Full text of Commercial and Financial Chronicle : March 24, 1917, Vol. 104, No. 2700

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•

W'

I N C L U D I N G
B ank &

Q u o ta tio n

R a ilw a y

E a r n in g s

S e c tio n

R a ilw a y &

S e c tio n

B a n k e rs ’ C o n v e n tio n

I n d u s tr ia l S e c tio n

E le c tr ic R a ilw a y S e c tio n

S e c tio n

S ta te

and

SATURDAY, MARCH 24 1917

VOL. 104
W \ xt

(S fa v e m tlt.

PUBLISHED WEEKLY.

1917.

PftorOne Year .............. ........................................................................ $10 00

For Six Months......................................................................................... 6 00
'Slnropoan Subscription (including postage).......................................... 13 00
European Subscription six months (including postage)...................... 7 50
Annual Subscription in London (including postage).......................... £ 2 148.
Bix Months Subscription in London (including postage).................... £1 l l a
Canadian Subscription (including postage) .........................................$ 1 160
S u b s cr ip tio n in c lu d e s f o ll o w i n g S u p p lem e n ts —
B ank and Quotation (monthly) l r a ilw a y and I ndustrial (3 times yearly)
R ailway E arnings (monthly)
Electric R ailway (3 times yearly)
State and city (semi-annually) |B ankers’ Convention (yearly)

Terms of Advertising— Per ffncli Space
Transient matter per inch spaco (14 agate lines)...................................
( Two Months
(S times).........................
Standing
Cards -t gix
Three
Months(13
................
jianmn0 Business
isusiness earns
Montlm
?2« times)..
times)..........................
C. Twelve Months (52 times)........................
Chicago O ffice—39 South La Sallo Street, Telephone Randolph7396.
L ondon Office—Edwards & Smith, 1 Drapers’ Gardens, E. C.
W I L L I A M It, D A N A C O M P A N Y , P u b lis h e r s ,

*4
22
29
60
87

20
00
00
00
00

F ron t. Pino mul D cpoystor S ts ., N ew Y o rk *
Published every Saturday morning by W ILLIA M B . D AN A CO M P AN Y.
Jacob Seibert Jr., President and Troas.; Georgo S. Dana and Arnold Q. Dana,
Vice-Presidents;: Arnold a . Dana, See. Addresses of all, Olfloe of the Company.

C L E A R IN G H O U SE R E T U N S .
Tho following tablo, made up by telegraph, &o., Indicates that the total bank
clearings of all tho clearing houses of tho United States for the week ending to-day
have been 55,530,528,072, against $5,421,354,121 last week and $4,339,208,244 the
corresponding week last year.
Clearings — Returns bg Telegraph.
W eek o f M a rch 24.

1917.

Now York............................................ $2,720,347,417

1916.

Per
Cent.

384,702,873
283,055,704
178,897,230
99,093,711
104,997,272
72,511,691
08,907,894
45,778,050
32,004,070
32,992,055

$2,242,899,847
300,749,390
171,423,341
169,000,395
60,908,307
77,344,859
47,871,900
53,133,705
30,711,019
30,130,003
20,000,000

+ 2 1 .3
+ 2 7 .9
+ 05.5
+ 5.5
+ 49.0
+ 35.8
+ 51.5
+ 29.8
+ 49.1
+ 0.2
+ 65.0

Eleven cities, 5 days...... ..................... 34,024,009,175
025,418,914
Other cities, 5 days......... .........................

$3,210,778,772
450,274,897*

+ 25.3
+ 37.1

Total all cities, 5 days..........................
All cities, 1 day______________________

$4,050,028,089
880,499,983

$3,667,053,669
072,214,575

+ 2 6 .8
+ 31.9

Total all cities for week...................... -

35,530,528,072

34,339,208,244

+ 27.6

Philadelphia______________________
Boston_______ ____ ____________
Kansas City........................ ............ ............
SanJjFranclsco_________________________
Pittsburgh__ . _ __________________
Now Orleans__________________________

Tho full dotalls for tho wcok covered by the above will be given next Saturday.
Wo cannot furnish them to-day, clearings being made up by tho clearing houses
at noon on Saturday, and hence in the above the last day of tho wcok has to be In
all cases estimated, as we go to press Friday night.
Dotallcd figures for tho wcok ending March 17 follow:
Week ending March

Clearings at—

1917.

Inc. or
Dec.

S

%

17.

N ow Y ork ______ 3,102,914,501 1,090,531,020
+ 0.2 1,035,039,888 1,808,333 093
227,728,730 + 30.9
311,783,021
Philadelphia____
149,144 ,705
139,530,727
01,874,843 + 19.1
Pittsburgh______
73,712,588
43,100,813
52,008 ,857
39,111,354
B a ltlm oro______
+ 5.7
41,324,378
29,749,827
34,470 288
B uffalo _ . ______
13,325,502 + 19.9
15,975,039
10,148,090
10,703 ,985
W as h in g ton ____
8,900,988 + 10.4
9,900,000
7,480,525
6,909 ,198
A lbany_________
5,357,802
— 3.1
5,188,701
4,924,082
0,479 ,597
R o ch e s te r______
0,871,283
5,000,481 + 35.8
4,007,172
4,544 ,535
S oranton_______
+ 4.3
2,908,549
2,031,453
3,039 ,150
2,845,728
Syracuse . _ .........
3,713,507
2,821,749
2,702 ,102
3,099,881 + 19.8
R eading................
2,015,019
2,258,474 + 17.1
1,710,445
1,000 ,338
W ilm ington_____
3,122,724
1,004,041
2,404,933 + 29.9
1,818 ,925
Wilkes-Barro —
1,818,579
1,354,843
1,507 ,429
1,554,275 + 18.9
W heeling..............
3,012,380
1,745,994
2,724,359 + 32.0
2,003 ,371
L a n ca ster...........
2,180,770
1,809,401 + 20.5
1,443,143
1,532 ,142
T ren ton________
2,134,734
2,039,799
1,004,579
+ 4.7
2,031 ,010
Y o r k ....................
1,200,733
1,028,073 + 10.3
873,574
897 ,619
E r lo ......................
1,842,900
1,207,455 + 52.0
930,264
1,041 ,412
B in gh am ton____
914,200
707,800 + 19.1
613.100
678 ,500
Oreonsburg..........
875.000
843,822
+ 3.7
014,134
092 ,794
C h es ter________
1,309,008
1,113,793 + 23.0
032 ,496
519,009
500.000
A lto o n a ......... —
490,350
495,941
+ 0.7
522 ,032
401.411
M o n tc la ir ...........
393,484 + 17.3
300.100
409 ,247
T otal M iddle. 3,597,000,291 ,482,544,359
+ 3.3 1,893,501, 619,2 ,093,837 ,891
221,114,491
B oston..................
219.789,790
+ 0.6 138,833, 545 157,529 ,480
11,451,400
9,378,400 + 22.1
P rov id en ce .........
0,784, 300
7,717 ,900
8,833,930
7,642,191 + 1 5 .0
H a rtfo rd _______
4,703 ,807
5,775, 524
4,791,594
3,884,000 + 23.4
N ew H aven_____
3,017 ,789
3,277, 830
4,020,320
4,324,509
S p rin gfield _____
— 0.9
2,517 ,331
2,593, 292
2,000,000
2,378.49S
P o r tla n d ..............
+ 9.3
1,777 ,752
1,633, 890
3,812,711
3,915,007
W orcester______
+ 2.7
3,183 200
2,334, 509
1,434,945 + 23.3
1,708,530
Fall R iver______
1,300, 110
1,303 ,808
1,391,830
1,810,057
+ 30.0
Now Bedford___
1,085, 920
1,132 ,499
877,940
— 3.2
H olyoke..... ..........
850,000
083, 104
031 705
L ow ell1..... .......... ..
1,034,825 + 12.7
1,166,724
730, 044
749 140
Bangor......... ........
033,733
+ 1.0
639,839
342, 038
402 526
T o t. N ew E ng.
+ 2.5
202,975,170 250,583,444
105,380,084! 184,787 003
S ole .— For Canadian clearings see "Commercial and Miscellaneous Nows."




Grand Rapids__
D a y t o n ................
Evansville............
Springfield, H I.Fort W ayne____
L exin gton______
Y ou ngstow n ____
R ock ford ..............
Bloom ington____
Quincy..............- .
A k r o n ..................
C a n to n ________
D ecatur................
Springfield, O ___
South Bend_____
M a n sfie ld ______
D a n v ille _______
Jackson ________
Jacksonville, 111.
Lansing................
O w e n sbo ro _____
L i m a ___________
Ann A rbor............
A drian..................

S
481,002,338
38,105,87^
60,867,732
55,971,898
27,304,616
12,038,000
10,300,70(
12,341,000
6,090,00(
4,5641933
3,871,705
2,732,25!
2,200,00(
1,853,371
974,992
2,96C,28C
1,629,45£
1,239,901
1,416,555
5,666,OOC
3-.338.09C
868,126
1,127,512
1,129,038
996.05C
710.68C
1,198,105
448,975
900,000
731,073
733,612
368,743
107,043

C hicago________

Indianapolis____
T o le d o__________

S e c tio n

NO. 2700
Week ending March 17.

Clearings at—

Terms of Subscription— Payable in Advance

C ity

1916.

Inc. or
Dec.

S
%
386,062,37£ + 2 4 .‘
35,991,051
+ 5.S
40,140,182 + 51.C
42.600.30C + 31.4
20,741,61!) + 31 .0
10,600,606 + 12.9
8,774,70( + 17.'!
10,035,454 + 23.0
3 ,900.00C + 56.2
4+20,490 + 10.8
2,971,902 + 30.!
2,079,657 + 31.-!
1,481,24! + 4 8 .!
1,353,19! + 36.!
730,02( + 33.5
2,054,79! + 44.1
1,227,19! + 32.!
920,601 + 34.7
1,127,971 + 25.6
3,046,00! + 86.C
2,755,05! + 21.2
612,15! + 41.S
993,002 + 13.5
809,37! + 39.5
740,985 + 33.5
598,385 + 19.7
575.00C + 108.3
373,528 + 2 0 .2
882,754
+ 2.0
308,602 + 98.5
616,280 + 19.0
200,093 + 41.8
83,682 + 28.0

1915.

1914.

S
293,874,085

$
332,912,051

25,971,425
2G,061,15S
15,686,444
7,290,216
0,601,20!
6,236,961
3,239,452
3,503,192
2,119,21!
1,264,12!
1,303,17!
1,171,30-1
812,671
1,315,221
1,148,686
742,00!
856,04S
1,708,000
1.750,000
440,990
838,815
604,440
579,551
053,508
505,000
320,464
584,698
288,575
458,148
201,300
74,313

6;986;.564
7,174,700
6,943,107
3,727,861
3i082|932
2,424,293
1,126,878
1,305,098
1,260,994
786,466
1,422,488
1,166,276
686,726
1,058,531
2,274,000
1.537,846
446,753
591,624
581,238
491,607
559,193
582,527
321,344
495,604
398,386
562,157
237,624
81.072

T o t . M id.W est

745,854,745

745,584,745

+ 26.3

434,038,718

482,774,908

San Francisco__
Los Angeles_____
Seattle__________
P o rtla n d _______
Salt Lake C it y ..
Spokane................
T a com a ................
Oakland...............
Sacramento.........
San D iego______
Pasadena..............
F resno__________
Stockton _______
N orth Y a k im a ..
San Jose________
R e n o ___________
Long Beach.........
T otal P a c ific ..

82,045,881
31,515,000
21,090,043
14,500,000
11,322,227
6,917,375
3,612,969
5,130,641
2,251,485
2,415,102
1,700,524
1,724,865
1,547,642
781,871
750,000
411,477
796,977
189,114,079

62,511,096
25,804,830
18,897,689
13,731,899
7,503,325
4,920,000
2,942,477
4,130,488
1,771,424
2,585,164
1,011,917
1,029,040
1,054,640
400,455
649,784
364,371
647.232
150,135,831

+ 3 2 .2
+ 2 1 .8
+ 11.0
+ 5.0
+ 49.7
+ 40.6
+ 22.8
+ 24.2
+ 27.0
— 6.6
+ 68.1
+ 67.6
+ 40.7
+ 69.9
+ 15.4
+ 12.9
+ 23.0
+ 20.0

47,303,827
20,770,288
10,013,530
11,107,132
5,392,164
4,240,369
3,198,137
3,330,182
1,512,846
2,065,577
909,070
891,272
935,294
427,051
571,528
276,260
490,823
119,435,950

50,765,129
26,580,445
13,722,166
13,352,100
5,796,754
4,949,469
3,420,717
3,457,074
1,897,605
2,185,300
1,022,544
926,224
891,814
530.000
586,947
240,982
130,325,271

Kansas C ity____
M inn eapolis____
Omaha..................
St. Paul................
D e n v e r ................
St. Joseph...........
Des M oines.........
Sioux C ity...........
W ich ita ................
Duluth......... ........
Lincoln ................
D a v e n p o r t .........
T o p e k a ________
W a te rlo o -...........
Helena..................
Fargo___________
Cedar Rapids__
Colorado Springs
P ueblo..... ............
F r e m o n t_______
B illin g s ................
H a stin gs..............
Aberdeen_______
T o t. oth. W est

126,106,725
28,142,718
30,028,727
14,998,551
13,957,804
16,671,979
9,020,413
6,080,838
5,755,447
4,756,380
4,134,115
2,932,785
2,392,078
2,649,000
1,809,794
1,661,700
2,921,596
919,862
785,801
742,493
824,341
548,994
722,726
284,024,867

87,083,258 + 44.9
24,764,167 + 13.0
25,213,837 + 42.5
15,134,089
— 0.9
12,093,210 + 15.4
10,283,092 + 62.1
0,732,695 + 33.4
4,670,178 + 30.0
4,307,043 + 33.4
4,205,277 + 13.1
2,924,931 + 41.4
1,926,715 + 52.0
1,508,297 + 52.6
— 7.0
2,848,127
1,284,280 + 40.9
1,919,989 — 13.4
2,097,838 + 39.3
1,000,430 — 13.8
488,151 + 60.8
520,453 + 4 2 .0
579,031 + 42.3
275,844 + 99.0
771,014
— 6.3
212,765,140 + 33.8

66,679,071
27,937,199
19,524,735
13,372,906
8,182,607
8.183,991
5,330,743
3,789,174
3,294,805
3,407,250
2,070,065
1,504,758
1,481,168
1,655,422
1,000,692
1,313,795
1,501,509
910,520
017,025
363,394
398,978
108,455
507,217|
173,322,139!

