter o f tho 15th. I fully
share tho view you express regarding tho importance o f tho public service
utilities as a part o f our national equipment, especially in wartime. It is
essential that these utilities should bo maintained at their maximum
efficiency and that everything reasonably possiblo should bo done with
that end n v ew. I hope that State and local authorities, where thoy havo
not already dono so, will when the facts are properly laid beforo them
respond promptly to tho necessities o f tho situation.
I shall be glad to have you communicato with tho local authorities when
ever tho information in your possession suggests that such a courso is de
sirable and in tho national Interest.
Cordially yours,
WOODROW WILSON.
Hon. William O. McAdoo, Secretary of the Treasury.

THE GERMAN INVASION OF RUSSIA— ARMISTICE
REFUSED, BOLSHEVIK I PREPARE TO FIGHT.
Tho abject surrender of tho Bolshevik Government to
Germany’s humiliating and disastrous poaco terms having
failed to secure from tho Germans a renewal of tho armistico
or to check the march of Gorman armies into Russia, tho
Bolsheviki seem at last to have decided to fight. Official
dispatches from Potrograd on Fob. 28 reportod that tho
Gorman offensive had been stoppod in tho region of Orsha,
325 miles south of Potrograd. Thousands of armed work
men arriving from Moscow, it was roportod, had dug several




[Vol. 106.

miles of trenches, and a battlo was momentarily expected.
Soviet Commissarios, arriving from many of tho larger
Russian cities, tho dispatches said, demand that a “ holy
war” bo proclaimed against tho Gorman invaders. They
advocated arming tho ontiro population of the country.
Tho District Commissaries who represented Kazan, Kostro
ma, Saratoff, Tsaritsin, Viatka, Uralsk, Maksm an, Voronozcli, Ponsa, Sievka, Pavlograd, Tver, Sobastopol, Irkutsk
and other largo cities protested, it was said, against signing
the German peaco terms. Some of tho smaller cities and
villagos favored tho peaco pact.
American Consul Tredwoll and staff at Potrograd have
left for Vologda, turning ovor tho effects of tho Consulate to
tho Norwegian Consul-General, according to State Depart
ment messages received at Washington on M ar. 1. N o
word had come of Ambassador Francis’s movements.
Although tho Russian Government has announced its
willingness to sign poaco on Germany’s terms, and has dis
patched representatives to Brost-Litovsk for that purpose,
Germany has refuso l to renew tho armistice. Tho Russian
peace delegates at Brest-Litovsk wero informed that hostili
ties would ceaso only whon tho peaco treaty was signed,
according to a Russian official statement received at Lon
don on March 1. Three days were allowed for tho negotia
tions, beginning on March 1. In tho meantimo, General
Hoffman is said to havo ordored his troops at all points to
continue their advanco as rapidly as possiblo. Tho Gorman
report of Feb. 27 details activities at a point north of Dorpat,
157 miles northeast of Riga. In tho Ukraine, Gorman
forces havo made connections with Ukrainian troops and
have passod Zhitomir on thoir way to Kiov. Berlin dis
patches dated March 1 roport that Austro-Hungarian
troops havo also begun an advanco into the Ukraine over
wide sectors north of tho Pruth. Tho movement of AustroHungarian troops, th statement says, was begun in response
to an appeal from tho Ukraine. This is tho first time
Austro-Hungarian troops havo been used in tho now offensive
against Russia, and disposes of tho rumors that Germany and
the Dual Monarchy wero at odds ovor tho Russian policy.
Enormous quantities of supplies of all kinds havo boon cap
tured or gathered up as abandoned by tho fleeing Russian sol
diers. Thousands of prisoners havo boon taken, though some
reports say tho Germans aro not keeping their prisoners, but
merely disarming them and turning them loose. In M insk, oc
cupied on Feb. 21, tho Germans claim to havo capturod 2,000
machine guns and 50,000 riflos. Tho Gormans also claim
that several Esthonian rogimonts havo placed themselves
voluntarily under German command. Tho Gormans seem
to be advancing in comparatively small dotaohmonts, and
to be seizing first those points whoro military stores are
known to havo been concentrated. Tho naval base at Roval,
and D orpat, an important railroad junction, havo beon cap
tured. Pskov, after changing hands sovoral times, is at last
roported to bo in German hands. So far, howevor, there
has apparently beon very little hard fighting. Largo forcos
are said to bo gathering for tho dofonso of Potrograd, but tho
German advance so far has been desribod as more like a
military promonado than tho invasion of a hostile country.
There havo beon wordy proclamations from Potrograd,
calling upon tho peoplo to defend tho “ Socialistic fathorland”
and tho revolution, but from roports at hand it is ovidont
that tho soldiers, at least, simply will not fight. Thoro is
said to bo a stiffor attitude among tho workmen in tho towns,
from whom, if at all, resistance to the Germans must come,
but tho vacillating conduct of tho Bolshovik Govornmont,
in first refusing to sign an “ undemocratic peaco,” and tlion
agreeing to mako poaco on tho most humiliating terms over
offered to a groat nation, seems to havo left tho bulk of the
populaco dazod and bewildered and incapablo of rousing
itself to action. Tho correspondent at Potrograd of tho
London “ Daily N ew s,” writing under date of Feb. 24, said:
Russian troops, almost without oxcoption, havo refused flatly to fight.
A division which was supposed to bo defending Narva has arrived at
Hatchina. Ensign Krylenko protested. They replied thoy did not
intend to fight. Immediately tho first few German troops appeared tho
Russian peasant soldiers, who being peasants, not industrialists, wero
interested merely in tho land question and cared nothing about for the
revolution, started eastward In an uncontrollable way, threatening to sack
ail tho towns on tho way. The Russian army was Germany’s strongest
weapon. In driving it toward Potrograd thoy were driving a herd of stam
peding cattlo which would tramplo down everything in its way. The
revolutionary workmen could havo put up a real fight against tho Germans,
but thoy could do nothing against tho Russian army, which must disappear
beforo tho revolution can begin to create any real military force for itself.
Tho workmon of tho towns aro oagor to fight.

Tho loadors of tho Bolshoviki as lato as Fob. 22 still
professed to boliovo that tho Gorman working classes would
novor permit thoir Govornmont to crush tho Russian rovolu-

M ar . 2 1918.]

T H E C H R O N IC LE

tion. B ut as time passed and the German advance conti
nued, frantic appeals were issued to the Russian people to
defend themselves. One such appeal concluded with the
words:
May tho blood spilled In this unequal strugglo fall on the heads of the
German Socialists, who are allowing tho German workmen to be ranked
among the Cains and Judases.

An official wireless from Petrograd, received at London
on Feb. 27, after announcing that Germany had refused to
grant an armistice, said:
We are prepared to sign their peace of usurpation. We have already
declared this, but there are many indications that tho German Imperialists
do not deslro peace at the present moment, but rather an immediate
strangling o f the workers’ and peasants’ revolution. Resistance to the
German hordes thus becomes tho principal task o f tho revolution— brave,
heroic, obstinato, and pitiless resistance. Every position, every railway
station, every locomotive must be defended. Every possible obstacle
must bo put in the way o f the enemy.
Our greatest strength is in our wide territories. Enemy detachments,
still very small, have occupied Reval and Pskov. Even Petrograd itself,
which Is still far distant, can no way decide the destiny o f tho revolution.
The Government of tho People’s Commissaries can and, if need bo, must
retreat, must gather its forces, and must appeal to tho country to use its
whole strength for tho defenco of the revolution. Should tho threat to
Petrograd increase, the Government will remove to Moscow or any other
city o f Russia.
If Germany’s plundering raid should advance, tho task of the Government
would bo to destroy the possibility of a simultaneous catastrophic decision
by tho Germans. They are attempting to crush tho authority of the
the Councils and aro in search of it on tho routes leading to Petrograd!
Wo will bar these routes by everything we can interpose as obstacles.
This at the moment, is tho principal task o f the heroic Petrograd proletariat
and its revolutionary staff. But, at the samo timo, wo must act in such a
manner that tho German generals may declare they recognizo the authority
of tho Councils, not only in Petrograd, but throughout tho whole country,
north, south, and on both sides of the Urals. Even is they think they can
reach Petrograd by mere military promenade, wo will prove to them that
they will have to disperse themselves all over Russia before they can reach
and crush tho authority of tho Councils.
Will they have adequate forces to carry out such a task if wo defend our
selves heroically? No. They never will have forces enough. Such an enter
prise inevitably will resolve itsolf into an adventure and will fail. Howover deeply they ponotrate Russia, then tho moro surely will they bring
about the outbreak of a revolution in Germany. Patience and firmness is
necessary.
Tho first symptoms of panic created by tho Germans’ plundering raid
have bocomo bygone events- The cowards aro in flight, and have made
room for tho brave, who aro rallying themselves In hundreds and thousands
for the defence of the Socialist fatherland. If peace with the revolution is
not tho aim o f tho German imperialists, they will see the revolution knows
how to defend itsolf.

Just how serious for Russia are the terms which the Bol
shevik leaders profess their willingness to accept is indicated
by a Russian Government statement received by wireless
at London on Fob. 23. This statement quotes a now offer
of peace from Germany, which, it says, was signed by Foroign
Secrotary von Kuehlmann and Lieut-Gen. (name omitted),
Commandor-in-Chief of the Arm y, as follows:
Germany will renew tho peace negotiations and will concludo peace on
the following conditions:
Both to declaro the war ended.
All regions west of the lino indicated at Brest-Litovsk to the Russi&n
delegation, which formerly belonged to Russia, to be no longer under the
territorial protection of Russia. In tho region o f Dvinsk this lino must
be advanced to the eastern frontier o f Courland.
Tho former attachment o f these regions to tho Russian State must in
no case involvo for them obligations toward Russia. Russia renounces
every claim to intervene in tho internal affairs o f those regions. Germany
and Austria-Hungary have the intention to define further tho fate of those
regions, in agreement with their populations.
Germany is ready, after tho completion of Russian demobilization, to
ovacuato tho regions which are east of the above line. So far as it is not
stated otherwise, Livonia and Esthonia must immediately bo cleared of
Russian troops and Red Guards.
Livonia and Esthonia will bo occupied by German police until tho date
when the constitution of tho respective countries shall guarantee their
social security and political order. All inhabitants who were arrested for
political reasons must be released immediately.
Russia will concludo peace with tho Ukrainian People’s Ropublic.
Ukraino and Finland will be immediately ovacuated by Russian troops and
Red Guards.
Russia will do all in its power to secure for Turkoy tho orderly return o'f
its Anatolian frontiers. Russia recognizes the annullation o f tho Turkish
capitulation.
Tho complete demobilization of the Russian Army, inclusive of tho
detachments newly formed by the present Government, must bo carried
out immediately.
Russian warships in the Black Sea, tho Baltic Sea, and the Artie Ocean
must immediately cither bo sent to Russian harbors and kept there until
tho conclusion of peace or be disarmed. Warships o f tho Entente which
aro in tho sphere of Russian authprity must bo regraded as Russian ships.
Merchant navigation o f the Black Sea and Baltic Sea must bo renowed,
as stated in the armistice treaty. The clearing away o f mines is to begin
immediately. Tho blockade of the Artie Ocean is to remain in forco until
the conclusion o f a general peace.
Tho Russo-German commercial treaty of 1914 must be enforced again.
In addition, there must bo a guarantee for tho free export, without tariff,
of ores, and tho immediate commencement of negotiations for tho conclu
sion of a new commercial treaty, with a guarantee o f tho most favored
nation treatment, at least until 1925, even in the caso o f the termination
of tho provisorium, and, finally, the sanctioning o f all clauses corresponding
to paragraph 11, o f classes 3, 4, and 15 (5?) o f tho Ukraine peace treaty.
Legal and political relations are to be regulated in accordance with tho
decision o f tho first version of tho Gcrmano-Russian convention. So far as
action on that decision has not yet been taken, especially with respect to
indemnities for civil damages, this must bo in accordance with tho Gorman
proposal. And there must be indemnification with expenses for war pris
oners, in accordance with tho Russian proposal.




8 85

Russia will permit and support so far as she can German commissions for
war prisoners, civil prisoners, and war refugees.
Russia promises to put an end to every propaganda and agitation, either
on the part of the Government or on tho part of persons supported by the
Government, against members o f tho Quadruple Alliance and their political
and military institutions, even in localities occupied by the Central Powers.
The above conditions must be accepted within 48 hours. The Russian
plenipotentiaries must start immediately for Brest-Litovsk and sign at
that place within three days a peace treaty which must be ratified within
two weeks.

The Ukrainian peace terms referred to above were printed
in the “ Chronicle” of Feb. 16, pages 677 and 678.
The terms outlined above are very different from those
reported from London under date of Feb. 15, and referred
to in these columns last week; according to that report the
payment of an indemnity of $4,000,000,000 was included in
the terms. Other reports, however, made the indemnity
$1,500,000,000. The present terms, according to one es
timate call for the surrender of nearly one-quarter of Russia’s
territory in Europe, inhabited by upwards of 25,000,000
people. This would be additional to the loss of the Ukrai/ie,
and would involve for Russia the loss of practically all her
seacoast on both the Baltic and the Black Seas and most
of her principal seaports. Moreover, as Russia’s industrial
development was centred very largely in the Baltic provinces
and in Poland, what was left of that once mighty empire
would in all probability become a mere economic dependency
of Germany. The very harshness of these terms is expected
in some quarters to be the means of consolidating Russian
sentiment to resist the invaders. A special correspondent
writing to the York “ Times” from Petrograd under date of
Feb. 25 said:
Both the Petrograd and Moscow committees of tho Bolsheviki were
opposed to signing peace. I do not think any ono can suppose Russia
cease to count as a factor in the war. The terms imposed by Germany are
such that no country, whether capitalist or Socialist, can livo under them.
They are such as to force Russia once more into the war. Many of the
conditions Russia will actually be unable to keep. Germany has added to
her superficial area some of the most revolutionary material in Russia.
Sho will be compelled to waste numbers of men in keeping quiet Polish.
Estlionian, Lettish, and Lithuanian unrest, all of which finds sympathy
in Germany. It should be remembered that this week’s catastrophe
coincides with the triumph of the revolution throughout Russia. The
Cossacks’ Rada and all anti-Soviet movements have been suppressed by
tho revolutionary warfare. When once the army is got rid o f, whether
they will or not, the Soviets will find themselves waging war against
Germany.

Dispatehos from Petrograd on Feb. 22 reported that the
Bolshevik Government had formally recognized the in
dependence of Finland. Whether this means that Russian
support will be withdrawn from the revolutionists who are
striving to overthrow the Finish Government and set up a
Socialist republic, was not stated. A German vessel with
1,200 Finnish soldiers who had served in tho German army
and a large quantity of arms and supplies were landed at
Vasa during the week to assist the Finnish Government
against the revolutionists.
The probable fate of the Russian fleet is attracting much
attention in Entente countries. From present outlook,
if Germany continues her advance into Russia, nothing
short of a miracle can prevent Cronstadt and Helsingfors
from following Reval into German control. Deprived of
its base, the Russian fleet may even be captured intact by
the Germans; in any event it must be counted as definitely
out of the war, and the Allied naval problem made propor
tionately more difficult.

CHANCELLOR VON HERTLING ADDRESSES THE
REICH STAG ON GERMANY'S FOREIGN RELATIONS
Chancellor von Hertling on Fob. 25 again addressed the
German Reichstag on the subject of foreign relations, setting
forth in detail Germany’s proposals in regard to conquered
Russian territory and explaining the attitude of his Govern
ment toward the four peace principles which President
Wilson, in his message to Congress on Feb. 11, said must
be agreed to before general discussion of peace could be en
tered upon. The German Chancellor accepted President
Wilson’s proposals “ in principle,” and agreed that “ a general
peace on such a basis is discussible.”
“ Only one reserva
tion is to be m ade,” lie said. “ These principles must not
be proposed by the President of the United States alone,
but they must also be recognized definitely by all States
and nations.” Chancellor von Hertling, however, expressed
the opinion that President Wilson, “ who reproaches the
German Chancellor with a certain amount of backward
ness, seems to me in ids flight of ideas to have hurried far
in advance of existing realities.” He asserted that “ there
is no trace of a similar state of mind on the part of the lead
ing Powers in the Entente,” and that England’s war aims,
as recently expressed in Lloyd George’s speeches, “ are still
thoroughly imperialistic.”

886

T H E C H R O N IC LE

The new war on Russia, the Chancellor declared, was
“ solely to safeguard the fruits of our peace with Ukrai no,”
and aims of conquest “ were in no way a determining factor.”
Germany does not, he asserted, intond to establish herself
in Esthonia or Livonia. “ In Courland and Lithuania our
chief object is to create organs of self-determination and self
administration.” As to making peace with Russia, he said:
N o w s w as rec e iv e d y e s te r d a y t h a t P e tro g r a d h a d a c c e p te d o u r co n d itio n s
a n d h a d sen t its rep resen ta tiv e s t o B r e s t-L ito v s k fo r fu rth e r n e g o tia tio n s.
A c c o r d in g ly ou r d elega tes tra v e le d th ith e r last e v e n in g .
I t is possib le
th a t th ere will still b o d is p u te a b o u t th e d e ta ils, b u t th o m a in th in g has
beon a c h ie v e d . T h e will t o p e a co has be e n o xp rcss ly a n n o u n ce d fr o m th e
R u ssia n s id e , w h ile th e c o n d itio n s lia v o been a c c e p te d an d th e con clu sio n
o f p e a co m u st en sue w ith in a v e r y s h o rt tim e .

Significant, however, in view of tho continued German
advance into Russia, was tho Chancellor’s romark: “ Our
military action has produced a success far exceeding the
original aim .”
For Poland the Chancellor promised “ an independent
State, which in unrestricted development of its national
culture, shall at the same time becomo a pillar of peace in
Europe,” and in regard to tho boundaries of the new Polish
State ho declared that “ only what is indispensable on mili
tary grounds will be demanded on Germany’s part.”
The full text of Chancellor von Ilertling’s address was
as follows:
T h e R e ic h s ta g has a rig h t t o re c e iv e an e x p la n a to ry s ta te m e n t in regard
t o th o foreig n s itu a tion a n d th e a ttitu d e o f th o G o v e rn m e n t co n ce rn in g it.
I will m eet th o o b lig a tio n arisin g th e re fro m , e v e n th o u g h I e n torta in certain
d o u b t s as t o th o u t ilit y a n d su ccess o f d ialog u es ca rried o n b y M in is te rs
a n d s ta tesm en o f bellig eren t co u n trie s.
M r . Itu n cim a n in th o H ou s e o f C o m m o n s re c e n tly expressed th o op in io n
th a t w o w o u ld g e t m u cli nearer p e a ce if, in stea d o f th is, re sp o n sib le repre
sen ta tiv es o f th o b ellig eren t p o w e rs w o u ld c o m o to g e th o r in an in tim a te
m eetin g fo r d iscu ssion . I ca n o n ly agree w ith h im th a t th a t w o u ld b o th e
w a y t o r e m o v o n u m erou s in te n tio n a l a n d u n in te n tio n a l m isu n d ersta n d in g s
a n d c o m p e l ou r enem ies t o ta k e o u r w ord s as th e y are m e a n t, a n d o n th eir
p a rt a lso t o s h o w th eir c o lo rs .
I c a n n o t a t a n y ra te d is c o v e r th a t th o w o rd s w h ic h I s p o k e hero on t w o
occ a s io n s w ere re c e iv e d in h o stilo co u n trie s o b je c t iv e ly a n d w ith o u t p re ju 
d ic e . M o r e o v e r , d iscu ssion in an in tim a te g a th e rin g a lo n o cb u ld lead t o
u n d ersta n d in g o n m a n y in d iv id u a l q u e s tio n s w h ic h ca n re a lly b o se ttle d
o n ly b y co m p ro m ise .
I t has b een r ep ea ted ly said th a t w o d o n o t co n te m p la te re ta in in g B e lg iu m ,
b u t th a t w o m u st b o safeg u a rd e d fr o m th e d a n ger o f a c o u n t r y w ith w h ich
w o deslro a fte r th o w ar t o live in p e a co a n d frie n d sh ip b e c o m in g th o o b je c t
o r th e ju m p in g o f f gr o u n d o f e n e m y m a c h in a tio n s. I f, th e re fo re , a p ro 
p osa l ca m o fr o m th o o p p o s in g s id e , fo r e x a m p le , fr o m th o G o v e rn m e n t in
H a v r e , w o sh ou ld n o t a d o p t an a n ta g o n is tic a ttitu d o , ovo n th o u g h th o
d iscu ssion a t first m ig h t b e u n b in d in g .
M e a n w h ile it d oes n o t a p p e a r as i f M r . R u n c im a n ’s su gg e stio n has a
ch a n c e o f assum ing ta n g ib lo sh a p e , a n d I m u st a d h ero t o th o existin g
m e th o d s o f d la log u o a cross th o ch an nel a n d o ce a n .
A d o p t in g this m e th o d , I r e a d ily a d m it th a t P resid en t W ils o n ’s m essage
o f F e b ru a ry 11 represents p e rh a p s a sm all s te p to w a rd a m u tu a l ra p p ro ch e 
m e n t.
I th erefore pass o v e r th e p re lim in ary a n d ex c e ss iv e ly lo n g d e cla ra 
tion s in ord e r t o a ddress m y s e lf im m e d ia te ly t o th o fo u r p rin c ip le s w h ich
in M r . W ils o n ’s o p in io n m u st b o a p p lie d in a m u tu a l e xch a n g e o f v ie w s.
T lie firs t clau se says th a t e a ch p a rt o f th o fin al se ttle m e n t m u s t b o based
u p o n tlie essential ju s t ic o o f th a t p a rtic u la r case a n d u p o n s u ch a d ju s tm e n ts
as aro m o s t lik ely t o b rin g a p e a ce th a t will b o p e rm a n e n t.
W h o w o u ld c o n tr a d ic t t h is ?
T h o ph rase c o in e d b y th o great fa th e r o f
th o C h u r ch , A u g u stin , fifte e n h u n d re d ye a rs a go — “ Ju stltia fu n da m e n tu m
r e g n o r u m " — is still v a lid t o -d a y . C e rta in it is th a t o n ly p e a co based in
all its p a rts o n th o p rin cip le s o f ju s tic o has a p ro s p e ct o f cn d u ra n co .
T h o s e co n d clau se expresses th e desire th a t p e o p le s a n d p ro v in ce s shall
n o t b o b artered a b o u t fro m s o v e r e ig n ty t o s o v e r e ig n ty as i f they1w ore m ere
ch a tto is a n d paw n s in a g a m o , o v o n th o great g a m e , n o w fo ro v e r d isc re d ite d ,
o f th o bala n co o f p ow er .
T h is cla u s o, t o o , ca n b e u n c o n d itio n a lly asson ted t o .
In d e e d o n e w o n 
ders th a t th o P resid en t o f th o U n ite d S tates c o n sid e re d it n ecessary to em 
p h a size it a n ew . T h is clau so c o n ta in s a p o le m ic a ga in st co n d itio n s lo n g
v a n is h e d , view * aga in st C a b in e t p o litic s an d C a b in e t w ars, a ga in st m ixin g
S ta te t e rrito ry a n d p rin c e ly a n d p riv a to p r o p e r t y , w h ich b e lo n g t o a past
th a t is fa r b eh in d us.
I d o n o t w a n t t o b o d isc o u rte o u s , b u t w h en o n e rem em bers th o earlier
u ttera n ces o f P resid en t W ils o n o n e m ig h t th in k th a t lie is la b o r in g under
th o illu sion th a t th oro exists in G e r m a n y an a n tag o n ism b e tw e e n an a u 
t o c r a t ic G o v e rn m e n t a n d a m ass o f p e o p le w ith o u t righ ts.
A n d y e t P resid en t W ils o n k n o w s — a s, a t a n y ra to , th e G e rm a n ed itio n
o f his b o o k o n “ T h e S ta te ” p ro v e s — G erm a n p o litic a l lite ratu ro , a n d ho
k n ow s th erefore th a t w ith us P rin ce s a n d G o v e rn m e n ts aro th e high est
m om b ers o f the n a tion as a w h o le , o rg a n ize d in th o fo r m o f a S ta te , tho
h ig h est m em b ers, w ith w h o m th e fin a l d e cis io n lies. B u t seein g th a t th e y
a lso as th o su p rem o organ s b e lo n g t o th o w h o le th e d e cis io n Is o f such a
n a tu ro th a t o n ly th o w elfa ro o f th o w h o le is th o g u id in g lino fo r a decision
t o b e ta k e n . I t m a y b o useful exp ressly t o p o in t this o u t t o P resid en t
W ils o n ’s co u n try m e n .
T h e n fin a lly a t th e clo s o o f th o s e co n d clau so th o ga m o o f th o b ala n co o f
p o w e r is d ecla red t o bo fo r e v e r d is c r e d ite d . W o , t o o , ca n o n ly g la d ly a p 
p la u d . A s 1* w ell k n o w n , it w a s E n gla n d w h ic h in v o n te d th o p rin c ip le o f
th o m ain ton an co o f th o b a la n ce o f p o w e r in o rd e r es p e c ia lly t o a p p ly it
w h en o n e o f th e S tates o n th o E u ro p e a n C o n tin e n t th re a te n e d t o b o co m e
t o o p o w e r fu l fo r her. I t w as o n ly a n o th e r exp ression f o r E n g la n d 's d o m i
n a tio n .
T h e th ird clau se, a c c o r d in g t o w h ic h e v e r y te rrito ria l se ttle m e n t in v o lv e d
in th is w ar m ust b o m ad e in th e in terest a n d fo r th o b e n e fit o f th e p o p u la 
tion s c o n ce rn e d , a n d n o t as p a rt o f a n y m ere a d ju s tm e n t o r co m p ro m ise
o f cla im s a m o n g riv al S ta tes, is th e o n ly a p p lic a tio n o f th o fo r e g o in g in a
d e fin ite d ir e c tio n , o r a d e d u c tio n fr o m it , a n d is th e re fo re in clu d e d in the
assen t g iv e n t o th a t clau so.
N o w , in th o fo u r th clau so h e d e m a n d s th a t all w o ll-d e fin e d national
a sp ira tion s shall b o a c c o r d e d th o u tm o st s a tisfa ctio n th a t ca n bo a cco r d e d
thorn w ith o u t in tro d u c in g now o r p e rp e tu a tin g o ld elem en ts o f d isc o rd an d
a n ta g on is m th at w o u ld bo lik e ly in tim e t o b re a k th o p o a co o f E u ro p o , and
co n s e q u e n tly o f th o w o r ld .
H e ro , a lso , I ca n g iv e assent in p rin c ip le , and I
d e cla re , th erefore, w ith P resid e n t W ils o n , th a t a gen eral p o a co o n su ch a
basis is discu ssa ble.




[Vol . 106.

O n ly o n o re s e rv a tio n is t o b o m a d e . T h e s o p rin cip le s m u st n o t b o p r o 
p o se d b y th o P ro sid o n t o f th e U n ite d S tates a lo n o , b u t th o y m u st a lso b e
re c o g n iz e d d e fin ite ly b y all S tates a n d n a tio n s.
P re sid e n t W ils o n , w h o
re p ro a ch e s th e G e rm a n C h a n ce llo r w ith a certa in a m o u n t o f b ack w a rd n ess,
seem s t o m e in his flig h t o f ideas t o h a v e hu rried fa r in a d v a n c o o f existin g
realities.
C e rta in ly a L e a gu o o f N a tio n s , e re c te d u p o n ju s tico a n d m u tu a l u n solfish a p p re cia tio n , a c o n d it io n o f h u m a n ity in w h ic h w a r, to g e th o r w ith
all th a t rem ain s o f th o earliest b arba rism , sh o u ld h a v o c o m p le te ly d isa p 
p ea red a n d in w h ic h th ere sh o u ld be n o b lo o d y sa c rific e s, n o s e lf-m u tila tio n
o f p e o p le s, n o d e stru ctio n o f la b o r io u sly a cq u ire d cu ltu r a l va lu e s— th a t
w o u ld b o an a im d e v o u tly t o bo d esired.
B u t th a t a im has n o t y e t be e n re a ch e d . T h o ro d o c s n o t y e t e xist a
c o u r t o f a r b itra tio n sot u p b y all n ation s fo r th o s a fe g u a rd in g o f p e a ce in
th e n am o o f ju s t ic e . ‘W hen P resid en t W ils o n in cid e n ta lly says th a t th e
G e rm a n C h a n ce llo r is s p e a k in g t o th o co u r t o f th o e n tiro w o r ld . I m u s t, as
th in gs sta n d t o -d a y , in th o n am o o f th e G erm a n E m p lro a n d hor allies, d o clin o th is c o u r t as p r e ju d ice d , jo y fu lly as I w o u ld greot it, if an im p a rtia l
co u r t o f a rb itra tio n o x isted a n d g la d ly as I w o u ld c o -o p c r a t o t o realize
s u ch ideals.
U n fo r tu n a te ly , h o w o v e r , th e re is n o tra co o f a sim ilar s ta te o f m in d on
th o p a rt o f th e le a d in g po w e rs in th e e n to n to . E n g la n d ’s w a r a im s , as
r e c e n tly expressed in L lo y d G e o r g e ’s s peech es, aro still th o r o u g h ly im 
p e ria lis tic a n d w a n t t o im p o s e o n tho w o rld a p o a co a c c o r d in g t o E n g la n d ’s
g o o d p leasu re. W h e n E n g la n d talk s a b o u t p e o p le s ’ righ ts o f s o lf-d o to rm in a tlo n , she d o e s n o t th in k o f a p p ly in g th e p rin cip le t o Iro la n d , E g y p t
o r In d ia .
O u r w ar a im s fr o m th o b eg in n in g w ero th o defon so o f th o F a th o rla n d , th e
m a in to n a n co o f o u r territoria l In te grity , a n d th o fre e d o m o f o u r e c o n o m ic
d e v e lo p m e n t.
O u r w a rfa re, o v e n w h ero It m u st bo aggressivo in a c t io n , is
d e fe n s ive in a im .
I la y e special stress u p o n th a t ju s t n o w in o rd e r th a t n o
m isu n d ersta n d in g s shall arise a b o u t o u r o p e ra tio n in th o ea st.
A fte r th o b re a k in g o f f o f p e a ce n e g o tia tio n s b y th o R u ssia n d e le g a tio n on
F e b . 10 w e h a d a free h a n d as a ga in st R u s sia . T h o s o le atm o f th o a d v a n ce
o f o u r t r o o p s w h ic h w a s se ve n d a y s a fte r th o r u p tu r o , w as t o s a fe
gu ard th o fru its o f o u r p e a co w ith U k rain e. A im s o f co n q u e s t w ore in n o
w a y a d e te rm in in g fa c t o r .
W o w ero s tren gth en ed in this b y th o U k ra in 
ia n s ’ a p p e a l fo r s u p p o rt in b rin g in g a b o u t o rd e r in their y o u n g S ta to a ga in st
th o d istu rba n ce s carried o u t b y th e B o ls h e v ik i.
I f fu rth er m ilita ry o p e ra tio n s in o th e r region s h a v o tak en p la c o , th o sam e
a p p lie s t o th e m . T h e y in n o w a y a im a t c o n q u e s t. T h o y aro s o lo ly ta k 
in g p la c o a t th o urgon t a p p e als a n d rep resen ta tion s o f th o p o p u la tio n s for
p r o t e c t io n aga in st a tr o citie s a n d d e v a s ta tio n b y ro d gu ards a n d o th er
h a n d s. T h o y h a v o , th e re fo re , be o n u n d e rta k e n in th o n a m o o f h u m a n ity .
T h o y aro m easures o f assistan ce, a n d h a v o n o o th e r c h a r a c te r .
I t is a
q u e s tio n o f cre a tin g p e a co a n d o rd e r in th o interest o f p e a co a b lo p o p u la 
tio n s.
W e d o n o t in to n d t o esta b lish o u rse lve s , fo r o xa m p lo , in E sth o n ia o r L i
v o n ia .
In C o u rla n d a n d L ith u a n ia o u r c h ie f o b je c t is t o cr o a to org an s o f
s e lf-d e te rm in a tio n and s e lf-a d m in is tra tio n .
O u r m ilita ry a c tio n , h o w o v e r ,
has p r o d u c e d a su ccess fa r ex c e e d in g th o origin al a im .
N e w s w as re ce iv e d y e s te rd a y th a t I’ o tro g r a d h a d a c c e p te d o u r c o n d itio n s
a n d h a d sen t its rep resen ta tiv es t o B r e s t-L ito v s k fo r fu rth e r n e g o tia tio n s.
A c c o r d in g ly , o u r de le ga te s tra v e lle d th ith e r last e v e n in g . I t is p o ssib le
th a t thero will still b o d isp u te .about th e d e tails, b u t th o m a in th in g has
, been a c h ie v e d . T h o w ill t o p e a co h as been oxp ressly a n n o u n ce d fr o m th e
R ussian s id e , w h ilo th e c o n d itio n s h a v o beon a c c e p te d a n d th o co n clu sio n
o f p e a co m u st ensue w ith in a v e r y s h o rt tim e .
T o safeg u a rd th o fru its o f o u r p e a ce w ith U kraine, o u r a r m y co m m a n d
d re w th o sw o rd .
P e a ce w ith R ussia will b o th o h a p p y resu lt.
P e a co n e g o tia tio n s w ith R u m a n ia b e ga n a t B u ch are st y e s te r d a y . I t a p 
p ea red n ecessary th a t S e cre ta ry v o n K u h lm a n n sh o u ld b o p reson t th ere
d u rin g th o firs t d a y s w h en th e fo u n d a tio n s w ero la id . N o w , h o w o v e r , he
w ill p re su m ab ly s o o n g o t o B r e s t-L ito v s k . I t is t o b e rem em bered re g a r d 
in g n e g o tia tio n s w ith R u m a n ia th a t w o aro n o t ta k in g p a rt in th e m a lo n e ,
a n d aro u n d er o b lig a tio n t o c h a m p io n th o interests o f o u r allies. A u s tria H u n g a ry , B u lga ria , a n d T u r k o y , a n d t o see t o it th a t a co m p r o m is e is a r 
ranged thero reg ard in g a n y d iv e rg e n t desires th a t will p o s s ib ly g iv e riso t o
these d iffic u ltie s w ill bo o v e r c o m e .
W ith rogard t o R u m a n ia , t o o , th o g u id in g p rin cip le w ill b o th a t w o m u s t,
a n d desire t o , c o n v e r t in to frien d s th o S tates w ith w h ic h o n th o basis o f th e
su ccess o f o u r a r m y w e n o w c o n c lu d e p e a co .
I will s a y a w o rd reg ard in g P o la n d , In b e h a lf o f w h ich th o E n to n to and
P re sid e n t W ils o n h a v o re c o n tly a p p eared s p e c ia lly t o in terest th e in so lv es,
as a c o u n t r y liberated fr o m o p p re s siv e in d o p o n d o n co o n C za rist R u s s ia
b y th o u n ite d fo r c e s o f G e r m a n y a n d A u s tria -H u n g a ry , fo r th o p u rp os e
o f e s ta b lish in g an in d e p e n d e n t S ta to , w h ic h , in u n restricted d o v o lo p m o n t o f
its n a tion a l cu ltu r e , shall a t tho saino tim e b o co m e a p illa r o f p e a ce in
E u ro p o .
T h o c o n s titu tio n a l p r o b le m — in th o n arrow er sonso th o q u e s tio n w h at
co n s titu tio n th o n ew S ta to sh all r e c e iv e — c o u ld n o t, as is oa sily u n d e rsto o d ,
bo im m e d ia te ly d e c id e d , and is still in th o stago o f e xh a u stive d iscussions
b e tw e e n th o th ree co u n trie s c o n ce rn e d .
A fresh d iffic u lty has bo o n a d d ed
t o th o m a n y d iffic u ltie s w h ic h h a v o in this c o n n e c tio n t o bo o v o r c o m o ,
d iffic u ltie s esp e cially in th e e co n o m ic d o m a in in co n so q u o n c o o f th o c o lla p so o f o ld R u ssia . T h is d iffic u lty results fro m th o d e lim ita tio n o f the
fro n tie r b o tw e e n th e now S ta to a n d a d ja c e n t R u ssia n te rrito ry . F o r this
reason th o now s o f p o a co w ith th o U k ra in e a t first e v o k e d gro a t unoasinoss
in P o la n d .
I h o p o , h o w o v e r , th a t w ith g o o d -w ill a n d p ro p e r regard to
th o eth n o g ra p h ica l c o n d itio n s a co m p ro m is e o n th o cla im s will b o re a ch ed .
T h o a n n o u n ce d in te n tio n t o m ak e a serious a tte m p t in this d ir e c tio n has
g r e a tly ca lm e d P o lish circle s.
In th o reg u la tio n o f the fro n tie r q u e s tio n o n ly w h at Is in d isp on sa b lo on
m ilita ry g ro u n d s w ill b o d e m a n d e d o n G e r m a n y ’s p a rt.
T h o E n to n to is fig h tin g fo r th o a cq u isitio n o f p o rtio n s o f A u s tr o -H u n 
garian te rrito ry b y I t a ly a n d fo r th o so ve ra n co o f P a le stin e , S y ria , a n d
A ra b ia fr o m th e T u rk ish E m p lro .
'
E n g la n d has p a rtic u la r ly ca s t an e y e o n p o rtio n s o f T u r k ish t e r r ito r y .
Sho has s u d d e n ly d is c o v e re d an a ffe c tio n fo r tho A ra b ia n s a n d slio h op es
b y u tiliz in g th o A ra bia n s t o a n n e x fresh territories t o th o B ritish E m p ire ,
p erh a p s b y th o cr e a tio n o f a p r o te c to r a te d e p e n d e n t u p o n B ritish d o m in a 
t io n .
T h a t th e co lo n ia l w ars o f E n gla n d a ro d ire cte d a t in creasin g a n d r o u n d 
in g o u t th o e n o rm o u s B ritish possession s, p a rtic u la r ly in A fr ic a , has boen
re p e a te d ly s ta te d b y B ritish s ta te sm e n .
In th o fa c e o f th is p o lic y E n to n to s ta tesm en d a re t o rep resen t G e rm a n y
as th o d istu r b e r o f p e a ce , w h o , in th o in terest o f w o r ld p e a co , m u st b o c o n 
fin e d w ith in th o n arrow est b o u n d s . B y a sys te m o f lies an d ca lu m n y th o y
e n d o a v o r t o in stig ate th eir o w n p o o p lo a n d n eu tral c o u n trie s a ga in s t the
C e n tra l P o w e rs anti t o d istu r b n eu tral co u n trie s w ith th o s p e c tr e o f th o v i o 
la tio n o f n e u tra lity b y G e r m a n y .
R e g a rd in g th o in trigu es re c o n tly ca rrie d o n in S w itzerla n d w o n ev er
th o u g h t, n o r w ill w e t h in k , o f assailing Sw iss n e u tr a lly . W o are m u ch in 
d e b te d t o S w itzerla n d .
W o express g r a titu d e to h e r, H o lla n d , th o S can 
d in a v ia n co u n trie s a n d S pa in , w h ich b y h e r g e o g ra p h ica l p o a itlo n Is ex

M ar. 2 1918.]

T H E C H R O N IC LE

p o se d t o especial d iffic u ltie s , a n d n o less t o th e e x tra -E u ro p e a n co u n trie s
w h ic h h a v o n o t en tered th o w a r, fo r th eir m a n ly a ttitu d o in th a t, d e sp ite
all te m p ta tio n s a n d op p re s sio n s , t h e y p roservo th eir n e u tr a lity .
T h e w or ld yea rn s fo r p e a ce a n d desires n o th in g m o r e th a n th a t th o s u f
ferin gs o f w a r u n d er w h ic h it g ro an s s h o u ld co m e t o an e n d . B u t th e G o v 
ern m en ts o f th e en em y S ta tes c o n tr iv e e v e r a n ew t o stir th e w a r fu r y a m o n g
th eir p e o p le s. A co n tin u a tio n o f th e w ar t o th o u tm o st w a s, s o fa r as has
tra n spired, th e m o s t rec e n t w a tc h w o r d issued b y th o co n fe r e n c e o f V e r
sailles, a n d in th o E n g lis h P re m ie r’s s p e e c h e s -It a gain fin d s lo u d e c h o .
T h ere a r e , h o w e v e r , o th e r v o ic e s t o b e h eard in E n g la n d ; it is t o b e h o p e d
th a t th ese v o ic e s w ill m u tlip ly .
O u r p e o p le w ill h o ld o u t fu r th e r, b u t th o b lo o d o f th e fa lle n , t h e a gon ies
o f th o m u tila te d a n d th e distress an d su fferin gs o f th o p e o p le s w ill fa ll on
th e hea d s o f th o s e w h o in s is te n tly refu se t o listen t o th o v o ic e o f re a s o n a n d
h u m a n ity .

GERMAN

SOCIALIST LEADER OPPOSES
MEN T'S RUSSIAN POLICY.

GOVERN

In the debate in the German Reichstag on Chancellor
von Hertling’s speech on foreign relations, Phillip Scheidemann, leader of the majority Socialists, strongly criticized
the Government’s policy toward Russia, saying “ tho Gov
ernment’s policy toward Russia is not ours,” and insisting
that the Government must remain ready for real peace by
understanding. A dispatch from Amsterdam on Feb. 27
quoted Scheidemann as follows:
W o fo u g h t f o r th o d e fe n s e o f th o F a th erla n d against b a rba rism and
a g a in s t th e E n t e n t e ’s p la n s o f co n q u e s t. W o d id n o t , h o w e v e r, fig h t fo r
th e d is m e m b e r m e n t o f R u s sia o r th o su b ju g a tio n o f B e lg iu m . T h e G o v 
e r n m e n t ’s p o l ic y to w a rd R u s sia Is n o t o u rs.
T r u e , th e B o ls h e v ik ! p la y e d Into th e h a n d s o f all d isin tegratin g te n d e n 
c ie s in R u s s ia , b u t w e d o n o t d esiro a p e a ce w ith th e E n te n te like th a t
w h ic h is b e in g co n c lu d e d w ith R u s sia . T h o G o v e r n m e n t m u s t rem ain
r e a d y fo r rea l p e a c e b y u n d ersta n d in g .
T h o in d e p e n d e n c e o f B e lg iu m m u s t b e se cu re d , and th o F le m in gs an d
W a llo o n s m u s t s e tt lo th e ir d iffe re n ce s a m o n g th e m se lv e s . W e d o n o
d esiro th e h u m ilia tio n o f th e e n e m y o r p e a c e b y fo r c e .

Discussing the recent strikes, Herr Scheidomann said that
they were to bo attributed to food difficulties, uneasiness
over the machinations of politicians, and delay in the fran
chise reform. There were no traitorous objects, ho de
clared, for at the time there was an abundanco of munitions
on himd, and the coal scarcity necessitated holiday shifts.
The strike, ho said, was a demonstration in favor of peace,
freedom, and bread.
Rocont developments seem to indicate that the Radical
Socialist movomont in Germany, the growing strength of
which was shown by the persistency of the political strike
in January and February, is also gaining ground among
the political leaders of German Social Democracy, accord
ing to information received by the Associated Press. The
little group of Radical Socialists in the Reichstag under the
leadership of Ilasse, Lodebour and Bernstein, who split off
from the caucus organization of tho regular or Scheidomann
Socialists on the issue of voting funds for the war and formed
an independent organization, has now grown by continued
defections from the moderato wing to a strength entitling
it to a second member on the principal Reichstag com
mittees. Tho additional representation is gained at tho
expense of the regular Socialist organization, which at the
beginning of the war was tho largest party in tho Reichstag,
but which has now fallen to second rank behind the Catholic
Centro. Four Socialist members of the Reichstag, Brandes, D r. Erdmann, Huettmaun, and Jaeckol, went over to
tho Radicals at the beginning of tho year. Recont elections
at Loipzig brought eighteen Radical Socialists into the City
Council. Tho regular Socialists secured only six places,
according to tho Associated Press.

INTER-ALLIED LABOR CONFERENCE ACCEPTS A I M S
RECENTLY OUTLINED BY BRITISH WORKERS.
Tho Inter-Alliod Labor Conference which ended its sessions
at London on Feb. 23 endorsed tho war aims adopted by tho
British labor movement on D ec. 28 and took stops to call an
international conference at an early date, to include repre
sentatives of both tho labor and Socialist movements. The
program of tho British labor movement roferred to was out
lined in those columns on Jan. 5, on page 42. Tho program
adopted by tho Inter-Allied Labor Conference corresponds
in general to tho declarations of President Wilson and Premier
Lloyd George, and has tho support of tho Socialist and Labor
parties of England, France, Italy, Belgium, Portugal, Ru
mania and South Africa. Tho Social Revolutionary, or
Minimalist, Russians telographed an endorsement of British
labor’s war aims, but added that thoy had been prevented
from sending delegates to London bocauso Leon Trotzky,
tho Bolshevik Foroign Minister, had refusod passports.
Speaking at a luncheon given in honor of the foreign dele
gates, Arthur Henderson, former Labor member of tho Brit
ish Cabinot, declared that the peace aimed at was a poace of




887

the peoples, and that the people must stand behind it, and
he added that labor was prepared to go on with the war until
all the conditions insisted upon for a permanent peace were
met. M r . Henderson further said that as a result of the pre
liminary conference at Paris and the present conference at
London, the decision arrived at by British labor on D ec. 28,
regarding peace, had in substance been accepted by Allied
labor, and outlined those terms as follows:
T h e s e p ro p o s a ls , in s h o r t, s ta n d fo r th e e s ta b lish m en t o f a lea gu e o f n a 
tion s o n a fir m b asis, p r o v id e d th a t all th o p e o p le s o f all th e co u n trie s asso
c ia te d w ith s u ch a league insist u p o n in tern a tion a l c o -o p e r a t io n fo r d isa rm a 
m e n t a n d fo r th e p re v e n tio n o f fu tu r e w a rfa re . B y a d o p tin g th ese view s
th o c o n fe r e n c e has d e cla re d fo r th e a b s o lu te fre e d o m a n d in te g r ity o f B el
g iu m , S e rb ia , R u m a n ia a n d M o n te n e g r o , a n d th a t e v e r y te rrito ria l ch a n g e
sh a ll, s o fa r as w e are c o n c e r n e d , b e based m a in ly o n ju s t ic e a n d r ig h t, th u s
m a k in g fo r t h e p e rm a n e n cy o f a w o r ld p e a ce .
T h o s o are o u r a im s , a n d , I m a y s a y , o u r irre d u cible m in im u m , a n d as
s o o n as t h e y are s e cu re d w e desire t o e n te r in t o th e fu lle s t in tern a tion a l
in te rco u rse w ith all th e n a tio n s o f th e w o r ld .
W e re p u d ia te a n y a n d e v e r y a tte m p t t o in s titu te an e c o n o m ic b o y c o t t ,
o r b r in g a b o u t th e e c o n o m ic iso la tio n o f G e r m a n y . W e a im a t se cu rin g a
p e a ce o f th e p e o p le s, b u t th e p e o p le s th em selves m u s t b e th e g u a ra n tors.
O n th ese co n d itio n s n o t o n ly are w e p re p a re d t o ca r r y o n t h e w a r, b u t t o see
t o it th a t w e shall se cu re a ju s t p e a ce .
W o are c o n v in c e d th is w o r ld c o n flic t ca n o n ly b e e n d e d in o n e o f tlfie e
w a y s — th e a b s o lu te p re d o m in a n ce o f all m ilita rism , th e e x h a u stio n o f all
th e co m b a ta n ts , o r b y c o n c ilia tio n . W e b e lie v e t h a t s o o n e r o r la ter th e
last o f these m e th o d s m u st b e resorted t o b y all th o b e llig e re n ts.

M r . Henderson described as “ foolish talk” the statements
that British labor and British Socialism were only concerned
in holding out the olive branch to the enemy, saying:
N o th in g is fu r th e r fro m th e f a c t . W e are w illin g t o n e g o tia te w ith th e
e n e m y , b u t n o t w ith an o liv e b ra n ch in o u r h a n d s w h ile h e c lu tch e s a sw ord
in b o th o f h is . N o . W e lo o k in to th e fu tu r e a n d reg ard t h e p r o b le m w ith
all seriousn ess a n d th e im p o r ta n c e it d e m a n d s. B o t h sid es m u s t b e p re
p a re d t o a c c e p t a s o lu tio n w h ic h w ill h a v e fo r its m ain o b je c t th e d e stru c
tio n o f m ilita rism .

Albert Thomas, the French delegate, and former Minister
of Munitions in the French Cabinet, declared:
T h e w ar a im s as o u tlin e d are th e a b s o lu te m in im u m w h ic h w e w ill a c c e p t ,
a n d i f a n y b o d y tries t o fo is t o n a s a p e a ce n o t e m b o d y in g th ese te rm s, it
w ill m ean a r e v o lu tio n w h ic h w ill n o t h a lt un til ju s tic e h a s b e e n s e cu red ,
e v e n i f th a t tak es fifte e n yea rs.

James Ramsay Macdonald, Socialist and Labor member of
Parliament, said that the next step of labor and Socialism
would be to bring the matter before the German and Austrian
peoples themselves.
The American Federation of Labor having refused, in a
message sent by President Samuel Gompers, to send delegates
to the London conference, the conference voted to send five
delegates to the United States “ for the purpose of conferring
with representatives of the American democracy on the war
situation. The delegation will be headed by Camille Huysmans, Secretary of the International Socialist Bureau, the
others being selected by the French, British, Italian and Bel
gian Socialists, respectively.
The message referred to from M r. Gompers read:
A ll aro a d v ise d th a t a n y p erson presu m in g t o rep resen t A m e r ic a n la bor
a t y o u r co n fe re n ce is s e lf-c o n s titu te d a n d u n re p re s e n ta tiv e .

A dispatch from Ottawa on Feb. 25 reported that Reuter’s
Agency had transmitted the text of the “ colonies and depen
dencies” clause of the war aims memorandum adopted by
the Inter-Allied Socialist and Labor Conference in London.
The clause reads:
T h e in tern a tion a l S ocialists h a v e a lw a ys c o n d e m n e d th e co lo n ia l p o lic y
o f c a p ita list g o v e rn m e n ts . W ith o u t ce a sin g t o co n d e m n it, this In ter
A llie d co n fe re n ce neverth eless re co gn iz e s th o ex is te n ce o f a s ta te o f things
o f w h ic h it Is o b lig e d t o ta k e a c c o u n t.
T h e c o n fe re n ce con sid ers th a t a tre a ty o f p e a ce o u g h t t o se cu re t o th e
n a tiv e s o f all colonies' a n d d e p e n d e n cie s e ffe c t iv e p r o t e c t io n a ga in st th e
excesses o f c a p ita lists ’ c o lo n ia lis m . T h o co n fe re n ce d e m a n d s th o co n c e s 
sio n o f a d m in is tr a tiv e a u t o n o m y fo r all gr o u p s o f p e o p le t h a t a tta in a
ce rta in d e gre e o f c iv iliz a tio n , a n d fo r all oth e rs p ro g re ss ive p a rtic ip a tio n in
lo ca l g o v e rn m e n t.
T h is c o n fe re n ce is o f th e o p in io n th a t th e retu rn o f co lo n ie s t o th e ir p r e »
w a r p ossessors, o r a n y exch a n g e s a n d c o m p e n s a tio n s w h ic h m ig h t b e
e ffe c t e d , s h o u ld n o t im p e d e th e m a k in g o f p e a c e . T h o s e c o lo n ie s w h ich
h a v e be e n tak en b y c o n q u e s t fr o m a n y b e llig e re n t m u s t b o m a d e th e s u b je c t
o f s p e cial co n sid e ra tio n s a t th e p e a ce c o n fe re n ce , a t w h ic h t h e c o m m u n itie s
in th e ir n e ig h b o r h o o d s h o u ld b e en title d t o ta k e p a rt; b u t th e cla u se in th e
t r e a ty o f p e a ce o n th e p o in t m u st se cu re e c o n o m ic e q u a lity in s u ch terri
to rie s fo r th o p e o p le s o f all n a tio n s a n d th e r e b y gu aran te e th a t n o n e m a y
b o sh u t o u t fr o m le gitim a te a ccess t o ra w m ate ria ls, p r e v e n te d fr o m d is
p o sin g o f th e ir o w n p r o d u c ts , o r d e p riv e d o f th e ir p r o p e r sh are o f e c o n o m ic
d e v e lo p m e n t .
A s regards m o re es p e cia lly th e c o lo n ie s o f all th e b ellig eren ts in t ro p ica l
A fr ic a , fr o m sea t o sea, in clu d in g th e w h o le re g io n n o r th o f t h e Z a m b es i
a n d s o u th o f t h e S ah ara, th is c o n fe re n ce c o n d e m n s a n y im p e ria list id ea
w h ic h w o u ld m ak e these co u n trie s th o b o o t y o f o n e o r s e ve ra l n a tion s t o
e x p lo it th e m fo r th e p r o fit o f ca p ita lists , o r t o use thorn fo r t h e p r o m o tio n
o f th e m ilita rist aim s o f go v e rn m e n ts .
W it h re s p e ct t o these co lo n ie s , th is c o n fe re n ce d ecla res in fa v o r o f a sys
te m o f c o n tr o l esta b lish ed b y in tern a tion a l a gre e m e n t u n d e r a lea gu e o f
n a tio n s a n d m ain ta in e d b y its gu aran tee w h ic h , w h ile re s p e ctin g n a tion a l
s o v e r e ig n ty , w o u ld b o alliod in s p ir it b y b r o a d c o n c e p tio n s o f e c o n o m ic
fre e d o m , a n d co n ce rn e d t o safeg u a rd th e righ ts o f t h e n a tiv e s u n d er th e
b e st c o n d itio n s p o ss ib le fo r th e m . A n d , in p a rtic u la r , fir s tly , it w o u ld
ta k o a c c o u n t in e a ch lo c a lit y o f th e w ishes o f th e p e o p le , exp ressed in a
fornix w h ic h is p o ss ib le t o th e m ; s e c o n d ly , th e interests o f th e n a tiv e tribes
as regards o w n ersh ip o f th e so il w o u ld b e m a in ta in e d ; t h ir d ly , th e w h ole
o f th o rev en u es w o u ld b e d e v o te d t o th e w e ll-b e in g a n d d e v e lo p m e n t o f
th e c o lo n ie s th e m se lve s .
(k)

T H E C H R O N IC LE

888
GOVERNMENT

DECIDES TO
OPTIONS.

EXERCISE

WOOL

Notice to the offect that the U . S. Government had de
cided to exercise tho option granted to it by applicants for
wool imports licenses was received by tho Boston W ool
Trado Association in tolegraphic advices from Major-General
Goethals, Acting Quartermaster-General on Feb. 28, as
follows:

[Vol. 106.

havo come from a German source, and M . Lonoir Avas ar
rested last Octobor chargod Avith trading Avith the enemy.
Previous dispatches concerning tho Humbert case have
mentioned no payment by tho Senator to Madam e Lonoir.
The exact nature of the charge against Sonator Humbert
has not been revealed. Senator Humbort was formerly
Vice-President of the Senato Cominitteo on Arm y Affairs.

I h e r e b y b e g t o n o t ify y o u th a t th o U n ite d S tates G o v e r n m e n t has d e
c id e d t o exercise th e o p tio n gr a n te d t o it b y th o a p p lica n ts fo r w o o l im p o r t
licenses a n d will arrango t o ta k e o v e r s u ch s u ita b le w o o ls c o v e r e d b y th o
said o p t io n as m a y b o re q u ire d o f grad e s fr o m fo r t y -fo u r s t o fifty -s ix e s ,
b o t h q u a lities in clu d e d , s u ita b lo e ith er fo r w o rste d s o r fo r w o o le n s o r fo r
b o t h . T h is d ecis ion in clu des s o -ca lle d C lass 4 cr o ss b r e e d s. P leaso n o t ify
im m e d ia te ly ea ch m om b e r o f y o u r a s s o cia tio n th a t all m a y p re p a re t o a c t
in a c c o r d a n c e w ith th o o p t io n a gre e m e n t.

According to tho “ Journal of Commerce” of yesterday
(M ar. 1) the message came without warning, and served
completely to upset the markot. W e quote from it as
follows:

AM ERIC AN DELEGATES TO INTERNATIONAL
STANDARDS CONFERENCE ARRIVE IN
ENGLAND.
It Avas announced at Washington on Feb. 25 that an
American delegation, headed by F . G . Diffon of tho Aircraft
Board and including members of all the prominent engineer
ing societies of the country, had arrived in England to attend
a conference on international standards. Tho purpose of
this inter-Alliod meeting, Avliich is tho result of tho efforts
of M r. Diffon, is to enable hotter industrial service to be
given Avith less man-hour effort, tlirough relieving plants
from carrying in stock unstandardizod materials for Avhich
thore is small call and concentrating on materials of known
performance for tho samo Avork. N o attompts aviII bo made,
it is statod, by tho conforonco to standardize airplane con
struction, but, rathor, only those materials and units Avhich
are at present causing confusion in purchaso and dolivery
and for Avhich suitablo standards can bo established.

I t is estim a ted th a t a b o u t 2 5 ,0 0 0 bales, o r 2 5 ,0 0 0 ,0 0 0 p o u n d s , h a v e been
p u rc h a sed sin ce D e c . 15, an d all will b o a ffe c te d b y G o o t h a l’s o rd e r, and
as a res u lt, th os e w h o h a v o b o u g h t w ith th e idea th a t th o o p tio n n e v e r w o u ld
b e u sed s ta n d t o lose v e r y h e a v ily .
R e c e ip t o f th is o rd e r ca u sed m o re
ex c ite m e n t b y fa r than th o orig in al o rd e r fo r licenses a n d o p t io n s , p ro m u l
g a te d in D e c e m b e r , and th o e xp erts s a y t h a t it will h a v o a m u ch m o ro fa rrea ch in g e ffe c t u p o n th o tra d o th o c o u n t r y o v e r .
U n d er th o o p t io n p riv ile g e th o G o v e r n m e n t has th o righ t t o ta k e all o r
a n y w o o l im p o r te d a t p rices e q u iv a le n t t o 5 % less th a n t h o p rice basis o f
J u ly 30 last fo r sim ilar w o o l as e sta b lish e d b y th o v a lu a tio n c o m in itte o o f
th o B o s to n W o o l T r a d o A s s o cia tio n .
U p t o t o -d a y th o trad e s eem ed t o feel c o n fid e n t th a t th o G o v e r n m e n t ’s
APPOINTMENTS BY LORD READING.
o p t io n s w ero t o b e h old in a b e y a n c e , p o s s ib ly as lo n g as th e re a p p eared t o
b o n o d isp o s itio n t o ron ow th e s p e c u la tiv e m o v e m e n ts o f last y e a r.
That
Eari Reading, Lord Chief Justice of England, who arrived
th is b e lie f w as w ell fo u n d e d is s h o w n b y c o r re s p o n d e n ce re c e n tly b e tw e e n
C . M . W o o lle y o f the W a r T r a d e B o a rd an d th e W a r S e rv lco C o m m itte e in the United States onjFob. 9 to assume his u o a v post o
o f th e W o o l T r a d e . W h ile s u gg estion s e m a n a tin g fro m th e la tte r th a t
Ambassador Extraordinary andjPlonipotontiary on a spocial
d r a s t ic reg u la tion s p u t in fo r c e D e c . 15, a n d a m e n d e d a n d c o d ifie d J a n . 15.
mission, announced on Fob. 20 tho names of those Avhorn ho
b o m o d ifie d , o r i f p oss ib le a b o lis h e d a lto g e th e r, m o t w ith a fla t refusal
had chosen to assist him. Tho appointments follow:
fr o m th e W a r T r a d o B o a r d , still th o te n o r o f th o answ ers e n c o u ra g e d th o
Sir H a rd m a n I.ovor, K . C . B ., F in a n cia l S e cre ta ry t o th o T re a s u ry , t o be
b e lie f t h a t th e o fficia l o p in io n c o in c id e d w ith th a t h e ld hi th o tra d o , th a t
th o o p t io n p r o v is io n w as t o b e h old s im p ly as a c lu b , w ith w h ic h t o d is
A ssista n t C om m issio n e r in m atters rela tin g t o fin a n ce .
Sir H e n ry B a b in g to n S m ith , K . O . B ., t o b o A ssista n t C o m m iss io n er in
co u r a g e s p e c u la tio n .
______
o th e r m atte rs, w ith th o personal ran k o f M in is te r P le n ip o t e n t ia r y .
Sir R ic h a rd C r a w fo rd , K . C . M . G . , t o b o C o m m e rc ia l C o m m iss io n er.

ARREST OF SENATOR HUMBERT— RECEIVED MONEY
FROM BOLO PASHA HERE.

The arrest at Paris on Fob. 18 of Senator Charles Humbert,
who figurod prominently in the rocont trial for treason of
Bolo Pasha, has been followed by the publication of further
extracts from the report inado by Attorney-General Lowis
of Now York State in regard to Bolo’s financial transactions
in this country, showing that Sonator Humbert received a
large sum of money from Bolo in this country. Tho re
port, prepared for tho Attorney-Gonoral by Porloy Morse,
a public accountant, shows, it is said, that Sonator Humbort
had an account with J. P . Morgan & C o. amounting, on Oct.
5 1917 to about 8400,000. M r. Morse's report, it is said,
contains twolve exhibits and schedules, among which there
is said to bo authentic proof of tho transfor of 8170,008 03
to Humbert’s account with Morgan & C o. from th o ,Royal
Bank of Canada by order of Bolo Pasha, contained in signed
correspondence.
Sonator Humbort was ouo of tho principal figures in the
case of Bolo Pasha, recontly convicted of treason and sen
tenced to doath, through tho fact that it was his nowspaper,
tho “ Journal,” in which an intorost was bought with the
money Bolo received from tho United States. W hen tho
facts regarding the Gorman source of the monoy involved
in the transaction were rovealod last fall Senator Humbert,
it is said, cancelled tho contract and returned tho money.
It had not been charged that tho policy of the “ Journal”
was affected in a way injurious to France.
According to an Associated Press dispatch from Paris on
Fob. 28, Sonator Humbert has written to Captain Bouchardon, of the Paris Military Court, a letter saying that ho has
been placed in a false light by the cabled dispatches from
New York regarding funds on doposit to his credit Avith
J. P . Morgan & Co. Tho Sonator asked a hoaring on this
subject, engaging to produce complete documentary proofs
of his assertions. Part of the monoy in question, ho wrote,
came from his personal fortune, being deposited in Aug.
1915 for the purpose of purchasing print paper for his neAvspaper, tho “ Journal.” Anothor account Avas opened Avith
the Central Bank of Norway for tho same purpose. As a
matter of fact, ho says, no paper Avas bought in America,
bettor terms having been obtainod in Norway. Tho re
mainder of tho monoy, consisting of 8170,000 placed to his
credit by Bolo Pasha Avas paid over, tho Sonator assorted, to
onablo him to reimburse M adam e Lonoir.
Pierre Lenoir, tho dispatch adds, with William Dsouches,
bought the “ Journal” in 1915 for 10,000,000 francs and later
sold it to Sonator Humbort. This money A v a s bolievod to




Sir Richard CraAvford, avIio holds Ithe j>personal rank of
Minister Plenipotentiary, has", been connected Avith tho
Embassy for some time as commercial adviser. Sir Hard
man Lover also is avoII knoAvn in Washington, having accom
panied Foreign Secretary Balfour horo last spring in the
capacity of financial oxpert.

JAPAN

SUGGESTS JOINT ACTION TO SAVE
SUPPLIES A T VLADIVOSTOK.

WAR

According toJanfAssociated Pross dispatch _from _W ash;
ington on "Feb". 27, Japah"*has_directedinquiri6s to tho
Entente”PoAvers and~tho U nite"d”States Government to test
their feeling toAvard a proposal to institute joint military
operations in Siberia to sav(^tho_\psj^qiuintiUes of Avar
^irpplies^ored"at"Vladivostok and along tho Trans-Siberian
Railroad. Accumulated at Vladivostok are military sup
plies of all kinds, much of American manufacture and oven
greater quantities of Japanese. Tho situation is said to be
regarded by the Japatieso as warranting tho adoption of
somo measures to secure thoso stores, ovon if this involvos
military action on their part. Thoy aro quito willing, it is
said, to havo tho co-operation of tho Entonto forces and of
American troops and sailors in this object, and tho_problem
which noAV is before tho co-belligerent chancollories is Avhother
Japan shall bo alloAved’to proceod“singlejfanded if a campaign
intEis quarter Is begun, or Avhetherthere'shall be joint opera
tions. Looking to the future, it’ has bcon_argued that thore
shmilcTbe a combination movement, so as to avoid any such
question as to the ultimato disposition of occupied territory
in Siberia as might folloAV tho oxclusivo ontry of any one coun
try. The Russian representatives in Washington aro said to
strongly disapprove of any campaign in Siberia conducted
under Japanese auspices, ovon though thore bo joint opera
tions.

__________________________

EUGENE SCIIWERDT ARRESTED CHARGED
HOARDING WOOL FOR AFTER WAR
USE IN x GERMANY.

W ITH

Eugone Schwerdt.Ta Avoalthy i a v o o I morchant of Now
York and Boston, was arrested at his office, 79 Wall Streot,
on Feb. 25, and is being hold by order of Attornoy-Gonoral
Gregory Jas a dangorouslalion* enemy. It is ohargod that
SchAverdt is one of tho most important agonts in this coun
try of tho Gorman military supply systom. Tho investiga
tion Avhich has terminated in]tho arrest of Sohwordt began
sovoral months ago, as a result of tho soizuro by AttorneyGoneral LeAvis*of N o a v York Stato of a largo number of let-

T H E CH R O N IC LE

M ar . 2 1918.]

ters and confidential documents in tho safo of Hugo SchmidtAlthough cl irjin g to bo a Bolgian citizon, Sclnvordt was,
in fact, born in Muenstor, Germany. IIo resided in Bel
gium but came to tho United States in 1914 at the time of
tho Gorman bombardment of Antwerp. Tho plan of
Schwordt and his associates, according to tho AttornoyGonoral, was to minimize tho effects of a possible British
economic embargo against Germany after tho war by mak
ing it possible for Gorman interests in America to hoard
thoir great stocks of wool which it was intonded to send to
Germany when peace came. Commercial firms in tho
United States and American businoss mon, it is alleged,
wero omployed as “ dummy” purchasers in South America
and South Africa, in order to conceal tho actual ownership
of the wool, dostined for German clionts of tho Deutsch
Bank of Berlin. Previous to the outbreak of war botween
tho United States and Germany Schwordt was actually
successful in getting soveral largo cargoes of wool into
Germany. Early in 1915, according to docuinonts in tho
hands of tho Federal authorities, two cargoos of tho motorial, one by tho steamor J. L. Luckenbacli, reached Ger
many and wero used for military purposes. Diming tho
first two years of tho war, it is further shown, Germans
wero ablo to purchaso wool in tho British colonios, ap
parently with the groatest ease. Documentary evidence
is on hand to tho effect that a large quantity of tho wool was
stored in London itself, before transshipment, and was paid
for with money drawn on London banks.
Tho boldness of tho plan appoars to have been moro suc
cessful in Great Britain than here. Of tho vast quantities
of wool stored hero, very little could be run past tho British
blockado, and it romainod in storage. When tho price of
tho commodity rose steeply it was sold by its German pur
chasers, and tho money sent to Germany for aid in prosocution of tho war. Tho papors show that Schwordt wont so
far as to arrange for the charter of a North German Lloyd
steamer to carry tho wool to Germany a certain period of
timo after tho close of tho war and that tho longth of tho
conflict was tho only bar to tho success of this scheme.

N E W YORK STATE’S ICE SUPPLY L A W
Bolow wo publish tho full text of tho Wagnor-Konyon
Ice Bill signod by Governor Whitman on Fob. 13 (Chaptor 4
Laws of 1918) and reforrod to in these columns on Fob 16*
providing for tho harvesting and storage of ico on tho Hud
son River, rogulating tho manufacture and salo of artificial
ico, providing for tho appointment of former Governor
Bonjamin B . Odoll as Ico Comptroller and making an non™
priation of $25,000 for tho carrying out of tho provisions
of tho Act:
A N A C T t o p r o v id e fo r th o h a rv e stin g a n d s to r a g e o f ico on thn
R iv e r , t o regu la te th o m a n u fa ctu re .and sale o f a rtificia l Ice a n d t o n r ^
p r o p d a tio n ° th e r e fo r !m ° n t ° f “
a o TlT a %

° L T s : S ta te

* * C° m P tr° ,Ie r-

«**«•

Y ° r k ' rePrCSented i n S e n a te

a n 'a p -

4 - ^ ,

S e ctio n 1. B en ja m in B O dell is h e r e b y a p p o in te d Ic o C o m p tr o lle r a n d
shall h a v e th o pow ers and p e rfo rm th o d u ties h erein after p re s crib e d
The
said I c o C o m p tro lle r is h e r e b y a u th o riz e d , a n d it shall b o his d u t v 's n f i r
as in his ju d g m e n t th o p u b lic in terest re q u ire s, t o c o n tr a c t in b e h a lf o f th e
S ta te, fo r tho s torag o d u rin g th o y e a r 1918 o f Ice t o b o h a rv e ste d d u rin g
th o p resen t ico season o n o r near th o H u d so n R iv e r , a n d a t p lacos c o n v e n ie n t
fo r sh ip m e n t o n su ch riv er fo r th o b e n e fit o f th o in h a b ita n ts o f th o S tate
T h o a m o u n t s o c o n tr a c te d t o b o s to r e d shall n o t e xce e d tw o m illio n ton s
in excess o f th o a m o u n t usu ally h a rv e ste d a n d s to r e d a lo n g o r n ear th e
sa id riv e r. S uch co n tr a c t shall p r o v id o th a t th o S ta te shall n o t in a n v
ca so bo req u ired o r bo liablo t o p a y u n d er said c o n tr a c t a n y loss o r d a m a g e
su fferod b y th o c o n tr a c to r b y reason o f s u ch s to r a g o , unless his sale o f lee
o r o p p o r t u n it y t o sell a t th o usual m a rk e t p rico p r io r t o F o b 1
10 shall
b o less th an th o a m ou n t u su a lly h a rv e ste d a n d s to r e d b v him and th e
a m o u n t o f a n y a d d ition a l ic e co n tr a c te d t o b o s to r e d p u rsu a n t t o s u ch A c t
S u ch c o n tr a c t shall fu rth e r p r o v id o th a t i f a n y s u ch c o n tr a c to r b y reason
o f su ch a d d itio n a l s torag e shall on F o b . 1 1919 h a v o o n h a n d ico (n o t e x 
ce e d in g su ch a d d ition a l storag o) w h ich h o has been u n ab le t o sell a t the
usual m ark et p rico , th o I c e C o m p tro lle r shall h a v o th o p o w e r t o s e ttle in d
fix th e loss o r d a m a g o su ffe re d b y such c o n tr a c to r b y reason o f s u ch a d d itiou al s to r a g o , in clu d in g a p r o fit o f n o t t o o xce e d 1 0 % o n th o c o s t o f har
ves tin g a n d s to r in g a d d itio n a l ic e -o r su ch p a rt t h e r e o f as has ca u se d h im
t o h a v o ico o n h a n d w h ich ho co u ld n o t d isp o s o o f , an d a fte r d e d u ctin g
th erofrom th o v a lu o o f su ch ice s o s to r e d , shall fix a n d de te rm in e th o
a m o u n t t o w h ich th o said c o n tr a c to r is e n title d t o r e c e iv o fro m th o S tain b v

Vo

p
a ttenali
1 , °b^e °requ ired t oAa"ndd ™
^ le
t r taoc m
t vshall
p r3odv oid°ot htnaa?tt h
theeSSt ta
shal
b och
liab
to fu rth e r
tr a c to r th o a m o u n t o f s u ch loss o r d a m a g e . A ll contracfts , L « ^ b v Hm
I c o C o m p tro lle r u n d er this se ctio n shall b o s u b m itte d t o th o A tto r n n v G en oral fo r his in s p ection a n d shall n o t b e e ffe c t iv e unless a p p r o v e d b v th e
A tto rn e y -G e n e ra l as t o th eir fo rm a n d s u ffic ie n c y .
a P P «> vcd b y tho
S ec. 2. T h o I c o C o m p tr o lle r shall s u b m it a w r itte n re p o rt t o th e T evi«latu ro a t so m o tim e d u rin g th o session o f 1919, w h ich r e p o rt shall s ta te the
nam es o f th e p erson s, p a rtn e rsh ip s o r co r p o r a tio n s w ith w h om c o n tr a c ts
w ere m ad e as heroin p r o v id e d , a n d shall s ta te tho a m o u n t t o b o p a id t o each
o f su ch p erson s, p a rtn ersh ip s o r c o r p o r a tio n s w ith w h o m s u ch c o n tr a c ts
w ero m a d o , on a c c o u n t o f th o lia b ility assum ed b y th o S ta te b y vir tu e o f
su ch co n tr a c ts . A p p r o p ria tio n s shall b o m a d o b y th o L egislatu re in an
a m o u n t s u fficie n t t o p a y th o a m o u n ts d u o u n d er s u ch co n tr a c ts .
S ec. 3 . A p erson , p a rtn e rsh ip o r co r p o r a tio n shall n o t m a n u fa ctu re
a rtificia l Ice in th e c it y o f N e w Y o r k , on L o n g Isla n d o r In th o cou n U cs




889

b o rd e rin g o n th e H u d son R iv e r u p t o a n d in clu d in g th e co u n tie s o f A lb a n y
a n d R en sselaer, n o r shall a p e rs o n , p a rtn e rs h ip o r co r p o r a tio n en g ag e in
th o busin oss o f selling a n d d e liv e rin g a rtificia l ice in a n y c it y h a v in g m ore
th an 1 ,0 0 0,00 0 in h a b ita n ts a fte r M a r c h 1 1918 a n d b e fo r e F e b . 1 1919 a n d
w ith o u t first o b ta in in g a license t o b o Issued b y th e I c e C o m p tr o lle r ’ in a
fo rm t o b o p roscrib ed b y h im . A n y s u ch p e rs o n , p a rtn e rsh ip o r c o r p o r a 
tio n en g ag in g in th e m a n u fa ctu re o f a rtificia l ice in s u ch loca lities o r in th e
busin ess o fs e llin g a n d d e liv e rin g a rtificia l ice in a n y s u ch c it y , w ith o u t
s u ch licen se, shall b e s u b je c t t o a p e n a lty , t o b o r e c o v e re d b y th o A tt o r n e y G en eral u p o n in fo rm a tio n fu rn ish ed b y th o I c e C o m p tr o lle r , in th e a m o u n t
o f 8 5 0 fo r e a ch d a y th a t su ch ico is m a n u fa ctu re d o r s u ch businoss is s o
e n g ag e d in w ith o u t su ch licen se. A n y p e rs o n , p a rtn e rs h ip o r co r p o r a tio n
w h o has been s o licen sed , w h o fa ils t o c o m p ly w ith a n y o rd e r, ru le o r reg u 
la tio n o f th e I c o C o m p tr o lle r o r a n y co m p e te n t S ta te o r F e d e ra l a u th o rity
as t o th e m a n u fa ctu re , sale a n d d e liv e r y o f a rtific ia l ic e . shall fo rfe it
s u ch licen se.
S ec. 4 . T h e I c e C o m p tr o lle r shall h a v o p o w e r t o a p p o in t, a n d m a y fix
th o co m p e n s a tio n o f su ch cle rk s, assistants a n d o th e r e m p lo y e e s as m a y b e
re q u ire d fo r th o p e rfo rm a n ce o f th o d u tie s im p o s e d u p o n h im b y th is A c t .
I h o I c e C o m p tr o lle r shall b e e n title d t o re c e iv e co m p e n s a tio n fo r e x p e n d i
tures n e ce ssarily in cu rred b y h im in th e p e rfo rm a ce o f his d u tie s u n d er
this A c t . T h e co m p e n s a tio n o f clerk s, assistants an d e m p lo y e e s a n o i n t e d
b y th e I c e C o m p tr o lle r , a n d th o expen ses necessarily a n d a c tu a lly in cu rred
b y th em in th o p e rfo rm a n ce o f th e ir d u tie s, shall b o p a id o u t o f m on ey s
a p p r o p r ia te d fo r th e p u rp o s e , u p o n th o w arran t o f th e S ta te C o m p tr o lle r
issued u p o n p ro p e r v o u ch e r s a p p r o v e d b y th o I c e C o m p tr o lle r . T h o su m
ot 8 2 5 ,0 0 0 , o r s o m u ch t h e r e o f as m a y b o n e ce ss a ry. Is h o r e b y a p p ro p ria te d
o u t o f a n y m o n e y s n o t o th e rw is e a p p r o p r ia te d , fo r th e p u rp o s e o f c a rr y in g
in to e ffe c t th o p ro v is io n s o f th is A c t .
S e c. 5 . T h is A c t shall ta k e e ffe c t im m e d ia te ly .

N E W YORK LEGISLATURE PROPOSES TO F I X PROFITS
TO RETAILERS.
On Fob. 27 the Senate at Albany, by a vote of 33 to 7,
passed a bill introduced by Senator Wagner of this city to
amend Chapter 813 of the Laws of 1917 in relation to the
production, supply and control of tho distribution of the
necessaries of life, & c., by giving power to tho State Food
Commission to fix profits to retailers. Concerning this
inoasuro M r . Wagnor says:
I b e lie v e th e bill w ill p a ss. I b e lie v e it is a b s o lu te ly n ecessary t o p re v e n t
p r o fite e rin g a m o n g s o m e u n scru p u lo u s a n d u n p a tr io tic dealers.
I b eliev e
th a t th e o v e r w h e lm in g m a jo r it y o f o u r dealers are p a tr io t ic an d d o n o t
d esiro t o m ak e exce ssivo p ro fits o u t o f th o sale o f th e necessaries o f life.
I his legisla tion is d ire cte d n o t a ga in st th e m , o f co u rse , b u t a ga in st th e
fe w u n scru p u lo u s retailers w h o a ro ta k in g a d v a n ta g e o f th is crisis in ou r
c o u n t r y t o m ak e u n ju s tifia b le p ro fits .

W o print the bill in full below, italicizing the matter to
bo added, while the old law to be eliminated we place in
black-face type and black-face brackets:
A N A C T t o a m e n d ch a p to r 813 o f th e law s o f 1917, e n title d “ A n A c t t o
d e fin e th e p o lic y o f th e S tate o f N e w Y o r k in re la tio n t o th e p r o d u c tio n
s u p p ly a n d c o n tr o l o f th e d is trib u tio n o f th e necessaries o f life, t o
insure an a d e q u a te s u p p ly t h e r e o f a t a re a so n a ble p r ic e , t o p re v e n t
u n rea son a b le p ro fits b y reason o f s p e c u la tio n , t o e x te n d s u ch p o lic y
in a id o f th e n a tio n a l G o v e rn m e n t in p r o v id in g fo r th e n a tio n a l se
c u r ity a n d de fe n se , t o a m en d th o fa rm s a n d m ark e ts law in re la tion
t o m ark ets in citie s, a n d t o tra n sfer th e p o w e r s a n d d u tie s co n fe rre d
o n a co m m is s io n b y ch a p te rs 2 05 a n d 206 o f th o law s o f 1917 t o th e
co m m is s io n created b y th is A c t , ” in re la tio n t o th e p o w e r o f th e S ta te
F o o d C o m m iss io n t o fix th o d iffe re n ce b o tw e e n th o p u rch a se an d selling
p rico o f necessaries s o as t o p re v e n t exce ssive p r o fit s .

The People o f the State o f N ew York, represented in Senate and Assembly
do enact as follows:
S e ctio n 1. S e ctio n 11 o f ch a p te r 813 o f th e law s o f 1917, e n title d " A n
A c t t o d e fin e th o p o lic y o f th o S ta te o f N o w Y o r k in re la tio n t o th o p r o d u c 
t io n , s u p p ly a n d co n tr o l o f th e d is trib u tio n o f th o n ecessaries o f life , t o
insure a n a d e q u a te s u p p ly th e r e o f a t a re a s o n a ble p r ic e , t o p r e v e n t u n 
re a so n a ble p ro fits b y reason o f s p e c u la tio n , t o e x te n d s u ch p o lic y in a id
o f th o n a tio n a l G o v e rn m e n t in p r o v id in g fo r th e na tio n a l s e cu rity a n d
de fe n so , t o a m en d th e fa rm s a n d m ark ets la w In re la tio n t o m ark ets In
citie s, a n d t o tra n sfer th e pow ers a n d d u ties co n fe rre d o n a co m m is s ion
b y ch a p te rs 205 a n d 206 o f th e law s o f 1917 t o th o co m m is s io n cr e a te d b y
this A c t , ” is h e r e b y a m e n d e d t o rea d as fo llo w s :
S e ctio n 11. C o rre ctio n o f p ra ctice s in d e a lin g in n ecessaries. I f th e
co m m is s io n b e co m e s satisfied th a t th e ro is a n y p r a c t ic e o r p ra ctice s o f
tra d e , in clu d in g s p e c u la tio n , [ o r ] g a m b lin g , or charging excessive profits,
d e trim e n ta l t o th o p u b lic Interest in d e a lin g b y w h o le sa le rs, retailers o r
a n y o th e r p e rso n in th o n ecessaries o f life w h ic h Interfere w ith th e d is 
trib u tio n o r salo o f su ch necessaries o r a n y o f th e m a t a re a s o n a b le p r ic e ,
th o co m m is s io n m a y e n a ct a n d p u b lish s u ch ru le o r ru les as in its ju d g m e n t
w ill p r o v id o fo r th o c o r re ctio n o r d isc o n tin u a n ce o f s u ch p ra c tic e s , and

may in such rules fix the difference between the purchase and selling price
so as to prevent excessive profits, providing that any such rule shall not conflict
with any rule or ruling o f a competent Federal authority on the same subject.
1 ho c o m m is s io n m a y in its d isc re tio n a p p o in t a n a d v is o r y c o m m itte e o r
co m m itte e s t o a id it in th e fo r m a tio n o f s u ch ru le s, in w h ic h ca se o n e or
m o re m e m b e rs o f s u ch c o m m itte e shall b e fr o m th e lin e o f tra d e in w h ic h
s u ch p ra c tic e p ro v a ils. S uch ru le o r ru les sh all b o p u b lish e d in a t least
tw o n ew spapers in th o c o u n t y in w h ich s u ch p ra c tic e o r p ra ctice s p re v a il,
s o as t o g iv e re a so n a ble n o tic e t h e r e o f a n d a n y p e rso n w h o th e re a fter
v io la te s a n y su ch ru le shall b e d e e m e d g u ilt y o f a v io la tio n o f th is A c t .
S e c. 2 . T h is A c t shall ta k e e ffe c t im m e d ia te ly .

OFFICE OF FOOD CONTROLLER I N CANADA ABOL
ISHED FOOD BOARD CREATED.
An Ordor-in-Council abolishing tho office of Food Con
troller in Canada was issued on Feb. 11. In accordance
with tho order the functions formerly exercised by tho Food
Controller havo been assumed by a new organization known
as tlio Canada Food Board, consisting of H . B . Thomson,
Chairman; Charles A . Dunning and J. D . McGregor. M r .
Thomson assumes the title director of food conservation.
M r. Charlos A . Dunning director of food production and M r .
McGregor of directors of agricultural labor. M r. Thomon

T H E C H R O N IC LE

890

had been Food Controller since the resignation of W . J.
Hanna. M r . Dunning is Provincial Treasurer of Saskat
chewan. The following is the Order-in-Council creating
the Canada Food Board:
AT

THE

GOVERNM ENT

H OUSE A T

OTTAW A.

Monday, Feb. 11 1918.
P re s e n t: H is E x c e lle n c y th e G o v e r n o r G en era l in C o u n c il.
H is E x c e lle n c y t h e G o v e r n o r G en eral in C o u n c il, o n th e re c o m m e n d a 
tio n o f th e M in is te r o f A g ricu ltu re a n d u n d er a n d b y v ir tu e o f th e po w e rs
in th a t b e h a lf co n fe rre d o n th e G o v e r n o r in C o u n c il b y th e W a r M e a su re s
A c t 1914 is p leased t o o rd e r a n d it is h e r e b y o rd e re d :
T h a t a B o a r d b e c r e a te d t o b e c a lle d th e C a n a d a F o o d B o a r d ;
T h a t th e sa id B o a r d co n sist o f a D ir e c to r o f F o o d C o n s e r v a tio n , a D i 
r e c to r o f F o o d P r o d u c tio n , a n d a D ir e c to r o f A gricu ltu ra l L a b o r;
T h a t th e B o a r d shall b e u n d e r t h e ju r is d ic tio n o f an d shall re p o rt t o th e
G o v e r n o r G en eral in C o u n c il th ro u g h t h e M in is te r o f A g ricu ltu re .
A n d it is h e r e b y fu r th e r o rd e re d :
1. T h a t t h e B o a r d shall ge n e ra lly d ir e c t th e p r o d u c tio n , c o n s e rv a tio n
a n d d is tr ib u tio n o f fo o d s tu ffs hi th o interests o f C a n a d a a n d th e o th e r
B ritish D o m in io n s as w ell as th e A llie d n a tio n s.
2 . T h a t all th e p ow ers a n d d u tie s n o w v e s te d in th o F o o d C o n tro lle r
b e tra n sferred t o a n d v e s te d in th o C a n a d a F o o d B o a r d , a n d th a t all
re le v a n t O r d ers-in -C ou n cil a n d re g u la tio n s co n fe rrin g p o w e rs o r im p osin g
d u ties u p o n th o F o o d C o n tro lle r shall h a v e fo r c o a n d e ffe c t as i f th o C an ad a
F o o d B o a r d h a d b een n a m e d a n d d e sig n a te d th erein in stea d o f th e F o o d

v>uuw;uner.

.

[Vol. 106.

DIVIDENDS I N RELATION TO INCOME TA X.
In our issues of Feb. 2, 9 and 16 we referred to announce
ments made by some of the financial institutions with regard
to dividend payments in 1917 as an aid to their stockholders
in the preparation of their income tax returns; to-day we
give additional announcements as follows:
(Similar information in a very extended form with reference
to railroad and industrial companies will be found to-day on
pages 923 to 928.)
First National Bank, N ew York:
January 15 1918.
To Our Stockholders.— W e b e g t o a d v ise y o u th a t u n d er th e N o w Y o r k
S ta te ta x la w w o h a v e p a id fo r th e y e a r 1917 tax es a ga in st th e shares o f th e
ca p ita l s to c k o f th is b an k a t th e ra te o f $ 3 ,6 0 6 p e r sh are.
In m ak in g y o u r
in d iv id u a l F e d era l in c o m e ta x retu rn fo r 1917 w e are a d vise d th a t y o u are
e n title d t o m a k o d e d u c t io n a t th a t ra te p re cis e ly as i f y o u h ad p a id this
tax y o u r s e lf o n th e n u m b e r o f shares o f s to c k o f th is b a n k o w n e d b y y o u
o n M a y 1st 1917.
O u r d iv id e n d p a id J a n .
1917 w a s m a d e o u t o f earnings o f th e y e a r 1916.
T h e d iv id e n d s o f A p ril 2 , J u ly 2 a n d O c t . 1 1917, w ere m ad e o u t o f earnings
o f 1 917.

The National City Bank of N ew York:

3.
T h a t fo r th e b e tte r a cco m p lis h m e n t o f th e said p u rp o s e s th e B o a r d To Our Stockholders.— P a y m e n t b y T h e N a tio n a l C it y B a n k o f N e w Y o r k
o f th o ta x a n n u a lly assessed a gain st its s h a reh old ers, is in th o n atu re o f a
shall h a v e p o w e r :
(а ) T o e x p e n d a n y su m s o f m o n e y a p p r o v e d b y th e G o v e r n o r G en eral
d iv id e n d t o thorn. T h e a m o u n t so p a id fo r th e y e a r 1917 w as a t th o ra te
o f 52.8 12 7 p e r sh are. T h e p r o d u c t o f m u ltip ly in g this a m o u n t b y th e
In C o u n c il fo r a n y o f th e p u rp o se s a fo re s a id .
(б) T o c o -o p e r a t e w ith th e P ro v in cia l G o v e rn m e n ts w ith a v ie w t o c o 
n u m b e r o f shares o w n e d b y y o u o n M a y 1 1917, m a y , th e re fo re , b o in
o rd in a tin g th o a ctiv itie s o f all lo ca l b o d ie s fo r th e a foresaid p u rp oses.
clu d e d w ith o t h e r d e d u c tio n s a llo w a b lo in y o u r in c o m o tax re p o rt fo r 1917,
(c) T o e n ter in to agreem en ts fo r th e c u ltiv a tio n o f id le la n d o n s u ch
p r o v id e d a like a m o u n t is a lso in clu d e d b y y o u in y o u r s ta te m e n t o f d iv i
term s as m a y a p p ea r t o th e B o a r d t o b o a d v is a b le .
d e n d s r e c e iv e d .
(d) T o u tiliz e a n d d ire ct th e c o -o p e r a tio n in th e w o r k o f th e B o a r d o f
T h e d iv id e n d s p a id b y this b a n k o n M a y 1 a n d N o v . 1 1917 are t o b e
a n y m em b er o f th e O u tsid e S e rvice fo r th e p u rp o s e o f p u b lic ity a n d o f se
deem ed t o h a v e been p a id fr o m p r o fit s a ccu m u la te d in th o y e a r 1917.
S to ck h o ld e rs o f T h e N a tio n a l C it y B an k are a d v ise d th a t th e d iv id en d s
c u rin g in fo r m a tio n .
(e) T o m o b iliz e a n d u tiliz e o n a v o lu n ta r y b asis th e fa rm la b o r resources
p a id t o th e m o n J a n . 2 a n d J u ly 2 1917, b y reason o f their b en eficia l
interest in th e s to c k o f T h e N a tio n a l C it y Company are d e e m e d t o h a r e been
o f C anada.
.
. . . .
(f) T o m a k o s u ch reg u la tio n s co n siste n t h ere w ith fo r ca rr y in g o u t their p a id fr o m p r o fits o r surplus o f th a t c o m p a n y , as fo llo w s :
d u ties a n d fo r th o internal e c o n o m y o f th o B o a r d , as th o B o a r d m a y d e e m
D iv id e n d o f J an . 2 1917, fr o m p r o fits a c c u m u la te d In 1916.
a d v is a b le .
RODOLPHE BOUDREAU,
D iv id e n d o f J u ly 2 1917, fr o m p r o fit s a ccu m u la te d in 1917.

nit>rV nf the. Prim Council.

National Bank of Commerce in N ew York:

FILING OF INCOME T A X RETURNS IN N E W YORK—
EXTENSION OF T I M E APPLIES TO ALL RETURNS.
Internal Revenue Collector W m . H . Edwards, of the
Second District of New York, lias issued the following state
ment for the information of those filing income tax returns
in this district:
A ll th ose p e rs o n s w h o se busin ess o ffic e s are w ith in th e b ou n d a ries o f the
S econ d D is t r ic t s h o u ld file t h e ir retu rn s a t th e C u s to m H o u s e , as usu al.
N u m e ro u s in q u ir ie s h a v e b een m a d e a t th e C u s to m H o u s e as t o w h eth er
th ere is a n y ch an ge in th e law as t o w h e re in c o m e tax returns s h o u ld b e
file d . C o lle c t o r E d w a rd s s ta te d t h a t a ll p e o p le h a v in g o ffic e s in th e
S econ d D is t r ic t s h o u ld file th e ir re tu rn s a t t h e C u s to m H o u s e as th e y
.........
.
.
h a v e a lw a y s d o n e .
T h e p a r tic u la r reason fo r t h i s is th a t a ta x p a y e r s h o u ld filo h is retu rn In
th e d is t r ic t w h ere th e r e c o rd s a n d b o o k s o f his a cco u n ts are k e p t , w h ic h is
m o s t co n v e n ie n t t o h i m a n d t o th e C o lle c t o r ’s o ffic e .
T h is r u le a p p lie s t o a ll c o lle c t io n d is t r ic t s th ro u g h o u t th e U n ite d S ta te s.
T h e n ew la w c o n te m p la t e d ta k in g ca r e o f th e m an w h o h ad n o business
a d d ress ; in th ese ca s es, w h ere a m an files a re tu rn fo r a sm all s a la r y , a
p e rm a n e n t a d d ress w h ere h e ca n b e rea ch ed sh o u ld b e w r itte n o n th e re
tu r n . In o t h e r w o r d s , th e re is n o ch a n g e in th e la w ; th o ta x p a y e r has th e
p r iv ile g e o f m a k in g h is re tu rn in th e d is t r ic t in w h ic h h is b u sin ess o f f ic e
lo c a t e d .
,
, .
A q u e s tio n h as b een ra ised as t o w h e th e r o r n o t a ta x p a y e r w h o h a d in
e lu d e d all o f h is in c o m e s u b je c t t o th e excess p r o fit s tax in h is in c o m e tax
r e tu r n . F o r m 1040, a n d p a id th a t tax a n d tak en h is d e d u ctio n th e re fo r,
w o u ld h a v e t o file F o r m 1101 o r ra th e r , h is e xcess p r o fits ta x re tu rn .
C o lle c t o r E d w a r d s , a c c o r d in g ly , p r o c u r e d th e fo llo w in g ru lin g fr o m th e
D e p a r t m e n t a t W a s h in g t o n :

"Edwards, Collector, New York:
“ Y o u r te le g ra m n in e te e n th ta x p a y e rs w h o se e n tire n e t In com e is Inclu ded
in B lo c k A , F o r m 104 0 , w ill n o t b e req u ired t o m ak e retu rn o n F o r m 1101.
R O P E R , C o m m is s io n e r .”
I n answ er t o m a n y in q u ire s w h ic h h a v e b e e n file d a t C o lle c to r E d w a rd s ’s
o f f ic e reg a rd in g t h e exte n sio n o f tim e t o A p r il 1st t o file retu rn s, u p o n
a d v ic e fr o m W a s h in g to n C o lle c t o r E d w a r d s an n o u n ce s t h a t th o extension
o f tim e fo r filin g fr o m M a r c h 1st t o A p r il 1st c o v e r s all returns req u ired
u n d e r th e w a r in c o m e t a x , e xcess p r o fit s a n d all o th e r w a r taxes— n o
e x c e p tio n .
-

INCOME T A X RULING FAVORABLE TO RED CROSS.
Henry P . Davison, Chairman of the Red Cross W ar
Council, on Feb. 18 authorized the following statement:
T h e U n ite d S tates C o m m iss io n e r o f In te rn a l R e v e n u e h as r e c e n tly
m a d e t w o ru lings o f im p o r ta n c e t o th e R e d C ro ss an d its a c tiv itie s . U n d er
d a te o f J a n . 7 1918 th e C o m m iss io n e r h as ru led th a t co n tr ib u tio n s m ad e
t o th e A m e r ic a n R e d C ro ss fo r th e y e a r 1917 are d e d u c tib le t o an a m o u n t
n o t in excess o f 1 6 % o f th e t a x p a y e r ’s ta x a b le n e t In com e as p r o v id e d in
p a ra gra p h 9 o f s e ctio n 5 o f th e A c t o f S e p t. 8 1916. as a m e n d e d , a n d w h ic h
a m e n d m e n t is c o m m o n ly k n o w n as th e H o llis a m e n d m e n t.
T h is a lso a p p lies t o co n tr ib u tio n s m a d e fo r th e y e a r 1918. In th e ru lin g
th e C om m is s io n e r h o ld s th a t th e R e d C ro ss is o rg an ize d an d o p e ra te d so
as t o fu lfill th e req u irem en ts o f th e p a ra gra p h o f th o s ta tu te m e n tio n e d .
B y a r u lin g d a te d D e c . 29 th e C o m m iss io n e r h o ld s th a t a fte r ca re fu l
co n s id e r a tio n o f th o n a tu re o f t h o o rg a n iza tio n o f th e s c o p e o f th e d u tie s
a n d fu n c tio n s o f th e A m e r ic a n R e d C ro ss th a t it Is s u ch a go v e rn m e n ta l
a g e n c y as t o e n title it t o th e p riv ile g e o f w ith d ra w in g su p p lies o r a rticle s
s u b je c t t o in tern a l r ev e n u e t a x . fr e e o f s u ch ta x u n d er th e p r o v is io n s o f
th e rev en u e s ta tu te s.
T h is w ill en a b le th e R e d C ro ss t o w ith d ra w t o b a c c o , p ro p r ie ta r y a rticles
an d o th e r s u p p lies th a t are ta x a b le u n d e r th e p ro v is io n o f th e Internal
r ev en u e law w ith o u t th e p a y m e n t o f a ta x a n d w ill, th e re fo re , m ak e a v a il
a b le fo r r e lie f p u rp os es a larger p o r tio n o f it s .fu n d s .




January 4 1918.
T h e 2 % reg u la r q u a rte rly a n d 2 % e xtra d iv id e n d s p a id t o shareholders
J an . 2 1917 w e ro p a id o u t o f earnings a ccr u e d in 1916. T h e q u a rterly
d iv id e n d s a t 2 % p a id t o s h a reh old ers A p ril 1, J u ly 1 an d O c t. 1. an d the
extra d iv id e n d o f 2 % p a id t o sh a reh old ers p a id D e c . 2 8 , w e re p a id o u t o f
th o earnings a ccr u e d in 1917.

The Citizens National Bank of N ew York:
January 30 1918.
To the Stockholders.— O n J an . 2 1917 a d iv id e n d o f 2 % w a s p a id o n th e
ca p ita l s t o c k o f this b a n k , a n d fu r th e r d iv id e n d s w e re p a id o f 2 % A p ril 1.
2 H % J u ly 1, an d 2 > $ % O c t. 1. T h o d iv id e n d p a id o n J an . 2 1917 was
p a id o u t o f th o earnings o f th e ca le n d a r y e a r 1916, and th e rem a in in g
d iv id e n d s w ere p a id fr o m th e cu rre n t p r o fit s o r 1917.
T h e S ta te tax p a id b y th e b a n k u p o n its shares in 1917 w a s a t th o ra te
o f $2 08 p e r sh a ro , w h ic h th e s to c k h o ld e rs w ill b o en title d t o d e d u c t in
c o m p u tin g th eir ta x a b le in co m e fo r th o y e a r , p r o v id e d th e sam e a m o u n t is
r e p o rte d as a d iv id e n d re c e iv e d d u rin g 1917.

The Chase National Bank, N ew York:
January 19 1 9 1 8 .
To Our Stockholders.— W o a re a d v ise d th a t s to c k h o ld e rs o f tills b an k on
l a y 1 1917 m a y in clu d e as a d e d u c tio n in th e ir re s p e ctiv e In com e tax
stu m s th e a m o u n t o f ta x w h ic h th is b an k p a id u n d e r th o N o w Y o r k
tatute re q u irin g it to p a y ce rta in taxes assessed a g a in s t its s to c k h o ld e r s
y reason o f th eir h o ld in g s to c k o f this b a n k .
F o r th e y e a r 1917 th is b an k s o p a id a N e w Y o r k S ta te tax a m o u n tin g t o
2 3 098 p e r sh a ro . A c c o r d in g ly , y o u m a y In clu de as a d e d u c tio n $ 2.3 09 8
jr each share o f s to c k o f this ban k h e ld b y y o u o n M a y 1 1917. T h is w ill
ed u c3 t h i a m o u n t o f y o u r In com e taxes
W e u n d ersta n d y o u s h o u ld ,
o w e v e r , in clu d e th e a m o u n t so d e d u ctJ d as a d iv id e n d r e c e iv e d .
D iv id e n d N o . 9 0 , p a id J an . 2 1917. o n th e ca p ita l s to c k o f this b an k Is,
re are a d v is e d , ta x a b le to th e s to c k h o ld e rs o f th o b an k a t th e In co m e tax
ates in fo r c e fo r th e y e a r 1916.
.
R e fe rrin g to special d iv id e n d o f $ 2 5 , p e r sharo p a id J u n e 1 1917. in c o n e ctio n w ith th o o rg a n iza tio n o f C h a se S ecu rities C o r p o r a t io n , w o b eg to
d v is e y o u th a t, as s ta te d in o u r c irc u la r le tte r o r Ju n o 4 1917. this d iv id e n d
ras exp ressly d e cla re d a n d w as p a id o u t o f su rp lu s earnings o r p ro fits o f
he b a n k w h ic h a ccr u e d p r io r t o M a r c h 1 1913, a n d a p p ro p ria te en tires to
hat e ffe c t w ere m ad e o n th e b o o k s o f th e b a n k , fo r w h ic h rea son , w o u n d crtan d . th e d iv id e n d is n o t ta x a b le u n der th e F e d e ra l In com e ta x la w . and
eed n o t b e in clu d e d In y o u r in c o m e re tu rn fo r 1 917,

The Battery Park National Bank of N ew York:
January 23 1918.
To Our Shareholders.— D iv id e n d s p a id o n th o s t o c k o f this b an k J a n . 2
1917 w e re d e cla re d o u t o f oarnlngs fo r th e p e r io d e n d in g D e c . 31 1916.
S u b se q u e n t d iv id e n d s p a id in 1917 o n th e s t o c k o f this b a n k , w ere d e cla re d
o u t o f larn ln gs s in ce J a n . 1 1917.

The Chemical National Bank of N ew York, N ew York,
. Y .:

December 31 1917.
T h e d iv id e n d p a id o n th e s t o c k o f th is b a n k J a n . 1 1917 w as d e cla re d o u t
ea rn in gs fo r th o y e a r en d in g D o c . 31 1 91 6 . S u b se q u e n t d iv id e n d s pa id
1917 o n s t o c k o f th is b an k w ere d e cla re d o u t o f earnings s in ce J a n . 1

Irving National Bank of N ew York:
T h e d i v i d e n d o f 2 ^ % p a id b y th is b a n k o n J a n . 2 1917 w as d ecla red
a n d p a id fr o m th o ea rn in gs o f 1916 a n d is th e re fo re ta x a b le a t th e surtax
ra te s fo r 1916 in s te a d o f 1917.

TH E C H R O N IC LE

M ab . 2 1918.]

This dividend should ho entered in Column 5, Block F, on page 3 o f the
income tax Form 1040 for individuals.
Form 1040 for fiduciaries, when officially issued, will undoubtedly con
tain a special column for reporting such dividends.

8 91

New Netherland Bank of New York:
Dividends all paid out of the earnings of 1917.

Yorkville Bank of New York:
All dividends paid out of earnings of 1917.

Harriman National Bank of New York:
Tho statutes o f Now York State require this bank to pay the tax annually
assessed against its shareholders. Tho amount paid in this manner for the
year 1917 is equivalent to S I,939 per share. Stockholders may, therefore,
include this amount for each share owned on May 1, among (he deductions
allowable in your individual incomo tax return for 1917.

W est Side Bank of Now York:
Dividends of Jan. 1 1917 wero paid out of the earnings of 1916.

Westchester Bank of New York:
Dividends paid Feb. 1 1917 out of 1916 earnings.

Seaboard National Bank of New York:

Colonial Bank of New York:

O f the dividends paid in 1917 those paid Jan. 2 1917 o f 3% and 10%
extra were out o f tho earnings o f 1916.
Other dividends paid during 1917 were out o f tho 1917 earnings.
Our stock was taxed for 1917 at S413 72 per share; the tax rate was 1% .

The dividend paid by this bank on Jan. 1 1917 was earned in the year
1916 and is therefore taxable to tho stockholder at tho tax rates in force
during 1916 and is not subject to the taxes imposed by tho Act o f Oct. 3
1917.
Tho dividends paid respectively on April 1 1917, July 1 1917 and Oct.
1 1917 were paid out o f 1917 earnings and are therefore taxable to the stock
holders at the tax rates in force during 1917 as imposed by tho Act of Oct.
3 1917.

Tho Mechanics & Metals National Bank of New York:
All dividends paid by this bank during the year 1917 were earned en
tirely within that year, with tho exception o f dividend paid on Feb. 13
1917, which was earned as follows; Two-tlnrds within tho year 1916,
one-third within tho year 1917.

The Lincoln National Bank of Now York:
Two-thirds o f the dividend o f $2 50 per share, paid on Feb. 1 1917, was
declared and paid out o f earnings for tho year 1916. The dividends paid
by this bank on M ay 1 1917, Aug. 1 1917 and N ov. 1 1917 were declared
and paid out o f earnings for tho year 1917.

The following information was also sent to the stock
holders of tho Lincoln National on Jan. 11:
During tho year 1917 this bank paid taxes amounting to $3.0047 per
sharo to cover taxes assessed on our shares, and as the tax was paid by the
bank for tho shareholders you aro entitled in making your income tax re
turns to deduct from your gross income tho amount paid on your shares.
Therefore multiply $3.0047 by tho number o f your shares to get tho amount
to deduct.

Garfield National Bank of New York:
Dividends during 1917 Were paid March 31, June 30, Sept. 29, Dec.
31 and woro out o f earnings o f the year 1917.

Importers & Traders National Bank of New York:
D ividends o f January 1917 wero paid out o f the earnings o f 1916.
dends o f July 1 1917 wero paid out o f tho earnings o f 1917.

Divi

National Park Bank of Now York:
Dividend o f Jan. 2 1917 was paid out o f tho earnings o f 1916 and tho
other dividends paid out o f tho year 1917,

Second National Bank of New York:
Dividend Jan. 1 1917 paid out o f tho earnings o f 1916; three other divi
dends (3% each), April, July and October, were paid out o f the earnings
o f 1917.

Merchants National Bank of Now York:
Dividend of July

M arket & Fulton National Bank of New York:
Dividends all paid out o f 1917 earnings with the exception January 1917
dividends which were paid out o f tho earnings o f 1916.

Union Exchange National Bank of Now York:
AH dividends paid out o f 1917 earnings.

Corn Exchange Bank, Now York:
Dividends paid Feb. l 1917, amounting to 4 % , wero paid out o f 1916
earnings.

Fifth Avd. Bank, N ew York:
Dividends o f Jan. 1 1917 were paid out o f 1916 earnings.

Metropolitan Bank of Now York:
Of tho dividend paid in tho year 1917 by this bank $2 per sharo paid
on Jan. 2 1917 was paid from profits o f tho year 1916. Tho balance of
dividends from profits o f year 1917.

Bank of tho Metropolis of New York:
Tho dividend o f $4 per sharo paid Jan. 2 1917 was paid from tho profits
of 1916. Tho remaining dividends for 1917 wero paid from tho profits
of 1917.
Tho annual tax assessed against our stockholders under tho Now York
statute Is paid by this bank.
For tho year 1917 tho tax so paid by tho bank amounted to $3.3058 per
sharo.




Subsequent 1917 from

Peoples Bank of New York:
Dividends of Jan. 1 1917 wero out of the warnings of 1916.
of July 1 were out of the earnings o f 1917.

The Liberty National Bank of New York:

Dividend o f Jan. 2 1917 paid out o f earnings o f 1916.
2 1917 paid out o f the earnings o f 1917.

January 1917 dividends from 1916 earnings.
J917 earnings.

Dividends

Tho Germania Bank of N ew York:
Kegular dividend of 10% (on capital of $200,000) was paid as of May
1 1917.
Regular dividend of 5% (on capital of $400,000) was paid as of N ov. 1
1917.
Special stock dividend of 100% as of M ay 15 1917.
Both regular dividends above-mentioned were paid from earnings ac
crued during the year 1917. The 100% stock dividend was paid from
earnings accrued prior to March 1 1913.

Union Trust Company of New York:
January 2 1918.
Dividends paid on the capital stock o f this company Jan. 1 1917, were
declared out o f earnings for the year ended Dec. 31 1916. Subsequent
dividends paid in 1917 on this capital stock were declared out o f earnings
since Jan. 1 1917.

The Farmers’ Loan & Trust Company of New York:
The dividends declared during the year 1917 on the capital stock of the
Farmers’ Loan & Trust Company wero all paid out of earnings accumu
lated in the year 1917 with the exception of the dividend of Feb. 1 1917,
two-thirds of which was paid out of earnings accumulated in the year 1916.

Irving Trust Company of Now York:
Dividend of 1J^%, paid by this Trust Company (former name Broad
way Trust Company) on Feb. 1 1917, was declared and paid from the earn
ings of 1916, and is therefore taxable at the surtax rates for that year.
Subsequent dividends declared and paid in 1917 were from the earnings
of tho year 1917.

Bankers Trust Company of Now York:
On Jan. 11 this company made the following announce
ment:
Dividend No. 51, paid Jan. 2 1917 on the capital stock of the company,
was declared out of earnings made during the year 1916 and, pursuant to
Section 31 (b) o f tho Federal income tax law of Sept. 8 1916, as amended
by tho Act of Oct. 3 1917, is taxable to the stockholders at the income tax
rates in force for the year 1916.
Referring to Dividend No. 53 Special, paid April 23 1917, we quote for
your information the notice which was distributed with that dividend:
“ As one of the terms and conditions of the merger of Astor Trust Com
pany into Bankers Trust Company, a dividend to equalize the book values
of the stocks of those companies has been declared by Bankers Trust Com
pany of S23 a sharo, payable this date (April 23 1917) to stockholders of
record April 20.
.
"Such dividend is paid out of the paid-in surplus of Bankers Trust Com
pany as such surplus existed on and prior to March 1 1913.”
Dividends No. 52, paid April 2 1917; No. 54. paid July 2 1917; N o. 55.
paid July 2 1917 (Red Cross Dividend); No. 56, paid Oct. 1 1917; and No.
57, paid Dec. 31 1917, wero declared out of earnings made during the year
1917.

This was supplemented by the following notice on Feb. 16:
Referring to tho notice, dated Jan. 11 1918, with respect to dividends
paid during the year 1917 on tho capital stock of this company, we now
inform you that we have received from the office of the Commissioner
Internal Revenue, advice to tho effect that Dividend No. 53 Special, o f
$23 per share, paid April 23 1917, is not taxable and, therefore, need not
be returned as income for the year 1917.

New York Life Insurance & Trust Company of New York:
All tho dividends paid on the capital stock of this company during the
year 1917 were paid from net profits earned in that year.

Fulton Trust Company of New York:
The dividend on the capital stock of this company, of 5% and 2%
extra, paid Jan. 2 1917, was paid out of earnings accumulated during the
six months ending Doc. 31 1916, and the dividend o f 5 % , paid on July 1
1917, was paid out of earnings accumulated during the six months ending
June 30 1917.

Hamilton Trust Company of Brooklyn, N . Y .:
Dividends paid on the stock of this company, Feb, 1 1917, were dedared out of earnings for the quarter ended Dec. 31 1916, and are taxable
to stockholders of this company under the Federal income tax law at the
rates prescribed by the Act of Sept. 8 1916, but not at the rates prescribed
by the Act of Oct. 4 1917.
Subsequent dividends paid in 1917 on our stock were declared out of
earnings since Jan. 1 1917, and are so taxable to stockholders of this com
pany at the rates prescribed by the Act o f Sept. 8 1916, and in addition
thereto, at the rates prescribed by the Act o f Oct. 4 1917.

Morristown Trust Company of Morristown, N .

J.:

Both the dividends paid June 30 1917 and Dec. 31 1917 were paid from
year in which they wero paid.

T H E C H R O N IC LE

893
Fidelity Trust Company, N ew York:

To Stockholders.— This company paid 10% dividends to its stockholders
out o f the earnings o f 1917, as follows: 2% April 1. 2% July 1, 2% Oct. 1,
4% Jan. 1 1918.
Stockholders o f record as o f the close o f business Dec. 23 1916, received,
on Jan. 2 1917, a dividend o f 4% , which was paid out o f the earnings of
1916, and therefore, is not subject to the 1917 war tax.
For your further Information, we beg to say that taxes paid by trust
companies in New York State are levied against the corporation itself and
not against the stockholders, and, therefore, taxes paid by this company
are not a deduction as far as income tax is concerned to the individual
stockholder.
February 8 1918.

N ew York Trust C o ., N ew York:
Dividends were all paid out o f the earnings o f 1917.

Broadway Trust C o ., N ew York:
Dividends o f Feb. 1 1917 were paid out o f the earnings o f 1916.
quent dividends out o f 1917 earnings.

Subse

Hudson Trust C o ., New York:

[ V o l . 106.

1875 to 1884; Frederic P . Olcott, who was President from
1884 to 1905, and James N . Wallace who has been President
since 1905. The consolidated company will bo equipped
to handle financial business of every kind not inconsistent
with conservative banking, but as all the officers and clerks
now in the employ of both companies aro to bo retained, the
management will see to it that the same careful attention as
heretofore is given to the special types of business on which
each company has laid particular stress in tho past. The
trustees are confident that the business of the larger trust
company thus created, conducted upon lines as safe and as
conservative as those upon which the two constituent
companies have been successfully handled in the past, will
develop to the entire satisfaction of stockholders and cus
tomers alike. The Central Union Trust C o. expects to
maintain in the futuro the independence of position and
freedom from control that has been characteristic of each
company in the past.

All dividends were paid out o f the earnings o f 1917.

Lincoln Trust C o ., New York:
Dividends were all paid out o f earnings o f 1917.

The arrival n London of Dwight W . Morrow of J. P .
Morgan & C o ., and Seward Prosser, President of tho Bank
ers Trust Co. of New York, was announced on Feb. 18.

Metropolitan Trust C o ., New York:
Dividends were all paid out o f the earnings o f 1917.

B A N K IN G AN D F IN A N C IA L N E W S.
N o bank or trust company stocks were sold this week at
the Stock Exchange or at auction. Extensive tables re
porting bid and asked quotations, deposits, surplus, &c.,
of banks and trust companies in all important cities in the
United States are published monthly in the “ Bank and
Quotation Section,” the March issue of which accompanies
to-day’s “ Chronicle.” Bid and asked quotations for all
New York City bank and trust company stocks are also
published weekly in another department of this paper, and
will be found to-day on page 915.
The plan for merging the Central Trust Co. of New York
and the Union Trust C o. of N ew York, mention of which
was made in these columns last week was approved yester
day (March 1) by the trustees of both companies and is to
be submitted to the stockholders for their approval. The
following is an outline of the plan:
The two companies are to be consolidated under tho name of Central
Union Trust Co. of New York, which is to have a capital o f $12,500,000
and a surplus o f about $16,500,000.
The Central Trust Co. will turn over its existing assets and its share
holders will receive 1.84 shares o f stock o f tho new company for each share
of stock in tho old company. The shareholders o f tho Central Trust Co.
will therefore receive in all $9,200,000 stock in the new company.
The Union Trust Co. will turn over its existing assets and its shareholders
will receive 1.1 shares of stock o f the now company for each share of stock
of the old. Tho shareholders o f tho Union will therefore receive in all
$3,300,000 stock in the now company.
Tho President o f the Central Trust Co., James N. Wallaco, is to become
Chairman o f tho board and President o f the Central Union Trust Co., and
the President o f the Union Trust Co., Edwin G. Merrill Is to become Vice
Chairman o f tho Board and Vice-President o f the Central Union Trust Co.
The board o f trustees o f the consolidated company is to consist o f thirty
members, and it is expected that substantially all o f tho trustees of both
companies will become members o f the consolidated board.

The second American bank to open branches in Brazil is
the American Mercantile Bank of Brazil, which is incor
porated under the laws of the State of Connecticut. Tho
Guaranty Trust Co. and J. & W . Seligman & C o ., both of
New York, are the chief stockholders. Its principal Brazilian
headquarters will be in tho City of Para, the centre of the
rubber industry. It has been given a decreo to operate for
ten years. The new bank, which is affiliated with the
Mercantile Bank of the Americas, Ltd., began business on
Feb. 1. It has a paid in capital of $500(000.
Albert Breton,
Vice-President of the Guaranty Trust C o ., is President of
the American Mercantile Bank of Brazil.
W . H . MacIntyre, agent at 68 W all S t., N . Y . C ity, of
the Standard Bank of South Africa, L td ., reported on Fob. 28
the receipt of the following cable from his head office, in
London:
Directors resolved, subject audit, recommend shareholders meeting
24th April dividend for last half year fourteen per cent per annum with
a bonus o f one shilling four pence per share, both subject to income tax,
making total distribution fifteen and one-third per cent for 1917. To
appropriate £10,000 writing down investments, £25,000 writing down
bank premises, adding £30,000 to officers pension fund, carrying forward
about £200,000.

The Guaranty Trust C o. of N ew York is offering to banks
throughout the country an arrangement under which their
depositors who go to France in the service of the nation
can have, to a considerable degree, the same banking accom
modations to which they have been accustomed at home.
The offer is made to all banks, whether they are customers
of the Guaranty Trust Co. or not. Under this plan depos
itors of banks which avail themselves of this sorvice may
take their check books abroad and use them as they would
at home, drawing checks on their home banks up to an
agreed amount, and having them cashod at the Paris office
The main office of the consolidated company will probably of the Guaranty Trust C o. of New York, or at numerous
be at 80 Broadway, in tho building now owned by the correspondent offices throughout France. Tho depositor
Union Trust C o ., as this building is larger than that owned about to leave for foreign service needs only to obtain from
by the Central Trust C o. The branch operated by the his bank the proper letter of introduction in order to make
Central Trust C o. at the corner of Madison A ve. and 42nd his home checking account available on tho other side. It is
Street, and the two branches maintained by the Union Trust tho belief of the trust company that the offer will make a
C o. at Fifth Avenue and 38th Street and at Fifth Avenue wide appeal in view of the simplicity of tho arrangement and
and 60th Street, will all be continued as at present. The considering the difficulties which Americans abroad have
officers and trustees of both companies believe that in view experienced in the past when they wanted to cash chocks.
of the great changes which havo taken place in the banking
situation since the entrance of the United States into the
William E . Cable, Jr., was appointed Cashiet of the
war, a merger of the two companies will be advantageous
Hanover National Bank of this city on Feb. 26, succeeding
to all concerned. The Central Union Trust Co. will be the
Elmer E . Whittaker resigned. The directors at tho same
second largest trust company in the United States from
time elected Henry P . Turnbull Vice-President. Both
the point of view of capital stock and third largest in working
Messrs. Whittaker and Turnbull had been Assistant Cashiers
capital. The combined deposits, which will be around
_
$250,000,000 are exceeded at present b y only two trust of the bank.
companies in the United States.
The Union Trust C o. was chartered in 1864 and during
the fifty-four years of its existence has had only four presi
dents: Isaac H . Frothingham, who served from 1864 to
1873; Edward King, who was President for thirty-five years,
from 1873 to 1908; John W . Castles who held office for only
a few months in 1909, and Edwin G . Merrill, who has been
President since April 1910. The Central Trust C o ., which
was established in 1875, has had only three presidents in
its forty-three years: Henry F . Spaulding, who served from




The change in the name of the Gorman Exchange Bank
of this city to the Commercial Exchange Bank, will go into
effect on M onday next, March 4. Tho bank was estab
lished in 1872 and is a member of the N ew York Clearing
House. Its main office is at 330 Bowery, corner of Bond
street, and it operates a branch at Broadway and 29th
Street. Joseph M . Adrian is Chairman of tho Board of
Directors and Louis A . Fahs is President. As was stated
in our issue of Jan. 12, the bank is a strictly American in

M ar . 2 1918.]

T H E C H R O N IC LE

stitution, but on account of tho feeling engendered by the
war tho change in tho titlo was docided upon.
William Cloments, for many years with tho D ry Dock
Savings Bank and an activo worker in tho Now York Chap
ter of tho American Institute of Banking, has rccontly
joined tho Bond Department of tho National Bank of Com 
merce in New York.
Charles E . Curtis, tho new Treasurer of tho Franklin
Trust Company of Now York and Brooklyn, was born in
New Haven, Conn., and for twonty yoars was connected
with tho City Bank of Now Haven. Ho resigned as Presi
dent of tho bank in 1909 and for several years traveled
abroad, returning to America in 1914. H e was formerly
Vice-Prosident of tho Security Insurance Company of Now
Havon, Treasurer of the General Hospital Society of Con
necticut, trustee of tho Connecticut Savings Bank, Treasurer
of tho Trustees of tho New Haven Orphan Asylum , and for
ton years was Secretary of the Now Havon Clearing House
Association.
Action on tho question of increasing the capital of the
American Foreign Banking Corporation from $2,500,000 to
$3,200,000 will bo taken at a special meeting of the stock
holders to bo held on March 15.
Thomas B . Hanson, lately Assistant Cashier of tho Bank
of Long Island, Queens Borough, has become Cashier of tho
Bronx Borough Bank of this city to succeed William S.
Gormain, who rosigned in order to devote all his time to the
Excise Bureau of which ho is a Deputy Commissioner.
Tho Gorman-American Bank of Buffalo, N . Y . , has been
granted permission by tho State Banking Department to
chango its name to tho Liberty Bank of Buffalo.

Tho eighteenth annual report of the Commercial Trust
C o. of Philadelphia for tho fiscal year ended Jan. 31 1918
was submitted to tho stockholders on Fob. 18 by President
John H . M ason. It shows gross earnings of $720,545, fixed
charges of $272,016; and net earnings of $454,528. Tho
roport states that whilo the earnings were not as largo as
those for tho preceding year, the decreaso was entirely duo
to increased taxation. W ith regard to tho trust business of
tho institution, President Mason said: “ During the year the
company received thirty-six personal trusts, aggrogating
$3,097,200, and was appointed transfer agent, registrar and
depository by thirteon corporations, and trustoe by twentyfour corporations for corporate trusts aggregating $5 0,
635,340, making our total corporate trusts $ 3 38 ,6 21 ,340 .”
Subscriptions amounting to $6,000,000 were obtained by
tho company for the First Liberty Loan and $7,500,000 for
the Second. A now department for the purpose of taking
care of Government war loans and tho salo of war savings
and thrift stamps was croated by tho company. Fifteen
employees of tho company havo onlisted. The Commercial
Trust Co. is a member of the Fedoral Reserve system.
The Silk City Safo Doposit & Trust C o. of Paterson has
changod its name to tho Silk City Trust Company.
Tho suspension of John H . McQuillon, mombors of tho
Philadelphia Stock Exchange, was announced on tho E x 
change on Fob. 25. Tho firm was composed of John II.
McQuillon, who was elected to the Philadelphia Stock
Exchange Fob. 4 1896, and Joseph Button. M r . McQuillon
had previously been connected with W . W . Kurtz & C o .,
and ho started in business himself soon after purchasing a
membership on tho Exchange. It was said that tho firm
had not boon active on tho floor recontly and thoro was no
closing out of accounts, which usually follow a suspension.
Tho liabilities are estimated at $200,000. A deod of assign
ment was filed on behalf of tho firm for the benefit of credi
tors, and Charles S. Wesley was named as assignee.
Tho Director of Publicity of the First National Bank of
Cleveland sends us tho following:
Figures compiled for tho year 1917 show that Cleveland was a close
second to Kansas City In the contest for leadership among American cities
In tho percentage o f increase in clearings. An exceptional year in grain
and live-stock gave Kansas City an increase o f 54.7% whilo Cleveland
oasily led tho industrial centres with 50.8% . Tho First National Bank




$93

o f Cleveland which is publishing these figures gained at a much faster rate
than either city— the rate in this bank being 75.6%.

A change in the name of the German National Bank of
M arietta, Ohio, to the Central National Bank of Marietta
has been approved by the Comptroller of the Currency.
The proposal to increase the capital of the Mahoning
National Bank of Youngstown, Ohio, from $400,000 to
$500,000, has been approved by the Comptroller of the
Currency.
A charter for tho Security National Bank of Sheboygan,
W is., with a capital of $250,000, has been issued by the
Comptroller of the Currency. The 'bank represents a
conversion of tho German Bank of Sheboygan.
A n increase of $50,000 in the capital of the First National
Bank of Okmulgee, Okla., raising it from $100,000 to $150,
000, has been approved by the Comptroller of the Currency.
The American State Bank is the namo of a new bank
which began business in Kansas City, M o ., Jan. 16 1918.
It has a capital of $100,000 and undivided profits of $10,000.
The bank is under the direction of R . Lee Davis, President;
James B . Osgood, Vice-President; C . A . Walker, Cashier
and Vice-President. Tho directors are: Thornton Cooke,
Willard J. Breidenthal, R . Lee Davis, Em m ett E . Culter,
W hitney Goit, Louis J. Miller, W . T . M cCauley, W . Eugene
King, C . A . Walker, James B . Osgood, F . L . Scheurer and
Conger R . Smith.
A new banking institution, the South Side Bank of Kansas
City, M o ., opened for business on Jan. 22 with capital of
$100,000 and surplus or reserve of $10,000. The officers of
the now bank are: P . E . Laughlin, President; Fred Wolferman, Vico-President; M . J. M cNollis, Cashier and Clare
Johnson and M . G . Laughlin, Assistant Cashiers. M r .
McNellis was formerly Auditor of the Federal Reserve Bank
of Kansas C ity, but resigned to become Cashier of the new
bank. Tho directors are: P . E . Laughlin, Fred Wolferman,
M . J. M cNellis, Oscar H . Williams, J. F . Houlehan, Henry
P . Soden and George T . Meuhlbach.
The Mercantile National Bank of St. Louis, whbse business
as noted in these columns last week, has been taken over by
tho Mercantile Trust Co of St. Louis, has been placed in
voluntary liquidation. G . W . Wilson is liquidating agent
of the bank.
W . II. Wilkes has been appointed Assistant to the Presi
dent of tho National Bank of Commerce, in St. Louis, M o .
M r. Wilkes has been the Secretary to the President, John
G . Lonsdale, since 1916, and prior to that he was Assistant
Cashier of the Mercantile National Bank of M em phis, Tenn.
A change in tho name of tho Tootle-Lemon National
Bank of St. Joseph, M o ., to the Tootle-Lacy National Bank
is announced. The substitution of the namo “ Lacy” for
“ Lomon” in the title is made in recognition of the valuable
services rendered to the institution since its organization by
Graham G . Lacy, Vice-President, who is also a large stock
holder.
The proposed change in the namo of tho German National
Bank of Newport, K y ., to tho American National Bank, has
gono into effect, following the approval of the change by the
stockholders and Comptroller of the Currency.
The German National Bank of Covington, K y ., has
dropped that title and is now known as the Liberty National
Bank of Covington.
A new banking institution, the name of which is Liberty
Bank & Trust C o ., is being organized in New Orleans with
capital of $300,000. J. II. Tharp, President of the Bank of
Terrebonne, Houma, L a ., is President. The bank will bo
a member of the Federal Reserve system and it will engage
in a commercial banking business. The selling price of the
stock has been fixed at $110, the additional $10 a share to
bo used to defray the expenses of organization and to create
a surplus fund.

894

T H E C H R O N IC LE

T H E E N G L IS H GOLD A N D

SILVER M A R K E T S ,

W o reprint the following from the last three weekly cir
culars received from Samuel M ontagu & Co. of London:
January 24 1918.

GOLD.
Tho Bank o f England gold reserve against its note issue shows an increase
of £157,365, as compared with last week’s return.
New York reports that during the week gold to the value o f $2,000,000
has been received from Canada.
SILVER.
The tone of tho market has not been robust. Doubtless influenced
sympathetically by easier exchange rates from Shanghai dealers in New
York have shown less confidence, and supplies have been forthcoming with
a certain amount of freedom from that quarter. Trade and Continent
demand has been less in evidence, and the price therefor has fallen rather
substantially since we last addressed you. Tho Indian Currency Returns
given below reveal a further reduction in the silver holding.
(In lacs of rupees)— .
Dec.31. Jan. 7. Jan. 15.
Notes in circulation___________________________ 1,08,31 1,06,97 1,05,52
Reserve in silver coin and bullion______________ 19,05
17.72
16,26
Gold coin and bullion in India_________________ 26,73
26.72
26,73
1,05
Gold out o f India_____________________________
1,05
1,05
The Director of the United States Mint estimates the world’s production
of silver during 1916 as 156,626,521 ounces, in which total no allowance is
made for the production o f Germany, Turkey and France (4,984,677,
1,509,133 and 520,766 ounces in 1914, respectively). Tho production of
Great Britain is given as 96,450 ounces. This is exclusive o f the very
large amount o f silver recovered from ores imported into this country.
I f silver similarly extracted in other countries has also been excluded, a
substantial amount should be added to the Mint report estimate in order
to arrive at tho actual amount o f the world's production for 1916. Tho
stock in Bombay on January 15th consisted of 3,400 bars, as compared
with 3,700 bars on the 9th inst. The stock in Shanghai on January 19th
consisted of about 27,700,000 ounces in sycee and $13,100,000, as compared
with about 25,500,000 ounces in sycee and $13,000,000 on the 12th inst.
The movements in the cash price of bar silvor per ounco from day to day
during this week have been as follows:
Jan. 19________________ 44%d. cash Bank rate_____________________ 5%
“ 21___________
44%d. “
Bar gold per oz. standard..77s. 9d.
“ 22...............................43Vs
“
“ 23...............................43%
“
“ 24..............
.43%
"
"I 25..........
43%
"
Average_______________ 43.166
N o quotation for forward delivery.

W e have also received this week the circular written under
date of January 31 1918:
January 31 1918.
GOLD.
The Bank of England gold reserve against its note issuo shows a decrease
of £298,450 as compared with last week’s return.
Tho West African gold output for December 1917 amounted to £122,602
as compared with £146,409 for December 1916 and £126,915 for November
1917. Tho total output for 1917 amounted to £1,529,977, a decrease of
£85,329 as compared with that o f 1916— £1,615,306.
SILVER.
The tone o f the market has been again easier; the price fell %d. on the
26th and a further %d. yesterday.
As the demand, though not active, has been fairly good, lower prices
may be attributed to freer supplies of the metal.
Tho exchange with Shanghai, where a certain amount of speculation is
rife, has not moved in sympathy, but has actually hardened.
Tho issue of one rupeo notes in India on Dec. 1 last appears to have met
with Immediate response on tho part of tho public. It is stated that the
stock at the Bank of Bombay was exhausted very early in tho day, and
a fresh supply had to be requisitioned. In Calcutta a similar rush was
experienced. The continued shrinkage o f the Indian Treasury holding of
silver, as detailed below, and the Impossibility of silver supplies expanding
correspondingly to tho abnormal demand for mintage, render tho issue
timely, and it is to be hoped that tho welcome to these useful substitutes
will oxtend to the towns and other closely populated areas of tho Peninsula,
(In lacs of rupees)—
Jan. 7. Jan. 15. Jan.22.
Notes In circulation_______________ .....................1,06,97 1,05,52 1,04,11
Reserve in silver coin and bullion__ ______ _____ 17,72
16,26
14,86
Gold coin and bullion in India_____ ..................... 26,72
26,73
26,73
Gold out o f India_________________ .....................
1,05
1,05
1,04
N o fresh news is to hand as to the stock in Bombay, which on the 15th
inst. consisted of 3,400 bars.
The stock In Shanghai on the 26th January consisted of about 27,700,000
ounces in sycee and 13,000,000 dollars as compared with about 27,700,000
ounces in sycee and 13,100,000 dollars on the 19th Inst.
Statistics for tho month of January are appended:
Highest prico for cash____________________________________________45%d.
Lowest price for cash____________________________________________43 %d.
Average price for cash____________________________________________44.355
Quotations for bar silver per ounce standard:
Jan. 25________________43 % d . cash Bank rato_____________________ 5%
“ 26..............................43 Hd. “
Bar gold per oz. standard..77s. 9d.
“ 28..............................43%d. “
“ 29..............................43 %d. “
“ 30..............................43%d. “
" 31..............................43Md. “
Average-----------------------43.437d.
N o quotation fixed for forward delivery.
The quotation to-day for cash delivery is %d. below that fixed a week ago.
E N G L IS H

F IN A N C IA L

M A R K E T S — PER C A B L E .

The daily closing quotations for securities, &o., at London,
as reported by cable, have been as follows tho past week:
London,
Week ending Mar. 1.

Feb. 23. Feb. 25. Feb. 20.
Sal.
Mon.
Tues.
42%
54%
03%
100%

Sliver, per oz...................... d . 42%
42%
Consols, 2% per cents...........HOLI54%
British 5 per cents................ D A Y . 93 %
British 4% per cents.............
\00%
French Rentes (In Paris) ir. 57.50
57.50
French War Loan (in
P a ris)............................ fr. 87.80
87.80

57.50

Feb. 27.
Wed.
42%
54%
03%
100)4
67.50

Feb. 28.
Thurs.
42%
54%
03%
100%

Mar. 1.
Frl.
42%
54%
03%
100%

57.50

____




85%

(Ikrmmer c ia l a u d p X isc sIIa u e m is J X cw s
C a n a d ia n B a n k C le a r in g s .— The clearings for tho week
ending Feb. 21 at Canadian cities, in comparison with the
same week in 1916, show an increase in the aggregate of
1 7 .3 % .
Week ending February

87.75

87.75

____

85%

85%

85%

85%

21.

Clearings alInc. or
Dec.
Canada—
M o n t r e a ll_________
T o r o n t o ____________
W i n n ip e g _________
V a n c o u v e r .............
O t t a w a ____________
C a lg a r y ____________
E d m o n t o n ________
V ic t o r ia ____________
H a m i l t o n _________
Q u e b e c ......................
R e g in a _____________
H a li f a x ____________
S t. J o h n ___________
S a sk a to o n _________
L o n d o n ____________
M o o s e J a w ________
L e t h b r id g e ________
F o r t W illia m _____
B r a n d o n ___________
B r a n t fo r d ............. ..
N e w W e stm in ste r.
M e d ic in e H a t _____
P e te rb o ro u g h ______
S h e rb ro o k e ________
K it c h e n e r __________

Total Canada.

$

%

74,315,203 65,139,044 + 14.1 55,315,488 38,825,759
53,001,982 48,556,682 + 10.4 39,992,288 29,069,026
39,670,450 30,700,142 + 29.2 27,835,470 19,817,884
8,465,906 6,414,372 + 3 2.0
5,069,985
4,849,901
5,483,775 4,701,999 + 16.6
3,047,833
3,605,288
5,908,875 4,244,308 + 39.2
3,753,220 2,712,805
3,017,538 2,165,776 + 39.3
1,917,019
2,045,101
1,662,158
1,390,736 + 19.6
1,322,645
1,341,555
4,752,320 3,627,529 + 3 1.0
3,039,237 2,399,207
3,384,808 2,890,021 + 16.9
2,768,423 2,756,109
2,536,724
1,915,701 + 32.4
1,605,172
1,005,261
2,951,268 2,837,784
+ 4 .0
1,786,780
1,464,075
1,852,628
1,675,802 + 10.6 1,389,008
1,342,584
1.390,756
1,210,318 + 15.7
1,028,433
654,120
1,916,525 1,816,332
+ 5.
1,545,944
1,477,755
1,107,162
1,118,278 — 1.0
745,929
549,249
541,552
528,279
+ 2 .5
384.254
294,299
595,576
476,758 + 2 5 .0
410,905
327,777
490,333
408,108 + 20.1
378,649
473.255
741,391
760,693 — 2 .5
654,262
446,979
292,102
266,372
+ 9 .7
208,345
247.103
491,435
402,557 + 22.1
267,439
185,184
582,934
533,857
+ 9 .2
547,133
300,083
810,188
710,125 + 18.3
442,022
537,571
528,551
+ 1.7
217,131,226 185,032,184

+17.3 150,279,177 115,967,731

S a le s .— Among othor securities, tho following
n ot u su a lly dealt i n at the Stock E xch a n g e, wore recently sold
at auction in New York, Boston and Philadelphia:
B y Messrs. Adrian H . Muller & Sons, New York:
A u c tio n

Slocks.
Per cent. Shares. Stocks.
Per tent.
1,000 City Investing, com . ..........20%
10 United Gas A El. Corp.
684 Richmond Hill Invest., S10
(Conn.), 1st pref.......... .. 45
each---------------------- S2 per sh.
200 Parke Davis A Co., $25
0 Land & River Co., 1st pf. 1
each______________ $94 per sh.
10 Land A River C o.,2d p f.. )S70 lot
23 Nat. Bank of Commerce of
20 Land A River Co., co m .. j
Detroit, Mich__________ 195%
21 Land & River Co.. 2d pf. J
10,000 Matthews Iron & 8., Ga.
797 Keystone Chem. Supply,!
Corp------------ -------------$550 lot
S50 each........................)$25 lot
979 Ass.Blue Bk. Pub., com.\$500 lot
76 Bristol Chem. Wks., Inc.)
100 Ass.Blue Bk. Pub., pref./
453 Tower M fg.A Nov.,pref.70-101M

Shares.

B y Messrs. Millott, Roe & Hagon, Boston:
Shares.

$ per sh.

Stocks.

Shares.

$ per sh.

Stocks.

14 Lancaster Mills___________ ___87
6 Btgelow-Hart Carpet, pref........ 83
% Salmon Falls Mfg., com............ 35
83 Puget Sd.I’ rao. Lt. A Pow., pref. 38%
60 Naumkeag Steam Cotton rights. 14% 7 PugetSd.Trac.Lt. A Pow., com. 10%

B y Messrs. R . L . D ay & C o ., Boston:
Shares. Stocks.
$ per sh.
1 N a t . S h a w m u t B a n k ..................... 188
7 E sm on d M ills , p r e f...................... 9 0 K
5 C on tin en ta l M ills
....................90
1 T h o rn d ik e C o ., $ 1,0 00 p a r___1465
25 B o s to n M a n u fa c tu r in g .............. 80
7 N a u m k ea g Stea m C o t t o n rights 14%
1 B o s to n B eltin g , p r e f., $50 each 45
1 N a sh u a & L ow ell R R .......... .......131%
9 C a m b rid g e G a s L ig h t.................. 149

Shares.

%per sh.

Stocks.

20 Draper Corporation............ ..... 113
5 American Glue, p r e f.. .......... -140%
430 Turners Falls Pow. & Elec.
rights.............
1%
3 Union Cotton M fg __________ 217%
5 Mass. Cotton Mills................. 120%

Per cent.

Bonds.

$50 Boston City Club 5», 1923___ 25%

B y Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
20 C o n tin e n ta l-E q u lt. T . & T . . 87
1 P h ilad elp hia N a t . B a n k ........... 460 K
9 1st N a t . B a n k o f P h il.............220
2 M a r k e t Street T itle A T r u s t . 115 %
9 F ra n klin N a t . B a n k . . . ........... 4 80%
8 R e p u b lic T r u s t , $50 e a c h ____
35 T ra d esm en ’s N a t . B a n k ____ 250
1 W e s t E n d T r u s t ........ ................. 160 %
5 C o lu m b ia A v en u e T r u s t ____ 2 0 1 %
8 In su r. C o ., S ta to o f P a ................80
5 G u aran tee T ru s t & S . D ____ 140
2 13th A 15th S ts. P ass. R y . . . 2 1 6
50 V a cu u m R e frig e ra tio n , p r e f. 10
30 H . K . M u lfo r d , $50 e a c h ____ 00%
5,201 V ic t o r B o x M f g ., $25 each.SSOO lo t
50 U n ited G a s A E l. C o r p ., 1st
8 P h il. B ou rse, c o m ., $50 e a c h .
6
p r e f., $50 e a c h ......................4 3-44
40 G ia n t P . C e m e n t, p r e f., $50
16 B r o a d S treet B a n k .......................60
e a c h .......................
5%
3 F iro A s s o cia tio n .............................. 301 %
26 G ia n t P . C e m e n t, c o m ., $50
Bonds.
Per cent.
e a c h .......... ......... .......................
1 % $ 1,0 00 A tla n tic C it y B rew in g 1st 6s,
7 F arm ers & M e c h . N a t . B a n k .1 45)$
1 92 2 ........................................................... 62

02%

D I V ID E N D S .
The following shows all tho dividends announoed for the
future by largo or important corporations.
D ivid en d s a n n ou n ced th is w eek are p r in ted in ita lic s .
Name

o f Company.

Per
Cent.

When
Payable.

Books Closed.
Days Inclusive.

R a il r o a d s (S t e a m ).

Atlantic Coast Lino Co. (quar.)............. $1.50 Mar. 9 Mar. 1 to Mar. 8
Boston A Albany (quar.).................. .....
Mar. 30 Holders of rcc. Feb. 28a
2
Buffalo A Susquehanna, common (quar.) __
1 % Mar. 29 Holders of reo. Mar. 15a
Canadian Pacific, com. (qu.) (No. 87)..
2 % April 1 Holders of rcc. Mar. la
Preferred ............... ............................
April 1 Holders of rec. Mar. i
2
Chestnut Hill (quar.).... ........................
to Mar. 3
1 % Mar. 4 Fob. 21
Chicago A North Western, com. (quar.)___
1% Apr. 1 Holders of rcc. Mar. 9
Preferred (quar.) .................... .............
Apr. 1 Holders of reo. Mar. 9
2
Delaware A Hudson Co. (quar.)_______
2 % Mar. 20 Holders of roc. Fob. 26a
87J4o.
Fonda Johnstoum &'Oloversvtlle, pf. (qu.).
1 % Mar. 15 Holders of rec. Mar. 11a
Interborough Consol. Corp., pref. (quar.)..
1% Apr. 1 Holders of rec. Mar. 11
Interborough Rapid Transit (quar.) ......... .
5
Apr. 1 Holders of rcc. Mar. 20
Reading Company, First pref. (quar.).. 50c. Mar. 14 Holders of reo. Feb. 26a
Second preferred (quar.)...................... 500. dApr.ll Holders of rcc. Feb. 26a
Southern Pacific Co. (quar.) (No. 46)__
1% April 1 Holders of reo. Feb. 28a
Union Pacific, common (quar.).............
2 % April 1 Mar. 10 to Apr. 9
Preferred ...........................................
2
Apr. 1 Mar. 10 to Apr. 9
S t r e e t & E l e c t r i c R a ilw a y s .
Arkansas Valley Ry., L . A P ., pref. (quar.)

Cities Service, com. and pref. (monthly).
Common (payable in common stock)..

Frank. A Southw. Pass., Phlla. (quar.)___
Oalveslon-IIouston Elec. Co., pref. (quar.)-

Houghton County Traction, pref. (quar.)
Public Service Corp. o N . J . (quar.)___
San Joaquin Light A Power, pref. (quar.)
Second A Third Sts. Pass., Phlla. (quar.)--

87.85

The price of silver in New York on the same days has been:
SUvorinN. Y., p eroz...cts. 85H

[ V o l . 106

West Penn Railways, pref. (quar.KNo. 3)

W estPenn Tr. A W . P ., pref. (quar.)_____
West Penn Trac. A Water Pow., pref. (qu.)

Mar. 15 Holders
Apr. 1 Holders
Apr. 1 Holders
S4.50 Apr. 1 Holders
Mar. 15 Holders
3
April 1 Holders
3
Mar. 30 Holders
2
1% Mar. 15 Holders
$3 Apr. 1 Holders
1 % Mar. 15 Holders
1 % Mar. 15 [folders
1 % Mar. 15 Holders
1H
%
f%

of
of
of
of
of
of
of
of
of
of
of
of

rcc.
rcc.
reo.
rcc.
rcc.
ret.
reo.
reo.
rcc.
reo.
reo.
reo.

Feb. 28
Mar. 15
Mar. 15
Mar. 1
Mar. 5
Mar. 15a
Mar. 15a
Feb. 28
Mar. 1
Mar. 2
Mar. 2
Mar. 2

T H E C H RO N ICLE

M ab . 2 1918.]
Name of Company.
Miscellaneous.
Ajax Rubber (Inc.) (quar.)____________
Allouez Mining (quar.)________________
Anier. Beet Sugar, common (quar.)___
Preferred (quar.) (No. 75)..................
Amer. Car A Fdy., com. (quar.) (No. 6 2 )..
Common (extra)........ ............ ....... .........
Preferred (quar.) (No 76).................... American Express (quar.)_____________
Amer. Qraphophone, com. (qu.) (No. 5 2 )..
American Hide <& Leather, pref..............
Amer. Int. Corp., com. & pref. (quar.).Arner. Locomotive, common (quar.)_______
Preferred (quar.)_____________________
Amer. Public Service, pref. (quar.)_______
American Radiator, common (quar.)___
Common (payable In Liberty Loanbds.)
Amer. Smelt. & Refg., com. (quar.)____
Amer. Sugar Refg., corn. & pref. (quar.).
Amer. Teleo. A Cable (quar.)........ ...........
Atlantic Gulf A If. / . S. S. Lines, pf.(qu.).
Atlantic Refining (q u a r.)____________
Atlas Powder, common (quar.)_________
- Common (extra)............ .......................
Beldlng Paul-Cortlcelll, Ltd., preferred..
Bethlehem Steel, com.. Class B (quar.)..
Non-cumulatlve pref. (quar.)________
Cumulative conv. pref. (quar.)_____
Blackslone Vat. Gas A lilec., com. (quar.)..
Booth Fisheries, common (quar.)................
Preferred (quar.)____________________
Borden’s Cond. Milk, pref. (qu.) (No. 65)
Brier Hill Steel, common (quar.)_______
Common (extra)____________________
Preferred (quar.).................................
Bril.-Amer. Tobacco, ordinary (interim)..
Buckeye Pipe Line (quar.)____________
Extra......................................................California Packing Corp., com. (quar.)..
k Preferred (quar.).................. .................
Calumet <& Arizona Mining (quar.)------Calumet & Ilccla Mining (quar.)----------Cambria Steel (quar.)_________________
Extra------- --------------------------------------Carbon Steel, first preferred------------------Second preferred___________________
Case (J. I.) Thresh. Mach., pref. (quar.)..
Central Aguirre Sugar Cos., com. (quar.).
Central Leather, pref. (quar.)......................
Chandler Motor Car (quar.)-------------------Charcoal Iron of Amer., com. (quar.) —
Chesebrough Manufacturing (quar.)..----E xtra.................. - ..................................
Chicago Telephone (quar.)---------------------Childs Company, common (quar.)-----------Preferred (quar.).................... .................
Citizens Gas of Indianapolis (No. 17) —
Colorado Power, preferred (quar.)--------Compullng-Tabulatlng-Recording (quar.)..
Consolidated Gas (quar.)---------------------Consol. Gas, El. L. A P., Ball., com. (qu.).
Continental Can, commonk(quar.)-----------Preferred (quar.)_____________________
Continental OH (quar.)............................
Continental Refining, common (monthly)..
Copper Range Co. (quar.) (No. 45)----Crescent Pipe Lino (quar.).................... - 
Crucible Steel, pref. (quar.) (No. 62).......
Cuba Cane Sugar, preferred (quar.)--------Cuban-Amerlcan Sugar, com. (q u a r.)...
Preferred (quar.)___________________
Cudahy Packing, common (quar.)--------Diamond Match (quar.)-----------------------Distillers Securities Corp. (quar.)--------Extra ________________ _______ _____
Dominion Glass, Ltd., pref. (quar.)........ .
Dominion Iron A Steel, Ltd., prof--------Dominion Steel Cor., com. (qu.)(No. 16)
du Pont(E.1 ,)de Nemours A Co.,com.(qu.).
{^Debenture stock (quar.)................... .......
du Pont(E.l.)de Nem. Powd., com. (qu.)..
Preferred (quar.)................ ............. - - - 
Eastern Shore Gas A Elec., pref. (quar.)....
Eastern Steel, common (quar.)................
First and second preferred (quar.)-----Eastman Kodak Co., common (q u a r.)...
Common (extra)-----------------------------Preferred (quar.).................. - - - ......... •Federal Mining & Smelting, pref. (quar.).
Federal Sugar Refg., com. (quar.)-----------Freeport Gas, pref. (quar.)........ ...............
Galena-Signal Oil, common (quar.)........
Preferred (quar.)................ - - ...............
General Chemical, pref. (q u a r.).............
General Electric (quar.)----------------------Globe Soap, common (quar.)...... .................
lsf, 2ti and special pref. (quar.)----- -—
Goodrich (B. F.) Co., common (q u a r.)...
Preferred (quar.)____________ _______
Grasselli Chemical, common (quar.)--------Common (extra).......... ......... ......... .........
Preferred (quar.)............ - .......................
Great All. A Pac. Tea, pref. (quar.)..........
Great Lakes Towing, common .(quar.)------Preferred (quar.)____________________
Great Northern Iron Ore Properties-----Great Western Sugar, common (quar.) —
Common (extra)____________________
Preferred (quar.)___________________
Gulf States Steel, common (quar.)--------First preferred (quar.)______________
Second preferred (quar.)____________
Harblson-Watker Refract., pref. (quar.).
Haskell A Barker Car (quar.)__________
Imperial Oil_____ _________ ___________
Indcpcn. Brow., Pittsburgh, com. (qu.).
Indian Refining, common (quar.)-----------Preferred (quar.).......... ..........................
Interlake Steamship (quar.)........................
E xtra__ _____ ______________________
International Salt (quar.)" 1 ___________
International Silver, pref. (quar.).............
Interstate Electric Corp., pref. (quar.)_____
Jewel Tea, Ino., preferred (quar.)---------Kayser (Julius) A Co., common (q uar.)...
First and second preferred (quar.)______
Kennecolt Copper (quar.).......... ............... E xtra........................ ..........................Kerr Lake Mines, Ltd. '(quar") (No. 1 )-.
Lackawanna Steel (quar.)...........................
Laclede Gas Light, common (quar.)____
Kirshbaum (A. B.) Co., common (quar.)..
Kress (S. II.) A Co., pref. (quar.)_______
La Belle Iron Works, common (quar.)____
Common (extra)............................ ...........
Preferred (quar.)________ III” . . ........
La Rose Mines, L t d ..____ ____________
Lehigh Valley Coal Sales (quar')................
Liggett A Myers Tobacco, pref. (quar.)___
Unde Air Products, common (quar.)______
Preferred (quar.)......................................
Magma Copper (quar.)........ ......................




When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

$1.50 Mar. 15 Holders of rec. Feb. 28a
SI.50 Apr. 3 Holders of rec. Mar. 13
April 3C Holders of rec. April 13a
*2
Apr. 1 Holders of rec. Mar. 16a
IX
Apr. 1 Holders of rec. Mar. 11
1
Apr. 1 Holders of rec. Mar. 11
I
l'A Apr. 1 Holders of rec. Mar. 11
SI.50 April 1 Holders of rec. Feb. 28a
l'A Apr. 1 Holders of rec. Mar. 15a
April 1 Holders of rec. Mar. 9a
2X
90c. Mar. 30 Mar. 14 to Apr. 3
Apr. 3 Holders of rec. Mar. 18
IX Apr.
22 Holders of rec. Apr. 5
l'A
Apr. 1 Holders of rec. Mar. 22
l'A
Mar. 30 Holders of rec. Mar 21
3
Mar. 30 Holders of rec. Mar. 21
14
15 Feh. 27 to Mar. 4
IX Mar.
l'A Apr. 2 Holders of rec. Mar. la
l'A Mar. 1 Holders of rec. Feb. 28a
J l'A Apr. 1 Holders of rec. Mar. 11
Mar. 15 Holders of rec. Feb. 21
5
Mar. 11 Mar. 1 to Mar. 10
2
Mar. 11 Mar. 1 to Mar. 10
3
15 Holders of rec. Mar. 1
h3X Mar.
1 Holders of rec. Mar. 13a
2X Apr.
Apr. 1 Holders of rec. Mar. 13a
m
l'A
m2 Apr. 1 Holders of rec. Mar. 13a
•SI Mar. 1 Holders of rec. Feb. 25a
50c. Apr. 1 Holders of rec. Mar. 19
l'A Apr. 1 Holders of rec. Mar. 19
15 Holders of rco. Mar. la
IX Mar.
Apr. 1 Holders of reo. Mar. 20
rlX
April 1 Holders of rec. Mar. 20
3X Apr.
1 Holders of rec. Mar. 20
rIX
Mar. 27
6
See note (P).
$2 Mar. 15 Holders of reo. Feb. 23
$1 Mar. 15 Holders of roe. Feb. 23
50c. Mar. 15 Holders of rec. Feb. 2Sa
l'A April 1 Holders of red. Mar. 15
Mar. 18 Holders of rec. Mar. la
$2
$10 Mar. 20 Holders of rec. Feb. 21
75C. Mar. 15 Holders of rec. Feb. 28
75c. Mar. 15 Holders of rec. Feb. 28
Mar. 30 Holders of reo. Mar. 20a
x\
July 30 Holders of rec. July 26a
6
l'A Apr. 1 Holders of rec. Mar. 11
1 Holders of rec. Mar. 22
2X April
l'A Apr. 1 Holders of rec. Mar. 8
Apr. 1 Holders of rec. Mar. 12
3
20c. Mar. 30 Holders of rec. Mar. 15
Mar. 21 Holders of rec. Mar. 2
3
50c. Mar. 21 Holders of rec. Mar. 2
2
Mar. 30 Holders of rec. Mar. 29
11 Mar. 1 to Mar. 11
IX Mar.
Mar. 11 Mar. I to Mar. 11
l 'A
5 Mar. 28 Mar. 13 [to Mar. 29
l'A Mar. 15 Holders of rec. Feb. 28
1
Apr. 10 Holders of rec. Mar. 25a
Mar. 15 Holders of reo. Feb. 8a
l'A
2
Apr. 1 Holders of rec. Mar. 31
IX Apr. 1 Holders of rec. Mar.
21a
Apr. 1 Holders of rec. Mar. 21a
l'A
3
Mar. 16 Holders of reo. Feb. 23
10c. Mar. 10 Holders of rec. Feb. 28a
SI.50 Mar. 15 Holders of reo. Feb. 20
75c. Mar. 15 Feb. 22 to Mar. 15
Mar. 30 Holders of rec. Mar. 15a
l'A
l'A Apr. 1 Holders of rec.
15
2X April 1 Holders of rec. Mar.
Mar. 15a
April 1 Holders of rec. Mar. 15a
l'A
l'A Mar. 15 Holders of rec. Mar.
2
Mar. 15 Holders of rco. Feb. 28a
Apr. 18 Holders of rec. Apr. 2a
X
Apr. IS Holders of rec. Apr. 2a
IX
Apr. 1 Holders of rec. Mar. 12
l'A
Apr. __
IX Apr. 1 Holders of rec. Mar. 5
4X Mar. 15 Holders of rec. Feb. 28
IX Apr. 25 Holders of rec. Apr. 10
IX May 1 Holders of
rec. Apr. 25
l'A May 1 Holders of rec. Apr. 25
IX Mar. 4 Holders of rec. Feb. 22
April 15 Holders of reo. April 1
2X
Mar. 15 Holders of rec. Mar. 1
l'A
April 1 Holders of rec. Feb. 28a
2X
April 1 Holders of rec. Feb. 28a
7X
IX Aprlll 1 Holders of rec. Feb. 28a
Mar. 15 Holders of rec. Feb. 25a
l'A
l'A Mar. 15 Holders of rec. Mar. 5
IX Mar. 1 Holders of rec. Feb. 2
3
Mar. 30 Holders of rec. Feb. 28
2
Mar. 30 Holders of rec. Feb. 28
Apr. 1 Holders of rec. Mar. 18a
IX
2
April 15 Holders
Mar. 9a
IX Mar. 15 Mar. 1 of torec. Mar. 15
Mar. 15 Mar. 1 to Mar. 15
IX
1
May 15 Holders of rec. May 3a
y l 'A
April 1 Holders of rcc. Mar. 22a
Mar. 30 Holders of rcc. Mar. 15
IX
1
Mar. 20 Holders of rcc. Mar. 15
IX Mar. 30 Holders of rcc. Mar. 15
l'A Mar. 1 Holders of rec. Feb. 28
y i x Mar. 30 Holders of rcc. Mar. 15
X l 'A
Apr.
SI
Mar. 15 Mar. I to Mar. 15
l'A Apr. 2 Holders of rec. Mar. 15
10
Apr. 2 Holders of rec. Mar. 15
l'A Apr. 2 Holders of rec. Mar. 15
2X April 1 Holders of rec. Mar. 15
• l'A April 1 Holders of reo. Mar. 15
•IX April 1 Holders of rcc. Mar. 15
IX Apr. 20 Holders of rec. Apr. 10a
75c. Apr. 1 Holders of rec. Mar. 15
S4 Mar. 4 Holders of rec. Feb. 28
25c. Mar. 15 Holders of rec. Feb. 28
3
Mar. 15 Holders of rec. Mar. 5
l'A Mar. 15 Holders of rec. Mar. 5
2
Apr. 1 Holders of rec. Mar. 20
2
Apr. 1 Holders of rec. Mar. 20
IX Apr. 1 Holders of rec. Mar. 15a
Apr. 1 Holders of rec. Mar. 18
l'A
Mar. 1 Holders of rec. Feb. 26
l'A
Apr. 1 Holders of reo. Mar. 20a
l'A
2
Apr. 1 Holders of rec. Mar. 20
l 'A May 1 Holders of rec. Apr. 19
50c. Mar. 30 Holders of rec. Mar. 8a
50c. Mar. 30 Holders of rec. Mar. 8a
25o. Mar. 15 Holders of rco. Mar. la
Mar. 30 Holders of rec. Mar. 18
IX
l'A Mar. 15 Holders of rcc. Mar. la
1
Mar. 15 Holders of rcc. Feb. 20
Apr. 1 Holders of rec. Mar. 20
l'A
1
Mar. 30 Holders of rcc. Mar. 16
2
Mar. 30 Holders of rec. Mar. 16
2
Mar. 30 Holders of rec. Mar. 16
2c. April 20 Holders of rec. Mar. 30
$2
Apr. 1 Holders of rec. Mar. 21
Apr. 1 Holders of reo. Mar. 15
l'A
2
Mar. 30 noldcrs of rec. Mar. 20
Apr. 1 Holders of rec. Mar. 20
IX
50c. Mar. 30 Holders of rec. Mar. 81

Name of Company.
Miscellaneous (Concluded)—
Mackay Companies, com. (qu.) (No. 51)
Preferred (quar.) (No. 57)----------------Manhattan Elec. Supply, com. (quar.)-----lsl and 2d pref. (quar.)---------------------Maxwell Motor. Inc., 1st pref--------------Mergenthaler Linotype (quar.) (No. 89)_
Mexican Petroleum, common (quar.)--------Preferred (quar.).................... ...............
Michigan Copper A Brass------- ------------Middle West Utilities, common (quar.)__
Common (payable in com. stock)---------Montana Power, common (quar.) (No. 22)
Preferred (quar.) (No. 22)_________ —
Montreal Cottons, Ltd., com. (quar.)______
Preferred (quar.)_____________________
Muskogee Gas A Electric, pref. (quar.)___
National Biscuit, com. (quar.) (No. 79).
National Candy, common_____________
First and second preferred___________
Nat. Enamel A Stamping, com. (quar.)..
Preferred (quar.)____________________
National Grocer, common (quar.)______
National Lead, common (quar.)________
National Lead, preferred tquar.)_______
National Sugar Refining (quar.)________
National Surety (quar.)_______________
New York Air Brake (quar.) (No. 61)__
New York Transit (quar.)_____________
Extra_________ _____ ________________
Niagara Falls Power (quar.)____________
Niles-Beinent-Pond, common (quar.)__
North American Co. (quar.)___________
Ohio Oil (q u a r.).._________ __________
Extra _____________________________
Oklahoma Gas A Electric, pref. (quar.)___
Pabst Brewing, pref. (quar.)_____________
Packard Motor Car, pref. (quar.)_________
Pan-Amer. Petrol. A Trans., com. (quar.)
Preferred (quar.)_____________________
Palon Mfg____ _____ _____ ____________
E xtra______________________________
Penn. Water A Power (quar.)___________
Pcttibone Mulliken A Co.,lsl A 2d pf.(qu.)
Philadelphia Electric (quar.)....................
Pierce-Arrow Motor Car, pref. (quar.)___
Porto Rico-Amer. Tobacco (quar.)____
Pressed Steel Car, com. (quar.) (No. 30).
Quaker Oats, common (quar.)__________
Common (extra)__________ _______ _
Preferred (quar.)______ ____________
Quincy Mining (quar.)_________ ______
Railway Steel-Spring, com. (quar.)_______
Preferred (quar.)_____________________
Republic Iron A Steel, com. (qu.) (No. 6)
Preferred (quar.) (No. 58)___________
Roanoke Water Works, pref.____________
St. Joseph Lead (quar.)_______________
Savage Arms Corp., common (quar.)___
First preferred (quar.)______________
Second preferred (quar.)____________
Savoy Oil (quar.)_________________ ____
Shattuck-Arizona Copper (quar.)_______
Extra______________________________
Sherwin-Williams of Canada, pref. (quar.)
Smart-Woods, Ltd., preferred (quar.)__
South Penn Oil (quar.)__ '.............. ...........
South Porto Rico Sugar, com. (quar.)__
Preferred (quar.)....................................
South West Pa. Pipe Lines______________
Standard Gas A Elec., pref. (quar.)_______
Standard OH (California (quar.) (No. 37)
Standard Oil (Kentucky) (quar.)_________
Standard Oil of N. J. (quar.)........ .........
Standard Oil of New York (quar.)______
Standard Oil (Ohio) (quar.)___________
Extra _____________________________
Stewart-Warner Speedometer (quar.).........
Slromberg Carburetor (quar.)____________
Sluts Motor Car (quar.)________________
Subway Realty (quar.)................. ...............
Swift A Co. (quar.) (No. 128)....................
Texas Company (quar.)________________
Thompson-Starrett Co., prefeired..........
Tooke Bros., Ltd., pref. (quar.)________
Underwood Typewriter, common (quar.)__
Preferred (quar.)_____ _______________
Union Bag A Paper Corp. (quar.) (No. 6)
Union Carbide (quar.)_________________
Union Carbide A Carbon Corporation__
Union Oil of Calif, (payable In stock). . ^.
United Cigar Stores of Am., pref. (quar.).
United Drug, common (quar.) (No. 5 ) __
United Dyewood, com. (quar.) (No. 6 )___
United Dyewood Corp., pref. (quar.)..
United Paperboard, pref. (quar.)................
U. S. Cast Iron Pipe A Fdy., pref. (q u .)..
U. S. Gypsum, pref. (quar.).............. .....
U. S. Industrial Alcohol, com. (quar.)..
U. S. Steel Corp., common (quar.)______
Common (extra)____________________
Utah Copper (quar.).................. ............. ..
Wayland Oil A Gas, common (quar.)__
Westlnghouse,Church,KerrACo.,com. (qu.)
Preferred (quar.)......................................
Wheeling Steel A Iron (stock dividend)..
Wolverine Copper Mining______________
Woolworth (F. W .) Co., pref. (quar.)..
Worthington Pump A Mach., pref. A(qu.).
Preferred B (quar.)__________________
Yale A Towne Manufacturing (quar.)___

895
Per
Cent.

When
Payable

Books Closed.
Days Inclusive.

April 1 Holders of rec. Mar. 9a
April 1 Holders of rec. Mar. 9a
Apr. 1 Holders of rec. Mar. 19a
Apr. I Holders of rec. Mar. 19a
April 1 Holders of rec. Mar. 15a
s l 'A
2X Mar. 30 Holders of rec. Mar. 2a
n2 Apr. 10 Holders of reel Mar. 15a
2
Apr. 1 Holders of rec. Mar. 15a
3
April 1 Holders of rec. Mar. 15
50c. Apr. 1 Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 15a
e1
l'A Apr. 1 Holders of rec. Mar. 12
IX Apr. 1 Holders of rec. Mar. 12
1
Mar. 15 Holders of reo. Mar. 5
IX Mar. 15 Holders of rec. Mar. 5
1% Mar. 15 Holders of rec. Feb. 28
l'A April 15 Holders of rec. Mar. 30a
2X Mar. 13 Feb. 20 to Feb. 26
3X Mar. 13 Feb. 20 to Feb. 26
tlX Mar. 20 Holders of rec. Feb. 28a
Xl'A Mar. 30 Holders of rec. Mar. 11
April 1
2
l'A Mar. 30 Holders of rec. Mar. 8a
l'A Mar. 15 Holders of reo. Feb. 21a
l'A April 2 Holders of rec. Mar. 12
3
April 1 Holders of rec. Mar. 20a
Mar. 22 Holders of rec. Mar. 4a
5
4
Apr. 15 Holders of rec. Mar. 23
4
Apr. 15 Holders of rec. Mar. 23
2
Apr. 15 Holders of rec. Mar. 30
Mar. 20 Holders of rec. Mar. 2a
3
IX Apr. 1 Holders of reo. Mar.21a
$1.25 Mar. 20 Holders of reo. Feb. 19
$4.75 Mar. 20 Holders of rec. Feb. 19
1K Mar. 15 Holders of rec. Feb. 28
l'A Mar. 15 Mar. 7 to Mar. 17
l'A Mar. 15 Holders of rec. Feb. 28a
nSl 25 Apr. 10 Holders of rec. Mar. 15a
IX Apr. 1 Holders of rec. Mar. 15a
4
Mar. 15 Holders of rec. Feb. 28
Mar. 15 Holders of rec. Feb. 28
2
l'A Apr. 1 Holders of rec. Mar. 19
l'A Apr. 1 Holders of rec. Mar. 20
Mar. 15 Holders of rec. Feb. 28
l'A
Apr. 1 Holders of rec. Mar. 15
2
e4
Mar. 7 Holders of rec. Feb. 15a
l'A Mar. 6 Holders of rec. Feb. 13a
April 15 Holders of rec. April 1
3
April 15 Holders of rec. April 1
1
IX May 31 Holders of rec. May 1
S2.50 Mar. 25 Holders of rec. Mar. 1
IX Mar. 30 Holders of rec. Mar. 16
l'A Mar. 20 Holders of rec. Mar. 9
IX May 1 Holders of rec. April 23a
l'A April 1 Mar. 21 to Apr. 17
3
Mar. 1 Holders of rec. Feb. 25
50c. Mar. 20 Mar. 10 to Mar. 20
IX Mar. 15 Holders of rec. Feb. 28a
l'A Mar. 15 Holders of rec. Feb. 28
IX Mar. 15 Holders of reo. Feb. 28
15c Mar. 25 Holders of rec. Mar. 15
25c. April 20 Holders of rec. Mar. 30a
25o. April 20 Holders of rec. Mar. 30a
l'A Mar. 30 Holders of rec. Mar. 15
l'A April 1 Holders of rec. Mar. 28
Mar. 30 Holders of rec. Mar. 14
5
April 1 Holders of reo. Mar. 15a
5
April 1 Holders of ere. Mar. 15a
2
Apr. 1 Holders of rec. Mar. 15
3
IX Mar. 15 Holders of rec. Feb. 28
2X Mar. 15 Holders of rec. Feb 15
Apr. 1 Mar. 17 to Apr. 1
3
Mar. 15 Holders of rec. Feb. 19
5
3
Mar. 15 Holders of rec. Feb. 21a
Apr. 1 Mar. 2 to Mar. 20
3
Apr. 1 Mar. 2 to Mar. 20
1
X Feb. 15 Holders of rec. Jna. 30
75c Apr. 1 Holders of rec. Mar. 15
SI.25 Apr. 1 Holders of rec. Mar. 15
l'A Apr. 1 Holders of rec. Mar. 20
Apr. 1 Holders of rec. Mar. 9
2
2X Mar. 30 Holders of rec. Mar. 12
4
April 1 Holders of rec. Mar. 25
IX Mar. 16 Holders of reo. Feb. 28
IX Apr. 1 Holders of rec. Mar. 15
l'A Apr. 1 Holders of rec. Mar. 15
IX Mar. 15 Holders of rec. Mar. 5
2
Apr. 1 Holders of rec. Mar. 12
$1 April 2 Holders of rec. Mar. 9
*10
Mar. 15 Feb. 16 to Feb. 26
l'A Mar. 15 Holders of rec. Feb. 28a
IX Apr. 1 Holders of rec. Mar. 15a
IX Apr. 1 Holders of rec. Mar. 14a
tl'A Apr. 1 Holders of reo. Mar. 15a
IX Apr. 15 Holders of rec. Apr. 1
oIX Mar. 15 Holders of reo. Mar. la
l'A Mar. 31 Holders of tec. Mar. 15
4 Mar. 15 Holders of rec. Feb 20a
IX Mar. 30 Mar. 2 to Mar. 4
Mar. 30 Mar. 2 to Mar. 4
3
$2.50 Mar. 30 Holders of rec. Mar. 9
10c. Mar. 11 Holders of rec. Mar. 1
IX Mar. 11 Holders of rec. Mar. 1
IX Mar. 11 Holders of rec. Mar. 1
Mar. 15 Holders of rec. Mar. 1
e25
$3 Apr. 1 Holders of rec. Mar. 9
l'A April 1 Holders of rec. Mar. 9a
l'A Apr. 1 Holders of rec. Mar. 20
IX Apr. 1 Holders of rec. Mar. 20
2X Apr. 1 Holders of rec. Mar. 23
IX
1
1
l'A

aTransfer books not closed for this dividend, bLess British income tax. dCor
rection. e Payable In stock. /Payable in common stock, g Payable In scrip.
hOn account of accumulated dividends. <Payable In Liberty Loan bonds, kDe
clared 8%, payable In 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. 11 1919. IPayable In Liberty Loan bonds and War
Savings certificates, m Declared 7% on non-cumulatlve pref. stock and 8% on
cumulative conv. pref. stock, payable In quarterly Installments of I X % and 2%,
respectively, as follows: April 1 to holders of rec. Mar. 13: July 1 to holders of
rec. June 15: Oct. 1 to holders of tec. Sept. 16, and Jan. 2 1919 to holders of rec.
Dec. 16 1918. o Decl. 5%, payable In quar. Instal. beginning with Mar. 15 1918.
rDeclared 7% on pref. and 7% on common stocks, payable quarterly April 1, July 1,
Oct. 1 1918 and Jan. 1 1919 to holders of record the 20th of the preceding month.
* Payable In first pref. dividend certificates, t Declared 7% on pref., payable In
quar. Installments as follows: 1X% as above, 1X% July 1 to holders of rec. June 14,
IX%Oct. 1 to holders of rec. Sept. 14, and IX%payable Jan. 2 1919 to holders of
reo. Dec. 14 1918. xDeclared 8%, payable 4% as above and 4% Sept. 30 to holders
of record Sept. 26. v Declared also l ' A % on pref., payable July 1 to holders of
reo. Juno 21. * Declared annual dividends of 7% on first pref. and 6% on second
pref., payable In quarterly Installments of 1X% and I X % , respectively, on April 1,
July 1, Oct. 1 and Jan. 2 1919 to holders of record Mar. 15, June 15, Sept. 15 and
Dec. 15, respectively, t Declared 6% on com. stock payable In quarterly Install
ments of 1X%on Mar. 20, May 31, Aug. 30 and Nov.239 to holders of record on
Feb. 28, May. 11, Aug. 10 and Nov. 9, respectively, t Declared 7% payable In
quarterly Installments of l ' X % on Mar. 30, June 29, Sept. 30 and Dec. 31 to hold
ers of rec. 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 com. and 7% on pref.
payable In quarterly Instalments, n Payable one-half In cash and one-half In
2d Liberty Loan 4% bonds. /Declared 5%, payable In quarterly Installments.

#

896

T H E C H R O N IC LE

[Vol. 106.

The Federal Reserve Banks.— Following is the weekly statement issued by the Federal Reserve Board
on Feb. 23:
The Federal Reserve Board’s weekly bank statement shows condition o f the Reserve banks as at close of business on Thursday, Feb. 21, Instead
o f Friday, Feb. 22. which was observed as a holiday by all the banks. The statement indicates an increase o f 13.8 millions in gold and total reserves,
an addition o f 33.5 millions to Federal Reserve notes in circulation and an Increase of over 50 millions In members’ reserve deposits. Government
deposits declined about 31.5 millions, while total earnings assets went up about 79.8 millions.
New York reports a decline in reserve o f 39.7 millions accompanied by Increases of about 88 millions In earnings assets, largely bills and Govern
ment short-term securities, o f 33.8 millions in net deposits and or 14.1 millions in Federal Reserve note circulation. Large gains in reserves shown for
the Boston, Chicago and Kansas City banks may be traced to gains in net deposits and note circulation, and, In the case of the Chicago bank, to
liquidation o f discounts held.
Discounts on hand Increased 7.6 millions, mainly at the Boston, New York and Kansas City banks. Of the total, 263.9 millions, as against 249.6
millions the week before, is represented by paper secured by Government War loan obligations. Acceptances on hand show an increase of 8.9 millions,
largely at the New York, Boston and Chicago banks. Of the total bills held, about 42% mature within 15 days, and about 55% within 30 days. Hold
ings of short-term Government securities show an increase o f 63.8 millions, while other classes of earning assets show relatively small changes. Total
earnings assets Increased by 79.8 millions and constitute at present 70.5% o f the banks’ net deposits, as against 67.8% the week before.
Payment by newly admitted members for Federal Reserve bank stock accounts largely for an increase o f $76,000 in paid-in capital. Nearly all
Reserve banks report substantial net withdrawals o f Government funds while members’ reserve deposits show the largest gains at the Boston, New York,
St. Louis and San Francisco banks.
Federal Reserve Agents report an addition o f 37.2 millions to the total of Federal Reserve notes outstanding. Against the net total issued, they
hold 877 millions o f gold and 732.9 millions o f paper. The banks show a total of $1,314,581,000 o f Federal Reserve notes in circulation, an increase of
$33,536,000 for the week.

• 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 tablo following) givos details
regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agents and between the latter
and the Federal Reserve banks.
C o m b i n e d R e s o u r c e s a n d L i a b i l i t i e s o f t h e F e d e r a l R e s e r v e B a n k s a t t h e C l o s e o f B u s i n e s s F e b . 2 1 ,1 9 1 8 .
Feb. 21 1918. Feb. 15 1918. Feb. 8 1918.

Feb. 1 1918. Jan. 25 1918. Jan. 18 1918. Jan. 11 1918t Jan. 4 1918. Feb. 23 1917.
3

RESOURCES.
Gold coin and certlfloatea In vault-----

447,508,000

446,378,000

439,907,000

469,759,000

472,012,000

477,301,000

478,839,000

480,072,000

Gold with foreign agenolea..................

52!500!000

52!500i000

52!soo!ooo

52^500 !000

52,500 loOO

52,500,000

52!soo!ooo

52.500,000

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

892.861.000
784.326.000
19,643,000

871.259.000
797.191.000
19,270,000

495.216.000
306.186.000
1,922,000

1,772,395,000 1,758,542,000 1,754.668,000 1,717,022,000 1,726,507.000 1,729,470,000 1,096,830,000 1,687,720,000
51,201,000
45,310,000
60,129,000
60,194,000
58,426,000
58,435,000
56,252,000
54,837,000

803,324,000
15,249,000

Total reserves............................... 1,832,524,000 1,818,736,000 1,813,094,000 1,775,457,000 1,782,759,000 1,784,307,000 1,748,031,000 1,733,030,000
509.534.000 501,916,000 525.121.000 606.778.000 627.662.000 603.488.000 570.605.000 625.813.000
Bills discounted—members..................
U. S. Government long-term securities.
U. S. Government short-term securities
Due from other F. R. banka—net___
Total deduo’ns from gross deposits.
t % rcdomp. fund agat. F. R . bank notes

$

$

$

S

$

$

$

281,355,000

296.170.000

287,263,000

280.705.000

289.805.000

273.912.000

257.804.000

258.710.000

271.338.000

818.573.000
20,266,000
123.966.000

805.704.000
52,950,000
169.707.000
3,436,000

789.179,000 805,826,000
52,343,000 t55 782,000
105,981,000 tl7 0 ,100,000
4,486,000
4,423,000

896,583,000
53.734.000
78.898.000
3,805.000

901.574.000
752.675.000
t76,519,000
4,902,000

861.292.000
45,911,000
122.310.000
4,224,000

829.375.000
49,500,000
137.227.000
5,003,000

897,151,000
51.167.000
92.058.000
5,167,000

144,232,000
29.471.000
18.647.000
17.367.000

951,989,000 1.036,131,000 1,033,020,000 1,029,670,000 1,033,737.000 1,021,171,000 1,045,543,000
45,244,000
17[258'666
32,505,000
28,229,000
12,458,000
44,456,000
35,818,000
357,069,000 272,506,000 321,994.000 323,703,000 381,708,000 306,593,000 302,007,000

209.717.000
732,000
136.940.000

1,031,797,000
' 111463,000
299,402,000
310,865,000
537.000
731.000

374,327,000
537,000
582,000

284,964,000
537.000
551.000

366,450,000
537.000
559.000

356,208,000
537.000
201.000

417,526,000
537.000
379.000

334,822,000
537.000
519.000

347,251,000
537.000
537.000

137,672,000
450,000
8,028,000

Total resources________________ 3,176,454,000 3,146,171,000 3,135,277,000 3,176,023,000 3,169,375,000 3,236,486,000 3,105.080.000 3,126,898,000 1,174,390,000
LIABILITIES.

3

$

$

$

$

$

$

$

71,603,000
70,825,000
72,439,000
71,938,000
72.829.000
72.621.000
73.305.000
73,229,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
57,856,000 131.006.000
56.165.000
87,643,000
59,488,01)
132.790.000 135.691.000 239.829.000
Due to members—reserve account....... 1,459,720,000 1,409,714,000 1,501,301,000 1,478,614,000 1,480,743,000 1,421,563,000 1,498,482,000 1,449,230,000
199,278,000 228,289,000 167,154,000 191.283.000 194.955.000 221.728.000 203,073,000 192.649.000
20,315,000
20,594.000
30,779,000
Other deposits, lnol. for. Gov’t oredlts..
58.329.000
52,315,000
59.874.000
51.769.000
37,697,000

Total gross deposits....................... 1.773.492.000 1,777,961,000 1.787.817.000 1.854.486.000 1.849.086.000 1.913.899.000 1.779.726.000 1.793.479.000
F. R. notes In actual circulation......... . 1.314.581.000 1,281,045,000 1.261.219.000 1.236.101.000 1.234.934.000 1.238.797.000 1.242.199.000 1.251.205.000
8,000,000
F. R. bank notes In circulation, net liab.
8,000,000
8,000,000
8,000,000
8,000,000
7.999.000
7,999,000
8,000,000
5.943.000

4,803,000

4,278,000

3,682,000

3,782,000

2,718,000

2,418,000

2,255,000

$
55,989,000
13,407,000
692.475.000
108.826.000
814.708.000
303.171.000
***522,005

Total liabilities............................... 3,176,454,000 3,146,171,000 3,135,277,000 3,176,023,000 3,169.375,000 3,236,486,000 3,105,0S0,000 3,126,898,000 1,174,390,000
Gold reserve against net deposit llab...
61.8%
73.1%
60%
63.1%
61.5%
60.2%
59.6%
61.0%
101.6%
64.7%
65.3%
67.5%
68.1%
65.9%
68.0%
Ratio of gold reserves to net deposit and
82.0%
63.2%
63.1%
64.2%
Fed. Res. note liabilities combined...
63.0%
63.3%
63.5%
63.8%
65.5%
Ratio of total reserves to net deposit and
65.1%
83,5%
Fed. Res. note liabilities combined. . .
65.2%
65.2%
62.59
65.6%
65.4%
66.0%
67.7%
Feb. 21 1918. Feb. 15 1918. Feb. 8 1918.
Distribution by Maturities—
1-16 days bills discounted and bought.
1-15 days U. 8. Govt, short-term secs.
16-30 days bills discounted and bought.
16-30 days U. S. Govt, short-term sccs.
81-00 days bills discounted and bought.
31-60 days U. 8. Govt, short-term sccs.
61-WO days bills discounted and bought.
61-90 days U. 8. Govt, short-term secs.
Over 90 days bills discounted and bought
Over 90 days municipal warrants_____
Over 90 days U. 8. Govt, short-term secs
Federal Reserve Note*—

Feb. 1 1918. Jan. 25 1918. Jan. 18 1918. Jan. 11 1918. Jan. 4 1918. Feb. 23 1917.
S

$

S

3

$

5
372,107.000
513,000

454,963,000
519,000

390,212,000
149,000

360,890,000
141.000

372,652.000
10,000

387,017,000
10,000

S
36,912,000
1,242,000

123,853,000
134,000

123,350,000
126,000

169,795,000
513,000

1S0.759.000
510,000

88,375,000
141,000

96,322,000
141,000

32,925,000
1,148,000

172,953,000
7,000

170,840,000
10,000

203,437,000
133,000

188,712,000
131,000

267,649,000
634,000

289,444,000
634,000

49,617,000

127,165,000
1,000

135,199,000
7,000

124,822,666
337,000

117,153,000

99,663,000

114,629,000

23.915.000
517,000

* 9.748,666
334,000

To,23i*666
335,000

*13,308*666
1,005,000

*13*.*7*78*,666
335,000

■ld.oifo'ooo
335,000

* 0,739*666
335,000

*** 8*63',666
13.306.000

1,429,732,000 1,392,484,000 1,374,225,000 1,367,858,000 1,373.622,000 1,373,105,000 1,369,545,000 1,366,335,000
115,151,000 111,439,000 112,441,000 131,757,000 138,698,000 134,308,000 125,265,000 115,130,000

331,469,000
28,298,000

S

S

338.543.000
133,000
46.150.000
104.830.000
____ _____
81.765.000
174.460.000
7,000

348,930,000
634,000

178,480,000
2,000
6.296.000
9.391.000
470,000
28,612,000

150,567,000
1,000
..................
10,155.000
469,000
..................

6 884 .00(1

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

93,985.000
10,000
..................
185,542,000
7,000

911,000

1,314,581,000 1,281,045,000 1.261.784.000 1.236.101.000 1.234.924.000 1,238,797,000 1,244,280,000 1,251,205,000

303.171.000

Fed. Res. Notes ( Agents Accounts)—
Received from the Comptroller_______ 1,926,680,000 1,910,160,000 1.890.180.000 1.883.320.000 1.875.661.000 1,863,540,000 1,854,060,000 1,825,700,000
248,005,000

562.040.000
112.101.000

Amount ohargeable to Agent_____ 1,642,228,000 1,629,014,000 1,612,420,000 1,614,958,000 1,614,657,000 1,605,565,000 1,599,155,000 1,577,635,000
212,490,000 236,530,000 238,195,000 247,100,000 241.035,000 232.460,000 229,610,000 211,300,000
In hands of Agent________ ____ ____

449.939.000
118.470.000

Issued to Federal Reserve banks.. 1,429,732,000 1,392,484,000 1,374,225,000 1,367.858,000 1,373,622,000 1,373,105,000 1,369,545,000 1,360,335.000
How Secured—

331,469,000

284,452,000

281,146,000

277,760,000

268,362,000

261,004,000

257.975,000

254.905,000

292,877,000

290,923,000

296,717,000

269,862.000

276,894,000

374,000,000 "” 265,759,000

269,951,000

194,904*^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

580,191,000
44,872,000
466,933,000

579,803,000
45,586,000
471,339,000

576,378,000
46,182,000
476,545,000

587,771,000
42,490,000
473,519,000

509,144,000
41,158,000
486,082

25,283,000
14,722,000

Total_______________ _____ ____ 1,429,732,000 1,392,484,000 1,374,225,000 1,367,858,000 1,373,622,000 1,373,105,000 1,369,545,000 1,360,335,000

331,469,000

with Federal Reserve Board_________
Eligible paper delivered toF.R .A gt.......

732,855,000

575,434,000

574,704,000

628.792,000

a Net amount due to other Federal Reaervo banka, b Thla item includes foreign Qov’ t credits.




634.363,000

609,056,000

t Revised figures.

618,678,000

011,136,000

96,560,000

28,618,000

T H E C H R O N IC LE

M ar . 2 1918.]

897

WEEKLY STATEMENT of RESOURCES anil LIABILITIES of EACH of the I 2 FEDERAL RESERVE BANKS at CLOSE of BUSINESS FEIt 21 IHH
New York. Philadel. Cleveland Rlchm'd.

Chicago. St. Louis Mlnneap Kan. City Dallas. San Fran.

Atlanta

Total

Two ciphers (90) omitted.

Boston.

RESOURCE'S.

Gold coin and certla In va u lt...
Gold settlement fund..................
Gold with foreign agencies_____

S
9,760,0
28,206,0
3,675,0

t
$
S
S
S
$
S
308,316,0 10,593,0 20,530,C 6,270,0 5,781,0 30,143,0 4,653,0
63,667,0 45,383,0 63488,0 17,715,0 15,639,0 46,827,0 26,805,0
18,112,0 3,675,0
1,575,0 7,350,0 2,100,0
4 ,* 5 ,0
1,837,0

S
8,637,0 26,916,0
16,025,0 18,106,0
1,838,0 2,888,0

s
447,503,0
375,273,0
52,500,0

Total gold held by banks____
Gold with Federal Res. Agents.
Ooid redemption fund................

41,641,0
48,696.0
2,000.0

390,095,0 59,651,0 78,443,0 25,828,0 22,995,0 84,320,0 33,558,0 25,741,0 38,599,0 26,500,0 47,910,0
254,887,0 71,083,0 80,903,0 25,888,0 48,112,0 142,980,0 40,016,0 41,050,0 55,664,0 24,515,0 43,229,0
1,449,0
412,0
10,000,0
1,477,0
943,0 1,044,0
1,020,0 ^ 178,0
309,0
908,0
351,0

875,281,0
877,023,0
20,091,0

Total gold reserves..................
Legal-tender notes, sliver. & o ...

92,337,0
6.954.0

054,982,0 132,211,0 159,655,0 52,067,0 72,015,0 228,243,0 74,618,0 68,240,0 94,675,0 52,035,0 91,317,0 1,772,395,0
604,Q
78.0
39,712,0
937,0
1,353,0
1,936,0
354,0
1,727,0
5,459,0
60,129,0
1,637,0
378,0

Total reserves.......................... 98,291.0
•31liM•
Disco.— Member &F.R.banks 59,436.0
Bought in open market............ 16,287.0

694,694,0 133,148,0 161,382,0 52,445,0 73,652,0 233,702,0 75,971,0 68,844,0 94,753,0 53,971,0 91,671,0 1,832,524.0
177,330,0 24,849,0 35,392,0 35,116,0
170,737,0 18,264,0 8,938,0
3,497,0

9,462,0
6,719,0

Total bills on h a n d .......... .
U S . long-term securities...........
U S. short-term securities........ .
All other earning assets...............

354,067,0 43,113,0 44,330,0 38,013,0
4,785,0
6,128,0 8,261,0
1,234,0
112,589,0 4,527,0 26,262,0
1,979,0
10
..............

16,181,0
3,464,0
3,051,0
328

75.723,0
1,330,0
2,194,0

f
*
15,630,0
273,0
8,011,0 35,701,0
2,100,0 2,625,0

78,110,0 21,470,0 10,865,0 18,811,0
1,896,0 1,489,0
15,927,0 6,323,0

*

8,304,0 30,389,0
9,971,0 30,122,0

509,534,0
296,170,0

94,037,0 27,793,0 12,761,0 20,300,0 18,275,0 60,511,0
2,457,0
3,168,0 8,862,0 4,021,0
7,007,0 2,233,0
4,732,0 1,444,0 4,244,0 4,453,0 2,730,0 1,502,0
329
923
159
998
689

805,704,0
52,950,0
169,707,0
3,436,0

Total earning assets................ 79,247,0
Due from other F. R. banks— Net
Uncollected Items......... .............. 17,897,0

471,441,0 53,778,0 78,853,0 41,826,0 23,024,0 106,465,0 31,629,0 21,171,0 33,615,0 25,949,0 64,997,0 1,031,797,0
_______
______
2,919,0
329,0
1,053,0 *11,463,0
6,040,0 2,048,0
16,055,0 8,712,0
62,991,0 33,856,0 18,836,0 21,004,0 17,040,0 50,460,0 16,175,0 8,976,0 23,880,0 17,021,0 11,266,0 299.402,0

Total dcduo’ns from gross dep. 17,897,0
6% redemption fund against Fed.........
eral Reserve bank notes........ All other resources_____ ______
.........

—

6.005,0
Capital paid in.................... .......
75,0
4,272,0
Government deposits____ _____
Due to members—Reserve acct. 84,711,0
Collection Items........................... 14,482,0
1,405,0
Duo to oth. F. R . banks—N et..
Oth. deposits inch for Gov't cred.
.........

19,665,0 6,840,0 8,319,0
2,659,0 3,413,0 2,815,0 4,230,0
73,305,0
9,254,0 3,489,0
3,739,0 2,877,0
049,0
1,134,0
38,0
216,0
40,0
116,0
7,405,0
1,611,0
56,165,0
4,275,0 4,138,0 2,756,0 4,815,0 4,772,6 11,334,6
6,935,0
1,412,0 2,440,0
045,429,0 82,845,0 114,067,0 43,231,0 38,464,0 179,349,0 52,382.0 39,221,0 71,070,0 39,810,0 69,141,0 1,459,720,0
49,757,0 27,084,0 17,809,0 15,424,0 10,539,0 20,736,0 13,487,0 3,482,0 9,085,0 7,537,0 9,856,0 199,278,0
22,974,0
_____
______
_____
________
608,0
228,0
484,0
53,443,0
58,329,0
9,0
2,617,0
6,0
150,0
1,919,0 1,177,0
2,0
..........
...........

62,991,0 33,856,0 24,882,0 23,052,0 17,040,0
—
382,0

66,515,0 24,887,0

_____
.........

_____

8,976,0 26,799,0 17,350,0 12,319,0
______

400,0

310,865,0

137,0

537,0
731,0
268,0
67,0
14,0
.............
...........
.........
..........
..........
1,229,126,0
221,164,0 205,117,0 117,337,0 113,783,0 406,682,0 132,487,0 98,991,0 155,567,0 97,407,0 169,057,0 3,176,454.0
Total resources...................... 195,435,0

779,008,0 112,148.0 138,907,0 60,067,0 51,929,0 206,279,0 70,184,0 45,693,0 84,979,0 52,119,0 92,948,011,773,492,0
426,557,0 102,176,0 117,434,0 53,415,0 58,937,0 190,442,0 58,445,0 50,507,0 58,719,0 42,369,0 71,879,0 1,314,581,0
—
__
______
._
7,999,0
7,999,0
3,247,0
5,943,0
104,0
369,0
457,0
94,0
397,0
491,0
..........
..........
..........
..........
Total liabilities........ ............... 195,435,0 1,229,126,0 221,164,0 265,117,0 117,337,0 113,783,0'106,682,0 132,487,0 98,991,0 155,567,0 97,407,0 169,057,0 3,176,45-4,0
a Difference between net amounts due from and net amounts due to other Federal Reserve banks.

Total gross deposits.................. 104,870,0
F. R. notes In aotual circulation. 83,701,0
_____
784,0
All other liabilities......................

F. R. bank notes In clro'n— Net.

STATEMENT OP FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OE BUSINESS FEBRUARY 21 1918.
Boston.

Two ciphers (00) omitted.

New York. Philadel. Cleveland
S
%
3
721,280,0 142,840,0 142,160,0
134,853,0 22,757,0 10,717,0
93,156,0 580,427,0 120,083,0 131,443,0
7,360,0
93,200,0 14,6,30,0 10,080,0
86.790.0 493.227.0 105,403,0 121,363,0

Richmond Atlanta. Chicago

St.Louis. Af inneap Kan. City Dallas. San Fran

Total.