52,849,924
22,639,160
18,244,019
13,467,512
8,688,194
7,581,648
5,929,876
3,962,005
3,165,769
3,332,011
2,227,892
1,627,018
1,854,006
1,613,825
993,908
511.933
2,001'.'39
570,847
648,220
425,268
380,418
158,716
488,171
153,421,278

St. Louis_______
New Orleans____
L o u isville______
H o u s t o n _______
G a lveston ...........
R ichm ond...........
Fort W orth_____
Memphis,
Atlanta - ........... ..
Savannah ______
Nashville_______
Norfolk________
Birmingham____
Augusta................
Mobile..................
K noxville______
Little Rock_____
Chattanooga____
Charleston.........
Oklahoma............
Macon__________
Austin__________
Muskogee...........
Tulsa___________
Jackson ............. ..
Vicksburg______
Dallas - ................_
Total Southern1
,
Total all........... 5
Outside N . Y . 2

131,791,261
94,048,787 + 40.1
74,949,953
78,915,639
23,958,759 + 35.0
32,350,398
18,127,396!
18,160,372
+ 8.4
20,340,789
18,761,590
12,209,596!
13,992,800
10,105,710 + 11.8
11,300,000
8,366,989
9,200,000
4,123,541
3,786,529
+ 8.9
4,351,149|
4,351,149
21,527,375
14,640,107 + 47.0
8,859,902!
7,558,684
11,957,817
7,614,770;
8,738,083 + 36.8
7,080,650
10,593,548
7,910,715 + 33.9
0,879,989
7,888,310
23,500,000
10,777,538 +40.1
12,942,0301
15,752,088
5,302,323
4,746,204
4,608,000 + 15.1
4,007,2351
10,342,574
7,017,196 + 35.8
7,108,411
6,930,495!
5,430,772
4,179,422 + 29.9
3,950,387
4,137,098
3,322,896
2,437,980 + 36.3
2,141,460!
2,908,000
2,129,513
1,399,464!
1,004,202 + 32.7
2,276,112
1,179,150
1,161,134!
991,358 + 19.0
1,401,861
2,666,931
1,751,774
1,913,162 + 39.4
1,731,065
3,568,387
1,970,759
2,828,911 + 26.2
2,563,800
3,237,740
2.332,319,
2,397,416
2,773,019 + 16.7
2,332,416
2,207,634
+ 5.7
2,134,984’
2,014,314
3,183,401 + 102.0
1,688,082
2,331,867,
6,431,281
1,376,425;
3,171,532 — 50.0
2,845,728'
3,928,152
5,000,000
5,335,246|
3,295,899
5,879 583 — 15.0
1,614,881
1,132 ,390 + 4 2 .6
688,046j
1,019,187
7,015,474
3,195,179 + 119.6
1,505,1271
1,757,630
-18.0
461,087,
502,210
416,823!
372,384
200,214
210,263! + 23.8
225,117j
270,830
12,562,170
7,131,178 + 76.2
341,718,909 254,301,848
196,009,030: 200,596,840
4-0.0 2,981,797,323 3,251,743,257_
421,3547121.4,946,685,566 '____________________________________
318.439,620 1,850,154.515 + 2 5 .3 1734+7577435 1,443,410,164

1083

THE CHRONICLE

THE F IN A N C IA L SITUATION.
The strike announced for last Saturday evening
was postponed for 48 hours, and then postponed
indefinitely, M r. Wilson having hastily sent media­
tors here on Friday night. The mediation was of
the former kind, the railway executives being urged
to yield, as a patriotic duty, the situation having
become more acute by the deliberate sinking of
three American ships. On Monday the tired execu­
tives yielded, in a note addressed by a conference
committee to Messrs. Franklin K . Lane, W . B.
Wilson, Daniel Willard, and Samuel Gompers,
acting as a committee from the Council on National
Defense.
This note of two sentences assured the addressees
that in the national crisis precipitated by recent
events of which news had only just come, the com­
mittee joined “ in the conviction that neither at
home nor abroad should there be either fear or hope
that the efficient operation of the railways of the
country will be hampered or impaired.” “ There­
fore,” ran the other sentence, “ you are authorized to
assure the nation that there will be no strike; and
as a basis for such assurance, we hereby authorize
the committee of the Council on National Defense
to grant to the employees who are about to strike
whatever adjustment your committee deems necessary
to guarantee the uninterrupted and efficient opera­
tion of the railways as an indispensable arm of na­
tional defense.”
This went beyond any previous result of professed
arbitration, for it authorized the mediators “ to grant
to the employees who are about to strike whatever
adjustment” was deemed necessary. In financial
speech, it was equivalent to issuing a check signed in
blank. It cannot be described otherwise than as an
unconditional surrender, for the words “ whatever
adjustment” impose no limitation and left the vic­
torious party to state what would satisfy— for the
present. While we do not wish to judge harshly the
railway executives who are unquestionably seeking to
do the best open to them and have been harassed
unduly and left without visible support from public
opinion, it is impossible to avoid saying, once more,
that this is the natural result of a long course of
yielding and that one retreat prepares the way for
another.
This last retreat was put on the ground of emer­
gency and patriotism, and was pronounced by one
of the intervenors “ a magnificent thing.” The kind
of patriotism in railway employees who turn em­
ergency into extortion and threaten to desert their
posts on the eve of a formal war because something
which they do not explain would prevent their de­
serting afterwards, does not need many words; the
less of that kind of patriotism in the. country the
better for our safety.
On the same Monday came the expected decision
on the Adamson Law, for which the pressing haste
of the brotherhoods could not wait, perhaps because
they forecasted it incorrectly. It sustains the law,
by one more division of five to four. Had not Mr.*
Hughes retired, the alignment would probably have
faced in the other direction; as it is, the alignment is
singular enough for a passing statement. The five
are Chief Justice White, appointed in 1910 by Taft;
Justice McKenna, appointed in 1898 by M cKinley,
and the oldest member in service; Justice Holmes,
appointed in 1902 by Roosevelt, with M r. Wilson's



[Vol . 104.

recent appointees, Justices Brandeis and Clarke.
The four are Justice Van Devanter, appointed in 1910!
by Taft; Justice Pitney, appointed in 1912 by Taft;
Justice Day, appointed in 1903 by Roosevelt, and
Justice McReynolds, appointed in 1914 by Wilson.
The majority opinion, by the Chief Justice, con­
cisely reviews the struggle, and states the question
to be whether, under the circumstances, Congress
had power to provide a permanent eight-hour stand­
ard and to set up a wage standard to be operative
upon both parties “ for such time as it deemed neces­
sary to afford an opportunity for the meeting of the
minds of employers and employees on the subject of
wages.” [The recent “ meeting of the minds” upon
this subject had not occurred when the decision was
reached and the opinion written, and could not have
been definitely foreseen.]
The question of the eight-hour standard is put out
of view by Chief Justice White as having been already
established beyond dispute. That the business o f
common carrying by rail is a public business and
subject to regulation as such he also dismisses as not
open to doubt. The objection that “ emergency can­
not be made the source of power” is also dismissed a&
begging the question at issue, “ since although an
emergency may not call into life a power which has
never lived, nevertheless emergency may afford a
reason for the exertion of a living power already
enjoyed.” The objections as to unworkability,
inequality, confiscation, and others, are dismissed by
the opinion, which holds that Congress acted within
its constitutional powers.
On the part of the four dissenting, Justice Day
holds the law open to the principal objections cited
against it, and while declining to say that Congress
has no power of regulation as to wages, he does not
think it has power to enforce compulsory arbitration
or that the emergency of last summer warranted any
excessive exercise of lawful powers by Congress.
Justice Pitney, for himself and Justice Van Devanter,
agrees with Justice Day that the law is invalid
because it hastily undertook an experiment without
knowledge, because it does not attempt to regulate
commerce, does not make for increased efficiency in
the service, usurps rights of private property, and
cannot be sustained by the plea of emergency.
Justice McReynolds had not heretofore supposed the
wage action directed by the law is “ within the fair
intendment of” the commerce clause of the Constitu­
tion; he does not find the argument on this point
satisfactory, and he cannot “ concur in the conclusion
that it was within the power of Congress to enact
that statute.”
The majority prevails, yet the decision for the
brotherhoods has a boomerang character, for it goes
beyond the question (as they view it) and brings in
other propositions, at which they are not pleased.
The following are a few passages from Chief Justice
White:
“ If acts which, if done, would interrupt if not
destroy inter-State commerce may, by anticipation,
be legislatively prevented, by the same token the
power to regulate may be exercised to guard against
the cessation of inter-State commerce threatened by
a failure of employers and employees to agree as to
the standard of wages, such standard being an essen­
tial prerequisite to the uninterrupted flow of inter­
state commerce.
“ Again, what purpose would be subserved by all
the regulations established to secure the enjoyment
by the public of an efficient and reasonable service,

M a r . 24 1917.]

THE CHRONICLE

if there was no power in Government to prevent all
service from being destroyed ?”
What benefit could come (he asks) by recognizing
for the public interest, a power of regulation as to
employer and employee, if no power existed to remedy
a deadlock between them which would leave the
public helpless before a grave danger, and “ to what
derision” would a proposition be exposed that
government has power to enforce the duty of opera­
tion, “ if that power did not extend to doing that
which is essential to prevent operation from being
completely stopped?’ ’ And then he continues by
declaring that whatever may be an employee’s
rights, in a private business, to demand wages, to
leave work, either alone or in concert with others,
“ such rights are necessarily subject to limitation
when employment is accepted in a business charged
with a public interest and as to which the power to
regulate commerce possessed by Congress applied
and the resulting right to fix, in a case of disagree­
ment and dispute, a standard of wages, as we have
seen, necessarily obtained.” Also, still more dis­
tinctly and going straight to an analogy the “ Chron­
icle” has repeatedly used, this right of employees in
private business “ is necessarily surrendered when the
men are engaged in public service; they are compara­
ble to soldiers in the ranks, who, in the pres­
ence of the enemies of their country, may not
desert.”
These soldiers in the ranks, however, did propose
to desert, in the presence of their country’s enemies,
or to threaten deserting, not admitting the country
to be “ theirs.” We do not believe they would have
attempted to carry out their threat, but they made
it, and they do not like the doctrine that any obliga­
tion rests upon themselves. “ As for the ruling” says
the head of the trainmen, ‘ ‘ that we have no right to
strike without submitting our demands to investiga­
tion, we’ll interpret it for ourselves when we reach
the occasion.” All this talk of the Supreme Court
about any duty upon themselves is pronounced
obiter dicta. Mr. Gompers says it “ interpolates a
foreign matter,” drags in compulsory arbitration,
and “ belongs to the old reactionary despotism of
Russia and M exico.”
And now what? The Supreme Court has dis­
tinctly affirmed the power of Congress to regulate
wages, and also— in distinct terms and not merely
by an unavoidable implication— the complementary
power to hold the men from deserting. The legal
doctrine is now put beyond appeal or denial; speaking
colloquially, what is going to be done about it?
If the wavering politicians in Congress hoped to
escape by passing the subject up to the Supreme
Court, that body has passed it back to them and left
it with them. Approximately a million more per
week will now be exacted of the roads of the country;
the brotherhoods receive one more incitement to
come forward for their next demand, and the other
employees will not fail to perceive opportunity for
coming in themselves. The Railway Investors’
League proposes a general movement to secure a
logical increase in rates, and the railroads themselves
have this week petitioned the Commerce Commission
for an increase, while the inquiry headed by Col.
Goethals will proceed to consider whether what has
been granted the brotherhoods could be and should
be. The horse having been carried away, the lock
on the door will be examined— but is there a lock,
and is there any door? A people too indifferent to



1 0 83

lift a voice against progressive exactions by the best
paid class of wage earners, notwithstanding groans
over the high cost of living, surely ought to hold their
peace when the latest extortions are passed on to
themselves in higher rates for carrying.
And yet, and yet? The power which now exists to
deal with attempted desertions from the public ser­
vice existed in August. “ I think, therefore I am ,”
says an old axiom in psychology. Government is
necessary, and government exists, therefore govern­
ment possesses, power— this should be the admitted
axiom. Instead of dealing firmly with the criminal
conspiracy in restraint of trade which was avowed
in August, a truce was patched up with it; now it
makes a bolder avowal and threat in March, and
obtains an unconditional surrender. Whether any
emergency will come which can arouse the people
to make the stand that has been so often and so
demoralizingly deferred is yet to be seen.
The foreign exports of the United States in Feb­
ruary 1917 exceeded all previous records for that
particular period, the value of the outflow of mer­
chandise running ahead of the aggregate for the
month in 1916 (the high-water mark for any monthly
interval up to that time) by some 60 millions, not­
withstanding the one day less covered by the figures
this year, and despite some hesitancy in sending out
vessels to face intensified submarine activity. At
the same time, however, a very considerable de­
crease from January is recorded, very much more,
in fact, than would be accounted for by the fewer
number of days included. Doubtless the ruthless
submarine warfare instituted by Germany on Feb. 1
is responsible for the failure to maintain the January
record, but it was absurd in any event to suppose
that the exports would continue on the extraordinary
basis then reached. There is reason to believe that
in considerable measure there is a less urgent need
for some of the materials and supplies for which the
demand had been virtually insatiable. At the rate
at which we have been supplying explosives, &c., to
the Entente Powers for many months (they them­
selves in the meantime getting into better shape to
supply more fully their own requirements), it has
seemed only a question of a short time when demand
upon us would slacken materially and export
totals of marvelous magnitude become a thing of the
past.
In reviewing the monthly exports totals we are
only able to refer to them in value, the detailed
quantitative results not being available. It follows,
therefore, that the real significance of the figures is
largely missed. If we were able to make a thorough
analysis of the February aggregate (quantities and
values both being available), we should probably find
that the 60-million-dollar increase over 1916 is ex­
plainable in large part, if not wholly, by the higher
prices ruling this year. We have only to take a few
leading articles of export into consideration to see
how important an element price is in the 1917
result. A year ago brass bars, &c., stood at 26c.
per pound, now they are over 30c.; corn at 80c. per
bushel, now almost 81 10; wheat then 81 34, against
81 96 now; flour 85 31 per barrel, against 88; oats
50c. per bushel, against 66c.; copper 24)/£c. per
pound, against 28c.; cotton 13c. per pound, against
1 8 ^ c.; steel billets, &c., 857 25 per ton, against
nearly 870; steel bars 22c. per pound, against 30c.;
sheets 24)^c. per pound, against 3 4 ^ c .; tinplate

1084

THE CHRONICLE

33c., against 40c.; wire 30c., against 40c.; sole
leather 36c., against 44c.; kicl 19c., against 343^c.;
sugar 4J^c., against 6 ^ c . Taking these compara­
tively few articles as indicative of the general price
situation, it is easy to see how the quantitative
exports in February this year must have been less
than last year.
The merchandise exports for February 1917, as
made public by the Bureau of Foreign and Domestic
Commerce, reached a value of $466,523,034, a total
147 million dollars less than the high record total of
January, but comparing with $401,783,974 in 1916
and $299,805,869 in 1915. For the eight months
since July 1 1916 the aggregate records a gain of
1,496 million dollars over the preceding year, con­
trast being between $4,080,695,942 and $2,584,­
682,726.
Merchandise imports in February 1917 at $199,­
576,597 also establishes byaslight amount a new highwater mark in value for the period covered, showing
a gain of 5^2 million dollars over 1916, with higher
prices the important element in the result. For the
elapsed portion of the fiscal year 1916-17* the aggre­
gate is $1,547,931,578, or 256 million dollars more
than for the similar period of 1915-16 and*492 millions
greater than for 1914-15. The net outcome of the
foreign trade of February this year was an export
balance of $266,946,437, this comparing with $207,­
848,857 a year ago and $174,682,478 in 1915, while
for the eight months we have established a net credit
abroad on merchandise account of no less than
$2,532,764,364, against $1,293,609,793 in 1915-16
and 579 millions in 1911-15.
Gold exports in February were of somewhat
greater volume than in January, reaching $22,068,­
059, of which the larger portion represented the out­
flow from the port of New York to South America
and Spain. Against this, however, there were im­
ports of $103,766,495, made up very largely"of the
gold moving from Great Britain via Canada to New
York and Philadelphia. The net inflow for the
month was consequently $81,698,436, increasing to
$529,529,113 the balance of imports for the eight
months. This contrasts with net imports of $280,­
312,817 for the period in 1915-16 and net exports
of $94,119,800 in 1914-15.
The size of the cotton crop the current season,
as was the case last year, appears to have been esti­
mated with remarkable accuracy last December by
the Crop Reporting Board of the Department of
Agriculture, according to the final ginning report
for 1916-17 issued by the Bureau of the Census on
Tuesday last. In fact, the difference between the
two statements is so small as to be of negligible im­
portance. The Department’s approximation an­
nounced on Dec. 10 indicated that, as a result of
unpropitious climatic conditions during the growing
season and insect damage over a rather extensive
area, the crop secured from last spring’s planting,
notwithstanding a large addition to the acreage, was
only a very little greater than that of 1915-16 and
nearly 4Yi million bales less than the record yield
of 1914-15. This is now substantially confirmed,
the Census Bureau announcement (including a com­
paratively nominal total estimated to be ginned
after March 1), coming within 70,000 bales of the
earlier approximation when the difference in the
average weight of bales is allowed for. The Census
Bureau report, and the Department’s estimate also,