%
Federal Reserve notes—
Received from Comptroller... 115,720,0
Returned to Comptroller....... 22,564,0

s
%
s
r
*
*
%
$
$
81,740,0 89,620,0 248,640,0 73,860,0 67,980,0 83,740,0 68,500.0 90,f>00.0 1,926,6*0,0
16,838,0 12,072,0 9,194,0 9,762,0 11,244,0 13,400,0 13,484,0 7,567.0 284,452*0

Chargeable to F". R. Agent.......
In hands o f F. R. Agent-----------

64,902,0 77,548,0 239,446,0 64,098,0 56,736,0 70,340,0 55,016,0 83,033,0 1,642,228(0
—
212,493,0
6,105,0 15,130,0 38,021,0 3,285,0 5,140,0 7,060,0 12,435,0
58,797,0 62,418,0 201,425,0 60,813,0 51.596.0 63,280,0 42.581.0 83,033,0 1,429,732,0

Issued to F. R. Bank......... .
Held by F. R. AgentGold coin and certificates---Gold redemption fund.........
Gold Sett. Fd., F. R. Board..
Eligible paper, min. req’d-----

33.109.0
4,087,0
11,500,0
37,100,0

Total ....................- ............ 85,796,0
Amount o f eligible paper deliv
ered to F. U. Agent------------ 67,808,0
F. R. notes outstanding.......... 85,790,0
2,095,0
F. R. notes held by banks........
F. R. notes In actual circulars 83,701.0

204.004.0
24,418,0
3,604,0
10.823,0 5,729,0 6,485,0
495,0
8 8 8 ,0
3,238,0
40,000,0 65,354,0 50,000,0 25,000,0 41,270,0 142,485,0
238,340,0 34,320,0 40,460,0 32,909,0 14,306,0 58,445,0
403,227,0 105,403,0 121,363,0 58,797,0 62,418,0 201,425,0
364,066,0 30,622,0 44,330,0 38,613,0 14,589,0 61,448,0
493,227,0 105,403,0 121,363,0 58,797,0 62,418,0 201,425,0
66,670,0 3,227,0 3,929,6 5,382,0 3,481,0 10,983,0
426.557,0 102,176,0 117,434,0 53,415,0 58,937,0 190.442.0

14.580.0
13.102.0
2,278,0 2,448,0 2,804,0 2,311,0 4,113,0
37,738,0 25,500,0 52,860,0 7,624,0 39,116,0
20,797,0 10,546,0 7,616,0 18,066,0 39,804,0

292,877,0
45,699,0
538,447,0
552,709,0

60,813,0 52,596,0 63,280,0 42,581,0 83,033,0 1,429,732,0
26,044,0 10,753,0 14,668,0 18,275,0 55,579,0 732,855,0
60,813,0 51.596,0 63.2S0.0 42,581,0 83,033,0 1,429,732,0
212,0 11,154,0 115,151,0
2,368,0 1,089,0 4,561,0
58,445,0 50.507.0 58.719,0 42,369,0 71,879,0 1,314,581,0

M e m b e r B a n k s of t h e F e d e r a l R e s e r v e S y s t e m .— Following is the weekly statement issued by the Federal Reserve
Board giving tlio principal items of the resources and liabilities of the Member Banks and dated Feb. 15. Because of the large
number of banks for which returns aro 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 sta te
ment issued under date of Dec. 14 1917 and which was’ published in the “ Clironicle” 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 FEBRUARY 15. 1918.
The weekly statement showing condition o f 679 member banks in leading cities as at close o f business Feb. 15 shows the following principal changes
Government securities owned increased 149.8 millions, duo principally to purchase of U. S. certificates of indebtedness. Of the total increase the
sharo o f the 58 Now York City member banks is not less than 108.1 millions. Loans secured by U. S. War loan obligations decreased for all reporting
banks by 10.6 millions, while all other loans and investments increased 164.3 millions. Corresponding changes for the New York City banks were:
Loans secured by U. S. bonds and certificates-—decrease 8 millions; all other loans and investments—increase 112.9 millions.
Net demand deposits o f all reporting banks increased 100.6 millions, timo deposits, 23.1 millions and Government deposits, 28.6 millions. For the
Now York City banks the following increases are shown: not demand doposits, 45.7 millions; time deposits, 8.6 millions and Government deposits,
67.4 millions.
,
.
.
Total net withdrawals for tno week o f reserves from Federal Roserve banks, apparently in connection with additional investments in Govern
ment securities, amounted to 6J.6 millions, reducing aggregate excess raserves from 142.2 to 61.6 millions, or by 80.6 millions. The New York City
banks show a decrease in resorves or o2.8 millions, accompanied by a reduction of 59 millions in excess reserves.
For all reporting banks the ratio of loans and investments to total deposits shows an increase from 105.1 to 106.4%. For the Central Reserve
city banks this ratio went up rrom 1<)U to 102.5% and for the New York City banks— from 98-7 to 100.7% ■ Inversely, the ratio of aggregate reserve
and cash in vault to total deposits of all reporting banks declined from 14.3 to 13.6%. For the banks in the Central Reserve cities this ratio s h o w s a
decline from 15.6 to 14.4% and for the New York City banks— from 15.7 to 14.3%.
1. Data for all reporting banks In each district.
Two ciphers (00) omitted.
Member Banks.
Number of reporting banks—
U. 8. securities owned_______
Louns sec. by U. 8. bonds <&ctf
All other loans & Investments. .
Reeorve with Fed. Res. Bank..
Cash In vau lt.......................
Net demand doposits on which
Wresorve Is computed_______
Time deposits........... .............
Government deposits...............

Boston.

New York.

38

98

$
$
41,272,0 823,719,0
34,314,0 195,283,0
716,600,0 4,138,563,0
54,253.0 590,038,0
23,033.0 125,042,0

Phila.
47

S
49,594,0
22,423,0
613,674,0
58,831,0
21,372,0

Cleveland. Richmond Atlanta.
70

$
124,234,0
25,263,0
890,534,0
86,172,0
37,720,0

08

s
44,853,0
18,857,0
317,703,0
26,424,0
16,283,0

Chicago.

37

95

St. Louis. Minneap. Kan.City. Dallas. San Fran.
32

32

69

$
$
S
S
S
35,969,0
95,606,0 43,077,0 20,795,0 37,412,0
2,239,0
38,459,0 9,169,0 2,753,0 3.092,0
274,815,0 1,337,836,0 372,530,0 241,920,0 452,228,0
24,911,0 140,769,0 34,734,0 19,850,0 41,902,0
12,766,0
60,594,0 12.5S9.0 8,715,0 16,210,0

41

$
32,735,0
3,661,0
190,738,0
19,132,0
12,705,0

Total.

679
S
S
60,859,0 1,410,185,0
5,559,0 361,072,0
481,671,0 10026 818.0
42,314,0 1,139,386,0
21,474,0 367,503,0
46

613,038,0 4,360,110,0 577,112,0 699.471.0 250,676,0 200,530,0 1,014,935,0 270,472,0 181,306,0 373,660,0 182,156,0 362,735.0 9.050.207.0
81,430,0 303,008,0 15,850,0 198.905.0 45,677,0 75,809,0 343,222,0 83,229,0 49,872,0 59,146,0 24,128,0 102,123,0 1.381.799.0
33,689,0 418,060,0 30,330,0 28,837,0 6,379,0 6,952,0
39,864,0 19,356,0 10,365,0 13,223,0 8,718,0
.......... 621,873,0
2. Data for banks In each Central Reserve city, hanks In all other Reserve cities and other reporting banks.
New York.

Two ciphers omitted

Feb. 15.

Feb. 8

Chicago.
Feb. 15.

Total Central Res. Cities.
Feb. 15.

Other Reserve Cities.

Country Banks.
Feb. .15

Feb. 8

Feb. 15.

Feb. 8

58
417
140
Number ol reporting banks___
679
57
670
414
150
110
112
14
40
S
$
S
S
S
3
3
J
■'*1
S
$
S
$
783.000,0 674,884,0 39,381,0 30.012.0 852.423.0 739.993.0 472.482.0 441,531,0 85,280,0 78.867.0 1,410,185,0 1,260,391,0
U. 8. securities owned....... .
Loans secured by U. 8. bonds
p and certificates.................... 174.036.0 182.011.0 22,909,0 7.765.0 204.710.0 211.512.0 130.209.0 138.469.0 26.153.0 21.655.0 361.072.0 371,636,0
All other loans & Investments.. ;,710,680,0 1,597,834,0 826,707,0 270.285.0 4.813.672.0 4.690.129.0 4.486.036.0 4.470.690.0 726,510.0 701,670,0 10026 818,0'9,862,489,0
Reserve with Fed Rea. Bank.. 553.283.0 600.121.01 97,522,0 20.400.0 677.211.0 7.30.273.0 414.067.0 432.198.0 48.108.0 46.521.0 1.139.386.0. 1.208.992.0
Cash in vault...........................
100.088.0 102.445.0 37,434,0 7.032.0 153.554.0 147.829.0 181.149.0 177.920.0 32.800.0 30.175.0 367.503.0 355,924,0
Net demand deposits on which
reserve Is computer!............. ,009,885.0 ,921,219,0 083,161,0 191.739.0 4.844.785.0 4.805.920.0 3.052.392.0 3.021.316.0 589.030.0 558,325,0 9.086.207.0. 8.985.561,^
Time deposits........................... 259.258.0 250.010.0 137,577,0 03.307.0 400.202.0 449.847.0 768.564.0 758.488.0 153.03.3.0 150,402,0 1,381,799,0 1,358,737,''
Government dennqlts
403.990.0 330.509.0 27.407,0 10.441.0 447.844.0 380.082.0 157.749.0 185.115.0 16,280,0’ 21,521,0 621.873.0 593,318. -<
• Amended figures.




TH E CH R O N IC LE

898

[ V o l . 106

—The following detailed statement
the condition of the New York City Clearing House members for the week ending Feb. 23. The figures for the
separate banks are the averages of the daily results. In the case of totals, actual figures at end of the weok are also given:
NEW YORK WEEKLY CLEARING HOUSE RETURN.
S t a t e m e n t o f N e w Y o r k C it y C le a r in g H o u 3 e B a n k s a n d T r u s t C o m p a n ie s .
show s

CLEARING HOUSE
MEMBERS.
Week Ending
Feb. 23 1918.
Members o f Federal
Reserve Bank.
Bank of N Y. N B A .
Bank of Manhat C o.
Merchants’ National.
Meeh 3t Metals Nat.
Bauk of America___
National City............
Chemical National..
Atlantlo National__
Nat Butoh ADrovers'
American Exck N at.
Nat Bank of Comm.
Pacific Bank________
Chat & Phculx N a t..
Hanover National__
Citizens’ National__
Market & Fulton Nat
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 & Iron National
Union Exch National
Brooklyn Trust C o ..
Bankers Trust C o ...
U S Mtge & Tr C o ..
Guaranty Trust C o ..
Fidelity Trust C o__
Columbia Trust C o ..
Peoples Trust Co___
New York Trust Co
Franklin Trust C o ..
Lincoln Trust___
Metropolitan Tr C o.
Nassau Nat, Bklyn..
Irving Trust G o ..

Net
Profits.

Loans,
Discounts.
Investments.
Ac.
/Nat. Banks Dec. 31/
\State Banks Nov. 14/
Capital.

$
2,000,000
2,050,000
2,000,000
6,000,000
1,500,000
25,000,000
3,000,000
1,000,000
300,000
5,000.000
25,000,000
500,000
3,500,000
3,000,000
2,550,000
1,000,000
2,000,000
3,500,000
1,500,000
5,000,000
250,000
1,000,000
10,000,000
4,500,000
500,000
750,000
10.000,000
400,000
1,000,000
1,000,000
250.000
1,000.000
3,000,000
1,000.000
1,000,000
1,500,000
11,250,000
2,000,000
25,000,000
1,000,000
5,000,000
1,000,000
3,000,000
1,000,000
1,000,000
2,000,000
1,000.000
1,500,000

$
5,095,500
5,221.200
2,381,900
10,510,000
6,572,500
C46,954,600
8,636,200
847,000
73,400
5,391,400
20,371,200
1,002,900
2,337,600
16,033,000
2,067,200
2,112,700
2,128.600
7,510,200
7,513,800
17,536,200
65,600
3,696,300
28,949,300
5.102,100
144,400
885.900
11,120,400
816,400
2,008,300
1,32 4,900
381,600
3,448,200
3,979,900
891,100
1,091,500
2,155,400
12,980,400
4,691,500
26,125,400
1,213,200
6,210,700
1,331,800
11,032,700
1,168,700
568,200
4.070,900
1,116,100
1,082,200

Legal
Tenders.

Cold.

Average.
S
43,173,000
53.7SO.OOO
21,997,000
159,213.000
32,957,000
570,760,000
70,091,000
15,541,000
2,682,000
112,253,000
329,474,000
12,389,000
73,184,000
146.075,000
35,715,000
10,061,000
20,816,000
99,051,000
36,994,000
189,811,000
2,695,000
20,146,000
219,960,000
94,288,000
9,205,000
6,011,000
303,091,000
6,108,000
16,939,000
11,330.000
6,323,000
48,710,000
73,268,000
11,534,000
11,928,000
33,825,000
292,830,000
60,963,000
482.302,000
11,216,000
91,635,000
23,749,000
88,909,000
20,189,000
14,493,000
54,448,000
13,153,000
26,545,000

Silver.

National
Bank
and
Federal
Reserve
Notes.

Additional
Deposits
with
Legal
Deposi
taries.

■Reserve
telih
Legal
Deposi
taries.

Average.
Average.
Average.
Average.
.4verage.
$
$
$
%
$
81,000
128,000
153,000
138,000 5,034,000
531,000
1,833,000
66,8,000
981,000 9,103,000
471,000
131,000
131,000
89,000 2,169,000
220,000 1,766,000
S,695,000
354.000 24,126,000
396,000
458,000
292,000
218,000 4,457,000
8,035,000 3,146,000 1,208,000 1,165,000 89,177,000
275,000
162,000
511,000
612,000 9,296,000
257,000
1,891,000
86,000
138,000
110,000
32,000
50,000
361,000
31,000
7,000
714,000
350,000
785,000
809,000 12,734,000
714,000
816,000 35,969,000
219,000
711,000
433,000
57,000
369,000
135,000
1,340,000
1,013,000
420,000 1,471,000 1,133,000 8,858,000
4,011,000
435,000 1,779,000
465,000 19,329,000
751,000
91,000
30,000
103,000 3,965,000
187,000
24,000
373,000
400,000 2,012.000
587,000
064,000
269,000
480,000 2,739,000
1,657,000
293,000 2,061,000 3,163,000 14,788,000
38,000
72,000
437,000
168,000 4,382,000
732,000 19,541,000
77,000
415,000
716,000
569,000
17,000
145,000
5,000
22,000
42,000
52,000
325,000
340,000 2,233,000
24,000
857,000
242,000
53.000 12,185,000
610,000
301,000 2,261,000
705,000 14,447,000
211,000
1,5S0,000
49,000
380,000
105,000
865,000
12,000
22,000
24,000
54,000
3,313,000 2,618,000 2,032,0001
655,000 31,022,000
204,000
70.000
1,013,000
40,000
28,000
98,000
435,000 2,238,000
303,000
171,000
1,449,000
32,000
201,000
178,000
69,000
828,000
51,000
100,000
259,000
49,000
594,000
166,000 6,433,000
289,000
361,000
116,000
32,000
121,000
450,000 8,459,000
12,000
26,000
106,000
378,000
1,361,000
1,734,000
8,000
32,000
236,000
306,000
34,000
371,000 3,531,000
98,000
192,000
90,000
193,000
589,000 30,608,000
691,000
348,000
76,000
103,000
254,000 7,561,000
2,778,000
93,000
595,000 1,161,000 58,812,000
1,527,000
33,000
63,000
98,000
89,000
226,000
130,000
423,000
425,000 9,779,000
92,000
237,000
54,000
365,000 2,193,000
22,000
2,000
16,000
185,000 9,130,000
80,000
65,000
168,000
237,000 2,241,000
1,943,000
35,000
50,000
86,000
151,000
210,000
30,000
85,000
307,000 6,062,000
8,000
77,000
192,000
1,294,000
80,000
428,000
41,000
128,000
779,000 3,4S6,000

Average.
$
...........

______

______

______

______
______

____ _

Average for week.k 187,300,000 308,550,500 -1,091,810,000 38,012,000 13,660,000 25,025,000 21,321,000 495,854,000
Totals,
Totals,
Totals,
Totals,

actual
actual
actual
actual

condltl
condltl
condltl
condltl

Statu Banks.
Greenwich................
People’s .....................
Bowery____________
Fifth A venue..........
German Exchango...
West Side . . . . ____
N Y Produce Exch..
State ..........................
Totals, avge for wk
Totals,
Totals,
Totals,
Totals,

actual
actual
actual
actual

condltl
condltl
condltl
condltl

Trust Companies.
Title Guar & Trust..
Lawyers Tltlo * T r ..
Totals, avge for wk
Totals,
Totals,
Totals,
Totals,

actual
actual
actual
actual

condltl
condltl
condltl
condltl

on
on
on
on

Feb.
Feb.
Feb.
Feb.

2°.

4,101,606,000,37,628,000
4.058.959.000 40.311.000
4.038.371.000 40.512.000
4.055.261.000 41.129.000

16

9
2

Not .Item bets of Fed eral Reserve
1,372,700
500.000
14.201.000
503,400
200.000
3.628.000
812,900
250.000
4.244.000
100.000 2,300,200
17.113.000
200,000
868,300
5.667.000
320,000
54,000
4.226.000
1,000,000 1,014,100
18.774.000
654,100
1,500,000
23.851.000
4,070,000
on
on
on
on

7,579,700

Feb. 23
Feb. 16
Feb. 9
Feb. 2

189.000

66,000

13.000
114.000
79.000
116.000
547.000
360.000

91,704,000 6,227,000

9,000,000

16,890,300

Feb. 23
Feb. 16
Feb.
Feb. 2

22,698,000
20,490,000
19,096,000
18,659,000

509,305,000
485,165,000
555,367,000
526,984,000

446.000
162.000
168,000
491.000
152.000
50,000
353.000
360.000

632.000

Average.
a
33,854,000
54,946,000
16,532,000
140,744,000
28,678,000
533,061,000
60,647,000
13.5S0.000
2,202,000
90,347,000
261,212,000
10,999,000
63,169,000
137,272,000
28,783,000
10,844,000
21,071,000
99,762,000
28,579,000
148,184,000
3,081,000
15,757,000
146,016,000
94,617,000
10,110,000
5, VOS,000
245,350,000
6,255,000
15,352,000
9,914,000
5,974,000
45,981,000
62,840,000
10,394,000
11,720,000
27,981,000
227,608,000
50,352,000
394,390,000
8,741,000
72,023,000
21,282,000
59,309,000
15,829,000
13,050,000
42,027,000
9,963,000
23,742,000

Average.
Average.
*
$
770,000
1,622.000
2,000,000
387,000 1,837,000
21,199,000 3,776,000
8,367,000 1,745,666
3,180,000
443,000
571,000
147,000
._
250.000
9,841,000 4,934,000
___
5,006,000
___
183,000
7,089,000 1,899,000
305,000
320,666 1.018,000
82,000
..........
241,000
51,666
3,804,000 4,067,000
50,000
934,000
9,507,666 6,769,000
481,000
640,000
199,000
___
25,000
19,977,000 1,300,000
1,000
20,000
323,000
2,494,000
442,000
450,000
5,074,000
31.878.000
6.578.000
33.647.000
1.091.000
12.660.000
1.649.000
6.947.000
2.152.000
1.054.000
1.750.000
534.000
128.000

8931666
398,000
248,000
70,000
586,000
412,000
394,000
-------

50,0(30

3.435.528.000
3.466.347.000
3.549.057.000
3.533.686.000

235,000,
1.183.000

200,000

43,000
451,000

14.251.000
3.459.000
3.915.000
18.133.000
5.562.000
4.196.000
19.780.000
26.668.000

252,000
1.259.000
1.327.000

167,000
69,000

5,358,000;

730,000

95,964,000

2,840,000

910,000

41,874,000

1,699,000

946.000
693.000
538.000
2,156,000

42.722.000
41.550.000
41.027.000
40.817.000

1.706.000
1.697.000
1.679.000
1.942.000

80,000

2,210,000

2.295.000
2.812.000
2,636,000

133.000

308.000
148.000

202.000

66,582,000 2,491,000

335,000]

235,000

456,000

2.480.000
2.527.000
2.443.000
2.550.000

323.000
349.000
335.000
305.000

251.000
230.000
219.000
218.000

466.000
565.000
451.000
423.000

67.514.000
65.441.000
64.894.000
64.606.000

Net
Time
Deposits.

3,439,461,000 199,672,000 34,267,Oqo

210.000

1,484,000! 2,949,000 2,182,000

6.135.000 1.452.000
6.285.000 1.461.000
7.001.000 1.775.000
6.998.000 1.629.000

91.571.000
91.019.000
106.041.000
105.393.000

Not Mem bets of Fed eral Reserve
Rank
11,706,300
5.000.
000
41.366.000 1.877.000
5,184,000
4.000.
000
614,000
25.216.000

on
on
on
on

13,265,000 25,386,000
14,452,000 25,396,000
13,268,000125,235,000
13,919,000 25,023,000

National
Bank
Circula
tion.

Net
Demand
Deposits.

Grand aggregate,avge 200,376,600 333,020,500 4,250,096,000 40,760,000,15,479,000 28,809,000 23,959,000 504,052,000 1,610,0011 •.>3,57 7,299,00 I .....
34,207,00n
Comparison prev wk
+ 51,773,000— 2474000) — 501,000] +357,000, + 1226000— 20340000 —673,000 — 73,492,000 +344,000 + 97,00<)
Grand ag’gate, actual
Comparison prev wk.
Grand
Grand
Grand
Grand

ag’gate,
ag'gate,
ag'gate,
ag’gate,

4,260,691,000 46,243,000 15,040,000 28,695,000 25,374,000 517,762,000 1,640,000 b3,574,495,000 201,800,000 34,448,0no
+ 45,242,000 — 2880000— 1222 000 +130,000 +2024000 +25151000 — 182,000 — 28,851,000 +1,024,000 1-294,0$

actual
actual
actual
actual

Feb. 16.. 4.215.449.000 49.123.000
Feb. 9 . . . 4.209.306.000 49.956.000
Feb. 2 . . . 4.225.260.000 50.677.000
Jan. 26
4.113,882,000 50.353.000

16.262.000 28,565,000
15.378.000 28,583,000
15,913,000,28,336,000
17,535,000'30,336,000

23.350.000
22.359.000
21.718.000
24.908.000

492.608.000 1,822.000 b.3,603,346,000
561.515.000 4.365.000 3.700.272.000
535.626.000 6.569.000 3.084.253.000
567.186.000 5.730.000 3.666.713.000

200.776.000
202.090.000
201.248.000
204.303.000

31,154.051
34,243,0n°
34,162,0n°
34,109, o

u U. 8. deposits deducted, S113,270,000. b U. 8. deposits deducted, 8138,825,000. c Includes capital set aside for foreign branches, $6,000,000.
Note.— In the statement for week ending Jan. 26 the aggregates of the Lincoln Trust Co., which were formerly Included In the Trust Company group, were transferred
to the group composed of members of the Federal Reservo Bank.

STATEMENTS OF RESERVE POSITION.
Averages.
Cash
Reserve
In Vault
Members Federal
Reserve Bank.
State banks........
TrustCompa»les*
Total
Total
Total
Total

Feb. 23.
Feb. 16.
Feb. 9.
Feb. 2.

Reset ve
' in
Depositaries

Total
Reserve.

a
Reserve
Required.

Actual Figures.
Surplus
Reserve.

Cash
Inc. or Dec.
Reserve
from
In
Reserve
PreviousiVeek in Vault. Depositaries

Total
Reserve.

b
Reserve
Required.

Surplus
Reserve.

Inc. or Des.
from
Previous Week

S
S
s
S
$
$
$
$
$
S
$
c
495,854,000 495,851,000 453,120,090 42,733,910 — 11,027,980
d
509,305,000 509,305,000 452,018,520 56,080,480 + 28,115,960
12,842,000 5.358.000 18,200,000 17,273,520
1,190,900
+ 683,720
+ 48,480 12,855,000 5.660.000 18,515,000 17,324,000
920,430
3,517,000 2.840.000 6,357,000
— 259,500 3,520,000 2.797.000
91,300
— 261,800
6,281,100
75,900
6,317,000 0,408,300
16.359.000
16.812.000
17.847.000
18.095.000

504.052.000
524.392.000
568.659.000
551.882.000

520.411.000
541.201.000
586.506.000
569.977.000

476.671.710
480.228.710
490,596,780
487,389.360

43.736.290 — 11,239,000
51.975.290 — 40,933,030
95,909.220 + 13,321,530
82,587,610 + 2.657,7/0

10.375.000
16.651.000
18.165.000
17.914.000

517.762.000
492.608.000
584.515.000
535.626.000

534.137.000
509.259.000
582.680.000
553.540.000

470,350,920
480,007,800
403,374,720
491,232,700

57,786,090 + 28,534,880
29,251,200 —60,054,080
89,305,280 + 20,997 ,98
62,307.300 1— 34,374,45

* Not members of Federal Reserve Bank.
a This Is the reserve required ou net demand deposits In the case of State banks and trust companies, but In the case of membors of the Federal Reserve Bank lueludes
also amount of reserve required on net time deposits, which was as follows: Feb. 23, $5,990,160; Feb. 16, $5,980,200; Feb. 9, $5,998,530; Feb. 2, $6,031,620.
b This Is the reserve required on net demand deposits In the case of State banks aud trust companies, but In the case of moinbers of the Fedoral Reserve Bank Includes
also amount of reserve required on net time deposits, which was as follows: Feb. 23, $5,999,880; Feb. 16, $5,969,370; Feb. 9, $6 009,420; Feb. 2, $5,975,970.
c Amount of cash In vault, which Is no longer counted as reserve for members of the Federal Reserve Bank, was ns follows:
Feb. 23, $98,648,000; Feb. 16, $100,649,000; Feb. 9, 598,166,000; Feb. 2. 5102,777,000.
d Amount of cash In vaults, which Is no longer counted as reserve for members of the Federal Reserve Bank, was as follows:
Feb. 23, $98,977,000- Feb.16, $99,587,000: Fob. 9, $98,111,000; Feb. 2, $98,730,000.




T H E C H R O N IC LE

M ar . 2 1918.]

The State Banking Department reports weekly figures
ahowiug the oouditiou of State banks and trust companies
In New York City not in the Clearing House, and these are
■hown in the following table:

In addition to the returns of “ State banks and trust com
panies in New YorkC ity not in the Clearing House,” furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this class
In the whole State. The figures are compiled so as to distin
guish between the results for New York City (Greater New
York) and those for the rest of the State, as per the following;
For definitions and rules under which the various items
are made up, see “ Chronicle,” V . 98, p. 1661.
The provisions of the law governing the reserve require
ments of State banking institutions as amended M a y 22 1917
were published in the “ Chroniole” M ay 19 1917 (V . 104, p.
1975). The regulations relating to calculating the amount
of deposits and what deductions are permitted in the com 
putation of the reserves were given In the “ Chroniole” April 4
1914 (V . 98, p. 1045).

SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEM ENT,
(Figures Furnished bg Stale Banking Department.) Differences from
Feb. 23.
precious week.
Loans and Investments___________________________ S866,518,800 Inc.SU,849,800
Specie...............
17,847,100 Dec.
324.200
Currency and bank notes____________________
12,387,.r>00 Inc.
228.000
Deposits with the F. It. Bank of Netv York________ 71,359,200 Inc.
546.200
Total deposits...... ..........
973,970,000 Inc. 5,783,600
Deposits, eliminating amounts due from reserve de
positaries and from other banks and trust com
panies In N. Y. City, exchanges and U.S. deposits 851,070,500 Inn.
662,800
Reserve on deposits______________________________ 164,993,800 Dec. 9,909,800
Percentage of reserve, 21.7%.
RESERVE.
------ State Banks-----— Trust Companies----Cash In v a u lts ................................. S12.740.200 10.77%
$88,853,600 13.90%
Deposits In banks and trust cos___ 15,603,500 13.20%
47,791,500 7.47%
T ota l.............................................$28,348,700

23.97%

3136,645,100

STATE BANKS AND TRUST COMPANIES.

21.37%

The averages of the New York City Cloariug House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past:

Week ended Feb.

Week
ended—
Deo. l . . .
Deo. 8 . . .
Deo. 1 5 ...
Deo. 2 2 ...
Deo. 2 9 ...
Jan. 5 . . .
1 2 ...
Jjyi. 1 9 ...
Jun. 2 6 ...
1*. 1). 9.
Feb. 9 . . .
1 6 ...
Feb. 2 3 ...
f Inolu ed
fcald by Stale

L o a n s a n d In v e s tm e n ts ..
C h a n g e fr o m la s t w e e k .

We omit two ciphers in all these figure)._

Boons
and
investments

Demand
Deposits.

t
Legal
Tenders.

Specie.

Total
Cash in
Vault.

23.

Slate Banks
Trust Cos.
State Banks
Trust Cos.
in
in
outside of
outside of
Greater N. Y. Greater AT . Y. Greater N. Y. Greater N. Y .
$ 1 9 ,7 7 5 ,0 0 0

* 8 8 .9 5 0 .0 0 0

$ 1 6 ,5 7 3 ,0 0 0

3 8 .5 0 6 .7 2 2

1 6 2 ,9 0 1 ,4 0 0

1 6 ,9 3 7 ,0 0 0

2 5 ,7 4 8 ,0 4 0

4 2 7 ,9 9 6 ,7 0 0 2 ,0 0 0 ,2 2 8 ,5 0 0
— 2 ,2 9 8 ,5 0 0
+ 3 2 ,5 9 5 ,4 0 0

1 9 2 ,7 2 4 ,7 0 0
— 1 ,2 3 1 ,7 0 0

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

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

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

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

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

3 u r p l u s a s o f S e p t . 8 .............

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.

___________

8 99

Reserve in
Deposi
taries .

i
$
$
$
$
$
5,559,742,4 4.297,610,1 113,749,3 96,122,9 209.872,2
650.784,6
5,827,062,0 4,353,272.1 112.093,5 96,747,7 208,841,2
682.360,1
5.575.672.8 4,417,314.1 110.725,3 96,692,9 207.118,2
671,117,1
5.01 1,186.0 4,357,133.8 108,501,8 95,878,3 204,383,1
602.178,4
4,952.579,3 4,362,163,0 104,273,2 98,864,9 203,138,1
608,984,8
5,945,390,8 4,443,769.4 104,000,5 100,321,2 204,327,7
617,798,8
4,893,792,4 4,626,394,9 101.730.0 102,483,2 207,219,2
613,402.6
4,892,797,1 4,578,900,7 101,678,7 98,375,5 203,054,2
612,272,4
4,899,129,5 4,479,558,6 101,471.0 97,599.0 199,070,0
619,095,8
5,006,037,0 4,486,506,5 97,829,7 95,280,8 193,110,5
627,476,3
5,038,372,7 4,517.827,5 96,292,1 93,282,0 189,571,1
649,108,3
5,019,992.0 4,501,204,7 95,857,3 101,927,9 197,785.2
598,152,4
5,116,615,8 4,428,375,5 93,416,1 101,863,0 195.279,1
567,452,0
with "Legal Tenders" are national bank notes and Fed Reserve notes
banks and trust cos. but not those held by Fed. Reserve members

$ 2 5 ,9 3 8 ,7 0 0

C h a n g e fr o m la s t w e e k .

1 8 ,0 5 0 ,1 0 0
— 1 ,3 8 7 ,4 0 0

2 0 ,0 9 9 ,6 0 0
— 2 3 2 ,2 0 0

C u r r e n c y a n d b a n k n o te s .
C h a n g e f r o m la s t w e e k .

2 2 ,4 2 9 ,4 0 0
+ 9 9 ,8 0 0

1 3 ,8 1 5 ,9 0 0
+ 3 7 3 ,1 0 0

D e p o s its w i t h th e F . I t .
B a n k o f N e w Y o r k _____
C h a n g e f r o m la s t w e e k .

3 5 ,9 4 4 ,8 0 0
+ 4 ,2 6 5 ,6 0 0

2 0 9 ,1 1 1 ,6 0 0
+ 4 ,1 6 9 ,9 0 0

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

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

D e p o s i t s _______________________
C h a n g e fr o m la s t w e e k .

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

2 0 0 ,7 8 3 ,2 0 0
— 2 ,6 2 7 ,8 0 0

3 1 1 .6 7 5 ,0 0 0
— 3 2 4 ,5 0 0

R e s e r v e o n d e p o s i t s .............
C h a n g e fr o m la s t w e e k .

1 0 2 ,1 9 0 ,9 0 0
+ 3 ,7 5 7 ,5 0 0

3 1 ,6 3 4 ,6 0 0
— 1 ,8 3 4 ,9 0 0

4 0 ,9 9 3 ,0 0 0
— 1 7 9 ,5 0 0

P . C . r e s e rv e t o d e p o s its .
P e rc e n ta g e la s t w e e k . .

3 2 2 ,3 2 9 ,0 0 0
— 7 ,0 0 0 ,7 0 0

2 0 .4 %
2 4 .0 %

+ Increase over last week

1 9 .4 %
1 9 .6 %

1 9 .0 %
1 9 .9 %

18.1%
18.1%

— Decrease from last week.

Non-M em ber 3 a n k 3 and Trust C om p anies.
Following is the report made to the Clearing House by clearing
ion-member institutions which are not included in the “ Clearing House return” on the preceding page:
R E T U R N OF NON M E M B E R I N S T IT U T IO N S OF N E W Y O R K C L E A R IN G H O U SE .
A+l
Capital. \ Profits.

Loans,
Discounts,
Investments,
Week Ending Feb. 23 1918. (Nat. banks Deo. 3 1 1
Ac.
(state banks Nov. 14!
CLEARING
NON-MEMBERS

Members o f
•
Federal Reserve Bonk
Battery Park Nat. Bank------W. It. Grace A Co.'s B an k...
First Nat. Bank. Brooklyn...
Nat. City Bank. Brooklyn.. .
Flint Nat. Bunk, Jersey City.
Hudson Co. Nat.. Jersey City
First Nat. Bank. H oboken...
Second Nat. Bank. Hoboken.
T o ta l___________________
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Washington Heights.
Colonial Bank..................... .
Columbia Bant............ .........
International Bank.......... —
Mutual Bank..........................
New Netberland Bank..........
Yorkvllle B an k................... ..
Mechanics' Bank, Brooklyn..
North Side Bank. Brooklyn..

Gold.

T o ta l..................................

Sflrcr.

Average
$
0,838,000
4.023.000
7.056.000
6.331.000
7.037.000
4.736.000
7.130.000
5.468.000

Average.
i
53.000
1,000
15.000
19.000
236,000
85.000
15.000
35.000

Average.
*
10,000

Average.
$
30.000

11,000
36.000
427,000
3,000
10.000
30,000

2,495,000 5,350,900 48,617,000

459,000

100,000
500.000
300.000
500.000
200.000
200,000
100,000
1,600,000
200,000

87.000
593.000
638.000
150.000
470.000
47.000
448.000
532.000
141.000

$
$
400.000
423,000
500.000
599,500
300.000
673.400
300.000
584.400
400.000 1.307,000
250.000
767,800
220.000
684,300
125,000
310.900

407,000 2.544.000
970.800 0,468,000
748.900 11.743.000
112.800 4.617.000
491,500 8.534.000
201,100 4.284.000
687.900 7.306.000
829,100 21.604.000
210,600 4.535.000

T ota l.................................... 3,700,000 4,749,700 74,635,000 3,121,000
Trust Companies.
Not Members of the
Federal Reserve Bank.
Hamilton Trust Co., Brooklyn
Mechanics' Tr. Co., Bayonne

Legal
Tenders,

500.000
200.000

1,002,900
338,500

Net
Demand
Deposits.

Net
Time
Deposits.

Average
1
192.000

124,000
78.000
86.000
81,000
52.000
55.000

Average.
Average.
f
S
6,122,000
84,000
1.954.000
750.000
5.343.000
654.000
5.205.000
412.000
7.097.000
3.797.000
467.000
2.982.000 3.461.000
2.843.000 2.496.000

533,000

506,000

767,000 4,281,000 8,840,000

35,343.000 8,324,000

1.515,000

3,000
165.000

64.000
331.000
381.000
74.000
209.000
208.000
332.000
873.000
127.000

122,000
129.000
22,000
124.000
601.000
425.000
360.000
751.000
217.000
281.000
269.000
46.000
359.000
494.000
171.000
196.000
266.000
91.000
120.000
471.000
281.000
439.000 1,346,000 1,498,000
205.000
224.000
399,000

2.151.000
10.024.000
12.520.000
4.437.000
8.426.000
4.596.000
7.847.000
22.437.000
4.057.000

345.000
197.000
68,000
106.000
S6.000
400,000

757,000 2,509,000 2,206,000 4,551,000 3.150,000

76,53.5,000

1.202,000

Yo'.ooo
60,000
58.000
80.000
345.000
30,000

63.000

35.000

31.000
84.000

122,000
67,000

370.000
408.000

414.000
221.000

7.410.000
790,000
4.078.000 3,228,000

700,000 1,341,400 16,773,000

403,000

88,000

115,000

189,000

778,000

665,000

11,488,000 4,018,000

BOSTON OLEAHINO HOUSE MEMBBHH

4,919,000
471.013.000
385.192.000
126.608.000
22.679.000
14.641.000
80.898.000
57.229.000

Change from
previous week.
Inc.
Doc.
Dec.
Dec.
Dec.
Dec.
DOC.
Dec.

14.923.000 Inc.

294.000
120.000
395.000
197.000
218.000
99,000

______

3,983,000 1,378,000 3,220,000 3,162,000 9,610,000 12,601,000 al23,356,000 13,544,000 1.515,000
— 147,000 + 195,000 — 105,000 + 36,000 — 35,000 + 1101000
+ 480,000 + 196,000
—2,000
4.130.000 1.183.000 3.325.000 3.126.000 9.64.5.000 11,260,000 al22,870,000 13.348.000 1.517.000
4.070.000 1.364.000 3.069.000 2.927.000 9.778.000 11.714.000 0121,114,000 13.501.000 1.521.000
4.143.000 1.339.000 3.051.000 2.970.000 9.495.000 11.116.000 al 20,046,000 13.483.000 1.520.000
4.173.000 1.431.000 3.102.000 3.007.000 9.525.000 10.916.000 a 120,390.000 13.476.000 1.531.000
4.184.000 1.420.000 3.200.000 2.852.000 9.407.000 11.845.000 al 21.599.000 13.466.000 1..521.000

B oston C learing H ouse B a n k s.— W e give below a
summary showing the totals for all tho Items in the Boston
Clearing House weekly statement for a series of weeks:
Feb. 23
1918.

National
Bunk
Circula
tion.

Average. \ Average.
A terage.
$
$
i
146.000
723,000
69.000
2,000
500,000
74.000
566,000
560.000
61.000
544,000
583.000
190.000 1,000,000 5,092,000
127.000
302,000 1,000,000
123.000
359,000
943.000
44.000
287,000
599.000

383,000
20,000

6,895,000 11.442,000 140,025,000
+ 754,000
$178,500 decrease
6.895.000 11,442,000 139.271.000
0,896.000 11.616.700 138.376.000
0,805.000 11.616.700 130.621.000
6.895.000 11.016.700 136.100.000
6.895.000 11.616.700 130.733.000
n U. S. deposits deducted, $6,371,000.

Feb. 10
1918.

Feb. 9
1918.

14.000
5,397,000
7,579,000
3,305,000
108,000
1,078,000
3,055,000
401,000

$1,905,000
470.410.000
392.771.000
129.913.000
22.787.000
15.719.000
84.553.000
57.690.000

$5,322,000
473.114.000
385.939.000
128.653.000
23.152.000
14.138.000
92.412.000
58.134.000

158,000

14.765.000

16.635.000

I - P h iladelph ia B a n k s.— Tho Philadelphia Clearing House
statement for the week euding Jan. 26 , with comparative
figures for tho two weeks preceding is as follows. Reserve
requirements for members of tho Federal Reserve system
are 1 0 % on demand deposits and 3 % on time deposits, all
to be kept with the Federal Reserve Bank. “ Cash in




Additional
Deposits
with Legal
Deposi
taries.

9.451.000
7.322.000

Grand aggregate....................
Comparison previous week...
Excess reserve___________
Grand aggregate Feb. 16___
Grand aggregate Feb. 9 ___
Grand aggregate Feb. 2 ___
Grand aggregate Jan. 26___
Grand aggregate Jan. 19

Circulation.......... _
Loans, dlsc'ts A Investments.
Individual deposits. Inol.U.H.
Duo to banks.......... ...............
Time deposits_______
Exchanges for Clear. House.
Due from other banks..
Cash hi bank A In F. rt. Bank
Reserve excess In bank and
Federal Reserve Bank . .

National
Reserve
Bank
with
A Federal ! Legal
Reserve. i DeposiNotes. ! tarles.

vaults” is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 1 5 % on demand deposits and includes “ Reserve
with legal depositaries” and “ Cash in vaults.”
Two ciphers (00) omitted

C apital........ . ......... .........
Surplus and profits..........
Loans, dlsc'ts A lnvest’tsExchanges for Clear .House
Due irom banks_________
Bank deposits....................
Individual deposits..........
Time deposits___________
Total deposits.... ...........
U.8.deposlts(not Included)
Res’ ve with Fed. Res. Bk.
Res’ve with legal depos'les
Cash In vault___________
Total reserve A oash held.
Resorvo required..............
Excess res. A cash In vault

Week ending Feb. 23 1918.
Mem. of
F. R. Sust.
$25,975,0
65.879.0
533.501.0
19.741.0
119.816.0
166.087.0
413.062.0
3,964,0
583.093.0
47.979.6
17.927.6
65.906.0
44.076.0
21.830.0

Trust
Cos.
$5,500,0
13.981.0
45.475.0
332.0
133.0
1,165,0
31.728.0
32,893,6
5.230.0
1.881.0
7.111.0
4.864.0
2.247.0

Total.
$31,475,0
79.860.0
578.976.0
20.073.0
119.949.0
167.232.0
444.790.0
3.964.0
615.986.0
36.187.0
47.979.0
5.230.0
19.808.0
73.017.0
48.940.0
24.077.0

Feb. 16
1918.
$31,475,0
79.841.0
579.437.0
23.513.0
123.344.0
168.397.0
453.045.0
3,618,0
625.060.0
35.112.0
46.891.0
5,151,0
19.798.0
71.810.0
49.180.0
22,660,51

• Cask la vault is a o t cou n ted as reserve fo r F . R . d a n k m e m b e r s.

Feb. 9
1918.
$31,475,0
79.825.0
576.074.0
19.667.0
116.841.0
163.494.0
452.778.0
3,458,0
619.730.0
33.366.0
53.417.0
5,255,0
19.827.0
78.499.0
49.704.0
28.795.0

T H E C H R O N IC LE

900
p ix t x M r c g

m xH

THE LONDON CITY & MIDLAND BANK
LIMITED.

[Vol. 106

On August 4 1914 they had passed a law establishing banks with power
to make loans by issuing notes, technically named Darlehnskassenscheine.
The Reichsbank was empowered to include these notes in its cash balance
and to treat them in all respects as gold, that is, for every Darlehnskassen note held in the cash balance of the Reichsbank they could issue
three Reichsbank notes. They thus got over the second difficulty of the
cash balance.
Having now explained the manner in which they overcame these two
difficulties, we append hereto the balance sheet of the Reichsbank made
up on December 31 1917:
Balance Sheet of the Reichsbank, December 31 1917.

A N N U A L G E N E R A L M E E T IN G , T U E S D A Y ,
J A N U A R Y 29T H 1918.
Speech of Sir Edward H . Holden, B art., Chairman.

The general meeting of the shareholders of the London City and
Midland Bank, Limited, was held at the Cannon Street Hotel, London,
E .C ., on Tuesday, January 29 1918, for the purpose of receiving the
report and balance sheet, declaring a dividend, electing directors and
auditors, and other ordinary business.
The Chairman (Sir Edward H. Holden, Bart.) said:
Mu Lords, Ladies and Gentlemen:
We meet together for the fourth time since the beginning of this terrible
War. Last year we were hoping it would be ended before we met again;
this year we can only hope it will be over before our meeting next year.
To-day we are fighting side by side with America, whose support of the
Allied cause greatly encourages and inspires us. Morally and materially
we are vastly strengthened. In past years we have taken a survey of the
financial conditions in the principal foreign countries as well as in our
own. I now ask you to consider with me the financial system on which
America is working, but before doing so I think it is important for us
to examine the financial methods adopted by Germany during the War,
and to ascertain what her position is at the present time.
GERM ANY.
Before the War began she had thoroughly prepared the financial lines
on which she would proceed. Two decisions appear to have been reached:
First : T o raise all the paper money she required, regardless of infla
tion, through the Reichsbank— i. e. the National Bank of Germany—
and, in case this proved insufficient, through the Loan Banks.
'
Second : T o leave all arrangements for rectifying her finances until
after the War.
Let us see how she has manufactured her paper money through the
Reichsbank. and in explaining this I repeat two principles which I lafd
down last year—
(1) Every bank is a manufactory of credit, and
(2) When a bank makes a loan or discounts bills it creates a credit
account or issues notes. You will find the loan or bill on the asset side
of the balance sheet and the credit account or notes issued on the lia
bility side. Loans are made by the Reichsbank by discounting bills
and to a small extent in other ways, but it is only against bills discounted
and the cash balance as cover that notes can be issued, and, further,
the amount of the notes issued must never exceed three times the cash
balance. Thus the law, by making these conditions, controls the issue
of notes, but there is no legal control over the creation of credit balances,
which may be increased to any extent.
I append the balance sheet of the Reichsbank for July 23 1914, the last
Issued before the outbreak of war: 2
‘
.wit-fc-f.inA
v It'(iZi!
Balance Sheet of the Reichsbank, July 23 1914.'T
LIABILITIES.

£

ASSETS.

£

Gold.................... 67,845,000
Silver........ ......... 16,725,000
12,725,000 Treasury notes.. 3,275,000
Notes of other
Notes Issued___ 94,545,000
Banks.............. 2,005,000
Credit Aceounts. 47,200,000
Capital_________
____
Reserve

9,000,000
3,725,000

Other liabilities..

141,745,000
2,000,000

Ratio
Ratio
Ratio
Ratio

Total cash balance................ 89,850,000
Bills of Exchange 37,545,000
143,745,000 Advances............ 2,510,000
Investments___ 16,545,000
Other securities. 10,020,000
---------------- 66,620,000

156,470,000
156,470,000
of gold to notes------------------------- ------------------ ---------------- - - — 71.7 per cent
of gold to liabilities (1. e., notes Issued and credit a ccou nts),.- 47.8 per cent
of cash balance to notes....................... .....................................= 9 5 .0 per cent
of cash balance to liabilities.......... .............................. ............. — 63.4 per cent

P I want you to fix in your mind four items— viz. the cash balance and
the bills of exchange on the asset side of the balancelsheeC the notes
issued and the credit accounts on the liability side.
When the War broke out the German banking law was that the cash
balance of the Reichsbank must be equal to at least one-third of the notes
issued, and that the bank must hold bills of exchange equal to the re
maining two-thirds; these bills of exchange were to fall due within three
months, and to bear three names, except in special cases, when only two
names were required. The ordinary Government Treasury bill was not
a bill of exchange within the meaning of the law, and was not regarded
as “ bank cover” for notes issued. It was anticipated by the Govern
ment that, as the War progressed, the inland bills would be diminished
by reason of transactions being settled in cash, and the foreign bills
would also be diminished by reason of the imports and exports being
curtailed. The Government also recognized that they would be com 
pelled to obtain large supplies of notes from the Reichsbank, and that
ft would be necessary to provide large amounts of bills of exchange as
“ bank cover” for these notes. They therefore obtained authority by a
law of August 4 1914 to raise the necessary funds by issuing bills of ex
change of the Empire or Treasury bills, and it was further provided that
these Treasury bills, bearing the signatures of two members of the
National Debt Office, should be regarded as bills of exchange within
the meaning of Section 17 of the Act of 1875, provided they matured
within three months— that is to say, after being discounted at the
Reichsbank they were to be regarded as “ bank cover” for Reichsbank
notes. We thus see how they overcame their first great difficulty of
providing “ bank cover” for an increased note issue, because as the
Treasury bills discounted increased so the power to issue the bank notes
Increased.
Their second difficulty was the cash balance itself. They’ could not
continue to issue notes unless they continued to increase the cash balance.
This cash balance consisted of gold, silver, Imperial Treasury notes and
notes of other banks. They afterwards adopted every measure possible
to increase the gold, yet tney could not obtain suff icient^to continue
issuing increasing amounts of notes.
„.j .... . . .. .-j




LIABILITIES.
£
Capital_________ 9,000,000
Reserve________ 4,507,000

ASSETS.

£

Gold____ _______120,329,000
Silver.................
9,067,000
515,000
13,507,000 Treasury Notes.
♦Dariehnsknssen
Notes
Notes__ 65,225,000
Issued______ 573,387,000
Notes of other
Credit
34,000
Banks....
accounts____ 402,520,000
975,907,000

Other
liabilities__

Ratio
•Ratio
Ratio
Ratio

44,845,000
— ---------1,020,752,000

of
of
of
of

Total cash balance__ ____ 195,170,000
Bills of Exchange
(Inc .Treas.Bills) 729,805,000
256,000
Advances______
Investments
4,458,000
Other securities. 104,570,000
---------------- 839,089,000

1,034,259,000
1,034,259,000
Gold to N otes............... ..........................- 20.9 per cent
Gold to Liabilities..............
— 12.3 per cent
Cash Balance to
N otes.......= 3 4 .0 per cent
Cash Balance to
Liabilities..= 2 0 .0 per cent

On comparing these two balance sheets, we see that, although they
raised their gold from £07,845,000 in July 1914 to £120,329,000 in
December 1917, they were still deficient in gold to the extent of 65
millions, and that Darlehnskassen notes were placed in the cash balance
to that extent to act as gold. Further, we see that their loans have
increased from £66,620,000 to £839,089,000, an increase of £772,469,000,
which means that the credits and notes created by the loans have in
creased to a corresponding extent. These increased credits have been
created largely by the bills of exchange or Treasury Bills.
Our view, from this point, of the working of the Reichsbank is very
interesting. The Government comes down to the bank with a parcel of
Treasury bills, which are really undertakings that, if the Bank will place
to its credit the amount specified on each Bill, less the discount, it will
within three months repay the Bills, though of course it may repay this
parcel of bills by borrowing on other parcels. The bank then issues its
own notes in payment of the credit balances created by the discount of
these bills and the notes are used to pay for commitments of the State.
These notes go out into the hands of the public, and to a largo extent
find themselves on deposit with the joint stock banks, where they form
the base for the extension of further credits by the joint stock banks.
Hence the deposits of the banking institutions in Germany have in
creased to a very large extent, and it is estimated that the total increase
since the beginning of the War amounts to the equivalent of about 1,000
millions sterling. We see the same thing happening in this country, in
America, and in other countries.
It will be observed that the Government is responsible to the bank on
its Treasury Bills and the bank is responsible to the public on its notes.
Before the War, the bank was responsible for the repayment of its notes in
gold, but since the law of August 4 1914 it has been relieved of this
obligation. From the balance sheet it appears that 573 millions of notes
are in circulation and that the credit balances amount to 402 millions.
In addition to the discount of bills, other securities have increased to the
extent of 94 millions, and one wonders if any portion of these loans has
been granted for the purpose of keeping up the price of the War Loans.
There are no means of knowing what proportion of the credit balances
of 402 millions belongs to the State and what proportion belongs to other
banks, but whatever the latter amount may be it will be used as a portion
of the cash balance of those banks upon which they will make loans and
create new credits.
The following statement shows at the end of each month, from the
commencement of the War to the present time—
1. The bills discounted.
2. The liabilities, consisting of notes and credit accounts.
3. The total cash balance.
4. The ratio of the cash balance to the liabilities.
5. The ratio of the gold held to the notes.
Ratio of Cash Ratio of
Gold to
Balance
Total
Bills
to Liabilities. Notes.
Cash.
Discounted. Liabilities.
1914.
£ mills.
£ mills.
£ mills.
%
%
71.7
63.4
90
142
J u ly _____ ...........37
35.7
27.4
91
334
A u g ......... ........... 237
36.2
30.4
342*
104
S e p t......... ...........237*
44.5
50.6
274
138
O ct______ ______ 138
47.3
49.8
280
139
N o v ____ ______ 146
44.2
44.1
150
340
D ec______ ______ 197
1915.
46.4
40.7
124
305
J a n ______ ........... 189
46.6
39.4
127
322
Feb______ ...........205
41.5
30.6
483*
148
March . - ........... 343*
47.2
44.6
160
339
April......... ........... 189
42.3
44.7
144
341
M a y ......... ______ 207
40.8
37.7
382
144
June......... ...........246
43.3
37.7
135
359
J u ly _____ ........... 239
43.3
36.6
365
133
August. . . ______ 247
39.3
31.7
529*
168
S e p t_____ ........... 373*
40.8
47.7 •
181
378
O c t........... ...........210
41.5
40.6
157
379
N o v ......... ______ 233
35.3
40.6
188
464
D ec........... ........... 290
1916.
37.7
38.7
160
414
Jan........... ........... 264
37.4
35.0
150
427
Feb........... ...........289
30.6
35.1
173
567*
March . - ______ 406*
36.4
40.0
173
422
April......... ........... 257
36.5
153
36.1
423
M a y _____ ........... 274
34.0
157
32.6
481
June ------ ........... 330
35.1
31.0
146
471
J u ly ......... ........... 327
34.6
142
28.5
498
A u g ......... ........... 354
33.7
145
21.3
682*
S e p t......... ______ 538*
34.5
25.8
138
536
O c t........... ______ 394
34.3
26.0
143
550
N o v ......... ______ 404
31.3
33.6
148
631
D ec--------- ______ 480
1917.
35.0
32.1
141
565
Jan........... ...........409
33.7
31.1
144
609
Feb______ ______ 449
29.3
17.2
140
851*
March . - . ...........680*
30.4
24.9
153
615
April......... ........... 436
23.5
30.6
151
641
M a y ......... ........... 468
28.2
20.T
149
720
June......... ........... 548
27.1
150
20.4
735
J u ly ------- ........... 556
25.7
159
20.8
761
August. . . ........... 568
23.5
175
17.T
987*
S e p t......... ______781*
23.1
177
22.0
804
O c t........... ...........587
22.6
181
21.8
833
N o v ......... ...........612
20.9
195
20.0
976
D ec........... ...........730
The percentages are calculated on the exact figures.
rPo understand thoroughly the fluctuations in these figures, it is neces
sary that I should give some explanations, which I now furnish under
headings:

M ar . 2 1918.]

THE CHRONICLE

BILLS DISCOU N TED A N D L IA B IL IT IE S.
W e must note in the first place that the German War Loans have been
Issued at the end of every six months, the first being in September 1914
and the others in each subsequent March and September.
About three months before a loan is put out, the Government announces
the date of the issue of the loan, and makes arrangements with the joint
stock'banks to allow \ X
A % on all deposits which are ear-marked for the
loan, and in addition arrangements are made with the Reichsbank for
the sale of special War Loan Treasury bills, which carry a preferential
rate o f discount on the condition that the proceeds are used to take up
War Loan. These special bills mature on the day when subscriptions
for the loan may be paid in full, and the bills are then automatically
converted into War Loan. They must not be confused with the ordinary
Government Treasury bill which we have been discussing, and are not
included in the Reichsbank statement under bills discounted. The fluc
tuations in this item at the end of March and September are caused by
the ordinary Treasury bill. As the date approached when payments
on War Loan might be made in full, bankers and others, who had to
make provision for their own or their clients’ applications, rediscounted
their bills at the Reichsbank, thus increasing the bills discounted. We
also note, at the same time, that the liabilities increase. This is caused
by the proceeds of the bills being paid to the credit of the Government on
account of the War Loan. Hence we observe large increases in the bills
discounted and in the liabilities at the end of every March and Septem
ber, which we have indicated with an asterisk (*). In the following
months both the liabilities and the bills discounted are diminished. This
is due to the Government using a portion of their receipts from War
Loan to pay off the bills held by the Reichsbank.
Throughout the whole period covered by the statement, we see a uni
form ity in the movements in the bills and the liabilities. The bills in
crease and decrease concurrently with the liabilities. Other fluctuations
are accounted for by the payment of the installments of the War Loans
and by the rediscount of bills by the Reichsbank. The Government dis
counts its Treasury bills with the Reichsbank at the official rate, and the
Reichsbank rediscounts the bills in the open market at the market rate,
which is always lower than the official rate, thus making a considerable
profit, of which the Government claims a share. T o ascertain the total
amount of Treasury bills outstanding, we must therefore take into ac
count those held by bankers and others outside the Reichsbank.
R A TIO OP CASH BALANCE TO L IA B IL IT IE S.
I have pointed out already that the German law only takes cognizance
of the ratio of the cash balance to the notes issued, but the real position
of a bank is gauged by the ratio of the cash balance to the liabilities,
consisting of the notes issued and the credit balances. In the case of
the newly-constituted Federal Reserve Banks of the United States, the
legal ratio of gold to notes is 40% , and the legal ratio of gold or lawful
money to deposit liabilities is 35%.
On reviewing the ratio of the cash balance of liabilities of the Reichs
bank, the lowest in 1914 was 27.2, in 1915 30.6, in 1916 21.3, and in
1917 17.2, but we must remember that the cash balance has been assisted
by the addition of laige amounts of Darlehnskassen notes. For example
the balance sheet for December 311917 includes 65 millions of these notes
Had these notes not been added to the cash balance the ratio would have
fallen to 13.3%.
DARLEHNSKASSEN OR LOAN BANKS.
In addition to the notes issued by the Reichsbank we must further
consider those issued by the above banks. This system is a resuscitation
of a similar system which was established in 1848, and which existed
during the War of 1870. The loan banks were designed for the purpose of
making loans such as ought not to be made by the ordinary joint stock
or private banks, because they come under the class of “ dead loans."
They make their loans to individuals, firms, and municipalities, and the
loans are made by the Issue of Government notes to the extent of from
40% to 85% of the value of the security offered. The real reason why
these banks were established appears to have been to lighten the loans
of the Reicnsbank and of the joint stock banks, thus preventiiig the latter
from being locked up. As we have seen, the Reichsbank has been work
ing at full stretch for the Government, and could not itself make these
advances and issue notes against them, because notes could only be issued
by the Reichsbank against a cover of cash and bills drawn for three
months and bearing two or three names.
The largest amount of Darlehnskassen notes issued at any one time was:
In December 1914-------------------------£65,800,000
117,400,000
J9 }£ ................
..
JnJr............. ...................... .............................. - - - 170,400,000
1917-------------------384,400,000
Of those issued, the following amounts were used to increase the cash
balance of the Reichsbank:
In December 1914...................
£43,500,000
..
62,700,000
„
20,700,000
1917--------------65,225,000
When the War Loans come out, some of these notes are paid into the
Reichsbank in application for War Loan and in payment of installments,
but payments in Darlehnskassen notes for War Loan appear to have
become a diminishing quantity with each successive loan.
In the first payments for War Loans, payments by means of Loan Bank
notes have been as follows:
!n the 1st loan, £35,520,000 out of a payment o f_________ £128,400,000
2d
26,060,000
“
“
ana.
non

::

*•
••

a

tin
SS

::

■■
••

s h

m

"

}? VKKnnR
U ’BRnnno

::

..
••
..

::

■■
“

: : : : : : : : : X o iS S S

........... - - - 413,525,000
-------------- 421,135,000
521,450,000

In other words, the percentages of the Loan Bank notes used In these
payments have been:
In the 1st loan__ _____ __________
27 7%

•• «!h ■■

|-f|

"
7th " ........................................................................................... l.:t%
It would thus appear that, although in 1917 the total issue of Dar
lehnskassen notes had increased to 384 millions, only a small amount of
these notes was used for War Loan payments, the balance being used for
other purposes, f ederal States ana municipalities have been large bor
rowers of these notes. Many of them got into difficulties because the
Imperial Government restricted them from issuing their own loans, and
to relieve the position they borrowed from the Loan Banks. We also
find companies engaged in the manufacture of munitions, Savings
Banks, and trading concerns borrowing these notes to a large extent.
I h e total issues of paper money in Germany, including Reichsbank
notes, Imperial Treasury notes, notes of other banks, and, since the
War, Darlehnskassen notes, have been approximately as follows:
In December 1913............... ............. . .................... .................... £144,000,000
..
-------------------------------------- -------- - .............. 335,000,000
19J5..........................
489,000,000
1916 -----------------------599,000,000
1917 .................
984,000,000
W AR LOANS.
Last yeat, with regard to our own country, we pointed out that when
depositors of banks take up War Loan new credits are not created, but
that when loans are made to take up War Loan, or when banks themselves
take up War Loan, new credits are created. The same principle of




901

course, applies in Germany, and the creation of all these notes by loans
has created new deposits; consequently, the credit accounts of the joint
stock banks show large increments just as the English banks show them.
The War Loans of Germany have been as follows:
1. In September, 1914.......
£224,000,000
2. In March,
1915......................................
455,000,000
3. In September, 1915_______
608,000,000
4. In March,
1916...................
538,000,000
5. In September, 1916-------------535,000,000
6. In March,
1917_____ _____ . ______ ________________
656,000,000
631,000,000
7. In September, 1 9 1 7 ................................................. ..........
£3.647,000,000
The amount of the floating debt, consisting for the most part of
Treasury bills, at the present time may be estimated at about 1,450
millions, so that the total borrowings of Germany since the outbreak of
War appears to be about 5,100 millions against total cash borrowings in
the case of this country of about 4,900 millions.
Dr. Havenstein, the President of the Reichsbank, has recently made
a speech from which it appears that the Loan Banks will be continued
for four or five years after the War, and that they will t e available for
any sort of lending. They will make the terms easy for those who have
borrowed from them for the purpose of taking up W ar Loan, but even
the extended lendings of those banks will not be sufficient to meet the
conditions which are expected to arise after the War. When peace
comes, the holders of War Loan will find themselves compelled to convert
their holdings into hard cash for the purpose of investing in raw materials,
new machinery, and new factories, the result of which will be to throw
millions of pounds’ worth <*f War Loan on the market. The responsible
authorities recognize that there will be insufficient buyers, and that the
fall in the price will depreciate all securities, causing loss to the holders
of War Loan and damage to the State. T o prevent such a condition of
affairs from arising, the plan is to form a consortium consisting of the
Reichsbank, the Joint Stock Banks, and the Darlehnskassen. The
Darlehnskassen and, to an extent, the Reichsbank, will provide the
capital for the absorption of War Loan, and the R3ichsbank and branches,
working in co-operation with the Joint Stock Banks and their branches,
will take up the stock as it is offered for sale, and thus prevent the
market from being depressed by selling orders. The stock so absorbed
will be gradually redistributed over a number of years through the Reichs
bank and the Joint Stock Banks. Dr. Havenstein believes that, until
the German exchange is completely rehabilitated, neutral countries will
be buyers of German securities.
TH E U N IT E D STATES OF A M E R IC A .
We will now turn to America, and I will preface m y remarks by empha
sizing how very necessary and important it is that we, on this side of the
water, should know exactly the financial position as it exists at present
in that country. By way of appreciating, and to some extent eluci
dating, that position, we will in the first place examine the condition of
the new Federal Reserve Banks, but before doing so I wish to congratu
late the Federal Reserve Board and the bankers of America on having
succeeded in creating and building up a banking system which surpasses
in strength and in excellence any other banking system in the world.
The Act provides for the establishment of twelve Federal Reserve
Banks, which really make up one bank, and was passed in December 1913
on the lines that the share capital should be taken up compulsorily by all
National banks and voluntarily by State banks and trust companies, but
it was not until November 1914 that the Reserve Banks opened for
business. The profits of these banks are allocated as follows:
(11 A cumulative dividend of 6% to the shareholders;
(2) One-half of the surplus to a reserve fund, until that fund amounts
to 40% of the paid-up capital;
•
(3) The balance to the United States Government to be used to sup
plement the gold reserve against outstanding United States notes or to
reduce the National Debt.
The following figures will show the consolidated position of the twelve
banks In December 1914, December 1916 and December 1917:
CONSOLIDATED STA T E M E N TS OF TH E F E D E R A L RESERVE
BANKS.
(000 omitted.)
Dec. 1914.
Liabilities—
£
Capital.......................................................... 3,610
D ep o sits .-------- --------- ------------------ .........51,204
Notes issued--------------------------------- ......... 3,205
Federal Reserve Bank Notes......... .
Other liabilities-................... ........

Dec. 1916. Dec. 1917.
£
£
11,139
13,810
130,132
294,472
55,070
222,107
1,600
*157
998

58,019
Assets—
£
G o ld _______ _______ ______________ ......... 48,264
Legal Tenders............. ...................... .......... 5,315

196,498
£
147,248
3,507

532,987
£
326,272
10,390

Total Cash........................................... _____ 53,579
B ills ........... ......................................... _____ 2,119
Investm ents------------ ------------------- .........
51
5% Redemption F u n d ............. .......
Other assets....................................... .......... 2,270

150,755
31,539
12,877
80
1,247

336,662
175,517
20,108
107
593

58,019
196,498
532,987
These balance sheets are set out in their simplest form, and show that
the combined capital of the twelve banks has increased from 3 A millions
in December 1914 to nearly 14 millions in December 1917, that the de
posits have risen from 51 millions to 294 millions, aqd that the notes
issued have increased from 3 millions to over 222 millions. Adding
together the deposits and the notes issued, which are the liabilities to
the public, they have risen from 54 millions to 516 millions. On the
other side of the balance sheet the gold has risen from 48 millions in 1914
to 147 millions in December 1916, and to 326 millions in December last,
while in addition the legal tenders have increased from 5 millions in 1914
to 10 millions in 1917. The figures show that the Reserve Banks held a
percentage of gold to liabilities of 88.7% in December 1914, 79.0% in
December 1916, and 63.2% in December 1917.
Let us analyze the latest balance sheet more closely and see how much
further the banks can extend their loans and create credits on their
present cash reserves. The law requires the notes to be covered by a
minimum of 40% in gold, and the deposits by at least 35% in gold or
lawful money. By reducing the present ratios to the legal minima of
40% and 35% respectively, the Reserve Banks would be able to create
additional loans for member banks to the extent of about 400 millions.
These additional credits of 400 millions would form the base for the crea
tion of additional loans and credits by the member banks of over 3,000
millions, thus placing them in the position of being able to assist to a
marvellous extent in the financing of the industries and any future War
Loans.
The increase in the deposits and the gold holdings of the Reserve Banks
since December 1916 is due principally to amendments to the Federal
Reserve Act, w'hich were passed in June 1917. Before the reserve system
was established, National Banks in New York, Chicago and St. Louis
were required to maintain a minimum ratio of cash to liabilities of 25% ,
but under the new system the minimum was reduced to 18%, and in
June 1917, by an amendment to the Federal Reserve Act, the required
ratio was further reduced to 13% . It was also provided that this mini
mum legal reserve of 13% should be held as a deposit in the Federal
Reserve Bank, as against 7% formerly, and that cash in the handsfof
National Banks in these cities should no longer rank as legal reserve
for the purpose of calculating the ratio. Reductions were made in the
case of the National Banks in reserve cities and of the country banks.
In addition to these measures, which very considerably increased the
deposits and gold reserves of the Reserve Banks, the Federa Reserve

Board offered inducements to the State banks and trust companies,
which had not become members, to hold portions of their reserves in
the Reserve Banks and secured the passage of certain laws enabling
them to do so. Just as the Germans foresaw the alterations that were
necessary in their banking law, and proceeded to make them without
hesitation when war broke out, so the Americans have not hesitated to
make alterations in their banking law since they joined the Allies in
the War.
No one can fall to recognize how fortunate tho American Government
has been in having established this institution, and in having raised it
to such a powerful position before they entered the War.
The paper money in the United States before the War and on Novem
ber 1 1917 was as follows:
,
(000 omitted.)

LOANS TO ALLIES.
Out of the two War Loans already issued, the United States Treasury
arranged between April and December 31 1917 the following loans for
T o Great Britain------- 1.................... .......................................... £ o9v’nno’ nnn
Ttalv
100,000,000
Russia'
................. ........................ ............................ 65,’000,000
15,480,000
Belgium_____
Serbia
-_ _ _ E £ z 5 i°
Making a total o f___________________________________ £847,280,000
W e will tabulate these loans and show the extent of the American
commitments to each Ally month by month since April 1917.

July 1914. Nov. 1917.
£
£
Gold Certificates______________________________
216,195
296,352 A p ril................ £40,000
Silver Certificates_____________________________
98,170
95,290
nil
174,620
Federal Reserve Notes____________________________
Federal Reserve Bank Notes______________________
nil
2,594
National Bank Notes____________________________
150,134
143,255
United States Notes___________________________
69,336
69,336
Treasury Notes----------------------------------------------488
384'
534,323

781,831

The stock of money in gold, silver and subsidiary silver on the same
dates was:
(000 omitted.)
July 1914. Nov. 1917.
£
£
Gold
............... - .............. .................... - ..........
378,135
608,310
113,167
113,054
Silver............. ...................... - ______ _____________
36,463
41,973
Subsidiary Silver......... .................. ..........................
527,765

763,937

Haring considered the facilities offered by the Federal Reserve Banks
for the creation of credit, let us now turn to the financing of the American
War Loans and examine the methods they have adopted in making their
Issues. In this connection, we must recognize the wise discretion of the
Government, Mr. M cAdoo and his colleagues on the Federal Reserve
Board, in guarding against the impairment of tho liquidity of the joint
stock banks in order to keep them free to finance the trade of the country,
both during and especially after the War.
. . .
,
The borrowings of the Government have had a two-fold object, tho
first being to find resources for the Allies, and the second being to find
resources for their own requirements. Under the Act of April 24 1917,
the Secretary of the Treasury was empowered to issue £1,000,000,000 in
long-dated War Loan bonds at a maximum rate of 3J^%, but he only
availed himself of this authority to tho extent of £400,000,000 when he
offered his First Liberty Loan in M ay last year. The loan was issued’
at 3j^ % , and proved very popular, being over-subscribed by about
£207,000,000, a result largely due to the fact that the bonds were issued
free of income tax. The arrangements which were made for the pay
ment of War Loan applications, and the generous rediscounting facilities
which were granted by the Reserve Banks, show that M r. M cAdoo and
the Federal Reserve Banks had made up their minds to maintain the
liquidity of the banks. Further, M r. M cA doo decided to allot bonds
to the extent of £400,000,000 only, out of the total subscriptions, and he
did this by reducing the applications of the larger investors to the extent
of £207,000,000. As a result of this reduction, subscriptions in excess of
£50,000 were cancelled to the extent of from 70% to 80 % , and conse
quently the subscriptions of the banks of the country were very con
siderably reduced. In the case of the National Banks, the total sub
scriptions on their own account amounted to about 68 millions sterling,
but they were allotted £36,100,000 only, and this sum was still further
reduced as the banks were able to dispose of \$Vi millions within a few
weeks of the allotment, thus reducing their aggregate holdings of War
Loan on July 23 to only £17,600,000. This sum was held by National
Banks in the three central reserve cities of New York, Chicago and St.
Louis to the extent of only £1,400,000, by National Banks in the fifty-four
reserve cities to the extent of £3,400,000, and by country banks to the
extent of £12,800,000.
Turning to the second loan. Under the Act of September 24 1917,
which repealed the right to issue further bodds under the first A ct, the
Secretary was authorized to issue £1,507,000,000 in bonds_ at 4% or
more, and he accordingly put out his Second Liberty Loan in October.
The loan was issued at 4 % , and was subject to estato and inheritance
taxe3, as in the case of the first loan, and in addition to super tax, excess
profits and war profits taxes, that is to say, the income from the amount
invested would be credited to the profit and loss account of all persons,
firms and corporations taking the loan and would be subject to the abovementioned taxes in the same way as any other profit, but would not be
subject to income tax. It was, however, provided that investments of
£1,000 and under should be exempt from taxation with the exception of
the estate and inheritance taxes. The loan was issued at the beginning
of October for .a minimum amount of £600,000,000, but the Secretary
stipulated that he would accept up to 50% of any over-subscription.
Tho lists were closed on October 27 and the result of the issue was a total
subscription of about £923,000,000, or an over-subscription of £323,
000,000. In accordance with his stipulation, the Sectetary accepted
50% of the over-subscription, i.e., £161,000,000, thus making the total
allotment £761,000,000.
The loan was issued subject to the conditions:
That 2% was to bo paid on application;
That the first installment of 18% was to be paid on November 15,
when applicants also had the privilege of paving up in full;
That the second installment of 40% was to be paid on December 15- and
That the third and last installment of 40% was to be paid on Janu
ary 15 1918.
,
. „
A large number of the subscribers availed themselves of the privilege
to pay up in full, and, out of the total allotment of 761 millions, 557
millions were paid up by November 15. In the meantime, between the
issue of the first and second loans, the Sectetary had required funds to
make payments to the Allies and to meet his own engagements, and had
raised the money required for these payments by selling Certificates of
Indebtedness (or short-dated Treasury bills) maturing on November 15,
November 22, November 30 and December 15, with the condition that
all these Treasury bills could be used to meet payments on account of
War Loan due on November 15. The total of the Treasury bills so
issued amounted to 464 millions, so that, instead of having to find this
amount in cash on November 15, the banks were in tho position of being
able to use these Treasury bills in payment of the War Loan. In conse
quence, although 557 millions were paid up for War Loan by November
15, there was very little effect made on the money market. Tho Secre
tary of the Treasury about this time put out an additional issue of six
months’ Treasury bills for 138 millions. The remaining 204 millions of
War Loan had to be paid between November 15 and January 15 1918,
and the payments made by December 15 would be most probably at
least one-half that amount, or 102 millions, so that, including the pay
ments for Treasury bills, the banks would be in the position of having to
find by December 15 at least 240 millions, and it appears to have been
the finding of this money, in addition to other demands, which caused
the rate to go to 6% . When the first loan was issued, tho subscribers
were given the privilege of converting into any future loan bearing a
higher rate of interest, which might be issued during the War. Sub
scribers to the second loan also have the right of converting into subse
quent loans which may be issued at a higher rate during the War, but
it is provided that they must convert within six months of the issue of
the next succeeding loan issued at a better rate, otherwise they lose
altogether the right of conversion into future loans. In the case of the
second loan, therefore, if the privilege of conversion once arises and is
notjexerewed, it lapses entirely.




[Vol. 106.

THE CHRONICLE

902

France.

(000s omitted.)
Italy. Russia. Belgium.

£20,000 £20,000
22,000
12,000
32,000
8,000
32,000
11,000
32,000
26,000
49,000
♦62,000
131,000

£20,000
15,000
20,000
___
10,000

£9,000
1,680
______
1,000
1,500
2,300

15,480
65,000
257,000 100,000
* To cover requirements for November and December.
t To cover requirements for January.

Serbia.
£600

£40,000

101,000
80,000
133,000

200
800

847,280

From June 1917 to Juno 1918, it is estimated that the total outgoings
from the United States Treasury will amount to about 3,800 millions,
including 1,400 millions for loans to the Allies. America lias already
borrowed 1,161 millions on her first two War Loans, and she expects
to receive 800 millions from revenue and 400 millions from the sale of
AVar Savings Certificates. These items amount together to 2,361
millions, thus leaving a balance of expenditure of about 1,440 millions
to be found by Treasury bills and War Loan.
OUR OWN C O U N T R Y .
W e now come to the position in our own country. W e have seen how
Germany at the beginning of the War altered her Bank Act and how
during the War America has altered hers. Wo in this country took
power to suspend tho Act of 1844 under which wo work. This, in my
opinion, did not go far enough. If the Act had been repealed, I believe
that we might have got through the crisis without a moratorium. Inia
Act has been notorious for increasing our troubles. It has had to be
suspended on four occasions. The time has now come, even while the
War is on, when we should do as we believe the Americans would do in
similar circumstances, namely, repeal the A ct. I say emphatically
we should repeal this Act.
TH E ACT OF 1844.
When Sir Robert Peel passed this Act seventy-four years ago and di
vided the Bank and the Bank’s statement into two parts, the issue de
partment and the banking department, he had three objects in vievv:
(1) T o curtail the notes issued by the private and joint stock bankers;
(2) T o restrict the unlimited issue of notes by the Bank of England;
and (3) by these means curtail speculation.
,
,
The figures of the last balance sheet published before tho passing of
the Act were approximately as follows:
ASSET*.
LIABILITIES.

Capital and reserve________ £18,000,000 Bullion___________________ £15,000,000
Circulation________________ 21,000,000 Government debt__________ 11,000,000
Deposits__________________ 12,000,000 Securities_________________ 25,000,000
£51,000,000

£51,000,000

Up to this time there had been no legal restriction on the issue of notes
and no system of notes being issued against gold. Ho passed this Act
in the belief that, if gold were taken out of the Bank, the notes in cir
culation would diminish. He did not understand at that time that, under
the new A ct, when gold was exported or when it was taken out or the
Bank for any other reason, the demand for notes to take out the gold
would fall on the reserve of the banking department and not on the cir
culation. That it would fall on the circulation was one of his principal
arguments, but experience has shown that the demand for notes has
fallen with few exceptions on to the reserve of the Bank in trio banking
department, and not on.tlie circulation, the circulation being the notes
outside the Bank.
,
.
If he had retained the'form of balance sheet which had been used up to
that time, and stipulated that the gold in the Bank should never be less
than one-third of the notes issued, except in special circumstances when
a tax might be levied on the excess issue, he would have fallen into line
with the principles which are generally adopted by the State Banks of other

form gives, in the case of the statement of the Bank for January 16 1918,
and taking gold alone, a percentage to liabilities of 28.2 against Peel s
19.6. If we were to take the gold and the Government debt as forming
our cash balance, the percentage would bo 33.5 against 19.6. In the
case of the new Federal Reserve Bank in America the ratio of one-third,
or 33 1-3%, of gold to notes issued is slightly exceeded, and the Bank is
required to hold 40% in gold against their notes, but it is able to reduce
the percentage below 40 by paying a tax on the excess circulation.
Instead of following such lines, Sir Robert Peel divided the Bank of
England into two separate departments, viz. the issue department and
the banking department, and at the same time began to issue the balance
sheet in two sections. He stipulated that notes should be issued by the
issue department against a Government debt of 11 millions and other
securities of 3 millions, with tho further stipulation that, as the issues
of the joint stock and private banks ceased, the Bank could increase
its issue on other securities to the extent of two-thirds of tho lapsed
issues, and that, beyond these issues, notes could only be issued against a
deposit of an equivalent amount of gold in the issue department. It will bo
observed that under the Act the issue of notes bears no relation whatever
to the amount of discounts or advances. It follovys therefore that, if no
gold can ho deposited in the issue department, no further notes can come
out however much they are required When there is an extraordinary de
mand for Bank notes, that demand falls on the reserve in the banking
department, and, when that reserve is unduly depleted, trouble may
occur. Such was the danger when the War broke out. rI hero was a great
demand on the reserve of the Bank for notes, and as there was no gold
to go into the issue department, no notes could be got out. 1 he only
notes which the Bank had in its possession on Wednesday, July 29 1914,
to meet the excessive demand, were 25 millions in its reserve in the baning department. Between Wednesday, July 29, and Saturday morning,
August 1, £9,400,000 was withdrawn from the Bank, leaving the reserve
at £17,400,000 on the latter date. As it was expected that this amount
would be reduced to £11,000,000 at the close of the day, a letter was
written to the Treasury to the effect that unless the Act were broken
accommodation must be curtailed. If accommodation had been cur
tailed, a much more serious crisis would have ensued. I ho treasury
replied on the same date that the Act could be broken if the rate were put
up to 10%. The rate was thereupon raised to 10% on the Saturday.
Sunday, Mondav (August Bank Holiday), and three specially appointed
holidays followed, bringing us to Friday, August 7, but in tho meantime,
on the Thursday the Currency and Bank Notes Act had been passed au
thorising the violation of the Act of 1844 on receipt of authority fom tho
Treasury. A letter of authority under this Act was received, for, on
______ ___ during
are to-day again working unde it

M ar . 2 1918.]

THE CHRONICLE

In criticising this A ct, I wish it to be distinctly understood that I
have nothing but appreciation for the action of the directors of the Bank
of England. They nave been working under a law which is bad, and
could take no other course than that which they have taken. M y obser
vations therefore are in criticism of the Act.
Great fears of financial difficulties were caused by Peel’s A ct, and I
believe, if there had been no Act of 1844, the issue o f the currency notes
and the assistance given b y the Bank of England and the Government
would have made it much more possible to get through without a mora
torium.
We will take the Bank of England statements, before and after the
crisis, and will reconstruct them, and these will show that, if the Bank
had been working on the same principles as other National Banks of issue
there would have been little ground ror anxiety. These principles are:
(11 One bank of issue and not divided into departments;
(2) Notes are created and issued on the security of bills of exchange
and on the cash balance, so that a relation is established between the
notes issued and the discounts.
(3) The notes issued are controlled by a fixed ratio of gold to notes or of
the cash balance to notes.
(4) The fixed ratio may be lowered on payment of a tax.
(5) The notes should not exceed three times the gold or the cash balance.
This country is peculiarly adapted to the working of these principles,
because under ordinary circumstances the necessity for notes is only
small, as payments are largely made by cheques. In 1913 the cheques
passing through the London Clearing House amounted to £16,436,000,
000, in 1916 they amounted to £15,275,000,000, and in 1917, £19,121,
000,000, while in 1913 the Bank of England notes in circulation wero
£29,000,000, in 1916 they were £39,000,000, and in 1917 £46,000,000.
Circumstances at the present time are, of course, extraordinary, and there
is a steady demand for Bank of England notes. These notes are a part
of the structure of the Bank of England in a way Currency Notes cannot
be, and further denominations of notes larger than £1 and 10s. are re
‘ d for business purposes. At the present time the demand for the
of England note is on the increase, and as the note can only
be obtained out of the reserves of the Banking Department, when no gold
is going into the Issue Department, it follows the reserve must be a
diminishing quantity so long as the circulation is increasing. In other
cases, notes may come out of the Issue Department and go into circu
lation through the reserve. For example, in 1916 notes were issued
against gold to the extent on balance of £1,500,000. These notes went
Into circulation through the reserve, but in addition £2,900,000 left the
reserve for the circulation, making an increase in the latter of £4,400,000.
In 1917, notes were issued against gold to the extent on balance of
£4,300,000. These notes passed into circulation through the reserve
but in addition £2,000,000 left the reserve for the circulation, making
an increase in the latter of £6,300,000. During the whole period of the
War notes to the extent of £20,400,000 have been issued, of which £4,
100,000 have been left in the reserve and £16,300,000 have gone into
circulation.
,
We will now examine the Bank s statement for July 22 1914, the last
one published before the crisis, and the statement for August 5 1914, and
will reconstruct them on the supposition that the Bank was not restricted
by the operation of the Act of 1844, or, in other words, that it was work
ing on the same lines as other State banks. The Government debt of
£11,015,000 and other securities of £7,435,000 are used under Peel’s
Act as a basis for the issue of notes, but we will treat the Government
debt only as a part of the cash balance of the reconstructed statement.
tenement No. 1.
Bank Statement, July 22 1914, Before the Crisis.

S

ISSUE DEPARTM ENT.
Notes Issued...... ................... £57,014,000 G old ........ ........... - ................. £38,564,000
Government Debt_________ 11,015 000
Other Securities___________ 7,435^000
£57,014,000
£57,014,000
Ratio of Oold to Notes Issued.................. ......... = 6 7 .6 per cent
BANKING DEPARTM ENT.
Capital------- ----------------------- £14,553,000 Government Securities...........£H ,005,000
R e s t.................
3,446,000 Other Securities____ ______ 33,632,000
Deposits: Publle.£13,735,000
Notes------- --------£27.697,000
Other . 42,185,000
Gold and silver.. 1,599,000
---------------- 55,920,000
----------------- 29,296,000
Other Liabilities___________
14,000
£73,933,000
£73,933,000
Ratio of Cash Balance to Liabilities.......... ....... — 52.4 per cent

Statement No. 2.
Reconstructed Balance Sheet of the Bank, July 22 1914
Before the Crisis.
Capital.............- ................. £14,553,000 Gold------- --------.£40,163,000
Rest_________ _______ 3,440,000
Govt, debt____ 11,015,000
Notes Issued(circulation)... 29,317,000
Deposits......................... — 55,920,000 Govt, securities.£11,005,000 £51,178,000
Other liabilities......... ........
14,000 Other securities.. 7,435.000
18,440,000
Other securities...................... 33i632|000
£103,250,000
£103,250,000
Ratio of Gold to Notes
Ratio of Cash Balance to L i a b i l i t i e s . \ ' = 6070%pcr cent *

On comparing the two statements, it will be seen that the reconstructed
balance sheet shows a greater ratio of gold to notes by 69.4% and a
greater ratio of cash balance to liabilities by 7.6%
J
/0
Coming now to the statement for August 5, which shows the extent of
the transactions during the crisis, the balance sheet of the Bank under
Peel’s Act for that date appears thus:
Statement No. 3.
Bank Statement August 5 1914.
ISSUE DEPARTM ENT.
Notes Issued.................. "....£44,491,000 £ ol<1.................... - ................. £20,041,000
Government d e b t................ 11 ,015,000
Other securities...................... 7,435,000
£44,491,000
Ratio of Gold to Notes Issued.

£44,491,000
.= 5 8 .5 per cent

BANKING^ DE PARTM ENT.
Capital.....................................£14,553,000 Government securities........... £ 11 ,040,000
R eserve.................................. 3,547.000 Other securities_____ ______ 65,352,000
Deposits: Public. £11,499,000
.......... ....... £8,386,000
Other . 56,750,000
Gold and silver.. 1,581,000
----------------- 08,249,000
---------------- 9,967,000
Other liabilities......................
10,000
£86,359,000
£86,350,000
Ratio at Cash Balance to Liabilities.................... = 1 4 .6 per cent

Statement No. 4.
Reconstructed Balance Sheet of the Bank, August 5 1914.
Capital...................
£14,553,000 g o ld ..................... £27,622,000
R eserve.................................. 3,547,000 Govt, debt........ 11,015,000
Notes issued (circulation)... 36,105,000
38,637,000
Deposits............................... 68,249,000 Govt. securitles.£l 1,040,000
Other liablities...................
10,000 Other securities. 7,435,000
18,475,000

Other securities......... .......... G5,’352ioo6

£122,464,000
£122,464,000
Ratio of Oold to N otes......................................... = 7 6 .5 per cent
Ratio of Cash Balance to Liabilities...................... = 3 7 per cent




903

Comparing the two latter statements, the reconstructed balance sheet
shows a greater ratio of gold to notes b y 18% and a greater ratio of cash
balance to .liabilities by 22.4% . Comparing statements Nos. 1 and 2
with statements Nos. 3 and 4, we see the operations between July 22
and August 5 1914, which caused the Act to be broken. These were
an increase in the bills discounted of £31,720,000, an increase in the
deposits of £12,329,000, and a decrease in the notes in the reserve of
the Banking Department of £19,311,000, which notes were used to
withdraw gold from the Issue Department to the extent of £12,523,000,
the balance of £6,788,000 going into circulation.
Looking at the figures, what can be said in support of the Act when
we see that, because an extra demand for discounts had been made to
the extent of 31 midions, and 19 millions in notes had been withdrawn,
the whole machine was thrown out of working order and the Act was
broken? On the other hand, if we had adopted a proper system and
worked on a ratio of 33 3-1% , taking the gold only, we could have dis
counted an additional 47 millions of bills, and allowed the whole amount
to be drawn off in notes, and if we had used the Government debt as a
portion of our cash balance we could have discounted an additional
80 millions of bills and allowed the whole amount to be drawn off in
notes, and still have shown a ratio of cash balance to liablities of 20.9%
against 14.6% under Peel’s Act.
As a final comparison, we will take the Bank statement of January 16
1918, drawn up under Peel’s A ct, and will then reconstruct it, substi
tuting currency notes fqr the Government debt.
Statement No. 5.
Bank Statement, January 16 1918.
ISSUE DEPARTM ENT.
Notes Issued............ ............. £76,076,000 G old_____________ _______ .£57,626,000
Government debt.............. _. 11,0X5,000
Other securities___________ 7,435,000
£76,076,000
£76,076,000
Ratio of Gold to Notes issued________________ = 7 5 .7 per cent
BANKING DEPARTM EN T.
C apital.-________
£14,553,000 Government securities........... £56.768,000
R e s t---------------------------------- 3,363,000 Other securities____________ 92,278,000
Deposits: Public. £41,416,000
N o t e s ............. .£30,750.000
Other .121,589,000
Gold and silver. . 1,143,000
---------------- 163,005,000
---------------- 31,893,000
Other liabilities......................
18,000
£180,939,000
£180,939,000
Ratio of Cash Balance to Liabilities____________ = 1 9 .6 per cent

Statement No. 6.
Reconstructed Ba ance Sheet of the Bank, January 16 1918.
Capital.....................................£14,553,000
R e s t.......................
3,363,000
Notes Issued (circulation).-- 45,325,000
Deposits.............. ................... 163,005,000
18,000
Other liabilities........ ............

Gold___________ £5S,768,000
Currency notes.. 11,015,000
Govt, securities. 56,768,000
Other securities. 7,435,000

69,783,000

64,203,000
Other securities____________ 92,278,000
£226,264,000
£226,264,000
Ratio of Gold to N otes______________________ = 129.7 per cent
Ratio of Cash Balance to Liabilities___________= 33.5 per cent

W e see that the reconstructed balance sheet shows a ratio of gold to
notes of 129.7%, against 75.7% under Peel’s A ct, or an increase of
54% , and that the ratio of the cash balance to liabilities under the
reconstructed balance sheet is 33.5% against 19.6% under Peel’s A ct,
or an improvement of 13.9%.
I conclude my observations by respectfully asking the Chancellor of
of the Exchequer to appoint a committee, consisting of six of the most
experienced bankers in the United Kingdom, to take into consideration
the question of repealing the Act of 1844 as soon as possible in order
to prevent a repetition of the breaking of the Act and the consequences
that follow, or the issuing of millions of currency notes to take the place
of bank notes.
OUR OWN BANK.
Now I rcome to our own balance sheet. W e have brought the Bank
through another year. I have never passed through a year, during the
whole of m y experience, which has required greater care. Although our
profits may be considered good, yet I can assure you that profits are not
our first consideration. Our first consideration Is to keep our Bank as
liquid as possible, and if, after maintaining this liquidity, our profits
are good, then we are quite satisfied.
At this point I should like to digress a little. W e have heard a great
deal about the merits of German banking as compared with English
banking. We all know that German banks are not worked on the
same lines as English banks. German banks work with large paid-up
capitals, leaving no capital unpaid, and large reserve funds, while the
English banks keep down their paid-up capital and have large uncalled
capital. The paid-up capital of the three largest German banks amounts
to 42 millions, the reserve funds to 21 millions, and the deposits to about
440 millions, while the paid-up capital of the three largest English
joint stock banks amounts to 14 millions, the reserve funds to 13 millions,
the uncalled capital to 58 millions, and the deposits to about 535 millions.
We bankers are severely criticised because it is alleged that we do not
afford the same assistance to our industries as the Germans do to theirs,
and consequently, it is said, their traders have greater advantages than
our traders. It is the duty of bankers to seriously consider this position
as affecting the future. If assistance be required for the establishment
of new industries, or greater assistance after the war for industries already
established, it ought, in my opinion, to be seriously considered. But
the question arises, by what means should this be done? If the exten
sion of our industries is to be carried out with the assistance of the
bankers in the same way as in Germany, it will be necessary to increase
the capitals of the banks, as it cannot be done by using depositors’
money, which is repayable on demand.
You will observe that, by the purchase of the shares of the Belfast
Bank, we have increased our capital this year by £408.047 10s., raising it
from £4,780,792 10s. to £5,188,840, ana we have increased our reserve
fund from £4,000,000 to £4,342,826. We have told you in the report
that we have a number of important accounts in Belfast, and in order
to protect them it was necessary for us to open an office in that city.
This led us to consider the question of allying ourselves with a bank In
Belfast. The Belfast Banking Company, Limited, is an institution
which we have investigated, and with which we have had connections
almost from the day of our establishment. It is thoroughly sound, and
is making good profits. Its capital is £500,000, reserve fund £450,000,
notes in circulation £1,866,000, and its deposit and current accounts
£10,186,000. The cash in hand, money at call, investments and bills
of exchange amount to £7,689,000, the advances on current account to
£4,159,000, and advances on War Loan to £1,072,000. Last year the
dividend paid on the old shares was 21 2-3% and on the new shares
8 2-3% . As already stated, the whole of the shares of the Belfast
Banking Company belong to this Bank.
OUR DEPOSITS.
From the balance sheet you will see that our deposits on December 31
last amounted to £220,552,000, against £174,621,000 In December
1916, £147,751,000 in December 1915 and £125,733,000 in December
1914. These deposits have increased in consequence of the War and in
different ways.
The nature of the ordinary trade of the country has changed. A large
amount of trade has been curtailed, and some has even been stopped
altogether, and the resources engaged have been placed to a considerable

904

THE CHRONICLE

[Vol. 106.