[Vol. 104.

does not include linters, but assuming that that part
of the crop will be a little greater than the amount
returned last year we have a total yield for the
season of approximately 12,300,000 running bales
(round bales counted as half bales), a production a
quarter of a million bales above that of 1915-16 but
4,438,000 bales less than for 1914-15.
Specifically, the Bureau’s statement makes the
yield of lint cotton 11,356,944 bales, which includes
an estimate of only 38,039 bales to be ginned from
March 1 to the end of the season; and the total of
linters obtained we estimate at say 943,056 bales
(817,636 bales were recovered to Jan. 31). The De­
partment’s December estimate was 11,511,000 bales
of 500 pounds gross each (excluding linters, of course),
but this latest report gives the average weight of the
bales marketed as 503.8 pounds gross, making the
Census total of lint equivalent to 11,442,838 bales
of 500 pounds each. Consequently the Depart­
ment’s total is only 68,162 bales larger. As regards
the comparison of the ginning of 1916-17 with that
of 1915-16, some rather startling changes are to be
noted. In the States west of the Mississippi River
increases are general, with the yield in Arkansas the
greatest in its history. But in Alabama, due to
bad weather and the ravages of the boll weevil, the
production from an increased area is barely half
that of a year earlier, less than one-third of the
amount secured in the big crop season and apparently
the smallest crop in forty-five years. More or less
important losses from last year are also to be noted
in the Carolinas, Georgia and Mississippi, and in
each instance the yield is the shortest in quite a
period of years.
The comparative meagreness of the yield of cotton
in the United States this season has, of course,
afforded opportunity for questioning the adequacy
of the supply to meet consumptive requirements
during the remainder of the season. But there
would not seem to be any great reason for anxiety
on this point in view of the quite large carry-over at
the close of last season. The Census Bureau an­
nounced, as of July 31 last, stocks in consuming
establishments and in public warehouses and com­
presses of the U. S. of 2,723,370 bales lint cotton
and 212,257 bales linters, or an aggregate of 2,935,627
bales. Combining this with the 12,250,000 bales
produced in 1916-17 we have a total supply of
15,235,627 bales, which, however, does not include
the amount carried on plantations at the end of last
season— variously estimated at between a quarter
and half a million bales— stocks in private warehouses
and abroad and cotton in transit, &c. From this it
would appear that the supply of American cotton
available to meet consumptive needs is quite a little
greater than the 15,235,627 bales. On the other
hand, allowance must be made for an increase in
consumption in this country of approximately 400,­
000 bales for the twelve months and an increase in
takings of cotton by Japan. But, barring an earlier
ending of hostilities than now anticipated, there is
no probability of any important increase in the de­
mand for cotton from Europe. Under the circum­
stances, and omitting from consideration the matter
of price, which by further advancing might check
demand in some directions, we fail to see anything
more serious in the cotton situation than the drawing
down of the reserve supply while awaiting the com­
ing upon the market of the next crop.

Ma r . 24 1917.]

THE CHRONICLE

Events at home in connection with the German
situation have moved very quickly this week. Presi­
dent Wilson by proclamation has advanced the date
for the special session of the new Congress to April 2
instead of April 16. Throughout all Departments at
Washington feverish activity is being displayed in the
direction of preparations for the war which now seems
so unavoidable. The change in the date of Congress
was decided on after the news had been received on
Sunday that three American vessels had been tor­
pedoed in the prohibited zone. These were the City
of Memphis, the Illinois and the Vigilancia. There
was no attempt to warn the two last-named vessels.
Latest reports indicate that there were fifteen
casualties from the Vigilancia, among them a
number of Americans. The City of Memphis was
warned and given fifteen minutes for the crew to leave
the vessel. The Illinois, on the other hand, was
sunk without warning; her crew were rescued.
On Thursday news was received that the Ameri­
can tank steamer Healdton had been torpedoed
twenty-five miles north of Terschelling, Holland, in
the centre of what has heretofore been announced
by Germany as one of the “ safety zones” in the
barred area. Only six of the thirteen Americans on
board her are among those who have so far been re­
ported saved. It is believed that twenty-one lives
in all were lost. As the country is practically upon
a war basis this latest act of Germany does not ma­
terially change the situation. There have been
rumors of new peace overtures from Germany and of
offers of mediation from other countries. Strong
intimations have appeared that our own Govern­
ment has been approached informally by a neutral
European Government to ascertain how the United
States would receive an offer of mediation in the con­
troversy with Germany. This report became known
simultaneously with equally strong intimations at
Washington that such an offer would be rejected
unless Germany first gave formal notice terminating
her submarine “ frightfulness” so far as American
vessels were concerned.
Germany has instituted a blockade of the Arctic
Ocean between Norway and Spitzbergen. The new
blockade is manifestly intended to prevent ship­
ments to the Russian port of Archangel, which will
be free of ice within a few months and which has
always been a great centre of import for Russia.

10 8 5

accurate. He and the Czarina now are prisoners at
the Tsarkoe-Selo Palace. There does not yet appear
to have been any definite conclusion as to whether
the new form of Government will be that of a republic
or a limited monarchy.

The Cabinet crisis in France finally resulted last
Saturday in the resignation of the Briand Govern­
ment. Alexandre Ribot, formerly Minister of Fi­
nance, was at once invited to form a new Ministry.
This he succeeded in doing within forty-eight hours,
the new Government representing all sections of
government opinion. The Premier himself belongs
to the Republican Union; Albert Thomas, the Minis­
ter of Munitions, to the Unified Socialist group; Rene
Viviani, the Minister of Justice, Prof. Paul Painleve,
the Minister of War, and Maurice Viollette, the
Minister of Subsistence, to the Socialist Republicans;
Louis J. M alvy, Minister of the Interior, Jules Steeg,
Minister of Public Instruction, Georges Desplas,
Minister of Public Works, Etienne Clementel, Minis­
ter of Commerce, Fernand David, Minister of Agri­
culture, Leon Bourgeois, Minister of Labor, and
Daniel Vincent, Under-Secretary of Aviation, to the
group of Radical and Socialistic Radicals; while
Andre Maginot, Minister of the Colonies, belongs,
to the Republican Left, and Joseph Thierry, Minister
of Finance, to the Democratic Left. The new Gov­
ernment will be at once asked to explain the manner
in which it proposes to utilize in the best way the
resources of France and those of her allies. A notice
of an interpellation to this effect was given on Tues­
day by Deputy Louis Dubois. Anticipating such
a request, the new Premier issued a statement to the
people of France, as his formal “ Cabinet declaration.”
In part, M . Ribot said: “ We are now in a position
where we can fight with equal strength of arms as
long as necessary— having what our enemies do not
have, the sentiment that we are defending the cause
of right and of civilization.” He declared his inten­
tion of directing the political part of war, leaving a
generalissimo in complete direction of army oper­
ations. He announced new taxes and a law to pro­
hibit importations from foreign countries of articles
unneceassy to the life of the country. He re­
affirmed the country’s intention to fight to the end,
and saluted France’s victorious soldiers, “ already
liberating part of the invaded territory— which is
only a preface to new and supreme efforts against the
Affairs in Russia seem to be getting into compara­ enemy.”
tively calm shape. Our own Government has been
Many persistent and sinister rumors have been
the first nation to recognize in a formal way the new
administration of Russia. The American Ambassa­ current recently in connection with the internal
dor at Petrograd made a preliminary call on Thursday affairs of the Central Powers. Advices from Lon­
at the Russian Foreign Office immediately upon don repeat reports that do not seem to have been
receipt of instruction from our Department of State. mentioned freely on this side of the Atlantic, that
In the afternoon, accompanied by his staff, including President Wilson is considering a suggestion from
the naval and military attaches, he went to the Austria for a separate peace. It is unquestionably
Marinsky Palace wherfe the Council of Ministers true that Austrians, and none more than the young
were assembled and made the formal recognition, Emperor, to quote one London cable correspondent,
presenting congratulations and felicitations on be­ desire to get out of the war. But Germany, having
half of the United States. David Lloyd George, drawn them into it blocks the way out. Emperor
the British Premier, also telegraphed on Thursday Charles is reported to have asked President Wilson
to the Russian Premier saying he believed the revolu­ to use his good offices in perfecting a separate peace.
tion in Russia was the greatest service the Russians “ But I can state authoritatively,” continues the
had yet rendered to the Allied cause and that it was correspondent, “ that the Allies have not been ap­
a sure promise that the Prussian military autocracy, proached officially on the question up to the present
the only barrier to peace, would soon be overthrown. time.” The revolution and the new Democracy in
The first reports that reached this city last week that Russia are declared to be largely responsible for
the Czar had in fact abdicated proved to have been unsettled conditions in Austria-Hungary. The one



1086

THE CHRONICLE

element in the Russian situation that is disturbing to
the rulers of the Central Powers, a factor greater
even than the potential military power of the coun­
try, is the effect which the revolution is having upon
their own peoples. “ If the rulers of Germany,
Austria and Bulgaria -would avert revolutions in
their own land,” (still quoting the correspondent in
question)” they must listen to the will of the people.
If revolution does come in those countries it will not
be organized as skillfully ,as it was in Russia but it
will be ten times bloodier.” In official British
circles the correspondent finds that the question of a
separate peace with Austria is viewed as a possibility,
but hardly a probability, inasmuch as the whole
problem is likely to be solved before diplomatic
negotiations could be ended.
Other of the week’s rumors have referred quite
freely to the increasing shortage of food, in some
instances amounting to actual starvation in the
Central Power countries. Still other reports have
referred to the serious illness of the Kaiser, who,
they declare, is on the verge of nervous prostration
and is indeed in a very serious condition. Should
the Kaiser become incapacitated there obviously
would be greater encouragement to expect prompter
developments in the direction of popular German
revolution than is considered at all probable at the
moment. Seemingly responsible advices from Berlin,
however, deny any real basis exists for the recent
sensational reports that a revolution in favor of
a democratic government is very close at hand.
Dispatches from Berlin under yesterday’s date
quoted German officials as amused at the circulation
in Entente channels of the revolution reports. They
attributed them, first, to the nervousness felt by
Germany’s enemies over the Russian revolution.
The dispatch added that not only German officials
but the German people are entirely satisfied with the
results of the submarine warfare.
As to the military operations, the week has wit­
nessed a steady retreat of the Germans before the
French and British troops. Latest reports indicate
that the retreat has liberated French territory of 853
square miles, including 366 towns and villages. Ger­
mans still hold, it is estimated, about 7,100 square
miles of French territory. As they have retired, the
Germans have devastated the country and have
carried with them all males of military use. Mili­
tary experts now believe that the Teutons have
reached their new line of defenses between Cambrai
and Laon, as active resistance is being experienced.
On Tuesday last the French had arrived within
three miles of La Fere and four miles of St. Quen­
tin; since that day further advances have been slow.
General Haig, the British commander, reports that
“ the enemy’s resistance is increasing along our whole
front from west of St. Quentin to south of Arras,”
adding that heavy snow storms are hampering the
British advance. Paris reports that between the
Somme and the Oise the Germans made successive
violent attacks against the French troops holding
the east bank of the St. Quentin Canal, but that the
French machine guns stopped them. There has
been a renewal of activity on the Russian front in the
Vilna region. Here the Germans made an advance
over a front of 2% miles east of Lida. Petrograd
admits the advance, but says that the territory was
later retaken. In Galicia, near Brody, German
attacks have been repulsed. Petrograd also reports



[Vo l . 104.

that the Turks in Persia still are in retreat before the
Russians. Nothing new seems to have developed
in the operations of the British against the Turks
north and northeast of Bagdad. The Entente forces
still are on the offensive against those of the Central
Powers in Macedonia, but Berlin reports that the
attacks north of Monastir have been repulsed.
Dealings in the new war loan will begin on the
London Stock Exchange next Monday. Knowledge
that this was to be the case has exerted somewhat of
a retarding influence on the demand in the British
centre this week for standard and gilt-edged securi­
ties and home rails. No pronounced weakness de­
veloped, however, and the more speculative classes
of securities were, in fact, firm, notably in the case
of rubber, oil and metal stocks. The success of the
Russian revolution has produced a favoring impres­
sion. Wagers are reported to have been made in
considerable amounts on an even basis that the war
will terminate this year. The rather unexpected
announcement in the House of Commons by the
Chancellor of the Exchequer that the expenditure of
the war had averaged $30,000,000 per day for the
fiscal year ending March 31, and that the rate at the
present time is $36,000,000 does not appear to have
attracted widespread attention. A £1,500,000 South
Australian 5^6% loan to replace a maturing issue
has been underwritten at 97 in the British market.
Financial London is cheered by the progress of the
war on the Western front and elsewhere. It is felt
that the developments in Russia have uncovered a
position whose danger was not widely or fully ap­
preciated. The reports that have been so persistently
circulated that Germany is on the eve of starvation
are believed in London to be gross exaggerations
intended to cause slackness on the part of Germany’s
enemies. A disposition also exists at the British
capital to regard the failure of the submarine “ fright­
fulness” as being substantially assured. Money in
London has remained easy, notwithstanding the
necessity of accumulating £124,000,000 for the pay­
ment of the first installment yesterday of the new
war loan. One influence of this condition has been
the liberal maturities of Treasury bills. The annual
election of the London Stock Exchange Committee
on March 20 resulted as expected in the defeat of
the anti-bank agitators. There now will be no
change, this year at any rate, in the relations be­
tween the banks and the Exchange. The task of
preparing the new loan for dealings on the Exchange
on Monday next has been a tremendous one. Allot­
ments of the new issue— the largest in the history of
the world— have been completed within five weeks
of the closing of the lists, though the clerical work is
by no means ended. Transactions in the bonds are
likely to prove at first somewhat complicated,
owing to the variety of documents representing the
securities. For instance, fully paid, partly paid,
inscribed, bearer and registered 4 per cents are to be
dealt in as well as the same five categories of 5 per
cents. But this ignores entirely other complications
that are likely to arise, as there are so many docu­
ments representing the conversions of older securities
into the new loan. It is estimated there will be about
20 varieties of securities in which deliveries may be
made, though the bulk will be the straight 5 per cents.
More than half the latter will be fully paid up. It
appears that the announcement by cable from Lon­
don recently that the Stock Exchange will, during

Maii. 24 1917.J

THE CHRONICLE

the remainder of the war, be closed on Saturdays
was at least premature. Cable correspondents re­
port that that market was open on Saturday, though,
owing to the brilliant weather, the attendance of
members was decidedly light. New issues of Treas­
ury bills are expected as soon as dealings in the war
loan on the Stock Exchange begin to be officially
reported.
On the Paris Bourse trading has not been active.
Quotations, however, have been maintained, French
operators regarding the Russian developments as
being favorable to the Allied cause. A movement is
on foot to establish state-aided local trading banks
throughout France for the purpose of aiding small
industries in obtaining necessary discount facilities
and other forms of assistance. The project received
the approval of the old Ministry but there has been
no intimation by cable of how the new one regards it.
A bill to demonetize the existing French gold coinage
has been introduced into the Chamber of Deputies.
Its purpose is to force hoarders to bring out gold
estimated at $800,000,000 which it is believed still is
kept in hiding in spite of patriotic appeals to the
owners to exchange it for notes. The bill provides
for the issue of a new design which alone will
have currency after the war. Special arrangement
would be made in the case of French gold held abroad.
The “ Journel Officiel” on Wednesday published a
decree setting in operation for another season the day­
light saving plan which proved so successful a year
ago. Legal time will be advanced by one hour at
11 o’clock this, Saturday, evening, when all clocks
will be set ahead to midnight. Normal time will be
re-established at 11 p. m. on Oct. 7.

1087

ondly, that foreign trade, the source of enormous
profit before the war, has practically ceased to exist.”
The importance of the break of China with Berlin
is suggested by the estimate by Chinese authorities
that the total amount of German capital invested in
enterprises in China is $256,760,000. There are 244
German companies interested and the number of
German residents is estimated at 3,740. Several
mines have been opened in China by Germany,
notably the coal mine in Fantze and the iron mine in
Kinglingcheng. The northern section of the Tientsin-Pukew Railway and the Kiaochau-Tsinanfu
Railway are also German enterprises, the two having
a total mileage of 869. The Germans contracted to
build other railways, but these two were the only
lines completed, it is stated.
There has been no change in official rates from
5% in Paris, Berlin, Vienna and Copenhagen; 53^%
in London, Italy, Portugal and Norway; 6% in
Petrograd, and 43dz% in Switzerland, Holland and
Spain. The private bank rate in London continues
to be quoted at 4Y^°/o for sixty and ninety-day bills.
Berlin cables report as heretofore 4)/£% as the
nominal private bank rate at that centre. No re­
ports have been received by cable of open market
rates at other European centres, as far as we have
been able to discover. Money on call in London is
quoted 34 higher at 3 % % . On March 17 the rate
of discount of the Bank of Bombay was reduced
from 7% to 6% .
1he Bank of England announces an increase in its
gold item of £177,449. Note circulation was re­
duced £249,000, hence the total reserve registered
an expansion of £427,000. The proportion of reserve
to liabilities was advanced to 18%, compared with
16.62% last week and 28.37% at the corresponding
date a year ago. Public deposits decreased £18,­
466,000, although other deposits expanded £5,221,­
000 and Government securities declined £30,000.
Loans (other securities) were again reduced, this
time £13,603,000. Threadneedle Street’s holdings
of gold aggregate £53,962,204, which compares with
£55,970,306 a year ago and £57,248,528 in 1915.
Reserves now stand at £934,588,502, against £41,­
516,411 in 1916 and £41,533,458 the year preceding.
Loans total £151,821,000. A year ago they amounted
to £90,273,910 and £126,599,004 in 1915. The
English Bank reports as of March 17 the amount of
currency notes outstanding as £130,082,099, against
£130,307,699 a week ago. 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 ap­
pend a tabular statement of comparisons:

A dispatch from a correspondent at the Hague
reports that the German Ministry of Finance is
organizing a great canvassing campaign for the sixth
German war loan, which in financial circles is con­
sidered less successful than the previous loan, sub­
scriptions being one-third lower. The correspondent
adds that Berlin and Frankfort bankers say openly
that the present failure shows the uselessness of
launching a seventh loan. The correspondent of the
Associated Press at Berne (Switzerland) says that
the issue of Germany’s sixth war loan has again
raised the question at the Swiss centre as to the
sources of the Empire’s sinews of war. Continuing,
he says it is a “ mystery which even expert bankers
are unable to satisfactorily explain. The financial
experts point out that the German people are living
much more economically than ever before, while their
earnings have greatly increased. The capital for­
merly used in carrying on the foreign trade of their
country, sidetracked from its original use by the Brit­
ish blockade, has been invested in war bonds. Much
capital which was locked up in raw materials in ware­
houses and factories was released when the stocks
BANK OF EN G LAND ’S COM PARATIVE STATEM E N T.
were turned into finished goods after the outbreak
1017.
1916.
1915.
1914.
1913.
M a r. 21.
M a r. 22.
M a r. 24.
M a r. 25.
M a r. 26.
of the war and sold at unusually large profits. After
£
£
£
£
£
giving these explanations, the financiers freely admit Circulation................ 37.824.000 32,903,895 34,165.070 28.586.205 28,251 805
Public deposits------ 67.911,000
56,216,377 92,048,677 28,739,577 26.114 574
that they are far from meeting the situation. While Other deposits......... 124,334,000
90.125,709 93,080,678 41.42M 90 4R291 2 5 5
secure. 24,051,000
32,838,646 35,351,777 11,151,189 13,034 257
the factors mentioned figured largely in the earlier Government
Other securities------151,821,000
90,273,910 126,599,001 46,64o!843 46 033 349
war loans, it is conceded,” says the correspondent, Reserve notes & coin 34,588,000 41,516,411 41,533,458 30,719,119 26 739 510
Coin and bullion... 53,962,291
55.970,306 57,248,528 40,855,324 36!54U315
“ that by now they must have spent their force. Proportion of reserve
to liabilities.........
17.99%
28.37%
22.43%
43.75%
39 63%
The two facts which cannot be dodged are that nearly
I,!lnkrat« ..................
SK%
5%
5%
3%
5%
the entire ablebodied male population has been with­
drawn from production and has become a huge bur­
The Bank of France in its weekly statement re­
den on the economic powers of the country; and sec­ ported another substantial increase in its gold on



1088

THE CHRONICLE

[Vol . 104.

defense by enacting a law which would enable the
Government to lend its credit to those who are fight­
ing in the same cause. Governor Harding gave it as
his personal opinion that our Government should in
that contingency extend to the Allied Powers a
credit of one billion dollars, taking as security their
own obligations. As to the extension of the credit
or as to the fact that the wealth of our country must
be freely used in conjunction with what will become
our formal allies the very moment that a state of war
is officially declared to exist, there is virtually no dif­
ference of opinion in the financial district. Governor
Harding’s speech, however, may be interpreted asan accurate index of the change in the Administra­
tion’s attitude since the breaking off of relations with
Berlin. The speech, it is true, expressed personal
opinion.
It however seems quite fair to assume that
B A N K O F F R A N C E ’S C O M P A R A T IV E S T A T E M E N T .
Changes
---------------------------Status as of -------------------------Mr. Harding would have been very careful in ex­
for Week.
M a r . 22 1917. M a r. 23 1916. M a r. 25 1915.
pressing opinions that would show him to be out of
aold Holdings—
Francs.
Francs.
Francs.
Francs.
In Franco................Ino. 16,434.675 3,237,838,800 5,011,331,780 4,248,731,641
line with the ruling sentiment of the Administration.
Abroad____________
No change.
1,946,637,550 ------ ---------- ---------------------------His remarks when read in the light of the recent
T o ta l.................... Inc. 16,434,675 5,184,476,350 5,011,331,780 4,248,731,641
formal statement issued by the Board, explaining its
Sliver.........................Deo. 1,446,000
205,177,000
362,962,231
377,372,083
Bills discounted...Dec. 07,867,000
515,673,000
366,382,600
228,931,002
opposition in November last to foreign loans, may be
Advances.................Deo. 13,657,000 1,227,348,000 1,247,991,649
685,187,807
Noto circulation...Ino. 89,231,000 18,450,780,000 14,847,154,015 11,176,506,685 regarded as doubly significant.
Treasurydeposlts.-Ino. 37,329,000
59,846,000
26,002,893
101,015,542
The weekly statement of New York associated
General deposits— -Inc. 40,748,000 2,484,665,000 2,006,180,219 2,414,569,794
banks and trust companies, issued last Saturday, was
The Imperial Bank of Germany in its weekly state­ a strong one, showing a not inconsiderable increase
ment, issued as of March 15th, shows the following in reserves which may be said to reflect in some
changes: Total coin and bullion increased 213,000 measure the heavy imports of gold received during
marks; gold increased 140,000 marks; Treasury notes the week. The loan item registered the nominal
were expanded 45,223,000 marks; notes of other banks increase of $775,000. Net demand deposits again
decreased 1,043,000 marks; bills discounted regis­ expanded, this time $43,772,000, and net time de­
tered the huge expansion of 326,376,000 marks; ad­ posits were increased $1,089,000. Reserves in “ own
vances increased 789,000 marks; investments were vaults” recorded an increase of $17,196,000, bringing
increased 4,035,000 marks; other securities gained the total to $515,063,000, of which $460,263,000 is
49.977.000 marks; notes in circulation increased specie. At this date a year ago the total of reserve
384.000
marks. Deposits also recorded an enormousin own vaults was $488,525,000, including $417,674,­
advance, viz., 396,223,000 marks. Other liabilities 000 in specie. Reserves in Federal Reserve vaults
increased 28,693,000 marks. The German Bank’s also increased, namely, $12,671,000, to $221,274,000,
holdings of gold aggregate 2,529,117,000 marks. This against $170,345,000 in 1916. The reserve in other
compares with 2,458,480,000 marks held one year depositories was reduced $497,000, to $57,620,000,
ago and 2,315,900,000 marks in 1915. Loans and which compares with $61,252,000 last year. Circula­
discounts are 8,868,165,000 marks, as against 5,­ tion is $28,590,000, a decline of $38,000. The aggre­
902,640,000 marks in 1916 and 4,473,860,000 marks gate reserve showed a gain of $29,370,000, to $793,­
the preceding year. Note circulation totals 8,164,­ 957,000, as against $720,122,000 the year preceding.
360,000 marks, which compares with 6,468,300,000 Reserve requirements increased $8,122,550 ; hence
marks and 4,937,220,000 marks one and two years the surplus reserve was increased $21,247,000, and
the total of excess reserves now stands at $163,838,­
ago, respectively.
970, which compares with $133,394,680, held in the
The local money situation remains one of distinct same week of a year ago. The bank statement is
ease— of increased ease— a situation that seems re­ given in fuller detail in a subsequent section of this
markable when it is considered that we now are issue.
Referring to detailed rates for money, loans on call
definitely on the brink of war and when there neces­
sarily must be insistent demands upon the capital continued to range between 2 and 2)4%* On
market right along. Even the offering of the $100,­ Monday 2lA % was the maximum, with 2}4 % the
000,000 French loan failed to produce any stimulative low and ruling rate. Tuesday the minimum fell to
influence on rates. Active inducement, of course, 2 % , which was also the basis for renewals, though
exists for large banking interests to maintain the 2y 2% was still the high. On Wednesday and Thurs­
money situation in a comfortable position. There is day the range continued at 2 @ 2 } 4 % and 2 )4 % for
no doubt that, as in the past, New York will co-oper­ renewals. Friday’s range was 2)4 @ 2 )4 % and
ate in the financial part of the war with efficiency and 2M % the ruling quotation. In time money increased
credit. It is possible that a committee of bankers ease has developed, and sixty and ninety days loans
may be found desirable to act in conjunction in an declined to 3 j^ @ 3 ^ % against 3 % @ 4 % ; four
advisory capacity with the Treasury. To date, how­ months’ money remained at 3 % @ 4 % , while five and
ever, the situation does not appear to require addi­ six months receded to 3^4@ 4% , against 4 % last
tional steps. Much interest has been taken in a week. A more active demand has been noted with
speech delivered at a club dinner in this city on the supply of funds liberal. Commercial paper rates
Wednesday night by Governor Harding of the Fed­ remain as heretofore at 4 @ 4 )4 % for sixty and ninety
eral Reserve Board. The speaker urged that Con­ days’ endorsed bills receivable and six months’ names
gress should speedily provide the surest means of of choice character. Names less well known still
hand, namely 16,434,675 francs, bringing the total
gold holdings (including 1,946,637,550 francs held
abroad) to 5,184,476,350 francs, against 5,011,331,­
780 francs (all in vault) in 1916 and 4,248,731,641
francs the year previous. The silver item was de­
creased 1,446,000 francs. Note circulation contin­
ues to expand, the increase this week amounting
to 89,231,000 francs. General deposits increased
40.748.000 francs. Bills discounted were reduced
67.867.000 francs and Treasury deposits advanced
37.329.000 francs. Note circulation is now 18,450,­
780,000 francs. This compares with 14,847,154,015
francs a year ago and 11,176,506,685 francs in 1915.
Comparisons of the various items with the statement
for the previous week and the corresponding dates
in 1916 and 1915 are as follows:




Mae .. 24 1917.]

THE CHRONICLE

require 4 % % . Trading continues to be restricted,
owing to the inadequate supply of offerings. Banks’
and bankers’ acceptances continue in good demand,
with the tone easy and quotations practically un­
changed. A recent ruling by the Federal Reserve
Board permits acceptances to be made payable in
two places, thus permitting payment in a city other
than the domicile of the acceptor. Closing rates
follow:
Spot Delivery—Delivery
Sixty
Thirty
within
Days
Days.
30 Days
3@ 2 A
3 1-16@3
3 % bid
Eligible bills of member banks......... . . 3 1-16@3
3H @ 3
3 Vi bid
Eligible bills of non-member banks. . . 3 5-1 6 @ 3 }i 3 A ® 3
.
.
3
A
®
3
A
3
H
@
3
A
A
A bid
3
A
@
3
A
Ineligible bills.......................................
Ninety
Days.

The Federal Reserve Bank of Boston has estab­
lished a discount rate of 3}dj% on commercial paper
maturing within 15 days; also for member banks’
promissory notes not exceeding 15 days. The rate
in the last named case had previously been 4 % . The
rate on commercial paper maturing within 1G to 30
days (for which there had previously been no quota­
tion) has been fixed at 4 % . There have been no
other changes (except as noted in the foot note below)
by any of the Federal Reserve banks during the week,
as far as our knowledge goes. Prevailing rates for
various classes of paper at the different Reserve
banks are shown in the following:

Q

San Francisco.

BAN KS.