Now, gentlemen, with regard to our investments, we have to face the
extent in the banks. Some trades have been taken over by the Govern
ment, and in these cases also the resources, which were employed to hold future, and no one can tell what the future has in store for us, but we
think
we shall be able to meet depreciations, if they come, in the way
stock and to give credit, have been transferred to the banks. As you
know, the excess profits duty, which amounts to 80% , has to be paid we have met past depreciations.
to the Government from time to time, and in the meantime the provi
ADV A N C ES ON W A R LOAN.
sions for this purpose have been accumulating in the Banks. Some of
Turning to the loans we made when the last War Loan was issued. We
these profits are now being placed in National War Bonds, as the bonds
will be accepted in payment of the tax. Prices have risen to such advanced to our friends all over the country who were desirous of showing
heights that large profits are being made, and are being accumulated in their patriotism a sum of £26,813,000. These loans have now been re
the banks until the War is at an end, when they will be required to re duced to £12,645,000. Our clients have paid off no less than £14,168,
stock concerns, to purchase new machinery, and to build new factories. 000, and they are voluntarily reducing tho outstanding figure by a
Our foreign trade situation has also changed. The total imports substantial sum every week.
into this country since the beginning of the War are larger than the
OUR ADVAN CES.
exports by 1,300 millions sterling. When commodities are sold to this
country by any foreign country sterling bills are drawn by the foreign
The next item in our balance sheet is the advances which we make to
exporter on this country. Those bills are offered for sale in the foreign our traders In respect of their ordinary business, and also in order to
country, and the purchasers of those bills are principally the firms enable them to carry out Government contracts and import manufac
and persons who have taken exports from this country. If the sellers tured and raw material. Our advances this year are 68 millions against
of the bills have a larger amount to offer than buyers can purchase, then 63 millions last year.
.
. , ,
, „
the ordinary law of supply and demand comes into force and the £
All good bankers will have carefully weighed up every account on
which they are lending money. As you know, many business men have
sterling falls in value.
. . . .
L ,
„
Take, for example, Sweden. The imports into this country from Swe been taken to the War and their businesses have suffered. W e have
den during the first three years of the War amounted to 53 millions, carefully considered every case, and I can assure you that in every In
and the exports from this country to Sweden to 25 millions, thus leaving stance where we have considered provision necessary, we have made
a balance of trade against us of 28 millions sterling. Speaking generally, full provision. But, as you know, we have still serious difficulties to
there would be bills drawn on London in excess of pruchasers to the face in the future.
_
extent of 28 millions, and this would bring down the sterling exchange.
We have already spoken of the Belfast Banking Company, but I should
At the present time the sterling exchange, as measured in Swedish like to further point out that the capital and reserve fund of that bank
currency, has fallen about 23% . For the same reasons our exchange amount to £950,000, and, in addition to this, there is tho good-will of
hag been at a discount of 20% in Norway, 16% in Denmark, and 9.5%
the business. The bank is earning very good profits. It must therefore
in Holland. Take Spain for another example. Our imports from be considered that this item of £752,000 is a remarkably good asset.
Spain have been 62 millions and our exports 24 millions, leaving a
Turning now to our profit and loss account. Our profit is shown as
balance of imports of 38 millions. Our exchange with Spam has been £1,967,716. Our additional expenses in salaries and bonus to staff
serving with the Forces— whose services, of course, are not now available
at a discount of about 22% .
,
, ,
.
.
.
These exchanges will rise after the declaration of peace, because our for the Bank— and bonus to other members of the staff amount to
exports, both visible and invisible, will have a tendency to increase, £304,518 19s. 3d., in comparison with £207,606 13s. 2d. last year, and
thus creating more buyers of sterling bills. But during the War holders this we fear will be an increasing item.
of sterling bills in these countries have sent them here for collection,
We have now on our staff throughout the country and in London
and the proceeds have been allowed to remain here at interest. Those nearly 3,600 ladies, who are doing their work in a most excellent way.
buying bills abroad at a discount and remitting them here would make We have been compelled to use some as managers of small offices, but
a very handsome profit out of the exchange and the high rate of interest, such offices are supervised for the present by the managers of other
for when the War is over they may be able to take their money back at branches. Other ladies are cashiers, and others are occupying very im
an improved rate of exchange. W e have participated in the resources portant positions in our different departments, and I repeat that we con
sider the way in which they are performing their duties is very satis
which have accumulated in this way.
.
What I have said, however, does not apply in every case. For factory. We have a lady controller over the whole of tho ladles stair,
example, Spain imported from America during the first three years the and we cannot speak too highly of her services.
War commodities to the value of 33 millions, and exported to America
We pay in dividend £672,950, which includes the dividend which we
10 millions, leaving a balance of trade in America’s favor of 17 millions. have paid for a portion of the year on the shares we issued to the share
It would thus appear that Spain should have paid the balance of 17 holders of the Belfast Bank. We have transferred £500,000 to our inside
millions to America in gold, instead of which America has been exporting funds for contingencies. During a war of this character no one can fore
to Spain gold in large amounts. This requires some explanation, which see what we shall have to face before it is over, and no one can foresee
is that the sterling bills drawn in Spain against the commodities sent the difficulties which will arise after it is over. W e desire to exercise
to this country have been sold in America for dollars, and the dollars the greatest care, and we do this for the protection of our shareholders
have been used to send gold to Spain. The gold holdings of the Bank and to give the greatest confidence to those who place their money in
of Spain have increased from 22 millions in July 1914 to 79 millions at our charge. We therefore have refrained from paying an increased
the present time. As the trade balances in favor of Spain have been dividend, believing that there will be greater confidence in our institu
large, and as they have been settled largely through New York, there tion if we reserve our surplus profits to meet tho unkown and unforeseen
have been more sellers of dollars than buyers, and consequently the contingencies of the future. W e trust our shareholders will approve of
dollar has fallen to a discount. Spain is not the only country which the caution with which we are working. If the income tax bo raised
has sold sterling bills in America and taken gold, and in consequence further such action will depreciate all our securities, not only those which
the American Government issued a decree in September 1917 prohibiting belong to us, but also those which are deposited with us by our customers
the export of gold from America, except under license and in settlement to secure advances. But you must remember that we are in the greatest
of legitimate trade balances.
4 .. . . . war the world has ever seen, and in these circumstances we have decided
I think it will be wise to caution our friends in this country that just to carry forward no less a sum than £733,785.
, . ... . . .
as prices have risen in consequence of the depreciation in exchange, the
Before submitting the resolution for the dividend I should like to take
greatly increased charges for freight, insurance and commission, an in this opportunity of expressing to all our staff, both malo and female,
creased amount of money and credit, the increased cost of production, our appreciation of their services. The demands of the Army and Navy
and the lack of competition as between belligerent countries and neu have withdrawn from the active service of the Bank since the beginning
trals, so the moment negotiations for peace assume definite shape, we of the War nearly 3,700 men, and of these I deeply regret to announce
ought to see an improvement in the exchanges (with the possible excep that 320 have been killed, in addition to those who are wounded or miss
tion of America), a reduction in insurance charges, a gradual reduction ing. To the sorrowing relatives we desire to extend our heartfelt sym
in freight charges due to the increase in shipping and the transfer of pathy. The distinctions which have been won by many of our men for
ships from naval and military work to the carriage of commodities, a acts of bravery and devotion to duty prove that they carry with them
decrease in the amount of credit and money in circulation, and a decrease to the battlefield that loyalty and zeal which inspired them in the per
in the cost of production. The tendency will then be for prices to fall, formance of their peace-time occupations. We are proud of them.
and there might be danger of serious losses being incurred.
On the other hand, unless measures are taken to protect the American
exchange for some time after the War, we should expect that exchange to
— Tho following information regarding
fall. It may therefore be in a different position from the other ex
changes, but it is hoped that we shall find our imports decreasing and national banks is from the office of tho Comptroller of the
our exports increasing. Having sold so many of our American securi
ties, the buyers of exchange, in respect of the interest to be brought Currency, Treasury Department:
home, will hot be so numerous as formerly, but, on the contrary, the
APPLICATIONS FOR CH ARTER.
probability is that the interest which we shall have to pay will be in
For organization of national banks:
excess of the interest to be received.
.
,,
One important point will have to be taken into serious consideration,
Tho First National Bank of Huntington, Ark. Capital-.........
525,000
and that is the question of the currency notes. When credit is re estab
'The American National Bank of Bridgeport. Ala. C apital.. .
25,000
lished between the consumer and the shopkeeper, the shopkeeper and the
Tho First National Bank of Savoy, Mont. C ap ita l.................
25,000
merchant, the merchant and the manufacturer, and the manufacturer
Tho
First
National
Bank
of
Knapp,
Wis.
Capital...................
25,000
and the seller of raw material, currency notes will gradually find their
way into the banks, and, as the reserves of the banks will thereby lie For conversion of Stato banks:
largely increased, they will be placed to the credit of the banks in the
The First National Bank of Bancroft, Idaho...............................
25,000
Bank of England and to the debit of the Government. If they go into
Conversion of tho Bancroft Stato Bank.
the reserve of the Bank of England the effect would be to cheapen money
to such an extent as to place our gold in jeopardy. This is an important
T o ta l.......................................................................- ...........
$125,000
reason why the Act of 1844 should be abolished and why the Bank or
CHARTERS ISSUED.
England note should enter more largely into our transactions, thus re
lieving the continued increase in the issue of currency notes, for under Conversion of Stato banks:
new conditions, when the Bank of England note was paid into the Bank
Tho Security National Bank of Sheboygan, Wis. Capital----- $250,000
of England, the note would go to the credit of the bank paying it in and
Conversion of tho German Bank or Sheboygan.
to the debit of note account and would thereby be canceled.
INCREASES OF CAPITAL APPROVED.
Our acceptances are slightly up. They are well spread and we believe
that they are all good.
.,
,
. ,
. .
. . . . . . . .
Tho First National Bank of Cut Bank, Montana. Capital in
Wo now come to the asset side of our balance sheet, and the first item
$25,000
creased from $25,000 to $50,000. Amount------------------- - —
is the cash balance, consisting of cash in hand (including gold coin Tho First National Bank of Okmulgeo, Oklahoma. Capital in
£7,000,000) and cash at the Bank of England. We have purposely kept
creased from $100,000 to $150,000. Amount........................ 50,000
this item rather lower than it was last year. Last year our money at Tho Mahoning National Bank of Youngstown, Ohio. Capital
increased from $400,000 to $500,000. Amount.................- - - 100,000
call and short notice was £8,844,000. This year it is £31,003,000. Of
these 31 millions, no less a sum than 24 millions is payable within three Tho First National Bank of Oakes, North Dakota. Capital In
creased from $25,000 to $50,000---------------------- - - - - - ----------25,000
days, so that in case of emergency we could put our hands on from 65 to
Tho First National Bank of Jeromo, Idaho. Capital increased
70 millions within that period.
.
from $25,000 to $50,000--------------- ----------— ----- 25,000
Wo come next to our bills of exchange These bills are, firstly, in
respect of from 10 to 12 millions, good trade bills, repayable within three Tho Fauquier National Bank of Warronton, Virginia. Capital
increased from $75,000 to $100,000. Amount...........................
25,000
months; the balance is made up of bankers’ bills and Treasury Bills, but
neither class has more than two months to run. If we had taken bills
T o ta l......................................................................................... $250,000
for a longer period we should have made much larger profits, but as I
have already told you liquidity has been more to us than profit. 'Ihe
CHARTERS E X TE N D E D .
only ciritiism I can offer on these bills is that they are gilt-edged, ». e.
Tho First National Bank of Lake Mills, Iowa. Charter oxtcnded
of the very best quality.
until close of business Feb. 20 1938.
The next item is our investments.
You will observe we have entered our War Loans at cost. Ih e y con
CHANGE OF TITLE APPROVED.
sist largely of the 4% s, free of income tax. W e are great believers in
holding securities free of income tax. The 4% War Loan has really Tho German National Bank of Marietta, Ohio, to ‘ ‘Tho Central
been the only Government Stock which has risen to a premium. When
National Bank of Mariotta.”
the price showed a premium of over 1% , in addition to accrued interest
VOLUNTARY LIQUIDATIONS.
wo sold a considerable amount and made a good profit, but when 4%
National War Bonds were offered at par some of the premium ran off. Tho Mercantile National Bank of St. Louis, M o. C a p it a l------$1,500,000
The 4% s stood in our books on December 31 at cost, although the market
Liquidating Agent: O. W. Wilson, St. Louis. Absorbed by
tho Mercantile Trust Co. o f St. Louis.
• *
value showed an appreciation. We also hold 5% War Loan, 3 lA %
25,000
War Loan, and Exchequer Bonds at short date. I h e 5% and the 3 lA % Tho First National Bank of Carthago, Tenn. C a p it a l- - - - - - - - Liquidating Agent: J. T. Hudson, Carthage. Succeoded by
War Loans were depreciated, but although we have taken them at cost
a stato bank.
______ _
we have made full provision in our inside accounts. The remaining
securities amount to £3,138,000. There was a slight depreciation on
T o ta l.......................................................................................-$1,525,000
them, for which we have provided.




National Banks.

M ar . 2 1918.]

ISattfcjers

THE CHRONICLE
(& ix z z tx z .

Wall Street, Friday Night, March 1 1918.
T h e M oney M arket an d F in an cial S itu a tio n .— In the
absence of any news or developments of importance this week
the security markets have drifted rather aimlessly. Railway
dividend postponement or prospects had a depressing influ
ence early in the week, and every day the Russian situation
has had a similar effect. On the other hand, these adverse
* influences have been in part offsot by relief from the possi
bility of a general coal famine and a partial clearing up of
the freight congestion which have resulted in a return to
more normal activity far and wide. A t the same time, new
legislation at Washington, actual and prospective, continues
to attract attention and to cause more or less solicitude in
financial circles. Moreover, there is ever-prosont, in the
minds and hearts of all, overshadowing everything else, the
discussion of peace terms, in view of which all other matters
seem too trivial to montion. From this standpoint it is
small wonder that business at the Stock Exchange has lan
guished.
Some interest was shown, however, in tho report that iron
and steel production is now up to 8 0 % of capacity as pre
dicted last week and the Government statement of exports
in January, which shows that the outward movement of
cotton, wheat and corn was the smallest in recent years.
This was, of course, due solely to limited shipping facilities.
The money market has been firm throughout the week,
with call loan rates ranging from 3 to 6 % .
Foreign E xch an ge.— Sterling exchange remains in the
same nominal position that has been its feature for so long.
The Continental exchanges have ruled irregular though
particular weakness has been displayed by lire.
To-day's (Friday’s) actual rates for sterling exchange wore 4 72@ 4 72M
for sixty days, 4 75% for cheques and 4 76 7-16 for cables. Commercial
on banks, sight, 4 75@4 75)^; sixty days, 4 7 1 % @ 4 71 % ; ninety days,
4 6 9 ^ @ 4 69Vi, and documents for payment (sixty days), 4 7 l@ 4 71% .
Cotton for payment, 4 75@4 75% , and (?rain r« r payment 4 75@ 4 75% .
To-day’s (Friday’s) actual rates for Paris bankers’ francs were 5 79%
@ 5 79% for long and 5 73 % @ 5 73% for short. Amsterdam bankers’
guilders were 44 5-16@44 9-16 for long and 44 7-16@44 11-16 for short.
Exchange at Paris on London, 27.18 fr.; week’s range, 27.18 fr. for high,
27.19 fr. for low.
Cheques.
Sterling Actual— Sixty Days.
Cables.
4 7530
High for the week—
4 72%
4 76 7-16
4 75*
Low for tho week—
4 72
4 76 7-16
Paris Bankers' Francs—
5 72%
High for tho w e e k ..- 5 79%
5 70%
5 72%
Low for the week—
5 79%
5 70%
Amsterdam Bankers' Guilders—
High for the week—
45 1-16
45%
Low for tho week—
43 13-16
44%
Dom estic Exchange.— Chicago, par. Hoston, par. St. Louis, 10c.
por $ 1,000 discount bid and par asked. San Francisco, par. Montreal,
$10 per $1,000 promium. Minneapolis, 10c. por $1,000 discount. Cinclnnati, par.

Sta te an d R ailroad B o n d s.— Sales of State bonds at
the Board this week are limited to $2,000 N ew York 4 ^ s at
1 0 4 % to 105 and $2,000 New York 4J^s s-20-f at 1073^.
In the railway and industrial bond department business
has been limited in volumo and the trend of prices was
towards a lower level. Of a list of 20 active issues only 4
are fractionally higher and several are a point or more lower.
St. Pauls were notably weak in sympathy with the shares
and for the same reason. Hudson & Manhattans lost a
substantial part of their recent advance and Atchison 4s and
Rook Island 4s have dropped more than a point. On the
other hand, So. Pacific, So. Railways and Chos. & Ohios
have been relatively strong. In addition to tho above, the
active list includes Now York C ent., B alt. & Ohio, Burling
ton, M o . P ac., Rubber and Steel issues.

905

one active railway issue, St. Paul, shows a fractional de
cline and several have advanced from 1 to 3 points. Union
Pacific shows a net gain of 3 % points, Great Northern 234.
Atchison 1 % and others from 1 to 2.
On the other hand the miscellaneous list has been decidedly
more irregular. Sumatra Tobacco has covered a range of
11J4 points and closes with a net gain of over 7. A m . Car
& Found, closes 534 points higher than last week, while
A tl. G .. & W . I. has lost 4 points, G en. M otors 1 0 ^ and
Smelting & Refining and Texas Co. over 2.
For daily volume of business see page 914.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Weekending Mar. 1.

Sales
for
Week

Range for Week.
Lowest.

1 Range since Jan. 1.

Highest.

i Lowest.
Highest.
4
Par. Shares $ per share. 5 per share.
per share. $ per share.
Adams Express____ 100
Mar 1 75
300 65
Feb 25 65
Mar 80
Jan
Am Sumatra Tob pf.100
400 93
Feb 26 93
Feb 26 81
Jan 93
Feb
Am Teles & Cable__ 100
100 60
Feb 25 60
Jan 60
Feb 25 51
Feb
Assoe Dry Goods— 100
200 12% Feb 27 13
Mar 1 12% Feb 13
Mar
Associated Oil_____ 100
100 58 % Feb 25 58% Feb 25 56
Jan 59% Jan
Atlanta Blrm & Atl. 100
300 8 H Feb 28 8% Feb 28 8% Jan 9
Jan
Barrett, pref---------- 100
100 101% Feb 27 101% Feb 27 100 . Jan 101% Feb
Batopllas Mining----- 20 1,200 1
Feb 25 1% Feb 28
1
Jan 1% Feb
Booth Fisheries..no par 1,900 24% Feb 28 25
Feb 23 21
Jan 26
Feb
Bklyn Union G a s ... 100
Mar 1 80
100 80
Mar 1 80
Mar 85
Feb
Burns Bros, pref___ 100
100 110
Feb 28 110
Feb 281 110
Feb 110
Feb
Butte Cop & Zinc........ 5 3,400 9% Feb 28 10% Feb 23 9% Feb 10% Feb
Buttcrlck.................. 100
100 10% Mar 1 10% Mar 1 10% Feb 11% Feb
Calif Packlfis--.no par 1,800 38% Feb 25 39% Feb 27, 36% Jan 39% Feb
Calumet & Arizona__ 10
200 69% Feb 25 70
Feb 27] 63% Jan 70
Feb
Central Foundry___ 100
200 28
Feb 28 29
Feb 28| 28
Feb 35% Jan
Feb 28 43% Feb 26 41
Preferred........ ...1 0 0
300 43
Jan 40
Jan
74 106
Cent & So Am Teleg 100
Feb 26 108% Feb 28 104
Jan 108% Feb
Cluett, Peabody&Co 1001 100 55
Feb 26 55
Feb 26 45
Jan 56
Feb
Computlns-Tab-Rcc 100
Feb 28 31
Feb 28 30
200 31
Jan 32
Jan
Consol Interstate Call 10
Jan 10
100 9% Mar 1 9% Mar 1 8
Jan
Cuban-Am Susar.-.lOO
100 145
Feb 28 145
Feb 28 145
Feb 152
Jan
Preferred .............. 100
000 90
Mar 1 94
Feb 27 90
Mar 95% Feb
Deere & Co, pref___ 100
200 94% Feb 28 95
Feb 28 94% Feb 96
Feb
Detroit Edison........ 100
Feb 26 103
50 108
Feb 26 98
Jan 98
Jan
Elk Horn Coal_____ 50 2,500 26% Feb 25 28% Mar 1 22
Jan 28% Mar
Fed'l M s & Smelting 100
100 11% Mar 1 11% Mar 1 9% Jan 13% Jan
Preferred________100
100 35% Feb 23 35% Feb 23 27
Jan 36% Feb
Fisher Body Corp no par
125 34
Feb 25 34
Feb 25 26
Jan 34
Feb
General Chemical__ 100
Feb 28 180
100 180
Feb 28 165
Jan 180
Feb
General Cigar Inc__ 100
Feb 25 42
100 42
Feb 25 34
Jan 43
Feb
Gulf Mobile & N pfd 100
Feb 23 28
100 28
Feb 23 28
Feb 28% Feb
Hartman Corpora’n.100
Feb 25 40
200 40
Feb 25 40
Feb 44
Jan
Haskell & Barker.no par 8,400 37% Feb 26 40% Mar 1 34
Jan 40% Mar
Feb 25 84
Feb 25 81% Jan 89
Homestake M ining.. 100
100 84
Jan
Feb
25
Int Harvest Corp pf 100
102% Feb 25 97
100 102%
Jan 102% Feb
International Salt...100
100 56% Feb 27 56% Feb 27 56% Feb 56% Feb
Feb 27 60
Feb 27 60
Island Creek Coal____ 1
200 60
Feb 60
Feb
Feb 26 94% Feb 27 94
37 94
Kings Co E 1 L & P ..1 0 0
Feb 94
Feb
Loose-Wiles Biscuit.100 3,200 18% Feb 23 22% Feb 27 17% Jan 22% Feb
2d preferred_____ 100
100 57
Feb 26 57
Feb 26 53
Feb 57
Feb
Feb 23 101
Feb 23 98
Lorlllard (P) p r e f... 100
30 101
Jan 99
Jan
Manhat'n (Kiev) Ry 100
Feb 25 98
Feb 26 96
65 98
Jan 98
Jan
May Dept Stores__ 100
200 50
Mar 1 51% Feb 23 47
Jan 52
Feb
Preferred.............. 100
400 100% Feb 25 101
Mar 1 98% Jan 103
Feb
National Acme_____ 50
Feb 26 30
Feb 26 26% Jan 32
100 30
Jan
Nat’ICloak <feSuit pf 100
200 102% Feb 25 102% Feb 25 100
Jan 102% Feb
Ohio Fuel Supply___ 25
100 42
Feb 25 42
Feb 25 42
Feb 44% Jan
300 62% Feb 28 63
Feb 28 55% Jan 65
Owens Bottle-Mach.-25
Feb
Feb 25 18% Feb 26
400 22% Mar 1 24
Pacific Tel & Tel___ 100
Feb
Pan-Am Pet & T preflOO
600 95
Feb 23 96
Feb 27 86
Jan 96
Feb
Pierce-Arrow M ot no par 14,200 39% Feb 23 43% Mar 1 34
Jan 43% Mar
Preferred.............100
100 93% Mar 1 93% Mar 1 89% Jan 93% Mar
Savage Arms C orp.. 100
600 r65
Feb 28 70
Feb 25 53
Jan 70
Feb
Sloss-Sheff S & I pfd. 100
Feb 28 81
100 81
Feb 28 81
Feb 81
Feb
Standard Milling__ 100
250 92
Feb 25 92
Feb 26 84
Jan x96
Feb
Stutz Motor C ar.. no par
Mar 1 44% Feb 25 38% Jan 47% Feb
700 43
Transue & W ’ms no par
700 40
Feb 23 40% Feb 25 39% Jan 40% Feb
United Drug 2d pfcf 100
100 78% Feb 25 78% Feb 25 r78
Feb 80
Jan
U S Realty & Tmpt-.lOO
200 8% Feb 28 9
Feb 28 8% Feb 11% Jan
Western Pacific........ 100
800 15% Feb 25 15% Feb 26 13
Jan 16% Feb
Mar 1 54% Feb 23 46
493 53
Preferred ............ .100
Jan 58
Feb

O u tside M arket.— “ Curb” market trading was less active
and decidedly irregular this week, strength and activity be
ing shown in different parts of the list at the same time.
Activity was confined to low-priced issues, the oil and mining
shares being the principal factors. M otor shares were weak.
Chevrolet M otors, after an early advance from 1303^ to
135, dropped to 115, with a final recovery to-day to 120.
United Motors after selling up fractionally to 30, broke to
253^ and ends the week at 2
5
Smi t h M otor Truck had
an active session and moved up from 1 % to 234. closing to
day at 2 3-16. Aetna Explosives on extensive trading rose
from 8J4 to 9 % , the close to-day being at 934* The pre
U n ited States B o n d s.— Sales of Government bonds at ferred gained 5 points to 55. Air Reduction com. on small
the Board include $5,000 2s, reg., at 9734; Liberty Loan trading improved from 7 1 K to 77. Curtiss Aeroplane after
3 Y& at 97 .86 to 98.04; L . L. 1st 4s at 97.08 to 97.38 and an early rise from 3934 to 40, receded to 3634, the final figure
L . L . 2d 4s at 96 .34 to 97.00. For to-day’s prices of all the to-day being 3654. W right-M artin Aire. com. sold up from
down to 754. the close to-day being at 7J4*
different issues and for the week’srange see third page following. 8J4 to 834.
Submarine Boat lost a point to 1254- In oil shares the lowR ailroad a n d M iscellaneous S to ck s.— The stock mar
priced issues were the features. Northwest Oil was run up
ket has been decidedly irregular throughout the week. It from 66c. to 89o. and Oklahoma Oil com. from 334c. to 834c.
was depressed on M onday, owing to deferment of action on with the close to-day at 81c. and 7s. respectively. Midwest
Brooklyn Rapid Transit dividend and uncertainty as to Oil com. weakened from 134 to 1.07 and closed to-day at 1.08.
what will bo done in the case of St. Paul. The tone was Houston Oil com. gained almost 8 points to 4754. finishing
to-day at 47 J4- Merritt Oil declined from 2134 to 1954 and
somewhat firmer on Tuesday with little apparent reason
ends tho week at 20. In the mining list interest centred in
and on a limited volume of business. On Wednesday the Boston & Montana, which sold up from 51c. to 96c., the
market continued firm and tho highest prices and tho largest close to-day being at 81c. Bonds about steady. Unfavora
business of the week were then recorded. On Thursday ble news from Russia caused a break in the bonds, the 634s
prices drifted to a slightly lower level and to-day the market dropping from 45 to 4034 and the 534s from 38 to 35. Final
has been dull, the transactions aggregating only about transactions show improvement, however, the former resting
at 43 and the latter at 39.
330,000 shares, and prices moved within an exceptionally
A completo record of “ curb” market transactions for the
narrow range. A s a result of the week’s operations only week will be found on page 914.




906

New York Stock Sxcftanga —Stock Ftaoorrl. Daily

Weekly and Yearly

OCCUPYING TWO PAGES.
Por record of salsa during tha weak of stocks usually Inactive, aaa preceding page.
HIGH AND LOW SALE PRICES —PER SHARE, NOT PER CENT.
Saturday
Feb.23.

Monday
Feb. 25.

Tuesday
Feb. 26.

5 per share

3 ver share 3 ver share
85
85% 85
85
86
85
82
82
*80i2 82% 8134 82
92
*91
93
*91
91
91
5238 52% 52% 52%
52% 53
*55% 5534 55l2 55% 56
50
40% 42
38% 39%
383s 41
145% 148
145% 147l2 146 148%
543^ 55U 5414 54% 54% 55%
7*4 8
75s 7*8 *714 8
22
*20% 21 %
*2012 21 i2 *21
41% 42l2 3834 41*i 38
401.1
723
4
72
68
73% 68% 70%
*94
*93
95
9334 94
95

20% 2078

20l 2 20%

*6312 65
64
5334 5334 54
30
*26
6434 61
*61
*21
22
203t
62
*49
50
*45
*45
51
111 111
10912
*175 180 *175
6
5%
5l»
*8
10
878
15% 1512 1518
2534 26
*2534
*19
1913 *19
91
91
901s
2812 28% 2812
*94
96
*94
*8
8% *8
4234 43U 41
*16
*1612
18
*48
51
*48
*9
10
L 10
*21
25
21
5734 5812 *57
*112 115
113l2
9
*8i 2 914
*85
91
*85

*20

*100

110

8

8

4%

2234
50
71U
29

20

*104
*78
85l2
45

47j

23U
50
72
29

20

*100

4*8
*7l2
22l 2
50
71
27l2

2014

105% 104%
85
*78
8578 84 12
45 U 447g

27% 2734
6634
76
7714
*35
43
*35U 37
12l 2 12t2
*18
20
*30'2 3978
8I2 8l 2
*17
18
86I4 8684
23% 24
58l2 5812
*1312 1834
*18
20
*60
65%
120% 12 U2
73
*71
5*2 512

*66

1214

2712
66%
75lg
*35
*36

12

*18
*31

*8

177g
8534
2334
583g
*18
1812
*617g
120U
*71
578
13
8%
42
*22%
*15%
*28

64
547g
30*4
61
20*4
50
51

110

178

6

87g
15%
26
19%
90vs
28'%
96
8%
42%
17%
51

10
21

59
113*2
9
92

110

21

*100

23
51%
72%
28%
20 %
104%
85
85%
45
12%
28%
60%
77%
43
37
12%

27*4
*66%
76
*34%
*36
* 11%

8

20

$ per share
86%
86
81% 82
*91% 92
5234 54%
56
*55
39*4 40%
146*4 148%
55
56
*7 % 8
20*4 20 %
38% 401.1
70% 71%
94
94

21
66

65*4
64
55% 55% 55%
*26
30
*20
*
6434 58
*20*i 22
21%
52
*48
*48
*45
*45
51
*106 114
111%
§180 ISO *175
*3%
6% *3%
*8
*8
9
15% 15% 15%
2534 25*4 26
*19
19% 19%
90% 91
91%
28% 29
28%
*94
*94
96
8
8%
8%
*41% 43% *42%
*16% 17% 17%
*48
51
*48
*9
*9
10
*18
25
*18
58% 58% 59
113*8 113% 113
9
*8%
9
*84% 89%
*4%
*7
22%
*49
71%
28%
20 %
104%
*78
84%
45
12%

4%

21 %

Wednesday
Feb. 27.

20

112
434
8

23 i
51%
71*i
28*4
20%
104%
85
853g
45
12%

4*!
*7
22*i
50*i
71%
28*i
*20%
104%
*78
85%
44%

12

281.1 2734
*66
67
77% 77
*34%
43
*36%
37
12%
*18
20
39% *32
8%
18% 18
87*i
88
24% 24
58% 58%
19*4 *17
18
20
62
65
122% 122%
73
’ 71%
6%
6%
14
1334
8%
8%
42% 4234
23
23
16
16%
32
+28

397g *31
8% *8
18%
18
86% 86%
23% 23%
58% 58%
19*i *17
18% *18
*61%
66
121% 121
73
*71%
6% *534
* 12%
13
8%
8%
42
42
*22%
23
16% *15%
31
*28
10% *9% 10
*20
23
23
*36
38
37

21%
66

56
30
6434
21%
52
51
111%
180
5%
9
15%
26*1
19%
92%
29%
96
8%
43%
1734
51

10

25
59
113
9
434

8

23%
51%
72%
29
20*i
106%
85
85%
45
12%

Thursday
Feb. 28

S per share 3 per share
85% 86% 86
86
8134 81*i 81% 81%
92
91% 91% *91
53% 53% 53% 53%
55% 55%
56
*55
39% 39% 38% 39%
146% 148*i zl40% 146%
55% 56
55% 55%
7*i
7*i *7% 8
21
*20
20% 20%
41
41
39
40
6884 72*, 69% 71%
94
94% 933g 93%

20% 2034

65
*54
*26
*61
*21 %
*48%
*45

111

*178
*3%

*8

14%
2534
*19
91
z27%
*94
8%
*42%
*17
49
*9
*18
*57
* 112%
*8%

*86
*100

*4%
*7%
22 %
50%
71
2S38
*20%
zl04
*78*i
85%
45

273g
28
*66
67
78% 76*i
43
*35
37
37

12

22% *18

40

18*

88*1

Friday
March 1.

*32
*8%
173s
28G
24
58%
*13%
17%
*60
1223S
*71%
*534
*13
*8%
42*i
22*i
16%
28%

2434
59
19
18
62
123%
73
6%
13%
8%
43%
23%
17%
32.
934
10
10 >
23 < *2 0 ,,
*20
37% 37% 38

20% 20*i
66
66

05
55*2 54%
*20
30
64*i *58
22
*21 %
52
*48
*45
51
111 *105
178
180
*3%
6
9
9
15% 14%
26l.i *251.i
20
*18
91% 91%
281.1 27*i
*95
90
8%
43% *42%
18% 17
50% *48
*9
10
25
+18
58%
59
113%
115
*8%
9
*83
89

112

*100

*4%
*7
22*i
23
51% 50%
72
71
28% *28%
20*i *20
104
104
*78%
85%
86
451,1 45
5

8

28
67%
78%
43
37
12%
22%
40
8%
17%
86%
24%
58*1
19
17%
65
123*i
73
6%
14

*27
§66%
76*i
*35
*36%
* 11%
*18
*32 i

*8

*17%
85%
24
*58%
*13%
17%
*60

122

*72%
*5%
* 12%
8%
8*1
4234 42%
23
23
*16%
17
*28
29
9%
9%
23
*20
*37
38

54%
40
62

22

52
51

112

Salesfor
the
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

2.70C
1.58C
20C
14,306
400
15.15C
8,400
16,000
560
600
38,200
17,790

Rallroada
Par
Atch Topeka* Santa Fe._100
Do pref................. ..... 100
Atlantic Coast Line R R ...1 0 0
Baltimore A Ohio________100
Do pref_____________ 100
Brooklyn Rapid Transit.. 100
Canadian Pacific_________100
Chesapeake A Ohio........ ..10 0
Chicago Groat Western__ 100
Do pref_____________ 100
Chicago Mllw & St Paul.. 100
Do prof................ ....... 100
Chicago A Northwestern.. 100

1,100

4,800 Chic Rock Isl A Pac temp ctfs.
1,800
7% preferred temp otfs___
3,500
6 % preferred tomp otfs___
Clev Cln Chlo A St I.ouls. _ 100
100
Do pref.............. ......... 100
300 Colorado A Southern____ 100
100
Do 1st pref__________ 100

PER SHAKE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.

PER SHARE
Range for Previou
Year 1917

Highest.

Lowest

9
15%
26
3,300
Do 1st p re f................ 100
20C
20 %
Do 2d pref__________100
92% 3,000 Great Northern pref
£00
28% 10,400
Iron Ore properties..No par
97
8% 1,200 Interbor Con Corp, vtc No par
43*,
1,300
Do pref............ ........... 100
17
1,100 Kansas City Southern___ 100
51
300
Do pref........................100
10
100 Lake Erie A Western____ 100
25
100
Do pref................ ....... 100
58%
900 Lehigh Valley...................... 50
114
550 Louisville A Nashville___ 100
9
200 Mlnneap A St L (new) ...100
88
Minn St Paul A S S M ___ 100

105*4 Jan
170 Jan
2% Jan
6% Jan
14ta Jan
23% Jan
18*2 Jan
86 Jan
25% Jan

12 115% Feb 1
7 1 180 Jan 4
4
6 Jan 3

3C 13% Jan
17% Jan
15
16 28% Jan
25 21%Jan
15 92% Feb
15 30% Feb
7 90% Feb
9% Jan
7% Jan 25
41 Feb 25 47%Jan
15*8 Jan 15
18*i Jan
45 Jan 6 50% Feb
10% Feb
9 Jan 14
21 Feb 25 21 Feb
55 Jan 15 59% Feb
lit) Jan 2 115 Jan
8% Feb 2 10% Jan
80% Jan 15 89% Feb

4%
400 Missouri Kansas A Texas. 100
8
100
Do pref........................100
23
7,800 Missouri Paciflo tr ctfs___ 100
51
2,800
Do pref tr ctfs_______100
71% 11,600 New York Central............ 100
28*i 2,700 N Y N H A Hartford____ 100
800 N Y Ontario A Western__ 100
20*i
104 .
1,900 Norfolk A Western______100
90
86% 5,900 Northern Paciflo............ .~100
45% 5,000 Pennsylvania____________ 50
50C

4*8 Jan
6% Jan
20 Jan
41 Jan
67% Jan
27% Jan
18% Jan
102 Jan

5
29
15
15
15
24

178

6

700 Delaware A Hudson______100
12C Delaware Lack A W estern..50

200 Denver A Rio Grande___ 100
200
Do pref........................100
8,300 Erie..................................... 100

110

28

4,500
417
78'.i 56,800
43
37
200
12*4 1,700
100
22%
39%
8%
200
18
800
86
10 .S00
24% 13,900
60
1,800
19
17%
400
65
100
123% 26,100
73%
700
6.4
14
500
8%
600
43% 2,400
23%
900
16*i 4,300
30 <
200
9% 2,900
23
700
38%
500

66%

Plttsb A W Va Interim ctfs 100
Preferred Interim ctfs__ 100
Reading _______ __________ 50
Do 2d pref___________ 50
St Louls-San Fran tr otfs. 100
St Louis Southwestern___ 100
Seaboard Air Line.......... ..10 0
Do pref........................ 100
Southern Paciflo Co.......... 100
Southern Railway.............. 166
Do pref........................ 100
Third Avenue (New York) 100
Twin City Rapid Transit..100
Union Pacific___________ 100

Highest

S per share.
$ per share.
S per share 5 per share
82% Jan 24 87% Jan 3
75 Deo 107% Jan
80 Jan 36 82% Jan 2
75 Dec 100% Feb
89% Jan 8 92 Jan 2 27978 Dec 119 Jan
49 Jan 24 55U Jan 4
38% Deo
85 Jan
55 Feb a 57*2 Jan 5
767g Jan
48% Deo
38*8 Feb 25 48% Jan 2
82 Jan
36 Deo
135% Jan 5 149*4 Jan 31 120 Deo 167% Mar
49*i Jan 15 56 Feb 27
65*4 Jan
42 Nov
67&Jan 23
8*4 Jan 2
14% Jan
r. Dec
19% Jan 15 25 Jan 3
41*4 Jan
1.'% Deo
38 Feb 26 47*t Jan 2
92 Jan
35 Nov
68 Feb 25 79% Jan 5
64 Deo 125% Jan
92% Jan 21
95 Jan 3
85 Deo 124%Jan
17218 Feb
137 Jan 29 137 Jan 29
18*8 Jan 15 23 Jan 3
38%June
16 Dec
56*4 Jan 15 67 Jan 3
84% Apr
44 Deo
46 Jan 15 57% Jan 3
3534 Deo
71 Apr
26 Feb 21 30 Jan 5
51 Jan
24 Nov
6 1 Jan 11 6 1 Jan 29
80 Jan
61*4 Oct
20 Jan 22 23 Jan 2
IS Nov
30 Jan
48 Fob 15 50% Jan 4
447g Nov 57% Jan

81*8 Jan
4434 Feb
117s Jan
53
31 Fob
22% Jan
61 Jan
70% Jan
36 Jan
10% Jan
20 Jan
341? Feb
7% Jan
16% Jan
80% Jan
21*4 Jan
67 Jan
17*8 Jan
62 Feb
109*4 Jan
69 Jan
4*4 Jan
11 Feb
7*4 Jan
39'4 Jan
20% Jan
13 Jan
20 Jan
8 % Jan
20 Feb
36% Feb

22

24

24
9
30
1A
9A

2
10

15

12
2

15
29
13

2
21
24
24

21
8

9
27
15
3
15

2
2
4
4
14
18
18
3
3
7
5
19
25
1
19
3
1

6%Jan 2
9% Jan 7
24% Jan 2
517SFeb 25
73% Jan 4
32% Jan 2
21%Jan 3
106% Feb 1
88% Jan
47% Jan
14 Jan
683.i Feb
37 Jan
28*2 Jan
67*4 Feb
787g Feb
36 Jan
37 Jan
14 Jan
23 Jan
40%Jan
8% Jan
19% Jan
88*i Feb
247SJan
60% Feb
1!)78 Feb
21*i Jan
65% Jan
123*t Feb
72% Feb
6% Jan
14*i Jan
9% Jan
44% Jan
23% Feb
17*i Feb
3 H2 Feb
10% Jan
22*i Feb
39% Jan

3
2
4
19
11
30
7
19
9
22
2
7
3
4
3
27
4

6

20
3
31
28
20
3
3
2
2
18
15
16
2
18
3

87 Not 1517g Jan
107% Deo 238 Mar
5 Deo
17 Jan
978 Deo
41 Jan
13% Deo
34*4 Jan
49% Jan
18*4 Deo
15% Deo
39*4 Jan
79% Dec 118% Jan
22% Nov 38% Mar
8684 Deo
17% Jan
5*4 Deo
72% Jan
39% Deo
25% Jan
13% Nov
58% Jan
40 Nov
8% Nov 25% Jan
53*4 Jan
23 Oct
79% Jan
50% Deo
103 Deo 133*4 Jan
32% Jan
G78 Deo
75% Dec 119 Jan
127 Apr
11 Jan
3% Deo
7 Nov 20% Jan
1978 Nov
34 Jan
61 Jan
37% Deo
02% Deo 103%Jan
21% Sept 52% Jan
17 Nov
29% Jan
92% Deo 138% Jan
75 Deo
40% Deo

lio% Jan
57% Jan

18*4 Deo
53% Apr
00% Nov

35*4 June
68 Jan
104% Jan

337a Deo

45% Jon
26%June
32 Jan

7% Deo
167s Deo

18 Jan
39% Jan
98% Mar
33*3 Jan
70% Jan

12 Deo
22 Deo

75*4 Deo

21% Deo
51% May
11% Nov
14 Deo
02 Deo
101% Deo
GUM Deo
4% Deo
11% Deo
7 Nov
36% Dec
18 Deo
12 Deo
20 Deo
7% Deo
16% Nov
33 Deo

48*4 Jan
95 Jon
149% Jan

11% Jan
United Railways Invest__ 166
2
23*4 Jon
Do pref.................... ..16 6
16
W abash__________
ion
15*4 Jan
15
Do pref A .................... 166
58 Jan
15
Do pref B .................... 100
30% Jan
15
23 Apr
Western Maryland (now). 100
29
31
*28
Do 2d pref.................... 100
41 Mar
15
Wheeling A Lake E R y._.100
912 912 10
22% Jan
1
*21
*21
23
Do preferred................ 106
50% Jan
8
*36
39
37
Wisconsin Central............ lOO
64% Jan
Industrial & Miscellaneous
14
800 Advance Rumely.............. 100
14
14
14
14% 13% 13% *13
11 Jan 19 147g Feb 18
14
1312 13% *13
7% Nov
18% Jan
30% *29
30
300
257g Jan 15 30% Feb 18
*29% 30
29% 30% *29
30i2 *29% 30
19 Oct
37% Jan
*30
Do pref........................ 100
30C
z53% 153%
55
55
49 Jan 2 56 Feb 19
7,400 Alaska Gold Mines. . .
2% Jan 12
1% 2
1*4 Jan 2
2
2
2
1% 1%
1*4 2
10
1 Dec
11% Jan
1*1 1%
2 ls
2
2
18,600 Alaska Juneau Gold Mln’g.10
3% Jan 21
2 Feb 23
2
2 % 2%
2%
2% *2
2% 2%
1*4 Dec
2 t 2
8 % Mar
26% 2534 •20% 2573 26% 16,410 Allls-Chalmers Mfg v t C..100
27% 26
17*4 Jan 15 27% Feb 21
26
27% 20
26
27
15 Deo
32% May
81
*80,4
500
82
81%I
81%
*80
72%
Jan
4
81*i
Feb
20
807a 81
81*4 81*4
*79
81
65 Deo
86% M ar
Do preferred v t 0___ 100
85 ^ 85
*85 £88
200 Amer Agricultural C hem ..l00
*85
88% *85
90
78 Jan 2 90 Feb 13
90
*85
90
*85
72 Deo
95% May
*92 n 95 ;
*92%' 95
*92
*92% 95
95
89% Jan 17 92 Feb 2
*92
*92% 95
95
Do pref......................10 0
91 Dec 103%Jon
82 1 82% 80*t 82 > 28,800 American Beet Sugar........ 100
82% 81% 82% 82% 84
70% Jan 5 84 Feb 27
79
81% 81
63 Deo 102% Feb
*82 3i 94 i
91% *S0 j 94
91% *80
9 86 Feb 19
*82
91% *80
89<4 *80
42% 40%i 40% 40% 411 20,000 American Can................ ..10 0
34% Jan 15 43% Feb 19
403g 4U 2 40
29% Nov
40*4 40% 41% 41
53 May
96?
94% 94% *93
325
*94
97
89% Jan 23 95 Feb 18
*93
9512 594% 94% 94% 95
Do pref....................... 100
87 Deo 111 % June
7334 77% 75% 78*i 7 7 / 79% 36,600 American Car A Foundry. 100
73% 74
74
68% Jan 14 79% Mar 1
7212 74% 73
57 Feb
80% June
1-----35
107
3 110% Feb 1 100 Nov
*31 M 32
31% 131%
32
1,900 American Cotton Oil___ 100
32
3134 3134 3034 32% 3 1 V 32
25 Jan 16 33 Feb 20
21 Deo
50% Jan
12
SO Jan 31 80% Feb 13
84% *80% 84% *80%I 84% *80% 84% *80%’ 84% §82% [82%
*80
80 Deo 101% Jan
Do pref........ ............... 166
14% 13% 13% *13% i 14
7,800 American Hide A Leather. 100
14% Feb 26
11% Jan 10
*13
1312 13% 1334 13% 14% 14
10 Feb
17% Mar
62*t 63% 62% 63
62
61 ts! 62% 61% 62% 5,500
50 Jan 2 63% Feb 26
5914 59
43% Deo
59
75 Jan
Do pref........ ............... 100
14% *13 t 14% *13 1 14
11% Jan 2 15 Feb 19
14% *13 a 14% *13
14l2 *13
*13
87g July
16% Aug
American lee (now)___
100
41%
S4l%
*41
V
44g
413
4
413,1
*41
44
400
43
Jan
3
42%
38*4 Jan 16
35 Deo
55 July
4212 4212 *42
Do pref (new).............. 100
54*i 54% 4,600 Amer International Corp .100
55»
54% 5412 *54
63 Feb 15 58% Feb 1
54
5512 53% 54*i 54 a 54
46 Oct
62*4 Aug
32% 31% 32%
J32i2 10,150 American Linseed__
32% 32 fl 3234 32
27 Jan 2 34% Feb 6
32U 32
32
15*4 Feb
29% Aug
106
*73%
74
74%
600
74% 74% *73%
75
743., 74
74.2 *74
69% Jan 7 75% Feb 6
48 Feb
*74
Do pref........................ 166
75 Nov
66% 671,1 66% t 67% 33,300 American Locomotive___ 166
53% Jan 15 69% Feb 19
65% 64*4 t 66% 66% 68
46% Deo
82*4 Jan
64
65l4 64
9934 99*4 99% 199% —
200
___ »t-____
*—
z95 Jan 4 100 Feb 18
93 Deo
400 American Malting............ 100
10 % 10% 10% 1 *9%
13% Feb 6
*97S 12*i *9% 123,i 10
9 Jan 30
19*4 Mar
*9% 12
8% Deo
*49 1 52
50
700
49 Feb 25 58181*eb 6
71% July
49% 4934 49*i 49% 49% *49
50 Deo
Do p r e f . . .................. 100
5012 5012 49
92 * 93%
91
*87
91
200 American Shipbuilding...100
*87
91
94
*87
90 Feb 21 93% Mar 1
*S7
95
88 Nov 93 Nov
*87
245
OOMMay
92% Feb 23 93%Jan 2
90% Deo 102% Mar
9212 92l2 §92% 92% *91% 93% *91% 93% *91% 93% . . . . a
Do pref Ser A stamped..
76% Jan 5 80‘2 Feb 19
82% 83% z82 182% 82% 83% 81% 82% 81m1 o l '8 42,910 Amer Smelting A Refining. 100
83
67% Deo 112*4 June
84L
iogm looig
200
106 106 *106 107
104 Jan 5 100% Mar 1 *99% Nov 117% Jan
*1053.1 10634 *105*4 106*4 *105 ' 107
Do pref...... ................. 166
66% 6534 66*2 653.1 { G6£
1,500
66
65?l 165
65
58 Jan 15 68% Feb 19
50% Deo
65
75 Juno
65
65
1,600 American Sugar Refining.. 166
98 Jan 16 108% Feb 10
89% Nov 126%June
107U 107U 106*4 106*4 107%" 107% 107 108 *106 108 *105 f 107,
110 111 *110 111 *108 • 111
110 . 111
109 Jan 21 110% Jan 3 106 Deo 121% Jan
*110 111 *110 111
Do pref........ ............... 166
943
4
93% 00% 93V 91,300 Am Sumatra Tobaooo___ 100
91
95% 89
30 May
60*t Jan 5 95t4 Feb 27
62% Deo
8512 90% 8834 91% 89%
107% 108% 107% 107*1 107% 107% 4,822 Amer Telephone A Teles. . 100
106% 107
09*4 Jan 4 109% Feb 1
95*4 Deo 128% Jan
107 10734 106% 107
163 163 *160 165
1,100 American Tobacco______ 100 140% Jan 5 16878 Feb 6 123 Dec 220 Mar
164 164
164 166
165 16512 165 165
99
§97% 97%
376
*97
97% 97% *97 100
94 Jan 24 99 Feb 23
*97 102
89 Deo 109*4 Jan
99
99
Do pref (new).............. 100
54% 4,600 Am Woolen of Mass____ 100
54*i 5234 53% 54% 54i 2 53% 543g 54
44% Jan 1.) 56% Feb 21
68*4 June
37% Feb
5412 5514 53
200
9412
94i2 *93% 94% *93% 94% *93
92 Jan 4 94% Feb 16
94
93% 93% *92
94
Do pref........................ 100
87 Nov 100 June
27
25% 25%
400 Am Writing Paper p re f...100
*25
25% 26
27
*25
20*8 Jan 18 31% Feb 5
64% Mar
26
20
26% 26's
17 Nov
15
15
16
750 Am Zinc Lend A 8 . .
41% Jan
12% Jan 18 17% Jan 3
10
15% 15% 15% 15% 15% 15% *15
.26
10% Deo
*15
45%
47
*43
45% *43
46
*43
*43
72% Jan
46
41 Jan 2 47 Jan 3
46l2 *43
Do pref_____________25
39% Deo
*43
62% 63% 63
63i2 35,300 Anaconda Copper..
87 May
61% Nov
. 50 x59% Jan 18 60%Feb 19
63 is 647g 63% 04% 63% 64% 63% 65
112% 114
11212 113
26,400 Atl Gulf A W I s s Line otfs 100
87% Bopt 121%Jan
97*4 Jan 5 120% Fob 18
11412 11712 111 116% 112% 114% 114 116
62
61
61 J GU>2 OOi2
300
61
*60
62% 61
54 Feb
62
*60
58 Jan 5 63 Feb 18
66 Jan
*60
Do pref certfa..............100
73
78% 77% 80% 77% 79 j 76% 78*8 295.400 Baldwin Locomotive . inn
70
Sots Jan 15 817s Feb 19
43 Feb
76% July
73
79U 72
100 .00
100
2 100 Feb 28
102% Jan
92
92
91 1 *90
92
91
100 Barrett Co (The).......... ..100
*90
92% *90
85 Jan 4 93 Feb 19
82 Deo 136 Jan
*90
921a *90
Hid and asked prloos; no sales on this day. t Ex-rights. 5 Leas than 100 shares, a Ex-dlv. and rights, * Ex-dlvldond. 0 Boforo payment ol llrst installment.

1212 1212
8% 87S
423.J 4234
*2234 23
16% 1678




9 07

New York Stock Record— Concluded— Page 2
For record o f sales during the vrook o f stocks usually inactive, see second page preceding*
dHOH AND LOW SALU PRtCUS—FER SHAM}. NOT TBit CUNT.
Saturday
Feb. 23.

Monday
Feb. 25.

Tuesday
Feb. 26.

Wednesday
Feb. 27.

Thursday
Feb 28

Salei/or
toe
Week
Shares

Friday
March 1.

STOCKS
NEW YORK STOCK
EXCHANGE

$ per share $ per share 3 per share S per share S per share $ per share
!ndu>trial&lt1lic.(Con.) Par
____ ___
81
81%
81% 80
82
83% 81
80
1,100 Bethlehem Steel________ 100
82;% 78% 80
78:% 80% 79% 81
80% 81% 80
77% 79l,i 179,800
Do class B common__ 100

PER SHABB
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.

Highest.

PER SHARE
Range for Previous
Year 1917
Lowest

Highest

$ per share.
74% Jan 15
72% Jan 15
90 Jan
96% Jan 15
103 Feb
16% Jan
12 Jan
36 Jan
61% Jan 15
103 Jan
2934 Jan 15
68% Jan
15 Jan 19
41%Jan 15
3434 Jan 29
31% Jan 15
84 Jan
x 69% Feb 25
§101 Feb
29% Jan 15
*90% Jan
52 Jan 12
86 Jan 31
28% Jan
7834 Jan 17
*33 Jan
S%Jan 18
33%Jan 22
12734 Jan
106*4 Jan 15
81 Jan
38 Jan
96 Jan 10
74 Jan 25
38% Jan 17
86 Jan 15
102 Jan 10

S per share.
$ per share S per shars
33% Feb 27
66% D e o
515 Jan
8338 Jan
*6 6 % D e c
156 June
Do Drel____________ 100
90% Jlan
84
O ct
135 Jan
101% 101% 161% 101% 151% 101% 101% 101% 101 10138 101 101,% 5,000
Do cum conv 8 % prel__
103 Feb
93
D eo
101% Oct
118%
118
119
117
119%
118
117 119% 119
119% 2,100 Burns Bros_____________100
117*4
118%
119% Feb 27
89
Jan
125% Apr
19% 19% 19% 20% 20% 20% 19% 20% 20% 20% 1,200 Butte A Superior Copper__ 10
19*4 19%
22*4 Feb 18
1 2 *4 D e o
52% Jan
*16% 18
16% 16% *16
17% 16% 16% *16% 17
17
17
900 California Petroleum v 10.100
18% Feb 19
10% D e o
30% Jan
*46
47
46
46% *45% 46
*46
48
*46
47
47
48
600
Do pref_____________100
48% Feb 18
29% N o v
62% Jan
70% 69% 72% 70% 71% 71% 73% 70% 72
70
70% 71% 41,600 Central Leather...............100
7333 Feb 27
55
D eo
101% June
*101% 106
105% 105% *104 106 *101 106 *101% 107 *104 107
100
Do pref_____________100
105% Feb 18
97
D ec
115%Jan
31% 31% 31% 31% 31% 31% 31% 32
31% 31% 31% 31% 2,100 Cerro do Pasco Cop__ No par
33% Feb 20
25
D ec
41 Feb
90
91
94
89
93
90% 90% 91% 95
95
90
90% 16,300 Chandler Motor Car_____ 100
95 Feb 25
56
N ov
104*4 Mar
16% 16% 16% 16% 16
16% 16% 16% 16% 1658 *16% 16% 3,600 Chile Copper_______ ____ 25
17% Jan
11% N o v
27%
M ar
43% 43% 43% 43% 43% 43% 43% 43% 4 3 i 43% 42% 43% 5,500 Chino Copper___________ 5
45% Feb
35% N o v
63*4 Mar
40
40
39
39% 38% 39% 39
39% 38% 39
38% 38% 2,900 Colorado Fuel A Iron____ 100
42%Feb 19
2934 N o v
58
June
34% 34% 34% 34% 33% 34
33% 33% 33% 33 % 33% 33%
1,300 Columbia Gas AElec........100
35 Jan 30
25% N o v
47% Apr
92
*90
90
90
89% 90
90
*89
91
*90
91% 90
600 Consolidated Gas (N Y)..100
92% Feb
7612 D e o
134%Jan
92% 92% *69% 69% 70
72% 73% 72
74
73% 3,200 Continental Can...............100
70% 70
95
Feb
19
76
N ov
103%
June
*102 116 *102 115 *102 115 *102 115 *102 115 *102 115
Do prof____________ 100
§101 Feb 9
97
N ov
112% Feb
33% 34% 32% 34
33% 33% 33% 34% 33% 3534 35
35% 60,800 Corn Products Refining__ 100
35% Mar
18
Feb
37%
July
94% 94% *95
95%
95
%
96
96
96
*95
96%
95
95
1,300
Do pref.......................100
96% Feb 19
88% N o v
112% Jan
63% 65% 62
64% 66% 63% 65% 63% 64% 65,800 Crucible Steel of America. 100
64% 63
65
68% Feb 19
4 5 *4 D e o
91% July
*89% 90
*89% 90
*89% 90
*89% 90
*89% 90
*89% 90
Do pref____________ 100
90 Jan 2
83
D eo
117*4 Jan
32% 33
32% 33% 32% 33% 32% 33% 32% 33% 32% 33
33,000 Cuba Cane Sugar____ No par
33% Feb 20
24% N o v
55% Jan
82
81
82
81
82
*81
82
81% 82l,t 82
83
*81
950
Do pref.......................too
83 Feb 18
74% D e c
9412 Jan
38% 39% 38% 40% 40
40% 39% 40% 383.1 39% 38% 39
20,200 Distillers’ Securities Corp. 100
43%
Feb
6
1
1
*
4
M
a
y
44% Oct
8% 8%
8% 8%
8*4 8%
8% 8% *8% 8% *8% 9
1,000 Dome Mines, Ltd______ .10
10 Jan
6% N o v
24*4 Jan
36
36% 35% 35% 3534 36
37
36
36
35*8 36% 36
2,400 Gaston W A W Ino-.No par
39 Feb 13
28
Feb
41% Aug
141 141
140% 140% 138% 140% 140 142% 142I,i 143% 141% 142
5,800 General Electric.... ........ .100
143% Feb 19 1 1 8 D e o
171*4
Jan
125 128
116% 119
119% 123% 117% 120
120% 124% 116% 122
46,000 General Motors tem ctfs._100
14134 Feb 9
74% N o v
146% Jan
*83% 86
*83% 85
*83
84% 83% 83% 83% 83% *83% 85
200
Do
preftemetfs_____
100
88 Feb
93 Jan
7 2 *4 D e o
45
42
44% 44% 2,100 Goodrich Co (B F)______ 100
41% 42% 42% 42% 42% 443,i 45
45
*50% Feb 5
32% D e c
61% Jan
99% *94% 100
*93 100
993i *93
♦93
*93 100
*93 100
Do pref........................ioo
100 Feb 19 * 9 1 % D e c
112 Jan
*75
77
77
*75
*75
76
77
77
♦76
76
77 .
77
200 Granby Cons M S A P___ 100
79% Jan 3
65
N ov
92% Jan
*40%£4l
*40% 41
41% 41% 40% 401.1 *40% 41
*40%j 41%
300 Greene Cananea Copper.. 100
45 Feb 6
34
N ov
47 Jan
*89
96
*90
*92
96
93
94%
92%» 92% 92% *90
*90
100 Gulf States Steel tr ctfs___i00
9612 Jan 3
77
N ov
137 Jan
*95 100 , *95 100.
*95 100
*95 . . . . *95 . . . . ♦93 100
Do 1st prof tr etfs___ 100
102 Jan 10 1 0 1 % N o v 110 June
Do 2d pref tr ctfs___ 100
117
Feb
117% Feb
46% 45% 46l.i 45% 46
46
45^ 46% 4534 46% 46
47
7,900 Inspiration Cons Copper...20
42% Jan 15 48*8 Feb 19
38
N ov
66% June
14% *12% 15
*12
*12
15
14
*13
15
14% 15% 14
000 Internat Agrlcul Corp___ 100
15% Jan 30
10
Jan
21% May
7
*
4
N
o
v
*44
49
*44
49
*44
*44
50
50
49 .
47
48% *44
600
4934 Feb 5
Do pref........................ioo
38 Jan
60% July
26% N o v
*127 129% *125 129 *123 130 *125 129 *123 128 *125 129
Intern Harvester of N J..100
130 Feb 20 1 0 0 * 4 N o v 123 Jan
Jan
29% 30% 29% 29% 127,800 Int Mercantile Marine___ 100 111%'
28% 30
293s 31
30% 31% 28% 31
21 Jan 15 313.1 Feb 23
36% Mar
17% D e o
99% 101% 97% 100% 97% 99% 98% 100% 98% 100% 98% 99% 143,000
Do prof........................ioo
102% Feb 18
83% Jan
62% F e b
106% Oct
28
28% 28
28% 28% 29’% 28% uyi.i 28% 29
28% 28
29,830 Intern Nickel (The) v t e_.25
30%
Jan
3
27
Jan
15
2
4
%
D
e
o
47% Mar
30
30% 30% 31% 5,950 International Paper_____ 100
31% 30
30
30
31
30
30% 30
24% Jan 15 33% Feb 6
18% N o v
49% Jan
62
§58
5,3
*59
61
*58
62
*58
62
*58
(10.,
*60
10
58 Jan 22 65%Jan 3
Do stamped pref____100
50% N o v
77% June
44
j
45
45
45%
*42
45
45^2
46%
1
47..
*42%
47
45
900
47%Jan 11
43 Jan
Tire........25
64% Jan
36% D e c
33% 33 % 32% 33% 7,000 Kelly-Sprlngfleld
33% 33% 34
3278 33% 32% 33% 33
30% Jan 14 34% Feb 19
Kennecott Copper___ No par
26
N ov
50% May
78% 761,1 76% 77% 79 .
♦76% 78% 77
777s 77% 77
78
4,600 Lackawanna Steel_______ 100
7334 Jan 12 81 Jan 3
10378 June
68
N ov
16
16
15% 15l2 *15 u 16
15% 16
*15
16
15
15
600 Lee Rubber A Tire__ No par
16 Feb 19
13 Jan 29
1 0 *8 N o v
30 Jan
79
78% 78% *77 S’ 79
*78
78
78
78
♦78
79
78
500 Mackay Companies..........100
74% Jan 29 78% Feb 28
70
N ov
89*4 Feb
63% *62% 63% 62%j 62% *62%3 63%
63% *62
62% 62% *62
200
Do
pref.......................
ioo
62%
Feb
28
57
Jan
67% Jan
5
7
%
D
e
c
28
,,
28% 28
29
28
28
28
*28% 29 t 2,300 Maxwell Motor Inc tr ctfs. 100
29
28% 29
23% Jan 15 32% Feb 19
19% N o v
61*4 Jan
63
*59 A 63
*60
*59% 62
*59
64
61
61
*61
63 .
100
55%Jan 15 6434 Feb 8
Do 1st pref stk tr ctfs. 100
74% Jan
49
D eo
24
*22
25% *23
24
23% 23
23% 23% 23
*21% f 24
1,300
1934 Jan 15 24% Feb 19
Do 2d pref stk tr ctfs. 100
13
N ov
40 Jan
93% 94% 92% 94% 92% 93% 94% 98l,i 96 - 981.1 95 j 96% 132,000 Mexican
98%
Feb
27
Petroleum_____
ICO
79
Jan
106% Jan
67
D eo
95
95
95
95
Do pref....................... ioo
87 Jan 15 95 Feb 23
8 4 78 N o v
9778 June
31% 31% 31% 31% 31% *31 i. 31% 1,500 Miami
31% 31% 31% 31% 31
Copper____________ 5
29*4 Jan 2 33%Jan 31
25
N ov
43% Apr
45% 44% 45% 445« 45% 11,500 Midvale Steel A Ordnance..50
45% 45% 45% 4.5
45% 45% 45
4312 Jan 23 48’ 2 Jan 4
39% D e c
67%June
*69%’ 70% *69% 70% *09% 1701*
*68
71% 69% 69% *69% 71
100 Montana Power________ 100
73 Jan 4 *58*4 Deo 109% Jan
67%
Jan
24
___
___
*100
___
♦
100
___
*100
*100 ,
*100
*100
Do pref..................... I 100
99% Jan 2 100% Jan 3
95*2 Deo 117% M ar
National Biscuit_______ 100
93 Jan 18 100 Jan 3
79% N o v
122% Jan
—
—
*110%
Feb
15
Do
pref.......................
100
108%
Jan
2
1
0
4
Deo 127 Jan
*15%
16%
15
15%
15
15
15% 15% 15% 15%
15
15
18% Feb 13
Nat Conduit A Cable No par
15 Feb 27
1 3 % Deo
39 June
53% 52% 53% 51% 5234 *49 ’. 50% 49
49% 50% 50
491,) 4%700 Nat Ennrn’g A Stamp’g__.lO0
37% Jan 7 53% Feb 26
24
Feb
46*4 Oct
99% *98 100
*98
100
*98 100
*97 100
*98
*97 100
99%
Feb
20
Do
pref.......................100
96
Jan
2
99*4 July
9
0
%
M
a
y
*52
52'%
52%
55 . *53% 55
54
52
53
54
*53
55
National Lead__________ 100
43% Jan 7 58% Feb 18
63% Mar
3 7 % Dec
100 100
100% 100% 101 101 *100 104 'J *100 101
§99% 99%
Do prel.......................100 100 Feb 28 104 Jan 11
99
Dec 114 Jan
18% 18% 18% 18%
19% 19*8 18% 19% 18%1 18% 18% 19
18 Jan 15 19% Feb 19
Nevada Consol Copper........6
16
N ov
26% June
135 137% 135%. 1.37
135% 138 • 135 135% 130% 1351'.
1351,1 136
New York Air Brake____ 100 117%Jan 12 138 Feb 27
156 M ar
98
N ov
50
50
*45
*45
50
*45
46% 46% *45
50
*45
50
43 Jan 2 46% Feb 23
North
American
Co_____
100
39
D eo
72*8 Mar
38%
39%
39%
39%
39%' 40% 39%’ i 393,
39% 40% 39%
39
*35% Jan 15 42% Feb 13
Ohio Cities Gas (The)___ 25
31% O c t
143% Apr
5% 5 '.1 *5 It 5»2 *5 t 5%
5%
*5
5% 5% *5 <nJ 5I2
300 Ontario Sliver Mining___ 100
534 Feb
4% Jan 22
3% N o v
7*4 Sept
28% 303.4 29% 30
29% 30% 29% 3 30% 9.300 Pacific Mall______________ 5
*273.1 2812 27% 28
23% Jan 21 30% Mar
18
Feb
30% June
*46
48
♦45
48
47% 48
*46
48
45
46
*46
48*|
39% Jan 2 55 Jan 31
800 People’s Q L A C (Chic).. 100
35
D eo
106% Jan
♦25% 26% 26 sj 26
26
*25% 26% *25%4 26%
25% 25>2 §26
800
25% Feb 6 30 Jan
42 Jan
24% D e o
53% 67% 57
58% 57 £ 58% 56% 5834 56% ( 57% 52,100
523.1 53
42 Jan 15 58*4 Feb 28
.100
37% D e o
54% Sept
83
83% 83%' 84
83
83
83% 1 83% *83 *3 83%
*8212 84
Do pref.
1.300
79% Jan 2 84 Feb 19
100
74
D eo
90 Aug
59% J 603.4 61 '' 62% 60%;, 61% 60% ) 6134 4,400
61
0012 61% 60
'ressed Steel
59 Jan 5 69% Feb 19
83%
Jan
49
D eo
*96
98
*96%
98
96*4 96% *95 ; 97
*96
98
*95
97 *
Do pref.
95 Jan") 2 97% Feb 13 * 9 0 N o v *107 Jan
200
104 104
104% 104% *102
*102 ___ *102 . . .
106 107%
101%
Jan
2
107%
Mar
800
100
131 Jan
99
D eo
110 1161.1 115 115% 11438 11434 115 115% *114% 117 *115 117 - 1,900
100 100% Jan 7 118 Feb 18 1 0 6 % D e o 167% Jan
52% 53% 52% 53% 5334 5434 53%) 5434 54%T 55% 7,850
52l2 63
45% Jan 7 56% Feb 19
100
68 June
36% N o v
*9734 100 *97 100
♦97 100
*97 100
*97 5100
*97 . 100
Do pref.
95 Jan 2 98 Feb 15
101 Jan
88% D e c
23%' 24% 233i t 24
23*4 24
24
24% 23% 24
24 tfi 24
5,200
22% Jan 15 25 Feb 19
.10
32% Apr
19% N o v
78% 80
7758 78'% 77'% 78-% 77% 79
77
77% 76%' 77% 14,100
82%
Jan
*72%
Jan
15
100
94% June
60
Feb
{99% 99% 98%, 98% 98*4 98*4 97%’’ 98% *96%J 98%
*97 100
800
Do pref
92% Jan 2 99% Feb 19
1057s May
100
89
D eo
74
75
75
75% 75*8 i 76% 76% J 77% 76
7312 74
76
9,400
70% Jan 3 77%Jan 21
__
59
M ay
73% Nov
10
1012 10% 10% 10% 10% 10% 10% 10
10
*934* 10% 1,000
11
Jan
31
6%
Jan
2
100
68 Jan
4% N o v
152 155% 152 i 155 *150 154
150's 150% 149% 150
152 . 152
1,300
139%
Jan
5
156
Feb
15
238%Jan
100
1
2
3
%
D
e
o
*16% 18
17 , 17
*17
18
*16i8 17'2 *16% 18
17 5 17%
400
155s Jan 17 18% Feb 19
.10
29*4 Mar
15
D eo
35
3512 34% 35% 3434 35% 35 [ I 36*4 35% 353.1 35
35% 20,500 Sinclair OH A Ref’g__ No par
29% Jan
39 Feb
59*4 M ar
25% D e o
52
50% 50% 52
50
50
*5112 53
50%’ 50%
1,700
Sloss-Sheffleld
Steel
A
Iron
100
39
Jan 24 53% Feb 19
74*4 Mar
33% N o v
61
52% 50% 51% 495s i 51% 47%' 51% '46% ! 47*4 46% J 4834 94,800 Studebaker Corp ( T h e ) ...100
46
Jan
17
56%Feb
19
33% N o v
110% Jan
*93
97
*93
96
*93
97
*93
96
*93
96
*93
96
Do
pref........................
100
94
Jan
10
95
Feb
108%Jan
8
5
N
o
v
36% ’ 36% 35% 36% 2,600 Superior Steel Corp’n___ 100 *3412 Jan 15 40 Jan
3012 36% 36% 36% 36% ' 36% 36% 37
30% N o v
61*4 June
*94% 99
*94% 103
*94% 99
*93 101
♦93 101
*94% 99
Do 1st p r e f................ 100
95 Feb 16 95 Feb 16
96
D eo
102% July
17%
16%' 17% 1634 17 • 16% 16% 6,300 Tenn
101.1 17% 10% 17% 17
17*4
Jan
30
Copp
A
C
tr
otfs.No
par
12%
Jan
19% June
11
N ov
148% 1521; 152 154% 151% 153% 152 153% 20,800 Texas Company (The)___ 100
148 154
152% 155
160*4
Feb
13612
Jan
243
Jan
11 4*4 D e c
55% 54% 56% S334 54% 51% 54% 34,600 Tobacco Products C orp...10 0
55% 54
55
5638 54
5634 Feb 21
49 Jan
80%
Aug
42% D e o
*90
92
90
90
92
*89
93
*90
92
♦90
*89
91
100
93
Feb
90
Jan
19
Do
pref.......................
.100
*
8
6
D
e
o
105
M ar
*103% 107*4 *103 10734 §103% 103% *104 107% *104 107*1 *104% 10734
50 Underwood Typewriter... 100 100% Feb
103 Feb 15 * 8 3 D e o
107 Aug
*70
72% 70
*70
75
70
75
*67
76
*67
*67
72%
100 Union Bag A Paper (new). 100
65 Jan 24 70 Feb 28
112
Jan
69% D e o
39%
’
39%
39
40
*39
40
39
38% 38% 39
39% 39% 1,000 United Alloy Steel.........No par
37 Jan 2 40 Feb 26
34% D e o
49% June
96% 90% 943-i 91% 91*4 88% 91% 22,700 United Cigar Stores......... 100
95% 95% 9334 95% 94
88% Mar 1 99 Jan 23
127% Aug
81% N o v
*100 115
*101 115 ■101 115 *101 rn5 ♦101 11
101 115
Do prof......................... 100 101% Jan 5 101% Jan
120*4
Mar
98% D e o
127
127
*127 132
129 129% 127 129 *123: ! 131
127 130
500 United Fruit____________ 100 116% Jan 16 133 Feb 18 * 1 0 5 D e o
154% Jan
15% 15% 14
15 !l 15
14
*14
15
*14
15
14
14
600 U S Cast I Plpo A Fdy___ .100
11% Jan 9 15% Feb 18
100
24% June
10
N ov
44% 44% 44
*43% 49
43 ’ ’ 45
44
*40
46
*40
44%
600
43 Feb 26 47% Feb 1
Do pref.........................100
63 Jan
42
D eo
121%!124% 1213.1 122% 120% 122
121 121% 120% 123-% 121% 123
12,200 U S Industrial Alcohol___ .100
100 114 Jan 5 130% Feb 19
9 8 % N o v i 171%June
*93 100
*93 100
*93 100
*93 100
*93 100
*93 100
95 Jan 22 97 Feb 2
Do prof......................... 100
106
June
88
N ov
57%
57%
*56%
57%
57
58%
57% 57% 56
57
57% 57% 5,100 United States Rubber____.100
51 Jan 15 59% Feb 19
100
67 Aug
45
D ec
*100% 101% 100 103 *100% 101% 100*1 101% *98 101% *98 103
200
Do 1st preferred______.100
100 *95 Jan 15 101% Feb 20
114*4 Jan
91
D eo
46% 46% 463.4 4634 *46
46% 46% 46% 46% 46
48
46%
900 U 8 Smelting Ref A M .........50
42% Jan 16 48% Feb 19
50
67*4 Jan
40
D eo
46
*44% 40% 44
*44
47
44
*43% 45% *44
*43% 48
200
43 Jan 29 45% Feb 1
Do pref_____ ________ 60
52% Jan
43% N o v
95
963s 9434 06% 95% 97% 90% 98
95% 96% *91
92% 685,900 United States Steel_______ 100
88% Jan 15 98% Feb 1
79% D e o
136% May
*110 111
110 110% 110 110% 110% 110% 1093.1 110% 110 110
Do pref_____
3,500
108% Jan 7 112% Jan 31 1 0 2 * 4 D e o 121% Jan
100
81% 83
82% 83
82% 83% 82% 83% 81% 82% 80% 813.1 15,400 Utah Copper_____________-10
78 Jan 15 85% Feb 19
16
118*4 May
70% D e c
*14
15% *14
*14
15
15% *14
*14
15
15
*13% 15%
11% Jan 2 15% Feb 18
Utah Securities v t c______100
24*4 Jan
100
9% D e o
41% 41% *40
41
41
42
*40% 41% 40% 40%
41
41
33% Jan 2 43 Feb 19
900 Vlrglnla-CarollnaChem__ 100
100
46 May
26
N ov
102% 102% *102 108 *102 108 *102 108 *102 108
102% 102%
98 Jan 16 103 Feb 13
200
Do pref_____
100
112%Jan
97
D eo
64% 64% *64
65
65
*63% 67
67
64
04
*64
67
50 Jan 5 66 Feb 19
300 Virginia Iron C A C.......... 100
46
Feb
100
77 M ar
*89% 91% *891.4 90
90
90% 89% 89% *89% 90% 90
90
85% Jan 2 92 Jan 31 * 7 6 D e e
500 Western Union Telegraph. 100
99*4 Jan
41
41% 41
41% 41% 4234 4134 42% 41% 42% 4138 42% 6,700 Westlnghouse Elec A Mfg._50
38% Jan 17 43% Feb 19
.50
56 May
3 3 *4 D e o
*64
68
64% 64% *60
*60
68
*60
69
68
*60
69
59 Jan 11 64% Feb 20
100
Do 1st preferred_______.50
60
52% D e o
70% Jan
*43
45
43% 43% *43
43% 43% 43% 43% *43
44
36% Jan 2 45% Feb 20
45
700 White Motor_____________ 60
621* Jan
3 3 *4 N o v
18% 18% 18% 18% 18*4 19% 18% 19%
18% 19%
1.8% 19 25,400 Wlilys-Overland (The)____ 25
15% Jan 15 22 Jan 3
25
38% Jan
15
N ov
*80% 83
*80% 83% *80% 83% 81
81% *80% 82
75 Jan
82% Feb 20
500
Do pref sub rects full pd 100
100 M ar
69
N ov
■53 ' 53*
53
63% 53
*54
55
55*4 54% 56
♦54
56% 3,400 Wilson A Co, Inc, v t 0___100
59 Jan 19
45% Jan
84% Mar
42
N ov
*117 119 *117 120 *118% 120 *117 119% 118% 118% 118% 118%
120%Jan 3
300 Woolworth (F W )________ 100 114 Jan
99% D e o
151 Jan
•114 120 *114 120 *114 120 *114 120 *114 120
114 120
Do pref_____________ 100
113
D eo
126% Jan
41
40
38% 40
42% 41
41*4 4134 41
41
*40
42
34 Jan 4 42% Feb 27
2,100 Worthington P A M v t o.lOO
23% F e b
37% June
*86
89
88
88
*87% 90
88% 88% *86
90
*87% 90
200
85% Feb 5 88% Feb 26
Do prof A v t 0 ______ 100
97%IIune
88
N ov
l,v 62% 02% 62
62
63
62% 62% 02% 62% *62
*62
63
500
Do prof B v t o_____ 100
59 Jan 18 62% Feb 26
63 June
50
M ay
J • Bid and asked prices; no salon on tills day.
•.Cortlfloatos of deposit. i.Ex-dlvidond.




I Leas than 100 shares.

t

Ex-rlghts.

a Ex-dlv. and rights.

6 Par $10 per share,

n

Par $100 per share

908

New York: Stock Exchange— Bond Record, Friday, Weekly and Yearly

BONDS
N . Y. 8TOOK EXCHANGE
Week ending March 1.

ii

Price
Friday
March 1.

*3 &

Lou>
U. S. Government.
0 8 3Ha Liberty L oa n ___ 1917
0 8 4s converted from 1st Lib
erty Loan___________ 1932-47
U 3 4s 2d Liberty Loan___ 1942 M- N
U 3 2a consol registered__ (J1930 Q - J
U 3 2s consol coupon_____ <11930 Q - J
U, 3 3a registered_________ *1918 Q - F
U 3 38 couuon________ ...*1918 Q - F
U 3 4s registered__________ 1923 Q - F
U 3 4s coupon_____________1925 Q - F
U 3 Pan Canal 10-30-yr 2s.*1936 Q - F
U 3 Pan Canal 10-30-yr 2s reg ’38 Q - N
U 3 Panama Canal 3s g___ 1981 Q -M
U 3 Philippine Island 4s. 1914-34 Q - F

98.03 Sale

97.88

97.14 Sale
96.50 3ale
97% 98
9 7% -----98% 99%
98% 99%
101% 105%

97.03
98.34
97%
98%
99%
99
105%
105
97%
97%
84

101%____
97
97
81

____
____
____

Range
Since
Jan. 1.

Wee*'*
Range or
Last Sale

100

Low

High
98.01

97.38 272 96.04 98.40
97.03 7155 9 4.70 97.26
97%
97
97%
Nov’ 17
99% 99%
Feb '18
Feb '18
98% 99
Fob '18
105 105%
Feb '18
105 105
Oct '17
Feb '18
97% 97%
Deo 17
Feb '15

Am Dock A Imp gu 5a__ 1921
Leh A Hud Rlv gen gu g 5a.'20
N Y A Long Br gen g 4 s.. 1941

Registered__________ 1939
General gold 4 He_______ 1992
Registered___________ 1992
20-year convertible 4 H *-. 1930
30-year conv secured 5a.. 1948
Big Sandy lat 4 s . . . . ____1944

J - J
M-N
J - J
q- J
j - J
j - J
M- S
q- f
j - j
M-N
M-N
M- S
M- 8
r -a
A -O
J -D
J -D

98%
96%
90%
105
100
105
100
----

97%
98
110%
104%
107
104%
79
40

90
90%
89%
90%
90% Fob 'IS
96
96
96%
96%
86%
87
87% Feb '18
87%
87%
86
86
95% Feb ' 18
96%
36%
78% Jan '18
101 July’ 17
100% July’ 17
100 Nov’ 17
96 Jan '18
106 Feb '18
103 Hept'17
101%
107%
103% Oct '17
74 Deo 17
50% Juno’ 17

58 Feb '18
82%
83%
83 Sopt'17
76 Fob '18
85% Nov'17
76
73
70% 76
83 Feb '18
84% 87
84% Feb '18
84% 87
84% ____ 91% Oot '17
78 A ug'17
6S
80
80 Jan '18
77% 82
79
85% 82% Jan '18
99% July'17
83 100
84
84% 83%
84>2
____ 81% 81%
81%
99% Oct '17
93%
75% ____ 85 8opt'17
129% Aug '15
106%
73
71% 72% 71
100% ____ 115 July'17
105 July'15
93% —
99 Jan '18
98%
87%
88
87% 88
____ 87% 90% Sopt’ 17
77 %
77 Salo 77
92% Mar '17
79%
78% Sale 78%
81
82
82
81
112 Jan '12
82% 87% 88 Oot '17
75 Jan '18
72
85 Sale 85
85
100 Apr '17
82%
90% 100
99% June’ 17
101% Nov'16
91% ___ 99% Oot '17
88% Deo '17
79
90
____ 100% 107 Feb '17
99% Feb '18
95
99
99% Oot '17
85
99
97 Nov'16
75 —
103% Fob '16
101% 102 103 Feb '18
99% 102 104 N ov’ 17
91%
91% ____ 91%
84 Deo '17
- - - - 84
97 Jan '18
95
89% 94% 90 Feb '18
78 Aug '17
79
103 Mar’ 17
83 —
97% June'17
89% 92 104% Apr '17
90 A ug'17
84% 93
103%
103 Salo 103
102% 100% 101 Fob '18
99 Feb '18
98% 99
99% 100 100 Juno’ 13
92 - - - - 100% Jan ’ 13
70
6.5 Jan '18
05
91 Aug '17
80
87
98
97
97%
97%
90 ____ 104% Jan '17
73%
74
74
75
86% M a r’ 17
71
71 Sale 70%
79%
79% Sale 78%
84 Apr '17
65
78
85% Nov'16
65 —

97%
90%
80
90

90% 95
90% 92%
94
90%
88%
94
89%
90
77
74%
84
84
40

95%
95
94
98
92%
92%
81
70
90
83%
42%

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68
71
97 9 9 %
95% 98
91% 94%
97% 99%

89
89%
88%
94%
94%
80%
80%
86%
85
95
95
78%

90%
90%
90%
90%
9012
87%
87%
87%
86
~~
90%
96%
78%

96

100
101% 107%

56
59
82% 85%

56
63
82% Sale
83
74% 81

72% 76
74% 78
83
84%
84
80
80
80 %
82% 82%
81
84%
81% 82%

731,

66

99
89%
78

76

78

70% 79%
80
83%

99% 99%

J -D
J - J

M-N

103

86% 91%

87ia____
A -O

Truat Co certlfa of deposit.
65

12 95% 100%
75%

05% 71
76
79%

04

Del Lack A Western—

____

40
48
12
20
89
90
A -°0
5% 7
J - J
534 Sfllo
84% Salo
(F-A
69% 70%
M-N
95
971
J -D
84 ____
_ ___ 94
A -O

102 104
102ti 104
99
99%

72

____ 96
60% 03
08% 73%
75
80
68% 81%
651.1 63%
05
07
07% -----100% 105%
____ 87%

97
97
88% 90

65

Week's
Range or
Last Sale

3^
<§•

Range
Since
Jan. 1.

High iVw. Low HIgh
Bid
Ask Low
Chesapeake A Ohio (Con) —
Craig Valley 1st g 5 8 .....1 9 4 0 J - J
70
84% Jan 13
Potts Creek Br lat 4a___ 1946 J - J 03
73 N ov'17
70
82
R A A Dlv lat con g is__ 1989
____
2d consol gold la______1939 J J ____ 82% 71 Oct '17 . - _
8 S«2 Sopt'Kl
Greenbrier Ry 1st gu g la. 1910
H 314 Fob *15
WarmSprlngiV lat g 5a.. 1941
3 50
59
50*4
50U
60%
Ohio A Alton RR rof g 3a__ 1949 A - O 51
3 36% 47%
42
40
40
Railway 1st lion 3 H »_____ 1950 l - J 40
99% Feb '18 ___ 97% 99%
Chic U A Q Denver Dlv 4a.. 1922 F - A 99% 101
9 73% 75%
74%
Illinois IJlv3%s................ 1949 J - J 74% Salo 73%
5 83
84
86
87%
Illinois Dlv 4s___________ 1949 J - J 83% 90
99% 99%
Iowa Dlv sinking fund 58.1919 A - O 9 6% ____ 99% Jan T 8 ___
97
97
Sinking fund la_______ 1919 A - O 9 5% ____ 97 Jan '18 —
Joint bonds. See Groat North
4 91% 92
91% 93
91%
91%
Nebraska Extension 4s__ 1927 M-N
98 July* 18
Registered____________ 1927
18 81
84%
83%
General 4a_______________1958 M- 9 82% Salo 82%
30 Jan 'la ___ 30
30
Ohio A E 111 ref A Imp 4a g . . 1955 J - J 22% 25
23
25% 25
28
25% 47 25
U S Mtg A Tr Co ctfa of dep._
98 101
9.SI2 Deo *17
lat consol gold 63_______ 1934
____ 84lo 87 Jane* 17
General consol 1st 5a____ 1937
—
74
70 Feb '18 ___
U S Mtg A Tr Co otfs of den
_______
____ 90
76 July'17 ___
Guar Tr Co ctfa of dop____
97®4 Feb *13
Pureb money lat coal 5a.. 1942
10
25
32 M*r*\7
Chic A IndC Ry 1st 5 a ... 1936
45 54
56
60%
Chicago Great West lat 4a.. 1959 M- S 55 Sale 54%
98 Feb '18 ___
98
08
Ohio Ind A Loulav— Ref 68.1917 J - J 90% 105
____ 98
Refunding gold 53_______1947
Refunding 4s Series C___ 1947
70 Nov’ 1ft
Ind A Loulsv lat gu 4a__ 1956
71
78% 9612 .1a.n *17
Ohio Ind A Sou 50-yr 4a___ 1956
97% Doe *16
Ohio L S A East 1st 4H S...1969
Chicago Milwaukee A St Paul—
78 Jan T8
76% 79
Gen’ l gold 4s Series A__ «1989 J - J 77% 78
Registered___________ «1939
15 76% 80%
73% 79% 80
80%
Permanent 4s........ ............ 1925 J -D
07% Salo 07
08% 48 64% 70
Gon A ref Ser A 4%.s____a2014 A -O
10 77% 80
81
78%
79
Gen ref conv Ser B 5a__ a2014 F - A 79
. . . . 77% 7212 Atm ’ 17
Gen’ l gold 3 %sSer u ___ el989
___
____
83%
84
Fob
'18
83
84%
J
J
General 4 %s Series C ...e l9 3 9
____
25-year debenture 4s____ 1931 J - J ------ 73% 74 Deo ' 17 ___
72 Sale 71%
73% 41 71% 75%
Convertible 4 % s________ 1932 J -D
97
Chlo A L Sup Dlv g 5a__ 1921 J - J 9 5% ____ 97 Jan 'IS ___ 97
04
94
Chic A Mo Rlv Dlv 5 a ... 1928 J - J 8 1% ____ 94 Fob 'IS ___
4 97
93%
98%
Chlo A P W 1st g 5s........ 1921 J - J 96% 98% 98
____ 83% 79 Doe '17
C M A Puget Sd 1st gu 48.1949
97% 106% 100 Oot T7
Dubuque Dlv 1st s f 6 s ... 1920
95% 103 104% Sopt’ 17
Fargo A Sou assum g 6a.. 1924
03
La Crosse A D lat 5s........ 1919 J - J 97% 103% 98 Jan T8 __ _ 98
93% 98% 100% Sept’ 17
WIs A Minn Dlv g 5a___ 1921
9 7 % ____ 107 Deo ’ 16
Wla Valley Dlv 1st 6a___ 1920
85 ____ 81 Deo '17
Mllw A No 1st ext 4H8..1934
81% 83
81% Fob '18 „ __ 81% 81%
Cons extended 4H s___ 1934 J -D
89
Ohio A Nor West Ex 4s 1886-1926 F - A 88% ____ 89 Jan *18 ___ 89
8 5 % ____ 80% Oot '17
Registered_______ 1886-1926
3 71% 73"%
72%
72%
General gold 3H s_______ 1987 M- N 70% 73
Registered................... pl987
6 80% 85%
84% 85
84%
84%
General 4s______________ 1987 M -N
____ 00
86 Sept’ 17
Stamped 4s___________ 1987
General 5s stamped_____ 1987 M- fi 100 101% 102 F e b '18 ___ 101 103’
101 ____ 104% Deo '17
Sinking fund 6s____ 1879-1929
Registered_______ 1879-1929
94 10U 104 Scpt’ 17
Sinking fund 5s........ 1879-1929
92% 97 103% Aor TO
Registered_______ 1879-1929
95% 93
96% Feb '18 . . . . 90% 96%
Debenture 5s___________ 1921 A -O
91
97 100 Jau '18 ___ 100 100
Registered................
1921 A -O
03t2
96
91% Nov'17
Sinking fuud deb 5s.......... 1933
101U June’ 16
Registered____________ 1933
7 0% ____ 101% Oct ' 10
Dos PlalnesVal lat gu 4 %sl947
Frem Elk A Mo V 1st 6a. . 1933 A - 6 102% ____ 101 Jau '18 ___ 101 io i
52 ____ 88 Jan '17
Man G B A N W 1st 3 Ha. 1941
Mllw A S L lat gu 3H8...1911
Mil L S A West 1st g 6S..1921 m - a 100%____ 101 Fob '18 ___ 161 i o i
93 ____ 97% Dec '17
Ext A Imps f gold 5 a ... 1929
99% ____ 111% Deo '15
Ashland Dlv lat g 6a...1925
9 9% ____ 111% Nov'16
Mich Dlv 1st gold 6a. .1924
71
84
86% Sept'17
Mil Spar A N W 1st gu 4s. 1947
93
98
98 Oot *17
St L Peo A N W 1st gu 5s. 1948
Ohleago Rook Ial A Pao—•
77 % 10 74 77%
Railway goneral gold 4 s ...1988 j - j 77 Salo 77
87 M ar’ 17
Registered____________ 1983
64% Salo 04%
00% 156 64% 68%
Refunding gold 4s............. 1934 A -O
2 06
70
70
70
71
20-year debenture 6s____ 1932 J - J 61
98 ____ 97% Oct ' 17
Coll trust Series P 4s____ 1918
1 62"
63 Sale 03
63
04
R I Ark A Louis 1st 4 H s .. 1934 M- 8
90
95
90 Feb '18 ___ 90
96
Burl C R A N— 1st g 58.. 1934 A -O
____ 100
C R t F A N W lat gu 5 s.. 1921
100
1 95 l66
CbooOkla A G gen g 5a..»1919 J - J 92% 100 100
____ 00
97% July 16
Consol gold 5a________ 1952
55
69
55 Oct 17
Keok A Des Moines 1st oa.1923
54
59
59 Feb '18 __ 59"
59
St Paul A K C Sh L ist 4 Ha 41 r - a
J -D 102% 112 102 Jau '18 ___ 102 102
7 8% ____ 80% Nov'17
2 85% 85%
85%
M- 8 85% Sale 86%
100 U ____ 111 Juno'17
100%____ 118 N ov'10
North Wisconsin lat 6 s..
1 ido"% ioo%
100%
A - O 100% 103 100%
84% ____
____ 80
82 Jan '17
q -M 103% 104 103% Feb T8 ___ 103% 103%
2 01
06% 00
60%
60%
J - J 06
00 M a y'17
Cln D A I 1st gu g 5s___ 1941
C Find A Ft W lstgu 4ag. 1923
Day A Mich 1st cons 4H s.1931

103

Price
Friday
March 1.

J -B
JF-*
M-N

76
101%
95%
91%

90 May* 17
25 Jilly'ld
88 M ar'll
96 Jan '17
1 59
62
02
63%
6812 Jan '18 ___ 6812 70%
101 Fob T7
83% M ar'17
79 Feb *17
01% Feb '18
04% 68
73% June'li
84 N ov'll
102% Oot T7
87 Deo '17
88% M ay'If
102% Jan ‘ 17
107% Aug '17
94 July’0* ___
6
50
50
12% Doo T
88%
88%
1
8 Jan 'D ___
5%
5-1
a
17
84
84%
32
68%
091
90 Jan 'If- ___
04

47

51%

88
6
5%
82%
66
98

90
8
7%
86%
73
90

Fob 'l l ___

73% Jan 'If ___ 73% 73%
79
102
I 100% 102%
102 101%
98 Feb 'If ___ 98
98
09
953 93% Jan 'If ___ 93% 93%
102% Feb '0. 1 _

NopriceFriday;latent thisweek. 0DueJan. d DueApril, aDue May. 9Du*June, ftDueJuly. *Due Aug 0DueOot. v Duo Nov. « DueDeo. aOptionsale,




O

Railroad.
Ann Arbor l s t g 4 s .......... .*1995 Q - J
Atch Top A 3 Fe gen g 4a__ 1995 A -O
Registered_____________ 1995 A -O
A ijustment gold 4a____ 51995 Nov
Registered__________ 51995 Nov
Stamped____________ *1995 M-N
3on v gold 4s.................
1955 J -D
Jonv 4s Issue of 1010____1960 J -D
Bast Okla Dlv 1st g 4s__ 1928 M- S
Rocky Mtn Dlv 1st 4s__ 1985 J - J
Trans Con Short L 1st 48-1958 J - J
Cal-Arla 1st A ref 4%a‘'A ” 1902 M- S
8 Fe Pros A Ph 1st g 5 s ... 1942 M- S
Atl Coast L 1st gold 4s___ *1952 M- S
Gen unified 4Hs________ 1904 J -D
Ala Mid 1st gu gold 5a__ 1928 M-N
Bruns A W 1st gu gold 4s. 1938 J - J
Charles A 8av 1st gold 78.1938 J - J
L A N coll gold 4s_____ ol952 M-N
3av F A W 1st gold 8s___ 1931 A -O
1st gold 5a____________ 1934 A -O
811 Sp Oca A O gu g 4s___ 1918
Balt A Ohio prior 3 Ha........ 1925 j - j
Registered__________ *1025 Q - J
1st 50-year gold 4s__ ...*1948 A -O
Registered __________ *1948 Q - J
JO-yr conv 4Vja_________ 1933
Refund A gen oe Series A. 1995 j - b
Pitta Juno 1st gold 6a___ 1922
PJunc A M Dlv 1st g 3 Ha 1925 M- N
P L E A W Va Sys ref 4s.. 1941 M- N
Southw Dlv 1st gold 3 Ha. 1925 .1 - J
Cent Ohio R ls to g 4HS..1930 M- 5
Cl Lor A W con 1st g 6s__ 1933 A - O
Vlonon River lstgu g 5S..1919 F - A
Ohio River RR 1st g 5s__ 1936 J -D
General gold 5a_______ 1937 A -O
PlttaClevATol 1st g 6 s .. 1922 A - O
Buffalo R A P gen g 5a........ 1937 M- S
Consol 4 Ha.....................1057 M -N
All A West 1st g 4s gu___ 1998 A -O
Clear A Mah lat gu g 5 s.. 1943
Roch A Pitts lat gold 6a.. 1921 F - A
Coaaol 1st g 6s________ 1922 J -D
Canada Sou cona gu A 5a__ 1962 A -O
Oar Clinch A Ohio tat 30-yr 5s ’38 J -E
F -A
M- N
Chatt Dlv pur money g 4s 1951 J -E
J- J

90% 97
90% Sale
90% 92>2
96% 90%
96% 96%
86% Sale
87
87%
86% 87%
85% 87
96% 96%
96
90%
77% Sale

91%
88%
78
84

BONDS
N . Y. STOCK EXCHANGE
Week ending March 1.

O
r-

Foreign Government
96% 233
96% Sale 96
Acaer Foreign 3ecur 5s____ 1919 F - A
90% 1057
Anglo-French 5-yr 5s Exter loan. A - O 89% Sale 89%
A-gentlno— Internal 5s ol 1909.. M- 3 ____ 82% 80 Fob '18
90
89 Salo 88%
15 irdeaux (City ol) 3-yr 8a. 1919 M-N
65 Oct 17
Cilnese (Hukuang Ry)— 5 s o f 'l l J - D t 60% 68
95
95
97
Ciba— External debt 5s of 1904. M- 8 95
90% Jan '18
Exter dt 5s of ’ 14 sor A . ..1949 F - A 90% 93
79% 85% 88 Oct '17
External loan 4 Ha__ ____ 1949 F - A
9 512 28
04% Salo 9 1%
Dominion of Canada g as__ 1921 A -O
91% 12
94% Sale , 92%
Do
do
1928 A - O
93% 20
92%
92%
Salo
Do
do
1931 A - O
93
97% Sale 97%
516
Frenoh Repub 5 Ha secured loan.
89%
6
Japanese Govt— £ loan 4 Hs. 1925 F - A t 89% Salo 89%
91
3
Ssooud series 4H s______ 1925 J - J t 89% 91% 91
79% 24
79% Sale 79%
Do do "German stamp” .
Sterling loan 4s_________1931 J - J t 75% ____ 70 Feb '18
89% " s t
89 Sale 88%
Lyons (City of) 3-yr Os____ 1919 M- N
89% 65
Marseilles (City of) 3-yr 6 s.. 1919 M- N 89 Sale 88%
40% Feb '18
Mexico— Exter loan £ 5a of 1899 Q - J t 42% 45
33% Deo T7
31% 38
m Gold dobt 4s of 1904........ 1954 J - D
87% 154
80% Sale 85%
Paris, City of. 5-year 89___ 1921 A - O
70% 70% 70% Feb '18
Tokyo City— 5a loan of 1912___ M- S
99 *296
U K of Gt Brit A I 2-yr 6s. .1918 M- S 9 3% Sale bi'Xe
97% 219
97% Sale 97%
3 year 5H % notes_____ 1919 M-N
93%
93%
Salo
94% 3 49
5 year 5H % noten_____ 1921 M- N
99% 1589
Convertible 5H % notes.1919 F - A 99% Salo 98%
tTtete are prices on the basis of J51o£
State and City Securities.
W Y City— 4%s Corp atook.1980 M - 3
4H* Corporate stock___ 1984 M - 3
4 Hs Corporate stock___ 1968 A -O
4Hs Corporate stock___ 1965 J - D
4Hs Corporate stook___ 1963 M- S
4% Corporate s to ck ..__ 1959 M -N
4% Corporate stook____ 1958 M-N
4% Corporate stock........ 1957 M -N
4% Corporate stock reg .1956 M -N
New 4Hs...........................1957 M-N
4H % Corporate stock___1957 M -N
3H % Corporate stock___1954 M -N
N Y State— 4s.......................1961 M- 3
Canal Improvement 4s___1981 J - J
Canal Improvement 4s___1982 J - J
Canal Improvement 4s___1960 J - J
Canal Improvement 4HS.1984 J - J
Canal Improvement 4HS.1965 J - J
Highway Improv’ t 4H3..1983 M- S
Highway Improv't 4HH..1905 M- S
Virginia funded debt 2-3s__ 1991 J - J
6s deferred Brown Bros ctfa

High

97.20 98.88

Interest
Period

In Jan. 1909 the Exchange method of quoting bonds was changed and prices are now— " and interest"— except for interest and defaulted bonds.

Delaware <k Hudson—■
1st lien equip g 4Ms____ 1922 J - J
1st * re! 4s_____________ 1043 M -N
20-year conv 5a............ ..1935 A -O
Alb & Susq conv 3 Ms___ 1940 A -O
Bensa A Saratoga 1st 7 s.. 1921 M -N
Denv A U Or 1st cons g 4 s .. 1936 J - J
Consol gold 4Ms.............. 1930 J - J
Improvement gold 6s___ 1928 J -D
1st A refunding 6s............ 1955 F - A
Bio Or Juno 1st g u g 6 s ...l9 3 9 J -D
Bio Or Sou 1st gold 4 s ... 1940 J - J
J - J
Bio Or West 1st gold 4 s .. 1939 J - J
Mtge A coll trust 4a A .. 1949 A -O
Dcs Moines Un Ry 1st g 6a. 1917 M-N
Dot A Mack— 1st lion g 4 s . .1995 J -D
J -D
Dot Rlv Tun—Ter Tun 4Ms 1901 M-N
Dul Mlssabe A Nor gen 5 s.. 1941 J - J
Dul A IronRange 1st 5s___ 1937 A -O
A -O
Dul Sou Shore A Atl g 5 s . .. 1937 J - J
Elgin Joliet A East 1st g 58.1941 M -N
Erie 1st consol gold 7s........ 1920 M- S
N Y A Erie 1st ext g 4 s ...1947 M -N
M- S
3d ext gold 4 Ms............ 1923 M- S
A-O
J -D
N Y L E A W 1st g fd 7s. .1920 M- S
Erie 1st cons g 4s prior__ 1990 J - J
J - J
1st consol gen lien g 4s. 1990 J - J
J - J
Penn coll trust gold 4 s.. 1951 F - A
50-year conv 4s Sorles A 1953 A -O
do
Series n .......... 1953 A -O
Gen conv 4s Series D __ 1953 A -O
Ohio A Erie 1st gold 5s__ 1982 M -N
Clev A Mahon Vail g 5 s.. 1938 J - J
Erie A Jersey 1st s f 0s__ 1955 J - J
Genessco River 1st s f 0s.. 1957 J - J
tong Dock conaol g 6s__ 1935 A -O
Coal A HR 1st cur gu 6s. 1922 M -N
Dock A Impt 1st ext 6a.. 1943 J - J
N Y A Green L gu g 5 s.. 1046 M-N
N Y Susq A W 1st ref 5s. 1937 J - J
2d Bold 4 Ms
.
. 1937 F - A
F -A
Terminal 1st gold 5s__ 1943 M-N
Mid of N J 1st ext 5s___ 1940 A -O
Wllk A East 1st gu g 6 s.. 1942 J -D
Ev A Ind 1st cons gu g 6s__ 1926 J - J
Bvansv A T H 1st cons 0S..1921 J - J
1st general gold 5s_______1942 A -O
Mt Vernon 1st gold 0s__ 1923 A -O
Bull Co Branch 1st g 6s__ 1930 A -O
Florida E Coast 1st 4Ms__ 1059 J -D
Fort St U D Co 1st g 4M8..1941 J - J
Ft Worth A Rio Gr 1st g 4s. 1028 J - J
Galv Hous A Hen 1st 5s___ 1933 A -O
area Nor C B A Q coll 4S..1921 J - J
Q- J
1st A ref 4Ms Series A ...1901 J - J
J - J
St Paul M A Man 4s........ 1933 J - J
1st consol gold 0s........ 1933 J - J
Registered_________1933 J - J
Reduced to gold 4MS.1933 J - 1
J - J
Mont ext 1st gold 4s . . . 1937 J -D
J -D
Paclflo ext guar 4s £__ 1940 J - J
E Minn Nor Dlv 1st g 4s. 1948 A -O
J - J
J - J
J - J
J - J
Will A 8 F lat gold 6s. .1038 J -D
Green Bay A W deb ctfs " A " ----- Feb
Feb
Gulf A S 1 1st ref A t g 6 s ..61952 J - J
Hocking Val 1st cons g 4MS-1099 J - J
J - J
Col A H V 1st ext g' 4s— 1948 A -O
Col A Tol 1st ext 48__ .1965 F - A
Houston Belt A Term 1st 58.1937 J - J
Illinois Central 1st gold 4s .. 1951 J - J
Registered
1951 J - J
lat gold 3M»...................... 1951 J - J
Registered .
1951 J - J
Extended 1st gold 3 Mb. . . 1951 A -O
Registered . .
1951 A -O
lat gold 3s sterling
1961 M- 8
Registered
1951 M- 8
Collateral trust gold 4s . . .1952 A -O
Registered..........
1952 A -O
lat refunding 4s.............. 1955 M-N
Purchased lines 3 M*
1952 J - J
L N O A Texas gold 4 s ...1953 M-N
Registered.................... 1953 M -N
Cairo Bridge gold 4s
195C J -D
Litchfield Dlv* 1st gold 3al 1951 J - J
Loulsv Dlv A Term g 3MS.1953 J - J
J - J
Middle Dlv rea 6a
1021 F - A
Omaha Dlv 1st gold 3 s . . . 1951 F - A
bt Louis Dlv A Term g 3fl. 1051 J - J
Qo'd ? Ms...................... 1951 J - J
. .Registered.........
1951 J - J
Bprlngf Dlv 1st g 3Ms—.1951 J - J
Western lines lat g 4s___ 1951 F - A
Registered . .
iqri F - A
Beiiev A Car lat 6 s ...
1923 J -D
Hold 4S..1932 M- S
ch '° 3
* N O gold 5 s.. 1951 J -D
Registered__
io /i * J -D
Cold 3Ms........ : : ......... }nsi J -D
Registered _
19^1 J -D
6,8 Ser,M A . 1903 J -D
1st g 4 s . .. 1951 J -D
Registered___
iori J -D
r St Louis SOU 1st Bug 4 s.. 1931 M- S
Ind 111 A Iowa 1st g 4s........ 1050 J - J
Int A Great Nor 1st g 0s.
1919 M -N
James Frank A Clear 1st 4s'l95f J -D
Kansas City Sou 1st gold 3s" 195( A -O
Registered................
" ioro A -O
Ref A lmpt 6s---------- Apr 1950 J - J
Kansas City Term 1st 4 s .. .1900 J - J
Lake Erie A West 1st g 6s 1937 J - J
2d gold 5s................ .. 1941 J - J
North Ohio 1st guar g 6s. . 1945 A -O
Leh Val N Y 1st gu g 4Ms._ 1940 J - J
Registered_____________ 1940 J - J
Lehigh Val (Pa) coas g 4 s..2003 M -N
Oonoral eons 4M a...........2003 M-N

Price
Friday
March 1.
Did

Week's
Range or
Last Sale

1
93%
93%
1
82%
82%
89 Feb ’ 18
74% Jan ’ 18
112% Deo ’ 10
65%
66% 01
08 Jan ’ 18 . . . .
74%
74%
43
48%
49
37 Aug ’ 17
61% Apr ’ l l
38 July’ 17
2
61%
04%
04% 67
11
52
52
51
58
08% M ar’ 17
82 Deo ’ 10
75% July’ 16
7
76%
7038 773.1 70%
98% 102% 00% Deo ’ 17
00 Nov’ 17
90% 101
105% Mar ’08
87 ------ 85 Jan ’ 18 —
87 102 101 Jan ’ 17
100 102 101 Jan ’ 18 . . . .
72% 98% 08% Mar ’ 17
90% ------ 08% Oct ’ 17
03% Jan ’ 18 . . . .
93% 100
95% ------ 90% July’ 17
94% Nov’ 15
99% ------ 107% Deo ’ 10
20
60%
67
____ 07
84 Deo ’ 10
51
51% 16
50% 53
73 June’ 16
____ 73
75% Feb ’ 18
. . . . 80
45 ” l5
43% 45% 44%
43
443.1 4434 Feb ’ 18
49% 50% 50
50% ” 16
00
5
90
91% 00
100% Jan ’ 17
____ 103
103 July’ 17
____ 97% 103% Aug ’ 17
102% 109 110% N ov’ 17
103 Jan ’ 18
102% July’ 17
85 Jan ’ 18
74% " " 2
72
74*4 74*4
____ 62 100% Deo ’06
____ 61% 74 N ov’ 17
80 ------ 108 Jan ’ 17
75 ------ 108 Jan ’ 17 __
63% 77
02 F e b ’ 18 — 2312 Jan ’ 17
94
97
07 Nov’ 17
50 ------ 85% June’ 17 . . . .
108 Nov’ 11
95 Juno’ 12
____ 95% 85 Deo ’ 17
92 Aug ’ 10
56% Oct ’ 17
____ SO
85% June’ 16
93% 340
92% Sale 923.4
92% Jan ’ 18
88% 39
83
88 """2
90 June’ 16
86% ------ 87 Deo ’ 17
105 113 111 A u g’ 17
99% ------ 113 Apr ’ 17
93% 95
9334 Fob ’ 18 . . . .
85% 99 102% May’ 10
81% 89
1
81%
81%
80% 89
95% Mar ’ 10
85% Nov’ 15
79% 86% 80% Deo ’ 17
99% ____ 108*8 Jan ’ 17
102 ____ 113 June’ 17
130% May’00
92% 99
99% Oct ’ 17
91% ____ 109*4 Aug ’ 10
____ 79%
09*4 Deo ’ 16
6% 9% 8% Deo ’ 17
7414 83
78
78
i
77
78% 77
4
77
98% Jan ’ l l
------ 87%
82% Aug ’ 17
70% ------ 68%
75
3
____ 95
90% Apr ’ 17
87
95
95 Fob ’ 18 . . . .
____ 93
92 Sept’ 17
76
90
78% Deo ’ 17
56% 81
84 N ov’ 15
58% ____ 80 June’ 17
50% ____
80 July’09

95% ____
60 -----02
69%
64% 83%
61% -----____ 70%
79 -----____ 10734
97

------

86*4 92
68% 90
79% -----71% 98
91% 90
75% 90
60 Sale

75

Salo
75
75%
80
98
____ 81
____ 85
89
93%
83% 93
78
93
87% 97%

78
78
1
95% Sep ’ 12
82
82%
27
85*8 Jan ’ 17
76%
76%
15
72
72
1
89 Apr ’ 17
74 Feb ’ 14
71 Feb ’ 18 . . . .
83 Aug ’ 12
192 June’ 10
72% Jail ’ 17
62
62
1
03 Feb ’ 18
80 Juno’ 10
80*8 Nov’ 16
79% Oot ’ 17
92 Nov’ 10
117% May’ 10
90 Jan ’ 17
4
98
93
114 F e b ’ l l
00 Oot ’09
91
91
1
70% Nov’ 17
65 Nov’ 17
80 Feb ’ 18 . . . .
89 Apr ’ 17
90 Jan ’ 18 . . . .
82% Juno’ 17
60
60%
8
63 Oct ’ 00
75
70
25
9
75
75*8
90*8 Fob ’ 18
80*s Feb ’ 17
89% M ar’ 17
94 Feb ’ IS . . . .
89 Oot ’ 17
80 Oot ’ 17
3
00*s
90*8

•No price Friday; latest bid and asked this week,



BONDS
N . Y . STOCK EXCHANGE
Week ending March 1.

High No. Low High

Ask Low

93% 94
____ 83
80
88
74% 7734
100%-----0512 Sale
6012 73
7412 Sale
49 Salo
____ 95

78
80
70% -----81% 81%
70
73
74
77
71% 84
72
79
55 -----____ 75

Range
Since
Jan. 1.

a

93%
82%
87%
74

93%
88
90
74%

00%
68
74%
48%

69
71
76*4
51%

64
52

67%
55

Leh V Term Ry 1st gu g 5 s.. 1941 A -O
Registered_____________ 1941 A -O
Leh Val Coal Co 1st gu g 5s. 1933 J - J
J - J
1st lnt reduced to 4s____ 1933 J - J
M- S
Registered_____________ 1945 M- S
Long laid 1st cons gold 5S..A1931 Q - J
1st consol gold Is_______A1931 y - j
General gold 4s_________ 1938 J -D
M- S
Gold 4s..............................1932 J -D
Unified gold 4a__________1949 M- S
Debenture gold 5s_______1934 J -D
20-year p m deb 5s_____1937 M -N
Guar refunding gold 4 s ... 1949 M- 8
Registered___________ 1949 M- S
A-O
N Y A R B 1st gold 5s___ 1927 M- S
Nor Sh B 1st con g gu 5s.ol932 Q - J
Louisiana A Ark 1st g 5s__ 1927 M- S
Louisville A Nashv gen 6s .. 1930 J -D
Gold 5s________________ 1937 M -N
Unified gold 4s__________1940 J - J
Registered___________ 1910 J - J
Collateral trust gold 5s__ 1931 M-N
E H A Nash 1st g 6s____ 1919 J -D
L Cln A Lex gold 4Ms__ 1931 M -N
N O A M 1st gold 6s____ 1930 J - J
2d gold 6s____________ 1930 J - J
Paducah A Mem Dlv 4s._1946 F - A
St Louis Dlv 1st gold 6S..1921 M- S
2d gold 3s____________ 1980 M- S
Atl Knox A Cln Dlv 4 s.. 1955 M -N
Atl Knox A Nor 1st g 5s. . 1946 J - D
Hender Bdge 1st s f g 6s. .1931 M- S
Kentucky Central gold 4s. 1987 J - J
Lex A East 1st 50-yr 5s gu 1965 A - O
M- S
L A N-South M Joint 4s. _ 1952 J - J
Registered.................. A1952 Q - J
N Fla A S 1st gu g 5s____ 1937 F - A
N AC B dge gen gug4M8-1945 J - J
Pensac A Atl 1st gu g 6 s.. 1921 F - A
S A N Ala cons gu g 5a__ 1936 F - A
Gen cons gu 50-year 58.1963 A -O
L A Jeff Bdge Co gu g 4 s ... 1946 M- 8
Manila RR—Sou lines 4s__ 1930 M -N
Mex Internat 1st cons g 4s. 1977 M- S
Stamped guaranteed........ 1977 M- S
Midland Term— 1st s f g Ss.1925 J - D
Minneapolis A St Louis—
1st gold 7s........................ 1927 J -D
Pacific Ext 1st gold 0s___ 1921 A - O
1st consol gold 6s............ 1934 M- N
1st A refunding gold 4s__ 1949 M- 8
Ref A ext 50-yr 5s Ser A ..1962 O - F
Dea M A Ft D 1st gu 4s. 1935 J - J
Iowa Central 1st gold 6 s ..1938 J -D
Refunding gold 4s........ 1951 M- 8
M St PASS M con g4s Int gu. 1938 J - J
1st Chic Term a f 4 s.. .1941 M- N
J - J
Mississippi Central 1st 5 a ... 1949 J - J
Missouri Kansas A Texas—
lat gold 4s........................ 1990 J -D
2d gold 4s_____________ 01990 F - A
1st ext gold 5a................ 1944 M- N
1st A refunding 4s_____ 2004 M- S
Gen sinking fund 4 Ms. ..1936 J - J
St Louis Dlv 1st ref g 4S..2001 A -O
Dali A Waco 1st gu g 5s 1940 M- N
Kan City A Pao 1st g 4 s ..1990 F - A
Mo K A E 1st gu g 5s___ 1942 A - O
M K A Okla 1st guar 5 s.. 1942 M -N
M K A T of T 1st gu g 5S.1942 M- S
S h e rS h A S o ls tg u g S s .. 1942 J - O
Texas A Okla 1st gu g 5s. . 1943 M- S
Missouri Paclflo (reorg Co)
1st A refunding 5 a ...........1905
1st A refunding 5s
1923
1st A refunding 6s .......... 1926
General 4 s _________ . ___
Missouri Pao 1st cons g 6s 1920 M -N
40-year gold loan 4*
1945 M- 8
.1959 M- S
1st A ref conv 5s____
3d 7s extended at 4% ._ 1938 M-N
Boonv St L A S 1st 5s gu 1951 F - A
Cent Br U P 1st g 4s. ” 1948 J -D
P a cR o f Mo 1st ext g 4s. 1938 F - A
2d extended gold 6s
1938 J - J
St X, Ir M A S gen con g 58.1931 A -O
A-O
Unified A ref gold 4 s.. 1929 J - J
Registered____
1929 J - J
Rlv A G Dlv 1st g 4 s ... 1933 M -N
Verdi V I A W 1st g 5s
1926 M- 8
J -D
1st ext gold 6s.................*1927 Q - J
General gold 4s________ 1938 M - S
Montgomery Dlv 1st g 5a 1947 F - A
St Louis Dlv 5s____ 1 . 1927 J - D
J - J
Nashv Chatt A St L 1st 5a. 1928 A - O
Jasper Branch 1st g 6s. 1923 J - J
Nat Rys of Mex pr lien 4X8 1957 J - J
A-O
Nat of Mex prior lien 4 Ms” 1926 J - J
1st consol 4s.......... . 1 . . 1951 A -O
N O Mob A Chlo 1st ref 5s 1060 J - J
New Orleans Term 1st 4s. 1953 J - J
N O Tex A Mexico 1st 6s. 1925 J -D
Non-cum Income 5s A .. 1935 A -O
New York Central RR—
Conv deb 6s____________ 1935 M-N
Consol 4a Series A _____ 1998 F - A
Ref A Imp 4Ma ’ ’A” ____ 2013 A -O
Nsw York Cent A Hud Rlv—
Guar 3 X a ........................ 1997 J - J
Registered ....................1997 J - J
Debenture gold 4s
1934 M -N
M -N
Lake Shore coll g 3 Ms___ 1998 F - A
Registered___ __ . . 1998 F - A
Mich Cent coll gold 3M s.-1998 F - A
F -A
J -D
J- J
Registered_____ T.___ 1930 J - J
J- J
J- J
Beech Cr Ext 1st g 3M*-»1951 A - O
Cart A Ad 1st gu g 4 i "__ 1981 J -D
J -D
M- S
F -A
M -N
N Y A Northern 1st ■ 6s. 1923 A -O

76% 70%

82

85

101

101

93% 95

66% 69
49% 57%
75%
42
42%
48%
90

75%
48%
49
56
93

103

103

85
74

85
75

02

62

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

92% 94*8
92% 93%
86% 89

93*4 94
81% 81%

78
83
75% 78
67'% 75
05

74

95

78

79

83

74
72

70%
72

71

71

02
03

62
03

98

98

85% 91
80

80

90

90

53

01%

7334 77
75
78
78
90*8
94

94*4

90*8 90%

Due Jan. 9Duo Feb.

11
I I

g

909

Price
Friday
March 1.
Bid

Week’s
Range or
Last Sale

Bonds
Sold

Interest
Period

BONDS
N . Y . STOCK EXCHANGE
Week ending March 1.

Bonds
Sold

New York Bond Record— Continued— Page 2

M ai*. 2 1918.]

Range
Since
Jan. 1.

Ask Low
High No. Low High
1013S Deo ’ 17
113 M a r’ 17
96% 101 100% Feb ’ IS __ 160% 101
105 Oot ’ 13
81%
87 Apr ’ 17

102
100

112
100

91% 98
77%
85%
98
78
97
73'% 78
72
87
84% 104%
93%
86% 90
108 110
94 100*4
85% 86
102*4
99%
86%
102%
9212
71
100
5712
77%
95%
100%
71
93
77
67%
87%
82
100%
97%
85%
57%

95
112
83
59i80

94% Jan ’ 18
94%
94% June’ 16
85% Feb ’ 17
90 July’ 17
99% Oct '06
89 M ay’ 17
97 Jan ’ 18
97
73 Feb ’ 18 ___
72
79% Jan ’ 18 ___
79%
95 Jan ’ l l
103% Apr ’ 17
96% Aug ’ 17
100 Aug ’ 16
87% Jan ’ 18
87%
109 Feb V 8 ___ 109
9334 Jan f18 __ 93*4
2 85%
85*4
86
96fy Jan ’ 17
99 Jan ’ 18
99
103% July’ 17
98 Sept’ 17
106 A u g’ 17
104% Feb ’ 17
90% Apr ’ 12
100% Jan ’ 18
100%
59% Nov’ 17
2 77
77%
77*2
108*4 Jan ’ 17
105% Aug ’ 17
74 Oct ’ 17
93 Jan ’ 18
91*4

78%
95
92'2
81*8 81*8 May’ 17
95 Feb 05
97% 96*4 Jan *18
97% M ay’ 16
108% 102% Feb ’ 18
100
99 Oct ’ 17
102% 93% Jan ’ IS
79
Apr’ 17
77
75

60%
34
28
40
28

93

93% 93%

104

10 41
1 43

44
46

62
Sale
4134
49
31
40

83%
Sale
90
Sale
99%

60%
61
33*4
34
32*8 N ov’ 17
45% Dec ’ 17
32 Jan ’ 18
40 N ov’ 16
69% Apr ’ 17
58 Jan ’ 18
40% N ov’ 17
55% Deo ’ 17
52
55
51 Deo ’ 16
40 Jan ’ 18

1 75*4 80%
4 415S 46%
10 83% 86%

22
15

8

60% 62%
33*4 35
27

34

58

58

49

56%

40

40

1 83% 86
83%
83%
11 90% 92
90*4
92
90 Feb ’ 18 __ 89% 90
57%
58% 185 5518
11 98% 99%
99%
99%
60 July’ 17

93 Salo 93
73 % 73% 73*4

79

79

96*4 96*i

3

79

8

90% 95

10

72% 75

3

69

104*4 Aug ’ 17
109 Feb ’ 16
68 July ’ 17
93 July’ 17
90 Aug ’ 17
77 Deo ’ 17
98 Jan ’ 18
98
110% M a r’ 17
30 May’ 17
35 A ug’ 16
26
96% Feb ’ 13
35
30 Oct ’ 16
59 Deo ’ 16
60% 62% 62*4 Feb ’ 18 __ 60
9378 Salo 93%
5 92
94%
120 40
4612 Salo 40
48

87%

100%

102% 102%

101% 103
105
65
80
85%
71% 85
97 103%
97% 102%
30

64

•

1 101

82 Apr ’ 17
100 Feb ’ 13
60
97% Deo ’ 13
79% 85
80
80
92%
100*4 Apr ’ 17
05
95 Salo 94%
102 July’ 14
74%
73% 74% 74%
80% Oot ’ 17
72% 70
70
70

71

99

76
Salo
43

60
83

83

88

109*4
93*4
88%

108

70
37
58% 90
60
51
60
44
____
90*i
86
57%
97

97
75
79%

Mar’ 10
N ov’ 10

104
101
1033s Oct ’ 16
74 N ov’ 17
43
43%
43
43
60 Feb ’ 15
76% 8414 80%
80%
44
44%
4412 44
83% 80
83%
86
92 Jan ’ 17
88
85% N ov’ 17
94
95 Deo ’ 16

65
43

94%

____

84%

71

101

63
94%
4S

93% 130 92% 94%
74
10 73
74*4
1 80
84%
84%

73% 72%
72%
73% 74 Sept T 7
78%
77% 7734
92 Deo ’ 16
65
65%
65%
65% 67*4 Sept’ 17
62%
63*4 62%
75 M ar’ 17
96% Apr ’ 17
95*4 N ov’ 16
104 May’ 16

69

89

70*i
65%
63

94 M ar’ 10
89% Feb ’ 18
80 May’ 17

Due June. •Due July. •Due Oct. 1Option sate.

80

Nov’ 16

10

71

10

77*4 79

74%

3

61

i

62% 63%

65*s

910
SONOt
N . Y . STOCK EXCHANGE
Week outllng March 1.
N Y Cent A H R R K (Co*.)—
N Y A Pu let cone gu g 4a 1993
Pine Creek reg guar 68____1932
B W A O con lat ext 5a. .A1922
R W A O T R l s t gusSs.,.1918
Rutland 1st con g 4J4a__ 1941
Og A L Cham lat gu 4s gl948
Rut-Canada Iatgug4a.l949
St Lawr A Adlr lat g 6a__ 1996
2d gold 6a....................... 1996
Utica A Blk Rlv gu g 4S-.1922
Lake Shore gold 3><a____ 1997
Reglatered___________ 1997
Debenture gold 4a____ 1928
25-rear gold 4a________ 1931
Registered_________ 1931
Ka A A Q R lat gu c 5a...1938
Mahon C l RR lat 5a___ 1934
Pitts A L Erie 2d g 5a__ «1928
Pitta MoK A Y 1st gu 6 a ..1932
2d guaranteed 6a ........ .1934
MoKces A B V lat g 6a. 1918
Michigan Central 5a____ 1931
Registered___________ 1931
4s.................................... 1910
Registered___________ 1940
J L A S lat gold 3>i8.. .1951
1st gold 3H e .................. 1052
20-year debenture 4a.. . 1929
N Y Ohio A St L 1st B 4s.. 1937
Registered_________ 1937
Debenture 4a_______ 1931
West Shore lat 4a g u a r ...2361
Registered___________ 2361
N Y C Llnea eq tr 5a..1916-22
Equip trust 4 X, s .. 1917-1925
N Y Connect lat gu 4He A..1953
N Y N H A Hartford—
ETon-conv debeu 4a_____ 1947
Non-oonv deben 3>is___ 1947
Non-conv deben 3 Ha___ 1954
Non-conv doben 4a_____ 1955
Hon-conv deben 4a_____ 1950
Oonv debenture 3J4e____ 1950
Cony debenture 6s_______ 1949
Cons Ry non-conv 4s____1930
Noa-co.uv deben 4s____195-1
Non-oonv deben 4a____1955
Non-conv deben 4a____1955
Non-eonv deben 4a____ 1950
Harlem R-Pt Ches lat la. 1954
B A N Y Air Line 1st 4a..1955
Cent New Eng 1st gu 41..1961
Hartford St Ry 1st 4s___ 1930
Houaatonlo R cons g 5a ... 1937
Naugatuck RR 1st 4a___ 1954
N Y Prov A Boston 4a__ 1912
N YW’ohesAB 1st aer I 4,%a ’ 40
N H A Derby cons cy 5 s.. 1918
Boston Terminal 1st 4a__ 1939
Now England cons 6s___ 1945
Consol 4s____________ 1945
Providence Secur deb 4s. .1957
Prov A 8 prlngfleld 1st 5s. 1922
Providence Term lat 4s__ 1956
W A Con East 1st 4 H a ... 1913
N Y O A W ref 1st g 4s___ 01997
Registered $5,000 on ly ..01992
Genera! 4a______________ 1955
Worfolk Sou 1st A ref A 5a.. 1961
Norf A Sou 1st gold 6a______1941
Norf A Weat gen gold 6a___ 1931
Improvement A ext g 6a. .1934
New River lat gold 6s___ 1932
N A W Ry lat cons g 4 a ..1996
Reglatered___________ 1996
Dlv’l lat Hen A gen g 4a. 1944
10-25-year conv 4a_____ 1932
10-20-year conv 4a_____ 1932
10-25-year conv 444s___1938
Pocah C A O Joint 4a___1941
O C A T 1st guar gold 5a. .1922
Solo V A N E 1st gu g 4a..1980
Nor Pacific prior llan g 4 s .. . 1907
Registered___________ 1997
General lien gold 3a____ «2047
Reglatered__________ 02047
St Paul-Duiuth Dlv g 49. . 1996
at P A N P gen gold 6a. . . 1923
Registered certificates. .1923
St Paul A Duluth 1st 5 a ..1931
1st consol gold 4a_____ 1908
Wash Cent lat gold 4a___ 1948
Nor Pao Torm Co lat g 0a.. 1933
Oregon-Wash lat A ref 4 a ... 1961
Paclflo Coast Co lat g 5s___ 1916
Paducah A Ilia 1st s f 4 44s..1955
Pennsylvania UR lat g 4a.. 1923
Consol gold 5s__________ 1919
Consol gold 4a__________ 1943
Consol gold 4a__________ 1948
Consol 4443____________ 1960
General 444a....................1965
AHeg Val gen guar g 4a__ 1942
D R R R A B ’gelstgu4sg ..1936
Phtla Balt A W lat g 4a.. 1943
Sodua Bay A Sou 1st g 53.1924
Sunbury A Lewis 1st g 4a. 1936
U N J RR A Can gen 4a__ 1944
Pennsylvania Co
Guar 1st gold 444s______ 1921
Registered___________ 1921
Guar 34$scoll trust reg A . 1937
Guar 344a coll trust aer B.1941
Guar 344s trust otfa C __ 1942
Guar 344s trust otfs D __ 1944
Guar 15-25-year gold 4 s.. 1931
40-year guar 4s ctfs Ser E . 1952
Cln Leb A Nor gu 4s g __ 1942
Cl A Mar 1st gu g 444s.-.1935
Cl A P gen gu 444s aer A . 1942
Series B.........................1942
Int reduced to 3 44 s..1942
Series C 344s................. 1948
Series D 344s................. 1950
Erie A Pitts gu g 344s B .. 1940
Series C_____________ 1940
Gr R A I ex 1st gu g 4 44s. 1941
Ohio Connect 1st gu 4s__ 1943
Pitts Y A Ash 1st cons 53.1927
Tol W V A O gu 444a A . .1931
Sorlea B 444s_________ 1933
Series C 4s___________ 1942
P C C A St L gu 444s A ..1940
Series B guar_________ 1942
Series C guar_________ 1942
Series D 4a guar______1945
Series E 3 44a guar gold . 1949
Series F guar 4a gold__ 1953

New York Bond Record— Continued— Page 3
Price
Friday
March 1.

Wes*’1
Ranae or
Last Sale

High
Bid
Ask Loto
7 2 % ------ 7334 Jan ’ 18
1003-1____ 113 May’ 15
98%
98
99U 93U
9512------ 98i2 N ov' 17
67% ------ 80is Aug T7
70% Apr T7
____ 63
70 Jan T 8
101 N ov ’ 16
103 N ov’ lG
97i2 July’ lG
89>8 97
7312
73U 74% 72
____ 7338 78 July’ 17
85's
85
8518 85is
8 U2
83 Sale 83
83i2 N ov’ 17

Range
Since
Jan. 1.
Low High
7218 7334
93U 98%

70

70

72

7578

84
83

86I2

805s

104% Deo T5
103 M ay’ 17

100'2 ----- 130is Jan ’09
IOOI2 ___ 123U Mar’ 12
88U ------ 9912 Aug T7
85ti 92 105 July’ 16
75 ------ 80 N ov’ 17
87 Feb T4
90 Juno’OS
79% July’ 17
64i2 75
75 Feb ’ 13
70
74
82 Feb T 8
80
82
80 ------ 85 Nov’ 17
61 Jan T 8
62
63
767s
77
77
78
74% 7734 78 Deo T7
IOOI2 Jan ’ 17
9838 July T 7
8G78 Jan T 8
____ 87
50 8ept’ 17
50 Oct ’ 17
____ 55
52t2 Nov’ 17
52
52
50
5734 5012 N ov’ 17
____ 55*2 46 Deo T7
SO
S.3Vi Sale 85>4
50 Oot ’ 17
9 U2 Jan T2
7912 Apr T 6

75
8OI2
80'2 82

01

6312

7678 80

867a 88

52

52

84

86

40

4912

64

68*8

83

85

6S12 - — 77U Aug ’ 17
68 ------ 79% Deo T7
____ 7334 74 Apr T7
10512 May’ 15
4712 “19

87
83

July’ 14
Aug T3

107

Aug *09

4734

473i

68 ------

70 Sept’ 17
57 Apr TO
9978 Deo ’ 13
83% Feb *14

OS's Sale

68%

____
80

60
------

OS's

92t2 June’ 12
79 M ar’ 17
63% Feb T 8
96r>8 Aug T7
10712 Deo T7
122 N ov’ 16
102l2 10Gl2 107 is Oct T7
83U
S4
____ 83
9412 Dec TO
7612
75
76i2 7612
12378 May’ 17
104 110 117U May’ 17
10512 Feb ’ IS
105
85i8 Feb T 8
83*8 93
9714 ------ 103 Sept’ 16
75 ------ 79 N ov’ 17
83
81 Sale 81
83 Oot T7
60
59 Sale 59
61'4 June’ 17
5218 59
71% 89% 91% May’ 17
102
10134------ 102
10312 Sopt’ 17
93 ------ 107 Oot TO
3878 Mar’ 17
6314 68
36% Deo TO
61
76
1071s 109 110's Oct '17
72%
7212 Sale 72
90 Jan T8
___ 88
100's Feb T7
____100
91 ------- 9912 July T7
97U ------ IOU2 July T7
8 5 U ------ 88 Jau '18
8734
S87U Sale 8714
____ 98ti 97U
9714
Oils
9078 Sale 90
8 0% ------ 89>2 Nov’ 17
84%
Sep
T6
75 -----83*8------ 92 Aug T7
102 Jau '93
75
92 Deo T7
84

____ GO
CO 6312
81
92%
1051s-----10212------

Feb T 8
9134 N ov’ 17
87 Feb T7
70 Jan T 8
8 D4 July’ 17
88 3734 Deo T 6
85ls 89 Aug T7
80 Deo T7
8734 88 Oct '17
9012____ 90U M ay’ 17
9234 Deo T7
92i3 ____ 104 Deo T5
96k Feb T2
90'8 Oct '12
805s
8812 Feb T7
80%
88 Apr '17
75
9018 July’ 12
7312
99 Mar'17
84%
93 May’ 14
89
93 May’ 10
94l2
9834 Apr '17
76
92 Deo '17
76
881s Sept’ 17
7314
92 Nov’ 17
91*4
92 Deo '17
91U
99 June’ 17
9U4
88 Feb T 8
861S
89% Oct T7
87
95l2 May’ 17
801s
97
90i2
73
73
73
7212
84
84

9734 98
97

74<8 7612
105*4 105*2
83*4 85's
81

84%

’59’ * ”01*2
102

10278

71
90

75
90

88

88

87*4 90
97
99
89*2 92

BONDS
N . Y. STOCK EXCHANUE
Week ending March 1.

Price
Friday
March 1.

[Vol. 106.
Week's
Range or
Last Sale

is

Range
Since
Jan. 1.

High Ho. Low High
Bid
Ask Low
P C C A St L ICon.)
yi Nov’ 17
86 % 91
Series G 4a guar_______1957 M- N
91>4____ 92% Oct T7
Series I cons gu 4X a __ 1903 F - A
O St L A P lat cona g 5a ..1932 A - O 100 ------ 101% Deo T7
Peoria A Pekin Un lat Bag..1921 Q - F
87 M ar'16
2d gold 4t$a.....................61921 M -N
1 80
82
80%
80%
80*8 81
Pere Marquette lat Ser A 5s 1956 - . —
02% 65
62% 65% 63% Feb T3 ___
lat Series B 4a__________ 1950 . . . . .
42 Feb *17
Philippine Ry lat 30-yr a f 4a 1937 J - J ____ 50
99
Pitta Sh A L E 1st g 5a..........1940 A - O 90 ------ 99 Jan ’ IS . . . . 99
97% Deo T7
1st consol gold 5a........ ...... 1943 J - J
43 83
86
85
84% Sale 84%
Reading Co gen gold 4s____ 1997 J - J
7 5% ------ 88% Oct ’ 17
Registered___________ 1997 J - J
86
83% 84% 80 Jan T 8 . . . . 86
Jersey Central coll g 4a___1951 A - O
Atlantlo City guar 4a g__ 1951 J - J
63
65% 60 Deo *17
St Joa A Or Ial lat g 4s........ 1947 J - J
St Louis A San Fran (reorg Co)—
58% 188 55% 61
Prior Lien ser A 4s_______ 1950 J - J 5712 Sale 57%
74%
71% 37 60
Prior Hen ser B 5a_______ 1950 J' - J 70% Sale 70%
00 60
07%
67
66% Sale 06%
Cum adjust aer A 0s___ 61955 A -O
23
46
51
49
50
49
50
Income series A 0s______61900 Oct
St Loula A San Fran gen 6a.1931 J - J 101 % 110 101% Nov'17
1 95
95
95%
General gold 5a_______ 1931 J - J 92% 94% 95
78 May’ Hi
St L A S F RR cona g 4a.. 1996 J - J
90 May’ 17
Southw Dlv lat g 5 a ... 1947 A - O
8 101 102%
102
K C Ft S A M cona g 6a .. 1928 M-N 100*4 102 101
68% 69
60% 68% Jau ’ 18 —
K C Ft S A M Ry ref g 4a. 1930 A - O 60
88 July’ 17
90
K C A M R A B lat gu 5s. 1929 A - O 81
5 66
63%
66%
St L S W lat g 4a bond otfa.. 1989 M- N GO 66% 60
50% Jan T 8 ___
50% 50%
64
2d g 4s Inoome bond ctfa.j»1989 J - J 51
2 GO 64
60%
60 Sale GO
Consol gold 4s__________ 1932 J -D
2 57% 59%
6S
58
lat torml A unlf 5a............ 1952 J - J ____ 59
98% Jan T4
Gray’a Pt Tor lat gu g 6a. 1917 J - D
00 Feb T 8 . . . . 59% 60%
60
61
8 A A A Pass lat gu g la___ 1943 J - J
100% Feb T7
8 F A N P lat sk fd g 5a____ 1919 J - J
71% ____ 78 Muy’ 17
Seaboard Air Line g 4s____ 1950 A - O
1 70
71%
71%
71% Salo 71%
Gold 4a stamped________1950 A - O
50% 43 49% 55%
50% Salo 49%
Adjustment 5a_________ol949 F - A
56%
53% 31 53
53 SalcS 53
Refunding 4a.................... 1959 A - O
74 Jan T 8 ___ 74
74
Atl Blrm 30-yr 1st g la..«1933 M» S ____ 73
77 Jan '18
77
77
Car Cent 1st con g 4a___ 1949 J - J
97% 99% 99% Juno'17
Fla Cent A Pen lat g 5a__ 1918 J - J
101
Deo
T5
90
____
lat land groxt g 5a____ 1930 J - J
Consol gold 58________ 1943 J - J 9 2 % ____ 103% Doc T 6
Ga A Ala Ry 1st eon 5a..ol945 J - J 91 100% 97 A ug’ 17
Ga Car A No lat gu g 5a .. 1929 J - J 92 ____ 97 8opt’ 17
95 Oct T7
91
90
Soab A Roan lat 5a.......... 1923 J - J
Southern Paclflo Co—
72% 29 72% 76
Gold 4a (Cent Pao c o ll)..*1949 J - D 72% Salo 72%
90 Feb T4
Registered__________ *1949 J - D
77%
78% 88 75% 79
78
Salo
20-year conv 4a________ 01929 M- S
92% 149 86% 92%
91% Salo 91%
20-year conv 5s_________ 1934 J - D
2 78
82
81% 82
81%
81%
Cent Pae lat ref gu g 4s__ 1949 F - A
87% Sopt’ lO
Registered___________ 1949 F - A
12 86% 88
87
87%
Mort guar gold 3Ha ..*1929 J - D 86 % 88
72%
72% 25 71
75
72%
Through St L 1st gu 4a. 1954 A - O 70
G H A S A M A P 1st 58..1931 M -N ____ 100% 100 Oct T7
96% Jail T 8 . . . . 96% 96%
2d exten 5a guar_______ 1931 J - J ____ 97
Gila V O A N lat gu g 5a .. 1924 M -N ____ 95 100% Jan T 6
99% Apr T7
79% 95
H ouse A W T lat g 5 a . ..1933 M -N
1st guar 58 red________ 1933 M -N ____ 95 100 Oot TO . . . . . . . . . . . .
91% 104 103% Aug '17
H A T C lat g 5a Int gu__ 1937 J - J
87 Jan T 8 . . . . 87
87
Gen gold 4a Int guar__ 1921 A - O ____ 99
109% Nov’ 15
Waco A N W dlv 1st g 0a’30 M-N
A A N W 1st gu g 5a____ 1941 J - J ____ 100% 101% Deo '10
96% 105% 100% Oot T7
Louisiana Weat 1st 6a___ 1921 J - J
Morgan’a La A T lat 7a .. 1918 A - O 100 104% 100% Deo T7
lat gold 0a____________ 1920 J - J ____ 105% 105 Jau T0
9 2 % ____ 102% Oct T7
No of Cal guar g 5a______1938 A - O
9 0% ____ 90% Feb T 8 . . . . 93% 96%
Oro A Cal lat guar g 5a__ 1927 J - J
So Pnc of Cal— Gu g 5 a ...1937 M- N 98 ____ 107% Sept’ 10
80 Pao Coaat lat gu 4a g ..l9 3 7 J - J 90 ____ 93% Aug ’ 17
77% 81%
77
79% 78 Feb T 8
San Fran Terml lat 4a__ 1950 A - O
95 Nov’ 10
Tex A N O con gold 5a ...1943 J - J ____ 85
62 78% 82%
82
80% Sale 80%
So Pao RR lat ref 4a____ 1955 J - J
29 90% 93%
93
92% Salo 92
Southern— lat cona g 5a___ 1994 J - J
100% Aug TO
Reglatered___________ 1994 J - J
61%
61% 171 59
61% Salo 00%
Develop A gon 4a Ser A __ 1956 A - O
68%
66 ____ 68 Feb ’ IS ___ 68
Mob A Ohio coll tr g 4a__ 1938 M* *
87 Jan '18 ___ 87
87
91
92
Mem Dlv lstg4J$a-5a__ 1990 J - J
1
67%
63%
68
%
68
%
6
S%
Salo
St Loul3 dlv lat g 4a_____1951 J - J
Ala Con lat g 6a_________ 1018 J - J 95 104 102% Sopt’ 10
Ala Gt Sou 1st cona A 5a.. 1943 J - D 84 ____ 98% Apr T7
90 July’ 17
80
87
Atl A Char A L lat A 43*8 1944 J - i
1 91
94
95
94 Sale 94
lat 30-yr 5a ser B______1914 J - J
83% Jan T7
70%
83
Atl A Danv lat g 4a____ 1948 J - J
81% Mar TO
2d la.............................. 1948 J - J ____ 80
75 Feb T7
Atl A Yad latgguar4a.__1949 A - O
E T Va A Ga Dlv g 5a___ 1930 J - J "96 '99% 90% Doe ’ 17
92% Deo T7
Con lat gold 5a_______ 1956 M- N 97% 100
99 July’ 17
E Ten reo lien g 5a_______ 1938 M- 8
63
51 ____ 63 Jan T 8 . . . . 63
Ga Midland lat 3a_______ 1046 A -O
Ga Pao Ry 1st g 6a______1922 J - J 100% 102 103 Deo T7
Knox A Ohio lat g Qa___ 1925 J - J 100 102% 98% Feb ’ 18 _______ 98% 100
100 Scpt’ 10
Mob A Blr prior Hen g 58.1945 J - J ____ 95
68 Jau ’ IS _______ 08
68
63
68
Mortgage gold 4s______1945 J - J
95 Jan T 8 —
95
95
92% 103
Rich A Dan deb 5a atmpd. 1027 A -O
73 8opt’ 12
Rich A Meek lat gu 4a__ 1948 M- N
97 Deo T7
96% 99
So C arA G a lat g 5a.........1919 M-N
102% Juue'l 1
Virginia Mid aer D 4 -5a ... 1921 M- 8
93 ____ 103% Aug TO . . . . . . . . —
Serbia E 5s.....................1920 M- 8
Series F 5a.....................1931 M- S 91 ____ 104% Deo TO
94
94% 94 Feb 'IS . . . . 94
94
General5a____________ 1936 M -N
Va A So’ w’n 1st bu 5a. .2003 J - J 95 100 105 M ar’ 17
72% Jan T 8 . . . . 72% 72%
70% 78
latconaSO-year6a .. . 1958 A -O
78% ------ 93% Mar’ 17
W O A W lat oy gu 4a___ 1924 F - A
95% Mar’ 17 . . . . . . . . . . . .
Spokane Internat lat k 5a__ 1955 J - J ____ 95
Ter A of St L 1st g 4.4s____1939 A -O ____ 99% 93% Sept’ 17
6 95
95
95
95
90
95
lat con gold 5a_____ 1894-1944 F - A
82 Jan T 8
82
82%
Gen refund a f g 4a_______ 1953 J - J
95%
JulyT7
____
101
%
St L M Bridge Ter gu g 5a 1930 A -O
_
_
_
_
_
_
84 Fob T 8
83
86
85
95
Tex A Pao 1st gold 5a_____ 2000 J -D
46% Feb T 8 —
40% 46%
40
70
2d gold Ino 5a__________ j 2000 M a r
89 Apr T7
La Dlv B L lat g 5a.......... 1931 J - J ____ 93
106% Nov’04
W Min W A N W lat gu 531930 F - A
93
91*4 94% 93 Jan '18 . . . . 90
Tol A O C lat gu 5a________ 1935 J - J
____ 96% 100 .fan '17
Western Dlv lat g 6a____ 1935 A -O
90 Feb T7
General gold 5a_________ 1935 J -D
70 N ov’ 17
65% 75
Kan A M lat gu g 4a........ 1990 A - O
91% Deo T7
2d 20-year 5s_________ 1927 J - J ____ 93
52 Aug T7
35
50
Tol P A W lat gold 4s.......... 1917 J - J
1 80
80
80
80
Tol St L A W pr Hon g 3 4 s . 1925 J - J ____ 80
52
53
50
50% 63 F e b ’ IS —
50-year gold 4s...................1050 A - O
18%
Mar
’00
Coll tr 4s g Ser A............... 1917 F - A
80 Anr T7
Tor Ham A Buff lat g 4 a ..*1946 J - D ____ 87"
90 N ov’ 17
Ulster A Del let con g 5fl__ 1928 J - D ____ 95
1st refund g 4s__________ 1952 A -O ____ 70% 58 8opt’ t7
87% 30 86% 89
87% 87% 86%
Union Paclflo 1st g 4s______1947 J - J
2 80
86
86
85
86% 86
Registered.....................1947 J - J
13 84
87
87%
20-year conv 4s_________ 1027 J - J 87 Salo 80%
11 75% 81%
81%
lat A ref 4s____________ 02008 M- H 8 1 Salo 81
82% Feb ’ 18 ______ 80
7.)% 81
82%
Ore RR A Nav con g 4s. . 1946 J - D
1 101% 104
100% 101% 101% 101%
Ore Short Line lat g 6e__ 1922 F - A
95%
95%
1 95
97%
lat consol g 5e________ 1910 J - J 95% 100
84 Salo 84
85
10 82% 85
Guar refund 4a_______ 1929 J -D
98 Deo T7
UtahANorgold 6S ....1926 J - J 80% 98
89
89
Feb
T
8
____
89
89
1st extended 4e____ 1933 J - J
80
80
8 0% ------ 80 Jan 'l l
Vandallacona g 4a Ser A ....1 9 5 5 F - A
80
92
81% Juno’ 17
Consols 4 Series B ______1957 M- N

* NoprloeFriday; latest bidan asked, a DueJan. 6DueFeb. 0May. 0DueJune. 6DuoJuly. *DueAug. 0DueOot. V DuoNov. (Due Deo. aOptionsale.



BONDS
N . T . STOCK EXCHANGE
Weok ending March 1.

Price
Friday
March 1.

Week'*
Range or
Last Sale

fs
P

Ask\Low
High No. Low High
35 Sopt’ 17
5 90
90%
93
90i* Sale 90
94
94% 11 93
95
95%
94
8534
8534
1 85
86%
8534 86

Bid
Vera Cru« A P let gu 4 Ha. .1931
Virginian 1st 5a Series A ------ 1902
Wabaah 1st gold fia-------------1939
2d gold fia.......... ................1939
Debenture Series D--------- 1939
lat Hen equip a fd g 5a----- 1921
1st lien 50-yr g terra 4 a ..-1954
Det A Ch Ext lat g 5a----- 1941
Dea Mol nee Dlv 1st g 4a. _ 1939
Ora Dlv lBt g 3X®............. 1941
Tol A Cb Dlv lat g 4a----- 1941
Wash Torral lat gu 3H a .-.

M -N
M -N
F-A

98% Feb ’ 18 ___
78 May* 17 ___

!W- S 100%
J - J 65

M- S
A- o
J - J
rt —V

Western Pao 1st aer A Ca
Wheeling A L E lat g 5a..

M- S

98% 93%

75 Apr ’ 17
84% Jan ’ 17 ___
76 Dec ’ 17
85 Deo ’ 17
61
2 58
61%
OOi* Sale 60%
99
04% 99 Jan ’ 18 ___ 99
99
70
65
36 Oct ’ 17
80%
81
5 79% 84
81 ’ 82
LOO-% Apr ’ 17
80

995a Mar’ 17
M- S

M -N

Straftt Hallway

Brooklyn Rapid Tran g 5a..

A- O
J - J
J - J

63

03% 60

Feb ’ 18 —

82
82
1
82 Feb ’ 13 ----73 Sept’ 17
78 July’ 17
70 A u g’ 17
85
80%
2
1003s Feb ’ 17
100% Apr ’ 17

80% 83
SO 82
73

Chicago Rya 1st fis.

F-A

83
85

Det United 1st cons g 4Xfl-

J -J

68
OS‘4 70% 68
84 Jau ’ 14
59%
56% Sale 56
19
17 Salo 15%
100 Feb '17
54%
51 Sale 53
85
82% Sale 82%
81)12 Fob *18
75-3.1 81
80%
Feb
’ 18
83
79

F-A
AdJuat Income 5a.............. 1951

8tamped tax-exempt----Metropolitan Street Ry—

A -O
J - J
A- 0
A -O
J -0

Refunding A exten 4XflNow Orl Ry & Lt gen 4 X »- •
J - J

2 A -O

Third Ave 1st ref 4s----Ad] Ino 60__________
Third Ave Ry let g fio.
Undergr of London 4X *—

J - J
) A -O
J ■J
A -O
»J - J
(j M -N

7 A -O
4J - i
Gaa and Electric Light
5 M -N
7J - J

0 Q- F
1 \ f-M
3 J - ■>
lat A ref 5s aer A____
Eq Q L N Y 1st cons g t

6 M- f2 M- S

Hudaon Co Gaa 1st g fia..
Purchase money 0a_.
Lao Gaa L of St L 1st s fia..

5 <j- f

W Y G E L H A P g fia ..

8 J -D

<) F - A

87

88

75
71

0J - j
4F-A
Westchester Ltg gold fi*_.

o J -n

83

95 Jan ’ 17
100 ju ly ’ 17
98% Jan *18
78%
78%
99 Sept'o:
90% 96 Sopt'17
98 100 Apr ’ 17
89 M a r’ 17
89
94 July’ 17
92% 99% Nov'lG
81% 82 Jan *18
93 Deo ’ ll
91
97% May’ ll
90
84 July'17
983s Oot 'll
98
92%
101% N ov’ lO
93% 97% Jan '18
83% 84 Fcl> ’ 18
101 June’ 11
95% 96 A u g ’ ll
93 105 M ar’ 17

83%
69
97%

87%
85%

72

48% 61
1434 1934

58
140

53
8012
79
78

—

103 Sepf 15
94
1
94
95% 01
54 Juno’ i:i
02
97% 8opt'17
85
78
2
78 Salo 78
97 Feb ’ 15
101
76
1001* Sale 100%
92 100% 0312 Fob '18 —
95
6
95 '•ale 94%
101% Oct '16
95 Feb ’ 18 ___
90
95
92% Feb ’ 18 ___
100
100% 94 Feb ’ 18 ____
100 Feb ’ ll]
92% Nov’ 17
88
90% Deo ’ 17
90
83% 907s Deo 'If
90 Deo ’ 17
85%
100 105 June’ 11
110 June’ 17
70 N ov’ 17
74
98% 9734 Feb ’ 18 ___
98
92%
90 June’ 17
8758 88
101% Apr ’ 17
88%
88%
1
88% 91
70%
2
70% 71% 70%
105% June’ li
96% Aug '17
84 101
Feb ’ 18
8034

72%
76%

81% 86 %

2 68

Feb ’ 18 ___
M ay'17
Sept'17
Mur’ 14
10013 June'17
93 N ov’ 16
9834 Aug ’ 17
87% 97% July’ 17
79 A u g '17
86
99 M ay'17
50%
52% 50%
1
49
18%
8
18 Salo 18
71% 75% 7733 Aug *17
88% N ov’ 10
72% July’ 17
08
90% Feb ’ 17
95 July’ 17
100
102% Mar’ 17
55
55
58
5
55
28
35% 24
28% 32
95 Jan ’ 18
92% 104
92%
92%
1
935s
80 Feb ’ 18 ___
60 Jan '18 ___
62
58
84 Oct ’OJi
57% 58 Feb ’ 18 ___
58 Oct *17
60
69% 50 Juno’ 17
25 Feb ’ IS ___
38
77% 80% 80 Jau '18 —

92
80

82
81

io

5

57%
85
80%
82

76% 85

49
51
1734 21%

53
28
95
92
80
60

56
38%
95
96
80

53

60

25
80

25
80%

94

9534

00

75% 78

100

BONDS
N . Y . STOCK EXCHANGE
Weok ending March 1.

102

92% 92%
94% 95%

92
95
92% 92%
94
94

Price
Friday
March 1.

11
Sc

Bid
Miscellaneous

if- S
Alaska Gold M dob Os A------1925 VI- s
Conv deb 6s acrlea B -------1926 W- S
D
\ -o
Braden Cop M coll tr a f 6a. 1931 F - A
A -O
1- J
A -O
M-N
Ohle Unatat'n lat g u 4 « s A 19113 1 - J
Chile Copper 10-yr conv 7a. 1923 M-N
A- O
A- 0
- J
Computing-Tab-Rec a f 6a. .1941
M-N
M-N
M- N
Int Mercan Marine a f 6s_ ..1941 A -O
Montana Power 1st 5a A — 1943 1 - J
- J
Morris A Co lat a f 4 X s___ 1939

60

171
272

85
76% 85
82% 95
80
80
30

Pacific G A El C o—Cal G A E
91% 92%
Corp unifying A ref fis__ 193 7 M-N
Pacific G A E gen A rot 5s. _ 194 3 J - J 80 Salo
Pao Pow A Lt 1st A ref 20-yr
*
90*
fis International Series__ 103
881? 100
Pat A PaaHalo G A El fia___ 194
3 A - 0 101 ____
7 M- S 78% Sale

2 M- N

60

85 May’ 17
72%
3 72
72 " 74% 72%
76 Feb ’ 18 —
72
75U 76
83%
1 79%
8312 Sale 83%
69
69
2 65
GO
9534 18 9434
94% Sale 91%
94 Oct ’ 17

F-A
F-A
F -A

Stamped guar 4-5a____
Klnga County E 1st g 4a_
Stamped guar 4?_____

911

New York Bond Record— Concluded— Page 4

2 1918.]

1'

ar.

Interest
Period

M

87% 88%
69
73

90% 9212
79% 8034

98% 98%
781* 81

82

84

97% 97%
80% 84

Ask Low

____ 64
19 Sale
17% 19
85% 86
SS
90%
92% 92%
78% 83
76
85
75 ____
106 Sale
86% 86%
106% Sale
77
78
75% ____
79
82
____ 97
91% 96
92% 95
92% Sale
89 Sale
____ 89%

97
97%
M - N ____
86%
Nor Statea Power 25-yr 5s A 1941 A -O
Ontario Power N F lat 5a__ 1943 F - A 85%
Pub Serv Corp N J gen 5a. .1959 A - O
Tennessee Cop lat conv 6s. .1925 M- N
J - J
Wilson A Co 1st 25-yr a f 6a. 1941 A - O

79%
93
88
95%

99%
100
85
87%
87%

Range
Since
Jan. 1.

S

18%
19
84
90
89%
82
80
74
103
86%
102%
73

26%
26
87%
90
93 ,
83
84%
79
107%
90
107%
S0%

4 78%
___ 91
. . . . 91
1 93
1S1 90%
15 86%

79
97
95%
94
95
92

13
5
26
___
___
___
93
1
19
94

73 Deo ’ 17
96% Nov’ 17
89*2 Oct *17
86%
86%
86 Feb ’ 13

Sale 78%
79%
93
Sale 92
91 103% Jan *11
96%
Sale 95%

1 86
S6
9
11

98
99 100
100%
6
A -O
95%
13
F - A 95 Sale 95
S2
85
82 Feb ’ 18 ___
M-N
4
100
M- S 100 101 100
88 Sale 88
89
641
J - J 97% 98% 97% Feb *18
117 ____ 119 Deo ’ 17
6:
74%
71
78% 74%
Gold 4a......................... ...1951 F - A
8:
86
86%
Am Writ Paper 1st a f 5a___ 1919 J - J 86% 87
Baldw Loco WorkH lat 5 a ... 1940 M -N 100 105% 100 Feb *18 ___ I
SO 85 Aug ’ 17 — -1
Cent Foundry lat a f 6a._.1931 F - A 75
9
97
96% Sale 95%
Cent Leather 20-year g 53..1925 A -O
81 Mar’ 17
F - A ____ 81
95% 99
9712 Feb ’ 18
Corn Prod Ref a f g fis_____ 1931 M -N
97% 98% 97% Feb ’ 18
M-N
99% 100% 100 Feb '1
Cuban-Am Sugar coll tr Os. .1918 A -O
79% Salo 79%
80% 26
Distil See Cor conv lat g 5b. 1927 A -O
____ 100
104 May’ 17
75 ____ 851* Mar '16
General Baking 1st 25-yr 68.1936 J -D
71
10
Gen Electric deb g 3 X s ___ 1942 V - A 71 Sale 71
97% Feb ’ 18 ____
Debenture fia.............. ...1 95 2 M- 9 98% 102
J - .5 ____ 99
100 Oct ’ 13
73%
73% 75% 73%
1
Int Agrlcul Corp lat 20-yr 5a 1932 M -N
99% Jan ’ 18 ____
Int Paper Co lat con g 6a__ 1918 F - A
Consol conv a f g fia_____ 1935 J - J 97% 99"% 99 Jan *18
115% 10
Liggett A Myora Tobac 7s. _ 1944 A -O 115 Sale 115
5
96
fia.......... .............................1951 F - A 95 Sale 93%
Txirlllard Co (P) 7n............ .1944 A -O 112% 116% 115 F e b 'IS
2
90%
fia............................... ....... 1951 F - A 89% 91% 90%
104 Dec ’ 17
106 109
94
98
92U
1
Nat Starch 20-yr deb 5a___ 1930 J - J 91% ____ 92U
94% 95
93 Feb ’ 18
National Tube let 5a_______1952 M-N
N Y Air Brake lat conv 6a.. 1928 M -N ____ 99% 99* Feb '18
Railway Steel Spring—
101% ]}eo -17
J - J
90 ____ 96%
96%
5
Interocean P lat a f 5a___ 1931 A -O
Slnolalr OH A Refining—
90% 92
90%
91% 70
lat a f 7a 1920 warr’nti attch
86% Salo 88%
87% 41
do without warrants attach
90
93% 90
90
1
Standard Milling 1st 5a........ 1930 M-N
99% 43
The Texas Co conv deb 6s.. 1931 J - J 98% 99% 98%
J - j ____ 89
82% Aug ’ 17
J - J ____ 85
8812 M ay'17
49
3
U S Realty A I conv deb g 5a 1924 J - J 47 Sale 47
100
11
U 8 Rubber 10-yr col tr 6a.. 19IS J - D 100 Sale 100
79
203
lat A ref 5a aeries A ..........1947 J - J 78% Sale 77 %
14
97
U 8 Smelt Ref A M conv 03.1926 F - A 97 Sale 96%
96% 98%
9
96%
V-Car Chem 1st 15-yr 6 s ... 1923 J - D 95
95% 97
90%
97
14
A -O
97
18
West Electric 1st 5a Deo___ 1922 J - J 96% Sale 9G%

82% -----74% 76
83% 90

A - O ____ 93%
84 Sale
A -C
96
96%
M-N
96 Sale
A -O
M- S 88% 90
85 Sale
M -S
.1 - J S4% ____
97% Sale
A -O
82
J - J 80
Tcnn Coal I A RR gen 5 s . .1951 J - J 95% 99
99% Salo
U 8 Steel Corp— \coup_-_dl903 M-M
M-B
J - J ____ 75
Va Iron CoalACoke 1st g 53.1949 M- S 83% 86

Or RIv Coal A C lat g 6a.. .51919
111 Steel deb 4
__________ 1Q4(
Indiana Stool 1st fia.......... __1952
Lackaw Steel let g fia_____ 1923
lat cona fi8 Series A_____ 1950
Midvale Steel A O conv a f 5sl93(
Pocab Con Collier Int a ( 5*. 1951
Ropub I A S 10-30-yr 58 a f.l94(

Telegraph & Telephone
Am Telep A Tol coll tr 4 s ... 192t
Convertible 4a.................. 193(
20-yr convertible 4 Xa___ 1931
30-yr temp coll tr 58____ 194f
Cent DIat Tol 1st 30-yr 5 a ..194?

J - J 82% Sale
M- S ____ 98
92
M- 8 91
J -D
93% Sale
J -D
99 100%
Q - J 68% ____
Registered_____________ 2397 Q - J 6 8 % ____
C u m b T A T 1st A gen 6 s ... 1937 J ~ J 91% Sale
J - J ____ 97
99% 100
Metropol Tel A Tel 1st a f 5s 1918 M -N
Mich State Toleph 1st fia__ 192^ F - A 87% 93
97 ____
N Y A N J Telephone fia g . . 192( we-N
87% 8S%
N Y Telep 1st A gen s f 4X8-1939 M -N
Pao Tel A Tel lat fia............ 1931 J - J 91% 93%
91% 92
South Bell Tel A T 1st a f fis 1941 J - ;
93 Sale
West Union coll tr our fia...l93{ J - ;
Fd and real eat g 4 X 0----- 195( M-K ____ 873?
M-3S ____ 101%
Northwest Tel gu 4 X « 8--1934 J - J

87%
8G

73% 79%
93
88

16 93% 96%

Manufacturing & Industrial
Am Ag Chem lat o fia______1928
Conv deben fia__________1924
Am Cot OH debenture 5 a ...1931
Am Hide A L lat af g Oa___ 1919
Am 3m A R lat 30-yr 5a sorA d'47
Am Thread lat coll tr 4a___ 1919

Coni Iron A Steel
Beth Steel lat ext a f 5a____ 1926 J - J ____ 95%
90% 93%
lat A ref fia guar A_______1942 M -N
20-year p m A Imp a t Os. 1930 J - J 80 Sale
J -D ____ 96
Debenture 5«__________al926 M- S ____ 91%

High

High No. Low

6412 Deo '17
18%
21
20
20
85l2
86
90 Feb ’ 18
91% Feb ’ 18
82 Feb '18
80 Feb ’ 18
74 Feb ’ 18
106
106%
86%
86%
106
106%
77%
79
87 Oct ’ 17
79
79
91 Jan ’ 18
95% Feb ’ 18
93
93
92%
93%
89
91%
90 July’ 17
83 Apr ’ 14

J - J

Col F A I Co gen a 15a_____ 1943 F - A
Col Indue lat A coll fia g u .. . 1934 F - A
Cona Coal of Md lst.Arcf fia . 1950 J - D
J- E

97% 98%
94%

Week’s
Range or
Last Sale

921*
91
82
98%
86%
96%

100%
95%
82
100
89%
97%

74_% 74%
79
87
99% 100%
94"% 97%
97%
95
99%
75

97%
98
100%
82%

71
71
94% 97%
68%
99%
98
114
86
111
85

73%
99%
99
117
95
115
93

91% 92%
94ij>
93
99 100
96% 96%
86
84%
88
96%

93%
88%
90
101%

47
100
76%
94
90
94%
95

49
100%
79%
98
97%
97%
98

93% Feb 'i s . . . .
89
89%
3
80
80
17
95 J u ly'17
85 Jan *18 ___
101 Dec* 14
83
83
2
75%
76
3
83 Jan ’ 18 ___
98% Sept’ 17
98fe A ug’ 17
91 Feb '18
84
85% 24
96%
97
11
95
96%
9
89
89
1
84%
85
21
S5% Feb ’ IS
97%
98%
14

96
87
80

99
90
81%

85

85

4
95%
95%
99
99% 138
99%
99%
1
80 Deo *16
85 Feb ’ 18 . . . .

95
98
98

97%
100
99%

83

85%

42
81%
83
2
85%
85%
90%
91
2
93%
94% 87
99% Feb ’ 18 ___
73 Nov’ 17
68% Jan *18
91%
92
12
OS Apr ’ If
99% Feb ’ 18
86% Jan *1?
97 Jan ’ if
87%
87%
5
92%
92%
2
91%
91%
i
4
93
93%
87 Jan 'IS

301?
HI*
80
90
98%

83%
85%
91%
95%
99%

94

83
83
73% 76
S3
83
94
81
95
94%
88
80%
85%
93

94
85%
97
96%
90%
85%
85%
98%

68% 68%
90
93%
99%
86%
97
85%
90%
90%
90
87

99%
8634
97
87»4
92%
92
93%
88

Noy’ 16

•NoprloeFriday; latestbidnu-1asked. oDueJan. dDuoApril. i DoeMay. ^DueJuno. hDuoJuIy. fcDuoAug. cDueOot. pDuoNov. 4DueDeo. oOptloneale.




912

BOSTON STOCK EXCHANGE—Stock Record SeeBS.TPag.
SHARE PRICES—NOT PER CENTUM PRICES.

Saturday
t ’eo. 23

Monday
Feb. 25

129
128
40i2 41
90
*88
25
*23*2
170 *___
* ii 2 —
*U 2
*10 —
*1012

*127
39l2
90
*23*2

*148
*84
*105
60
*113*4
*81
83
*212

150i2 *143
85
*84
____ *105
60
60
—
* 11312
83*2 81
83
82
3
*212
12
*11
1 U2
*28*2 29
27
*92

*20

....
37
*48

94
25
—
37
50

*92
20*4
*80
37
*48

128
43
90
25
170
3
—

Tuesday
Feb. 26
128
43
83
*24
* _
* 1*2

34
*11
128
49
129
43
*25^2
95
* iio u
6*8

69

*60

69

6

6

80
42

6

*75
4013
—
9
1
*.85
60
59*4
84
*813l
*22
24
23
5*2 5*2
5*2
1*2 * 1*8
* 1 'S
*0
6*2 *6
♦23.1 3*8
23,
*5
6i.i *5

*6

* ik i

*2

63

*10
*2
*13
*17
*75

8*2
*1

*42
60
19*4
*75
*24
54

*1

*5
*16
* 1%
*.14
*4l.i

*65

35
35
35
33
12*2 * 11*2 13
*11U
129
128 12812 128
49
48*2 49
*48l2
130
128 12912 127
43>i 43
43l2 43
26
251.1 26
*25l2
96*s 947S 96ls 95*4
110*4 11012 110t2 *110
6*8
7
7>4
7

13S
* n 3
*1U 13*
*80
81
80
80
2
2*8 2*8
2 's
*.20 .40 *.25 .40
*52
54
*52
53
15
15
*15
1512
46
*45
40
1334 13
13l2
.33 .33
.35 .35
*10
20*2 *19
2012
70
*69
6884 693,
450 *445 450
14*4 14
141.1
44
4334
*43
40
453.1
45
2 X, *2
21.,
5U 5*4
5*t
5t.i
*10
101.1
93.1 10

*75

6*1 *6
1U •IX,
2*2 *2

63ai
1931
21,
14
19
80

8*2

*2

8*8

15i2 *15*2
.30 *.35

1*2
44
60
19*4
70

2434

54
1>4
5U
18

2

.17
412
354.
378
1 /fa
47*8
45*2
234
11*4
823,
2
2*8
13.1
*U 2
*212 3
*35
35*2
*.60 .90

6

80
4012
9

1

5934
83
23
5*s

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14
19
80

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16
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42
42*2
59$4 593,
191,1 1912
75
76
237S 237g
53
51
.96
1
5*8 5*3
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18'2
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.17
*4U 4*2
3
3 v,
378 37g
*1
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463g 463,
44*2 45*2
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11
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*23.1 3
1*2 1*4
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35
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.90

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52
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45
13
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129
45
*88
90
*23*2 25
♦
170
* 1*2 3
* 10*2 —

150*2 *148
85
*84
123 *105
61
60
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80 is 80!.i
82
*80
2*4 *2 U

12

29

94
*92
94
20*4 *20
25
95
95
*80
38*4 3712 38*2
50
48
48

*85
87
*85
87*2 *8512
93
93
93
93
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12
12
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111 111 *110 111
1107S
107 107*8 106 107*4 IOOI4
*54
55
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5334 53*4
93 <2 94
93*4 94
93*4
—
*61
*61
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♦77 —
*77
*77
12
12
12
13
*11
11412 116*2 111*4 115
11214
*6U2 6212
63
*61
2434 24V8 24*.| 25
2412
*13
14
*13
14
*13
514 SU
5
514 *5
145 146
147 147
148
*140U 140*4 139 110
13912
6
6
6
6
*5l2
*13
151.1 *13
15
*13
*92
98
*92
98
*93
82
8212 82
82
81
*65*2 66i3 *6512 6612 66
119*4 119*4 1191.1 119*4 *118
**l 2i2
**4 212
**4
—
*88
*88 __ _ *88
—
*88
*88
*88
98
98i.i 97
97
96*2
*60

128 *127
45is 44

25
170
3
*1012 —

150*2 *148
80
*84
*105
60"
61
___ * 1 1312
81
80's
82
*80
2*4 *212
1U2 1 I12
29
28

Wednesday
Feb. 27

12

35
12*2
128*4
50
128*2
43*2
26
97*8
110*2
7*4
13 8

80

1212

2834

*92

94
25
92
39
50

*20
*80
37
*48

1*2
12

108 *107
110
110*8
1067S 107
54
54*4
94
94
*61
*77
12*2 *11
114*2 114
63
*61
25
25
14
*13
5U
148
148*4
140*2 *1421.i
6
*5*2
15
*13
97
*93
81
80
66l2 65
11914 118*2
*34
2*2
*88
*88
97*2 97
69

60
80U
82
25S

*28l.i

87l2 *85
93
93

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12i2

150l2
85

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*33
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128*2
49
127
43*8
25l2
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111
7*4

11253a 126
45
45
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90

45

• l" }

4SU

22<8 2312 *23* 23"
Last Sale IO8I2 Jan’ 18

Last Sale 2
Jan’ IS
1 0 * 2 _____
IOI4 101,1
Last Sale 4i2 Nov’ 16
Last Sale 30 Aug’ 17
Last Sale 148 Nov’ 17
Last Sale 85 Feb’ 18
Last Sale 101 Feb’ 18
*59
61
Last Sale lio 'F e b T S
*8012 83i2
*81
92
Last Sale 2i2 Feb’ 18
13
*lli3 12i2 12
231.4 283.1 28
2812
Last Sale 90
Jan’ 18
Last Sale 92 Feb’ 18
*20
25
Last Sale 83
Jan’ 18
*38
40
39
41i2
*48
50
49
49

l^ S

.40 *.25
52
54
16
15U
45
*44 4
13
13
.33 *.28

13S

Range Since Jan.

87
94

Lowest.

24
1 ,8 1 8
50
51

11.1 U4
80
80

178

13.1

134

*1
*8 0

*1*8

H
81

2

8

p re f.

553
891 N Y N

H A

R u tla n d ,
834
61

H a rtfo rd .

p re f.

p r o f ________________

7 8 *2 J a n
Jan
.7 6 J a n
8 Jan
99
Jan
108
Jan
100
Jan
45*2 J a n
90
Jan
6 0 *2 J a n
76
Jan
11
Feb
98
Jan
5 8 *2 J a n
21
Jan
12
Jan
4
Jan
■ r l3 7
Jan
128
Jan
5*2 J a n
1 2 1 -J a n
91
Feb
i 7 7 *4 J a n
65
Jan
115
Jan

88 *s

D o
p re f.
m er Pneum
D o
p re f.
D o

p re f.

D o
p re f.
.r a o s k e a g M
Do
p r e f.

425
825
D o
p re f.
1 ,2 3 0
255
1 ,1 7 0
134
119
1 3 5 I n t e r n a t . P o r t C e m e n t _____
D o
p r e f __________ _________

10

D o

p re f.

D o

p re f.

364

340
244
39
703
5 ,4 4 5
280
D o
p r e f ____________________
5 , 9 9 5 D 8 S t e e l C o r p o r a t i o n ______1
55
D o
p r e f . . .............................. 1
4 ,5 9 5 V e n t u r a C o n s o l O il F ie ld s .

Mining

95
256
1 ,0 1 5

Last Sale . 2 5 J a n ’ 1 8
.40
54
53
53
5 3 *2
54
25
16
15U *15
15U
15U
65
*44
46
46
100 D o p r e f .
13*8 *123,1 13*4
1 ,0 8 0
.32 *.28
.33 *.25 .32
700
*20
21*2 *20
Last Sale 2031 Feb’ l
21*2
B u t t o A S u p C o p ( L t d ) ____
6S12 693, 69*2 70
70
70i,i 167*2 68
746
445 445 *435 445
427 427 * 4 3 0 435
4
*13*2 14*2 14
14
*13*2 14
*13
14
45
44ig 44ls *43*4 44
44
44
*4253 431.1
6
45ig 458.1 45*4 45*2 45
46
45is 453s
668
*2
21- *2
2*4 *2
2*2
21.1 25S
100
518 51.,
53g 5*8
5*2 5*2
53 8
538
3 , 0 6 1 D a v l s - D a l y C o p p e r _________1 0
933 93,
9*2 9*2
912 93.1 1 , 3 4 0 “
OX, 93,i
----------- ------6
6
*5*2 6
6 6
*5*2 6
432
*75
79
*75
Last Sale 77*2 Feb’ 18
79
42
*40
*40
403,i 403.1
41*- *39i2 41
60
8
834 83,1 *8
8*4
7*2 8*2
9
333
*.65
1
.75 .75 *.85
1
*.85
1
50
*59
60
6012 61*4 60*2 61
60*2 61
6 8 0 Is la n d C re e k C o a l.
*82
84
*82
84
82
82
*8213 84
10 D o p r e f ________
*23
*2212 23
*2212 23
2312 *22*2 23
156
5% 5*2
512 5*2
5% 5%
*5*2 512
930
* 1'a
Last Sale II4 Feb’ 18
U2 *U8 116
6I4 *0
63,1 *6
63,i
6*2 *0
1 6 0 L a k e C o p p e r C o ............................ 2 5
*2*4 314
27S 27g
27S 2*8 *3
31.1
1 2 5 L a S a l l e C o p p e r _________________ 2 5
*5*2 6
*5
6*Last Sale 53s Feb’ 18
M a s o n V a l l e y M i n e _________
5
*6
6*3 ♦ 6
6I1
6
6
*6
6i2
120 M a s s C o n s o l ____________________ 2 5
1
U8 *1
1*4 *1
1*4
1 0 5 M a y f l o w e r - O l d C o l o n y ____ 2 5
1U
21- *17g 2 i8 *2
21.1 2*4 *2
212
10 M i c h i g a n _________________________ 2 5
64
04
63
6314 621- 03
63
63
2 8 0 M o h a w k __________________________ 2 5
*18U 19
Last Sale 19*4 Feb’ 18
*1812 19
N e v a d a C o n s o l i d a t e d _______
5
2
2
2
*2
212 *13.1 2*2
13l
2 5 0 N e w A r c a d i a n C o p p e r _____ 2 5
*13
14
*13
14
14
14
5 0 N e w I d r l a Q u i c k s i l v e r _____
5
*17
19
*17
Last Sale 13*2"F e b 'is
19
N e w R i v e r C o m p a n y _______ 1 0 0
77
77
76
761- 76*2 7612
280
D o
p r o f ____________________ 1 0 0
83s 8*8
8*1 812 *8*4 812 "8*2 ' 8*2
6 8 5 N l p l s s l n g M i n e s _____________
5
1512 15*8 ♦151*8 153.1 15*2 15*2 1553 1558
1 7 5 N o r t h B u t t e __________________ 1 6
.25 .37
.25 .30
.25 .30
.25 .25
1 , 9 7 0 N o r t h L a k o ______________________2 5
*34 1*3
*3,1 .99
.99 .99
*3.1 112
100 O J I b w a y M i n i n g _______________ 2 5
*41
42l2 *41*2 421- 41
41*2 41
41
7 3 O l d D o m i n i o n C o ______________2 5
59
593.1 *59
60
59
593,1 *59
5934
7 8 O s c e o l a ____________________________ 25
19
19*2 19*2 191- 19*2 20
t9*8 19*s 1 . 3 6 0 P o n d C r e e k C o a l _____________ 1 0
75
76
753, 76
75
75
171
71
1 8 6 Q u i n c y ................................................... 2 5
*23*8 2413 *233,t 241- *23*2 24
*2353 24U
5 0 R a y C o n s o lid a te d C o p p e r . 10
53*.i 54
*53
55
54
54
5314 5314
1 0 5 S t M a r y ’s M in e r a l L a n d . . 2 5
♦.95
.95 .95
.99 .99
1*4
1
II4 1 , 4 0 0 S a n t a F e Q o l d A C o p p e r . . 1 0
5
5*8 *5
5I2
5*8 5ls
5's
514
3 9 0 S h a n n o n _________________________ 1 0
*16
18
Last Sale 16
*16*2 18
Jan’ 18
S h a t t u c k - A r l a o n a ____________ 1 0
* 1*2 2
1*8 1*8 ♦It, 2*i
5 0 S o u t h L a k e ___________
25
*.14
.17 *.14
Last Sale
.17
F e b ’ 18
S o u t h U t a h M A S ...................
5
*4*4 4I2 *41,,
4l2
4*2 4*2 * 4 U
4*2
10 S u p e r i o r ___________
25
3
3
3's
3
3
3
3
3 's
820
S u p e r io r A B o s to n C o p p e r . 10
33,
37g
334 37 8
378 37S
3?8 37S
3 8 5 T r i n i t y __________________________ 2 5
*1
1
1
1*1 *1
*1
1*4
11.1
5 0 0 T u o l u m n e C o p p e r ____________
1
46*2 4714 46*2 47
4 012 46*2 4 6
4612
4 7 9 U S S m e lt R o fln A M i n . . . 5 0
45
45
45
45*- 45
453s 4 5
451.1
819
D o
p r e f ______________________5 0
23S 2 X,
2X , 2*2
2 X, 2X,
2^ j
1,010 U t a h - A p e x M i n i n g __________ 5
11*4 11*8 11
11
10*4 11
10«4
11
3 1 9 U t a h C o n s o l i d a t e d __________
6
83*4 831., *82*1 831., *81*2 82
*8 0 1 2
81
2 5 U t a h C o p p e r C o _____________
10
*2
214
2lg
2
1
,3
2'8
21.8
6 9 0 U t a h M e t a l A T u n n e l _______
1
*2*2 3
*2*2 3
Last Sale, :
F e b ’ is
V i c t o r i a ___________________________2 5
*1*2
1*4 *H2
1*4
1*4 13.1
11a
H 2
1 5 5 W i n o n a ____________
25
333.1 34
3312 33*- 33
34
331- 3 4
1 2 5 W o l v e r i n e _____________________
25
*.60
.90 *.60
.90
Last Sale i
J a n ’ 18
................ W y a n d o t t .... ..................................... 25

• B i d a n d a s k o d p r ic e s ,




•IX,

a E x - d iv ld e n d

and

rights.

« A s s e s s m e n t p a id ,

88

M is c e lla n e o u s

10

230
76
54

Highest

[J a n 2 6
129
Jan
3
Jan
2
4 8 *2 J a n 31
Feb
1 100 J a n 2
19
J a n 23
28
F e b 19
159
J a n 14
1 6 8 *2 J a n 17
2
J a n 20
2
J a n 26
10U M a r 1
11
Feb
1
__________________
__________________
.................................
.................................
83
F e b 13
85
Ja n 30
1 1 0 4 F e b 14 1 0 1 F o b 1 4
1 53 J a n 22
65
Jan
3
115
J a n 26
I I 6I4 J a n
9
8 0 's F e b 2 0
81
F e b 25
80
J a n 26
85
Jan
3
2
Jan
2
3*2 F e b 1
8*2 J a n 2 2
15
Feb
1
27
F eb 25
33
Jan
2
90
J a n 10
90
J a n 10
92
F e b 21
98
Jan
2
20
Jan
2
25
Jan
8
83
J a n 24
85
Jan
9
37
F eb 20
4 3 *8 J a n
3
47
J a n 16
51
Jan
2

1
1

D o

Highest.

123
37

i

D o
p ro f
h lo J u n o R j
D o
p re f.

76
355
588
85
45
1 ,5 1 1
105
267

Range for Precious
Year 1 9 1 7

1.

BO STO N S TO C K
E X C H A N G E

*

87*2 87
93
*93

SO

STnruQ

Sale,
of the
Week
Shares

Friday
March 1

*85
86i2
94
94
1*2 * H 2 1 3 i
13l
178
12l 2 1214 12l2 1212 14
108
1051.1 107 i 105>2 10512
111 ZIO8I4 109
1071.1 1073.1 107 10712
108
54*4 *53
54
5353 5333
94
933S 94
93
94
Last Sale 62
Feb’ 18
Last Sale 77l4 Feb’ 18
1212 *10'2 12i2 .............
1153.1 11334 1133.il 113 113
63
Last Sale 62ig Feb’ 18
25
2412 247s 24ia 243.1
15
14i2 15
5
5
538
S 's
148*4 14912 150
143*4 *141 1413.1
6
*512 6
15
Last Sale 14 Feb’ 18
97
92i2 92i2
80
80'2 80
1 6 ' 80'"
6512 *6512 66
65l2 6512
118l2 119 1191.1
Last Sale 1 Sept" 17
212
Last Sale 88 Feb’ 18
Last Sale 9212 Aug’ 17
97
96
97
95i2 96
Last Sale 115 N ov’ 17
Last Sale 6512 Jan’ 18
69
Last SaJe|ll6i2Feb’ 18
35
*33i2 35
123.1
Last Sale 1 2
F e b ’ 18
129*2 128 128i2 1 2 8 1 2 9
50
49*8 *49
4 8 *2
4 8 *2
129*2 1263i 127*2 1 2 6 1 2 1 2 8 * 2
4334 43*4 44*8 4 4 U 4 5
26
26
26
2534 2534
£91*8 921.1 9 1 14 9 2 l s
98
111 *109l2 110
73S
7's
71.1

80 I

l 7s

Thursday
Feb. 23

[Vol. 106

h Ex-rights.

t

E x - d iv ld e n d .

wH

2
2
24
29
2
19
4

8
3
2
7
21
15
17
25
29
31
15
16
2

29
6
15
29
2

8 9 *2 F e b 14
94
M a r 1
1 78 M a r 1
14
M a r 1
10 8*2 F e b 2 0
111
Feb
6
109
Feb
5
56
F e b 20
9 4 l2 F e b 18
63
Jan
3
80
Feb
1
1 3 *1 J a n
4
12 0*4 F e b 16
6 2 11 F e b 1 5
26
F e b 16
15
Feb
5
5*2 F e b 1 5
15 4*2 J a n
2
1 4 3 *2 F e b 19
6*2 F e b 2
14
Feb
5
9 2 *2 F e b 2 8
8 2 *2 F e b 2 0
70
Jan
3
124
J a n 31

88

Jan

15

89

Jan

10

95

Jan

26

100

Jan

3

23
7
3
29
7
29
17
2
19
15
15 r
2

69
11 7*4
35
12
132
5 0 *2
133
45
26
9 8 *2
ll2
8 *8

Jan
2
Feb
1
F e b 23
Feb
6
J a n 11
Jan
4
F e b 18
M a r 1
Feb
6
F e b 19
Feb
l
J a n 24

10
21
19
7
15
17
2
5
1
3
15
28
14
15
16
19
2
16
29
29
17
18
27
14
24
14
2
24
8
2
29
16
13
4
9
30
24
2
2
2
11
26
14
4
28
18
12
19
12
12
20
14
15
9
23
19
31
14
14
15
8
30
2
23
30
20
10
28
4

25
3
22
.2 5 J a n
7
54
F e b 27
1 7 i4 J a n
3
48
F e b 18
14 *4 F e b 18
.4 5 J a n
7
2 2 *4 F e b 18
701.1 F e b 2 8
464
Jan
4
1 4 *2 F o b 1 9
45
F e b 19
4 8 *8 J a n
3
2 *s M a r 1
534 J a n 3
1 0 *-J a n
2
0
F e b 18
7 7 i2 F e b
5
4 4 i2 F o b
0
101.3 J a n 2
l
Jan
3
6 1 3 .i F e b 2 7
84
F e b 18
26
Jan
2
0
F e b 19
1 *2 J a n
2
7*2 J a n
3
3
Feb
1
6
F e b 13
7
Jan
2
1 *2 J a n
3
2 i2 F o b
5
60
Jan
2
1 9 *4 F e b 1 6
2*4 F e b 9
14
F o b 28
20
Jan
2
80
J a n 31
8*2 J a n 3 1
1 6 *2 J a n
3
.6 0 J a n
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4 5 *2 J a n
3
65
Jan
9
2 0 *4 F e b 2 0
70
F e b 19
2 II4F ob
5
57
Jan
2
1*4 F e b 2 1
5*4 J a n
2
10
J a n 15
• 2
Jan
3
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8
5*2 J a n
2
3*4 J a n
3
4 *2 F e b 13
1*4 F o b 2 1
4 9 *4 F e b 19
40
Jan
2
2*8 F e b
8
12
J a n 16
85
F e b 19
23., J a n
4
3
Jan
3
2
Jan
3
30
Jan
3
*4 J a n 4

64
Jan
102
Jan
29
Jan
11
Jan
1 2 4*4 J a n
45
Jan
115*2Ja n
41
Jan
25
Jan
8 8 *8 J a n
1 0 8 '8 J a n
5
Jan
1
Jan
78
Jan
1 *2 J a n
.2 5 J a n
50
Jan
13
Jan
41
Jan
11
Jan
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1 7 *3 J a n
6 2 i2 J a n
427
Feb
12
Jan
4 1 *2 J a n
4 4 *2 J a n
1*8 J a n
5
Jan
9
Jan
4
Jan
7 4 *4 J a n
39
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50
Jan
80
Jan
1 9 *2 J a n
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Jan
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2
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6
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1 3 *4 J a n
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Jan
75
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41
Feb
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Jan
1 7 *2 J a n
70
Jan
2 2 *8 J a n
52
Jan
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5
Feb
16
Jan
1 X, F e b
.1 1 J a n
4
Feb
3
Jan
3U Jan
.9 3 F e b
4 3 's J a n
43
Jan
2
Jan
10
Jan
80
Jan
2
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2*2 J a n
1
Jan
33
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a lf- p a id ,

1^4 J a n

83

Jan

2*4 J a n

120
27
7012
15
150
2
9

D eo
D eo
D oo
D eo
D eo
J u ly
June

175
79
133
45
213
3
30

30
148
8312
10 2*2
44
110
83
78
1
6
2 is 4
9 0 i2
85
1 6 *2
83
34
245

Aug
N ov
D eo
N ov
D eo
D eo
June
D oo
D eo
D eo
Sept
O ct
D eo
D ec
D eo
D eo
D eo

38
150
108
140
7 8 *2
133
92>2
1 0 0 's
6*8

Feb
Jan
Jan
M a r
M a r
Jan
Jan
M a r
Juno
3114 J u l y
5 2 *4 J a n
1 0 5 '■] A p r
135
Jan
8 4 *2 F e b
110
Jan
5 6 *2 M a r
74
Jan

73
88
1
7*2
90
105
96
387a
x 8 7 i4
60
75
6
88
5 5 *2

D ec
D eo
D eo
D eo
N ov
D eo
D oo
N ov
D eo
D eo
D eo
D eo
Sept
Feb

94*4 M a y
1 0 3 ij J a n
2*3 J a n
14
M a r
12614 J u n o
12 U 2 J a n
12 8*4 J a n
58
June
lO O i. j J u n e
75
J u ly
9 7 *2 J a n
1 4 * ,i D e o
12 U 2 J a n
66
Jan

9
D eo
37 8 D e o
1 3 3 18 D e o
1183, D eo
4
D eo
10
D eo
9 2 *2 D e c
71
D oo
63
D eo
110
D eo
1
M a r
35
Jan
60
Jan
93
D eo
110
N ov
*5 9
N ov
107
D ec
29
D eo
10
D eo
116
N ov
40
N ov
H 05
D ec
37*2 D e o
25
O ct
795s D e o
1 0 3*4 D e o
4U D eo

2 0 *8 J u n o
10
Jan
226
Jan
170U Jan
1 8 *2 J a n
3 3 i2 J a n
102
Jan
1 0 0*2 M a r
81
M a r
169
Jan
1*4 J u l y
95
M a r
9212 A u g
12412 M a r
147
Jan
112
Jan
16 0*4 J a n
46
Jan
16
M a r
1627s A p r
68
Juno
15512 J a n
5 8 *4 J n n
3 0 is M a r
135
M ay
121
Jan
8 7g J a n

1
70
1

O ct
D eo
D ec
14 S e p t
45
D oo
11
D eo
40
N ov
8*8 N o v
.2 5 D e o
125s D e c
55
D eo
411
D eo
11
D eo
3 6 *4 D e o
3 9 *4 D e o
1 *2 A p r
314 N o v
8*4 D e o
4
D eo
60
D eo
35
N ov
7
D eo
*4 D e o
62
N ov
80
N ov
20
D oo
4*4 A p r
1*4 J u n o
5
O ot
1*4 D e o
4*8 N o v
5
N ov
1
N ov
l* a A u g
67
D oo
10
N ov
1*2 D e o
10
N ov
22
Jan
05
D eo
0*4 J u l y
11 *4 O o t
.3 0 N o v
.9 8 D e o
33
N ov

53i2Dco

10
60
20
48
.5 8
51 a
19
.8 9
.1 0
3U
2%
3
1
4 0 '8

N ov
N ov
N ov
D eo
D eo
O ot
O ot
D oo
D eo
D eo
D eo
N ov
M ay
D eo

43i2 N ov
17g M a r

9*2 D e o
71
2 *8
2
2
31
.1 5

D eo
D eo
O ot
O ct
D eo
Aug

Jan
Jan
M a r
M a r
Jan
J u ly
J u ly

414 J a n
108
Jan
ID s J a n
U 4J a n
70
M a r
4 1 t4 J a n
73
Jan
I 6I 4 J u n e
2 i.t J a n
52
Jan
8614 J a n
690
Feb
2714 J a n
63
M a r
68 J a n
3
Jan
7U Jan
16
Jan
9
M a r
92
Jan
4 6 i2 J a n
2 0 i 2J n n
4
M a r
7012 J u n e
94
A p r
36
Jan
6
Aug
4*4 J a n
18
Jan
5
Jan
8*8 A u g
I 6I 2 J a n
3
M ay
5 ig M a r
98
Jan
2012 M a r
6
Jan
17>2 A p r
30
M a r
92U M a r

9*s Sopt

2414 M a r
2*4 J a n

■N gJan
M a r
M a r
Juno
Fob
A p r
M a r
Jan
Jan
M a r
6*4 J a n
.3 1 J a n
1 6 *8 M a r
8U Jan
8*2 J u l y
2X , J a n
6 7 *4 J a n
621s J a n

07*4

95
2 8 *4
9 4 *2
3 2 *8
8 9 *4
2
10
3 0 *8

3*8 Sopt
2 H i
1 1 8*s
65g
6
0*8
6 3 *2
2 *8

Fob
M ay
Jan
Jan
Jan
M a r
Jan

T H E C H RO N ICLE

M ar . 2 1918.]

9 13
Friday
Last Week’s Range Sales
Sale.
for
Price. Low.
High. Week.

Outside Stock Exchanges
Bonds— (Concl.)

B o s t o n B o n d R e c o r d .— Transactions in bonds at Bos
ton Stock Exchange Feb. 23 to M a r. 1, both inclusive:
Friday
Last Week’s Range Sales
for
Sale
of Prices.
Price. Low. High. Week.

Bonds—
U S Lib Loan 35/8.1932-47
1st Lib Loan 4 s.1932-47
2(1 Lib Loan 4s. . 1927-42
Alaska Gold Cs A ___ 1925
Series B 6s............. .1920
Am Tel & Tel coll 4 s.. 1929
Atl O A W I SS L 6 s.. 1959
Cldc June & U 3 Y 5s. 1940
Gt Nor-C B A Q 4 s.. 1921
Mass Gas 4%a______ 1929
4 % a ...............
1931
Miss River Power 5 s..1951
N E Telephone 5s____ 1932
Swift & Co 1st 5s____ 1944
United Fruit 4%a____1923
4 M s ............... Jan 1926
4 M s...... ......... July 1925
U S Smelt It & M conv 6s.
Ventura Oil conv 7 s.. 1922
Western Tel & Tel 5s. 1932

97.64
96.64
96.24
82

70'A

oo%

97.50
96.54
96.24
21
20
82
76 'A
01%
03%
90
85
70 'A
00%
95
05%
94 H
98
97
89 %
90 'A

98 $57,200
97.22 37,650
88,400
97
1,000
21
4,000
20
8,000
82
77 % 8,000
1,000
01%
1,000
93 %
2,000
90
2,000
85
70 'A 6,000
91% 5,000
95 % $,000
1,000
1)5%
94 % 3,000
1,000
98
7,000
97
3,000
90
90 'A 2,000

Range since Jan. 1.
Low.

High.
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan

96.52
95
94.54
21
20,
81
75%
01%
02%
88
84
07%
89
93
93
91
98
94
80
07%

98.80
08
97.22
21
20
83
79
01%
04%
90
00%
70%
01%
05%
05%
01%
98
07%
90
90 %

Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Mar
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Mar

P i t t s b u r g h S t o c k E x c h a n g e .— The comploto record of
transactions at the Pittsburgh Stock Exchange from Feb. 23
to M ar. 1, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks aro all dollars por
share, not por cent. For bonds the quotations aro per cent
of par value.

Stocks—

Sales
Friday
Last Week's Range for
Week.
of Prices
Sale
Par. Price. Low. High. Shares.

Am Wind Glass Mach 100

55

Crucible Steel prof___ 100

00%

Harb-Walkcr Refract. .100
Indepen Browing co m ..50
La Bello Iron Wks___ 100
Lone Star Gas____ ...1 0 0
Mfrs Light A Heat____ 50
Nat Fireproofing com__50

100
51 %

Ohio Fuel Oil................ _ 1
16
Ohio Fuel Supply.......... 25
42%
Oklahoma Natural Gas.25 25
Peoples Nat Gas A Plpe.25 34%
Plttsb Brewing common 50
Preferred.... ......... ..... 50 ..........
Pittsburgh Coal com .. 100
Preferred__________100
83
PIttsb-Jcrome Copper__ 1
90c
Plttsb A M t Shasta C o p .. 1 36c
Pitts Oil A Gas______ 100
0%
Plttsb Plato Ola** com. 100
Ross Mining A Milling__ 1
San Toy Mining_______ 1
U 8 Steel Corp c o m ... 100
West’house Air B rake..50
West,’house Elec A Mfg.50
West Penn Tr A Water
Power, common___ 100

14c
01%
95
42
13

52
70%
00%
12c
120
1%
9
109
100
51%
3%
0%
10
42%
25
34%
2
10
55%
83
81c
36c
0%
116
2%
9c
14c
01%
95
41%
9

Range since Jan. 1 .
Low.