3A

3A

3A

3

3A

3A

3A

3A

4
4
4

4
4
4

4
4
4

4

4
4

4
4

5

5

AA 5

AA 6

5

5

5

5

6

BA

3>* 3

3A

3A

3A

3A 4

4

3A

3A

3'A 3 A
3A 3A
3A 3A

3A 3
3 A 3 A 3 A 3 A 3H 4
3 A 3>* 3 A 3 A 3 A 3 A 3 A 4
3'A 4
3A 3A 3 A 3A 3A 4

3A
3A
3A

3A

3A
3A

3A *
3A AA
3A 4A

i I

3
a
o

si

•o'
O
P>.

Kansas City.

1

Richmond.

s'

Atlanta.

RESERVE

Chicago.

OF FEDERAL
Philadelphia.

C LASSES
OF

RATES

Boston.

DISCOUNT

C
*

*»

Commercial Paper—

1
1
11
10
31
61

to
to
to
to
to
to

10 days maturity.
15
30
30
00
90

Agricultural and
Live-Stock Paper—

4

4
AA 4
AA 4

3A 4

4
4
AA AA 4

4

4
4
AA A
4
AA 4
AA
4 A AA 4 A A A

Banks—

1 to 15 days maturity.
Trade Acceptances—
1 to 30 days maturity.
31 to 60
"
"
.
61 to 90
“
”
.

Commodity Paper—
1 to 30 days maturity
4
31 to 60 “
"
4
4
61 to 90 '•
"
61 days to 6 months maturity

—

3H

3A

_
_
_
_

3A
3A
3A

3A

3A
3A
3A

_
_
_
_
—

3A 3A 4
3A 3A 4
3A 3A 4

3A

OPEN M AR K ET DISCOUNT AN D PURCHASE RATES OF FEDERAL
RESERVE BANKS.
Bankers’ Acceptances.— Authorized discount rate for all Federal Reserve banks
minimum, 2 % ; maximum, 4 % . In accordance with this week’s suggestion of the
Federal Reservo Board that all banks adopt a uniform classification of discount
rates, referred to In another Item In to-day’s Issue of our paper, tho Philadelphia
Federal Reserve Bank has fixed tho rate for the purchaso In tho open market of
bankers’ acceptances at 2 A to 4 % . Tho St. Louis Federal Reserve Bank Is also
said to havo revised its rates In compliance with the Board’s suggestion.
Trade Acceptances. Bills with maturities of 90 days or less, purchased In open
market without member bank endorsement, by New Orleans branch of Atlanta
Federal Reserve Bank; 3 A to 4 % .
Commercial Paper.— Bills purchased In open market by Dallas Federal Reserve
Bank; 3 to 5 % .
Bills o f Exchange.— Bills purchased In open market by Atlanta Federal Reserve
Bank: 3 A to 5 A % .
Bills With or Without Member Bank Endorsement.— Bills with maturities of 90 days
or less purchased In open market by St. Louis Federal Reserve Bank; 2 to 4 % .
* 15 days and under, 3 A % \ 16 to 30 days, 4 % .

Sterling exchange has remained firm, though the
position is entirely arbitrary, and the question of
demand or supply has only an indirect influence.
The offering of the French loan and its obviously
successful distribution have been a sustaining in­
fluence and have compensated for the absence of
additional importations of gold on an important scale.
Reduction in our export movement resulting from the
submarine menace has undoubtedly exerted some
influence in reducing the offerings of bills drawn
against shipments. As already intimated, however,
the market is so fully under control that what in
more normal conditions would be effective influences
pass without notice. The ease in money in New York




1089

about compensates for that showing itself in London;
hence there is no tendency to withdraw American
funds that are on deposit in London banks. The
week’s gold movement has included exports of
$4,820,000, comprising $2,175,000 to South America,
$100,000 to Spain, $300,000 to Cuba and $2,250,000
for the Far East via San Francisco, presumably for
Japan.
Referring to detailed quotations, sterling exchange
on Saturday as compared with Friday of a week ago
was firm and fractionally higher; demand ranged at
4 7550@4 7555; sixty days advanced to 4 71 9-16
and cable transfers were unchanged at 4 76 7-16.
M onday’s market was a dull and narrow affair, with
very little business transacted; the undertone was
steady, with quotations still at 4 75)^ @ 4 7555 for
demand, 4 76 7-16 for cable transfers and 4 71 9-16
for sixty days. Sterling rates continued firm on
Tuesday, though quotably unchanged from the pre­
vious day’s levels; the improvement in mail service
was a sustaining factor. On Wednesday firmness
was again displayed, chiefly as a result of the extreme
ease in local money and better shipping prospects;
demand bills ranged as heretofore at 4 7 5 ^ @ 4 7555,
with most of the business done at the higher figure;
cable transfers remained at the pegged rate of
4 76 7-16 and sixty days at 4 71 9-16. Dulness was
the chief characteristic of Thursday’s operations and
sterling rates, though firmly held, were unchanged
from the previous day’s close. On Friday the market
ruled steady and without important change. Closing
quotations were 4 71 9-16 for sixty days, 4 7555@
4 759-16for demand and 4 767-16 for cable transfers.
Commercial sight finished at 4 75 5-16, sixty days at
4 70 13-16, ninety days at 4 68 9-16, documents for
payment (sixty days) at 4 70 9-16 and seven-day
grain bills at 4 74 7-16. Cotton and grain for pay­
ment closed at 4 75 5-16.
In the Continental exchanges the feature of the
early week, so far as the belligerent countries are con­
cerned, was a sharp rally in lire, which, on expecta­
tions of arrangements to be made by the Italian
Government for the protection of its own exchange,
bounded up from M onday’s low quotation of 7.84
for checks, to 7.75— an advance of 12 points from
the extreme low point of a week ago. Later, how­
ever, disappointment over a lack of definite news
to this effect, coupled with moderate offerings,
brought about a partial reaction, but the close showed
a return to 7.75, the high point. Aside from
this, fluctuations have been less violent than
for some time, and while trading is still hamp­
ered by uncertainty over the present crisis in
international affairs, the tone was materially
strengthened through the improved outlook for
steamship communication, The statement of Governor Harding of the Federal Reserve Board, advo­
cating liberal financial assistance to the Entente
Powers in the event of this country’s actual entrance
into the war, exercised a sentimentally favorable
influence on nearly all of the exchanges. Francs
were well maintained and advanced fractionally on
the successful offering of the new $100,000,000 loan
here, while rubles ruled strong and higher, as a result
of reports to the effect that Russia is shortly to be
granted a large new loan. The Teutonic exchanges
have ruled almost stationary. Operators appear to
be holding off pending further important develop­
ments. The sterling check rate on Paris finished at

THE CHRONICLE

1090

27.82^2, against 27.83 a week ago. In New York,
sight bills on the French centre closed at 5.84% ,
against 5.85; cables at 5.83% , against 5.83% , com­
mercial sight at 5.85% , against 5.85% , and com­
mercial sixty days at 5.90% , against 5.90% last week.
Demand bills on Berlin finished at 69 and cables at
69% , in comparison with 68% and 68% on Friday
of a week ago. Kronen closed at 11.25, against
11.18 the week previous. Lire finished at 7.75 for
bankers’ sight bills and 7.74 for cables. This com­
pares with 7.85 and 7.84, the previous close. Rubles
closed at 28.50, as against 28.35 on Friday of the pre­
ceding week.
In the neutral exchanges the most noteworthy
development has been the rise in pesetas, reflecting
the continued outflow of gold from this centre to
Spain in payment of supplies exported to the Allies.
Rates of Scandinavian exchange continued firm, as
also did Swiss exchange, although no specific activity
was noted at any of these centres. Guilders were
in better demand and actual rates finished a shade
firmer. Bankers’ sight on Amsterdam closed at
40% , against 40% ; cables at 40 9-16, against 40 5-16;
commercial sight at 40% against 40, and commer­
cial sixty days at 40 1-16, against 39 13-16 a week
ago.
Swiss exchange finished at 5 04 for bankers’
sight and 5 03 for cables, comparing with 5 03%
and 5 02% last week. Greek exchange (which is
still looked upon as neutral) has remained unchanged
at 5 00. Copenhagen checks finished at 29.60,
against 29.00. Checks on Sweden closed at 29.60,
as compared with 29.55 and checks on Norway
finished at 28.85, against 29.00 on Friday of the
previous week. Spanish pesetas closed at 21.35,
which compares with 21.16 last week.
The New York Clearing House banks, in their
operations with .interior banking institutions, have
lost $1,789,000 net in cash as a result of the currency
movements for the week ending March 23. Their
receipts from the interior have aggregated $7,814,­
000, while the shipments have reached $9,603,000.
Adding the Sub-Treasury and Federal Reserve op­
erations and the gold exports, which together oc­
casioned a loss of $30,125,000, 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
$31,914,000, as follows:
Week ending March 23.

Out of
Banks.

Into
Banks.

Net Change in
Bank Holdings.

Banks’ Interior movement..................
Sub-Treasury ami Federal Reserve
operations and gold exports...........

S7,814,000

$9,603,000 Loss Sl,789,000

$41,283,000

$71,408,000 Loss 30,125,000

Total ............................ ............ . ........

849,097,000

$81,011,000 Loss $31,914,000

The following table indicates the amount of bullion
in the principal European banks:
March 23 1916.

March 22 1917.
Banks of
Gold.

£
England.. 53,962,294
Francea.. 129,513,552
Germany. 126,455,800
147,614,000
Russia
Aus-Hun.c 51.578.000
Spain____ 53.321.000
Italy-------- 34.783.000
Nethcrl’ds 49.297.000
Nat. Bel ,h 15.380.000
Swltz’land 13,741,600
Sweden . . 10.632.000
9.155.000
Denmark.
6.895.000
Norway . .

Silver.

Total.

Gold.

Silver.

Total.

£
£
£
£
55,970,306
53,962,294 55,970,306
10,607,080 140,120,632 200,453,280 14,518,480 214,971,760
783,350 127,239,150 122,924,150 2,243,150 125,167,300
11.952.000 159,566,000 162,000,000 5.191.000 167,191,000
12.140.000 63.718.000 51.578.000 12.140.000 63.718.000
29.792.000 83.113.000 37.091.000 30.269.000 67.360.000
2,826,000 37.609.000 41.824.000 4.257.000 46.081.000
399,900 42,855,900
540,100 49,837,100 42.456.000
600,000 15.980.000
600,000 15.980.000 15.380.000
10,099,200
13,741,600 10,099,200
8.938.000
10.632.000 8.938.000
176,000 0,835,000
125,000 9.280.000 6.659.000
3.999.000
6.895.000 3.999.000
£

Tot. week. 702,328,246 69,365.530 771,693,776 759,371,936 69,794,530 829,166,466
Prev.weck 701,719.460 69,208,620 770,928,080 758,309,795 69,361,070 827,670,865
a Gold holdings of the Bank of France this year aro exclusive of £77,865,502
held abroad.
* The gold holdings of the Bank of Russia for both years In the above statement
have been revised by eliminating the so-called gold balance held abroad,
c July 30 1914 In both years, h Aug. 0 1914 In both years.




[VOL. 104.

CONGRESS A N D THE QUESTION OF WAR.
The President’s call of Wednesday for Congress
to assemble at noon on April 2, instead of April 16
(the date fixed under the previous call), was a direct
and inevitable result of the sinking of three American
ships by German submarines, announced on Sunday.
The statement from the White House in connection
with the first call for Congress, issued March 9, was
that although the President “ is convinced that he
has the power to arm American merchant ships and
is free to exercise it at once,” nevertheless “ so much
necessary legislation is pressing for consideration”
that an early session of Congress would be needed.
In this week’s proclamation for the assembling of
Congress at the earlier date, the President informs
the nation that the national legislature will then be
convened “ to receive a communication concerning
grave matters of national policy, which should be
taken immediately under consideration.” No one
doubts what those matters are.
The news received on Sunday was that the steamers
City of Memphis, Illinois and Vigilancia had been
torpedoed and sunk. Of these vessels, the two firstnamed were bound from Cardiff and London to the
United States in ballast, the third to Havre. The
City of Memphis and the Illinois were stopped by
submarines and their crews forced to take to the
boats. The Vigilancia was torpedoed without any
warning. Apparently, lives were saved except in
the case of the Vigilancia, of whose crew fifteen were
drowned, including five Americans. This affront
and defiance by the Berlin authorities to our Govern­
ment was followed on Wednesday by the even more
ruthless sinking without warning of the unarmed
American steamer Healdton, with loss of 21 lives.
This ship was not even bound for England; it was
sailing from Philadelphia directly to Rotterdam.
By the American people at large and by our ex­
perts in international law, these were accepted as
deliberately hostile acts, in view of our Govern­
ment’s previous official declarations to Berlin, and
as creating a state of war through the action of the
German Government. Such a conclusion was re­
iterated very positively in the Union League Club’s
resolutions Tuesday evening and in the speeches
of Messrs. Root, Choate and Hughes, which pre­
ceded the adoption of those resolutions. The news
of Sunday was considered with equal unanimity
as superseding even the question what status had
been or would be created through the arming of
merchantmen with guns and naval gunners.
The power, asserted by the President in his earlier
call as being already in his hands, extended only to
armed neutrality— a somewhat indeterminate inter­
national position. Since the Constitution gives the
President no power formally to declare war without
the vote of Congress, these alternatives were left— to
continue the present status, to proclaim that a state
of war exists already through the acts of Germany,
or to refer the matter to Congress for action. 1lie
first procedure was rendered wholly inadequate by
the news of Sunday; the second was surrounded with
troublesome considerations as to the actual limits ol
executive authority. The President was apparently
at first desirous not to precipitate events by calling
Congress at the earlier date. But pressure of public
sentiment was strong, and the Cabinet at its meeting
last Tuesday was reported as unanimous for the early
call of Congress and for recognition of a state of war.

VIAR 24 1917.]