630 40
Jan
55
70%
50 77
Feb
00%
60 00% Feb
12c
300
12c
Feb
10 120
130
Feb
301
2
1% Jan
168
9
9
Feb
114
80 107
Jan
100
130 95
Jan
52 %
290 51
Jan
3%
100
3
Jan
20
0% Jan
9%
10
150 45% Jan
43
560 41% Jan
25
270 25
Jan
34%
25 34% Jan
2
100
2
Jan
10
05
0% Feb
50%
1,700 45
Jan
03%
969 80
Jan
98c 100,100 40c
Jan
41c 80,350 21c
Jan
0%
545
5% Jan
116
10 110
Jan
2%
110
2% Feb
15c
2,000
8c
Jan
15c
9,400
He
Jan
07%
535 89 % Jan
05%
610 95
Jan
42
145 39
Jan
13

187

0

Feb

High.
58
00%
00%
13c
130
2
0%
115
100
53
3%
0%
16
45
25
34%
2%
13
50%
83%
1
4le
0%
117
2%
15c
16c
98
90%
43

Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Fob
Fob
Feb
Feb
Jan
Jan

13

Mar

B a lt im o r e S t o c k E x c h a n g e .— Comploto record of the
transactions at the Baltimore Stock Exchango from Feb. 23
to M ar. 1, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars j5or
share, not per cont. For bonds the quotations aro per cent
of par value.

Stocks-

Friday
Sales
Last Week's Range for
of Prices.
Sale.
Week.
Par. Price. Low. High. Shares.

Alabama C o................. 100
60
60
2d preferred________ 100
69
60
Arundel Sand A Gravel 100
35
35
Atlan Coast L (Conn). 100
88
88
43 % 43%
Commercial Credit........ 25
Consol Gas E L A Bow. 100 99
98M 99M
Consolidation Coal----- 100
102 104
Cosden A Co— ...............5 ~ 7 %
7% 8
Preferred.......................5
3%
4
Davison Chemlcal-.no par 34 % 34 % 35 %
26
29
Elkhom Coal Corp____ 50
29
42
Houston Oil trust ctfs.. 100 47 %
47 %
05% 67 %
Preferred trust ctfs.. 100 67 %
78% 84
Mcr A Miners Trans.. 100 S3
M A M Trans v t ........
Mt V-W'b'y Mills v t r . 100
Preferred v t r_____ 100
73 % 73 %
Northern Central.......... 50
63
63
Pcnnsyl Wat A Power. 100
4%
4%
Robinson O il..............
8
8
Preferred............ ......
23% 23%
23M
United Ry A Elec........ .50
27% 28
Wash B A Annap c o m ..50 28
3%
3%
Wayland OH A Gas........ 5
Bonds—■
Anacostla A Potom 5s 1919
Atlantic Coast Line RR
WConv deb 4s small.. 1939
Balt Traction 1st 6 s.. 1929
Central Ry eons 5s
1932
Cons Gas E L A P 4% e. - 6% notes........ ...............
5% notes.....................
Consolidation Coal—
F* Convertible 6s____ 1923
Cosden A 6s............
*
n i O s ...............
"
Cosden Gas 6 s ._____ ibid
Elkhorn Coal Corp 6s 1925
Georgia A Ala cons 5s 1945
Oa Car A Nor 1st 5s _ 1929
Hons Oil (llv ctfs.1923-25
Klrby'Lum Contr 6 s.. 1923




83%
96 %
93

95 %
97 %

200
140

20
15
5

222

364
1,511
513
298
1,160
135

202
117
97
85

11
45

33
3
30
315
1,468
384

Range since Jan. 1.
LOW.

Jan 60
Jan 60
Jan 36 H
88
Feb 90
40
Jan 43%
94
Jan
91
Jan 106
8%
oh Jan
3% Jan
4
30
Jan 38%
22% Jan 20
40
Jan 53
04 % Jan 74
56
Jan 84
77
Jan 84
15
Jan
17%
68
Jan 74
70
Jan 73%
60
Jan 64
4
Fob
4%
7
Feb
8
23 % Jan 24%
24
Jan 28 %
3% Jan
3%

88%

88%

$2,000

86

76
00%
99 %
83%
96 %
93

70
00%
00%
83%
00%
03%

500

76

102
81
82 %
00
97
04%
05
04%
07%

102
81
83
96
97
04%
05
96
07%

1,000
1.000
2,000

3.000
15,500

10,000
3.000
3.000

2.000

3.000

1.000
2,000
22,000
11,000

High.

50
56
31%

Feb
Jan
Jan
Jan
Fel)
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Feb
Fel)
Feb
Feb
Feb
Feb
Fob
Feb
Feb
Jan
Jan

Md Elec Ry 1st 5 s.. .1931
South Bound 5s____ .1941
United Ry A E 4s__ .1949
Income 4 s _______ . 1949
Funding 5s_______ .1936
do
small___ .1936
6% n o te s............
Wash B A A 5s____ .1941

70%
57
05%
03%

92
96
77%
58
80
02%
05%
83%

SI,000
1,000
11,000
15,000
1,000
3,500
1,000
12,000

Low.

High.
Jan
Fen
Jan
Jan
Jan
Jan
Jan
Jan

07%
96
73
55%
77
70
04%
80

92
96
77%
58%
80
82%
96
83%

Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb

P h ila d e lp h ia S t o c k E x c h a n g e .— The complete record
of transactions at the Philadelphia Stock Exchange from
Feb. 23 to M a r. 1, both inclusive, compiled from the offi
cial sales lists, is given below. Prices for stocks are all dol
lars per share, not per cent. For bonds the quotations are
per cent of par value.

Stocks—

Friday
Sales
Last IFccfc’s Range for
Week.
Sale
of Prices.
Par. Price. TjOW. High. Shares.

American Gas of N J..100

85

American Rys, pref__ 100
Baldwin Locom otive.. 100
Buff A Susq Corp v t c.106
Preferred v t c _____ 100

78

Elec Storage Battery . 100
Insurance Co of N A __ 10
J G Brill C o ... _____ 100
Lake Superior Corp__ 100
Lehigh Navigation____ 50
Lehigh Valley_________50
Midvale Steel A Ord___ 50
Mtnchlll A S H ________50
North Pennsylvania___ 50

48
40%
25%
16
63 %
59
51%

Pennsylvania____ _____ 50
45
Philadelphia Co (Pitts).50 ____
Pref (cumulative 6%).50
Phlla Electric of Pa___ 25
25%
Phlla Rapid Transit___ 50
Voting trust receipts.. 50 20%
Reading.... ..................... 50
77%
Tono-Belmont Devel___ 1 _____
Union Traction_______ 50
United Gas Impt______ 50
68 %
U S Steel Corporation.100 01%
Warwick Iron A Steel _. 10
W Jersey A Sea Shore.. .50
Westmoreland Coal___ 50
Wm Cramp A Sons.. . . 100 82%
York Railways, pref___ 50
Bonds—
U S Lib Loan 3K s. 1932-47 OS
__
1st Lib Loan 4s. 1932-47
2d Lib Loan 4 s .. 1927-42 96.50
Amor Gas A Elee 5s. .2007
Baldwin Locom 1st 5s 1940 100 %
Beth Steel p m 5s___ 1936
Elec A Peop tr ctfs 4 s .1945
Inter-State Rys coll 4s 1943
LchC A Nav gen 45/8-1924
Consol 4Ks__ __ 1954
I,eh Val gen cons 4s _.2003
Gen consol 4 M s___ 2003
I,eh Val Coal 1st 5s__ 1933
Newark Passenger 5s. 1930
Pa A N Y Canal 5 s.. .1939
Penn R R gen 45/S...1965
Pa A Md Steel cons 6s. 1925
Phlla Elec 1st (new)5s.l966
do
small. . . 1966
Reading general 4s. _ 1997
Registered 4s____ 1997
J-C collateral 4s__ 1951
Welsbach Co 5 s_____ 1930

Range since Jan. 1.
Low.

42 79
25C
934
33 79
SOC 58%
10C 58
16 46
0.8 40 \i
1,180 4!)'
144 24
10
18
12
6,365
15% 10%
4S9 01%
63
03%
58
117 55
59
410 43 %
45
45%
23 50%
50% 51%
1 80
80
00
48 82
88
90
2.132 44%
45
45%
5 25
25
25
25 30
32
32
1,654 x25
25
25%
100 20%
20% 20%
1,774 20
20
20%
544 71
75% 70%
3
1,325
3 1-16 3%
515
3%
3 y2
41
190 40
40
73.8 68 %
08% 00%
Vz0l% 00% 17,240 88H
85
8
8%
0%
20 42
42
42
8 72
72
72
225 74
83
SO
30 31
32
32

High.
Jan

84
86
10
10
79
SO
73% 78 H
59
59
48
48
41
40% 50
25% 25%

97.70 98.20
96.70 97.24
96.10 97
80
80 %
100MJ 100 %
80% 80%
72% 73
73
73
40% 41
40 y* 40 H
96 % 00%
04%
03% 04%
70% 70%
00
90
90
100 100
40
40
07% 97 %
100 100
100
91
90
91
07% 07%
101% 101%
94 5* 04% 04%
05% 00%
84% 85
83% 83 %
84 % 84 %
91% 91 %
..........

$72,400
2,950
44,800
6,000
6,000
5,000
4,000
20 i
3,000
500
3,000
3,000
2,000
2,000
4,000
3,000
1,000
2,000
10,000
4,000
4 000
44,000
1,700
68,000
1,000
1,000
1,000

Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb

Jan
97
95.80 Feb
94.50 Feb
80
Feb
100
Jan
80 % Jan
72
Jan
73
40% Feb
40 % Feb
00% Feb
03% Jan
78
Feb
00% Jan
Jan
100
40
07% Feb
100
Mar
80% Jan
07% Feb
101
Jan
04% Jan
04
Jan
83
Feb
83 % Feb
84 % Feb
01
Feb

89
Jan
Feb
10
80
Feb
SOI/ Feb
59 r Feb
Mar
48
51
25%

Feb
Feb

17%
05%
50%
47%
51%
85
90
47%
27
33
25%
20%
30
78%
3%
4
42%
72%
08%
8%
44
76
85
33

Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan

98.76 Jan
97.90 Jan
97.20 Jan
Jan
82
104H Feb
SOM Feb
Jan
73
74
42
Jan
40% Feb
00% Feb
Jan
95
Jan
80
01% Feb
100 % Jan
40
97 % Feb
Mar
100
Jan
92
08%
103
Jan
96
Jan
00% Feb
Jan
85
83% Feb
84% Feb
01% Feb

x Ex-dlvldend.

C h ic a g o S t o c k E x c h a n g e .— The complete record o f
transactions at tho Chicago Stock Exchange from Feb. 23
to M ar. 1, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds tho quotations are per cont
of par valuo.

Stocks—

Friday
Sales
Last IVffi’s Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.

American Radiator.. .100 260
American Shipbuilding. 100 94
Booth Fish com new (no par)
Preferred............ ..... 106
85
Chic City A C Ry pt sh com
Preferred____ ______
16
Chicago Elevated Ry com.
Chic Pneumatic Tool. .100
Commnnwealth-Edlson 100 107%
Deere A Co pref_____ 100
05
Diamond Match_____ 100 1035/
Hartman Corporation. 100
Hart Shaff A Marx com 100

Feb

88%

Feb

Haskell A Barker Car Co.

405/

Feb
osm Feb
93 % Jan
81
Jan
94 W Jan
91 % Jan

76
00%
00%
84
00%
95

Feb
Feb
Feb
Feb
Fob
Jan

Lindsay Light............. .10
Middle West Util pref. 100
People’s Gas Lt A Coke 100
Pub Serv of No 111 com . 100

21%
00%
43

99
Jan 103 H Jan
80
Jan 82H Feb
80 % Feb
S3 % Jan
96
Jan 97
Feb
961^ Feb 0SM Jan
Jan 04% Jan
92
93 % Feb 05
Feb
88
Jan 99
Jan
96 % Jan 98
Feb

92
96
70%
57
80
80
05%
83

Range since Jan. 1.

Quaker Oats C o.......... 100
Preferred.... ............. 100
Sears-Roebuck com__ 100

280
99
151

Stewart War Speed com 100 55%
Swift A C o ___________100 120%
52%
Union Carbide A Carb Co.
14%
United Paper Bd com .100
Ward, Montg A Co, pref.. 101%
Wilson A Co common. _100
97
Preferred__________100

260
90
24%
84
2
16
4
52
12
107
95
103 %
40
64
103
40%
53
21
59
46
76
87%
280
08
140%
110%
53%
127%
51%
14%
101
52%
97

260
94
25
85
2
10%
4
53
12
103
95 %
111%
40
64
108
40%
54%
22%
00%
43
77
87%
280
00%
153
120
57
130
53%
14%
105 %
50
98

3
930
180
55
360
240
2
395
30
181
40
142
100
10
20
10
85
2,530
16
180
60
25
32
86
1,699
50
489
1,136
6,369
40
497
395
209

Range since Jan. 1.
Low •
250
87
18%
83
2
14
4
47%
8
103
04%
102
40
53
108
34
53
21
57
41
72
3-87
250
95
139
110%
47
124
48%
145/
103%
46
95

High.
i
Jan 265
Feb
Jan 94
Feb
Jan 26
Feb
Jan 86
Feb
Jan
2% Jan
Jan
175/ Feb
4
Feb
Feb
Jan 54% Feb
12% Feb
Jan 108
Feb
Feb] 97
Jan
Jan 112
Jan
Jan 44
Jan
Jan 67
Feb
Feb 108
Feb
Jan 40% Feb
Feb
58
Feb 28
Jan
Jan; 65
Jan
Jan
55
Jan
Jan
77
Feb
Jan' 90
Jan 285
Feb
Jan 100
Jan
Jan 157
Feb
Feb 120
Jan 58
Feb
Jan 133
TJan
Jan 54% Feb
Feb' 10% Jan
Feb 110
Feb
Jan 59
Jan
Jan 98
Jan

T H E C H RO N ICLE

914
Friday
Sales
' Last Week's Range for
Week.
of Prices.
Sale.
Price. Low. High. Shares.

Bonds (Concl.)—
B o o t h F i s h e r i e s s f d 6 s 1926
C h i c P n e u T o o l 1 s t 5 s . 1921
C h ic R y s 4 s . .s e r ie s " B ” . .
C h ic R y s 4 s . . s e r ie s “ C ” ._
C o m m o n w - E d i s o n 5 s . 1943
L ib e r t y L ’n 3 M s . . 1 9 3 2 -4 7
L i b e r t y L ' n 1 s t 4 s 1932-47
L i b e r t y L o a n 2 d 4 s ’27-’42
P u b S e rv C o 1 st re f g 5s ’56
S o u t h S i d e E l e v 4KS.1924
S w i f t A C o 1 s t g 5 s ____ 1944

x

89 K
97
59

9 7 .7 0

96.30

High.

Low.
89
96 K
50
96 H
91K
97
9 5 .8 0
9 4 .7 0
80
78 K
93

1,000
2,000
1,000

96 H
96H
93K
93?4
9 7 .7 0 9 7 .7 0
97
9 7 .1 0
9 6 .2 0 9 7 .1 0
80
80
80
80
94K
94K

5 .0 0 0
600
800
2 4 ,3 0 0
3 .0 0 0
5 .0 0 0
7 .0 0 0

90
97
59 K
96 %
94 %
9 8 .6 2
9 7 .5 0
9 7 .1 0
81 %
81
95 K

Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan

Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan

E x - d iv id e n d .

Volume of Business at Stock Exchanges
T R A N S A C T IO N S

A T

T H E

D A IL Y ,

Y O R K

W E E K L Y

A N D

Par Value.

Shares.

S T O C K

E X C H A N G E

State, Mun.
A Foreign
Bonds

United
States
Bonds.

$ 7 3 7 ,0 0 0
1 .2 1 4 .0 0 0
9 0 1 ,0 0 0
1 .0 0 9 .0 0 0
9 5 1 ,5 0 0
1 .0 5 3 .0 0 0

$ 4 9 6 ,0 0 0
6 5 4 .0 0 0
1 ,3 1 0 ,0 0 0
9 2 3 .0 0 0
9 9 3 .0 0 0
3 4 6 ,5 0 0

S I , 4 9 2 ,0 0 0
1 .6 7 3 .0 0 0
1 .3 4 3 .0 0 0
2 .0 2 4 .0 0 0
2 .0 0 1 .0 0 0
1 ,2 7 4 ,0 0 0

2 ,9 7 6 ,9 7 9 S 2 3 3 ,2 8 8 ,4 0 0

S 5 ,9 2 5 ,5 0 0

$ 4 ,7 2 2 ,5 0 0

$ 9 ,8 1 0 ,0 0 0

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

Sales at

Week ending March

Exchange.

Jan.

1.

1

to March

1.

1918.

1917.

2 5 ,3 6 6 ,6 S 1
S 2 ,3 9 3 ,7 1 3 ,6 0 0
$ 7 ,2 0 0

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

$ 4 ,0 0 0
7 .2 3 7 .0 0 0
9 .8 7 7 .0 0 0

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

$ 7 7 ,0 0 0
6 3 ,4 1 0 ,5 0 0
1 4 2 ,S 5 8 ,0 0 0

S 1 7 ,1 1 8 ,0 0 0

$ 1 9 3 ,2 9 1 ,5 0 0

$ 2 0 6 ,3 4 5 ,5 0 0

1918.

1917.

2 ,9 7 0 ,9 7 9
2 ,2 6 3 ,9 7 1
S to c k s — N o . s h a re s . . _
P a r v a l u e _____________ $ 2 8 3 , 2 8 8 , 4 0 0 $ 1 9 9 , 4 7 8 , 8 0 0

Bonds.
G o v e r n m e n t b o n d s ___
S ta te , m u n ., & c ., b o n d s
R R . a n d m ls c . b o n d s . .
T o ta l

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

b o n d s ...................

D A IL Y

$ 2 0 ,4 5 8 ,0 0 0

T R A N S A C T IO N S

A T

B A L T IM O R E

Week ending
March 1 1 9 1 8 .
S a t u r d a y . . ................
M o n d a y _____________
T u e s d a y _____________
W e d n e s d a y ................
T h u r s d a y ____________
F r i d a y .......... .................
T o t a l _____________

T H E

B O S TO N ,

STO C K

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

P H IL A D E L P H IA

Shorts.

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

A N D

E X C H A N G E S .

Baltimore.

Philadelphia.

Boston.
Shares. IBond Sales.

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

Shares. Bond Sales.

Bond Sales
$ 2 2 ,4 5 0
1 2 1 ,7 0 0
5 7 ,3 0 0
4 0 ,1 0 0
3 7 ,2 5 0
2 9 ,8 5 0

990
753
1 ,3 3 1
1 ,9 1 7
1 ,7 8 0
920

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

$ 3 0 8 ,6 5 0

7 ,6 9 1

$ 1 4 6 ,2 0 0

N ew Y o rk “ C u rb ” M a rk et. —Below we give a record of
the transactions in the outside security market from Feb. 23
to Mar. 1, 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 tho 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 tho “tape,” or reported
in the official list at the end of tho 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 thorn included in the
lists of those who malco it a business to furnish daily records
of tho transactions. The possibility that fictitious transac
tions may creep in, or even that dealings in spurious securi
ties may be included, should, hence, always be kept in mind,
particularly as regards mining shares. In tho 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 bo worth.
Friday
Sales
Last Week's Range for
Week.
Sale.
of Prices.
Par. Price. Low. High. Shares.

Week ending Mar. 1.

Stocks—

Aetna Explos.r__ (no par)
Preferred........ ......... 100
Air Reduction r ..(n o par)
Amer & Brit Mfg com . 100
Brit-Amer Tob ord’y __ £1
Ordinary coupon____£1
Chare Iron of Am .com .. 10

8%
50
71 K
5
15%
17
17
8%
6%
Chevrolet M o t o r ____ 100 120
115
200
Cities Service, c o m .r .. 100
Cuprite Sulphur, r______1
1%
1K
36 %
Curtiss Aerop & M , com(t)
30 K
Electric Gun r ........ ......... 1
% 3-16
Emerson Phonograph___ 5
3%
5%
40
Holly Sugar Corp com .(t)
1416
Hulburt Motor Tr com. (t)
20
105
Int Trading Corp, com r . l
A
H
16
Keyst Tire & Rubb com. 10
78
80
Krcsge (S 8), com .r__ 100
3
Lake Torpedo B com r . 100
3K
Marconi Wlrel Tel of A m .5
9-16
Maxim Munitions.r ___ 10 _____
North Am Pulp & Paper(t)
2%
2K
Peerless Truck A M ot. .50
17%
16
Smith Motor Truck . r __ 10 2~3-16
IK




9%
55

12%
12%
1 3 -1 6

25%
1%
5%
1%
%
7%

F o r m e r S t a n d a r d Oil
S u b s id ia r ie s .
A n g l o - A m e r O i l ...................£ 1

Range since Jan. 1.
Low.

9 % 48,000
5%
750 41%
55
1,100 70
75
5
5
40
l ,400
15%
10H
16%
18
3,000
1,600
7%
8%
*7
1,305
5%
135
17,500 100
202
120 200
1%
1 % 7,100
5,500 25
40
5-16 10,100 3-16
4
1,835
3%
40
30 40
20 % 2,405
14%
100 105
105
% 1,000
%
16
100
12%
80
125 69%
3
no
*3H
3 % 1,900
3%
11-16 22,000
%
300
2 Vs
2%
18
14
800
16 %
700
14%
1
2 H 104.800

High.
Feb
9 Vs Feu
Jan 55
M ar
Jan 76 % Jan
Feb
Feb
5
Feb
16% Jan
Jan
Feb
18
Jan
SH Feb
Feb
Feb
*7
Jan 135
Feb
Feb 2 i9 j; Jan
Jan
2% Feb
Jan 41% Feb
Jan
% Jan
Jan
4% Jari
Jan
40
Jan
Feb
20% Mar
Feb 105
Feb
1% Feb
Jan
17% Feb
Jan 80
Feb
Jan
3% Jan
Jan
3% Jan
1
Jan
Feb
Jan
3% Jan
Jan 20
Feb
17%
Jan
2% M a r

S
S
S
S

ta n d a rd O il ( C a lif ) . .. 1 0 0
t a n d a r d O i l ( I n d ) _____ 1 0 0
ta n d a rd O il o f N J . . . 1 0 0
ta n d a rd O il o f N Y . . . 100

*1 3

12

12%
%
24%
%
1%
5
1%
%
7%

12%
2%

13

225
640
270

5 ,0 0 0
6 ,0 0 0
2 ,3 0 0
3 6 ,5 0 0
1 2 ,0 1 8
100
9 ,6 0 0
2 ,4 0 0
1 ,0 0 0
1 3 ,5 0 0

13%
1 5 -1 6
30
1 1 -1 6

1%
5%
1%
%
8%

13%
2%

2 1 ,1 5 0
2 4 ,5 0 0
40
15

90
105
339
480
275
182
290
229
640
543
277
351

95
104
339
475
270
182
290
225
640
510
270
350

96

I n d i a n a P i p e L i n e ________ 5 0
N o r t h e r n P i p e L i n e ____1 0 0
O h i o O i l .............................. ........ 2 5
P r a i r i e O i l & G a s ________ 1 0 0
S o u t h e r n P i p e L i n e _____ 1 0 0

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

S a t u r d a y . ................
M o n d a y ____________
T u e s d a y ___________
W e d n e s d a y _______
T h u r s d a y ________
F r i d a y _____________

S ta n d a rd M o t o r C o n s tr r 10
S u b m a r in e B o a t v t c . . ( t )
T r ia n g le F ilm C o r p v t c . 5
U n ite d M o t o r s . r . (n o p a r )
U n it e d P r o f it S h a r in g 2 5 c
U S L ig h t A H e a t p r e f- - 1 0
U S S t e a m s h i p _____________ 1 0
V i c t o r y G u n . r__________l
W o r ld F ilm C o r p v t c . . 5
W r lg h t- M a r tin A i r o . r . . ( t )

Sales

W °Tk
High. Shares.

Par. Price. Low.

S to c k s —

Y E A R L Y .

Railroad,
&c.,
Bonds.

Stocks.

Week ending
March 1 1918.

T o t a l ____________

N E W

Friday
Last Week’s Range

Range since Jan. 1.

$ 4 ,0 0 0

89K
97
59

[ V o l . 106

35
15
35
15

20
47
10
75
55
20

Other Oil Stocks
A m e r V e n t u r a O i l . r _______ l
B a r n e t t O i l & G a s . r ............. 1
B o s t o n - W y o m i n g O i l . r ____ 1
C o s d e n & C o , c o m . r _______ 5
C r o w n O i l . r . . ........................ 1
C u m b P r o d A R e f . r _ ____1
D i x i e G a s . r . . . , __________ 1 0
D u t l i i o O i l r ________________ 1
E l k B a s i n P e t r o l e u m . r ____5
E l k l a n d O i l * G a s . r _______ 1
E m p i r e P e t r o l e u m ............ . 2
E s m e r a ld a O i l C o r p . r . . 1
F e d e r a l O i l . r ________________ 5
G l e n r o c k O i l . r _____________ 1 0
H a n o v e r O i l & R c f . r _____ 5
H o u s t o n O i l c o m . r _____ 1 0 0

16c
1 1 -1 6
24c

7%
%
10%
6%
5 -3 2

3%
3%
6

47%

I s l a n d O i l & T r a n s . r ____1 0
3%
3 -1 6
K e n o v a O i l . . . ........................... 1
M e r r i t t O i l C o r p . r .............1 0
20
M e t r o p o lit a n P e tr o le u m 2 5
%
1 .0 8
M i d w e s t O i l c o m . r ________ 1
l 3 -1 6
P r e f e r r e d r ________________ 1
110
M i d w e s t R e f i n i n g . r _____ 5 0
M i n e r a l W e l l s P e t ...................1
2
N Y - O k la h o m a O il c o m . r l
%
81c
N o r th w e s te r n O il c o m . r . 1
7c
O k l a h o m a O i l c o m . r _____ l
13c
P r e f e r r e d r _________________1
7%
O k l a h o m a P r o d A R e f ____5 ’
5 /-s
O k m u l g e e P r o d & R e f ____5
350
O m a r O i l & G a s c o m _____ 1
O v e r la n d P e t r o le u m . r . 10 c
P a n -A m e r P e tro l c o m r .5 0
P e n n - K e n t u c k y O i l . r _____ 5
5%
P e n n - W y o m l n g O i l . r ___ . 5
3%
28c
Q u e e n O i l . r ........................ . . 1
1 3 -1 6
R e d R o c k O il & G a s r . _ _ l
7 -1 6
R i c e O i l . r __________ _________ 1
S a p u l p a R e f i n i n g , r _______ 5
S e q u o y a h o n & R e f _____ 1
%
S i n c l a i r G u l f C o r p r ____( t )
S o m e r s e t O H r__________1
%
S t a n t o n O i l . r _______________ 1 1 1 1 - 1 6
U n i t e d W e s t e r n O i l . r _____ 1
U n ite d W e s te rn O il (n e w ) r
V i c t o r i a O i l . r . . . ................1 0
3%
3%
W a y la n d O il A G a s c o m . 5
M in in g S to c k s
A l a s k a - B r i t C o l M e t a l s . .1
A t l a n t a M i n e s _______________ 1
A u r o r a S i l v e r M l u c s . r ____5
A u s t i n A m a z o n . r _____ . . 1
B i g h e d g e C o p p e r __________ 5
B o s to n A M o n ta n a D e v . . 5
B r a d s h a w C o p p e r . r.
__1
B u t t e - D e t r o it C o p A Z in c 1
B u tte A N e w Y o rk C o p . . 1
C a l e d o n i a M i n i n g ............ . . 1
C a lu m e t A J e r o m e C o p . . 1
C a n a d a C o p p e r C o L t d . .5
C a s h B o y . ....................................1
C o c o R i v e r M i n i n g . r _____ 1
C o n s o l A r i z o n a S m e l t _____ 5
C o n s o l C o p p e r M i n e s _____ 5
C o n s o l - I l o m e s t e a d . r _____ 1
C o p p e r V a lle y M i n i n g . r . l
C re s s o n C o n s G o ld M A M 1
E a s t B u t t e __________________ 1 0
E m m a C o p p e r . r ..................... 1
E u r e k a C ro e s u s M in r . .l

7 -1 6
H K c

3%
%
1 7 -1 6
81c

6 ,8 0 0
4 7 ,5 0 0
7 ,9 0 0
8%
7%
1 0 .3 0 U
1 3 -1 6
1
400
l
1
4 ,2 0 0
10% 1 0 %
53c
400
53c
3 ,8 0 0
6%
6%
5 .S 0 0
5 -3 2
100
2
2
% 5 - 3 2 2 4 ,2 0 0
3% 1 8 ,7 0 0
3%
1 6 ,8 0 0
4
3%
3 ,0 0 U
0
4%
9 ,3 0 0
40
47 %
1 ,0 0 0
12% 1 3 ) 1
3%
4% 1 6 . 4 0 0
7 -3 2
5 4 ,9 9 0
3 -1 6
1 ,8 0 0
19%
21%
1 1 -1 6
% 4 2 ,0 0 0
1 .1 2
2 8 ,7 0 0
1 .0 7
1 ,3 0 0
1 3 -1 6
1%
1 ,2 5 2
108
111
5 ,1 0 0
1%
2
% 1 0 ,0 0 0
%
89c
1 8 2 ,0 0 0
65c
3% c 8 K c 1 4 1 , 5 0 0
9%o 1 6 c 3 9 , 5 0 0
9 ,7 0 0
7
7%
4%
5% 2 1 , 6 5 0
1 5 ,5 0 0
29c
35c
9 ,8 0 0
20c
24c
100
53
53
9 ,4 7 0
5%
5%
300
3%
3%
2 9 ,5 0 0
27c
40c
1 5 -1 6
1
1 ,3 5 0
3 -1 6
% 7 4 ,2 0 0
3 ,0 0 0
8%
8%
1 1 ,9 0 0
1 1 -1 6 1 3 -1 6
5 ,0 0 0
i9 > ;
22
% 1 3 ,2 0 0
7 ,9 0 0
1 9 -1 6
1%
9 -3 2
% 22,200

1%
3%
3%

3 -1 6
1
4 K c
51c

A

%
5 -1 0

1

5%

%
40c

1%
2
9 K c

1%
1 1 5 -1 6

5M
22c
%
5

9%

%
%

5 -1 6

38c
G i b s o n C o n C o p p e r _ r . .1
2
G lo b e - D o m in io n C o p p e r . 1
G o ld f ie ld C o n s o lid a te d - . 10
G o l d f i e l d M e r g e r . r ................1
G r e a t B e n d r . ........................ . 1
9 K c
G r e e n M o n s t e r . r __________ 5
%
4%
I l e c l a M i n i n g _____________ 2 5 c
H o w e S o u n d . . . ___ .
I
18c
I n t e r n a t i o n a l M i n e s . r ____1
I r o n B l o s s o m . r ________ 1 0 c .
3
J e ro m e P re s c o tt r
l
J e r o m e V e r d e C o p p e r _____ 1
H
62c
J i m B u t t e r r ............... ................. 1
5 -1 6
J o s e v ig K c n n e c o t t C o p . l
16o
J u m b o E x t e n s i o n __________ !
K e r r L a k e ..............................
5 ________

2

M
M
M
M
M
N
N

6c

a r s h M i n i n g r ____________1
a s o n V a l l e y _______________ 5
o n s t e r C h i e f r ..................... 1
o t h e r L o d e r ........................ 1
u tu a l M in
Leas
a t i o n a l L e a s i n g r . ............. 1
a t Z in c A L e a d
1

A

5 'I
3 -3 2
30c

pf__ 1

1%
6c
20c

r.........

r

N evada R and
.................. 1 0 c
N e w C o r n e l i a r ........................ 5
N i p t s s l n g M i n e s ___________ 5
N i x o n N e v a d a ........................... 1
O n o n d a g o M l n c s . r . ............ 1
P o l e S t a r C o p p e r r ________ t
P o r t la n d C o n s C o p p e r . r . l

15c

16%
8%
l

1 -1 6

2%
24c
................

2 ,5 0 0

10

1

6,110

39c
2

%

3/« 1 3 - 3 2
4 H e
5c
10c
1 1 -1 6
%
4%
37^
4 %
4%
15c
20c
1 5 -3 2
%
3
1%
11-10 1 3 - 1 6
60c
64c
% 5 -1 6
15c
17c

3%c

5%
%

5%
8c

8%

%

2%
23 He
31c

11,200
5 ,0 0 0
5 ,1 0 0
1 ,8 5 0

2,200

1 8 ,8 0 0
3 0 ,0 0 0

%
*%
40

1%

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

5H c

5c

5c
28c
18c
13c
16H

2,200

5H
3 -3 2
30c

%

4%o

5%

2 ,9 0 0
4 ,0 5 0
.

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

IK

7 -1 6
5 -1 6
36
4c
1 -1 6
28 H e

21,000

5 ,9 0 0
1 ,5 0 0
5 -1 6
1% 5 8 , 8 0 0
6 ,0 0 0
5c
96c
4 7 2 ,3 0 0
5 ,8 5 0
%
7 -1 6
2 0 ,4 0 0
1
1 ,9 5 0
52c
1 8 ,7 0 0
1 7 -1 6
4 2 ,3 0 0
1 1 -1 6
4 ,4 0 0
12 H e
6 4 ,7 0 0
1 ,5 2 0
IK
2 1 -1 6
4 ,3 0 0
0
5 ,6 0 0
22c
3 ,« 0 0
800
*1
5 y.
4 ,4 0 0
700
%
9 -1 6
4 9 ,9 0 0

5 -1 0

%

3 ,3 1 2
1 ,7 0 0

12c
3%

%

7c

1%

I . a m p a z o s S i l v e r . ________ 1
L a R o s e C o n s o l M i n e s ___ 5
L o n e S t a r O o n s o ! . r ________ 1
L o u i s i a n a C o n s o l ............._ . l
M a g m a C h i e f , r ........................ i

200

1%
3%
3%

7 -1 0

11c
2%

7 -1 6
1 5 -1 6
52c
l 7 -1 6
2 1 -1 6

10c
1%
2
5%
22c

53,100

16c
l 1 -1 6
24c

13c
1
22c

2
6c
33c
18c
15c
17
8 K
1 5 -1 6

3

25c
33c

1,000
200
5 6 ,1 5 0
1 5 ,7 0 0
3 ,5 0 0

20,000
2 ,8 7 5

1,200
1 5 ,2 0 0
1,6 0 0
4 ,1 0 0
4 ,1 0 0

Range since Jan. l.
High.

Low.
8H

11%
%
119 %
%
1%
4%
1%
%
6%

11%
1%
95
100
300
418
255
182
275
225
640
520
252
350

Jan
Jan
Fob
Jan
Feb
Feb
Jan
Feb
Jan
Jan

Feb
*1 3
14H I Jan
Jan
1
30% i F e b
Feb
1 1 -1 6
IK J a n
5K F e b
Feb
1M
% Jan
Feb
SH

Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb

17H
3
96
105
365
500
278
182
290
237
640
579
285
357

Jan
Jan
Jan
Jan
6H
% Feb
Feb
1
10 H F e b
Jan
53c
6% J a n
% Jan
1% F e b
% Jan
2% J a n
3% J a n
Jan
3
39% J a n
12% F e b
1% J a n
3 -3 2 J a n
19% M a r
% Jan
Jan
950
l 3 -1 0 J a n
Jan
103
1% J a n
% Jan
Jan
56o
Jan
3o
9 H c
F e ll
6% J a n
2% J a n
26o
Feb
Jan
15o
Jan
40
Jan
5
3% F o b
17o
Feb
Jan
H
3 -3 2 F e b
Feb
SH
Jan
H
15
Jan
5 -1 6
Feb
1 7 -1 6 J a n
% Jan
1% F e b
3% J a n
3
Feb
Go

1
220

%
80
2H

Jan
Jan
Feb
%> M a r
% Jan
Jan
3o
Jan
41o
% Jan
% M an
11-10 J a n
Jan
44o
*1
Jan
1 1 5 -1 0 J a n
3 H o Jan
1% M a r
1%, F o b
f>
Jan
Feb
% Jan
4 % Jan
9 % Feb
% Jan
% Feb
Jan
35o
1H F e b
% Feb
% Jan
Jan
3o
4 H e
Feb
9 -1 6
Jan
2% J a n
4% F e b
Jan
80
1 1 -3 2 J a n
1% J a n
% Jan
Jan
55o
Jan
3 -1 6
Jan
14c
5
Jan
60
Jan
% Feb
25c
Jan
4 H e
Feb
7 -1 6
Jan
5 -1 0 F e b
36
Feb
4o
Jan
4 % Jan
Jan
1 -1 6
Jan
250
1
Feb
Jan
3o
Jan
150
13c
Feb
13 C
F o il
Jan
15H
Jan
8
Jan
Jan
2
200
Jan
31o
Jan

%

Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Fob
Feb

Feb
160
1 3 -1 0 J a n
Jan
30o
8% F e b
1 5 -1 6 J a n
IK J a n
10% M a r
Jan
6O 0
Feb
7
% Jan
Feb
2
5 -1 0 J a n
4
Feb
Jan
5
Jan
7 K
Jan
53 %
13% J a n
4% F e b
% Feb
24% J a n
% Feb
1 .2 4 iJ a n
1% . J a n
.J a n
114
2
Feb
Feb
H
Feb
89o
M a r
8 H o
16o
Feb
Jan
7 K
5A M a r
Jan
40o
Feb
27o
Fob
53
Feb
5H
3% F e b
Jan
860
Jan
1
Feb
K
Jan
10
% Feb
23% F e b
% Feb
2% F e b
Jan
H
2% F e b
Jan
4
3% F e b

9-1G J a n
13o F e b
Feb
3 K
Feb
5 -1 0
IK
5o
90o

Mar

FeD
M ar
1% J a n
Ui F e b
Feb
1
Jan
560
i lit M a r
2% J a n
19o F e b
2% J a n
2% J a n
Jan
7
Jan
28o
Jan
IK
Jan
5 K
); F e b
Feb
%>
Feb
1 1 -1 6
Jan
100
2 3 -1 6 J a n
Jan
IK
7 -1 6 J a n
Feb
5o
100 F e b
% Jan
Jan
5
4% Feb
Feb
200
1 1 -1 6 J a n
Jan
3 K
% Jan
Jan
90o
% Jan
Jan
24c
5% J a n
Go
Feb
Feb
IK
% Feb
5c
Feb
Jan
K
7 - ir Ja n
Jan
42
Jan
80
OH J a n
Jan
5 -1 6
300 M a r
2
Feb
Feb
380
Feb
2 lc
Jan
15c
Feb
Jan
17K
Jan
8 K
1 5 -1 0
Feb
3
Feb
280
Jan
Jan
34o

10

80

Mining (Concl.)—

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.

Range since Jan. 1.
Low.

9,700
4,900
2,700
10,500
11,000
11,500
1,600
13,700
2,000
10,475
3,000
3,200
4,400
600
100
2,530
100
2,650
5,315
1,000
10,500
3,300
5,000
8,200
2,000
10,200
2,000
8,500

43o
154
354
54
9o
27o
lie
54
454c
47o
54
3-16
7o
2
3
154
*354
3-16
354
3654
9c
354
9c
65o
100
nl2
8c
54

Jan 52o
Feb
Jan
254 Jan
Jan
454 Jan
Jan
54 Feb
Jan
15o Feb
Jan 450 Mar
Jan
18c
Jan
Feb
7-16 Jan
Jan
7c
Feb
Feb 58c
Feb
Jan 7-16 Jan
Jan
54 Jan
Jan 10 Mo Feb
Jan
2 54 Jan
Jan
3)4 Jan
Jan
154 Jan
Jan
Jan
4
Jan
54 Jan
Jan
554 Feb
Jan 42
Feb
Feb 25c Mar
Jan
5)4 Mar
Jan
12c
Jan
Jan S6o
Feb
Jan
18o
Feb
Jan
Jan
54
Feb
14c
Jan
Feb
2
Jan

99 M 9854 0
9754 98
Beth Steel .5% notes.. 1919 98
Canada (Dom of) 6s. 1919 9514
9554 9554
9854 9854
Canadian Pacific Rv 6 s ...
985^
1920 100 H 10054 10054
100
10054
0% notes (2-year).. 1919 100
Phlla Eloc 6s r vv 1___ 1920 98 97 13-16 9854
40 54 45
Russian Govt 6Ms r__ 1919
39
35
1921 39
KKZa r
9754 9754
South’ d R v 5% notes r ’ 19

179,000
9,000
112,000
28,000
27,000
17,000
163,000
64,000
47,000
31,000

9854
9654
0454
98 x/i
9854
99
9754
4054
35
9754

Feb 9954
Jan 98
Jan 9554
Feb 9854
Jan 10054
Jan 10054
Feb 98 54
Feb 58
Fob
52
Feb 9754

9854 9854 28,000

0854

Fob

9854

0954

Jan
Feb
Jan
Mar
Feb
Feb
Feb
Jan
Jan
Feb
Feb

* Odd lota t No p:ir value. i Listed as a prospeot. I Listed on the Stock Ex
change this week, where additional transactions will ho found. <>Now stock, r Un
listed. u Ex-eash and stock dividends, w When Issued, x Ex-dlvldend. y Exrlghts. z Ex-stock dividend. _____________________________________________

C U R R E NT

N OT I CE.

__Tho statement of tho United States Branch of the Liverpool and
London and Globe Insurance C o., Ltd., a stock company that has been
doing business In the United States for 70 years, as o f Dec. 31 1917, shows
total assets of $16,153,008. with unearned premiums and other liabilities
o f $11,359,090, leaving a surplus of $4,793,978. The assets Include $1,416,
000 in real estate, $968,150 in first mortgages on real estate, $2,611,704
In Government, State, county and municipal bonds, $5,552,597 in rail
road and other bonds and stock; besides $2,178,899 in cash in banks
and offices.
A notablo fact in connection with tho company is that its securities are
placed in trust with influential American citizens for tho satisfaction of
tho company’s claimants in tho United States. Tho trustees of tho United
States branch are: John A. Stewart of tho United States Trust Co. of
Now York; Walter C. Hubbard of Hubbard Brothers & Co. of New York,
and Thatcher M . Brown of Brown Bros. & Co. of N. Y . Tho assets of
tho United States branch of the company are largely in excess of tho
liabilities. Walter C. Hubbard is tho new Chairman of tho company and
tho directors in New York include In addition, Edmund D. Randolph,
John A. Stewart, Thatcher M . Brown and William H. Wheelock.
’
— Redmond & Co. are offering, by advortisomont on another page, at a
price to yield 6.25%, First Mtge. bonds o f tho Minneapolis St. Paul &
Sault Sto. Mario (Soo) Systom, namely, Wisconsin Central R y., Superior &
Duluth Divisional & Terminal 4s, duo 1936. Tho bonds are a first mortgage
(closed) on 154 miles of railroad, extending from Duluth and Superior to
Owen, Wis., forming part o f tho main lino of tho Wisconsin Central between
Duluth and Ciiicago and vauable terminal property in Suporior and
Duluth. Tho Wisconsin Central Ry. is controUod through stock ownership
by tho Minneapolis, St. Paul & Sault Sto. Mario, which in turn is con
trolled by tho Canadian Pacific and affords tho latter direct; accossi to many
important cities in the United States.
— Matt. II. Connell, formerly with the bond department o f Hornblower
& Weeks, has opened an office at 111 Broadway for tho transaction of a
general brokerage business in bonds and notes.

New York City Banks and Trust Companies
dankn-iV. Y
America*__
Amer Exch.
Atlunilc. . . .
Battery Park
Bowery * __
Bronx ltoro*
Bronx N at..
BryantPark*
Butch <fc Dr.
Chase..........
Chat A Phen
Chelsea Ex *
Chemical__
Citizens___
c i t y ---------Coal A Iron.
Colonial*...
Columbia*..
Commerce..
Corn Exch*.
Coemopol'n*
East River. .
Fifth Ave*._
Fifth............
First............
Garfield- - - Germ-Amor*
German Ex*
Germania* .
Gotham
Greenwich*
Hanover----Harriwan...
Imp A Trad
irving(trctfs
Liberty........
Lincoln........

Ask
Uio
510
490
220
210
180
170
200
190
___
400
200
150
150
145
160
75
90
335
350
220
225
110
100
380
3110
207
215
398
405
205
215
MOO
. -290
310
174
171
315
305
85
95
60
65
3400 3S00
215
230
800
890
105
180
145
135
385
405
190
ISO
_.
200
360
335
640
660
240
260
475
490
)270
280
380
395
280
300

Banks.
Manhattan *
Mark A Fult
Mech & Met
Merchants..
Metropol’n *
Mutual * ___
New Neth*.
Now York Co
New Y ork..
Pacific *___
Park............
People’s*__
Prod Exch*.
Public_____
Seaboard __
Second____
Sherman__
State*_____
23d Ward*.
Union Exch.
Unit Stales*
Wash H’ ts*.
WOStCb AVO*
West Side*.
Yorkvlllo*..
Brooklyn.
Coney Isl’d*
First_______
Flatbush__
Greenpolnt .
Hillside * . . .
Homestead *
Mechanics’ *
Montauk * ..
Nassau____
Natlon'ICIty
North Side*.
People's___
I

taa
300
305
295
245
105
3/5
200
150
415
270
485
200
200
210
435
too
120
100
110
145
600
360
176
185
640
145
255
140
150
110
___
110
___
195
285
175
130

• Banka marked with a (•) are State banka,
change this week. I New atook. y Ex-rlghts.




Ask
310
305
255
175

Trust Go's.
Nero York
Bankers T r.
CentralTrust
Columbia . .
Commercial.
Empire........
Equitable Tr
Farm L & Tr
Fidelity___
Fulton____
Guaranty Tr

Bid

A 8k

390
740

400
750
265
300 ”
345
400
210
265
345
142

220

100
290
340
390
200
240
337
135
Irving Trust 165
Law Tit A Tr
95

425
130
110
125
155

190
Metropolitan 320
Mut’l (West115

340

220
_
600
210

200
195
565
155
270
150
165
120
115
120
96
205
276
200
140

New York City Realty and Surety Companies

High.

52C
Provincial Mining__ .. . 1
50o
52c
Rawley Mines r--------- . .. 1
2
2 54
2M
Ray Hercules Mining r..S
4M
454 454
Red Warrior Mining . .. 1
U
54
%
Rex Consolidated___ . . . 1 h m c 1154c 13c
Rochester Mines........ . . . 1
45c
34c
4lc
lie
San Toy Mining------- . .. 1
14c
14c
5-16
Silver King of Arizona . . .1
5c
Silver Pick Cons r .._ . .. 1
5c
56c
Silver Plume Cons.r . . .1
52c
54c
7-10 13-32
Standard Sliver-Lead. . . . 1 13-32
___1
7-32
54
Success Mining_____ . . . I
954c 10c
10c
Superior Cop (prosp’t) (t)
2)1
254
Tonopah Belmont Dev r 1
3 >4 3 54
Tonopah Extension.. . . . 1
154 1 13-16
-__1
354
354
Tri-Bullion S A D ___ . . . 5
54 7-16
United Eastern_____ . . .1
4J4 4 11-16 5 54
39
40
United Verde Exten.i -50o 30
9c 25c
U S Zinc A Load Lr__ .. .1
25c
454
Unity Gold Mines...... . . . 5
554
5M
10c
10c
1
740 80c
West End Consolidated..5 79c
13c
lie
White Caps Exten__ .10c
12c
White Caps Mining.. .10c 17-32 17-32 9-10
9
9
Wilbert Mining__ __
154
54
Yukon Gold........ ....... . . . 5

1-year 0% notes.to.

915

T H E C H RO N ICLE

M ar . 2 1918.]

875
N Y Trust.. 585
260
TltloGu ATr 265
175
Union Trust 400
U SM tg& Tr 400
UnltedStates 900
Westchester. 130

Brooklyn.
Brooklyn Tr
Franklin___
Hamilton__
Kings Co__
Manufaot’ rs.
People's___
Queens C o ..
f Sale at auction or

105
100

125
900
600
275
275
420
410
925
140

500
630
235
245
265
275
625
660
135
145
265
275
70
85
at Stock Ex

Alliance R'ty
Amer Surety
Bond A M O
Casualty Co
City Invest'g
Preferred.

Bid
65
108
190
15
60

Ask
75
112
100
20
66

Lawyers Mtg
Mtge Bond.
Nat Surety.
N Y Title A
M tg e -----

BUI
87
82
174

Ask
92
87
177

50

57

Bid
Realty Assoc
(Brooklyn)
75
U 8 Casualty 190
55
USTitleGAI
Wes A Bronx
Title AM G 160

Ask
85
205
65
175

Quotations for Sundry Securities
AHbond price* are "and interest” except where marked "I".
R R . Equipm ents— PerCl Basis
Bid .4**.
6.0( 5.50
6.0( 5.50
6.0(
Canadian Pacific 4Ms______ 6.60 6.00
Caro Clinchfield A Ohio 5 s.. 7.25 7.50
6.25 5.75
, 6.25 5.75
Chicago A Alton 4s------------ 7.00 0.00
Chicago A Eastern III 5 M s.. 7.50 6.50
Equipment 4 Me_________ 7.50 6.50
6.51 6.00
Chlo Ind A Loulsv 4 Ms____
6.0( 5.25
5.75 5.00
Chicago A N W 4 MS- - ........
7.00 6.00
6.60 6.00
Colorado A Southern 5a.__
Erie 5k______ _____________ 6.6C 6.00
Equipment 4 Ms_________ 6.6C 6.00
Equipment 4s___________
6.6C 6.00
6.5C 6.00
8.50 6.00
Illinois Central 5s__________ 5.90 5.40
Equipment 4Ms_________ 5.9C 5.40
Kanawha A Michigan 4M e~ 6.4C 6.00
5.9C 5.40
Louisville A Nashville 5s___
Michigan Central 5 s _______ 6.1C 5.00
Minn St P A 3 8 M 4Ms...... 6.1C 5.60
Missouri Kansas A Texas 5k. 7.0C 6.00
Missouri Pacific 5s_________ 7.0C 0 00
Mobile & Ohio 5s___ _____ _ 6.5C 6.00
Equipment 4Ms____ ____ 6.5C 6.00
Now York Central Lines 5 ? .. 6.25 5.75
Equipment 4 Ms_________ 6.25 5.75
N Y Ontario A West 4M*__ 6.5C 6.00
Norfolk A Western 4Ms___
5.9C 5.20
5.9C 5.20
5.75 5.00
Pennsylvania RR 4Ms____
Equipment 4s___________
5.75 5.00
St Louis Iron Mt. A Sou 6s_. 7.0C 6.00
St Louis A San Francisco 6c
7.0C 6.00
Seaboard Air Line 5s............ 7.0C 6.00
Bonds.
Per Cent.
7.0C 6.00
Equipment 4Ms............ .
78 Southern Paclflo Co 4 M s...
Pierce Oil Corp conv 6 s.192-1 75
5.9C 5.40
Southern Railway 4 Ms____
6.5C 5.50
Ordnance Stocks— Per 5 hart.
Toledo & Ohio Central 4s.... 6.5C 6.00
57
Aetna Explosive? pref__ 100 52
T obacco Stocks—Per Sha re.
7
3
Par Bid. At*.
American A British Mfg. 10C
Preferred____________ 10C
15 20 American Cigar com m on.100 95 10!)
95
Preferred................ ..... 100
87
Atlas Powder common__ 10C zlGO 170
95 Amer Machine A F d ry.1 00 70
SO
Preferred____ _______ 100 94
Baboock A Wilcox.......... 100 11U2 113 Brltlsh-Araer Tobao ord__£l *1512 1012
Ordluary, bearer_____ £1 *1612 1712
Bliss (E W) Co ooinmon. fit *360 410
75 Conley F oil.. _________ 106 200 250
Preferred____________ 50 *
Canada Fdys A Forgings. 100 140 160 Johnson Tin Foil A M e t.100 100 130
88 Mac Andrews A F orbes..100 170 190
Carbon Steel common__ 10C 84
96
Preferred____________ 100 92
98
l3t preferred_________100
63 Reynolds (R J) Tobacco. 100 y300 350
2d preferred__________ 100 58
Rights........ ....................... <275 130
Colt's Patent Fire Arms
64
M fg___________ _____ 25 *63
Preferred...................... 100 100 104
Young (J S) C o.......... ..100 125 150
duPont (E I) de Nemours
A Co common.......... ..100 z258 263 | Preferred...................... 100 100 106
Short-Term Notes— Per Cent.
Debenture stock_____ 100
94% 95l2
Amer TelATcl 6s 1919..FAA 98% 99lg
Eastern Steel__________ 100 93 90
Empire Steel & Iron oom.. 100 35 45
Halto A Ohio 5s 11518 ..J A J 99M 9934
83
75
5s 1919 ........................ JAJ 98% 98%
Preferred................... .100
Hercules Powder c o m ... 100 248 258 Beth Steel 5s 1919. _FAA 15 9778 98%
Preferred____________ 100 112 114 Canadian Pho 6s 1924. MAS 2 98% 98%
Nlles-Uement-Pond com . 100 127 130 Chlo A West Ind Os’ 18.MAS 9812 9S7g
Preferred...................... 100 97 102 Del. A Hudson 5s 1920 FA A 98 98%
Penn Seaboard Steel (no par) *40 45 Erie RR 5s 1919_______A-O 9312 94
98%
Pholps-Dodge Corp____ 100 272 2SO General Rubber 5s 1918.JAD 98
Seovlll Manufacturing__ 100 460 ____ Gen Eleo 6s 1920______JAT 99% 100%
6% notes (2-yr) ’ 19. JAD 100 100%
Thomas Iron.......... ... ..
50 *25 35
Winchester Repeat Arms.100 750 850 Great Nor 5fl 1920.........MAS
965s 96%
99%
35 4.5 Hocking Valley 6s 1918 MAN 99
Woodward Iron_______ 100
K C Rys 5 Ms t918.........JAJ 97 98%
Public Utilities
K C Term Ry 4 Me ’ 18.MAN 98 99
98
Amer Oas A Eleo corn__ 50 *S9 91
4Ms 1921.................... JAJ
98
Preferred____ _____ _ 50 *3912 40i2 Laclede Gas L 5s 1913..F&A 96
Amer I.t A Trao com . . . 100 208 211
Mich Cent 5s 1918________ 995s 99%
Preferred ___________ 100 95U 97 MorganAWrlght 5s Deo 1 T8 9812 ____
50 N Y Central 4 Ms)918-MAN 9958 99%
Amer Power A Lt com__ 100 46
70 75
Ks 1919...................... .........
96% 97%
Amer Publlo Utilities oomlOO 23 26
N Y N H A H 5s. Apr 15 1918 94 95
57 Penn Co 4M» 1921.. JAD 15 96% 9634
l’reforred....... ............ 10C 54
Pub Her Corp N J 5« ’ 19 MAS 95 97
Cities Service Co com __ 100 201 203
Preferred____________ 10O 74 70 Rom Arms U.M.C.Ss’ lOFAA 89 91
25 Southern Ry 5s 1919..M-S 2 96% 97%
Com’w’lth Pow Ry A L.100 23
49
51
Preferred............ ....... 100
United Fruit 5s 1918.. .M-N 997S ____
85
93
Eleo Bond A Share pref. _ 100 di)l
Utah Sec Corp 6s '22.M -S 15 83
10 Winches RepArms7s’ 19.MAS 99 99%
5
Federal Light A Traction. 100
Industrial
Preferred...................... 100 25 35
74
and Miscellaneous
Great West. Pow 6s 1946.JAJ 72
Mississippi lllv Pow oom.100 12’.2 16 American Brass________100 238 242
47
44
3.8 42
American Chlole oom___ 100
Preferred......................100
65 70
Preferred__________... 100
First Mtge 5s 1951.. JAJ G9 71
89
85
Am Graphophono com__ 100
North’ n States Pow oom.100 60 62
89
Preferred.................... 100 86
88
Preferred-------------------100
85
American Hardware____ 100 124 ____
North Texas Eleo Co com 100 55
74 Amer Typefounders com. 100 34
37
Preferred____ _______ loo
70
80
85
Preferred
_____ 100
Paolflo Gas A Eleo co m .. 100 36 37
83
Borden’s Cond Milk com. 100 98 102
1st preferred................ 100 81
14
10
Puget Sd T rL A P o o m .1 0 0
Preferred................ . . 100 98 102
Preferred________ ____100
36 41
Celluloid Company.........100 145 150
22
24
Havana Tobacco Co___ 100
Republlo Ry A Light___ 100
1%
h
3
5
57 59
Preferred. ________ 100
Preferred...................... 100
50
83
1st g 5s June 1 1922..J-D /45
South Calif Edison c o m .. 100 so
11
9
98 102 Intorcont.lnen Rubb co m .100
Preferred____________ 100
8
Internat Banking Co___ 100 160 ____
Standard Gas A El (Del). 50 *6
61
26
55
Preferred...................... 50 •24
International Salt............ 100
73
2
3
70
Tennessee Ry L A P oom 100
1st gold 5s 1951______A-O
83
9
International Silver pref. 100 79
11
Preferred____________ 100
4
5
Iron Steamboat_________ 10 *n2
United Oas A Eloo C orp .100
7
1st preferred................ 100. 45
50
1st 5s 1932................ AAO n90 100
7
Genl 4s 1932 ............ AAO f»25 40
2d preferred................ 100
10
80
27 29
Lehigh Valley Coal Sales. 50 *76
United I.t A Rys oom___ 100
61
35 40
1st preferred........ ....... 100
6212 Otis Elevator common__ 100
73
Western Power oommon.100 12
14
69
Preferred......................100
48
Remington Typewriter—
Preferred____________ 100
51
16
C om m on .................... 100
15
71
68
1st preferred_________100
49
51
2d preferred................ 100
Royal Baking Pow oom .. 100 125 ____
Preferred.___ ______ 100
95 100
Standard OH Stocks Pe rShare
Par Bid. A lt.
Anglo-American OH now. £1 123.1 1314
Atlantlo Refining.......... .100 900 920
440 400
96
Buckeye Pipe Line C o__ 50 *93
Chcsebrougb Mfg new__ 10C z315 340
Colonial Oil
10C 10 40
4G0 485
33
Crescent Pipe Line C o__ 50 *31
Cumberland Pipe L ine.. 10C 145 155
Eureka Pipe Line Co . . . 10( 185 195
Galena-Signal OH com__ 10C 130 135
118 123
185 195
*95 98
International Petroleum. £1 *1234 130
14
National Transit C o__ 12.5C *13
New Y’ork Transit C o__ 10C 210 220
Northern Pipe Lino Co.-10C 103 107
Ohio Oil C o.......... ........... 25 *335 340
47
*43
*08i 10<4
Pierce Oil Corporation__ 25
Prairie Oil & Gas............ 10C 470 475
Prairie Pipe Line............ 10C 267 272
Solar Refining.... ......... ..10C 290 300
Southern Pipe Line Co . 10C 182 187
3out.li Penn Oil........ ....... 10C 285 290
Southwest Pa Pipe Lines.10C 95 too
Standard Oil (California) IOC 223 228
Standard Oil (Indiana). .10C 640 650
Standard Oil (Kansas).—101 440 465
Standard Oil (Kentucky) 10C 320 330
Standard Oil (Nebraska) IOC 475 500
Standard Oil of New Jer.lOC 540 545
Standard Oil of New Y'klOO 270 275
405 425
SwanA F lroh .............. 100 95 105
84 ,87
Union Tank Lice C o___ 100
Vacuum Oil____________100 340 350
Washington Oil................ 10
♦26 30

Baltimore A Ohio 4 Ms_____
Buff Roch A Pittsburgh 4 M

♦Per share. 6 Basis, d Purchaser also pays accnied dividend.
/F la t price, n Nominal. * Ex-dlvldend. y Ex-rlghts.

« New stock.

T H E C H R O N IC LE

916

\ x m t s l m m l m x il % x d \ w n &
RAIL-ROAD

G R O SS

[Vol. 106

fu t e llig m c je *

EARNINGS.

The following table shows the gross earnings of various S T E A M roads from which regular weekly or monthly returns
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and Including the latest week or month. W e add a su p p le m e n ta l state
ment to show fiscal year totals of those roads whose fiscal year does not begin with January, but covers some other period.
I t s h o u ld b e n o t e d t h a t o u r r u n n i n g t o t a l s (o r y e a r - t o - d a t e f ig u r e s ) a re n o w a ll m a d e t o b e g in w it h t h e f ir s t o f
J a n u a r y in s t e a d o f w it h t h e 1 st o f J u ly . T h is is b e c a u s e t h e I n t e r - S t a t e C o m m e r c e C o m m is s io n , w h i c h p r e v io u s ly
r e q u ir e d r e t u r n s f o r t h e 12 m o n t h s e n d in g J u n e 30, n o w r e q u ir e s r e p o r t s f o r t h e c a le n d a r y e a r .
In a c c o r d a n c e
w it h t h is n e w o r d e r o f t h e C o m m is s io n , p r a c t i c a l l y a ll t h e le a d in g s te a m r o a d s h a v e c h a n g e d t h e ir f is c a l y e a r t o
c o r r e s p o n d w it h t h e c a le n d a r y e a r . O u r o w n t o t a ls h a v e a c c o r d i n g l y a ls o b e e n a lt e r e d t o c o n f o r m t o t h e n e w
p r a c tic e .
The returns of the electric railways are brought together separately on a subsequent page.
BOADS.

Latest Cross Earnings.
Week or
Month.

Current
Year.

Jan. 1 to Latest Date.

Previous
Year.

Current
Year.

Previous
Year.

Latest Cross Earnings.
Week or
Month.

Current
Year.

Jan. 1 to Latest Date.

Previous
Year.

Current
Year.

Previous
Year.

$
S
S
3
$
S
$
Ala St Vicksburg
January . .
179.899 173,871
179.899
173,871 NO Tex&Mox Lines December
715.549 668,006 6,661,229 6,410,378
Ann Arbor________ 2d wk Feb
38,129
43,214
281,864
330,246 j Now York Central IDecember 19088857 18053437 238829800 223261590
Atch Topeka & S Fo December 14541066 13133867 165529519,144290238
Boston & Albany
Atlanta Birm & Atl 2d wk Feb
622,986 617,862 8,122,896 7,404,184
82,005
77,613
496,451
449,480
n Lake Erie & W . December
Atlanta & West F t. IDecember
166,939 141,112 1,770,251! 1,469,722
Michigan Central December 4,727,395 4,153,785 52,879,434 46,418,790
Atlantic Coast Line December 4,608,096 3,893,524 44.063,331 37,322,085
Clove 0 C & St L December 4,244,428 3,958,158 52,650,920 46,678,240
Chariest & W Car December
176,990 156,431 2,440,830 1,909,947
243.514 196,382 2.401,443 2,025,370
Cincinnati North December
Lou Hend & St L December
191,913 154,776 2 226,650 1,751,114
Pitts & Lake Erie December 1,940,318 1,885,405 25,621,654 24,043,163
a Baltimore & Ohio. December 1066S050 10311307 133613321 121793 843
583,558 523,133 8,088,541 6,203,847
Tol & Ohio Cent. December
B& O Ch Ter BR December
300.549 263,567 3,606,990 3.527.860
121,138 151,751 1,940,003 1,862,356
Kanawha & Mich Decembor
Bangor St Aroostook November
Tot all linos above December 31685081 29611777 392241005 359447621
345,390 368,415 4.045,1821 3,675.194
Bessemer & L Erie. December
690,306 659,859 12,372,619 11,110,685 N Y Chic St St L . . Decembor 1,293,790 1.259,575 16,901,200 15,387.928
Birmingham South. December
113,856
94,755 1,201,530 1,096,415 N Y N II & H a rtf.. December 6,961,617 6,972,182 85,784,893 80,432,167
Boston & Maine__ December
688,248 621,376 9,164,878 8,794,166
4,691,763 4,738,023 59,450,779 55,333,545 N Y Ont & Western December
Buff Roch & F itts.. 3d wk Feb 296,158 245,532 1,881,826, 1,771,604 N Y Susq & W est.. December
294,187 324,632 4,151,145 3,974,431
Buffalo & Susq R R . January . .
415,445 449 578 4,883.052 4.506,398
193,664 139,708
193,664! 139,708 Norfolk Southern.. November
Canadian Nor Syst. 3d wk Feb 652,800 598,700 4,690,700 4,526,900 Norfolk & Western. December 5,354,765 4,799,592 65,910,242 59.449.981
Canadian P acific.. 3d wk Feb!2,435,000 2,225,000 17,626,818 16,453,308 Northern Pacific__ December 7,368,750 7,025,617 88,225,726 80,281,343
CaroClinchf & Ohio,~w~»*..,»»
406,215 329,684 4,871,595 4,515,662
December , 332,395 326,590i 4,285,390 3,276,486 Northwest’n Pacific December
Central o f Georgia.INovembor ' l , 625,069 1,394,146 14,387,634 12,370,369 Pacific Coast C o__ December
557,525 373,401 5,202,010 7.124.860
19407108 21241122 19,467,108 21,241,122
Cent of New Jersey November 3,254,539 2,922,954|34,323.286 31.539,490 p Pennsylvania RR. January
08,719
9,547
68.719
Cent New England. December
9,547
Balt Chas & A tl.. January
426,656 429,125 5,477,288 5,208,198
310,682
302,043
Cumberland Vail January
Central Verm ont.. December
302,043 310,682
362,311 366,7761 4,482,811 4.463.588
Ches & Ohio Linos. December 4,740,943 4,150,519 54,643,794 49.834,312
Long Island_____ January
1,124,465 1,051,095 1.124,465 1.051,095
60,723
9,332
Chicago & Alton__ Decembor . 1,638,406 1,552,570 20,525,689 17.781,279
9,332
60,723
M ary’d Del & Va January
445,001
343,828
Ghlc Burl <fe Quincy November 10380641 9,886,6611 111954304 99,441,789
N Y Phil St N orf. January
343,828 445,001
490,099
459,309
b Chicago & East ill December 1,682,331 1,527,678 21,012,173 16,817,329
W Jersey & Seash January
459,309 490,099
894,856 1.056,264
CChic Great West..|2d wk Feb 352,846 327,911 1,663,072 1,832,963
Wast'n N Y & P a January
894,850 1.056.264
Chic Ind & Louisv. 3d wk Feb 169,988 158,832
4,156,900 5,338,286 4,156,900 5.338,286
946,827 1,216,506 Pennsylvania Co__ January
489,183
368,564
308,564 489,183
Chicago June R R .. December
Grand Rap St Ind January
260,916 233,870 3,260,982 2,810,017
Chic Milw & St P - . December 9,188,421 9.165.801 113739202 110609689
/Pitts O O & St L . January
4,479,031 5,496,428 4,479,031 5,490,428
dChlc & North West Decembor 9,804,152 8,683.647 111761028 100938017 Total lines—
Chic Peoria & St L . December
East Pitts St Erie January
21977355 23969445 21,977,355 23,969,445
175,875 155,793 2,192,288 1,810,4ol
9,144,963 11481670 9,144,963 11,481,670
Went Pitts & Erie January
Chic Rock Isl Sc Pac December 7,505,216 6,961,442 85,709.549 77,482,911
Chic R I Sc Gulf____December .
31122318 35451116 31,122,318 35,451,116
All East & West- January
398,193 340,488 3,899.173 3,402,921
d Chic St P M & Om December 1.939.688 1,869,302 22.015,690 21,333,356 Pore Marquette__ December 1,979,154 1,942,231 23,507,854 22,559.264
89,122 109.397 1,230,926 2,034,995
Pitts
Shaw
St
North
Cine Ind & Western December
December
203,798
204,263
2,639,537 2,372,130
Cine Terre II & S E December
364,391 297,021 3,805,025 2,813,760 Reading Co—
Colorado Midland. December
Phila & Reading- November 5.934,063 5,521,568 62.474,397 56,194,011
148,642 126,373 1,621,932 1,666,811
e Colorado & South. 3d wk Feb 364,895 321,307 2,611,858 2,619,050
Coal St Iron C o-_ November 4,577,812 4,877,019 45,291,358 38.561,863
Cuba R ailroad___ December
Total both cos__ November 10511875 10398587 107765755 94.755.874
1,013.086 517,402 7,837,699 7.450,574
797,827 340.321 5,249,407 3,721,202
Delaware Sc Hudson December 2,216,512 2,132,733 29,935,653 26.595,975 Rich Fred & Potom December
71,091
72,848
10,558
10,779
Del Lack St W est.. December 4.286.064 4,296,219 57.211.224 51,580,899 Rio Grande South-. 2d wk Fob
Donv & Rio Grande 2d wk Feb 506,300 . 434,200 3,164,400 3,040,300 Rutland__________ Decembor . 325,595 344,319 4,325,369 4,035,056
200,693 180.398 2,346,814 2,133,425
Denver & Salt Lake December
130,339 159.760 2.065.217 1.913.078 St Jos & Grand Isl. December
392,607 418.916 3.918,191 3,933,970
Detroit St Mackinac 3d wk Feb
20,122
19,847
136,543
144,960 St L Brownsv St M . December
Detroit Tol St Iront December
174,178 183.169 2,640,122 2,325,278 St Louis-San Fran. December 5,191,248 4,764,996 59.681,610 53.116.827
Dot St Tol Shore L . December
147,250 150.296 1,827,430 1,757,543 St Louis Southwest. 3d wk Feb 348,000 307,000 2,544,000 2,312,010
Dul & Iron R ange.. December. 157,191 206,041 7,371,399 7,170,864 Seaooard Air L ine.. December 2,837,494 2,671,313 30,345,146 26.184.488
Dul Missabe & Nor December
345.035 366.535 15-306,600 14,389,278 Southern Pacific__ December 17328493 15396828 193971489 163427 423
Dul Sou Shoro Sc Atl 2d wk Feb
60,301
421,701 k Southern Ry Syst. 3d wk Feb 2,360,165 1,962,692 15,712,818 14.565.827
61,785
390,796
076,900 663,829 7,151,054 5,987.827
Duluth Winn St Pac Decembor
Ala Great South. December
136,693 146,705 2,026,109 1,882,888
Cln N O & Tox P . December 1,033,955 1,123,135 13,051,820 12,019,397
Elgin Joliet & East. Decembor 1.194.688 1,080,884 15.816.473 14,138,323
511,904 401,924 4,969,261 4,011.441
December
El Paso & So W est. December 1,175,861 1,138,149 13,634.863 12,614,004
New Orl & Nor E
E r lo ---------------------December
Mobile & Ohio__ 3d wk Fob 237,702 225,525 1,656,312 1,801,103
6,009,325 5,776,575 79,776,367 74,311,260
431,085
428,305
57,785
Florida East Coast. Decembor
50,256
Georgia So & Fla. 3d wk Feb
656.533 851,346 8,140,167 8.713.078
Fonda Johns & Glov Decembor
565,853 436,768 6,778,799 6,215,851
90,040
77,088 1,064.318
999,967 Spok Port & Seattle December
13,567
2,285
10,789
1,952
Georgia Railroad.. December
537.133 337.352 4,366,637 3,433,069 Tenn Ala & Georgia 2d wk Fob
141,892 148.368 1,797.252 1,707,522
Grand Trunk P a c .. 4th wk Jan 139,868 106,927
439,892
329,871 Tennessee Central. Decembor .
Grand Trunk Syst. 3d wk Feb 980,013 956,487 6,491,351 7,391,008 Term RR Ass'n StL December
250,291 295,179 3,712,529 3,577,079
248,481 235,241 3,106,033 2,552,782
Grand Trunk Ry 4th wk Jan 1,062,960 1.287.802 3,237,928 3,788,043
St L M B T erm .. December
Grand Trk West. 4th wk Jan 180,252 206,190
634,830
667,470 Texas & Pacific___ 3d wk Feb 455,385 408,088 3,222,083 3,036,280
106,046
96,311
Det G II Sc M ilw. 4th wk Jan
96,311 106,046
70,617
212,242
221,712 Toledo Peor & West January . .
59,395
767,816
625,925
Groat North System January
5,784,231 5,680.931 5,784.231 5,680,931 Toledo St L & West 2d wk Fob 139,442 132,853
118,811 129,235 1,095,339 1.058,408
Gulf Mobile St N or. December
180,207 160,063 2,322,650 2,051,088 Trin Sc Brazos Vail. December
Gulf & ship Island. December
202,585 165,606 2,328,741 1,986,157 Union Pacific Syst. December 11801524 9,973.083 130101 864 114412 607
181,929
203,015
Hocking Valley____December
747,606 662,891 10,696.434 8,200,420 Vicks Shrev & Pac. J a n u a ry _ 203,045 181,929
Illinois Central___ December
788,259 750,015 10.867,438 8,899,021
7.119.676 6.703.348 86.865.679 73,740,206 Virginian_________ December
2,345,367 2,912,839 2,345,367 2,912,839
Internal & Grt N or.Decembor . 1,260.865 1,054,012 12.588.224 10,766.944 W abash__________ January
Kansas City South.!January . . 1,186,349 1,072,958 1,186,349 1,072,958 Western Maryland. December 1,276,882 1,023,562 13,638.450 11.967.982
Lehigh & Hud R iv .|December .
158,314 159,128 2,247,617 2.143.597 Western Pacific___ December . 878,837 715.969 9,898.483 8,270,261
Lehigh & New Eng.'December
187,301 131,031 1,725,860 1,365,275
254,037 268.840 3,666.567 3,046.332 Western Ry of Ala. December
743,779 672,869 11,028,904 10,003.608
Lehigh Valley_____!November 4,559,628 4,391.991 49,495.00 45,020,300 Wheel St Lake Erie. Docember
Los Angelos Sc S L . . iDecember 1,133.860 1,062,174 12,706.723 11,650,885 Yazoo & Miss Vail. December 1,759,111 1.697.264 18,101.181 15,135,124
Louisiana St Ark,an. December
155,758 126.478 1,658,042 1,570,948
Louisiana R y St Nav December
251.534 212,420 2,497,535 2,142,164
/ Louisville & Nashv,November 7,287,165 5,933.296 70,040.802 58.971.086
Period.
Various Fiscal Years.
Maine Central_____'January __
951,781 1,069,171
951,781 1,069,171
Maryland A Penna.j December
39,037
40,382
534,599
489,894
Midland Valley___ 'December
257.002 203,127 2,927.127 2.121,16
July 1 to Feb
Mineral Rango___ 2d wk Feb
22,600
22,047
149,086 Canadian Northern_________
133,631
July 1 to Dec
Mlnneap St St Louis 3d wk Feb 245,840 214,857 1,500,934 1,380,498 Cuba Railroad________ - ____
July 1 to Dec
Minn St P & S S M . 3d wk Feb 495,799 523,701 3,499,281 3,095,129 Pacific Coast______________
Mississippi Central. December
July 1 to Doc
974,749
112,256
61,008
823,365 St Louls-San Francisco_____
July 1 to Fob
0 M o Kan & Texas. 3d wk Feb 857,915 792,321 5,879,398 5,609,316 Southern Railway System__
M o Okla & Oulf__ iNovember.
Alabama Great Southern___ July 1 to Dec
192.452 157.150 1.761 .689 1,439.954
Cine Now Orleans & Tox Pac. July 1 to Doc
h Missouri Pacific..'Decem ber 6,780,313 6,497,746 78,320,312 69,972,810
Nashv Chat & St L J December 1,353,89211,183.911 15,194,755 13.519.588
Now Orleans St North Eastern July 1 to Doc
to Fob
July
Nevada-Cal-Orogon 4th wk Jan
Mobilo & Ohio___________
18,178
3,911
305
16,309
Georgia Southern St Florida.. July 1 to Fob 21 i 2,051,418
New Orl Great N or. December
165,9261 134,800 1,916,461 1,746,701

AGGREGATES OF GROSS EARNINGS—Weekly and Monthly.
* Weekly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

%

Monthly Stlmmarie«

.'urrent
Year.

Previous
Year.

Increase or
Decrease.

%

Cur. Yr. Prev. Yr.
3
Mileage.
%
$
$
$
2d Jweek Dec (29 roads)____ 13,335.921 13,897.457
April_____ ,.248,723 248, 120 326.580,287 288,740,653 +37,819,634 13.10
— 561,536 4.05
3d week Dec (26 roads)___ 13 545,719 12.952.033
M ay______ .248,312 247 ,8 4 2 35.3.82.5.032 308,132,909 +45,092,063 14.82
+593.686 4.62
Juno______ .242,111 241 ,550 351,001,045 301.304.803 +49,696.242 16.49
4th,week Dec (27 roads)___ 17,165,423 14,973,905 +2,191.523 15.01
1st week Jan (25 roads)___ 10,187,842 10.037,190
J u ly ........... .245.699 244 .921 353,219.982 306,891.957 + 40,328.025 15.09
+ 150,652 1.05
2d week Jan (26 roads)___
August___ .247,099 246 .190 373.326,711 333,555,136 +39.771,575 11.92
— 713,363 6.09
9.952,137 10,665,500
3d week Jan (23 roads)___
September. .245.148 243 ,0 2 7 364,880,080 330,978,448 +33.901.038 10.24
— 420,241 4.29
9,302.837
9.783,078
4th week Jan (28 roads)___ 15.069.139 15,123,132
O ctober__ .247.048 245 .967 389.017,309 345.079,977 +43.937.332 12.73
— 53.993 0.36
1st week Feb (27 roads)___
November. .242.407 241 .621 360.062,0.52 326.757.147 +33,304.905 10.19
9,533,171
8.991,103
+542.068 6.03
2d week Fob (27 roads)____ 10,686,704 9.704,404
December . .219,167 218 ,523 310,340,828 287,440,623 +22,900,205 7.97
+982,300 10.12
— 828,733 1.73
3d week Feb (18 roads)-----68 .532 51.911,327 52,740,000
+957,814 10.62 January . . . 69.881
9.975,763 9,017,949
a Includes Cleveland Lorain Sc Wheeling Ry. and Cincinnati Hamilton <& Dayton, b Includes Evansville Sc Terre Haute, c Includes Mason City 9t
Fort Dodge and the Wisconsin Minnesota St Pacific, d Includes not only operating revenue, but also all other receipts, e Does not include earnings of
Colorado Springs St Cripple Creek District Ry. / Includes Louisville & Atlantic and the Frankfort St Cincinnati, g Include* the Texas Central and the
Wichita Falls lines, h Includes the St. Louis Iron Mountain & Southern. ) Includes the Lake Shore St Michigan Southern Ry., Chicago Indiana 4*
Southern R R ., and Dunkirk Allegheny Valley St Pittsburgh RR. k Includes the Alabama Great Southern, Cincinnati New Orleans St Texas Pacific,
New Orleans St Northeastern and the Northern Alabama. / Includes Vandalla RR
n Includes Northern Ohio Rl.t, o Includes Northern Central,
and Philadelphia Baltimore & Washington. * Wo no longer Include Mexican roads In any of our totals.




T H E CH R O N IC LE

M ah. 2 1918.]

L a t e s t G r o s s E a r n in g s b y W e e k s .— In tho tablo which
follows wo sum up separately tho earnings for tho third week
of February. The tablo covers 18 roads and shows 1 0 .6 2 %
increaso in tho aggregate over tho same week last year.
Third Week of February.
Canadian Northern.
Canadian Pacific__
Colorado & Southern________
Detroit & Mackinac_________
Georgia Southern Sc Florida__
Grand Trunk o f Canada______
Grand Trunk Western_____
Detroit Grand Hav Sc Miiw_
Canada Atlantic.................
Minneapolis & St Louis______
Iowa Central_____________
Minneapolis St Paul Sc S S M_
Missouri Kansas & Texas___
Mobile & Ohio______________
St Louis Southwestern_______
Southern Railway System___
Texas & Pacific_____________
Not increaso (10.62% )!

1918.

1917.

S
S
245,532
296,158
598,700
652,800
2,435,000 2,225,000
158,832
169,988
321,307
364,895
20,122
19,847
57,785
56,256

Increase. Decrease.
S
50,620
54,100
210,000

11,150
43,588

980,013

950.487

23,526

245,840

214,857

30,983

523,701
495,799
792,321
857,915
225,525
237,702
307,000
348,000
2,360,165 1,962,692
408.088
455,385

65,594
12,177
41,000
397,473
47,297

9,975,763 9,017,949

987.520
957,814

275
1,529

27,902

29,706

------ Gross Earnings----Current
Previous
Year.
Year.
•S
S
E rie.a............................... Dec 6,009,325 5.776,575
Jan 1 to Dec 31______79,776,367 74,311,260
Maine Central.a............ -Jan
951,781 1,069,171
Missouri P acific.a_____ Dec 6,780,313 0,497,746
Jan 1 to Dec 31---------78,320,312 69.972,810
N Y Cent (incl B&A).a.D ecl9,088,857 18,053,437
Jan 1 to Dec 31........... 238829,800 223261.590
Lake Erie & W e st.a ..D ec
622,986
617,862
Jan 1 to Dec 31........... 8.122.896 7,404.184
Michigan Central.a__Dec 4,727,395 4,153,785
Jan 1 to Dec 31______52.879,434 46,418,790
Clev Cin Ch Sc St L .a .D c c 4,244,428 3.958,158
Jan 1 to Dec 31______52,650,920 46,678,240
176,990
156,431
Cincin Northern.a___ Dec
Jan 1 to Dec 31_ 2,440,830
1,909,947
Pitts & Lake E rie.a_.D ec 1,940,318 1,885.405
Jan 1 to Dec 31_25,621,654
24,043,163
Toledo & Ohio Cent.a.Dec
583,558
523,133
6.203,847
Jan 1 to Dec 31.. 8,088,541
Kanawha & M ichigan.Dec
300,549
263,567
Jan 1 to Dec 31______ 3.606.990 3.527,860
Northern P acific.b---------Dec 7,368,750 7,025,617
Jan 1 to Dec 31______88,225,726 80,281,343
Wabash_b....................
Jan2,345,367 2,912,839
Roads.

Previously reported (15 roads).
Ann Arbor_____________
Chicago Great Western............
Chicago Ind Sc Louisville--------Colorado Southern----------------Detroit & Mackinac-----------Duluth South Shore & Atlantic.
Mineral Rango________________
Minn St P Sc S S M .....................
Rio Grande Southern-------------Tennessee Alabama & Georgia.
Toledo St Louis & Western-----Total (27 roads)--------Not increase (10.12%) —

1918.

1917.

s
S
8,958,110 8,057,118
43,214
38,129
77.613
82,005
327,911
352,846
160,573
148,715
332,167
345,449
19,630
22,534
61,785
60,301
22,600
22,047
490,500
469,992
10,558
10,779
1,952
2,285
139,442
132,853

Increase. Decrease.
s
976,802
4,392
24,935
11,858
13,282
2,904
1,484
553
20,508
221
6,589

10,686,704 9,704,404 1,063,528
982,300

s
75,810
5,085

I i

B2

<*»
o i b S? b b
■
r-.“V3 r* r*
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0 $ 0=
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82

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<-o t-s
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o
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- - - 3 >-,*
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W53

dross
Net after
Other
Gross
Fixed
Balance,
Earnings.
Taxes.
Income.
Income. Charges.
Surplxis.
$
$
5
S
5
S
Boaton A Maine—
Dec *17 4,091,703 deflO.078
230,891
220,810 1,077,775 der8r>0,959
’ 10
4,738,023 1,078,039
153,701 1,232,349 1,028,041
204,307
12 moa ’ 17 50,450,77910,125,398 1.232,915 11,358,315 11,777,097 defil e, •
'10 55,383,54515,030,971 1,205,819 10,242,790 11,451,910 4,700,874
Buffalo A Susq—
Jan T8
193,004
27,544
46,021
74,105
22,939
51,200
’ 17
139,703
27,400
04,588
91,994
23,513
68,481
Buff Roch Sc Pitts..
Jan ’ 18
1,084,741defl39,544
107,050 def31,894
184,502 def210,396
■17
1,035,009 167,882
113,055
280,937
174,700
100,177
Gross
Net after
Other
Gross
Fixed
Balance,
Earnings.
Taxes.
Income.
Income.
Charges.
Surplus.
Pennsylvania
$
5
S
$
$
3
(incl Pill la Balt Sc Wash)
Jan ’ 18 19,407,I08def2930,789 1,803,062dcfll27,727 2,493,662dcf3621.389
’ 17 21,241,122 3,790,782
5,234,319 2,393,524 2,840,795
Balt Ches St Atl—
Jan *18
9,547 dcf48,577
605 dcfl7,072
20,314 dcf08,286
'17
68,719
1,035
1,905
3,510
18,904 defl5,364
Cumberland Valley—
Jan '18
302,043
43,583
11,661
55,244
28,824
20,420
’17
310,682
86,818
10,802
93,020
70,904
22,660
Long Island—
Jan’ 18 1,124,405 dcfO1,249
52,751
def8,498
310,311 dcf.327,809
•17 1,051,095
130,407
38,986
169,393
364,140 def 194,753
Maryland Del Sc Va—
Jan’ 18
9,332 def35,234
50 def35,184
11,220 def 16,404
•17
60,723
8,138
316
8,454
13,187 deft,733
N Y Philft A Norfolk—
Jan ’ 18
343,828 def40,785
7,497 def33,288
2.8,954 dcf62,242
•17
445,001
122,425
5,975
128,100
25,934
102,466
Phlla A Camden Ferry17,707
Jan ’ 18
69,256
0,946
24,653
1,876
22,777
*17
68,413
24,086
6,322
30,407
1,009
29“,398
West Jersey A Seashore—
Jan '18
459,309 def203,131
14,446 defl88,685
48,542 def237,227
’ 17
490,099 def25,188
13,993 def11,195
49,398 def60,593
Western N Y A Pa—
Jan ’ 18
894,850 def357,861
3,434 def354,427
243,491 def597,918
•17 1,056,264
51,439
3,709
55,148
230,775 defl75,027
Pennsylvania Co—
Jan T8 4,150,900defl654,330
994,070 (lcroeO.254 1,099,064def1,759318
•17 5,338,286
78,774 1,077,812 1,156,586 1,465,673 def309,087
Grand Rap A Ind—
Jan'18
368,564 def83,64u
4,813 def78,827
61,668 defl 10,495
*17
489,183
58,775
3,656
62,431
97,649 def35,218
Pitts Cln Chic A St L—
Jan ’ 18 4,479,031 def979,909
40,204 def939,645
851,303dcfl790,948
’ 17 5,490,428
742,119
44,393
786,512
836,119 def 19,007
— Total Last P. A E.------ Total West P. A e .---------Total All Lines---Gross
Net after
Gross
Net after
Gross
Net after
Whole Penn Earnings. Taxes, Ac. Earnings. Taxes, Ac. Earnings. Taxes, Ac.
RR.System:
¥
S
S
s
$
$
Jan ’ 18 21,977,355dcf3108,940 9,114,903def2771,907 31,122,318def5940,848
’ 17 23,909,445 4,208,815 11,481,670
863,053 35,451,110 5,132,468
The return on property Investment for the system East A West was 3.84% for
the 12 months ending Jan. 31 1918, against 0% for the same period In 1917.
-------Gross Earnings------ ------Net Earnings------ Current
Previous
Current
Previous
Roads.
Year.
Year.
Year.
Year.
$
$
$
$
Canadian Pacific............ JanlO.789,818 10,158,308 1,167,994 2,431,479
Chicago Ind Sc Louisv__Dcc 750,234
705,315
132,304
239.878
lt.lt Jan 1 to Dec 31--------- 9,161,897 8,202,275 2.679,893 2,855,670

--------Net Earnings-----Current
Previous
Year.
Year.
$
S
def437,595 1,472.707
9,593,416 18,628.599
def309,596
144,450
1,371,825 2,004,104
21,381,163 15,526,650
7,168,990 5,897,036
56,139.718 70,611,615
122.905
191,292
1.853,777 2,410.960
1,589,956 1,141,990
12,604,655 14,076.169
761,528 1,105,375
11.842,881 13,759,866
37,731
42,503
544,400
527,172
280,056
784,401
7,568,576 11,429.331
def3,355
69,843
1,600.952 1,293,171
67,738
43.747
783.457
980,859
2,521.404 3,539,370
34,927,865 *1,049.065
def316,150
709.791

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N o t E a r n in g s M o n t h ly t o L a t e s t D a t e s .— Tho tablo
following shows tho gross and not earnings with charges and
unrnlns
surplus of S T E A M railroads reuorted
reported this week:
wcok:




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a Net earnings here given are after deducting taxas.
b Net earnings here given are before deducting taxes.

For the second week of February our final statement covors
27 roads and shows 1 0 .1 2 % increaso in tho aggregate ovor
tho saino week last yoar.
Second Week o f February.

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E L E C T R IC R A IL W A Y
Name of Road
or Company.
Atlantic Shore R y —
cAur Elgin Sc Chic Ry
Bangor Ry & Electric
Baton Rouge Elec Co
BeltLRyCorp(NYC)

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A N D P U B L IC U T I L I T Y

Latest Gross Earnings.
Week or
Month.
January __
December
December
December
November

Current ; Previous
Year. I Year.

COS.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

$
$
$
Is
10,832 22,902
10,832
22,902
186,0951 176,571 2,181,871 2,056,362
83,790 73,741
886,120
829,988
21.585 20.204
231,965
211,694
55,758* 44,299
627,727
624,197

918
Name of Road
or Company.

T H E C H R O N IC LE
Latest Gross Earnings.
Week or
Month.

Berkshire Street Ry_ December
Brazilian Trac, L & P December
Brock A Plyra St R y. December
Bklyn Rap Tran Syst November
Cape Breton Elec Co December
Cent Miss V El Prop. December
Chattanooga R y & Lt December
Cities Service C o___ January . .
Cleve Painesv & East November
g Columbia Gas & E l. January . .
Columbus (Ga) El Co December
Colum (O) R y, P & L December
Com ’w’th P Ry & Lt December
Connecticut C o _____ December
Consum Pow (M ich)_ December
Cumb Co (Me) P & L December
Dayton Pow & L t__ December
a Detroit Edison___ January . .
Detroit United Lines December
D D E B & Batt(Rec) November
Duluth-Superior Trac January . .
East St Louis & Sub December
Eastern Texas E le c.- December
El Paso Electric C o -. December
42d St M & St N Ave November
0 Federal Lt & T ra c.- December
Galv-Iious Elec O o_. December
Grand Rapids R y Co December
Great West Pow Syst January . .
Harrisburg Railways. January . .
Havana El Ry, L & P December
Honolulu R T & Land December
Houghton Co Trac Co December
b Hudson & Manhat. December
Illinois T ra ction ___ December
Interboro Rap Tran. December
Jacksonville Trac Co December
Keokuk Electric C o. December
Key West Electric Co December
Lake Shore Elec R y . November
Lehigh Valley Transit October__
Lowist Aug & Waterv December
Long Island Electric. November
Loulsville R ailway.. December
Milw El Ry & Lt C o. January . .
Milw Lt, Ht & Tr Co January . .
Nashville Rv & Light December
Nowp N&II RyG&E. November
N Y City Interboro-. November
N Y & Long Island-. November
N Y & North Shore. . November
N Y & Queens C o . - November
New York Railways. November
N Y & Stamford R y . December
N Y Westches & Bost December
Northampton T ra c.. November
North Ohio Elec Corp December
North Texas Electric December
Ocean Electric (L I ). November
Pacific Gas & Elec__ December
p Paducah Tr & Lt Co December
Pensacola Electric Co December
Phila Rapid Transit. January
Port(Oro) Ry.L&PCo. November
g Puget Sd Tr, L & P . December
^Republic Ry & Light November
Rhode Island C o ___ December
Richmond Lt & R R . November
St Jos Ry, L. H & P. November.
Santiago El Lt & Tr. November
Savannah Electric Co December
Second Avenue (Rec) November
Southern Boulevard- November
Southern Cal Edison. November
Staten Isl’d Midland. November
Tampa Electric C o .. December
Third Avenue______ November
Twin City Rap Tran. December
Union Ry Co of N YC November
Virginia Ry & Power- January . .
Wash Balt & Annap. December
Westchester Electric. November
WestchesterStreetRR December
g West Penn Power.. November
a West Penn Rys C o. November
Yonkers Railroad__ November
York Railways______ January . .
Youngstown & Ohlo. December

Current
Year.

Previous
Year.

Jan. 1 to Latest Date
Current
Year.

Previous
Year.

$
58 ,916 87.478 1,058 ,729
999,886
8069 ,000 7312,000 92,200 ,000,84 ,885,000
8,,910
8,788
122,614
124 ,316
2421 ,010 2381,638 28,141 ,263 26 ,852,242
46 ,120 40,284
464 ,081
393,667
29 25,n 26,954
294,893
311 .630
132 ,286 110,760 1,356 ,342
,235,623
2031, ,462 1854,449 2,031 ,462
,854,449
426,105
41, ,784 35,940
496 .164
1254,,951 1119,794 1,254 ,951
,119,794
103,,821 84,384 1,096 ,066
881,354
385, 269 336,954 4,024 ,186
.537,399
1996 .288 1733,278 19,723 .736
,962,607
837, ,647 808,198 10,023 ,1621 9 ,566,435
,747,201
573 444 499,2 56 5,775 ,371
249, 608 245,904 3,081 ,927
,866,997
207, ,144 170,104 1,881 ,087
.613,921
1277, 766 1109,722 1,277 ,766
,109,722
,036.669
17,427 ,939
39' 466 28",494
418 ,362
388,876
140, 971 128,974
140 ,971
128,974
357, OS7 296,312 3,692 471
,027,699
85, ,478 75,472
938 ,074
826,314
108,,471 117,342 1,283 ,5 2 5
,110,718
146, 576 115,421 1,638 ,429
,545,397
307 SC,5 230,174 2.867 ,310
,502,142
209 500 176,496 2,088 ,122
,944,840
117, 238 119,184 1,303 ,860
,297,586
365 ,273 341,685
365 ,273
341,685
99, 803 92.669
92,669
99 ,803
673, ,789 660,270 6,989 ,599
,017,709
66, 200 61,426
713 .3 3 9
655,920
31, ,193 2 9 ,7 7 8
343 ,134
326,398
586 540 550,125 6,293 ,356
,908,348
1366 ,791 1174,882 13,632 ,517
,238,166
3740, 928 3634,246 40,512 ,136
.081,510
69, ,590 62,300
698 ,123
627.194
22, ,955 21,457
248 546
240,182
14 ,067
11,709
146 ,087
116,372
142,,814 1 2 5 ,6 1 0 1,618 ,440
,468,736
265, ,775 2 2 9 ,8 0 0 2,414 .214
,090.363
62, 331 63,270
898 373
803,660
16, 147
228,011
16,718
235 ,251
291, 955 270,131 3,281 505
,078,297
774, ,083 687,656
774 ,083
687,656
193 960 170,435
193 ,950
170,435
223 117 216,914 2,458 321
,383.011
142, 052 87,654 1,223 ,444
955,732
58, 012 49.612
678 ,363
574,145
39 ,835 32,083
437 ,412
381,409
12,,986
12,451
148.101
156 ,641
72,,112 107,600 1,064 ,532
,278,617
998, ,423 837,383 11,487 873
,216,136
24 ,377 25,296
394 ,259
357,816
45 ,84 1 49,155
555 ,414
564,654
17 ,701
197 940
181,953
15,734
584 ,651 488,063 6,469 ,036
,236,399
294 208 1 8 2 ,3 5 7 2,582 ,113
,930,321
6 161
5,931
151 ,476
147,651
1770 392 1669,126 19,813 ,381
,615,498
29 303 28,282
304 ,682
310,963
350 ,4.59
35, 082 2 6 .8 4 4
280.101
2468, 890 2427,788 2,468 ,899 .427,788
5 2 5 , 811 4 7 9 .3 6 7 5 ,4 2 9 190
,970,515
971, 130 788,880 9,454 861
,107,371
,614,203
464, 296 344,942 4,387, 002
498, 252 481,639 6,000 602
,811,996
32, 161 30,641
417 4 22
374,793
132, 033 125.091 1,373 6 3 0
,235,944
53, 300 47.315
527 135
495.775
92, 611
826,091
80,096
968 ,174
66, 610 46,486
794 9 83
707,868
17, 579 12,131
202 9 19
167,796
533, 589 674,833 6,809 950
,466,887
21, 335 23,309
327 ,321
307,857
87, ,953 91,444 1.001 ,311
967,084
337, 131 263,528 3,781 ,414
,272,523
.188,054
836 233 897,653 10,181 866
225 , 550 183,027 2,700 ,788
,321,537
615, 5 SC, 525,181
525,181
615 586
182, ,420 76,739 1,560 ,125
946,202
42, 990 23.669
403,872
511 298
14,763
17, 56 !
246 ,0 2 3
225.734
305, 238 297,012 3,576 572
.706,802
072, 612 568,381 6,984 869
,705,741
67, 950
12,193
759 311
523,813
97, ,528 91,490
97 ,528
91,490
32, ,625 29,994
337,509
356 ,559

b Represents Income from all sources, c These figures are for consoli
dated company. /Earnings now given in milreis. g Includes constituent
companies.

Electric R ailw ay an d O th er P u b lic U tility N et Earn
in g s.— The following table gives the returns of E L E C T R IC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
------- Gross Earnings----------------- Net Earnings --------

Companies.

Current
Year.

Previous
Year.

$
$
Alabama Power C o .a ---J a n 205,322
158,328
American Power & Light
(subsidiary cos. only)-D ec 1,110.673 1,010.401
Jan 1 to Dec 31______11,389.659 10.344,895
Illinois Traction_______Dec 1,356,791 1,174,882
Jan 1 to Dec 31........... 13,632,517 12,238,166
Philadelphia Co—
Natural Gas Dept____ Jan 1,110,522 1,095,221
Apr 1 to Jan 31--------- 8,384,202 7,026,061
Oil Department---------- Jan
89,738
32,304
Apr 1 to Jan 31--------655,238
272,801
Coal Department____ Jan
128,290
______
Apr 1 to Jan 31______ 1.426,161
...........
Elec Lt & Pow D opt-.Jan
957,276
716,971
Apr 1 to Jan 31........... 8,030,553 5,892,760
Steet R y Dept_______Jan 1,027,296 1,189,118
Apr 1 to Jan 31........... 11,745,416 11,592,072
Southern Canada Pow. Co
and subsidiaries_______ Jan
42,886
32,741
Oct 1 to Jan 31...........
155,481
120.384
Southwestern Pow & Light
(subsidiary cos o n ly )..D e c
457,417
407,857
Jan 1 to Dec 31........... 4,677,378 4,193,265
Utah'Securities Corporation
(subsidiary cos only)..Jan
620,930
533,736

Current
Year.

.$
129,919

Previous
Year.

$
110,746

432.572
422,642
4,762,414 4,717,754
440,486
523,703
4,563,544 4,738,748

Aurora Elg & C h ic..D ec ’ 17
Mi;
12 mos. *17
'16
Bangor R y & E lec..D ec ’ 17
’16
12 mos ’17
’ 16
Caddo Oil & Refg__ Dec ’ 17
12 mos ’ 17
Chatt R y & L t____Dec ’ 17
’ 16
12 mos ’ 17
T6
Cleveland El Tel C o. Jan ’ 18
’17
Columbus (Ohio)
Dec '17
R y Pow & L
'16
12 mos ’ 17
’ 16
Consumers Power Dec '17
(Mich)
"
’ 16
12 mos ’ 17
T6
Cumberland Co
Dec ’ 17
(Mo) P & Lt
’ 16
12 mos ’ 17
T6
Duluth-Super Tract. Jan ’ 18
’ 17
East St Louis &
Dec ’ 17
Suburban
T6
12 mos ’ 17
’16
Grand Rapids R y._D ec ’ 17
’ 16
12 mos ’ 17
’ 16
Great Western Pow Jan ’ 18
System
17
Huntington Dev & Dec '’ 17
Gas
’ 16
12 mos ’ 17
Lewiston Augusta Dec ’ 17
& Waterv St Ry
’ 16
12 mos ’ 17
’ 16
Milw El R y & L t.-.J a n ’ 18
’ 17
Milw Lt & Ht Tract. Jan ’ 18
’ 17
Nashville R y & Lt Dec ’ 17
’ 16
12 mos ’ 17
’ 16
New England Co Dec ’ 17
Power System
'16
12 mos. '17
16
Puget Sd Tr, L & P .D ec ’ 17
’ 16
12 mos ’ 17
'16
Tennessee Power__ Dec’ 17
’ 16
12 mos ’ 17
’ 16
Third Ave Syst____Jan ’ 18
’ 17
7 mos. '18
’ 17

Harrisburg Rys___ Jan ’ 18
’ 17
Louisville R y .........Dec. ’ 17
’ 16
12 mos. ’ 17
'16
New York Dock__ Jan ’ 18
’ 17
Washington Balt & Dec ’ 17
A nnapolis__________ ’ 16
12 mos ’ 17
’16

Gross
Net after
Earnings.
Taxes.
s
8
186,095
44,625
176,571
53,318
2,181,871
606,100
2,056,362
675,494
83,790
38,449
73,741
31,936
886,120
384,067
829,988
369,111
26,098
100,851
2,089,114
556,455
132.286
442
110,760
21,891
217,439
1,356,342
1,235,623
412,179
794,308
251,362
602,501
164,508
385,269
94,295
336,954
136,441
4,024,186 1,080,257
3,537,399 1,432,275
573,444
179,702
499.286
242,060
5.775.371 2,393,114
4,747,201 2,528,031
249,608
68,518
245,904
82,237
3,081,927 1,027,881
2,866,997 1,091,510
140,971
20,468
128,074
38.757
357,987
114,353
296,312
111,458
3,692,471 1,210,952
3,027,699 1,206,925
117,238
29,978
119,184
57,313
1.303.860
393,684
1,297,586
469,561
365,273
204,431
341,685
211,928
88,614
47,836
47,966
30,537
644,289
365,038
62,331
706
63,270
12,559
898,373
214,689
803,660
250,364
774,083
117,103
687,656
179,805
193,950
20,332
170,435
35,232
223,117
86,714
216,914
92,752
2,458,321
868,003
2,383,041
929,853
89,663
267,515
210,726
140,796
2,645,973 1.144,195
2,068,437 1,311,133
971,130
360,088
788,880
345,585
9.454.861 3,600,843
8.107.371 2,986,376
9,739
143,932
42,965
1,910,563
652,468
1,690,322
728,839
107,716
748,351
207,970
829,425
6,138,448 1,290,729
4,618,112
117,065
Gross
Net
Earnings. Earnings.
$
8
99,803
41,381
92,669
46.271
291,955
126,281
270,131
147,853
3,281,505 1,544,342
3,078,297 1,516,717
422,409
196,801
317,012
140.705
182,420
103,008
76,739
24,299
821,528
1,560,125
946,202
434,585

Fixed
Charges.
$
35,625
35,856
428,516
433,911
19,665
18,654
228,442
214,916
12,588
142,191
31,164
30,159
359,785
356,324
74,754
42,894
49,535
43,565
558,589
516,373
89,048
72,287
941,892
897,988
70,201
66,210
820,400
809,342
15,135
14,832
69,883
63,749
785,382
755,033
19,945
17,740
218,215
186,919
139,004
139,668
16,295
15,275
190,816
15.665
15,401
186,689
187,773
98,784
65,944
43,361
38,536
40,137
42,128
490,071
508,971
49.453
49,545
597,744
599.463
203,620
184,923
2,351,188
2,212,982

Balance,
Surplus.
St
9,000
17,462
177,584
241,583
18,784
13,282
155,625
154,195
13,510
414,264
def30,722
def8,268
defl42,346
55,855
*187,716
*122,003
44,760
92,876
521,668
915,902
90,654
169,773
1,451,222
1,630,043
def 1,683
16,027
207.481
282,168
*7,065
*25,566
44,470
47,709
425,570
451,892
10,033
39,573
175,469
282,642
*61,874
*75,643
31,541
15,262
174,222
defl4,959
dof2,842
28,000
62,591
*25,981
*121,279
*def23,419
zdef.3,271
46,577
50,624
378,832
420,882
40,210
91,251
546,451
711,670
156,468
100,662
1,249,655
773,394

*6,198
40,465
*76,544
605,485
*304,925
454,920
224.300 rdef. 103776
*dcf.60
221.643
1,556,346*def. 172790
1,547,6 lSzdef1327925
Fixed digs. - Balance,
Surplus.
& Taxes.
S
$
8,504
32,877
14,028
32.243
*51,540
88,269
*77,228
89,864
*709,352
950,206
*760,607
936,801
106,386
90,415
64,901
75.804
60,556
*49,480
27,309
*8,176
397,345
*402,650
313,511
*147,095

* After allowing for other income received.

ANNUAL REPORTS.
A n n u a l R e p o r t s .— An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will bo given
on the last Saturday of each month. This indox 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 M a r. 30.
B u f f a lo R o c h e s t e r & P it t s b u r g h R a ilw a y .

540,929
673,735
3,969,826 3.802,225
61,116
22,622
. 455,131
176,270
7,558
.............
646,307
______
265,613
271,345
2,162,627 2,433,329
46,412
424,338
2,946,462 3,829,477
20,090
69.881

16,743
61,966

179,918
2.064,070

185,273
2,021,446

351,008

293,816

a Net earnings here given are after deducting taxes.
b Net earnings here given aro before deducting taxe3.




[Vol. 106

{Report for New Fiscal Year ending Dec. 31 1917.)
The remarks of President William T . Noonan and a
comparative income account for the calendar years 1917
and 1916 are given at length on subsequent pages.
STATISTICS—COMMODITIES CARRIED FOR CALENDAR YEARS.
(A ll In tons)—*
1917.
1916.
1917.
103,947
A n th r a c ite c o a l . . .
2 35 ,27 2
166,755 A n im al p r o d u c t s ..
191,916
B itu m in o u s c o a l . -1 0 ,2 1 5 ,5 9 1 9 ,2 9 6,1 81 A g ricu ltu ra l d o
do
4 03 ,52 4
C o k e .........................
4 2 3 ,8 4 5
4 52 ,87 5 F orest
Iron o r e ....................
6 10 ,23 6
7 35,535 M a n u fa ctu r e s ____ 1 ,9 3 0 ,7 9 8
7 50 ,11 6
O th er m in e p r o d 's
9 54 ,31 7
950,571 S a lt, A c ___________

1916.
8 9 ,3 0 7
179,741
4 1 7 ,9 9 0
1 ,8 0 6 ,2 3 6
0 8 7 ,9 6 5

EQUIPMENT. INCLUDING LOCOMOTIVES. &C.
Locom. Pass.Cars Fgl.Cars Oth.Cars
Total.
1917............................................. 327
95
17,118
341
17,881
1916............................................. 314
101
17,399
300
18,120
FREIGHT A N D PASSENGER STATISTICS FOR CALENDAR YEARS.
1917.
1910.
1917.
1916.
P assen gers ca rried 2 ,0 4 7 ,1 8 5 1 ,9 8 5 ,4 0 5 T o n s c a r r ie d .. . 15,8 25 ,56 2
1 4 ,7 8 3 ,1 5 8
P a ss, ca r’ d 1 m il e .5 7 ,1 1 2 ,2 9 9 5 4 ,7 7 7 ,6 1 6 T o n s ca r. 1 m llo 2690983 160 2 39 2 3 1 0 9 9 7
R a t e p . pass. p . m . 2 .3 0 cts .
2 .2 1 7 cts . R a to p . to n p . rn. 0 .4 8 0 cts .
0 .4 6 1 cts .

919

T H E C H R O N IC LE

M ar . 2 1918.]
BALANCE SHEET DECEMBER 31.

BALANCE SHEET DECEMBER 31.

1917.
1916.
1916.
1917.
Liabilities—
$
8
Assets—
S
S
Road & equipm’t.54 ,669,509 52 ,017,651 Common stock__ 10 ,500,000 10.500.000
P referred s t o c k —
6 ,000,000 6,000,000
Imp’ts on leased
474,111 Funded debt____ 31 ,446,000 28.582.000
573,741
railway prop’ty.
4,684
242,405 Non-nego’le debt
Sinking fund.........
7,738
to affiliated cos.
Invest, in aflll.cos.:
9,600
363,107
363,107 Loans & bills pay. 1 ,188,794
Stocks ..............
230,121
180,291
295.000 Traffic, Ac., bals.
295,000
B o n d s -----------750,678
192.000 Acc’ts A w ages... 1,174,286
231,000
Advances........ ..
100,048
102,339
Other invest., A c.
7,173
7,658 Matured Int., A c.
320,299
375,005
498,737 Accr’d lnt., A c—
112,132
Cash____________
Liab.for prov.l’n.
226,537
Demand notes A
272’,662
47,313
921,342 Tax liability........
deposits_______ 1,310,022
144,103
150,297
108,306 P rem . on fu n d , d ’ t
Special deposits.. 1,183,571
322,525
1,936 I n su r ., Ac.,res’ves 350,642
Loans A bills rce._
22,175
312,698
376,133 O peratin g reserves
375,183
Traffic, A c., bals.
250,087 A c c r ’d d e p r e c ia 'n . 3 ,345’,594 2,875,838
Agts. & conduc’rs.
304,245
Mat’l A supplies.. 2,898,504 1,501,929 U n a d ju s t’ d , &c.,
420,040
268,187
768,660 credits ............ Miscellaneous___ 1,021,466
154,872 Approp. surplus. .a4 ,162,765 3,503,064
Deferred assets__ *125,879
362,772 Profit and loss ...b 4 ,395,242 4,330,335
Unadjust, debits.
555,942

1916.
1917.
1916.
1917.
Liabilities—
S
S
Assets—
S
S
Property & plant-37 ,471,330 35,365,699 Preferred stock__ 4 ,500,000 4.500.000
Capital expend__ 2 ,328,405 1,005,631 Common stock__ 9 ,850,000 9.850.000
10,000 Funded debt____ 20 ,346,000 20,196,000
78,500
Sundry Investin’ ts
154,587 Notes & bills pay. 1 ,613,000
460,000
170,640
C a sh ................ .
405,856
Accts. receivable- 5 ,884,452 5,038,995 Accts. payable__ 4 ,566,814
Matured int., &c.,
Notes and bills
unpaid________
2,596
527,828
18,549
22,658
receivable.........
826,085 Int., taxes, &c.,
Materials & suppl. ,129,428
accrued .............
657
465,010
586,982
2,525
Prepaid accounts.
166,944
174,583
Open accounts—. 1,658,147 1,420,333 Miscellaneous___
252,444
Open accounts-. .
338,321
Reserves________ ,899,050 6,157,906
Profit and loss___
,353,845 1,351,875

T o ta l................ 64,058,335 58,536,706

Total............... 64,058,335 58,536,706

* This item includes in 1917 insurance, &c., funds $608,538, less
$488,000 B. It. & P. Ry. obligations and working fund advances, $3,754.
a Includes in 1917 additions to property through income and surplus:
equipment, $907,453; equipment trust obligations retired, $3,018,241, and

b After deducting debt discount extinguished through surplus, $235,132,
and adding $217,040 adjustment of amounts in appropriated surplus auth
orized by the I.-S. C. Commission, and $2,826 misc. items (net).— V. 106,
p. 606. 394.
M ilw a u k e e

(W is .)

E le c t r ic

R a ilw a y

&

L ig h t

C o.

{Report for Fiscal Year ending Dec. 31 1917.)
Pres. James D . Mortimer, Milwaukee, Feb. 20, wrote:
Results.— Operating revenues for the year 1917 amounted to $7,968,192,
an incroa.se of $1,007,041, or 14.47%, as compand with 1916. Generally
higher costs of material and labor, and larger reservos for taxes absorbed
90% o f tho incroaso in operating revenues. Gross Income increased
Tho operatingrevenues o f the railway department amounted to $4,953,
356, an incroaso of $340,959, or 7.39%.
The operating rovenucs of tho electric and heating department amounted
to $3 014?836 anIncrease of $686,081, or 28.36% over 1916. The energy
sold was 92 789,996 k. w. h., an increase of 36.98%, and tho average
receints ner k. w. h. sold declined from 3.16 cents to 2.91 cents, due, as in
nrevious years, to increased consumption by largo power users at the lower
steos o f the rato schedules. The cost o f production per k. w. h. sold
increased 57.31%. due almost entirely to nigher costs o f coal and tho
necessity o f using fuel o f lower grade.
Tho appropriations to maintenance and depreciation reserve were
reduced during tho year 1917, pending the authorization by tho Railroad
Commission of adjustments in rates and service standards which would
produco a roasonablo return upon the fair measure o f tho utility capital
used In tho service of tho public.
Thero wore declared and paid during the year four quarterly dividends,
each o f 1 'A % . on tho $4,500,000 par value o f preferred stock.
Additions.— Tho expenditures during the year for additions, extensions
and betterments to tho plants and systems other than the purchase of
property o f tho Commonwealth Power Co. and allied companies referred
to in tho last annual report, amounted to $2,328,405, tho principal items
of which aro set forth in tho accompanying statements. Of this amount
$1,222,493 is chargoablo to tho railway utility; $1,079,606 to tho electric
utility; and $26,306 to tho heating utility.
Purchase of Other Utilities—Note Issue.— The electric utility of the
Commonwealth Power Co. and tho heating utility o f tho Continental
Realty Co., referred to in the report for 1910 (V. 104, p. 1039), wero ac
quired In April 1917, several months after tho completion o f the negotiations
for their purchase. At this timo thoso utilities wero connected to tho
system of your company. In _connection with the acquisition of thoso
properties your company issued $1,450,000 ot Serial 5% notes, $150,000
of which matured on July 1 191 g and wero paid.
.
Valuation and Proposed Purchase of Milw. Light, Heat & Traction Co.—
Tho valuation of the physical property o f Milwaukee Light, lloat & Trac
tion Co., ponding tho completion o f which by the Railroad Commission of
Wisconsin tho acquisition of that property by this company has been
deferred, was completed in Nov. 1917- Application has been made to tho
Commission by your company for authority to purchaso this property, and
it is expected that the remaining steps In tho plan will be earned out early
in 1918. The property to bo acquired has a reproduction cost as of Dec. 31"
1917 o f $12,372,862, and will bo taken when satisfactory authorization
therofor Is received, subject to an issue of First Mtgo. bonds or $5,000,000
face amount maturing in 1929 (V. lOo. p. 1309; V. 106, p. 607).
adjustment of railway fares, followed by petitions for a review of the rates
charged for electric and steam heating service. Tho Commission having
failed to take action on these petitions, a petition requesting emergency
relief was filed on Dec. 10 1916. This petition was denied.
Continued increases in cost o f coal necessitated tho filing of another
petition in sept. 1917, requesting increases in electric and steam heating
rates, and in response the Commission, on Oct. 24 1917, issued a temporary
order permitting increases in electric rates charged users of 1,000 k. w. h.
or more por month, equivalent to 0.31 conts per k. w. h., and increases in
steam boating rates equivalent to 14 cents and 20 cents por 1,000 pounds of
steam, for low and high pressure service, respectively.
Tho valuation o f tho physical property of your company, which has been
in progress for an extended period and upon which action o f the Railroad
Commission on tho joint petition of Nov. 6 1915 depends, was completed
before tho closo of tho year and tho Commission Is now engaged in an in
vestigation o f tho cost of servlco (V. 105, p. 1309).
Employees' Mutual Saving, Building A Loan Association.— At tho close
of the year $3,243,200 stock has been subscribed for (increase $629,900, or
24.10% ), and tho borrowings on first mortgages amounted to $530,000
'incroaso $252,350, or 90.88%).
,
.
. x
,
Wages.— Tho city o f Milwaukee has shared to a largo extent in the inreasod industrial activity which accompanied tho entry of tho United
Statos into tho war. Tho large volume of new and profitable business
which tho various establishments in the city have obtained, lias made
passible the adoption of rates of wages In other industries with which,
because of its already serious burdens, your company has found it impossible
to successfully competo, though wage increases o f greater magnitude than
the present rates or faro and prices for electric and steam heating service
justify have beon grantod.
INCOME ACCOUNT FOR CALENDAR YEARS.
• 1917.
1916.
1915.
Revenuo passongers............................. 115,626,143 107,528,091 91,400,946
Transfers, number................................ 47,232,242 44,655,506 37,868,654
Electric sales, kilowatt hours............. 92,789,996 67,737,146 53,751.284
Operating revenuo, railway depart’t . $4,953,357 $4,612,397 $3,911,942
do
do
light, power, &c. 3,014,836
2,348.754
2,059,773
$7,968,193
Total.................
Opor. oxp., taxes, Ac.. railway d ept-- $3,780,140
do
do
light, power, A c . . . 2,058,598

$6,961,151
$3,466,480
1,464,844

$5,971,715
$2,992,426
1,172,455

Total not income...............................$2,129,454 $2,029,828 $1,806,834
Non-operating revonues.......................
108,127
77,173
29,321
Gross income....................................... $2,237,581
$2,107,001 $1,836,155
Interest charges...........................
$931,362
$759,394
$793,570
Preferred dividends (6 % ).................
270,000
270,000
270,000
Common dividends.......................(10^)1.034,250(10^)105,885 (7^)763,375
Total deductions...............................$2,235,611
Balance, surplus...................................
$1,970




$2,088,269
$18,732

$1,826,945
$9,210

T o ta l................ 50,251,253 43,824,5841 T o ta l.................50,251,253 43,824,584

— V. 104, p. 863.

K in g s C o u n t y E le c . L i g h t & P o w e r C o ., B r o o k ly n , N . Y .
(Report for Fiscal Year ending Dec. 31 1917.)
The report, including the text, income account and balance
sheet, will be found at length in the advertising pages.
The usual comparative income account for several years was
published in V . 106, p. 706, 611.
S h a w in ig a n W a t e r & P o w e r C o ., M o n t r e a l a n d
S h a w i n ig a n F a lls .
(20th Annual Report— Year ending Dec. 31 1917.)
On subsequent pages will be found the remarks of President
J. E . Aldred along with the profit and loss account for the
year ending D ec. 31 1917 and the balance sheet Deo. 31 1917.
INCOME ACCOUNT FOR CALENDAR YEARS.
1916.
1915.
1914.
1917.
Gross earns., all sources. $2,902,210 $2,325,873 $1,920,143 $1,805,217
752,842
427,928
225,038
244,595
Op. exp., gen. exp.&ma int.
Net earnings............. $2,149,368
Deduct—
Int. on consol. M . bonds
$250,000
Int. on debenture stock246,437
Interest, general, &c__
202.066
Dividends.................(7 % ) 1,050.000

$1,897,945

$1,695,105

$1,560,622

$250,000
246,437
47,771
*989.006

$250,000
246,437
29,636
*787,131

$250,000
245,051
4,102
(6)721,875

Total deductions____ $1,748,504
$400,864
Balance, surplus_______
44,280
Previous surplus_______

$1,533,215
$364,730
26,691

$1,313,204
$381,901
39,473

$1,221,027
$339,595
19,878

T o ta l------------ ---------Depreciation reserve__
Reserve and sink, fund.
Iteserve for income tax.
Other reserves_________

$445,144
$100,000
250,000
50.000
15.000

$391,421
$100,000
232,141

$421,374
$100,000
279,683

$359,473
$100,000
200,000

15,000

15,000

20,000

Total surplus Dec. 31_

$30,144

$44,280

$26,691

$39,473

* Includes in 1916 and 1915 dividends and interest on new stock.
BALANCE SHEET DEC. 31.
1917.
Assets—
S
Real est., prop. A
power develop’t 13,178,984
M achinery........... 3,724,249
Transmission lines 3,385,803
Securities of sub
sidiary, A c., cos.11,077,833
Loose plant and
equipment____
256,276
Accounts and bills
receivable____ 2,857,976
Cash in bank, A c.
289,339
Prepaid charges..
50,735

1916.
$
12,919,808
3,627,960
3,219,433
8,430,487
91,789
2,772,101
241,656

T o ta l................ 34,821,195 31,333,235

1916.
1917.
Liabilities—
$
Capital stock___ 15 ,000,000 15,000,000
5% cons. M . bonds 4 ,3>2,500 4,464,500
4)4 % deb. stock.. 5 ,476,261 5,476,262
2-year 5% notes.. 2 ,500,000 2,500,000
2-year 6% notes.. 3 ,000,000
Bills & accts. pay.
544,214
347,729
Bond int. & d iv ..
387,500
387,500
Conting., &c., fds.
97,965
68,370
ltes’ve A sink. fd . 2 ,662,206 2,400,000
Deprec., &c., fund 700,000
600,000
Empl. pension fd.
20,000
15,000
Res. for income tax
50,000
30,144
Profit & loss acct.
44,280
T o ta l.................34,821,195 31,333,235

— V. 106, p. 602, 303.

( T h e ) B . F . G o o d r i c h C o ., N . Y . a n d A k r o n , O.
{Report for Fiscal Year ending Dec. 31 1917.)
President Bertram G . W ork says in substance:
Results.— After making full provision for all maintenance charges, de
predation, bad and doubtful debts, and other items which it was deemed
wise to take out of the year’s earnings, the net profits for the period amount
ed to $10,544,678 as compared with $9,568,765 for 1916.
The net sales for the year 1917 amounted to $87,155,072 as compared
with $70,990,782 for 1916 representing gain of 22.76%.
Prcf. Stock Retired.— The directors have voted, subject to the approval
o f tho shareholders, to retire 9,000 shares of the pref. stock. After this
year’s retirement there will remain outstanding $25,500,000 of pref. stock.
Bills Payable.— The increase in bills payable is due to a large increase in
inventories which was made necessarv by the increase in volume of business
and tho difficulty of procuring supplies promptly. An effort will bo made
during the coming year to operate with smaller inventories even if this
should result in curtailing tho volume of business.
Note Issue.— On account of this increase in bills payable it was deemed
wise, in view of money market conditions, to make a two-year note issue
of $15,000,000. This issue, in the form of serial notes, was sold through
a group of bankers at a satisfactory price and enabled the company to
carry on its operations without the necessity of curtailment (V .105.p .1713).
Profit and Loss.— From the surplus at Dec. 31 1917 the directors voted
to set aside $900,000 for the redemption of 9.000 shares of pref. stock, to
gether with $39,187 representing the reduction of pref. stock purchased,
from cost to par, and a further amount of 3100,000 appropriated for addi
tion to tho pension fund. In addition $2,250,000 was set aside to provide
for such income and excess profit taxes as may be finally determined.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1917.
1916.
1915.
1914.
Net sales.......................... $87,155,072 $70,990,782 $55,416,867 $41,764,009
M fg., &c., expenses____ 72,276,398 60,611,333 42,825,909 36,189,642
Net profit__________ $14,878,674 SIO.379,449 $12,590,958
Miscellaneous incom e.341,603
235,461
467,691

$5,574,367
562,930

Total net income___ $15 ,220,277 $10,614,910 $13,058,649
$890,163
$734,545
Depreciation.....................$1 ,092,456
Res. for Income & excess
profits taxes------------ 2 ,250,000
11,878
121,466
39,188
Reduction pref. stock.x
46,546
155.982
Int. on bills payable,&c. 1 ,333,144
1.700.000
A pprop. for contingenc’s
Pref. stock redeemed
1.100.000
900.000
700.000
and canceled_______
100.000
100,000
100.000
Pension fund__________
1.911.000
1,960,000
Preferred dividend (7%) 1 ,848,000
2.400.000
Common dividend (4%) 2 ,400.000

$6,137,297
$573,616

Total deductions___ $9,962,787
Balance, surplus________ $5,257,490
Previous surplus_______ 14,919,889

$3,665,370
$2,471,927
705,983

$6,278,611
$4,336,299
10,583,590

$5,652,969
$7,405,680
3,177,910

123,254
900,000
2,068’,500

Total p. & 1. surplus.$20,177,379 S14,919,889 $10,583,590 $3,177,910
x Reduction of treasury stock from cost to par value.

920

T H E C H R O N IC LE

CONSOLIDATED BALANCE SHEET DECEMBER 31.
1917.
1916.
1917.
Assets—
3
Liabilities—
3
3
Real e3t.*prntg.al8,327,134 16,225,816 Common s to c k ..60 ,000,000
256,527
Patents..............
376,036 Preferred stock.c20 ,400,000
Good-will_______ 57,79,8,000 57,798,000 Serial notes renew.
Invest, oth. co s .. 1,230,469
1,192,124 Feb'18 toNov’ 19 15 ,000,000
Foreign assoc, cos.
Bills payable___ 14 ,349,265
A c., represent.
Accounts payable 1 ,460,896
net Invest___ 3,179,533
3,183,743 S undry..............
589,705
Tress, pret. stk.
865,700
905,700 Res. for Income*
Inventory______50,735,871 26,2 47,007 war exc. prof.tax.2 ,250,000
Trade accts. reo.b9,4S7,608
7,131,025 Contingent res’ve 2 ,000,000
Other accts. rec.
582,459
426,780 Pension reserve..
300,000
Bills receivable..
119,553
203,407 Appr. for relom.
Cash.................... 2,573,801
1,514,2 42 of pref. stock__ 3 ,600,000
Prepaid accounts 970,589
427,970 Surplus________20 ,177,379
T o ta l............ 148,127,246 115,636,880

1910.

3

60,000,000
27,300,000
6,503,515
1.297,388
716,088

2,000,000
200,000
2,700,000
14,919,889

T o ta l............. 146,127,246 115,636,880

a Includes In 1917 real estate, buildings, plant, machinery and sundry
equipment, less reserve for depreciation, $3,180,364. b After deducting
reserve for doubtful accounts, discounts and allowances, c After deducting
$3,600,000, 36,000 shares of pref. stock, redoomed and canceled. The
prof, stock is redeemable in case of dissolution, liquidation, merger or con
solidation at $125 per share.
Contingent liability— Bankers’ loans to employees secured by deposit
of stock of this company purchased by them and by tho guarantee of tho
company.— V. 106, p. 604, 503.

B aldw in Locom otive W o rk s, P h ila d elp h ia, Pa.

(7th Annual Report— Year ending Dec. 31 1917.)
Pros. Alba B . Johnson, Phila., Fob. 21 1918 wrote in subst.;
Operations.— During tho entire year the plant has been operated as nearly
to its maximum capacity as was consistent with tho difficulties in obtaining
adequato supplies of materials and fuel, difficulties of transportation,
embargoes on shipments, &c. 2,748 new locomotives wore built amounting
to $63,455,574, other regular work was completed amounting to $13,835,707
and contracts for shells and other special work were executed amounting to
$20,972,584, making a total production of every kind of $98,263,865.
Lease of Certain of Eddystone Shops.— Tho leaso of certain of the company’s
shops at Eddystone to tho Remington Arms Co. of Delaware (a subsidiary
of tho Midvalo Steel & Ordnanco Co.) has been extended to enablo that
company to afford valuablo service to tho U. S. Government in arming
its troops.
Eddystone Munitions Co.— Tho operations o f tho Eddystono Ammunition
Corporation havo been terminated and its affairs are in procoss of settle
ment. All matters betweon your company and that corporation aro in
process of satisfactory adjustment. Tho United States Government has
required that all your company’s machinery and equipment suitablo for
making munitions shall bo kept fully employed in Its service. To keep
these operations soparato from your company’s regular business, a new
corporation has been organized under the titlo Eddystone Munitions Co.,
to which tho property formerly occupied by tho Eddystono Ammunition
Corporation has been leased. Its entire capital of $100,000 is owned by
your company. Tho machinery formerly employed for making munitions
by both the Baldwin and the Standard works, has beon acquired by tho
new company.
Tho fifty-ton crane on tho new pier at Eddystone has been completed,
and during the greater part of the past year has proved invaluablo in loading
export shipments into steamers lying alongside your property.
Results.— Tho total earnings of the Baldwin Locomotive Works for 1917
amounted to $11,193,841. After providing reservos for taxes, depreciation,
amortization, doubtful accounts, charges to capital and interest charges,
there remained as not profit, $8,305,722, out of which there was distributed
as dividends to tho preferred stockholders, $1,400,000, leaving $6,905,722
to bo added to tho surplus carried over from 1916 of $8,949,624.
Balance Sheet.— Tho balance sheet shows that of tho real cstato plant
equipment, patents, A c., carried at $44,953,707, tho patents and good-will
represent $16,699,299. Of the accumulated earnings amounting to $15,
855,346, tho sum of $15,800,000 has been applied to the reduction of this
account, leaving tho book valuo of good-will, patents, A c., $899,299,
and tho amount carried forward as surplus, $55,347.
The consolidated balance sheet of tho Baldwin Locomotivo Works and
Standard Steel Works Co. shows a total surplus o f $3,449,816.
Standard Steel Works Co.— This subsidiary’s balanco sheet Is now printed
separately. The total salos were $21,899,878, and the net profit $3,883,564.
After deductions for sinking fund of $200,000, and reserve for taxes of
$766,604, tho net profits are $2,916,960.
Sinking Fund.— After tho respective payments to sinking funds, of the
$10,000,000 first mortgage 5% bonds of tho Baldwin Locomotive Works,
there aro $600,000 bonds in sinking fund and $9,400,000 outstanding. Of
the $5,000,000 1st mtge. 5% bonds of tho Standard Stcol Works Co., there
havo been paid and canceled $2,000,000, leaving $3,000,000 outstanding.
Additions, A c .— The expenditures for real astato, buildings and machinery
for tho year were $1,187,207. Thcro has beon charged against tho opera
tions of the year for maintenance and renewals, $2,794,625.
•
Tho growth in tho sizo and weight of tenders has been such as to render
tho 17th St. shops in Philadelphia unsuitable for their construction and
a now and modern shop has becomo necessary. 'l'hcro is also urgent
demand for repairing locomotives to assist tho overtaxed railroad repair
shops. Your board has authorized tho purchaso of land adjoining your
present property at Kddystono, and tho building of a now shop, with
tracks, cranes and othor necossary equipment, at a cost estimated at
$2,500,000. This will bo ready for operation by M ay 1918.
) tnl fed
Outlook.— Tho locomotivo business at tho beginning of 1918 continues
to bo favorable. The probability that during tho continuance of tho war
tho Government will becomo tho chief purchaser, presents a now condition,
tho effects of which cannot bo fully forescon.

Year
Year
Year
Year

CROSS SALES A N D MANUFACTURING PROFITS FOR A
SERIES OF YEARS.
Sales.
Profits.
Sales.
Profits.

1917........ $98,263,865 $11,779,020 Year 1913........ $37,030,969 $3,886,475
1916........ 59,219,057 6,361,711 Year 1912____ 28,924,335
3,572,069
1915........ 22,033,011 2,725,573
6 Months to
1914........ 13,616,164
320,609 Dec. 31 1911-.. 14,589,645
1,624,216

RESULTS FOR CALENDAR YEARS.
1917.
1916.
1915.
1914.
rosssales.......................$98,263,865 $59,219,058 $22,083,011 $13,616,163
M fg .,* c .,oxp.,depr.,&c. 86,484,845 52,857,347 19,357,439 13,295,554
Net profit.................. $11,779,020
Othor income_________
961,466
Eddystone Building___
______

$6,361,711
681,227
3.462,125

$2,725,572
784,811

$320,609
661,145

Total income...............$12,740,486 $10,505,062
Bond interost, &c______$1,546,645 $1,060,421
Res’vo for deprec., &c. .
600,000
800,000
Capital surplus (net val.
Eddystono bldgs.)__
2,864,321
Reserved for taxes_____ 1,750,000
______
Cap. charges & adju st..
538,119
597,804
Amortlz’nofm a ch ’y.Ac.
...........
2,563,051

$3,510,383
$642,567
40,000

$981,754
$616,524
15.000

Not profit..................... $8,305,722
Surplus brought forward 8,949,624
Capital surplus________

$2,619,466
4,865,837
2,864,321

$2,827,816
3,438,021

$350,230
4,887,791

T otal............................$17,255,347 $10,349,624
Preferred divs. 1 7 % )... $1,400,000 $1,400,000
Common divs. (2 % )__
______
______
Amts, writton acct. of
patents & good-will.. 15,800,000
______

$6,265,837
$1,400,000

$5,238,021
$1,400,000
400,000

$4,865,837

$3,438,021

Total surp. Dec. 31 .




$55,347

$8,949,624

[Vol. 106

BALDW IN LOCOMOTIVE WORICS BALANCE SHEET DEC. 31.
1917.
1916.
Assets—•
$
Real est., mach'y,
A c.......... ............28 254,4081 43,766,500
Pat’s A goodwill..
899,299J
Stand.St.Wks.Co. 4 041,501 4,041,501
Southw.F.AM.Co. 650.000
050,000
Eddyst. Mun. C o.
100.000
Othor real estate..
385,698
403,937
Inventories_____ 20 ,434,766 14,334,204
Accts. receivable. 9 ,872,053 9,451,093
Bills receivable__
603,587 1,207,101
Marketable secur. 1 ,143,581
902,625
Cash_____________ g,757,339 1,212,199
Deferred charges .
40,980
64,057
Mach., Ac.,special
contracts In prog.
3,007,774
1st M . bond sk. fd.
419,550

T o ta l................ 73.831,052

79,479,892

1917.
1916.
Liabilities—
Liabilities—
$
$
Preferred stock___20 ,000,000 20,000,000
Common stock___20 .000,000 20,000,000
Bonded debt......... 10 ,000,000 10,000,000
Accounts payable. 5 708,698 4,651,922
Pay-rolls A salaries 312,398
252,384
Bills payable______ 8 ,250,000 11,000,000
Advanco by U. S
Govt...............
4 ,778,620 ...............
Sav. fds. Ac., sub
ject to notice____1,367,338 3,359,495
Empl. Ben. Ass’n.
285,499
Acer. lnt. on bonds
83,334
83,334
Iut.rec.lnadv.,*o.
00,318
42,635
Res. for adj., A c ..
255.000
255.000
Depreciation res.. 1 200.000
600.000
Ros. for taxes___ 1 750,000
Capital surplus__ \
55,347/ 2, 864,321
Surplus_________ /
l 6, 085,303
T o ta l............. 73 ,881,052 79,479,892

CONSOLIDATED BALANCE SHEET.
1917.
$

1916.
$

Assets—■
Real est., mach’y,
A c.............. ....... 37,374,034152,286,070
Pat. A good-will..
899,299/
Investments......... 1,153,937 1,039,698
Inventories______25,937,104 19,559,393
Accts. recelvable.il,213,318 10,S83,301
Bills receivable...
012,287
722,8. 6
Marketable secur. 1,342,902
902,625
Cash........ ............. 6,889,804 1,241,690
Deferred charges.
64,057
40,986
Machinery, Ac.,
special contracts
In progress........
........... 3,067,771
Sinking fund for
Baldwin L. Wks.
1st M. bonds__
056,525

Total ................ 80,143,377 90,164,525

1916.
1917.
Liabilities—
8
S
Preferred stock___20 ,000,000 20,000,000
Common stock___20 ,000,000 20,000,000
Bonded debt......... 13 ,000,000 13,200,000
Accounts payablo. 6 ,387,470 5,090,162
Bills payable_____ 10 ,750,000 15,000,000
Pay-rolls A salaries
255,606
Depositors’ funds. 1 ,244,616 3,398,445
Empl. Ben. Ass'n.
412,211
307.598
Advance by U. S.
Gov’t __________ 4 ,778,620
Acer. lnt. on bonds
83,334
83,334
lnt. rec. In adv__
42,635
60,318
255.000
Res. for adj., Ac_.
305,000
Depreclatlon res.. 1 ,200,000
600.000
Ros. for taxes_____2 ,516,004
Sink.fd.S.S.W.Co. 2 ,000,000
_____
Capital surplus.. 1*3, 449,816/ 2,804,321
\ 8,302,813
Surplus .......... __/

Total .................80,143,377 90,104,525

* After deducting $1,800,000 Standard Steel Works Co. sinking fund
711
written off account patents and good-will.— V. 106, p.

D is tille r s S e c u r it ie s C o r p o r a t io n , N e w Y o r k .
(IGI/i Report— Year ending Dec. 31 1917.)
Socrotary M . A . Ilolzingor, Fob. 23 1918, wrote in subst.:
Results.— Tho year 1917 has beon tho most successful year in tho history
of the company. Tho not profit, after providing for all fixed charges,
administration expensos, Income and oxcoss profits taxes, amounted to
$4,790,432.
Bonds.— During tho past year wo have acquirod, by purchase and through
conversion of preferred stock of tho Distilling Co. of America, $5,000,000
par valuo of Distillers Securities Corporation Bonds, which havo beon
canceled. Sinco Jan. 1 1918, wo have acquired, in addition, $891,000
of those bonds, upon cancelation of which there will remain of said bonds
$7,078,384 outstanding. Tho cost of ail the bonds so purchased has aver
aged about 72 cents on tho dollar.
By the acquiromont of bonds, tho company has profited greatly as tho
rosult of the heavy discount and is offocting a substantial saving in interest
payments.
Extra Dividend.— Tho management has considered it fair that tho stock
holders should receive some additional bonofit from tho increased earnings
in tho shape of cash dividends, and at tho meeting of tho directors on Keb. 13,
a regular dividend of H o f 1% and an extra dividend of 1 % , for tho first
quarter of the year 1918, wero declared. (V. 103, p. 717.)
Written Off. — The management, on account of conditions existing at the
present timo, has deemed It expedient to write off $2,041,149 from its
property account and tho surplus has been correspondingly roducod.
Outlook.— In the opinion of tho board, tho earnings for tho onsuing year
will fully equal those of 1917.
INCOME ACCOUNT.
Year end. 6 M os. end. — Years ending June 30—
Dec. 31 '17. Dec. 31 TO.
1910.
1915.
Gross profits(all sources) Not stated. $2,159,910 $4,800,755 $3,143,843
Deduct—
lnt. on notes and loans.)
$0,482
$0,553
$331,101
0 1,058
Taxes------------------------- /N ot sopar141.840
139,774
R entals---------------------- / ated for
25,089
61,396
42,321
Insurance____________ I this year.
7 1,243
93,301
90,933
Additions*: maintenance 1
238,905
195,473
231,771
Cost of administration../
82,457
99,003
108,127

T o ta l_______________N ot stated.
Net earnin gs................x$5,497,377
Interest on bonds______
$700,944
Writton off prop’y acct. 2,041,149
Dividends..................... (2%)010,117

$485,235
$1,074,081
$350,088

Total lnt. and d iv s ... $3,904,211
Balance, surplus________ $1,533,100
______

$1,275,599
$399,082

$087,551
$4,119,204
$792,110

(3)925,511(114)484,548
$1,270,058
$2,842,546

$920,049
$2,223,794
$792,922
23,131
$810,053
$1,407,741

x Represents net income from all sources after providing for Interest,
income and excess profits and all other taxes, rentals, insurance, mainten
ance, repairs and all costs of administration.
CONSOL. BALANCE SHEET DEC. 31 (Inch the various Subsidiaries.)
1917.
1916.
1916.
1917.
Assets—■
s
$
Liabilities—
$
$
Property account-40,501,072 43,515,170 Capital stock—
Investments
(at
Dist. See. C orp.32,295,981 32,282,181
cost).............
2,471,120 2,467,458
Constituent cos.
530,278
604,203
Accounts and bills
Bonded debt........ aS,969,3S4 13,90.8,628
receivable........ 5,087,719 0,198,509 Real ostato mtges.
Merchandise, ma
(subsld'y c o 3 .).......................
70,000
terials and sup
Bills payablo____
______
700,000
plies at cost..
6,239,630 5,167,288 Trade acc’ts, A c .. 1,884,428 1,028,470
Cash...................... 1,477,477 1,035,867 Accruod bond lnt.
119,617
183.608
Unclaimed divs__
4,900
3,572
Dividend payablo.
161,625
484,110
Reserves...............
154,328
169,569
Accruing war taxes,
A c...................... 1,233,384 ..................
Surplus................. 10,423,091 8,889,928
Total .............. c55,777,018c58,384,298

Total

........... c55,777,018c58,384,298

a Includes American Spirits M fg. Co. bonds $1,000,000 and Distillers
Securities Corp. 5% bonds $7,909,384 after deducting $7,000,000 purchased,
acquired from conversion, and caticoled, $1,000,000 in treasury and $30,616
issued but not used for purposes of conversion.
c Totals differ from thoso in tho company’s report. Tho current trade
accounts, accrued bond interest and accruing war taxes, Ac., aro shown
abovo under liabilities; in tho report they aro deducted from current assets
and omitted under liabilities.— V. 100, p. 717, 610.

C en tral L eath er C om p an y, New Y ork .
(13 th Annual Report— Year ended Dec. 31 1917.)
$ President EdwardJC. H oyt, N . Y , , wroto in substance:
Results.— For tho year 1917 tho earnings wero again satisfactory, being,
dospito very heavy rosorvos for income and oxcoss profits taxos, only about
$1,084,000 loss than In 1916. The earnings of tho latter half of tho year,
however, show a decline as comparod with tho first half of tho yoar, duo
largely to embargoes on foreign trade and a marked shrinkage in domestic

921

T H E C H R O N IC LE

M ar . 2 1918.]

demand, resulting in lower prices both for hidos and leather at the end of
the year. Manufacturing costs during the same period have increased,
duo principally to the higher cost of labor, which affects bark and extracts
as well as direct labor at tanneries.
Earnings for the Four Quarters of the Year 11916 and 1915 inserted by Ed.]
1st Quarter. 2d Quarter. 3d Quarter. 4th Quarter.
Total.
1917.................... *6,794,176 $4,980,359 $2,373,536 $2,094,992 $16,243,062
1916.................... 3,013,704 3,623,565 3,607.087 7,083,052 17,327,409
1915_____
1,426,702
1,684,375 2,214,245 3,139,782 8,465,104
Railroad earnings have not improved, net returns being lower than in
1916. The lumber and glue business has been satisfactory.
Sinking Fund.— In conformity with the plan announced in the report for
1913, for the partial retirement o f the outstanding bonds at the date of
maturity, April 1 1925, $1,000,000 of moneys derived from stumpage was
during 1917 appropriated and invested in tlio bonds of the company. The
income from this special fund, which to Dec. 31 1917 amounted to $442,390,
has boon carried to a reserve for depreciation. As shown by the annual
report there are $407,000 o f bonds in tho treasury which are available for
appropriation to the special fund in the year 1918.
Depreciation, & c. — Tho annual deduction for stumpage cut and bark
pooled and tho deduction duo to the sale of certain real property in Boston,
resulted, after adding tho cost of two new sawmills, additions to the rail
roads and tram roads and other equipment and new bark and timber lands,
in a net reduction in tho property account as shown by the report by the
sum of $392,887. All repairs and improvements have as usual been charged
to operating expenses and are comparatively largo— the total sum being
*2,234,559. This Is duo to higher costs and to tho installation of fuel
and other saving devices.
,
„ . , ,
,
Inventories.— Leather in stores, lumber and other finished products
which aro valued at conservative market prices show a total increase in
inventory value o f $6,112,740. Tho remaining inventories, which aro
taken at cost, show an Increase over last year of $954,000.
Acquisitions.— During tho year the opportunity came for us to take an
Interest in tho upper leather business, and wo have acquired stock in two
corporations operating two large modernupper'leather plants In tho West.
This investment o f upwards of $3,000,000 will, wo believe, prove a re
munerative one for our stockholders.
Outlook.— At present our manufacturing is suffering with that of others
from an unprecedented winter and the resulting crippling of transportation ,
but with tne coming of favorablo weather wo look forward to a general
improvement In conditions which should naturally follow the free and
uninterrupted transportation of commodities.
Maintenance, A c.— The expenditures made by all companies follow:
1917.
1916.
1915.
Ordinary maintenance and repairs.- *1,432,134 $1,196,272 *1,023.383
Replacements.......................................
802,42o
4o7.8.5J
3b6,708
Annual Sales.— By Central Leather Co. and subsid ary companies:
1U17 •
ltllo*
P rm h irl *__
'e a t D e r -S ^ r is I 271.831 ^0.062.530 ^8.835.431

3I:iT:iIf 4§ » ! ^

Oroase-------------------- I I I :...P o u n d s . 3.691.416
3,849.358
3,053.288
Tankage" II11II11......
Pounds. 3,587,080
4.226.440
2,759.500
The volume of business done by all companies during tho year as repre
sented bv their combined gross sales and earnings equalled the sum of
*91 731 648. as compared with a total of $93,247,553 in 1916 and $68,
917’,939 in 1915.
Average Number of Employees, All Companies— Total Pay-Rolls.
1917.
1916.
1915.
Emnloyeos .........................................
9-217
9,413
8.261
Anmial salaries and wages. — .........*8,610,390 $7,446,894 *5,884,204
Analysis of Properly Account, Aggregating $56,792,212.
Real estate situated in New York City, Elizabeth, N . J., A c .. $967,866
Tannery plants, extract works, sawmll plants, glue factories,___
warehouses, machine shops, woodworking shops & laboratories 17,637,985
218.96 miles of railroads and sidings and 161.93 miles of tram
roads, with equipment--------------- ------- ------------------------------- 3,854,779
Miscellaneous personal property, such as locomotivos, log cars,
service cars, teams, &c., not considered as quick assets. . .
370.819
Balanco of property account, including bark and timber lands,
B comnrlsLi«- 529 470 acres i f land owned In fee; 1,070.083 tons
S i n g 1hemlock and oak bark; 1.815,106 036 feet growing
sawing timber. Also sundry chestnut wood for extract pur
poses pulp-wood, railroad ties, cedar posts and poles and other
valuable forest products................................................................ 33,960,763

N e w Y o r k A ir B r a k e C o . f N e w Y o r k C it y .
(,Report for Fiscal Year ending Dec. 31 1917.)
P res. C . A . S tarbu ck, N . Y ., F e b . 2 5 , w rote in su b sta n ce:
Government Orders.— The company's foreign orders were all filled in the
early part of the year, and no U. S. Government orders were taken on
of any amount until November. New buildings had to bo constructed to
take care of these orders, and tho company has built four buildings approxi
mately 1,000x100 feet each and one 240x400 feet, of steel and concrete,
all of which are nearly completed and will bo manufacturing munitions
In the next 30 days, which accounts for the falling off in the volume of
business. Our munition orders for tho U. S. Government now amount
to a value of over *30,000.000, and our orders for air brakes are the largest
we have ever had on the books.
Prices.— We have made material advances in the price of air brakes,
which went into effect Jan. 1 1918, but were not reflected in 1917 earnings.
Results— Dividends.— The company's net earnings (available for interest
and dividends) for 1916 were $9,594,962, from which dividends amounting
to $2,500,000 were declared and have been paid [5% each paid Dec. 1916
and March, June, Sept, and Dec. 1917]. These dividends were declared
at tho rate of 10%Teguiar per year and 10% extra per year. Your direc
tors have declared a dividend for the present quarter of $5 per share regular
from the earnings of 1917, which is payable on March 22 to holders of
record of March 4. With the large amount of orders now on the books
and others in prospect, your directors believe they are warranted in making
this a regular dividend and that the co. will be able to maintain itt
CONSOLIDATED INCOME ACCOUNT YEARS ENDING DEC. 31.
1917.
1916.
1915.
1914.
Sales__________________$10,157,038 $24,051,103 $4,731,529 *2,915,932
Receipts from Invest
ments, Interest, A c ..
112,292
93,894
38,624
18,524
Total income.............$10,269,330 $24,144,997
Cost of manufac'g, A c .. $7,792,145 $14,083,282
Admin., Ac., expenses..
306,563
361,691
T a x es......................
26,719
32,172
Royalties.............
70,077
72,890
Depreciation__________
______
l,20O,O00
180,000
180,000
Interest on bonds______
Interest on loans------------------------Dividends___ (seo prof.Aloss acct.) (IIH) 1149126

$4,770,153
$2,358,249
437,249
20,237
195,976
200,000
180.000
35,156
(6)599,544

*2,934,456
$1,740,436
292,935
18,682
61,357
180,000
(6)599.544

Total deductions___ $8,375,504
$17,079,161 $4,026,411 $2,892,954
Surplus (see below)___ *1.893,826
$7,065,836
$743,742
*41,502
PROFIT A N D LOSS ACCOUNT FOR YEAR ENDING DEC. 31 1917.
Balance, surplus for 1917 as above, $1,893,826; previous sur
plus, $8,082,591; total----- ---------------------------------------------------*9,976,416
Deduct— “ Income A munitions taxes covering business for 1916" *1,090,351
"Dividends declared out of 1916 earnings” ---------------------- (20%) 1,986,980
Adjustments applicable to 1916---------------------------------------------418,256
Balanco, total profit and loss surplus Dec. 31 1917...................*6,480,829
CONSOLIDATED BALANCE SHEET DEC. 31.
1917.
1916.
1916.
1917.

Assets—
$
S
Liabilities—
S
S
Factories, patents,
Capital stock----- 10,000,000 10,000,000
water pow er,
1stM .conv.bonds 3,000,000 3,000,000
“ 43,610,554
.
— ACC0Untg payable.
293,240
13,010,822
233,051
. 1,435,821
681,189 Cash adv. by U.S.
. 2,027,957 4,858,319 Govt.acct.contr . 2,567,250
30,000
30,000
. 1,664,743 1,681,143 Accrued bond Int.
3,391,996 2,514,168 Deprec’n reserve. 1,001,077 1,400,000
Expend, for acct.
Res’ve for taxes..
100,000
U 8 Govt, oni
Profit and lo s s ... 6,480,829 8,082,591
1,341,331
23,472,403 22,745,642
— V. 106, p. 826. 402.

D e e r e & C o ., M o lin e , 111.
( R eport f o r F isca l Y ea r en d in g O ct. 31 1917.)
Pres. W m . Butterworth, Moline, Jan. 29, wrote in subst.:

.

Results.— Sales for the year were about 20% larger than during the pre
vious year. Ordinarily this would have resulted in much larger profits,
but owing to increased costs and expenses and the necessary provisions for
income and excess profits taxes, the net incomo for the year was not in
T h e ca p ita l exp en d itu res w ere as fo llo w s .
creased beyond the percentage of increase in sales.
Working Capital.— The net working capital shows a decrease of $433,918,
Additional mfg. properties (in 1917 new sawmills). ...$ 214 ,088 $541,595
tho principal changes being: (1) Increases: Inventories, $2,629,593; accrued
Additions to timber lands, railroad property, tram
taxes, $355,094, and accounts payable, $1,064,462; and (2) Decreases:
r oa d s an d e q u ip m e n t...................... .................. ............. ........... 3 7 9 .5 3 8
N one
receivables, *940,387, and bonds A mtges., $424,500.
Current Asset Position.— The amount o f the current assets is over $10,- Cash, $1,211,065;
Stock.— During the year the company has increased its holdings
OOO.OOOin excess of Dec. 31 1916. The company has no current liabilities of Capital
pref.
stock
to
an
amount sufficient to reduce the outstanding stock to
except those for recent purchases, taxes, drafts, A c., which could not be $35,000,000. The company
also added $478,000 common stock to the
discharged prior to the close of the year. Tho excess o f current assets amount reserved for sale to has
employees.
over all liabilities, including bonds, has increased during the year by
'
Amount
of
Stock
Issued and Outstanding.
*5,788,452 and now amounts to $43,140,244.
Capital
Authorized
Amount
Amt.Purch. Res.for Sale Amount
Stock—
Amount.
Issued.
& in Treas. to Employ. Outstanding.
CONSOLIDATED RESULTS FOR YEARS ENDING DEC. 31.
Preferred____$40,000,000 $37,828,500
*2,828,500 - $35,000,000
1917.
1916.
1915.
1914.
25,000.000
21,572,800
.............. $3,668,400
17,904.400
Common___
Volume o f business___ $91,731,548 $93,247,552 $68,917,939 $60,814,903
Stockholders.— The total number of preferred stockholders Dec. 31 1917
Earns, after oner, exp.,
was 3,997, against 4,036 a year ago.
J .
,
. .
Capital Expenditures.— Capital expenditures during the year amounted
nance and all taxes*..$21.066,061 $21,788,679 $12,145,589 $10,301,056 to $509,888. These consisted principally of additions to the Union Malle
Exp. & losses o f all c o s .. 4,863,848
4,438,966
3,703,949
3,610,233 able Iron Co., East Moline, made necessary by increased malleable require
and dry kilas and other equipment made necessary by Government
Net profits.................$16,202,213 *17,289,713 $8,441,640 $6,690,823 ments,
for wagons.
. . .
. . . .
.
Incomo from investm'ts.
40,849
37,696
23,464
24,308 orders
Reserves.— Reserve for depreciation of property and equipment increased
and reserve against working and current assets decreased $461,
T o ta l........................... $16,243,062 *17.327,409 §8,465,104 $6,715,131 $414,203,
making a net decrease of $47,299.
Deduct— In t.on IstM .5 s $1,838,208 $1,838,208 $1,838,208 $1,838,208 502,
Properties Owned.— The factories owned by tho company manufacture
Cen .Leath.pf .diva, (7 % ) 2,330,930
2,336,93d
2,330,930
2,330,930 about 85% of the products handled by the branch houses.
Common dividends- (9 %) 3,573,081 (8K)3,275,326(4)1,588,038 (3)1,191,028
General.— Collections during the past year have continued unusually
good, due somewhat to the shorter terms upon which goods have been sold,
Balance, surplus.........*8.600,844 $9,882,945 12.707,929 $1,354,965
but more largely to the prosperity of the farmer. The collections exceeded
Tho "net profits" como from manufacture and sale o f hemlock, union tho sales for tho year, and resulted in a decrease of *940,387 in the total
and oak solo leather, harness leather and oak belting butts: also lumber,
glue, grease and other miscellaneous products; salo of logs and other forest ^Inventories increased $2,629,593 during tho year. These inventories
products; railroad earnings and other miscellaneous not earnings.
have been taken upon a conservative basis of prices and havo not been
written up to the present market costs. The object of thus handling these
* Expenses Include yearly also provisions for plant abandonment and inventories Is to preserve the business from loss during the period of readstumpages; repairs and maintenance approximately $2,234,559 In 1917,
*1,654,111 In 1916; $1,390,091 in 1915 and $1,322,279 In 1914, and also ^ O w h ig to exceptionally high prices for steel and allied products, and other
in addition in 1917 Federal Income tax and excess profits tax.
raw materials and supplies used In manufactured products, together with
the high cost of labor, implements costs have greatly increased over pre
CONSOLIDATED BALANCE SHEET DEC. 31.
war costs. These have necessarily resulted In higher prices for imple
ments. However, by reason of the unusual demand for farm products
1017.
1916.
rf
1917.
1916Liabilities—
$
s
and tho high prices prevailing for everything the farmer produces, the sale
Assets—
s
$
Property acct.x..56,792,212 67,185,099 Preferred stock...33,299,050 33,299,050 of implements has not been materially curtailed during the past year.
Investments, incl.
Common s to c k ...39,701,030 39,701,030
The company is continuing to sell pref. stock to employees on the install
Lib.bds. i n '17. 4,548,249
452,817 1st M . 5% bds._z31,005,150 32,330,150 ment plan. Liberty bonds have also been sold to employees on easy pay
Foreign drafts----75,302
270,393 ments, and the subscriptions on this basis and for cash have been very
Leather in stores,
Accts. payable . . 1,434,242 1,977,209 liberal.
lumber, finished
459,552
product, Ao.y._ 14,508,760 8,396,020 Accrued Interest.. 459,552
CONSOLIDATED INCOME ACCOUNT YEARS ENDING OCT. 31.
pref. div.Jan. 2 . .
582,733
582,733
Hides & leather,
1916-17.
1915-16.
1914-15.
1913-14.
Com. div. Feb. 2 .
496,261
496,263
raw A iQ process,
xTotal
earns, (all c o s .)..$5.851,130 $4,783,081 $3,904,957 $2,802,903
&c., materials.y48,967,528y48,013,519 Prov. for excess
A d m i n . , A c., expenses - - $651,287
$403,327
$340,134
*366.068
profit, income,
Accts. receivable-15,037,070 8,943,594
Int. on deb., Ac. (net)—
94.363
162,990
210,408
283.486
A c., taxes......... 6,000,000
Bills receivable...
958,071
110,131
Depletion.
&c..................
173,455
98,771
106.392
68,270
050,000
400,000
Call loans, Ao......................... 3,150,000 Fire ins. reserves.
2,647,995 2,647,995
Cash in banks, Ac. 4,380,850 4,854,827 Miscell. reserves.. 2,059,009 1,362,192 Preferred dividends (7%) 2,518.465 2,647,995
Deferred charges.

112,955

150,232 Surplus................ 28,884,511 20,383,608

T ota l.............. 145,300.900131,268,239

T ota l............... 145,306,900 131,268,230

x Includes timber lands, railroads, tannery plants and plants engaged
in lumber, gluo and other allied Industrial operations.
y After deducting tho special provision of $500,000 made Dec. 31 1912 to
cover inventories, which has not been used.
z After deducting in 1917
«407 000 in treasury and $4,692,000 acquired out o f stumpago moneys.
—-V. 106, p. 399. 299.




Total deductions___ .*3.437,560 "$3,313,083 $3,304,928 $3,365,819
Balance, sur. or def...sr.$2,413.570sr.$l,469.998sur.$600.029def $562,916
Total surplus...................$9,847,605 *7,434,035 55,964,037 *5,364,008
x After deducting all expenses of operation and distribution, including
those for repairs and maintenance, for depreciation of property and equip
ment pensions, accident compensations, A c., and after making provision
for interest on tho indebtedness of all sub. cos., for all taxes, for cash
discounts, uncollectible notes and accounts, and for other contingencies.

T H E C H R O N IC LE

922

CONSOLIDATED BALANCE SHEET OCTOBER 31.
1917.
1916.
1917.
1916.
Assets—
$
$
Liabilities—
$
$
Real eat., bldgs.,
Preferred stock..c35 ,000,000 37 ,828,500
& equlpt____ 16,199,330 15,834,943 Common stock._d 17 ,904.400 18 382,400
Timber lands, Ac. 2,917,233 2,771,731 Deere & Co. debs.
50,000
Trade marks, pat
Subsld. companies
ents & good-will. 17,904,400 18,382,400
976.500
bonds & Mtges. 602,000
7,000
231.500
Pref. stock owned. bl61,000
923,700 Stocks of sub. cos.
78,674
Inventories_____ 16,520,228 13,890,634 Notes payable___
38,500
Prepaid Insur., &c. 392,230
349,407 Accounts payable. 2,,433,657
,719,650
Cash.................... 3,084,983 4,296,048 Accrued taxes___
705,549
Notes & accts. rec.12,767,930 13,708,316 Reserve________ a3 ,414,621 i,46l",921
,434,035
Surplus............... 9 ,847,605
Total-------------69,953,333 70,163,180

Total............... 69,953,333 70,163,180

a Includes in 1917, $1,977,338, against property and equipment and
$1,437,283, against working and current assets.
b Incl. pref. stock owned held for sale to employees on monthly payments,
c After deducting in 1917 $2,828,500 pref. stock purchased and held in
treas ury.
d After deducting in 1917 $3,668,400 reserved for sale to employees
under contracts (see below).
Note.— Practically all of the common stock reserved ($3,668,400) has
been sold to employees under contracts providing for payments over a
period o f years, and providing for the services of such employees during
a considerable portion of the time covered by the payments. The stock
will be held by the company until payments called for by the contracts
are completed.— V. 106, p. 503.

U n it e d C ig a r S t o r e s C o . o f A m e r ic a .

(Report for Fiscal Year ending Dec. 31 1917.)
The company’s report for the calendar year 1917 shows the consolidated
Income account and balance sheet, embracing both the company and its
subsidiaries. In previous years the company’s statements did not include
any surplus o f subsidiary companies that was not declared, but by way
of dividends.
RESULTS INCLUDING SUBSIDIARIES I N 1917 A N D EXCLUDING
SAME IN PREVIOUS YEARS.
U. C. S. Co.
-------- r-United Cigar Stores Co.---------& Sub. Cos.
(Excluding Sub. Cos.)
1917.
1916.
1915.
1914,
Net p r o fit...............— $3,423,501 -------New form o f accounting-----Dividends, &c., receiv-(Accounting
able (less charges)
changed.)
$2,892,073 $2,404,471 $2,241,783
Reserve for Federal ex
cess profits, war taxes
(e s t .)...........................
550,000
............................. .........................
Pref. dividends ( 7 % ) . . .
$316,890
$316,890
$316,890
$316,890
Common dividends..(7M )2,105,055 (7) 1,901.340(6H ) 1765530 (6)1,629,720
Balance, surplus.........
Previous surplus_______

$451,556
3,231,661

$673,843
2,065,492

$322,051
1,743,441

$295,173
1,448,268

T o ta lp .& l. surplus.. $3,683,217 $2,739,335 $2,065,492 $1,743,441
CONSOL. BALANCE SHEET DEC. 31 1917 (Total each side, $43,854,730).
Leasehold interests,mtges.,&c..$4,290,291 Pref. stock (auth. 35,000,000).$4,527,000
Trade marks, good will, &c__ 21,400,000 Cora.stock (auth.830,000,000) .27,162,000
Stocks and bonds............
868,179 Bills and accounts payable__ 4,755,824
Stock for empl. prof.shar.plan. 485,223 Rents received In advance___
74,813
Cash & demand notes (sec’d.). 1,982,335 Reserved for taxes accrued to
Bills and accounts receivable.. 1,268,280
Dec. 31 1917 (incl. Federal
Merchandise and supplies___ 10,020,949
Inc. and excess prof, taxes). 853,266
Furniture, flxt. & equlpt____ 2,593,583 Reserves—Provisional supplies 2,798,610
Improvts. to leasehold estates. 743,716 Surplus as per Income account
Other deferred assets_______
202,175
above............
3,683,217
Tho comparative balance sheets Dec. 31 1916, and 1915, excluding the
Co’s . subsidiaries, will be found in V. 104, p . 1383. Compare V.106, p. 606.

(S . S .) K r e s g e C o ., D e t r o it , M ic h .
(Report for Fiscal Year ending Dec. 31 1917.)
------ New Company------ ------ —Old Company------—
1917.
1916.
1915.
1914.
...........................
164
157
139
118
Sales____________________$30,090,700 $26,396,544 $20,943,301 $16,097,571
Net income....................
$2,360,988 *$1,809,126 $1,293,220 $1,150,498
War excess profits & in-1
come taxes_________ 1
500,000
______
______
______
Res. for contingences.-l
Preferred divs. ( 7 % ) . . .
140,000
105,000
126,000
128,783
Common dividends.._(4% )400,000
(3)300,000 (6)300,000 (6)300,000
Balance, surplus.........$1,320,988

$1,404,126

$867,220

$721,715

* After deducting $320,222 proportion o f net profit ($2,129,348) accrued
to April 1 1916, when operations o f the new company began.
BALANCE SHEET DECEMBER 31.
1917.
1916.
1917.
1916.
Liabilities—
3
3
Assets—
3
5
Leaseholds, organ
Common stock__ 10,000,000 10,000,000
ization, &c........ 5,989,408 5,989,408 Preferred stock... 2,000,000 2,000,000
Merchandise a . . . 5,197,841 4,530,129 Mortgage payable. 310,000
315,000
500,157 Notes payable___
Rents.&c.,prepaid. 418,849
30,000
48,400
Accounts receiv’le. 192,743
65,405 Accts. pay. (Incl.
b Furniture, fix
In T7 war taxes
& res.for contlng. 2,086,555
962,139
tures, &o.......... 3,743,837 3,170,945
781,214 Mgrs.’ and buyers’
Office building... 773,604
697,053
commls'ns pay’lo
..........
392,003
Cash................
632,646
102,542
Liberty Bonds for
Accrued tax, <feo-51,845
employees . . . . .
110,288
Profit and loss___ 2,725,115 1,404,126
Liberty Loan bds.
& accrued lnt.
thereon______
144,300

[Vol. 106.

and also during the most acute periods of the coal famine to place at the
disposal of the local Federal Fuel Administrator substantial amounts of
coal for general domestic consumption.
New Stock.— Ten per cent of additional stock was offered to stockholders,
for which quarterly payments were required on Feb. 1, M ay 1, Aug. 1
and Nov. 1 1917. Stock certificates were issued on the latter dato, theroby
bringing up the total share capital to $50,422,826. The proceeds from the
sale of this stock provided for additional plant capacity to tako care of the
Increasing business. Owing to the high cost of labor and material, it will
be our policy during the year 1918 to curtail as far as possible all extensions
and we therefore do not contemplate during the coming year any further
issues of stock or bonds.
War Service.— During tho year 633 employees of the company entered
tho service of the United States Government, being approximately 13>$%
of the total number of men in the service of the company.
Customers, &c.— During the year approximately 31,000 new customers
have been added to the company’s lines, thus making at tho present time a
total of 351,700 customers. This represents an increase of 97,000 kilowatts
in connected toad. Tho highest maximum load recorded at any one time
during the year was 392,330 k.w., which is an increase of 6% over the
highest load recorded during 1916. The company’s connected business
(exclusive of electrical energy supplied to other public service corporations)
amounted to the equivalent of 15,336,791 fifty-watt lamps on Dec. 31 1917.
INCOME ACCOUNT FOR CALENDAR YEARS.
1917.
1916.
1915.
1914.
♦Connected business, 16candlo-power equ iv.. 15,336,791 13.845,933 12.244,115 11,211,196
Gross earnings------------ $25,351,585 $22,863,118 $20,882,327 $19,060,190
Operating expenses----- $13,791,636 $11,907,871 $10,453,140 $9,793,493
Amortization & deprec’n 2,836.246
2,822,175 * 2,442,078
------------2,215,147
Taxes & munic. comp’n . 2,229,907
1,835,913
1,582,039
1,492,266
Other income_______

$6,493,796
314,831

$6,297,160
201,647

$6,405,070
114,393

$5,559,290
217,763

T o ta l......................
Interest on bonds.__
Dividends (8% )........

, $6,808,627
$2,131,550
3,667,352

$6,493,807
$2,099,393
3,667,112

$6,519,463
$1,890,000
3,667,110

$5,777,053
$1,600,000
3,534,652

$1,009,725

$732,301

$962,353

$642,401

* Exclusive of electrical energy supplied to other public serv. corporations.
CONDENSED BALANCE SHEET DEC. 31.
1917.
1916.
1917.
Assets—
$
5
Liabilities—
$
Plant, real est.,&c.95,791,732 88 ,864,395 Capital stock___ 60 ,422,826
Securities......... . 8,005,598 7,853,608 Funded debt (see
Materials In store
"R. & I. Sec.” ) . 42 ,631,000
243,587
rooms............... 1,730,645 1,240,526 Open accounts__
Contract wiring
Notes payable___ 1 ,500,000
work, &c_____
768,449
984,976 Amort'n&dop.res.l2 ,521,684
Coal In storage... 770,891
442,479 Accounts payable. 779,155
Liberty Loan acct. 549,111
_____ Customers’ depos.
193,911
Accounts and bills
Municipal comp’n 544,176
receivable____ 7,342,452 5,998,830 Accrued lnterest.. 710,517
Cash...................... 2,210,969 2,127,551 Accrued taxes___ 1, 438,000
Balance, surplus.. 6 ,184,990
Total......... -.117,169,847107,512,366
— V. 106, p. 710.

1916.
S
45,838,936
42,031,000
45,166
10,563,080
725,060
181,875
473,620
1,878,364
5,175,265

T otal............. 117,169,847107,512,366

A m e r ic a n H a r d w a r e C o r p o r a t io n , N e w B r it a in , C o n n .
(16f/i Annual Statement— Year ending Dec. 31 1917.)
P resid en t H en ry C . M . T h o m s o n calls a tten tion to the
fa c t th a t “ the rela tively large a m o u n t set aside in 1917 fo r
d ep recia tion a nd reserves in cludes a special reserve fo r F e d 
eral in com e ta x e s.”
RESULTS FOR CALENDAR YEARS.
1917.
1915.
1914.
1916.
Net earnings__________ $2,301,389
$2,051,253 $1,044,8251 Not stated
Deprec’n and reserves..
936,295
376,789/
549,330
Balance......................... $1,365,094
Sundry receipts_______
______

$1,501,923

$668,036

$614,480
53,515

Total net income___ $1,365,094
Dividends paid___ (1 0k01,016,800

$1,501,923
(7)694,400

$668,036
(6)595,200

$667,995
(6)595,200

Balance, surplus_____
Assets—
Real est.,mach.,&c
Cash....................
Bills & accts. rec..
Materials&merch.

$348,294
$807,523
$72,795
$72,836
BALANCE SHEET JAN. 1.
1917.
1918.
1018.
1917.
$
Liabilities—
S
$
S
5,126,937 5,472,711 Capital stock.x.. 9,920,000 9,920,000
1,211,490
341,719
977,054 Bills & accts. pay. 275,143
2,907,843 2,399,261 Dividends...........
396,800
198,400
4,174,255 4,085,881 Surplus...............*2,828,582 2,474,788

Total...............13,420,525 12,934,908

T otal............... 13,420,525 12,934,908

* After crediting $5,500 additions,
stock in treasury.— V. 104, p. 948.

x After deducting $2,580,000 capital

U n it e d D r u g C o ., B o s t o n .

(Report for Fiscal Year ending Dec. 31 1917.)
Pres. Louis K . Liggett, Boston, Feb. 23 , wrote in subst.:

Results.— The combined sales in 1917 increased $7,311,424, or 22% .
Tho not profits Increased $1,142,197, or more than 56% , over 1916 (the
first 11 months of tho consolidation of tho United Drug Co. and Rlker &
liegeman C o.). This increased net profit is duo in a largo measure to
savings, as a result o f the consolidation and doing an Increased business with
relatively less expense.
Two years ago we were able to show better than 36% gross profit. The
Total ...............17,203,515 15,429,260
Total............... 17,203,515 15,429,260 cost
of materials then began to increase so rapidly that in the year 1916 our
profit dropped to 33 1-3%. In 1917 we wore able to recover only
a At or below cost, b Furniture, fixtures and permanent improvements gross
H of 1% of this decline, and yet net profits were greatly increased because
on leased property, less depreciation.— V. 106, p. 719, 713.
of the additional volume of business and tho saving of expenses.
Additions— New Pref. Stock.— There was no now capital brought into the
C o m m o n w e a lt h E d is o n C o m p a n y , C h ic a g o .
parent company during the year. The increased business, new stores,
added
equipment and enlarged facilities have been financed with profits
(Report for Fiscal Year ending Dec. 31 1917.)
and a comparatively small amount of floating capital, except as to the
Seamless Rubber Co. Wo financed tho purchaso of tho Seamless Rubber
P resid en t Sam uel In su ll says in substan ce:
Co.— which was acquired in June 1917— by the issue of $750,000 of its
Results.— The figures show an Increase in operating revenue o f $2,488,467 preferred stock. The issue was over-subscribed by tho stockholders of
over the year 1916. There has been charged against taxes and corre the United Drug Co. upon the first offering.
spondingly credited to taxes accrued an amount deemed sufficient to cover
Accounts and Notes Receivable Normal.— This indicates tho healthy
1917 municipal. State and Federal taxes with the exception o f war excess financial condition of the 8,000 Rexal drug stores throughout tho United
profits taxes. This amount will take care o f tho Increase in tho Income States and Canada, which buy and control the sale of United Drug Com
tax, the rate of which has been increased from 2 % to 6 % on the earnings pany’s products in their respective communities.
Merchandise Inventory.— The increase o f over $2,500,000 during tho year
before payment o f dividends.
As more or less doubt now exists as to tho exact requirements to be fol is represented In part by an increase in the floating Indebtedness of $900,000.
lowed in making up tho report o f excess profits, the company considers It Besides providing for $7,000,000 of additional business It is necessary
Inadvisable to attempt any estimate in the matter, but prefers to wait to carry larger stocks at increased prices now, because of tho difficulty
until It is in position to file the official figures and then whatever amount in securing many classes of merchandise and also because of the uncertainty
may be found to bo payable will be charged against the company’s surplus. of transportation.
In view o f the groat increases which havo taken place during the past
Property Accounts.— The Increase during the year of $1,211,427 represents
year in the cost of labor and materials as a result of the war, without any tho real estate, plant and equipment of the Seamless Rubber C o., additional
increase in rates charged, the board feels that the company may justi machinery in our manufacturing plants, and the store fixtures, &c., of our
new retail stores. At the beginning of tho year wo wero operatl g 143
fiably congratulate itself upon the showing it is able to mako.
Coal.— During the past year the company has derived much benefit from Llggett’s-Rlker-Ilegeman drug stores. During the year wo opened 46
its virtual ownership of its own coal mines, both as to cost and as to its new ones— almost one a week, closed 14 old ones and now own 175 such
ability to secure coal when needed. During the coming year the company stores, which did a business of over $22,000,000 last year.
expects further to increase its use of coal obtained from its own mines.
Advances and Suspense.— These accounts havo increased mainly because
At the beginning o f the winter the company had In storage approximately of new leases, &c., on stores to be opened In 1918. We havo so far this
425,000 tons, being largely coal produced at its own mines. The policy year 20 new leaseholds to be occupied.
pursued has enabled the company to carry on uninterrupted operation
Reserve.— Tho reserve for depreciation o f machinery, furniture and
of its plants with much less demand on general market supplies tban usual fixtures now amounts to 42% of the equipment of all companies.




T H E C H R O N IC LE

M ar . 2 1918.]

Surplus.— Our total surplus is now .152,724,134, or almost double what it
was Jan. 1017, and this Is after paying all dividends on first and second
preferred stocks and tho common stock of United Drug Co., as well as all
dividends on preferred stock of subsidiary companies outstanding. Tho
United Drug Co. owns every share of common stock of all subsidiary com
panies. This surplus is equal to $13 58 per share on tho common stock
outstanding, and is only subject to reduction by tho amount of excess profits
tax to bo paid, which wo estimate at $150,000.
Dividend.— These earnings amply justify an increase in tho dividend rate
on common stock, which is now 5% , but your executive committee con
siders it prudent to conserve cash resources for the present.
Outlook.— Wo are organized for peaco and also for war. 1 have the feeling
that unless transportation facilities entirely break down this company will
increase in greater proportion in 1918 than it did in 1917. In spite of
tho handicaps, duo to fuel restriction and merchandise embargoes, our
Increased sales for tho first six weeks of 1918 is a higher percentage than
the increaso of 1917 was for tho same period.
CONSOL. RESULTS FOR ENTIRE CAL. YEAR 1917 A N D FOR PERIOD
FROM FEB. 4 TO DEC. 31 191G.
Year 1917. Period T6.
Year 1917. Period ’ 16.
$
$
Net sales............. 40,716,290 33,404,866 T o t a l In co m o .......... 3 ,9 6 3 ,7 6 0 3 ,2 0 2 ,2 8 9
Cost of goods sold.26,832.193 22,277,010 E x tra o rd ’ y a m ’ ts
w ritten o f f ...........
.............
616,427
3 9 9 ,3 6 4
Gross profit----- 13,884,097 11,127,856 D e p r e c ia tio n -------305,014
Operating expenses 9,968,438 8,057,375 D o u b t fu l a c c ’ ts re
c e iv a b le ________
65,193
67,104
232,874
Net profit........ 3,915,659 3,070,481 C u rren t ta x e s____
198,934
Other income----48,101
131,808 4 % w ar in co m e tax 110,322
P re f. & c o m . d iv s .
(in cl. su b . c o s . ) . 1 ,8 4 2 ,3 2 9

G04;354

Total Income... 3,963,760 3,202,289 Balance, surplus.xl,313,677

1,410,456

x This surplus is subject to reduction by tho amount of excess profits
tax for 1917, estimated to bo $150,000.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
IIncluding Sub. Companies—Inter-Company Accounts Eliminated.)
1916.
1917.
1917.
1916.
Liabilities—
Assets—
S
8
S
8
Capital stock:
Real est. A bldgs.
(owned in fee).. 2,456,1701
1st preferred... 7,500,000 7,500,000
Bldgs. & impts. to
)
2d preferred... 9,109,000 9,109 000
leaseholds____ 1,127,6471 6,851,540 Common..........20,050,000 20,050,000
Mach'y, furn.,&c. 4,479,150)
Prcf.stk.of sub.eos. 899,100
167,500
Stock In oth. cos.. 428,923
356,022 Real est. & mtge.
bonds (allotsub.
Tradc-m'ks, pat’ts,
formulae, &c__ 23,496,576 23,496,576
590,804
637,500
cos.).................
C ash .................. 1,037,572 1,356,514 Current acc’ts pay
Net equity In Lib
able (not due).. 2,784 526 1,898,S22
Notes payable:
erty bonds____
94,731
Notes & accts. rcc. 3,003,356 2,828,263 ByUn. Dr. Co. 1,810,000\ 1,060,000
Merch. Invent’y alO,593,428 8,074,221 By sub. cos___
120,000/
Res. for deprec. of
Advances & sus
375,565 mach’y, fur.,&c. 1,881,214 1,505,423
pense acc'ts___
721,228
Surplus after pay
ing all dlvs-----b2,724,134 1,410,456
Total’. . ........... 47,498,778 43,338,7011 Total........ .......47,498,778 43,338,701
a Stated at cost or less, b Seo footnote x above.— V . 1 0 6 , p . 6 0 6 .

C h a n d le r M o t o r C a r C o ., C le v e la n d , O h io

(Report for Fiscal Year ended Dec. 31 1917)
Pres. F . C . Chandler, Cleveland, Fob. 12, wroto in subst •
The net profits for tho year 1917, after having made proper provision for
depreciation and reserves, excepting for Federal taxes amount tn Vo

yo” “ **•
dealers deposits and accrued taxes.
paiu,
Our merchandise inventory, amounting to $3,018,742, was purchased
at prices much below tho present market, and having this material on hand
permits us to continue our production advantageouslv materlal on hand
During the year of 1917 the company paid'dividends amountlmr’to <toin
for0llO
eV crossa^ ? p o L s h0 SUm ° f S™ ’000 represented a special 1 % dividend
Tho yeaQ
r’8 ' “ “ eases.ini sateland profit and tho financial condition of tho
ditfoiiTof thoPcountry! y gratifylng ln vimv of tho disturbed general conRESULTS FOR YEARS ENDED DECEMBER 31.
-----Company--------------- ------ Old Company----------

923

The price of Quaker Oats as well as all of our other specialties has been
kept low, the company’s policy being to secure a very large volume of
business at a moderate profit during the war. This policy has been
eminently successful. The gross earnings are $5,211,752. After deducting
from this sum the amount reserved for depreciation and for the preferred
and common stock dividends, wo have remaining to be carried to the surplus
account $3,477,627, giving us tho very handsome balance of $10,547,045.
Every dollar of this surplus Is needed in the business so long as grain prices
rule at the present high level and transportation facilities are so inadequate
as they have been and promise to be.
We have reserved for Federal taxes $2,053,775, leaving for general re
serves of all character $1,350,618, which is approximately the same amount
that has been carried in this account in previous years.
New Lines, &c.— In August we commenced to manufacture macaroni
and spaghetti, thus still further increasing and diversifying the number o f
articles that we made. Our advertised brands are showing a very healthy
growth.
New M ill.— The Peterborough mill, which was destroyed by fire in Dec.
1916, is rapidly nearing completion. The buildings are finished and the
machinery is now being placed. We expect it will be running in part
during April and in full operation not later than July 1. The output of the
plant before the fire was 4,200 bbls.; when finished it will be 7,000 bbls.
The increase in the capacity of so many of tho mills may seem largo and it is,
but the need of the world is great and every pound of product that we can
manufacture can be sold long before it is possible to deliver it.
INCOME ACCOUNT FOR CALENDAR YEARS.
„
1917.
1916
1915.
1914.
Profits for year-------------- $5,211,752 $3,991,313 $3,724,223 $2,367,252
Dividends
on
(6% ) .
563,050
540,000
J/1V1UC1JUS U
H pref.
prei. vuy«;.
ooo.oou
OW.UUll
P4U.00U
540,000
540.000
Dividend on com m on.(104£)866,250 (10)768,750 (10)749.982 (10)749,980
Peterboro Mill fire loss..
______
471.400
Depreciation----------------304,825
305.227
293"511
267,603
’Surplus for year---------$3,477,627 $1,905,937 $2,140,730
As to reserve for Federal taxes in 1917 seo text above.

$809,669

BALANCE SHEET DECEMBER 31.
1917.
1916.
1917.
1916.
Assets—
S
S
Liabilities—
$
§
Real est., plants,
Preferred stock___10,536,700 9,000,000
t r a d e marks,
Common stock__ 8,250,000 8,250.000
good will, &c__ 17,102,636 14,207,700 Due to subsid. cos.
195,952
63,840
Stocks of sub. cos. 453,730
453,730 Notes payable___ 5,900,000 5,300,000
380,175
Acc’ts payable-.. 1,251,764 767,224
Due from sub. cos. 693,067 1.020.654 General reserves.. 1,350,618 1,215,762
Invent., material
Reserve for Federal
and supplies__ 13,775,329 9,294,963
_____
taxes_________ 2,053,770
Acc’ts receivable- 7,026,600 6,206,332 Surplus................10.547,045 7,069,419
Cash....................
654,318
482,866
Total . ............. 40,035.855 31,666,244
— V. 106. p. 827. 719.

Total............... 40,085,855 31,660,244

DIVIDENDS OF 1917 UNDER INCOME T A X .
ON OR ABOUT MARCH 9 THE OFFICIAL STATE
M ENTS GATHERED BY THE “ CHRONICLE” REGARD
ING THE ALLOCATION OF 1917 DIVIDEN DS W ILL BE
ISSUED IN P A M P H L E T F O R M , PRICE 50 CENTS.
Most of these statements, it should be noted, are dated and the authority
for the same is given so that the danger of confounding advanced and less
trustworthy reports with the later and well authenticated data is reduced
to a minimum.

The index to items referring to the allocation of dividends
published in previous issues will be found in last week’s
“ Chronicle” page 816.
(1) R A I L R O A D S .
ALLOCATION OF 1917 DIVIDENDS.

A lb a n y

& V e r m o n t R R . — Source of 1917 Dividends.—

Sec. S. S. Bullions in letter of Feb. 6 says: “ We beg to advise that divi
dends paid during the year 1917 were not paid out of ‘profits actually
earned . . .
in 1917.’
“ This company is not an operating company; it is a lessor company. Its
properties are occupied and operated by the Delaware & Hudson Co.
The amount of tho dividends paid are paid out of rentals received from the
lessee.”

A t la n t a & W e s t P o i n t R R .— Source of 1917 Dividends.—

s e S S & ^ ^ o t t V r * 3'277’715
charges, incl. deprec.
895,312

717,604

«■ «»• ««
675,268

Not profit...............--.v$2,382,403 SI 716 166
Dividends paid---------(13%)910.000 (10)700,000

$933,218
z261,500

$749,406
427,585

$321,821
Z47.750
Balance, surplus------- y$l,472,403 $1,016,166
$671,718
$274,071
ductin^cos^of labor materi^0” 1 f a,cs of automobiles and parts after de
ducting cost otlabor, material aiidinanufacturlng expense.
and
profitstaxes7
' l l f before
providing
Federal
and excess
excess profits
taxos. Mz Includes
$14,000
prof. for
divs.
of tho income,
old co. war
BALANCE SHEET, DECEMBER 31
1917.
1916
1917.
1916.
Assets—
$
$
Liabilities—
S
8
Land & bldgs___
510,261
3 75 ,83 7 Capital stock out
Factory equip.,&c. 139,794
„„
99,226
standing______ 7,000,000 7,000,000
Good will............. 5.000,000 5,000,000 Accts.
payable,
uni
Cash....................
698,976 1,800,422
paid purchases, i 22,349 ' 905,799
U. S. Liberty bds. 279,190
penscs, pay-rolls, |
Notes & accts. rec. 146,192
67,396
&c.................... J
Cars sold for oxDealers' deposits.
9 7 ,8 6 0
113,929
port .................
192,114
123,287
payable
Merch. Invent’y .. 3,018,742 1,876,983 Dividend
Jan. 2...............
210,000
210,000
Invest, in sub. cos.
35,090
32,000 Accrued taxes, &c.
2 8,335
53,122
Adv. to manufac
Reserve for con
turers of parts
tingencies, &0- .
97,871
5,214
&c.... .......... .....
60,233
72,868 Profit and loss sur
Deferred Items__
39,011
30,831
plus (see foot
_________
notes below)... 2,663,189 1,190,780
Total .-.------10,119,604* 9,478,850
Total............... 10,119,604 9,478,850
thn eamTianVs*1Hhmt J1f™ Ir,\bcir
important matters In connection with
considered hi'° r, 1,cderal income, war and excess profits taxes
o ?] r™ i « t T t m ir™bL ho company s attorneys this statement has, at
this 1teiii?——
-V. 106, p. 823K, 7i 2nt' bC0n PrcParcd without any provision for

Q u a k e r O a ts C o m p a n y , C h ic a g o .

(Report for Fiscal Year ending Dec. 31 1917.)
Pros. H . P . Crowell, Chicago, Feb. 20 1918, wroto in subst.:
Results. T be volume o f business done was greatly in excess of that of
any previous year. 1 he marked increaso in the capacity o f tho mills at
Akron, Cedar Rapids and Fort Dodgo In oatmeal, corn meal, flour and feeds,
which capacity was completed at varying periods during tho year lias
helped greatly in the securing o f this result. Tho demand for our products
has Imen so insistent for tho past twelve months, both in tho United States
and Europo, that the mills wero driven under higii pressure for tho entire
timo. Never before in our history has this been truo.




Auditor W . II. Smith writing Feb. 21, says: “ Dividends declared during
the year 1917 were paid from the surplus of that year. The same reply
will answer for the Western Ry. of Alabama.— V. 93, p. 1104.

B e lt R a ilr o a d & S t o c k Y a r d s C o .— Source 1917 Divs.—

Auditor H. D . Lane, Feb. 19, wrote in substance: “ Dividends paid during
the year 1917 aggregated $350,000; $127,000 was from the earnings of the
year 1916, the balance of $223,000 being from the earnings of 1917.”
— V. 106, p. 394.

B o s t o n & P r o v id e n c e R R . C o r p .— 1917 Dividends.—

Treas. Geo. B. Phippen in letter of Feb. 11 says: “ This con), is operated
by the N. Y . N. H. & II. R R . and has no earnings. The amount of the
dividend due on the stock is paid to us quarterly and we distribute the
same Jan. 1, Apr. 1, July 1 and Oct. 1 of each year.” — V. 106, p. 821.

C e n t r a l N ew E n g la n d R y .— Source of 1917 Dividends.—

A. S. M ay, Treas., in letter of Jan. 21, says: “ The dividend of $4 a
share on the pref. stock paid Jan. 15 1917 was declared out of profits
accumulated during the year 1916. On July 14 1917 there was a dividend
of $3 a share on pref. stock and $3 a share on common stock which were
paid out of profits accumulated during the year 1917.” — V. 105, p. 997.

C in c i n n a t i S a n d u s k y & C le v e la n d R R .— 1917 Divs.—

Treas. M . S. Barger, writing Feb. 5, says in substance: “ I have to say
that the property of this company is leased to the C. C. C. & St. L. Ry. C o.,
and under the terms of the lease the rental of 6% per annum is paid by the
latter company to the preferred stockholders of the Cincinnati Sandusky
& Cleveland R R . on M ay 1 and Nov. 1.— V. 51, p. 457. .

E a s t P e n n s y lv a n ia R R .— Source of 1917 Dividends.—
Treasurer H. E. Paisley, Feb. 25, wrote: “ Dividend paid Jan. 16 1917,
was from rental received from lessee for six months ended Jan. 1 1917;
dividend paid July 17 1917 was from rental received from lessee for six
months ended July 1 1917.” — V. 94, p. 982.

L i t c h f i e l d & M a d is o n R y .— Source of 1917 Dividends.—
F. M . Campbell, Auditor, in letter of Jan. 28 says that the dividends
paid in 1917 were declared out of profits accumulated during the year.
— V. 79, p. 2456.

L o u is v ille & N a s h v ille R R .— Later Data.—
C. E. Ambler, Asst. Treas., in letter of Feb. 25 says: “ In regard to divi
dends payable Feb. 10 and Aug. 10 1917, would say that the earnings from
Jan. 1 to Feb. 10 1917 were not sufficient for paying the Feb. 1917 dividend,
but the earnings for the year 1917 prior to Aug. 10 were sufficient to pay
the second dividend.” — V. 106, p. 499, 396.

N o r t h e r n C e n t r a l R y .— 1917 Dividends.—
Treasurer J. F. Fahnestock, Feb. 21, wrote: “ Of the dividend paid Jan. 15
1917 one-half month thereof was paid from earnings accrued after Dec. 31
1916, and the balance from earnings during tho period prior to Jan. 1 1917,
or say, from July 15 1916 to Dec. 31 1916. Also it can be said that the
dividend paid July 15 1917 was paid out of earnings for the period Jan. 16
to July 15 1917. — V. 105, p. 1523.

*
T H E C H R O N IC LE

924

N o r t h e r n R R . o f N e w H a m p s h ir e .— Source 1917 Divs.

An official statement dated Jan. 18 says: “ The dividend paid on the
stock on Jan. 1 1917 was paid out of undivided profits or surplus accumu
lated during the year 1916. The dividends paid April 1 1917. July 1 1917
and Oct. 1 1917 were paid out of profits or surplus accumulated during
the year 1917.” — V. 78, p. 2385.

N o r w ic h

& W o r c e s t e r R R .— Source 1917 Dividend.—

M . M . Whittemoro, Secretary and Treasurer, wrote on Feb. 23:
Dividend Paid—
Jan. 1 '17. April 1 ’ 17. July 1 ’ 17. Oct. 1 17.
Was for quarter en d ..D ec. 31 16 Mar. 31 17 June 30 17 Sept. 30 17
— V. 70, p. 125.

P i t t s b u r g h B e s s e m e r & L a k e E rie R R .— 1917 Divs.—

G W . Kepler, Secy. & Treas. of Bessemer & Lake Erie R R ., on Feb. 25
wrote: “ Dividends paid during the year 1917 to stockholders of the Pitts
burgh Bessemer & Lake Erio RR. were not paid out of accumulated earn
ings but were paid to stockholders direct by the Bessemer & Lake Erie
R R .’ C o., lessee, as rental under the terms o f its lease from tho Pittsburgh
Bessemer & Lake Erie R R . Co.— V. 75, p. 1203.

S a r a t o g a & S c h e n e c t a d y R R .— Source 1917 Divs.—

The allocation of this company’s dividends is tho samo as for Albany
& Vermont R R . above.

T r o y & G r e e n b u s h R R .— Source 1917 Dividends.—
Treasurer Edward Courtland Gale. Feb. 21. wrote: “ The Troy & Greenbush UR. Assn, pays its dividends semi-annually on June 15 and Dec. 15
each year— these dividends are from the rent paid by tho N. Y . Central
R R . Co.— paid it the 1st of June and December, respectively. Inasmuch
as the said N . Y. Central R R . Co. pays all taxes, &c., and the rental is
exactly paid out in dividends it would appear that the dividends of 1917
were earned in 1917 though by hairsplitting it might, of course, bo claimed
that one-sixth of that paid in June 1917 was actually oarned in 1916.
“ It would seem that the bettor view was that since we earned $19,250
in rent in 1917 and paid that same amount in dividends tho said dividends
really represented the earnings of 1917.”