THE

C H R O N IC L E

It cannot yet be said exactly what the order of
events in Congress itself will be. Delay in organizing
the new House of Representatives may cut some
figure, since neither the Republicans nor the Demo­
crats have the majority of the House which is re­
quired to elect a speaker. Therefore, the five Repre­
sentatives attached to neither party would ordinarily
hold the balance of power. Such a situation has
on certain past occasions resulted in a deadlock,
extending over as long a period as two months. Not
long ago a similar result seemed possible in this case.
Of late, however, the tendency has apparently been
growing for agreement of the two parties, or of a
sufficient number of them to elect, on a compromise
candidate for Speaker or on a candidate bound to a
compromise agreement regarding committees.
At the moment, the signs'seem unmistakable that
Congress will agree in a declaration of war. The
first question which would then arise would con­
cern the situation created through our actual par­
ticipation in hostilities.
Of this it may be said
in the first place that the present status would not
necessarily be greatly altered, at the start at any
rate, since collision of our armed ships and the sub­
marines has been distinctly contemplated under the
armed neutrality. But that our Government’s
action, both defensive and offensive, regarding the
ocean routes and the submarines, would be more
vigorous and comprehensive is altogether probable.
Defense of our coasts from possible raids by German
submarines would necessarily be a first and import­
ant consideration; yet even of this, it must be said
that such demonstrations were easily conceivable
should Germany assume that our armed neutrality
was itself a state of war. As for the proposal for the
sending of a large American army to participate in
the land campaigns of the European Allies—a pro­
posal chiefly advocated by Mr. Roosevelt—this, for
the present at any rate, may be dismissed as an im­
mediate probability. Even as participants in the
war, our task regarding it is and would be different
from that of the European belligerents. More par­
ticularly, the supreme service which the United States
could still render to its allies would be through keep­
ing at the highest point its home facilities for pro­
ducing and delivering the necessary materials.
Regarding financial measures also, it may be said
that the situation would not be radically changed
from what it appeared to be a month ago. Author­
ity for a $100,000,000 loan had been already expressly
provided in the Armed Ship Bill, which passed the
House of Representatives last month and which
would have passed the Senate but for the filibuster.
The amount thus authorized would presumably be
larger in case of actual hostilities. In the bill of the
last session it was provided that the interest rate
was not to bo above 3%, but that the loan was to
be convertible into any future loans issued at a
higher rate up to the end of 1918. Under existing
circumstances, whether political or financial, there
is little doubt of the complete success of such a loan.
It Anight not be over-subscribed to the degree of the
.$200,000,000 war loan of 1898, for which applica­
tions footed up $1,500,000,000. That was the day
of high demand for Government bonds as a basis
for national bank circulation. But its success would
bejassured beforehand.
The further suggestion, made in his speech to a
Now York club on Tuesday by Governor Harding
of the Federal]Reserve Board, that the United States




1091

Government should advance its credit up to $1,000,­
000,000 to such allies as France and England has
caused wide discussion; but it ought for many reasons
to be considered with reserve. We cannot help
regarding this proposal, aside from any other
considerations bearing on its practical advisability,
as to-day both unnecessary and premature. It is
true that very large sums, running into the thous­
ands of millions of dollars, have been thus ad­
vanced to their allies by the English and French
Governments. But, except apparently some ar­
rangements to help out Russia’s public credit, these
advances were made in virtually every case either
to governments such as Belgium and Serbia, unable
through force of circumstances to finance their own
war requirements, or, in Englands’ case, to the
British colonies under the general policy of Imperial
Federation. Neither motive exists in our relations
with the Entente Powers, which are effectively
financing their own needs, and which, so far as re­
gards the American market, already have full access
to the American investor’s capital, as proved by the
recent offering of their collateral loans by England
and France, following the enormous loans of 1916 and
1915.
What would be the effect of actual declaration of
war on our financial situation as a whole has naturally
been a matter of anxious controversy. In the mind
of the general public, opinion on that question has
undoubtedly been colored by remembrance of
belligerent Europe’s own experience during July and
August 1914. Wall Street, however, has clearly
recognized all along that the situations provide very
little parallel. Neither our Government, nor our
people, nor our markets would be taken by surprise,
as was so dramatically the case with Europe when
war broke out in 1914. The United States is pre­
pared for any economic strain by its market’s
accumulation of wealth- in the intervening period; by
our unprecedented importation of gold (which has
anticipated on an enormous scale the protective ex­
pedient usually adopted on outbreak of war); by the
redemption on an immense scale of our own foreign
obligations since the end of 1914; by the reduction
of our international debit and credit account with
Germany to negligible proportions, during the period
in which Germany has been blockaded, and, in case
of imaginable hoarding of cash or withdrawal of
reserve money, by the machinery of the new Federal
Reserve system for immediate and effective issue of
currency, on a sound basis, well secured with gold,
and easily redeemable in it.
We do not suppose that incidents of a more or less
awkward sort could be wholly absent— withdrawal
of German balances which may still exist in this
country, for instance, or action in regard to their
savings deposits by the more ignorant GermanAmericans. But even these possibilities are abund­
antly guarded against by the condition of individual
bank reserves and the facilities of the Federal Reserve
system. For the rest, our actual participation in
the war would still be open to the numerous great
uncertainties surrounding any such undertaking.
War is war, and the course of events in it can never
be foreseen with absolute confidence. It may at any
rate be said that the action of the Stock Exchange, its
extremely vigorous advance of Monday and Tuesday
in immediate response to the new situation created
by Sunday’s news, with participation of outside in­
vestors on a scale not witnessed since last autumn,

1092

THE

C H R O N IC L E

appears «to reflect confidence and absence of grave
apprehension in the financial community.
T H A T B IL L IO N D O L L A R L O A N .

It will be very hard to find any constitutional war­
rant for extending a credit of one billion dollars to
any nation on the round earth. One must search
the history of war loans by the United States in vain
for a precedent. But there is a distinguished warn­
ing against the proposition. We first quote the pro­
posal. Then quote the warning.
THE PROPOSAL.
“ Congress can very speedily provide the surest means of
defense by enacting a law which would enable the Govern­
ment to lend its credit to those who are fighting for the same
cause. It is my personal opinion that this Government
should in that contingency extend to the Allied Powers
a credit of one billion dollars, taking as security their own
obligations. That would be an effective measure of de­
fense. It would protect us against a foreign invasion and
from a premature peace to which we were no party. If we
secure that measure of protection, we can look the future
in the face. Everything else has been discounted. No
shock can arise for which the public is not prepared.”—
M r . W . F . G . H a r d in g , G overnor o f the F ederal Reserve B oa rd .

THE WARNING.
“Against the insidious wiles of foreign influence (I conj ure you to believe me, fellow citizens) the jealousy of a
free people ought to constantly awake; since history and
experience prove that foreign influence is one of the most
baneful foes of republican government. But that jealousy
to be useful, must bo impartial; else it becomes the instru­
ment of the very influence to be avoided, instead of a de­
fense against it. Excessive partiality for one foreign na­
tion, and excessive dislike for another, cause those whom
they actuate to see danger only on one side, and serve to
veil, and even second, the arts of influence on the other.
Real patriots, who may resist the intrigues of the favorite,
are liable to become suspected and odious, while its tools
and dupes usurp the applause and confidence of the people,
to surrender their interests.”— W a sh in g to n ’s F arew ell A d ­
d ress.

.

To this we may add that Great Britain and France
are not yet in the position of financial paupers. Nor
has the United States yet reached the position of
financial opulence where it can, with a free hand,
turn over a thousand millions of the taxpayers'
money as if it were a mere trifle. The world is out
of joint, to be sure, but that is no reason why we
should depart from first principles or lose our sense
of proportion and allow ourselves^to be swept off our
feet by appeals to our sympathies and our
emotions.
Let the investor and private^concerns aid in the
way they have so liberally during the last two years,
but let the Government and nation hold aloof until
clearer reasons for an altered policy appear than
any that have yet been advanced. It should not
escape notice that Mr. Harding's proposition has
been promptly improved upon. One friendly critic
suggests that the loan be free of all interest, and
another, still more charitably inclined, would make
a clean gift of the amount mentioned. But why stop
at a thousand million? Why not make the amount
ten thousand millions? Perhaps, in return, some of
the belligerents will help up finance our oppressed
railroads, which need $1,000,000,000 of new capital
a year for their proper development and have for
many years found it impossible to raise the money,
so that to-day, in face of a grave national emergency,
they are unable to respond to the call [for adequate
transportation service. Here, surely, is a case where
charity ought to begin at home.




THE N E W

V ol . 104
C O N S T IT U T IO N OF M E X IC O .

Events in Europe have diverted attention from
what is passing in Mexico. Provisions of the new
Constitution “adopted at Queretaro on Jan. 31st
last/' which, it is asserted, “has been circulated
throughout the country and has been subscribed to
by all citizens within the jurisdiction of the Car­
ranza Government,” and which is to go “into effect
in its entirety” May 1 1917, denote impending
changes of a radical nature and of great moment
to the future of that disordered country.
The promulgation of a new fundamental and su­
preme law for the guidance of a nation is an event
of profound importance at any time. When this
occurs in the midst of domestic revolution and world
turmoil, and when it is superimposed upon an exist­
ing Constitution and laws that at the time are upheld,
in such manner as may be, by the acting executive
power, the natural tendency, it would seem, would
be toward extreme measures, drastic reforms, and
detailed requirements. Such at least appears to be
the result of this last effort of the Mexican people.
And yet upon this is to be erected the fabric of the
statutory law of the land.
A Constitution is necessarily brief. It must deal
with the principles of government, and can only
accomplish a broad statement of the divisional
nature, extent and powers of its several branches.
While, upon adoption, it must be strictly construed,
it may be questioned whether it does not become
more restrictive upon the law-making power under
it, and thus upon the true progress of the people,
when embodying too much than when embodying
too little. And if this Constitution for the Republic
of Mexico shall be firmly established the nation may
find itself suffering from fundamental law which
bears heavily rather than lightly, and which in at­
tempting to define liberty has destroyed it, for in
its wealth of detail it appears to have become so
regulatory in character as to hinder expansion.
Much of its ultimate success must depend upon the
state of intelligence among the people as well as
upon their loyalty and love of country. In this, a
certain explicitness and detail of statement may not
be wholly a disadvantage. But the difficulty to be
encountered, and which in this day is being generally
encountered, is that in a free government the citizen
may be so loaded down with laws, so hedged about
in his individual action, that his liberty of initiative
and effort is thwarted. Thus, to embrace untried,
social and industrial “reforms” in a Constitution
must not only hamper the Congress in fitting the
subsequent laws to the actual needs of the people,
but prevent progress under the evolution of natural
law.
One cannot doubt on reading the published pro­
visions which have come to us of this new Consti­
tution that the primal intent is to create a Mexico
for Mexicans. The executive is given the right to
banish “any foreigner whose presence he may con­
sider inconvenient,” and this “without the necessity
of previous judicial action.” Mexicans are to be
given “preference over foreigners, other things being
equal, in all concessions or for all positions, posts or
Government commissions in which citizenship is not
required.” The right to acquire property or obtain
concessions to mines is declared as follows:
“Only Mexicans by birth or naturalization, or
Mexican societies, have the right to acquire property,

Ma r . 24 1917.]

THE

C H R O N IC L E

1093

titles to land, waters or riparian rights or to obtain and the participation in utilities referred to in Sec­
concessions for the exploitation of mines, waters or tion 6 shall be carried on by special commissions
mineral fuels in the Mexican Republic. The State organized in each municipality subordinate to the
may grant the same right to foreigners when they Central Commission of Conciliation to be established
enter into a covenant before the Department of in each State.” Section 17: “Strikes and lockouts
Foreign Relations to consider themselves as nationals are recognized as rights of laborers and employers,
in so far as the said properties are concerned and not respectively.” The succeeding provisions appear al­
to invoke for the same the protection of their Gov­ most grotesque when you consider that this is a char­
ernments under penalty, should they fail to observe ter of human liberty on which future laws governing
the covenant, of forfeiting to the nation the pos­ labor and capital are to rest:
sessions which they thereby acquired.”
“Strikes shall be legal when their object is to
In view of all that has been said and written in bring about an equilibrium between the various factors
the United States concerning the origin of the move­ o f produ ction , harm onizing the rights o f labor and
ment for “intervention” by this country, this will capital. Laborers engaged in public work are obliged
seem to many a sharp and decisive way of preventing to give ten days’ notice to the Commission of Con­
further so-called “aggression.” And it is an open ciliation and Arbitration of the date set for the sus­
question for every man to decide whether or not prop­ pension of work. Strikes shall be considered illegal
erty acquired in a foreign State ought not of right only w hen the m a jority o f the strikers com m it acts o f
to be under the jurisdiction of that State and the violence against individuals or property or in time of
owner be compelled either to become a citizen or to war when establishments or services dependent on
relieve his own country from the burden of following the Government are involved. . . .
him with its “ protection.”
“ 19. Lockouts shall be legal only when an excess
Freedom of religious worship is guaranteed in of production makes a suspension of work necessary
church and home, “so long as this does not consti­ in order to keep prices w ith in the cost o f production
tute a crime or offense punishable by law,” but and with the approval of the Commission of Concilia­
“every act of public worhip shall take place in the tion and Arbitration.
churches, which shall be at all times under the su per­
“20. Differences between capital and labor shall
vision o f the a u th orities .”
Again, while it is provided be subject to the decisions of a commission of con­
that: “Congress may not enact laws establishing or ciliation and arbitration composed of an equal num­
prohibiting any religion whatever,” “ there must be ber of representatives of the workmen and employers
in each temple some person in charge of it and re­ and one Government representative.”
sponsible to the authorities for the fulfillment of the
For a country in need of capital, business organi­
laws on religious discipline in said temple as well as zation and industrial development the future growth
for the objects belonging to the congregation,” and of manufacture and transportation would hardly
before a new building may be devoted to the pur­ seem to be assured. Evidently labor is to have the
poses of worship “ consent of the Department of whip hand. Even if this “idealism” were demon­
Gobernacion shall be required” and “ to be a minister strated as either best or right, it is not related to the
in Mexico of any religious cult, it is necessary to be state of the country and is entirely unpractical.
a Mexican by birth.” Public schools arc recognized Not only is the history of industrial development in
and provided, but “No religious body, nor any the United States ignored, but the lessons of pending
minister of any sect, may establish or direct schools questions here are ignored.
for primary instruction,” and “Private schools may
be established only subject to official supervision.”
C A N A D I A N S H IP B U IL D IN G .
There would be little use for the missionary under
Ottawa, C anada, M a rc h 23 1917.
these provisions and while he may not always ac­
The sudden stimulation to the shipbuilding indus­
complish the ends sought it is quite in advance of the try of Canada, whereby sixty million dollars worth of
sentiments of most peoples that they have attained wooden and steel vessels are now under order in
to such a state of religious exaltation that there is Canada, is not accepted by practical shipbuilders as
nothing to be learned from a rightful presentation of indicating a permanent revival of the industry. Be­
the creeds of others, I he millenium of a universal fore the war Canadian ships cost an average of thirty
religion is not to begin, evidently, in Mexico. These per cent more to produce than the British-made ar­
provisions affect Catholic and Protestant alike, and ticle, due not only to labor charges, but to almost
though there is apparently a separation of church every item of material. With the speeding up of
and State, they may be so administered under the British methods during the war and the standardiza­
terms stated as to become oppressive. As “instruc­ tion of craft construction, the Canadian competitor
tion” is so closely interwoven with the structure of looks for a forty per cent handicap in the days of
the Catholic Church, they would seem seriously to peace, when Britain goes seeking orders. The only
interfere with the conduct of the organization, offset yet suggested is the subsidizing of Canadian
especially when considered in connection with the shipbuilding. As to the willingness of the Dominion
prohibition placed upon “the establishment of monas­ Parliament to attempt the nurture of an infant in­
tic orders.”
dustry against the tremendous odds of British com­
The hand of modern so-called “labor” is plainly petition, opinions are plentiful; no official statement
visible in the manifold provisions governing work and of surmise throws any light on the Government’s in­
industry. An eight-hour day is established. A tention.
minimum wage “shall be what is considered suffi­
The only form of shipbuilding reasonably free from
cient, the conditions obtaining in each locality being the danger of annihilation in an open market is that
taken into consideration, to satisfy the necessities of on the Great Lakes, protected by the canals. Here
his life, education, and honorable pleasures , he being the prospects of large development are good. On the
(the laborer) considered as head of a family.” Sec­ Pacific Coast and to a smaller degree in New Bruns­
tion 9 of Article 123 provides: “The minimum wage wick and Nova Scotia, present orders’are concerned



THE

1094

C H R O N IC L E

mainly with wooden types. As freight rates go, the
outlook for profitable voyages has attracted plenty
of capital. British Columbia timber demands for
its trade with Australia a great increase of tonnage,
and wooden ships will meet the purpose to a limited
extent.
Steel ship construction for ocean use is being pro­
moted mainly by the Imperial Munitions Board, act­
ing for the British Government. The probable per­
manence of this development is not discussed by
those pressing the work forward. At least twentyfive million dollars have been appropriated for the
purpose and a great many contracts already awarded.
Paralleling this undertaking is the effort to adapt
parts of the large steel plants to the fabrication of
structural steel and the rolling of plates for ship­
building requirements. At present the plants are
taken up with munitions work and will not be called
upon for any new purpose until the war is over.
Whether the making of steel ships will continue be­
yond the time when Britian’s merchant fleet is
brought up to full strength cannot be predicted.
Some leaders in the shipbuilding industry, however,
are not at all sanguine as to the ability of the private
shipyards to continue making wooden vessels, of
which one hundred are now under contract, after con­
ditions of international competition reach their ordi­
nary level.
THE

U N IT E D

STATES

STEEL

C O R P O R A T IO N

REPORT.

In reviewing the annual report of the United States
Steel Corporation for the calendar year 1916 it i
possible only to use superlative forms of expression,s
since such alone serve adequately to describe the
year’s results. The year was a marvelous one—
marvelous in the volume of business which it yielded
and still more marvelous in the magnitude of the
profits obtained therefrom. It was a period of grea^
activity and of phenomenal prosperity. The con­
ditions making possible the record disclosed, which
is absolutely without a parallel, had their origin of
course entirely in the European war, not alone in
the large export demand it created, but also in the
stimulus to the domestic demand which it furnished.
It is quite possible that the 1916 record will be
repeated or surpassed in 1917, since the aggregate of
unfilled orders on the books of the subsidiary cor­
porations on Dec. 31 1916 comprised 11,547,286
tons of rolled steel products (75% of the 1916 output),
being the highest total ever recorded in the history of
the corporation, and exceeding by 3,741,066 tons
the total of the unfilled tonnage at the close of 1915.
But looking beyond the immediate present the ex­
traordinary prosperity now being experienced is cer­
tain to disappear with the termination of the great
conflict in Europe. In volume of business we may
expect present records will some time in the future
again be reached and even exceeded, inasmuch as
expansion is the rule of this great company’s busi­
ness, as it is the law of the country’s development,
but the special profits realized on this occasion do
not seem likely again to occur for many a long day,
if ever.
Gross sales and earnings went way above the
billion-dollar mark, reaching for 1916 $1,231,473,779,
as against $726,683,589 for 1915 and $558,414,933
for 1914. The contrast between the wonderfully
good year 1916 and the poor year of 1914 is here
seen strikingly revealed. Yet more marvelous, how­



[Vol . 104.

ever, is the showing of profits. The operation of the
various properties during the year at substantially
their maximum capacity entailed the expenditure of
unusual amounts for maintenance, current repairs
and renewals; and the aggregate sum of all charges
to and allowances from gross earnings for the year,
to cover exhaustion of minerals and deterioration
arising from wear and tear, amounted to no less than
$104,576,379, as against $72,957,988 in 1915 and
$64,847,641 in 1914. Nevertheless, after the de­
duction of all such allowances and charges and pro­
viding for interest and sinking fund requirements
and also after allowing in full for the dividends on
the two classes of share capital at the rate of 7% on
the preferred, and no less than 8% % on the com­
mon stock, there is left surplus income for the twelve
months in the prodigious sum of $201,835,584.
In other words, such has been the magnitude of
the profits that even after paying 8% % on the
common shares a surplus of over $200,000,000 re­
mains on the year’s business. In brief, the profits
for the twelve months, after allowing for interest
on the bonds and mortgages of the subsidiary com­
panies, amounted to $333,574,177, this comparing
with $130,396,011 in 1915, and no more than $71,­
663,615 in the poor year of 1914. The profits for
the last quarter of 1916 alone at $105,917,438 sur­
passed the entire profits of a number of poor or in­
different years— 1914 for instance, and 1911.
Profits per unit of work were prodigious, of course.
In no particular was the year more noteworthy than
in the high level of values realized. Prices kept
mounting higher and still higher. The demand for
iron and steel in all their various forms was so per­
sistent and so urgent that buyers outbid each other
and indeed seemed willing to place orders irrespective
altogether of cost. As indicating the part played
by high prices in swelling the year’s profits, the ex­
port business furnishes an excellent illustration.
After the great expansion in the export tonnage in
1915, there was very little further addition in 1916,
the tonnage of all kinds of export material
shipped having been 2,501,627 tons in 1916 and
2,429,739 tons in 1915, being an increase of only 3%.
Such, however, was the rise in prices that in the value
of the shipments there was an increase of over 58%,
the tonnage exported in 1916 being valued at $150,­
463,290, against $95,163,393 in 1915. In 1914 the
export business had a value of only $42,784,091.
The influence of price is also seen in the relatively
greater increase in the value than in the quantity
of the domestic shipments. In tonnage the increase
in 1916 over 1915 in the domestic business was 36%,
but in value the increase was over 79%. The aggre­
gate tonnage of rolled steel and other finished
products shipped to both domestic and export trade
was 15,542,088 tons in 1916, against 11,681,887 tons
in 1915, and 9,078,559 tons in 1914. This shows a
great growth in business, the increase for the two
years being roughly 70%, but in the value of the
shipments the increase has been considerably over
120%, aggregate values for 1916 being $853,264,­
457, against only $486,352,054 for 1915, and no
more than $380,228,143 for 1914.
It deserves to be noted, too, that earnings kept
rising month by month throughout the year as the
result at once of the growth in business and the con­
tinued rise in prices. Throughout 1916 each month
until December (with one exception) showed larger
earnings than the month preceding; starting with

Ma r . 24 1917.]

THE

C H R O N IC L E

$18,794,912 in January, the total for November was
$36,443,542; in December the amount was somewhat
smaller at $34,296,502. As a matter of fact, growth
in these monthly earnings was continuous through­
out the whole of both 1915 and 1916 (with the one
exception mentioned), and at $34,296,502 for De­
cember 1916 comparison was with only $1,687,149
for January 1915.
With a superabundance of income the corporation
was able to finance its new capital expenditures—
and these were by no means small— without the
creation of new capital obligations of any kind.
Indeed, through sinking fund and other operations
the corporation’s bonded, debenture and mortgage
debt is being steadily reduced. In 1916 the decrease
was $12,980,787 and in 1915 it was $10,669,566,
being a reduction for the two years of over $23,500,­
000. The capital expenditures for 1916 reached no
less than $59,563,983. With, however, over $200,­
000,000 of surplus income, even after providing for
8/4% dividends on the common shares, the company
at the end of the year found itself still in the pos­
session of a superabundance of cash. In fact it may
be said to be literally swimming in cash. The bal­
ance sheet shows no less than $148,394,761 of cash
in hand or on deposit, besides $40,869,794 of time
bank deposits and secured demand loans, making
over $189,000,000 together.
The report states that at the close of 1916 the
amount unexpended on authorized appropriations
for extensions, additions and betterments was ap­
proximately $137,000,000, and says it is estimatec
that about $100,000,000 of this total will be cxpendec
in 1917. Thus is the company’s prosperity being
put to fructifying uses. The Corporation, as we
see, has almost double the cash needed for the pur­
pose, even without the huge further additions of
surplus income that are likely to accrue from the
result of the 1917 business.

1095

OUTLOOK FOR GOVERNMENT BOND IS S U E .
With regard to tho likelihood of tho sale of Government
bonds, C. F. Childs & Co. of Chicago and Now York, in its
circular of March 1G, states that the issuance of a large
amount of bonds will most likely be necessary within the
next sixteen months, and may reasonably be advertised for
sale about a year hence. Prior to that event, it states,
everything depends upon developments contingent upon
war against Germany and a sudden material change in the
condition of the Treasury. Wo give tho circular in full
below:
I he heralding recently o f a new Governm ent loan has been but an intensifiod. expectation o f a three-year-old probability. The investor is still
awaiting tho announcement which tho Treasury Department has success­
fully avoided for several years.
r Obviously the sale o f more bonds means tho immediate need o f funds.
Th e principal appropriations o f Congress will not require extraordinary
cash disbursements for a considerable period o f tim e. A s set forth in our
last Bulletin, tho m ajor articles tho Governm ent has purchased "will not be
ready for delivery for m any months or years. Th e simplest task o f all will
bo tho obtaining o f the capital to defray tho cost. A bond issue could bo
marketed and tho cash deposited in six days, whereas it would require
approximately six hundred days to build merely a torpedo boat destroyer.
Tho Government is not desirous of providing money for future use and pay­
ing interest on it while lying idle. I f tho Treasury can mc.et its current
needs until Juno, when about $240 ,00 0,00 0 extra taxes are expected, it is
likely that no bond issue will appear until next fall. In tho m eantim e,
a small fund sufficient to finance temporary requirements could be readily
arranged with the Federal or national banks.
Tho issuance o f a large amount o f bonds will most likely be necessary
within tho next sixteen months and m ay reasonably be advertised for sale
about a year hence. Prior to that ovent everything depends upon develop­
ments contingent upon war against Germ any and a sudden material change
in the condition o f the Treasury. In cither case some immediate financing
by tho Government would result.
There aro now authorized $ 7 0 0 ,50 9,00 0 o f unissued old or new 3 % U . 8 .
bonds and notes, all of which are overhanging tho market.
N one of theso bonds will bo acceptable to secure circulation although
the notes could be so employed with the approval o f tho Secretary o f the
Treasury.

GOVERNMENT OF TIIE FRENCH REPUBLIC LOAN OF
$ 1 0 0 ,0 0 0 ,0 0 0 .

Particulars of the S100,000,000 5 ^ % secured convertible
gold 2-year notes of the Government of tho French Republic,
referred to by us last week, were announced on March 19.
Tho subscription books were opened at 10 a. m. Thursday of
this week (March 22) at the office of J. P. Morgan & Co.,
syndicate managers, and will be closed at 10 a. m. March 28,
or earlier in their discretion. The notes, which are offered
to tho public at 99 and interest, yielding the investor slightly
over 6% , will be dated April 1 1917, and both the principal
and semi-annual interest (April 1 and Oct. 1) will be payable
at tho office of J. P. Morgan & Co. Coupon notes will be
issued in denominations of $1,000, $5,000 and $10,000.
PROPER FOOD CONSERVATION A N D D ISTRIBUTIO N
Holders of the notes are given the option of convert­
The following letter to the Mayor’s Food Supply Comr ing them at par, upon notice at any time before matur­
mittee is well worth reprinting:
ity, into twenty-year 5 } 4 % bonds of the Government
New York, March 14th 1017.
of tho French Republic, payable April 1 1937, and not
Geo. IK. Perkins, E s q . , M ayor’s Food Supply Committee, City Ilall, N . Y .
subject to prior redemption. Tho principal and inter­
City:
est of the notes, and of the bonds into which they may
Dear Sir: — I have made a study of the food supply question for somo
years, and liavo written to the press, also consulted with local organizabo converted, are to be payable without deduction for
tlons.
I do not believo that such legislation as is suggested will bo of any
French taxes, present or future, in New York City in United
effect, as long as prosent mothods o f distribution aro in existence.
I have frequently called attention to the methods o f tho Uidted Fruit
States gold coin, and principal and interest of the notes are
C o ., which through their selling department liavo a perfect system of dis­
also to be payable, at the option of tho holder, in Paris in
tribution. A s a result, bananas aro for sale at Uoberval in the Province
francs at the fixed exchange rate of francs 5.75 to the dollar,
o f Quebec, at Victoria on the Pacific Ocean, and in overy cross-road store
botweon theso points, which are tho oxtremos o f tho railroads o f the con­
without deduction for French taxes. Tho official circular
tinent, and all tho population south of theso places.
issued by the bankers states that in connection with the
W hon ono bunch o f bananas is nearly gone, another Is ready to take its
provision for optional collection in francs, it may bo noted
place, and the price of 3 for Sc. is nearly universal. I have urged that
tho same bo done for such staples as potatoes, o f which, o f course, larger
that this feature amounts to a call on French exchange for
quantities aro used than bananas.
two years at a rate of francs 5.75; this being about 10% below
A largo operator, known as tho Potato K ing in Colorado, stated in an
article in tho W orld’s W ork magazine somo years ago, that Colorado would
mint parity, francs 5.18)^, at or near which figure exchange
bo satisfied with a permanent price o f 40c. per bushel for potatoes.
ruled prior to the disorganization of foreign markets brought
This would loavo a good margin for any distributing com pany to handle
about by the war. . Such additional profit from tho exchange
them on a basis of 75c. per bushel, or 20c. per peck. They could bo sent
from distributing centres, in bags containing ono pock, mado of cheese
featuro as may accrue to the holders of these notes will
cloth, and properly labeled and dated.
involvo no increased interest cost to the promissor, but will
Three years ago, when potatoes were selling at $1.00 per bushel in Now
be consequent upon such improvement in trade and exchange
Y o rk, the now crop was so largo that potatoes were bcttiy buried from tho
previous crop, near R utland, V t ., from wlienco they could easily have been
conditions as may occur during the coming two years.
shipped to Troy or W hitehall, and sent to New York by choap water
Tho notes aro to be secured by pledge with the Central
carriage.
A company could bo organized for handling this product following the
Trust Co. of New York, of securities approved by J. P.
mothods of the Fruit C o. This could bo followed by other staple articles
Morgan & Co., valued in the aggregate at not less than
either by tho same or different organizations.
$120,000,000, of which approximately $20,000,000 in value
I call your attention to tho fact that our expensive Departm ent o f Agri­
culture in W ashington, with its thousands o f correspondents, is not able
is to consist of securities of American corporations and
to give prompt reply to the inquiries as to supply of food products in dif­
municipalities (including securities of the Canadian Pacific
ferent parts of tho U. H. A call for such information should liavo been
Ry. Co.), and tho remainder is to consist of obligations
m ade, and tho result tabulated within 3 to 5 days. A similar lack of
systom exists in tho Department in New York Stato, but of courso there Is
(either direct or through guaranty) of tho following Govern­
no such oxponsivo outfit, nor so many sources of information.
ments: Argentine, Uruguay, Brazil (funding loan), Switzer­
It is ludicrous, with this means of adding to our knowledge "o n ta p ,”
land, Holland, Spain, Egypt, Province of Quebec, Denmark,
that the Federal Trade Commission should bo ca«led upon to "Investigate**
conditions, at a cost of $ 100,000, when ono o f the most expensively equipped
Norway and Sweden (including certain bonds of mortgage
Departments of tho Government is in existence for that very purpose.
banks in the last three countries, operated under Government
Very truly,
JO SE PH
D . H OLM ES.
supervision, and quoted customarily on a parity with the



.