U n it e d N e w J e r s e y R R . & C a n a l C o .— 1917 Dividends.—

Henry W. Green, Secy. & Treas., on Feb. 23. wrote: “ Tho dividend paid
Jan. 10 1917 was paid from tho earnings of the first ten days of Jan. 1917,
and in addition, from the earnings for tho period Oct. 11 to Dec. 31 1916.
The other three quarterly payments made in 1917 were from the earnings
wholly within the year 1917.” — V. 100, p. 1753.

[Vol. 106.

C h ic a g o C it y R a ilw a y .— Revised

Statement.—

F. D. Hoffmann, Sec. & Treas., Fob. 20 wrote: “ I enclose you here
with revised statement based on actual results.”
Cash Dividends Paid in 1917 on $18,000,000 Capital Stock.
.
Rate.
Amount.
Dates Paid.
$1,440,000 Qu., Mar. 30
Cash dividends paid in 1917-----------/R eg ., 8 %
Dec. 30
135,000
(Extra, M %
Cash divs. paid in 1917 from 1917 inc8 % 1,485,000
Dec". *30
45.000
Cash divs. paid in 1917 from 1916 inc.Extra, fi %
Cash divs. paid in 1917 from accumu
Dec. 30
45.000
lated surplus as of Jan. 31 1917------Extra, K %
— V. 106, p. 601.

C in c i n n a t i N e w p o r t & C o v in g t o n L i g h t & T r a c t i o n
G.
M. Abbott, Secretary and Treasurer, writing Feb. 25 says: Tho divi
dend paid in January. 1917 was paid from the earnings of 1916; all other
dividends were paid from the earnings of 1917.— V. 106, p. 821.

C i n c i n n a t i S t r e e t R a ilw a y C o .— Source 1917 Dividends.
A. J. Becht, Sec. ft Treas., on Feb. 23 wroto in subst.: “ On Feb. 21 1901
this company leased to tho Cincinnati Traction Co. all its franchises and
property. Dividends to stockholders were paid in 1917, Jan. 1, April 1,
July 1 and Oct. 1, out of tho rentals recoivod undor said loaso Dec. 5 1916
Mar. 5 1917, June 5 1917 and Sopt. 5 1917.” — V. 104, p. 1701.

C le v e la n d & E a s te r n T r a c t i o n C o .— 1917 Dividends.—
Official circular of Jan. 28 says: “ Dividends paid to stockholders of this
company Jan. 2 1917 were paid out of net profits earned in tho calendar
year 1916. Balanco of dividends paid in yoar 1917 were paid out of net
profits earned in the calendar year 1917.” — V. 102, p. 437.

C o lu m b ia (S. C .) R y ., G a s & E le c t r ic C o .— 1917 Divs.

Pres. Edwin W. Robertson on Feb. 14 wrote: "Tho dividends wero paid
out of the earnings of the company for the quarter prior to their payment.
Dividend—
Paid.
Amount. Earned
Preferred__
Jan. 1 1917
lf6 %
do
Apr. 2, July 2 and Oct. 1 1917 and Jan. 1 1918 1 Vi % each 1917
Common
Oct. 1 1917
H of 1% 1917
do
Jan. 10 1918
H of 1% 1917
— V. 102, p. 1060, 975.

C o lu m b u s N e w a r k & Z a n e s v ille E le c . R y .— 1917 Divs.—

An official statement received Feb. 27 says: Dividends are paid from
current year’s earnings.— V. 95, p. 1039.
J.
C. Otteson, Asst. Treas., in letter of Feb. 9 says: “ Tho following state
C o n e y I s la n d & B r o o k ly n R R .— Source of 1917 Divs.—
ment shows tho amount credited to profit and loss account for each
C.
D. Meneoly, Treas., in letter of Feb. 1, says in substance: “ The
month in 1917:
quarterly
dividends of
paid in 1917, on March 20, June 21. Sept. 21
September
.$577,895
62
M
a
y
.............$464,781
51
January.deb.$36,167 89
and
Dec.
21, respectively, wero declared from 1917 earnings.” — V. 99, p.
February . . 15,754 01 J u n o ______ 447,495 21 October___ 557,657 15
M arch_____ 337,598 75 July.............. 444,490 10 November _ 456,979 92 1214.
A p ril______ 397,402 66 A ugu st------ 486,426 54 D ecem ber.. 21,731 69
C o n t in e n t a l P a s s e n g e r R y .— Source of 1917 Dividends.
‘Dividends No. 1 was declared in Dec. 1916 and charged out In 1916.
Secrotary A. D. Hallmann on Feb. 25 writes: “ All of tho following divi
[Paid Jan. 29 1917.]
,
dends were paid out of rentals received from tho leasing of tho properties,
“ Dividends Nos. 2, 3 and 4 were declared and paid as follows:
and, therefore, accumulated during tho six months’ periods immediate y
Paid.
Amount.
Declared.
prior to tho payments.
No.
April 30 1917
$462,000
“ Continental Passenger Ry. Co.; divs. paid Juno 30 and Doc. 30.
2 ............... .............M a r . 28 1917
July
31
1917
462,000
"Union Passenger Ry. Co.; dividends paid Jan. 1 and July 1.
3 ............... ________ June 27 1917
Oct. 31 1917
462,000
"W est Philadelphia Passonger Ry. Co.; divs. paid Jan. 1 and July 1.
4 ________ ...............Sept. 18 1917
“ Philadelphia Traction Co.; divs. paid Apr. 1 and Oct. 1.” — V.88,p.822.
-V . 106, p. 398.

W a b a s h R y .— Later Data as to Allocation of 1917 Divs.—

W e s t J e r s e y & S e a s h o r e R R .—New

Notice.—

J F Fahnestock. Treas., in letter of Fob. 21 says: “ Tho dividend paid
by this company on April 1 1917 should be returned as having been paid
out of the company’s undivided profits accumulated prior to March 1 1913.
Tho dividend paid Oct. 1 1917 should be returned as having boon paid out
of tho company's undivided profits for the year 1917.” — V. 106, p. 608, 601.

W e s t e r n R y . o f A la b a m a .— 1917

Dividends.—

See Atlanta ft West Point R R . above.— V. 97, p. 1665.

D e t r o it U n it e d R y .— Source of 1917 Dividends.—

Treas. A. F. Edwards, writing Fob. 7, says: “ Dividends paid during
year 1917 wero from profits or surplus accumulated in that year.” —
V. 106, p. 810.

E a s te r n P o w e r & L ig h t C o r p o r a t i o n .— 1917 Dividends.
Treasurer A. P. Taliaferro, Fob. 25, wroto: “ Tho net earnings for the
period in 1917 prior to tho declaration of tho Soptombor dividend wore
sufficient to pay 82.85% of tho March, Juno and Sept, dividends, tho bal
ance having beon taken from the 1916 surplus.” — V. 105, p. 2455.

(2) P U B L IC U T I L I T Y C O M P A N IE S .

E a s te r n W is c o n s in E le c t r ic C o .— 1917 Dividends.— ■

ALLOCATION OF 1917 DIVIDE NDS.

Treasurer Willis J. Ripley, Fob. 23, wroto: “ Preforrod stock dividends
paid during tho year 1917 were paid out of current earns."—-V. 104, p. 1145

A m e r ic a n L ig h t & T r a c t i o n C o .— New Statement.—

Pres. Alanson P. Lathrop, in circular of Feb. 27, says in substanco:
As a supplement to a card recently mailed to our stockholders, tho
following information is furnished with reference particularly to Section 31b
of the Act of Sept. 8 1916, as amended, and to paragraphs 374 and 375 of
Treasury Department Regulation No. 33 (revised):
Net earnings for Jan. 1917, $495,704 prof. div. paid Feb. 1 1917,
$213,543: balance------------------------------------------------------------------$282,161
Total dividend paid in cash Fob. 1 1917 on common s t o c k - - . . - . - - 467,280
Total dividend paid in common stock (at par) on Feb. 1 1917, on
common stock_______________________________________________ 4b7,280
Total dividend paid Feb. 1 1917 on common stock...................... $934,560
(a) If for income tax purposes, it bo deemod that tho dividends declared
on Jan. 2 1917 and paid on Feb. 1 1917 were “ mado from tho most recontly
accumulated undivided profits or surplus” o f tho company on hand at the
date of declaration, thon the entiro amount of said dividend should be
deemed to havo been made from 1916 profits.
......
.
(b) If, for income tax purposes, it be deemed that said dividends wero
“ mado from the most recently accumulated profits or surplus” on hand
at the date of payment, viz.: Feb. 1 1917, then it would appear as tabulated
above, that after payment of the entiro dividend on prei. stock there still
remained 1917 earnings applicable to common stock aggregating $282,161.
(c) If tho total Fob. 1 dividend (cash and stock) on tho common stock
bo taken as a basis for tho calculation, and if $5 bo taken as the per skaro
value of tho dividend (cash and stock) so paid, then, of such dividend ($5
ner share), $1 51 per sharo was paid out of undivided profits or surplus
accumulated in tho calendar year 1917, and tho balanco— $3 49 por share
under tho law and regulations would bo deemed to havo been paid out of
undivided profit or surplus accumulated during tho year 191b.
.
Tho foregoing is intended merely as a statement of facts and not as advice
or suggestion to shareholders as to the method to be adopted by them in
reporting dividends in accordance with tho Federal Income Tas Laws.—
V. 106, p. 823.

A m e r ic a n U t ilit ie s C o ., P h i l a d e l p h i a .— 1917 Dividends.
Secretary Arthur B. Miller, Fob. 25, wrote: “ All of the dividends paid
In 1917 wero paid from earnings accumulated during tho year 1917.
— V. 105, p. 1106.

E le c t r ic a l S e c u r it ie s C o r p o r a t i o n .— 1917 Dividends.—■
An official statement received Fob. 25 says: “ Dividend No. 37 on the
pref. stock, declared Dec. 14 1916, and paid Fob. 1 1917, was declared from
net profits accumulated in tho calendar yoar 1916, which wore tho most
recently accumulated undivided profits and surplus.” — V. 105, p. 2002.

E q u i t a b le

I llu m in a t in g

G as L ig h t

C o.

o f P h ila .—

An official writing Feb. 26 says: “ This company paid a dividend on Its
preferred stock Juno 15 1917 and a dividend on its proforrod stock and
common stock Dec. 15 1917, all of which divldonds wero paid out of oarnings mado during the year 1917.” — V. 106, p. 90.

H a r t f o r d ( C o n n .) E le c t r ic L i g h t C o .— 1917 Dividends.
Secretary John E. Lynch Fob. 26 wroto: “ Tho dividend which we paid
Fol). 1 1917 was declared on the earnings of 1916. The last three quar
terly dividends, paid May 1, Aug. 1 and Nov. 1, wero declared on tho 1917
earnings.” — V. 105, p. 184.

I n t e r s t a t e R a ilw a y s , C a m d e n , N . J .— Source 1917 Divs.
John W. Goodwin, Asst. Treas., writing us Fob. 28, says:
“ I wish to inform you that tho 3% dividend paid on prof, stock Jan. 1
1917 was from earnings of the year 1916, while tho 3% dividend paid on
prof, stock July 2 1917 was from earnings of tho year 1917.
“ With reference to the semi-annual payments mado by tho United Power
& Transportation Co. on its trust certificates, known as United Railways
4% gold trust certificates, wo havo a ruling by tho Government that theso
payments are a distribution of dividends. Theso payments mado on
Jan. 1 1917 wero from earnings of tho year 1916, while those mado July 1
1917 and Jan. 1 1918 wero from earnings of tho year 1917."— V. 106, P;_499.

K e n t u c k y S e c u r it ie s C o r p ., P h i l a d e l p h i a .— 1917 Divs

.

Treasurer II. Williams Jr. in circular of Fol). 8 says: “ Tho dividend paid
Jan. 15 1917 on the pref. stock was declared out of surplus earnings accumu
lated prior to Jan. 1 1917, and the remaining dividends paid in 1017 were
declared out of surplus earnings accumulated during tlio yoar 1917.” — V.
105, p. 1894.

L o u is v ille G a s

& E le c t r ic C o . ( D e la w a r o ) .— 1917 Divs.

B. W. Lynch, General Auditor of Byllesby & C o., on Feb. 20 wrote:
“ All dividends paid during tho year 1917 wero from tho 1917 earnings.’ —
B.
W. Lynch, Genoral Auditor of Byllesby & C o., Feb. 20 wrote: “ AllV. 105, p. 1714.
dividends paid during tho year 1917 wero from the 1917 earnings. —
M a n ila E le c t r ic R R . & L i g h t i n g C o r p .— 1917 Divs.—
V. 105, p. 1521.
T . W. Moffat, Treas., writing Fob. 2, says:
B r o o k ly n R a p id T r a n s it C o .— New Notice.—
“ We give the following information with respect to tho four cash divi
Vico-Pros. & Treas. O. D. Meneely, in circular of Feb. 15, says: “ Divi
’
,,
dends heretofore declared by this company have been paid out or the com  dends paid in 1917:
Paid. Amount. \Declared. Record.
Paid. Amount.
pany’s surplus profits without specific reference to the year in which such Declared. Record.
profits were earned, although in each year in which such dividends were Mar. 5 Mar. 17 April 2 $75,000 Sopt. 12 Sopt. 18 Oct. 1 $75,000
75,000
paid the current profits wore at least oqual to tho amount of such dividends. Juno 5 June)18 July 2 75,0001Dec. 11 Dec. 22 Doc. 31
“ There were sufficient undistributed profits or surplus earned during
The dividend paid Jan. t 1917 of course represented profits earned prior
1917 prior to tho date of declaration of each of tho above dividends to cover
to that date.” —-V. 106, p. 714.
the amount of each dividend.”— V. 105, p. 813.

A r k a n s a s V a lle y R y ., L i g h t & P o w e r C o .— 1917 Divs.—

C h ic a g o C it y & C o n n e c t i n g R y s .— 1917 Dividends.—

W W . Crawford, Secretary and Treasurer, writing Fob. 25 says: "Tho
dividend o f $2 25 per sharo paid Jan. 1 1917 on tho preferred participation
shares was from net income of tho trust for the calendar yoar 1916. Tho
dividends of $1 50 oach paid July 1 1917 and Jan. 1 1918 were from 1917
Income.” — V. 106, p. 497 J

C i n c i n n a t i & H a m ilt o n T r a c t i o n C o .— 1917 Dividends.
Secretary & Treasurer A. J. Becht, Feb. 23, wroto in subst.:
In 1905
this company leased to tho Ohio Traction Co. all its franchises and proporty.
Both tho preferred and common dividends wore paid in 1917 on Jan. 1,
April 1 Julv 1 and Oct. I, out of the rentals received undor said lease on
Dec. 31 1916, March 31 1917, June 30 1917. and Sept. 30 1917, respectively.
— V. 99, p. 196.




M o b ile E le c t r ic C o .— Source of 1917 Dividends.—

B. W. Lynch, Goneral Auditor of Byllesby & C o., on Fob. 20 wrote:
“ Tho dividend paid Feb. 15 1917 was 1.17% from the 1916 earnings and
.58% from tho 1917 earnings. Tho dividends of M ay 15 and Aug. 15 1917
were all from tho 1917 earnings. Dividend paid Nov. 15 1917 was 1.06%
from tho 1917 earnings and .43% from tho 1916 earnings and .26% from
the 1915 earnings.” — V. 106, p. 611.

M u s k o g e e G a s & E le c t r ic C o .— 1917 Dividends.—

B. W. Lynch, General Auditor of Byllesby ft C o., on Fob. 20 wrote:
“ All dividends paid during tho year 1917 wore from tho 1917 earnings.” —
V . 105, p. 720.

M ar . 2 1918.]

T H E C H R O N IC LE

M on on gah ela V alley T rac. C o.— Source of 1917 Divs.—

O. F. Lough, Auditor, in circular letter received Feb. 18, reports:
Divs. Paid in 1917—
------------- Out of Earnings of---------------- Prior to
Per Share—
1917.
1916.
1915.
1914.M ar.lT3.
On Common Stock—
$6 in com. stk. Jan. 12.
____
$0 96
$1 25
$0 28
$3 47
$1 00 cash Jan. 15------- --------All
____
____
.
$1 25 each April, July &
All
.................... ......................................
Aug. 16...................
31 Me.(on $25 par)Oct.lO
All
____
____
____
____
On Preferred Stock—
8125 Feb. 1 . . . ...........80 412-3 80 83 1-3
____
____
____
1 25 May 1_________
All
..........................................................
83 l-3c. July 5_____
All
____
____
____
____
37 Y c . Oct. 5(par825)
All
____
____
____
____
— V. 106, p. 396.

New O rleans R ailw ay & L ig h t C o.— 1917 Dividends.—

Auditor C. B. Murphy, on Feb. 7, wrote: “ In regard to the earnings
distributed in the form of dividends during 1917, wish to advise that the
dividends declared and paid for the year 1917 represent revenue for that
year.” — V. 106, p. 86.

New Y o rk M u tu a l G as L ig h t C o — 1917 Dividends.—
W . C. Besson, Treas., in letter of Feb. 7 says in substance:
“ The dividend o f 4% paid Jan. 10 1917 was declared on Dec. 21 1916 to
holders of record Dec. 26 1916. The dividend was not declared from the
earnings of any particular period and was undoubtedly payable from the
undivided profits which the company had on Dec. 21 1016. The profits
during the year 1916 were sufficient to pay this dividend, and while wo
are not able to determine accurately what the earnings o f the company
were, if any, during the first ten days of 1917, we think it safe to assume
that no substantial part o f the amount o f tho dividend was earned during
that period, and that the entire dividend paid Jan. 10 1917 should be
deemed to have been paid from profits accumulated during 1916.
“ The dividend o f 5% paid July 10 1917 was declared June 19 1917 to
holders o f record June 25 1917. At the date of declaration o f this divi
dend, the undivided profits o f the company for 1917 were sufficient to pay
the dividend, and we believe that this dividend should bo reported as hav
ing been paid from profits accumulated during 1917.” — V. 104, p. 2645.

N orfolk R y. & L ig h t C o.— 1917 Dividends.—

925

We understand that the Treasury Department has ruled that in report
ing income for taxes that dividends shall be considered as coming from tho
earnings of the .year in which such dividends are paid to the extent that
the earnings at the time such payments meet the dividend requirements.
Under this ruling dividends paid on the Tide Water Power Co. stock
should be distributed according to the following table:
Div. Rate.
1916 Earns.
1917 Earns.
6%
0.50%
Preferred stock-------------- --------5.50%
Common stock________________
7%
2.2469%
4.7531%
— V. 105, p. 1105.

U n io n P a s s e n g e r R y .— Source of 1917 Dividends.—

See Continental Passenger Ry. above.— V. 92, p. 190.

U n it e d P o w e r & T r a n s p o r t a t i o n C o .— 1917 Dividends.

See Interstate Rys. above.— V. 106, p. 608.

U n it e d U t ilitie s C o ., N . Y . — 1917 Dividends.—
Treasurer A. P. Taliaferro on Feb. 27 wrote: “ Tho January dividend,
having been declared in December 1916, was a distribution from the sur
plus of 1916, all subsequent dividends were distributed out of 1917 surplus."
— V. 105, p. 1110.

W e s t P h ila d e lp h ia P a s s e n g e r R y .— 1917 Dividends.—

See Continental Passenger Ry. abqve.

W e s t e r n S t a te s G a s & E le c t r ic C o .— 1917 Dividends.—

B. W. Lynch, General Auditor of Byllesby & C o., on Feb. 20 wrote:
“ The preferred dividend paid Jan. 15 1917 was from the 1916 earnings,
and the common dividend paid Feb. 15 1917 was 1-3% from the 1916 earn
ings and 1-6% from the 1917 earnings. All other dividends paid dr ring the
year were from the 1917 earnings.” — V. 106, p. 720.

(3) I N D U S T R I A L A N D M IS C E L L A N E O U S C O S .
ALLOCATION OF 1917 DIVIDENDS.

A c u s h n e t M ills C o r p ., N e w B e d f o r d .— 1917 Dividends.-

J. IC. Stanton, Jr.,
Stock dividend Mar.
Cash dividend Mar.
do
do
June

Clerk of the corporation, in circular of Jan. 30 says:
12 1917, 50 % ___ From earngs. prev’s to Mar. 1 1913
1 1917, 82 0O___ 82 00 wholly from 1916 earnings
1 1917,4 00— /81
73 from 1916 earnings
,
„ l 2 27 from 1917 earnings
do
do
Sept,
1 1917,
6 50- 6
50from
1917earnings
do
do
Dec.
1 1917,
4 00- 400 from 1917 earnings
— V. 104, p. 1491.

W . J. Kehl, Secretary, in letter of Jan. 19 says: “ This company isno
longer an operating company but is leased to tho Virginia R y. & Power
Co. for the period o f 99 years for an annual rental o f 899,000, equivalent to
6% on the capital stock o f Norfolk Ry. & Light Co., anounting to 81,650,
000.
A ir R ed u ctio n C o.— Source of 1917 Dividends.—
“ This rental is paid to the Norfolk Ry. & Light Co. in two amounts of
849,500 on June 1 and Dec. 1 of each year, and tho entire amount is dis
An official memorandum, dated Feb. 16, says: "All tho dividends paid
tributed to the stockholders o f the Norfolk Ry. & Light Co. as a dividend during the year 1917 were from 1917 earnings.” — V. 105, p. 2457.
on those dates.” — V. 82, p. 1323.

O ttu m w a R ailw ay & L igh t C o.— 1917 Dividends.—

B. W. Lynch, General Auditor of Byllesby & Co., on Feb. 20 wrote:
“ Tho dividend paid in January 1917 was from tho 1916 oarnings. All
other dividends paid in 1917 were from the 1917 earnings.” — V. 105, p. 998.

Pacific G as & Electric C o., Phoenix, A riz.— 1917 Divs.
Treasurer A. P. Taliaferro, Feb. 27 wrote: “ Tho January 1917 dividend
having been declared in December 1916, was a distribution from the sur
plus of 1916. all subsequent dividends were distributed out of 1917 sur
plus.” — V. 105, p. 1215.

Pacific G as & Electric C o., San F ra n .— 1917 Dividends.
D. H. Footo, Secretary, in circular letter of Feb. 5, says in substance
“ Tho dividends on the stock of this company wero declared as payable
from its surplus profits, without, however, designating any particular
portion thereof from which such dividends should bo paid. In applying
tho law to tho dividends paid in 1917, no account can be taken o f tho earn
ings for tho months of November and December 1917 for tho reason that
tho last dividends declared in that year wero on Oct. 31 1917, upon tho
first pref. and original pref. stock, payable Nov. 15 1917, and it will there
fore do noted that tho surplus earnings for only ,ten months o f tho year
wero available for the dividends paid therein.
Dividend No. 9 of 81 25 per share on common stock, declared Dec 29
1916, paid Jan. 15 1917, must bo deemed to have been paid from tho not
accumulated profits of 1916. Dividends Nos. 10, 11 and 12, each of 81 25
per share, paid Apr. 16, July 16 and Oct. 15 1917, respectively, must bo
deemed to have been paid from net profits of 1917.
Dividends Nos. 10, 11 and 12, on tho first preferred stock, each of 81 50
per share, paid Feb. 15, May 15 and Aug 15 1917, respectively, must bo
deemed to have been paid from net profits of 1917. Of dividend No. 13
paid Nov. 15 1917, 81 28 per sharo must be deemed to have been paid from
net profits of 1917, and 22 cents per sharo from net profits of 1916.
Dividends Nos. 44, 45 and 46, each of 81 50 per sharo, on the original
prof, stock, paid Feb. 15, May 15 and Aug. 15 1917, respectively, must bo
deomed to havo been paid from net earnings of 1917. Dividend No’. 47
of 81 50 per sharo, paid Nov. 15 1917, must bo deemed to havo been paid
from not earnings of 1916."— V. 106, p. 715.

Parr Shoals Power C o.— Source of 1917 Dividends.—

Secretary R. Charlton Wright, writing Feb. 27, says: “ The dividends
paid quarterly during 1917 wero paid out o f earnings for tho quarter prior
to their payment.” — V. 102, p. 1064.

A llian ce R ea lty C o., New Y o rk .— 1917 Dividends.—

Howard W. Smith, Sec.-Treas., writing Feb. 23 reports:
Div. Declared—
Paid. Earned
r'Div.
‘
'
Declared—
Paid. Earned
l'A % Dec. 28 '16-Jan. 16'17 1916 I Y % Sept. 24 T 7.O ct. 16 ’ 17 1917
1 Y % Mar. 26 '17-Apr. 16 T7 1917 1 Y % Dec. 27 ’ 17-Jan. 16 T 8 1917
1 Y % June 25 '17-July 16 T7 1917
— V. 106, p. 88.

A m erican Coal Co. of A lleg an y C o u n ty .— 1917 Divs.—

Treas. Geo. M . Bowlby, in circular of Jan. 29, says: ‘ ‘The dividend of
5% on stock of this company paid to you on March 1 1917 was paid out of
the surplus accumulated in the year 1916. ”

A m erican -L a France Fire Engine C o ., In c .— Divs.—
Official circular of Jan. 17 says in subst.: "The preferred stock dividend
paid early In Jan. 1917 was paid out of surplus and undivided profits earned
prior to the year 1917. With reference to the remaining three preferred
stock dividends and the four dividends on the common stock, we beg to
advise that in the case of each dividond the earnings in the year 1917 were
sufficient, prior to the payment of the dividend, to pay it.” — V. 106, p. 608.

A m erican L in en C o.— Source 1917 Dividends.—
Treasurer J. E. Osborn in circular received Feb. 25 says: “ The enclosed
dividend of 82 50 per share is paid from earnings in 1917 as was also the
dividends declared Nov. 1, Aug. 1, May 1 of 1917. Tho dividend paid
Feb. 1 1917 of $1 50 per share was paid from earnings in 1916.— V. 105,
p. 391*

A m erican M u ltigra p h C o.— Source of 1917 Dividends.—

Secretary R. G. A. Phillips in circular of Feb. 20 says: "The preferred
stock dividend paid Jan. 1 1917 and the common stock dividend paid
Mar. 1 1917 were paid out of the earnings of the year 1916. All other divi
dends, both preferred and common, paid in 1917 were declared out of 1917
profits.” — V. 105, p. 821.

A m erican R o llin g Mill C o.— 1917 Dividends.—

W. E. Hutton & Co., Cincin., writing Feb. 20, say:
“ The dividend paid Jan. 15 on both preferred and common stocks was
earned in 1916; the dividends paid in April, July and Oct. of 1917 were
earned in 1917.” — V. 105, p. 1995.

A m erican Screw C o., P rovidence.— 1917 Dividends.—

Secretary Albert M . Dunham, Feb. 23, wrote:
“ Dividends were paid by this company in 1917 as follows:
P h ila d e lp h ia R apid T ra n sit C o.— 1917 Dividends.—
Mar. 31___ Quarterly 1H %
Sept. 29------Quarterly 1 ^ %
Ellis Ames Ballard, General Counsel of tho company, on Feb 21 wrote1
Extra
1%
Extra
1%
“ The company can make no official announcement othor than that which June 30____Quarterly 1 % %
Dec. 31____Quarterly 1H %
it mailed to its stockholders with its dividend checks. Speaking for mvExtra
1%
Extra
5%
self personally, as a stockholder of the company, I shall return my January
Supplem’ry for 1915 3%
Supplem’ry for 1914 4%
dividond under tho 1916 column and the July dividend under' the 1917
“ The total amount of dividends (22%) paid in 1917 does not exceed the
column.”
earnings of that year.” — V. 105, p. 2457.
...... ....
.... . , , , .j,
2 /os
' s-.^sj
\
uwuii'uu out, or me
surplus earnings o f the current fiscal year beginning July 1 1916 on tho
shares ot the capital stock standing in your name Jan. 22 1917.”
(2) Dividend Paid July 31 1917— “ The enclosed check is for semi-annual
dividend No 2 of 2J^%, or 81.25 per share, declared out of the surplus
earnings of the fiscal year ended Juno 30 1917 upon the shares of the capital
stock standing in your name July 23 1917."— V. 106, p. 822.

P h ila d e lp h ia T r a c t i o n C o .— Source of 1917 Dividends.—

See Continental Passenger Ry. above.— V. 97, p. 951.

S a n D ie g o C o n s o l id a t e d G a s & E le c . C o .— 1917 Divs.—

W. .1/ynch, General Auditor of Byllesby & C o., on Feb. 20 wrote:
“ Tho dividend paid Jan. 15 1917 was from tho 1916 earnings. All other
dividends paid in 1917 wero from the 1917 earnings.” — V. 106, p. 506.

S e c u r it ie s C o r p o r a t io n G e n e r a l.— 1917 Dividends.—

Treasurer H. Williams Jr., in official circular dated Feb. 8, says: “ The
dividend paid Jan. 15 1917 on the pref. stock and tho dividend paid Feb. 1
1917 on tno common stock wero both declared out o f surplus earnings
p, or
Jan. 1 19i7, and the remaining dividends paid m
J g i7 Z .y ° 104 are77° ut ° f surplus earnija£S accumulated during the year

S u p e r io r W a t e r , L ig h t & P o w e r C o .— 1917 Divs.—
Secretary C. D. Secheverell, Feb. 11 wrote: “ The surplus earnings of
this company for its fiscal years ending on June 30 aro distributed as divi
dends payable quarterly commencing Oct. 1 subsequent to the close of
tho year in which earned. Tho dividends paid Jan. 1. April 1 and July 1
1917 were paid out of tho earnings of tho fiscal year which ended Juno 30
1916. lh o dividend paid Oct. 1 1917 was paid from tho earnings of the
fiscal year onding Juno 30 1917.” — V. 99, p. 752.

T id e W a t e r P o w e r C o .— 1917 Dividends.—

II. Woollcott, Sec’y and Treas., on Feb. 21 1918 wrote:
A dividend of 6 % was paid in 1917 on the preferred stock. This divi
dend was declared in Dec. 1916 from accrued earnings and made payable
Yi of 1% on tho first day o f each month in 1917.
On tho common stock a dividend of 334% was declared from accrued
earnings in March 1917, payable April 1, and 3 Y % was declared In Sept.,
payable Oct. 1.




A m e r ic a n S m e lt in g & R e f i n i n g C o .— New Notice.—

An official circular dated Feb. 20 1918, says in substance:
“ In our circular letter of Jan. 9 1918, we advised:
“ ‘The following dividends paid during the year 1917 were paid from the
undivided profits or surplus accumulated during tho year 1916:
Amer. Smelt. A Refin. Co.—
I Amer. Smelters Securities Co.—
Preferred dividend paid March 1 Preferred “ A ” dividend paid Jan. 2
Common dividend paid March 15 (Preferred “ B ” dividend paid Jan. 2
“ By reason o f the recently issued regulations under the income tax law
we now supplement the foregoing as follows:
“ On Jan. 2 1917, when the dividends on the stocks o f the American Smel
ters Securities Co. were paid, it is needless to say that no 1917 earnings had
been accumulated.
“ With reference to the dividends paid March 1 and March 15, respec
tively, on tho stocks of the American Smelting & Refining Co., wo state
the facts and the opinion o f our counsel thereon, leaving, however, each
stockholder or his counsel to reach his own conclusion.
"The dividends were declared on Feb. 7 1917. At that time no net
earnings of 1917 had been written up on the books or reported or com
puted. On March 8 1917, in the usual course of business, on reports re
ceived, it was computed that the net earnings for Jan. 1917 were 8909,000
and on that day (March 8 1917) such net earnings were written up on the
books as o f tho date o f Jan. 31 1917. The reports showing net earnings
after Jan. 31 1917 were not received and such net earnings were to no
extent written up or computed until after March 15 1917.
“ The above-mentioned net earnings for Jan. 1917 were not the basis for
any part of either o f the dividends declared Feb. 7 1917, and neither on
that date nor on the respective dates of the payment of such dividends
had any net earnings of 1917 been realized in cash so as to warrant the
directors in declaring either o f said dividends therefrom. Both dividends
were in fact paid from cash realized from net earnings prior to Jan. 1 1917.
On this state of facts, the counsel of the company are of opinion that tho
dividends on Its preferred and common stocks paid, respectively, on March 2
and 15 1917, aro taxable at the rates prescribed by the law for tho year
lulu.
V• ll)o» P* uUo.

A m e r ic a n S m e lte r s S e c u r it ie s C o .— New Notice.—

Seo American Smelting & Refining Co. above.— V. 106, p. 298.

A m e r ic a n S t o r e s C o ., P h ila d e lp h ia .— 1917 Dividends —

Secretary E. J. Flanigan Feb. 27 wrote: "All dividends paid during the
period of 1917 were from the earnings of that year.” — V. 105, p. 1211.

93<>

TH E CH R O N IC LE

A m e r ic a n T h e r m o s B o t t le C o ., N . Y .— 1017 Dividends.

An official circular of Feb. 7, received Feb. 28, says: “ The only dividend
paid during 1917 was from earnings of 1916.” — V. 104, p. 1803.

A m e r ic a n T h r e a d C o ., N . Y . — Source of 1917 Dividends.

Treas. J. G. Wylio in lottor of Feb. 6 says: “ Dividends were paid upon
this company’s preferred shares on Jan. 1 and July 1 1917, the latter out
of profits accumulated during the year 1917 and the former out of profits
accumulated during 1916.” — V. 105, p. 71.

A n d r o s c o g g i n M ills .— Source 1917 Dividends.—

An official circular received Fob. 25 1917 says: “ The dividend paid
Jan. 1 1917 was declared out of earnings shown by six months’ account for
period ending N ov. 30 1916. The dividend paid July 1 and the Red Cross
dividend were paid wholly out of earnings for the year 1917.” — V. 104,
p. 2643.

A t l a n t i c & P a c i f i c S t e a m s h ip C o .— 1917 Dividends.—
We arc officially advised March 1 that tho pref. stock dividend camo
from 1917 earnings. Of tho dividends on common stock paid in March
1917, 40% out of 1916 earnings. Sept. 1917, 60% out of 1917 earnings.
Div. paid in Dec. 1917, 40% out of 1917 earnings.— V. 104, p. 2345.

A u t o m a t ic E le c t r ic C o .— Source of 1917 Dividends.—
W . I. Patton. Sec’y, in letter o f Jan. 29 says in substance: "Tho surplus
profits from which the stock dividend o f Fob. 1 1917 [of 10%.— Ed.] was
paid were accumulated in the following percentages:
During cal. year 1914_______ .83% IPrior to March 1 1913--------- 6.13%
During cal. year 1915_______17.35% [From March 1 to Dec. 1 1913 56.85%
During cal. year 1916_______ 18.84% |
— V. 106, p. 299.

(W a lt e r ) B a k e r & C o ., L t d ., B o s t o n .— 1917 Divs.—

Treasurer Herbert Dabney Feb. 26 wrote: “ All cash dividends paid in
1917 were out o f earnings of tho fiscal yoar ending Dec. 31 1917.” — V. 104,
p. 865.

B a r n a r d M fg . C o ., F a ll R iv e r .— Source 1917 Dividends.—
Treasurer J. Edward Newton on Feb. 23 wrote:
in 1917 were earned in 1917.”

“ All dividends paid

B a r n h a r t B r o s . & S p in d le r .— Source of 1917 Dividends.
Chas. R . Murray, Treas., in letter of Feb. 9 says:
"Tho custom of tho company has been to dcclaro at the quarterly meet
ings of directors held in March, June, Sept, and Dec., dividends payable
on tho first days of M ay, Aug., N ov. and Feb., respectively, to stockhold
ers of record on the 27th day o f the month immediately preceding.
“ Tho practice of tho directors is to receive from tho Treasurer a state
ment ‘that tho surplus and net profits arising from tho business of tho com
pany were in excess of the amount necessary to pay tho dividends,’ where
upon the directors vote tho payment of the dividend without any specifica
tions as to tho particular year from tho earnings of which the payment is
made.” — V. 93, p. 231.

B a y S t a te F is h in g C o . ( o f M e .)— Source of 1917 Divs.—
Treasurer E. A. James. Feb. 23, wrote: "A ll dividends paid on stock
during the year 1917 wero paid from earnings accumulated during the same
calendar yoar.” — V. 105, p. 2274.

B e r k s h ir e C o t t o n M fg . C o .— 1917 Dividends.—
An official statement received Feb. 28 says: “ Thero was no timo specified
in dividend votes, but would presume that tho period from Oct._ 1 1916 to
Jan. 1 1917 would bo 1916 earnings, and tho balance 1917 earnings.”

(E. W .) B lis s C o .— Source of 1917 Dividends.—

An official circular dated Jan. 30 and received Feb. 25 says: “ Tho divi
dends on preferred and common stock paid in 1917 aro deemed to have been
declared and pawl out o f the surplus ascertained at tho closo of the fiscal
year ending Dec. 31 1916.” — V. 106, p. 193.

B o o t h F is h e r ie s C o . C h i c a g o .— Source of 1917 Divs.—

Secretary W. G. Weil, writing Feb. 5, says: “ Dividends paid by this
company for tho year 1917 wero earned during tho years 1914, 1915 and
1916. ” — V. 106, p. 502.

B o s t o n D u c k C o .— Source 1917 Dividends.—

An official circular received Fob. 25, says: “ Tho dividond paid Fob. 1
was declared out of earnings shown by six mouths’ account for poriod
ending Dec. 31 1916. The dividend paid Aug. 1 and tho Red Cross divi
dend wero paid wholly out of earnings for tho year 1917.”
_____

B r is t o l M fg . C o r p ., N e w B e d f o r d .— 1917 Dividends.—
An official statement dated Mar. 1 says:
Wholly out of 1916 profits: Dividend o f SI 25 per share paid Mar.
[Dividend of SI .25 per sharo paid Juno
Wholly out of 1917 profits:! Dividend of SI .50 per sharo paid Sept.
[Dividend of SI 50 per share paid Dec.
— V. 90, p. 1046.

1 1917.
1 1917.
1 1917.
1 1917.

B r o w n H o is t in g M a c h in e r y C o .— 1917 Dividends.—
An official notice says tho "Preferred stock dividend paid quarterly
during the year 1917 was declared from tho net profits of the year 1916.”
— V. 102, p. 1164.

B r o w n S h o e C o ., I n c . , S t. L o u is .— Source of 1917 Divs.
Sec. Wm. Krail, writing Feb. 9, says: “ Our counsel advises us that tho
preferred dividends paid Feb. 1, also May l 1917, and the common dividend
paid March 1 1917 were from tho 1916 earnings. Tho other dividends paid
during tho year 1917 wero from tho 1917 earnings.” — V. 106, p. 193.

C a m b r ia S te e l C o .— Source 1917 Dividends.—

[Vol. 106.

Chief Consolidated Mining Co. (Mines, Tintic Dis
trict, Utah), Houghton, Mich.—S ou rce 1917 D iv id e n d s .—

W . P. Seagor, Secy. & Treas., on Feb. 20 wrote: “ The company paid
last yoar from the surplus of 1916 four dividends, aggregating 5 cents por
share.” [Total auth. stock, 81,000,000 (par 81): held in treasury, 115,777
shares. Div. No. 11 paid Feb. 2, 844,201; Div. No. 12, paid May 5,
888,405 90: Div. No. 13, paid Aug. 4, 888,422 30; Div. No. 14, paid
Nov. 3, $88,422 30.]

.—

City Ice Delivery Co., Cleveland.—1917

D iv id e n d s
Secretary A. L. Hyde, in statement received Feb. 28, said:, "Our entire
dividend for 1917 was declared in Dec. 1916, payable out of 1916 earn
ings.” — V. 103, p. 2345.

.—

City Mfg. Co., New Bedford.—1917

D iv id e n d s
An official statement dated Feb. 21 says: "Feb. 1 1917 dividend declared
from 1916 earnings.” — V. 85, p. 348.

Cleveland-Cliffs Iron Co.—1917

D iv id e n d s .—
Secretary S. L. Mather in circular of Jan. 15, received Feb. 27, says:
“ The dividond of $2 50 per sharo paid Jan. 25 1917 was paid from tho profits
of 1916. The remaining dividends for 1917 were paid from tho profits of
1917, except tho stock dividend [of 35% .— Ed.] paid Feb. 1 1917, which,
as you were advised at that time, was paid out of surplus earnings accrued
and earned prior to Mar. 1 1913.” — V. 106, p. 824.

City & Suburban Homes Co., N.

.—

—1917

Y.
D iv id e n d s
Secreta y George W. R. Fallon on Feb. 25 wrote: “ Tho dividend paid
on June 4 1917 was earned in the six months ending Apr. 30 1917. In
other words— two-thirds of tho said dividend was earned In the year 1917.
The dividend paid on Dec. 4 1917 was earned in tho six months’ poriod
from M ay 1 o Oct. 31 1917.” — V. 85, p. 1579.

Colonial Oil Co.—

1917

—

Sou rce
D iv id en d s .
F. H. Hall, attorney, says: “ Whether or not any part of distribution
(V. 105, p. 2186) is to bo considered income must bo determined by tho
individual recipients. It is in effect tho return to stockholders of capital
and surplus of company.” — V. 105, p. 2186.

Columbian Mfg. Co.—

1917

—

S ou rce
D iv id en d s .
An official statement recoived Fob. 25 says: "Tho dividend paid M ay l,
tho Red Cross dividond, and tho Nov. 1 dividond wero paid wholly out of
earnings for tho year 1917.”
S ou rce o f
D iv id en d s
Director Horaco S. Sears on Fob. 26 reports: “ Dividend of Jan. 1 1917
was from earnings of 1916; dividond paid July 1 1917 was from earnings of
1917.— V. 71, p. 1271.

Columbus (Ga.) Mfg. Co.—

.—

1917

C om m onw ealth Steel C o., St. L o u is.— 1917 Dividends.
Sec. Frank L. Morey, in letter of Jan. 23, says in substance: “ Tho oxtra
dividend of 812 per sharo declared and paid in March 1917 was paid out
of earnings of 1916, and all subsequent dividends paid in 1917 ($9 per sharo)
were from tho earnings of 1917.” — V. 94, p. 914.

C on solidated In te r sta te -C a lla h a n M in in g C o.— Divs.
A s s t . S e c y . I I . T . M c M c o k in o n F e b . 2 3 w r o te : “ D iv id e n d p a id M a r c h 3 1
1 9 1 7 , $ 1 p e r s h a r e , p a id o u t o f 1 9 1 6 e a r n in g s .
D iv id e n d p a id J u n o 3 0 1 9 1 7 ,
8 1 p e r s h a r e , p a id o u t o f 1 9 1 7 e a r n in g s .” — V . 1 0 6 , p . 8 2 4 .

Cordis M ills.— Source of 1917 Dividends.—
A n o f f ic ia l s ta te m e n t s a y
o f e a r n in g s s h o w n b y s ix m
T h o d iv id o n d p a id A u g . 1
o u t o f e a r n in g s f o r t h o y e a

s : “ T h o d iv id o n d
o n th s ’ a c c o u n t fo
a n d th o lie d C ro
r 1 9 1 7 .” — V . 9 3 ,

p a
r p
ss
p .

id F e b . 1 w a s d e c la r e d o u t
o r io d e n d in g D e c . 3 1 1 9 1 6 .
d iv id e n d w e ro p a id w h o lly
288.

C osden Oil & G as C o.— New Statement.—
See C o sd e n

&

C o . a b o v o .— V .

106, p . 712.

C osden & C o.— Source 1917 Dividends.—
A n

o f f ic ia l s t a t e m e n t s ig n e d b y

W .

I I . B c e h e rt, A s s is ta n t t o
ly 9 1 9 1 7 )—

Cosden A Co. ( Delaware) ( o r g a n i z e d o n J u
Din. on— Date Paid. Kate. PerSharc.
C o m . s to c k .N o v . 1
P re fe rre d
/S e p t. 1
[D e c . I

1917
1917
1917

3 0 c e n ts
D e c la r e d o u t o f 1 9 1 7 e a r n in g s
8 % c e n t s lD c c la r e d o u t o f 1 9 1 7 e a r n in g s
8 K c e n ts )
( o r g a n iz e d N o v . 2 9 1 9 1 3 ) —
( F o b .2 4 1 9 1 7 7 %
3 5 c e n ts
D e c la r e d
o u t o f 1 9 1 6 e a r n in g s
J u n o 1 1917 7 %
c e n ts
“
“
1917
“
O c t.31
1917 6 %
3 0 c e n ts
“
"
1917
“
A
( o r g a n iz e d F o b . 2 3 1 9 1 6 ) — •
'
2 5 c e n ts
D e c la r e d
o u t o f 1 9 1 6 e a r n in g s
2 5 c e n ts
“
“
1917
"
3 0 c e n ts
“
“
1917
“
8 -M c e n t s )
8 K c e n ts ) D e c la r e d o u t o f 1 9 1 7 e a r n in g s
8 % c e n ts ]
8 K c e n ts ]

Cosden A Co. (Oklahoma)

C a p ita l
S to c k

106, p .

0%
114%

IK%

35

Cosden Oil
Gas Co.
Common
M ar.26 1917
Aug. 1 1917
Stock
Oct. 31 1917
Mar. 1 1917
Preferred June 1 1917
Sept. 1 1917
Stock
Dec. 1 1917
— V .

T re a s u re r:

5%
5%
6%
1 'A
1K
IH
IK 1

300.

D elaware L ack. & W e ste rn Coal C o.— 1917 Dividends.
S e c . J . J . A . O w e n s , in c ir c u la r o f F e b . 1 4 , s a y s :
“ O f th e d iv id e n d s p a id in th e y o a r 1 9 1 7 : 4 9 - 1 0 0 w e r o p a id f r o m
th o
p r o f i t s o f t h o y e a r 1 9 1 7 : 1 9 ) 4 - 1 0 0 f r o m t h e s u r p lu s
a c c u m u la t e d in y e a r
1 9 1 6 ; 3 1 ) 4 - 1 0 0 f r o m s u r p lu s a c c r u e d p r i o r t o M a r c h 1 1 9 1 3 .— V . 1 0 5 , p . 2 3 6 8

D odge M fg. C o., M ishaw aka, In d .— 1917 Dividends.—
A n o f f i c ia l c i r c u l a r r e c e iv e d F e b . 2 8 s a y s : “ D i v id e n d s p a i d i n 1 9 1 7 p r i o r
t o A p r i l 1 w e r e d e c la r e d o u t o f t h o e a r n in g s o f 1 9 1 6 .
A ll s u b s e q u e n t d iv i
d e n d s in 1 9 1 7 w e r e d e c la r e d o u t o f t h o e a r n in g s o f th o y e a r 1 9 1 7 .' — V . 1 0 5 ,
p . 2368.

D.
Brewer Gelily, Secy. & Treas., on Feb. 23, wrote: "A ll dividends paid Dow C hem ical C o., M id lan d , M ich .— 1917 Dividends.—
during 1917 wero earned in 1917.” — V. 105, p. 718.
James T . Pardee, Secretary, in circular of Jan. 30 says: “ Tho dividends
of 1 K % on tho prof, stock and 8% on tho common stock, which wero paid
C e n t r a l L e a t h e r C o .— Source 1917 Dividends.—
on Feb. 15 1917, wero declared from net profits accumulated in calendar
President Edward O. Hoyt in annual roport dated Feb. 26 says: “ The year 1916, which wero tho most recontly accumulated undivided profits
dividends paid Jan. 2 1917 on the preferred stock and Fob. 1 1917 on tho and surplus; also the 8% dividond on common paid May 15, amounting to
common stock wero declared in November and December 1916 out of 88 per snare should bo allocated S6 09 per share to 1916 earnings and 81 91
profits or surplus then accumulated: all other dividends paid during the per share to 1917 earnings.
year 1
o profits of 1917.” —-V. 106, p. 399.
“ Tho I K % dividond on prof, stock paid M ay 15 and tho balanco of
dividends paid in 1917 wero from tho oarnings of tho yoar 1917.” — V. 106,
C e r t a in - t e e d P r o d u c t s C o r p o r a t i o n .— 1917 Dividends. p. 300.
Robt. M . Nelson, Secretary and Treasurer, on Feb. 26 wrote in substanco:
"The General Roofing M fg. Co. having been purchased and its capital
Electric Storago B attery C o., P h ila .— 1917 Dividends.— •
stock reduced to 850,000, is only a nominal concern.
W . G . H e n d e rs o n , T re a s u re r, w ritin g F o b . 27, say s: T h o d ire cto rs o f this
“ Tho Certain-teed Products Corporation was not formed until Jan. 30 c o m p a n y h a v e a lw a ys d e cla re d d iv id e n d s fro m th o n e t earnings w ith o u t
1917, but took effect as of Jan. 1 1917: tho dividends paid wero from the s p e c ify in g th o y e a r in w h ich th o su rp lu s, u n d iv id e d p r o fit s , o r n e t earnings
earnings of 1917. Tho dividend rate on the 1st pref. and on the 2nd pref. a ccr u e d o u t o f w h ich tho d iv id o n d w as t o b o p a id .— V. 105, p . 1312.
is 7% per annum (payable Q.-J.); all tho dividends thereon for 1917 were
paid promptly and on Jan. 28 1918 a dividend of 84 per sharo was paid on
Elk H orn Coal C orp o ration .— Source of 1917 Dividends.
all the outstanding common stock [no par valuo.) This dividend was paid
J . F . C a u lfie ld , T re a s . and A s s t. S e c ., F e b . 2 3 , w r o te t o th o " C h r o n ic le ” :
out of the 1917 earnings.” — V. 106, p. 193, 712.

C h a p m a n V a lv e M fg . C o .— 1917 Dividends.—
Treasurer R. W. Wight on Feb. 27 wrote: “ Tho 1917 dividends wero all
taken from 1917 earnings.” — V. 89, p. 780.

C h in o Copper C o .— Source of 1917 Dividends.—
Pres. C. M . MacNeill, in circular of Feb. 26, says in substance: " I t is tho
belief of your officers after consideration of tho matter with the counsel anil
tho accountants of tho co. that tho dividends paid in 1917 were allocated
as follows:
Non
-Profits of1917.
1916. Taxable.
Dividend paid March 31 of 82 50 por sharo--------- $2 50
81 25
Distributions paid Juno 30 1917 of 82 50 per sharo.Sl 25
Div. paid July 25 1917 (Red Cross) of 8.40 per sh. 8-40
8.61
Dividend paid Sept. 30 1917 o f 82 50 por sharo.-Sl 89
Dividond paid Dec. 31 1917 of $2 per sharo---------81 59
$.41
“ The abovo apportionment is made aftor taking into account tho reserve
for depletion as heretofore returned to tho Department of Internal Rovonuo.
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. 823.




“ A ll d iv id e n d s p a id b y tho c o r p o r a tio n d u rin g th o y e a r 1917 w ero ea rn ed
in th a t y e a r .” — V . 106, p . 8 2 4 .

Ely & W a lk er Dry G oods Co. St. L o u is.— 1917 Divs.—
S oc. W a lte r W . I.o r c h , F e b . 26, w r o to in s u b sta n ce : “ O u r a tto rn e y s
a ilviso us th a t a t this tim o , u n d er th o presen t r e g u la tio a s, th o 1917 cash
d iv id e n d s m u st b o co n sid e re d as d istrib u tio n s o f 1917 earn in gs, b u t th a t a
m o llifica tio n or th o ru ling m ay b o o b ta in e d , a n d th a t th e y are ta k in g s top s
t o o b ta in s u ch a m o d ific a tio n if p o s s ib le .” — V . 104, p . 2 60 .

Esm ond (R. I.) M ills.— Source of 1917 Dividends.—
C ircu la r sign ed b y T rea su rer H a rold C . W h itm a n . F o b . 7 . sa y s: “ T h o
d iv id o n d o f I H % o n th o p ref. s to c k w h ich w as p a id F o b . 1 1917 was p a id
fr o m th o surplus o f th o ye a r 1916. T h o d iv id e n d s o f 1 K % p a id M a y 1,
A u g . 1 a n d N o v . 1 1917 w ero p a id fr o m su rplu s o f th o y e a r 1917. —
V . 103, p . 410.

F airh aven M ills, New B ed fo rd .— 1917 Dividends.—
Jam es T h o m s o n , T rea su rer, w ritin g F o b . 23 sa y s: " T h o F a irh a v en m ills
sta rted op e ra tio n s F e b . 5 1917 an d all d iv id e n d s p a id d u rin g 1917 wero
fro m in c o m e o f 1 9 1 7 ."

Falls Motors Corp., Sheboygan Falls, Wis.—1917 D iv s .

Treasurer K . F. Schreier, Fob. 10, wrote: “ For the calendar year o f
1917 the Falls M otors Oorp. paid tw o dividends o f 1M % each on its pre
ferred stock, covering the first tw o quarters o f the calendar year. N o
other dividends have sinco been p a id .'1— V. 103, p. 1305.

Fowler Nail Co.— S ou rce

of

1917 D iv id e n d s . —

Secretary .1. Dw ight Dana in circular o f Feb. 7 says: T he dividend paid
on Jan. 13 1917 was declared and paid out o f earnings or profits o f the com 
pany accum ulated during tho calendar year 1910.

Galena-Signal Oil Co.— N e w

N o tic e .

—

Gluck Mills.— S ou rce

D iv id en d s .

Secretary .1. French M iller in circular o f Fob. 11 says: “ Under tho rovisod
regulations issued b y tho Commissioner o f Internal Rovenuo relating to
Section 31 (b) o f tho Federal Incom e Tax Law as amended O ct. 3 1917, all
dividends paid b y this com pany during tho year 1917 aro held to represent
distribution o f earnings for tho same y ea r."— V . 106, p . 824.

of

1917

—

H orace S. Soars, who is closely identified with tho property, inform s us
that the Jan. 1 1917 dividend was paid from tho earnings o f 1916, and tho
July 1 1917 dividend from tho earnings o f 1917.

(D.) Goff & Sons, Pawtucket, R. I.—1917 D iv id e n d s . —

Treasurer Darius G o ff in circular o f Feb. 1 says: “ Tho four dividends
paid b y this corporation on its preferred stock during tho year 1917 were
declared b y tho board o f directors on Jan. 30 1917 and wore paid from tho
surplus accumulated during 1916.” — V . 90, p . 852.

Granite Mills.— S ou rce o f 1917 D iv id en d s . —
Treasurer Chas. M . Sliovo in statement received Fob. 25 says:

“ Dividend paid F eb. i 1917 was paid out o f earnings o f 1916.
“ T ho stock dividend declared M a y 24 1917 was paid from surplus
earned prior to M arch 1 1913.
“ Dividends paid M a y 1 and N ov . 1 1917 woro paid out o f earnings o f
1917.“ — V . 104, p . 2121.

Great Falls Mfg. Co., Boston.— Sou rce 1917

D iv s .

—

Treasurer Howard S. O. N ichols on Feb. 25 wroto: “ A dividend o f $6
per share paid on Juno 1 was from earnings o f tho six m onths ending
April 30, which included tw o months o f 1916. W o think that it is proper
to figure that o f tho $ 6 , 32 were paid from earnings o f 1916 and 34 from
earnings o f 1917. Tho dividend paid D ec. 1 1917 was from earnings o f
1917, exclusively.”

Great Lakes Dredge

&

Dock Co.—1917 D iv id e n d s . —

An official circular dated Feb. 12 says: “ O f tho 2 % ca.sli dividend paid
by this com pany from its surplus Feb. 15 1917, 12% was from earnings o f
tho calendar year o f 1913 aiul 88 % from tlioso o f 1914.
“ O f the 20% stock dividend paid b y it Feb. 15 1917, 6 2% was from 1914
earnings, 28% was from 1915 earnings, 10% was from 1916 earnings.
“ Tho cash dividend paid M a y 15 1917 was from 191b earnings.” —
V . 105, p . 611.

Great Lakes Transit Corporation.—1917

D iv id e n d s .

—

It. M . Russell, Sec. & Treas., writing Fob. 23. says: "T h is corporation
paid tho following dividends in 1917:
,
Date Paid. Preferred.
Common.
Date Paid. Preferred.
Common.
Jan. I 1917
1M %
$3 50 per sh. IJuly 2 1917
1U %
31 50 per shs
A pr. 2 1917
1 yx %
1 50 per sh. |Oct. 1 1917
I H % , IS O p e r s h .
“ Tho dividends paid Jan. 1, April 2 and July 2 were paid out o f 1916
earnings, and the dividend paid Oct. 1 1917 was paid out or 1917 earnings.”
— V. 105, p. 1620.

Greene Cananea Copper Co.— N e w

S tatem en t.

—

Treasurer J. W . Allen in circular o f Feb. 1, received Feb. 25, says:
“ N one o f tho dividends paid b y this com pany during tho year 1917 woro
from earnings o f tho year 1916. This com pany is a holding com pany,
incorporated under the laws o f the State o f M innesota, and derives its
incom e from dividends o f a Mexican operating com pany. T ho dividends
from tho operating com pany aro not paid to tho holding com pany until
just before tho declaration o f dividends b y tho holding com pany.
“ Rut tw o dividends were paid on the stock o f Greene Consolidated
C opper C o ., as follows: Jan. 23 and April 24, both o f which woro from
earnings o f tho yi ar 1917.” [Tho Greeno Cananea C opper C o. in July 1917,
having previously acquired over 96% o f tho outstanding capital stock
purchased all tho property o f Greeno Consol. C opper C o. per plan, consist
ing ciiiefly o f 20,000 shares o f 31 (M exican) each in tho Cananea Consol.
C opper C o ., S. A .]— V. 106, p. 610.

Greenfield (Mass.) Tap & Die Corporation.— 1917 D iv s.

Official circular o f Jan 21, received Feb. 28. says: "T h o dividends paid
Jan. 1 and April 1 (including the stock dividend o f 20% on tho last-men
tioned date) woro paid from earnings ot 1916."

Hamilton Mfg. Co., Boston.— 1917

D iv id en d s .—

Treasurer Arthur u* Sharp in circular o f F eb. 6 received Feb. 28 savs:
“ T ho dividend paid in Feb. 1917 is deemed to have been paid out*of earn
ings for tho year 1916; other dividends paid during the year 1917 aro deemed
to have been paid out o f the earnings for said year 1917.” — V. 101 , p. 456.

Harmony Mills, Boston.— 1917 D iv id en d s .—•
A lbert Greeno D uncan, Treas., writing F eb. 23, says: “ T ho

dividend
paid on Feb. 1, amounting to 31 75 per share, was out o f tho earnings o f the

S

r„ !

i71
o 6.ntln8 * • 95 25 >” ■■"” » —

Hartford Fire Insurance Co.— 1917 D iv id e n d s __
Chairman Chas. E . Chase, in letter o f Jan. 23, says in substance- “ W o

W ? h o haq V X ^ n ® ^ ? 3hiai9t16.”an- 1 1917 dIvl‘,0“ U

Hargraves Mills.— S ou rce o f 1917 D iv id en d s .—

Seth A . Borden, treasurer on Feb. 26 wrote: “ During the year 1917 the
following dividends were paid b y the llargravos Mills- Feb 1 1 % - M a v 1
1 * % : , A »g . 1. l O T . N o v 1 , V A % . The F e b 1 dividends t o r e paid
lrom tho earnings o f 1916: balance Horn earnings o f 1917.” __V. 104, p. 1804.

Holly Sugar Corporation.—1917

D iv id e n d s

.—

An official statement to the “ Chronicle” on Feb. 20 says:
« " io v 7
i n
' Zr.li cro
to pay tho dividends declared
in 1917 and tlio 1J1/ dividends paid F eb. 1, M a v 1 A uk 1 mid NY»v l
wero paid out o f 1917 earnings.” — v . 105, p. 1806.
°

Holmes Mfg. Co., New Bedford.— 1917

D iv id en d s .—

An official circular recoiyed Feb. 2,3 says: “ Dividends paid Feb. 15 1917

sss

°<frr a

a

. 16’ au*of

Homestake Mining Co.— S ou rce
2,

15 :uui Nov- 151917

1917

D iv id e n d s .—

Jim B u tler T o n o p a h M in in g C o., P h ila .— 1917 Divs.—

Robert G. Wilson, Asst. Sec., writing us Feb. 28, says: “ Dividends paid
by the Jim Butler Tonopah Mining Co. in 1917 wero: No. 4, Feb. 1, 10%.
Declared out of profits accumulated prior to the declaration of dividend
Dec. 27 1916. The actual profits for the six months period ended Dec. 31
1916 were S224.087 52. No. 5., Aug. 1, 10%. Declared out of profits
accumulated prior to tho declaration of dividend June 27 1917. The actual
profits for the six months period ended Juno 30 1917 were 8297,863 49.
“ The company had no surplus earnings on March 1 1913.”

K elly -S p rin g field Tire C o.— 1917 Dividends.—
An official circular dated Jan. 31 says: “ The dividend on the pref. stock
paid Jan. 2 1917, declared Dec. 5 1916, and tho dividend on the com. stock
paid Feb. 1 1917, declared Jan. 3 1917, woro declared from the net profits
accumulated in the calendar year 1916, which were the most recently
accumulated undivided profits and surplus.” — V. 106, p. 301.

L a n e tt (A la.) C o tto n M ills.— 1917 Dividends.—
Horace S. Sears, who is connected with the property, on Feb.26 reported:
“ Dividend paid April 1 1917 came from earnings accumulated prior to
March 1 1913: dividend paid Oct. 1 1917 came from earnings of 1917.”

Law rence M fg. C o., B o sto n .— Source of 1917 Dividends.
C. P. Baker, Treas., in letter of Feb. 20 says: “ The dividend of June 1
1917 was from earnings of the period from M ay 1 1916 to April 30 1917,
inclusive. The dividend of Dec. 1 1917 was from earnings for the period
between May 1 1917 and Oct. 30 1917, inclusive.” — V. 104, p. 2121.

L o ose-W iles B iscu it C o.— New Notice.—
Official circular of Feb. 23 says:
“ It is the judgment of tho board of directors that the following dividends
of $1 75 per share on the first pref. stock of this company wero from profits
accumulated in the year 1916: Dividend No. 19 declared Dec. 5 1916 and
paid Jan. 1 1917: Dividend No. 20 declared Mar. 5 1917 and paid April
1 1917, and the following dividends of 31 75 per share wero from profits
accumulated in the year 1917: (a) Dividend No. 21 declared June 4 1917
and paid July 1 1917: (6) Dividend No. 22 declared Sept. 1 1917 and paid
Oct. 1 1917. — V. 106, P. 504.

L u dlow M fg. A sso cia tes.— 1917 Dividends.—

Malcolm B. Stone, Secy. & Treas., in circular letter dated Feb. 28 says
in substance: Dividends in tho year 1917 were paid as followsDeclared. On Stock of Record.
Paid.
Per Share.
Jan. 12
Jan. 12
Feb. 1
$1 50 regular,
$1special
April 18
May
1
June 1
31 50 regular,
SIspecial
July 18
Aug.
1
Sept. 1
31 50 regular,
81special
Oct. 17
Nov.
1
Dec. 1
SI 50 regular,
31special
The earnings for the year 1917 wero such that in my opinion all dividends
declared and paid in the year 1917 wero intended to bo paid out of the earn
ings for the year 1917 except the first dividends, which were paid on Feb.
1 1917. At that time no computation of any part of the earnings for the
year 1917 had been made, and only the earnings for the year 1916 were
before the board of trustees when these dividends were declared.—
V. 106, p. 402.

M agm a C opper C o.— Source of 1917 Dividends.—
Treasurer II. E. Dodgo, writing Feb. 16, says: “ All of the dividends
paid during the year 1917 were on tho earnings for that year.” — V. 104,
p. 2557.

M a ssach u setts M ills in G eo rg ia.— 1917 Dividends.—
Edward Lovering, Treasurer, on Feb. 26 wrote: “ The dividend paid
in June 1917 was rent received for the six months ending June 1 1917.
The dividend paid in Dec. 1917 was also rent received by it, for the six
months ending Dec. 1 1917.”

M enom inee (M ich.) Rivor Sugar C o.— Source 1917 Divs.
F. L. Brown. Sec., in circular letter of Feb. 8, writes: “ Wo wish to state
that all of the dividends paid in 1917 were from tho accumulated undivided
profits prior to that time, tho profits from tho business of 1917 not being
paid until Jan. 2 1918.”

M erch an ts M fg. C o.— Source 1917 Dividends.—

. Treasurer J. E. Osborn in circular received Feb. 25 says: “ The enclosed
dividend of S3 per share is paid from earnings in 1917 as was also the divi
dends declared Nov. 1, Aug. 1, M ay 1 of 1917. The dividend paid Feb.
1 1917 of 34 per share was paid from earnings in 1916. The 25% stock
dividend paid May 14 1917 was declared out of earnings previous to
Mar. 1 1913."— V. 105. p. 1621.
Divs.— PerSh.
Pref____S2 00
“ ___ 2 00
“ ___ 2 00
“ ___ 2 00
Common 1 50

Declared.
Dec. 1 1916
Feb. 28 1917
M ay 5 1917
Aug. 29 1917
Sept. 21 1917

Paid
Jan. 2
Apr. 1
July 1
Oct. 1
Oct. 15

When Earned.
1917 Prior to March 1 1913
1917
1917
1917
1917
1917
1917
19171f89.85c., or 59.9%, in 1916
[60.15c., or 40.1% , in 1917

— V. 106, p. 713.

Midwest Oil Co., Denver.—1917

Dividends.—

J. L. Warren, Sec. & Treas., writing Feb. 25, says: “ The dividend paid
on Jan. 20 1917, being dividend No. 18, was paid from tho earnings made
during the year 1916: the balance of the dividends during 1917 were paid
from 1917 earnings.” — V. 104, p. 1043.

Munising Paper Co., Cleveland, O.—1917 Dividends.—

S.
L. Mather, Treas., in circular letter of Feb. 8, says: “ The dividends
of A % each on the pref. stock, paid Jan. 2, Feb. 15 and March 1 1917,
were out of the earnings for the year 1916, and the dividends of 1
each
on the pref. stock, paid April 1, July 2 and Oct. 1 1917, were out of the
earnings for the year 1917.”

Nashua Mfg. Co., Boston.—1917 Dividends.—

Frederic Amory, Treasurer, on Feb. 26 wrote: “ There were undivided
profits accumulated during the fiscal year ending Oct. 31 1917 sufficient
to pay all dividends declared in the calendar year 1917 in full. It would
be impossible for me to state with accuracy just what portion, if anyt of
tho dividends declared in 1917 were paid out of the earnings of 1916. —
V. 105, p. 2099.

National Candy Co., St. Louis.— 1917

Dividends.—

Official circular of Jan. 1 received Feb. 25 says: “ The dividend paid by
this company Mar. 14 1917 on the first preferred stock, second preferred
stock and common stock was earned in the year 1916. The dividend paid
on the first pref. stock, second jiref. stock and common stock Sept. 12 1917,
as construed by the statute, is to be considered as disbursed out of 1917
earnings.” — V. 106, p. 825.

National Sugar Refining Co. (of N. J.), N. Y. City.—

An official circular dated Feb. 25 says: “ Tho dividend paid J.an. 2 1917

say s; “ The resolutions declaring Ls deemed to have been declared and paid out of profits accumulated in

1916. All other dividends paid out in 1917 are deemed to have been
declared and paid out of accumulated profits of the year 1917.” — V. 105,
p. 2189.

H o o k e r E le c t r o c h e m ic a l C o .— 1917

Dividends.—

„ I;-,A - " .ird, Hec-. iii circular to stockholders says In substance: “ Tho
dividend on pref. stock paid March 30 1917 was paid 3.50 per share out
of earnings accumulated during Dec. 1916, and 31 per share out of earn
ings accumulated during Jan. and Feb. 1917.
‘ The dividends on pref. stock paid Juno 30, Sept. 30 and Dec. 31 1917,
respectively, a total of 34 50 per share, were paid out of earnings accumu
lated during tho period Mar. 1 to Nov. 30 1917.” — V. 104, p. 2614.

H o u s t o n O il C o . o f T e x a s .— 1917

Dividends.—

, 4mCr' & Au(l., writing Feb. 20, says: “ Tho dlvldond paid
in Jan. 1917 was paid rrom earnings of 1916, and tho dividend paid in July
1917 was paid from the earnings o f tho first six months of 1917."— V 105
p. 2540.

I n t e r n a t i o n a l S ilv e r C o .— Source

of 1917 Dividends.—

Treas. George H. Yeamans, in circular of Feb. 12, says: “ Dividends on
tho pref. stock of tills company of Jan. 1, April 1 and July 2 1917 wero
paid out of the profits of 1916. Dividend Oct. 1 1917 was paid from
profits o f 1917. — V. 104, p. 867.




927

TH E C H R O N IC LE

M ar . 2 1918.]

National Supply Co., Toledo, Ohio.—1917 Dividends.—

Chas. R. Clapp, Treas., in circular letter of Feb. 12, says in substance:
“ The cash dividend paid on pref. stock as of Dec. 31 1916 was paid out of
profits earned during 1916. All other cash dividends paid on the pref.
stock during 1917 were from profits earned during that year.
“ Tho cash dividends paid on the common stock as of Feb. 15 and May 15
1917 wore paid out of undivided profits accumulated during 1916. T he
remaining cash dividends on common paid during 1917 were from undivided
profits accumulated during that year.” — V. 92, p. 1439.

Nipissing Mines Co. (of Maine).—1917

Dividends.—

An official statement dated Feb. 28 says in substance: “ Tho dividends
paid during the year 1917 were derived entirely from dividends upon the
holdings of stock of the operating company, viz., Nipissing Mining C o.,
Ltd., of tho Province of Ontario, Canada, as follows:

N ip is s in g M in in g C o ., L td .
D e c la re d
P a ya b le

Dec. 18 1916
Mar. 5 1917
Juno 6 1917

P a id by N . M . C o. (o f M e .) (H o ld .C o .)
D e c la re d
O n Record Stock. D a le P a id .

Jan. 20 1917 Dec. 18 1916 Dec. 30 1916 Jan. 20 1917
Apr. 20 1917 Mar. 5 1917 Mar. 31 1917 Apr. 20 1917
July] 20 1917 June 6 1917 June 30 1917 July] 20 1917

928

T H E C H R O N IC LE

Ntpissing Mining Co., Ltd. (Oner. Co.), Paid Nipissing Mines Co., Ltd.
(of Ontario), (Holding Co., Succeeding Above).

[Vol. 106.

(Charles) Warner Co.— Source 1917

Dividends.—

Sept. 10 1917 O ct. 20 1917 Sept. 10 1917 Sept. 29 1917 O ct. 20 1917
“ N either o f the two holding companies has a surplus at any tim e m ore
than sufficient to pay current running expenses as incurred in the dis
bursement o f d ividends.’’— V. 105, p . 2278.

An official circular received Feb. 27 reports: “ Preferred dividend, $1 75
per sharo, paid Jan. 26 1917, and common dividend, 81 per sharo, paid
Jan. 27 1917, can bo properly chargeable against 1916 earnings.” — V. 100.
p. 146.

H.
O . Reoser, A sst, to
Jan. 15 1917 was declared on
ending D ec. 31 1916. Tho
out o f 1917 earnings, as was
p . 2456.

of Feb. 26: “ Dividend Feb. 1 1917 paid from earnings of 1916; dividend
Aug. 1 1917 paid from earnings of 1917. Stock dividend [5%— Ed.l
Feb. 16 1917, 69.45% prior to March 1 1913 and 30.55% 1916.— V. 104,
p. 368; V. 105, p. 395.

Warwick Mills, Centreville, R. I.—1917 Dividends.— .
Ohio Fuel Supply Pres.,
Co.—writing
S ou rce o f 1917 D iv id e n d s .—
Feb. 4, says: “ The dividend paid on Horace S. Sears, who is closely connected with tho company, reports as
D ec. 18 1916 out o f earnings for the quarter
other three dividends paid during 1917 wero
the dividend paid on Jan. 1 51918.” — V. 104.

Okmulgee Producing & Refining Co.—1917 D iv id en d s .

A letter from tho com pany dated F eb. 25 says: “ A 10% dividend was
paid on tho stock o f this com pany out o f the earnings for the year 1917.
T ho com pany was organized about tho first o f January 1917 and tho divi
dend was paid 2 lA % quarterly.”

Otis Company, Boston .— S ou rce

of

1917 D iv id e n d s .—

An official statement received F eb. 25 says: “ T ho dividend paid M a y 1
tho R ed Cross dividend, and the N o v . 1 dividend were paid wholly out of
earnings for the year 1917.”

Phoenix Iron Co.— S ou rce

of

1917

D iv id e n d s

.—

G eo. C . Carson Jr., Treas., in letter o f F eb. 12 says in substance: “ Our
fiscal year terminates O ct. 31 o f each year, and tho dividend payable in
January was declared from tho earnings o f tho tw o remaining months o f
19J6, viz.: N ov . and D ec., as well as tho first m onth o f Jan. o f the year
1917, which w ould be 2-3 o f 1 U % , tho amount declared for the quartor.
w e also declared an extra dividend o f 3 % in O ct. 1917 out o f tho earnings
for our fiscal year which terminated O ct. 31 1917, which would include tho
months o f N ov. and D ec. 1916, which would bo 1-6 o f 3 % . In short tho
amount declared from tho earnings in tho months o f N ov . and D ec. 1916
would bo 2-3 o f 1 M % and 1-6 o f 3 % . Tho 1H % on tho prof, and com .
stock paid April 30, July 31 and O ct. 31 were out o f tho earnings o f 1917.”
— V . 103, p. 498.

Poole Engineering

&

Machine Co. (of Delaware).—

Com ptroller A . E. King, writing Feb. 25, says: "T h e dividends paid
during the year 1917 were from earnings o f that yea r.” — V. 100, p. 92.

Ray Consolidated Copper Co.— S ou rce

of

1917

D iv s

.—

Pres. Sherwood Aldrich in circular o f Feb. 25 says:
" I t is tho belief o f your officers after consideration o f this m atter with
counsel and tho accountants o f tho com pany that tho dividends paid on
M arch 31 1917, amounting to $1 per share, on July 25 1917 (R ed Cross)
amounting to 20c. per share, on Sept. 29 1917, amounting to SI per sharo!
and on Dec. 31 1917, amounting to §1 per sharo, wero all paid from profits
accum ulated b y the com pany in tho year 1917. As to tho distribution
m ade on Juno 30 1917, amounting to Si per sharo, 50c. thereof was a divi
dend paid from profits accumulated during 1917 and 50c. thereof was a
capital distribution (non-taxable).” — V . 106, p. 827.

Saco-Lowell Shops .— S ou rce o f 1917 D iv id e n d s .—
It. P. Snclling, Treas., writing Feb. 26, says: “ There was no mention

or tho period in which tho earnings wero mado in tho vote declaring dividends
this com pany in 1917, but tho writer in his personal return considers
that the prof, dividend paid Jan. 2 1917 and the com m on stock dividend
paid l e b . 1 1917 wero from 1916 earnings, and that all other 1917 dividends
were from current year earnings."— V . 95, p. 1126.

Spicer Mfg. Corp., So. Plainfield, N. J.— 1917 D iv s .—

President A. G . Daug on Feb. 18 wrote: “ T ho January 1917 dividend
was paul from net profits accumulated in 1916, and the A pril, July and
O ct. dividends from net profits accum . during 1917.” — V . 103, p. 2435.

Stewart-Warner Speedometer Corp.— 1917

D iv s

.—•

Wauregan Company.— Source

of

1917

Dividends.—

Richardson, Hill & C o., Boston, aro informed by tho company that
“ dividends on tho preferred and common stock paid Jan. 2 1917 were
earned in 1916. All other dividends paid in 1917 were earned in 1917.” —
V. 104, p. 2123.

Westfield Mfg. Co.— Source of 1917

Dividends.—

Comptroller C. P. Gorman in circular of Feb. 11 says: “ Tho dividend
paid Feb. 10 1917 may be considered as having been paid from tho not
profits accumulated during tho year-1916. All subsequent dividends paid
during 1917 and the present dividond payable Feb. 11 1918 may bo con
sidered as having been paid from tho net profits accumulated during the
year 1917.” — V. 105, p. 1997.

West Point (Ga.) Mfg. Co., Boston.—1917 Dividends.—

Treasurer Horaco S. Sears, writing Feb. 26, says: “ Dividends paid
Juno 30 and Dec. 31 1917 wore from earnings of 1917.” — V. 103, p. 2245.

W heeling Mold & Foundry Co.—1917

—

Dividends.

Chas. C. Woods, Sec. & Treas., Feb. 21 wroto: “ Our stock dividend of
Jan. 30 1917 [50% paid in prof, stock— Ed.] was paid 85% out of 1916
earnings and 15% out of 1915 earnings. Our cash dividends of April 1,
July 1, Oct. 1 1917 on pref. stock and M ay 1, Aug. 1 and Nov. 1 1917 on
common stock wero paid out of 1917 earnings.” — V. 104, p. 1392.

Yukon Gold Co.— Source

of

1917

Dividends.—

Secretary C. K. Llpman in circular of Feb. 25 1918 says: “ Ail tho dis
tributions mado by this company during tho year 1917 aro considered by
tho company to have been mado not out of 'earnings or profits,’ but out
of capital, as will appear from the annual report which accompanies this
notice. Tho charges for depletion and depreciation for tho year 1917
wero in excess of tho operating profits for tho year. All ‘earnings or
profits’ for prior years wero distributed before tho year 1917."— V. 104,
p. 1262.

GENERAL INVESTMENT NEWS.
R A IL R O A D S ,
A lask a

IN C L U D IN G

E L E C T R IC

ROADS.

G overn m en t R o a d s.— Progress.—

See Alaska Northern lty. below.— V. 105, p. 2182.

A lask a N orth ern R y .— Progress of Construction.—
W. C. Edes, Chairman of the Alaskan Engineering Commission in
reporting on the progress mado during 1917, statos that 108 mllos of first
track wero laid between miles 71 and 209. Proposed work for the coming
season consists of track laying, mile 79 to milo 91, tho firedging of the
harbor and the erecting of a dock at Anchorago, Alaska. During 1917 the
Commission purchased 30 Hart convertible cars of 100,000 lbs. capacity
6 refrigerator cars of 60,000 ibs. capacity, and 30 box cars of 80 000 lbs’
capacity. Compare V. 105, p. 2183.

Am er. L igh t & T raction C o.— Sub. Co. Rates Raised.—

T.
T . Sullivan Treas., in letter o f Jan. 30 says in substance: “ T ho divi See Grand Rapids Gas Light Co. bolow.— V. 106, p. 823.
dends paid pn l e b . 15 1917 were paid out o f surplus accruing during 1916,
and the dividends paid on M a y 15, A ug. 15 and N o v . 15 wero paid out o f
A u rora Elgin & C hicago R y .— Exlens, of Time— Earns.
profits earned during 1917.” — V. 106, p. 598.
The Illinois P. U. Commission has sanctioned an arrangement between

Thorndike Co.— S ou rce

of

1917

D iv id e n d s .—

An official statement received Feb. 25 says: “ The dividend paid F eb. 1
was declared out o f earnings shown by six m onths’ account for period ending
D ec. 31 1916. The dividend paid A ug. 1 and tho Red Cross dividend wero
paid wholly out o f earnings for tho year 1917.” — V. 93, p. 290.

Todd Shipyards Corp.— Sou rce

of

1917

D iv id en d s —

Carl R. R idel, Treas., in letter o f Jan. 23 says: “ W e beg to state that all
dividends paid during the year 1917 were paid out o f undivided profits
or surplus accum ulated during 1917.” — V. 105, p. 2006.

Travelers’ Insurance Co.—1917

D iv id e n d s .—

A n official circular signed b y L. E . Zacher, Treasurer, says that tho
dividends o f $4 per share were paid April 1, July 1, O ct. 2 and D ec. 31 1917
from profits accumulated in 1917.” — V. 102, p. 72.

Tremont & Suffolk Mill3.—1917 D iv id e n d s .—
Treasurer C . F. Young, writing Feb. 26, says: “ The dividend paid in

]rIay J5J7 was from 1916 earnings, and dividend paid in N o v . 1917 was
from 1917 earnings. — V. 80, p. 226.

Union Nail Co., New Haven, Conn.— 1917 D iv id e n d s .—

Secretary J. D w ight Dana in circular o f Feb. 7 says: “ Tho dividend paid
on Jan. 13 1917 was declared and paid out o f earnings or profits accumu
lated during the calendar year 1916 and the dividend paid M arch 29 1917
was paid one-half out o f earnings or profits accumulated during tho year
1916 and one-half out o f earnings or profits accum . during tho yearl917.

United Publishers Corp.— S ou rce

of

1917

D iv id e n d s .—

. Treas. W . H . T a ylor, in circular o f Feb. 1 , says in substance: “ Preferred
stock dividend N o. 23, paid Jan. 31 1917, and com m on dividend N o. 4,
paid l e b . 1 1917, were earned in 1916. Preferred stock dividends N os.
?).«■ 7 an<1 8 . paid , respectively, on M a y 1, July 11, A ug. 1 and N o v . 1
iolZ * as cp 08trued by’ tho statute, are to bo considered as disbursed out o f
1917 earnings.” — V. 93, p. 1390.

U. S. Industrial Alcohol Co.— 1917

D iv id e n d s .—

D iv s

—

F . T . Hulswit, Treas., In letter o f Jan. 25 says in substance: “ The divi
dends paid during 1917 on tho preferred stock wero paid out o f the profits
ana surplus o f 1917.

Utah Copper Co .— S ou rce

of

1917

D iv id en d s .—

Pres. C . M . M acN eill, in circular o f Feb. 26 1918, says in substance‘ It is tho belief o f your officers after consideration o f the m atter with tho
counsel and the accountants o f tho com pany that the dividends paid in
1917 wero allocated as follows:
v

-----Profits of— • Non
Dividend paid March 31 of $3 50 per sharo.........$2*89

s e i Taxable-

Distributions paid June 30 o f 83 50 per s h a r o ... 81.75
«si“ 75
D ividend paid July 25 (R ed Cross) o f 8.50 per sh 8.50
D ividend paid Sept. 30 o f 83 50 per sharo............81.59
sV oi
D ividend paid D ec. 31 o f S3 50 per sharo___
S3 50
’
“ T ho above apportionm ent is mado after taking into account the reservo
for depletion as heretofore returned to tho Departm ent o f Internal Revenue,
arrived at in accordance with its regulations issued under tho A ct o f Sept. 8
1916, and also an estimato o f taxes for 1917.” — v . 106, p . 613.
* °




C al. Years —
1917.
1910.
1917.
1916.
G ross In co m e ------ S2,1S1,S71 $ 2,0 5 6 ,3 0 2 Res. d ep osits & a m o r t - -$ 7 9 ,3 0 5 $ 0 8 ,9 9 9
N e t In co m e _______
6 0 6 ,10 0
6 75 ,49 1 B a la n ce , su rp lu s_______ $98,278S172 585
4 28 ,51 7
4 3 3 ,9 1 0 — V . 100, p . 7 14 .
I n t e r e s t ....................
B osto n Elevated R y .— City Control Suggested.—

The Boston City Council is proposing an investigation as to tho advisa
bility of the city taking over the Boston Elevated system and of supplying
the city with gas, electricity, &c.— V. 106, p. 71-1, 710.

B osto n & Maine R a ilro ad .— Earnings.—
-December
Revenues—
1917.
1916.
F reig h t_______________ 82,637,117 3 2 , 7 8 5 , 5 1 0
Passenger------------------- 1,502,293
1 ,4 1 9 ,7 0 3
Mail, express, &e______
552,353
5 3 2 ,8 1 0
. $4,691,763
. 4,420,377
.
Taxes________________
Uncollectible revenue.. .

Calendar Year1917.
1916.
S 3 5 ,0 8 0 ,7 3 0
1 7 ,8 1 4 ,7 3 7
6 ,5 5 5 ,3 0 5

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

$4,738,023 $59,450,778 $55,383,544
3,408,711 47,164,940 38.251.715

$271,386
277,674
3,790

$1,329,312 $12,285,838 $17,131,829
249,429
2,156,648
2,091,088
1,235
3,790
3.769

loss $10,078
.
236,894

$1,078,648 $10,125,398 $15,036,971
153,701
1,232,915
1.205,819
81.232,349 $11,358,313 $16,242,790
1,028,041 11,777,697 11,451,916

Gross incom e_______
Fixed charges_________ .

$226,815
1.077,775

Balance.......................def3850,959
-V. 106. p. 295.

;u r S 2 0 4 ,3 0 7

d e f $ 4 1 9 . 3 8 4 s r .$ 4 ,7 9 0 , 8 7 3

B rooklyn R apid T ra n sit C o .— Maturing Notes.—

A circular signed b y Treasurer A . G . R obinson says: “ O f tho dividend
declared A ug. 2 1917 and paid O ct. 1 1917, 812 75 thereof was paid from
earnings accumulated prior to M arch 1 1913 and S3 25 per sharo thereof
was paid from earnings accumulated during 1916.
“ O f the dividend declared A ug. 2 1917 and paid D ec. 1 1917, 810 98
per sharo thereof was from earnings accumulated during 1916 and 85 02
Pef share was paid out o f earnings o f 1917 sot aside for that purpose.
„ T ho earnings for the year 1917 up to A ug. 2, when the D ec. 1 1917
dividend was declared, were in excess o f tho amount o f that dividend and
or the sum o f S3 25 per share, included in tho dividend paid Oct. 1 1917
wm ch sum o f S3 25 was paid from earnings accumulated during 1916.”
— V. 106, p . 197.

United Truck & Equipment Co., Inc.— 1917

the company and banking interests in Chicago providing for an extension
of one year to meet tho S800.000 Collateral Trust 6% notes due March 1
1918. For recent Increase in faro, seo V. 106, p. 714.

The Now York “ Tribune” on Feb. 26 said: “ The company has filed an
application with tho Capital Issues Committeo at Washington for per
mission to Issue securities to meet tho maturing notes. Tho committee,
it was learned yesterday, has ruled that ‘the taking care of tho issue 13
not incompatible with the interests of the United States.’ According to
reports in the financial district an attempt may bo made to float an Issue
of new preferred stock. It was also intimated that aid may bo sought
from tho War Finance Corporation. It is not intended to prosent any
plan that may involve financing of tho notes in the open market until
after tho next Liberty Loan is out of the way.” — V. 106, p. 714, 394.

.—

B u ffalo & Su sq u eh a n n a R R .— D iv id en d
•
A regular quarterly dividend of l % % has been declared on tho common
stock, payablo March 29 to holders o f record March 15. In 1917 1)4%
was paid quarterly with 2% extra in December.— V. 106, p. 821, 606.
C en tral R y. o f C an a d a .— Receiver Appointed.—

A Canadian exchango journal says: “ Judgment has been rendered by
Sir Walter Cassels, sitting in the Exchequer Court, Montreal, rejecting tho
petition of the directors of tho company for confirmation of a scheme of
arrangement between that company and its creditors. Immediately fol
lowing an application was mado by counsel for the City Safe Deposit &
Agency Co.. Ltd., of London, England, who are trustees for the bond
holders, asking for tho appointment of F. Stuart Williamson of Montreal
as receiver. This application was made in a suit taken by tho trustees,
which has been ponding for some time. The application was granted and
Mr.Williamson has been sworn in as receiver in Ottawa. Comparo V. 106,p.85.

C hicago & Eastern Illin o is R R .— Sale of Collateral.—
Adrian H. Muller & Sons, auctioneers, on Feb. 27 sold at auction at
from 22% to 23% 8600,000 Refunding & Improvement 4% bonds duo 1955
with coupons attached, duo July 1 1914 and thereafter, the bonds being
those pledged as collateral security for two defaulted notes of tho company,
one dated Mar. 27 1913, duo 5 months after date and tho other dated
M ay 19 1913 and duo on demand.— V. 106, p. 606, 85.

T H E C H R O N IC LE

M ar . 2 1918.]

C h ic a g o M ilw a u k e e & S t. P a u l R y .— No March 1
Dividends Declared on Common and Preferred.— The directors
mot on Feb. 28 but again “ took no action” as to tho semi
annual dividends usually paid on March 1 on tho common
and preferred shares. Tho question of declaring these divi
dends was indefinitely deferred by the directors at their
meeting on Jan. 31. Tho Government Railroad Bill is still
awaiting final passago, and President Byram would give no
intimation as to what effect its ratification might be expected
to have on tho dividend situation. Ho said, however, that
tho position of tho road as regards business and supply of
cars was in February far better than in January. Compare
V . 10G, p. 498, 606.
C in c i n n a t i F in d la y & F o r t W a y n e R y .— Decree.—
The United States District Court at Cincinnati has handed down a
decree finding that there is no further use for the line under present condi
tions and consequently it will cease business on Mar. 15. Tho lino was
formerly leased to the old Cincinnati Hamilton & Dayton lty., which com
pany guaranteed the bonds (V. 78, p. 280, 342, 701). Tho property was
not included in tho C. II. & D. reorganization but under “ adjustments” of
certain claims, depositing bondholders in Aug. 1017 received $200 per $1,000
bond. Foreclosure suit was brought Nov. 1916.
J. B. Carothers was
appointed receiver in March 1917.—V. 105, p. 000.

C itie s S e r v ic e C o ., N . Y .— Stock Plan Abandoned—

The directors, it is announced, have abandoned the plan to issuo ten
shares o f now common stock for each $100 share outstanding, and will
await possible changes in “ general conditions” boforo taking tho matter
up again. (V. 104, p. 2552) Dealings it appears had taken placo in the
now stock on a “ when issued” basis and the present announcement is made
at tho request of brokerage houses in order that these promaturo contracts
may be canceled.— V. 106, p. 498, 394, 188.

C le v e la n d

( E le c t r ic ) R y .— Increased Allowances.—

The Street Railway Committee of the City Council at Cleveland, Ohio,
on Feb. 8 approved tho application of tho company for an increase or 1 'A
cents per mile in operating allowance, but cut tho requested advance of
3 cents a mile for the maintenance allowance to 1 cent. This will mako
tho allowances 10 and 0 cents, respectively, instead of 14A and 5 cents, as
in the past. The company will also bo permitted to charge off tho deficit
of $500,000 o f last year at the rato of $30,000 a month.— V. 106, p. 818, 710.

C o lu m b ia (S. C .) R a ilw a y G a s & E le c t r ic C o .— Divi
dends Now Paid Quarterly on 82,000,000 Common Stock.—
See “ Allocation o f Dividends” on a preceding page.— V. 102, p. 1060.

D e n v e r & R io G r a n d e R R .—-Receivership Proceedings.—

A St. Louis report yesterday stated that the joint receivership has been
dissolved by order of tho court, E. L. Brown, President o f the company,
and a co-receiver, resigning. Tho court designated Alexander it. Baldwin
to act as solo receiver of the company's free assets. Ho will have no juris
diction over operations. This change in tho status of tho receivership was
made to segregate tho operations of tho property from tho receivership
Tho new arrangement will continue tho opertaions of tho property under
control of tho Director-General and retain only tho free assets under the
jurisdiction of the court.— V. 106, p. 007, 498.

D e n v e r & S a lt L a k e R R .— Sub. Depositary.—
Dunn, Fisher & Co., 41 Throadneedle St., London, E. C ., 2, have been
appointed a sub-depositary for tho United Kingdom under tho bondholders'
doposlt agreement, dated May l 1917, for tho 1st M . 30-Year gold bonds
[This item appeared erroneously under tho caption Donver & Rio Granite
R R . in a provlous issuo.]— V. 106, p. 189, 85.
uo

D e t r o it R a p id T r a n s it S y s t e m .— Report of Experts.—

A handsome 125-pago quarto pamphlet has been Issued containing the
report made to tho Board o f Street Railway Commissioners o f the citv of
Detroit by tho firm of Barclay, Parsons & Klapp, consulting engineers
60 Wall St., regarding the probable rapid transit requirements of the citv
of Detroit up to 1950 and tho best method o f meeting tho same. Tho firm
does not approve any plan that would involvo competition with tho existing
surface lines, but would rather provide for bringing ovontualiy tho entire
transportation facilities o f tho city under municipal control.

D e t r o it U n it e d R a ilw a y .— Rapid Transit Plans.—
See “ Detroit Rapid Transit System” above.— V. 106, p. 810.

D o m in io n P o w e r & T r a n s m is s io n C o ., L t d .— Earnings.
Cal.
Gross
Years. Earnings.
1917--$2,907,274
1916-- 2,693,212
— V. 105, p. 909.

Net
Earnings.
SI.233,514
1.233,611

Maint. & Bond, etc., Dividends Balance,
Renewals. Interest.
Paid. ’ Surpltis.
S1H.709 $395,585 $535,153 $191,006
157,689
365,573
5341351
175,997

F e d e r a l S t r e e t & P le a s a n t V a lle y R y ., P i t t s b .— Interest.

See Pittsburgh Rys. Co. below.— V. 106, p. 85.

F lo r id a E a s t C o a s t R y . — Income Bond Interest.—
_ 1**%, ,r£?t0*"8 have declared out o f tho earnings for the six months ended
nAnUhnii
tho £ato of
Payable April 1 next, on tho $15,
000,000 General Mortgage Income 5% 50-year gold bonds. Previously
— V C,r r T l H o o " 110
*n 01,0
l'1 November.

F t . S m it h

(A r k .)

S u b ia c o

& E a s t e r n R y . — Receivers.

Charles H. Sommers, of St. Louis, and I. II. Nakdimen, of Fort Smith,
have been appointed receivers in consequeneo of a suit filed by tho Union
T nll,at
n w ; a0u.,sr V’us,£ce for the bondholders. Tho road extends 14
miles from port Smith to Scranton, Ark. An extension to Dardanollo,
Ark., 2b miles, has beon under construction.
Henry Stroup, of Paris Ark., is Pres.; Lovick P. Miles, o f Memphis,
Tenn
mn., and Idttlo Rock, Ark., is V.-Pres.: Frank S. Yantis, Asst, to V.-Fres.
and
d J. 11. Wright, of Fort Smith, Gon. Mgr.

G r a n d X ru r! k P a c i f i c R y .— Sub. Co. Balance Sheet:—

929

the Hudson & Manhattan R R . Co. to construct its station and tunnels
beneath our Jersey City station to reach its Cortlandt St. terminal. When
the Hudson Tunnel Line was constructed and opened, about 1909, our
rail passengers were carried to Jersey City station and used tho Hudson
tubes to go to Cortlandt St. in lieu of the ferry.
By a later agreement, dated April 18 1906, a joint high-speed electric
service between Newark and New York was arranged, which was opened
in 1911. In and out of Hudson Terminal, on the joint line from Newark
to Jersey City and New York, more than 17.000,000 through and local
passengers are carried annually to and from the Pennsylvania System,
which is an increase of more than 50% compared with the first voar in
which the Newark and Hudson Terminal line was opened. This line
carried the greatest number of our passengers in and out of New York.
It is also a mail route, and shows continued traffic expansion.— V. 106.
p. 822.

I llin o is C e n t r a l R R .— Monthly Earnings Statement Dis
continued Because of Government Control.— Secretary D . R .
Burbank in circular of Feb. 25 says:
Under the provisions of an Act of Congress, approved Aug. 29 1916,
the President of the United States has taken possession and assumed controi
of the railroads of the country. It follows, therefore, that the Illinois
Central RR. Co. is no longer operated as an individual system by its own
management, but its operations have been merged into the railroad system
of the country as a whole. Its engines, equipment and men may be, and
are, being transferred wherever it is decided that they are more urgently
needed; its shops and forces may be used to repair tho engines and equip
ment of any other company, as determined by the Director-General of
Railroads, and are being so used.
<
For many years it has been customary for this company to send a monthly
statement of its earnings to its stockholders. In view of the situation such
statements are no indication of its earning capacity as an individual system,
and can be of little or no value to its security holders.
Therefore it has
been determined for the present to discontin
Full text of Commercial and Financial Chronicle : March 2, 1918, Vol. 106, No. 2749

FRASER