1096

THE

obligations of their respective Governments); also bonds of
the State of Berne, Switzerland, bonds of the City of Stock­
holm, Sweden, and bonds and shares of Spanish railway
companies and of the Suez Canal Co. Provision is to be
made in the pledge agreement for the maintenance of the 20%
margin; for temporary lodgment of cash pending the arrival
and deposit of all the collateral; for the holding by depositaries
in France of such coupons from the pledged securities as
mature prior to April 1 1919; for the sale of collateral and
purchase of notes with the proceeds; for proportionate with­
drawals of collateral as notes are converted and for substitu­
tions of collateral approved by J. P. Morgan & Co., the
amount of American collateral, however, not to be reduced
through any such substitution.
The right is reserved to reject any and all applications,
and also, in any event, to award a smaller amount than
applied for. Amounts due on allotments will be payable at
J. P. Morgan & Co’s, office in New York funds, to their order,
and the date of payment will bo given in the notices of allot­
ment. Temporary certificates will be delivered pending the
engraving of tho definitive notes, and applications will be
made to list the notes on the New York Stock Exchange.
Tho leading members associated with J. P. Morgan & Co.
in handling the new loan are: The First National Bank, New
York, Brown Brothers & Co., tho National City Co., Now
York, Harris, Forbes & Co., Kidder, Peabody & Co., Lee
Higginson & Co., J. & W . Seligman & Co., Wm. A. Road &
Co., hazard Freres, W . P. Bonbright & Co., Inc., Kissel,
Kinnicutt & Co., White, Weld & Co., Spencer, Trask & Co.,
tho Chase National Bank, Now York, the National Bank of
Commerce, New York, the Guaranty Trust Co., Now York,
the Bankers Trust Co., Now York, the Central Trust Co.,
New York, the Farmers Loan & Trust Co., New York, tho
Union Trust Co., New York, tho Equitable Trust Co., New
York, the Commercial Trust Co., Philadelphia, the Union
Trust Co., Pittsburgh, the Mellon National Bank, Pitts­
burgh, tho First National Bank, Cleveland, the First & Old
Detroit National Bank, Detroit, the Marine National Bank,
Buffalo, the Central Trust Co. of Illinois, Chicago, tho
Continental & Commercial Trust & Savings Bank, Chicago,
the First National Bank, St. Paul, and tho Mercantile
Trust Co., St. Louis.
As stated by us last week, tho French Government in
July last obtained a loan in this country of $100,000,000
through the American Foreign Securities Co., organized
especially for this purpose with a capital of $10,000,000.
The major part of the loan was mot by tho company making
a public offering of its secured notes amounting to $94,500,­
000, bearing 5% interest and maturing Aug. 1 1919. The
notes wore offered at 98 and intorest, yielding about 5.735%.
A detailed list of the collateral pledged by tho French Govern­
ment as security for the loan was given in our issue of Sept.
23 1916, page 1080.
A number of credits for commercial purposes havo been
arranged for in this country by Fronch banks in co-operation
with the Fronch Government. Wm. P. Bonbright & Co.,
Inc., brought out three of these, totaling $45,000,000, and
Brown Brothers & Co. handled two others, aggregating
$45,000,000. The Bankers Trust Co. and Wm. P. Bon­
bright & Co., Inc., in October last completed arrangements
for an industrial credit of $50,000,000.
Concerning the offering J. P. Morgan & Co. havo issued
the following statement:
Tho Fronch Govornmont has authorized us to Issue in this country
$100 ,0 0 0 ,0 0 0 o f 5 'A % obligations of tho Itopublic of Franco. These will
take tho form of 2-year 5 % notes, to bo offored at a price to yield slightly
over 6 % , to bo secured by high grado collateral and to bo convertible,
should tho holders doslro, into 20-yoar 5J4 % obligations of tho Fronch
Governm ent. Both tho notes and tho bonds arc to bo free from deduction
for any Fronch taxes.
Tho notes will also embody a clause permitting tho holder, at ills option,
to collect both the principal and tho interest in francs, at a rate of exclrango
o f francs 5 .7 5 , which, should normal conditions of trado and exchange bo
measurably restored within tho life of tho notos, would yield a substantial
furthor advantage to the investor.
This country’s volume o f trado with Franco is far In excess of any figures
over reached prior to tho war, our exports in tho calendar year 1910, ac­
cording to official reports, having aggregated over $ 8 6 0 ,00 0,00 0, as con­
trasted with $ 500 ,00 0,00 0 in tho calendar year 1915, and $ 159 ,00 0,00 0 in
tho year ended Juno 30 1914, tho last normal year. Tho extraordinary
increase o f exports has had its effect on tho market for Fronch oxchango
and tho value o f tho franc, as moasurod in dollars, is considerably below
its normal level. Should French oxchango roturn to normal, which is
5.181's francs to tho dollar, the value of tho now notos at maturity would
work out at a substantial premium, assuming tho holdor exercised his
right to claim payment in Paris in francs. Under normal trade conditions
tho markot for French exchange stays closo to tho foregoing figure; tho
range from Jan. 1 1910 to Juno 30 1914, having boon botweon 5.155^ -1-16
and 5 .2 1 X - 1 - 1 6 . A return to thoso figures will, obviously, bo dependent
upon a groat many factors which cannot bo foreseen, but any advanco
above tho figure of francs 5 .7 5 should inure to tho benefit o f the holders
ot thoso notos, without involving any increased interost cost to tho Fronch
Governm ent,




[Vol . 104.

C H R O N IC L E

E F F O R T S TO B R I N G O U T H O A R D E D M O N E Y I N
FRANCE

BY

DEM ONETIZING

GOLD.

According to Paris advices on tho 16th inst. a bill to
demonetize existing French gold coinage has been introduced
in tho Chamber of Deputies by Deputies Lonoir, Bouffandeau and Eymond. Tho purpose is to force hoarders to
bring out gold estimated at 4,000,000,000 francs (approxi­
mately $800,000,000), which it is said is still kept in hiding
in spite of patriotic appeals to tho owners to exchange it for
notes. Tho bill provides for tho issuo of a new design, which
alone will have curroncy after the war. Special arrange­
ments would be made in the case of French gold hold abroad.
D OM INION

OF C A N A D A

WAR

LOAN

OF

$150,000,000

OVERSUBSCRIBED.

Tho $150,000,000 5 % 20-year gold war loan of the Do­
minion of Canada, subscription books for which wore closed
yesterday (March 23) will, it is estimated, bo heavily over­
subscribed. The subscriptions, it is thought, will amount
to $250,000,000, including the $60,000,000 taken by banks.
Particulars of this loan were givon by us last week, pages
1 0 0 1 and 1002.
IT A L IA N GOVERNM ENT CONSOLIDATED

5%

PERPETUAL IN TERN AL LOAN.

In co-operation with tho Bank of Naples, tho foreign oxchange department of tho Equitablo Trust Co. is receiving
subscriptions in this country to tho consolidated 5 % tax-free
perpotual internal Italian Government loan offered in Italy
on Fob. 5 at 90. Tho loan is dated Jan. 1 1917 and tho in­
terost coupons aro payable Jan. and July. There is no limit
to tho amount of tho issuo and it is not convertible bofore 1931.
Subscriptions are being taken at the trust company in liro
at the issuo price of 90, based on the day’s rates of oxchango.
At this price and at the curront Now York rato of Italian
exchango, tho bonds aro selling on tho basis of about 1 1 V2
cents to tho lira, against a normal x’ato of 19.3 conts. Prin­
cipal and interest of tho bonds aro payable in Italian cur­
roncy, so that the price of tho bonds may be expected to
fluctuate on this markot with tho fluctuations in tho rato of
Italian exchange.
Tho proceods from tho sale of tho bonds will bo deposited
in New York and used to make payment on account of pur­
chases by tho Italian Government.
GERMAN

GOVERNMENT
EXTENDED

TREASURY

ONE

NOTES

YEAR.

According to an announcement made by Chandler & Co. Inc.
of New York and Philadelphia, on March 18, most of tho
$10,000,000 Imperial German Government Troasury notes
placed in this country by them about a year ago and which
will mature on April 1 1917, will bo extended another year.
Concerning this extension|or renowal Chandler & Co. Inc. said
In response to tho various statements which have recently appeared in
tho newspapers relating to tho issuo o f $ 1 0 ,000 ,000 Imperial German
Government Treasury notes, maturing April 1 1917, which notes were placed
by us, wo beg to stato that tho information in reference to renewals as
to names and amounts is incorrect.
W e havo been authoritatively informed that most of thoso notes have
been renewed for a period of one year, by agreement with tho holders, and
that the balanco of theso notes, obviously, will bo paid upon m aturity,
irrespective o f any political conditions then oxisting.

These Treasury notos, to which wo roforrod in our issuo
on May 27 1916 (page 1942), wore for tho purpose of es­
tablishing commercial credits in tho United States for tho
German Government. Tho issuo was limited to $10,000,000
and the interost on the samo was calculated on a basis of
6 % , which was deducted at tho time aftor tho manner of
regular commercial paper.
G E R M A N Y ’S

PLANS

FOR

BORROWING

OF

NEUTRAL

SECURITIES.

The following regarding tho plans of tho Gorman Govern­
ment to make uso of neutral securities hold in that country
are announced in Berlin advices under date of tho 17tli inst.
as having appeared in tho “ Tagoblatt:”
A special Government consus determined that considerable sums In
neutral securities wero in Gorman hands.
It is understood that tho G ov­
ernment plans to mako uso o f theso to maintain foreign credits by borrow­
ing them from their owners for a term of three years for a fixed paym ent.
Tho owners of tho loan securities will bo permitted to sell freely, but thoy
m ust do so through tho Government. Tho latter will use tho borrowed
securities in tho foroign markets as a basis for Government credits for the
purpose of raising Gorman exchango.
Should tho owners o f such securities desire to sell, tho Government will
carry out tho transaction on a foreign market and turn tho profits over to
tho owner. Tho compidsory loan o f such securities is not contemplated
at present, but m ay follow later. England accomplished tho samo result
by lovying heavier taxes upon tho holdors o f foreign securities.

Mar . 24 1917.]
T h e
th e

N ew

Y ork

h o ld in g s

of

THE

“ T im e s ”

A m e r ic a n

sta tes

t h a t w h ile

s e c u r it ie s

in

s id e r a b le , t h e a m o u n t a t p r e s e n t is b e l i e v e d
s m a ll.

b e fo r e

G erm a n y
to

C H R O N IC L E

th o w a r

w ore

con ­

b e r e la tiv e ly

________________________________________

S E T T L E M E N T OF
YORK B A N K S
A n n ou n cem en t

D A IL Y
C L E A R A N C E S OF N E W
TH RO U G H RESERVE B A N K .

th a t

th o

C orn

E x ch a n ge

B an k

and

th e

L ib e r t y N a t io n a l B a n k h a d c o m p le t e d a r r a n g e m e n ts w h e r e b y
th e ir d a ily
th rou g h
T h e

b a la n c e s

th o

a t th e

F ed era l

“ T im o s ,”

C le a r in g

R eserve

c o m m e n tin g

II o u s o w o u ld

B an k
u pon

w as
th e

m ade

be
th is

s e t t le d
w eek.

a rra n g em en ts

on

T h u r s d a y , s a id :

This Is a distinct departure from tho long-established practice, but
tho plan is said to possess so much merit that it is expected that other
institutions will avail themsolvcs of tho facilities offered by tho Reserve
Bank.
Tho Corn Exchango, which is tho only State bank in this city that is a
member of tho Reserve system, was tho first to adopt tho plan, and to-day,
for tho first time, tho Reserve Bank will settle tho balance for tho Liberty
National.
Tho arrangement entered into consists of tho member bank authorizing
tho Federal Reservo Bank to pay out or to receive money in tho daily
settlements at tho Clearing IIouso. The plan is similar to the authorization
given by some uptown banks to their Wail Street correspondents to attend
to Clearing IIouso settlements for them. After tho day’s clearings tho
roprosentatlvo of tho Corn Exchange presents to tho Reservo Bank a
memorandum showing tho credit or debit balance which his institution had
for tho day. If tho Corn Exchange is a debtor the Reservo Bank deducts
from its account tho amount o f tho debit and pays it into tho Clearing
IIouso when it makes its own settlements. In other words, tho Reserve
Bank, in paying its balance, or in receiving cash duo it as a result of tho
day’s clearings, adjusts Its own account with that of tho banks for whicli
it is authorized to act as settling agent, and makes ono settlement.
Among the advantages o f tho plan is that tho member bank, such as tho
Corn Exchange, by having its balances settled through tho Resorvo Bank,
dispenses with tho trouble and risk of having its messenger carry cash to
and from tho Clearing IIouso. Tho old practico o f carting money through
tho streets is superseded by book entries on tho books of tho Reserve bank.
jS* Besides the reduction of tho risk in carrying money and the inconvenience
of doing so, tho advantago of having balances settled through tho Federal
Reservo Bank lies in tho fact that it would encourage member institutions
to hold smaller reserves in their own vaults and larger reserves with tho
Federal Reserve Bank. Under a recent amendment to tho Reserve Act,
any or ail of tho legal reserves may bo held on deposit with tho Reserve
Bank of tho district. If tho member banks kept a larger proportion of their
reserves with tho Federal bank, tho resources o f that institution would bo
greatly strengthened. Tho Reservo Bank would bo in position to accumuato a still larger stock o f gold than it now holds.
OFFICER S
T h e

c r e a t io n
w h ic h

OF

o r g a n iz a t io n
o f w h ic h

becam o

a

FEDERAL

o f th o

v a r io u s

is p r o v i d e d
la w

in

la s t J u ly ,

LAND

BANKS.

F ed era l L a n d

th o F ed era l F a rm
has boon

b a n k s , th o
L oan A ct

c o m p le t e d .

B o lo w

w o g iv e th o o ffic ia ls o f th o tw e lv e b a n k s :

District No. 1.— Springfield, Mass., Federal Land Bank. President,
Leonard G. Robinson o f New York; Vice-President, IL G. M clntyro ol
East Waterford, M o.; Secretary, E. II. Forristall, of Cortland, N . Y .;
Treasurer, Edward II. Wilkins o f Middletown, Conn., all of tho foregoing,
with Herbert Myriclc o f Springfiold, constitute tho directorate. Kingman
Browster o f Springfiold, Is registrar and attornoy o f tho bank. Mr.
Robinson, it is said, was ono o f tho founders of tho first co-oporativo agri­
cultural sociotics in tho United States. According to tho Springfiold
‘ ‘Republican,” 19 rural crodit unions wore organized through his instru­
mentality. Ho is also said to havo written a number of articles and books
on rural crodit and agricultural activity. Mr. Forristall has been managor
o f tho oxporimcntal station farm in Massachusetts. M r. Myrick, who is
well known as a publislior of farm journals, is the author of sovoral worl<s
on agricultural subjects. Mr. Wilkins, tho Treasurer, will, it is stated,
resign as Assistant Cashier o f tho Middletown (Conn.) National Bank.
Temporary quarters for tho Springfield Federal Land Bank havo been
in tho Stearns Building. Mr. Forristall was originally appointed Treasurer
and Mr. Wilkins Secretary, but they exchanged places on tho 21st, bocauso.
says tho Springfield “ Republican,” M r. Wilkins has had practical banking
oxperlenco, whereas Mr. Forristall’s experience has peculiarly fitted him
for secretarial work. Tito Chicopee National Bank of Springfield is
depository for tho now bank.
District No. 2.— Baltimore, M d „ Federal Land Bank. President,
Goorge II. Stevenson of Bel Alton, M d.; Vico-President, I). Fred. Shamborgor, Baltimore; Secretary, J. B. Finloy o f Parkorsburg, W . Va.; Treasurer
J. II. Ilossingor of Nowark, Del. Tho directors includo besides tho officers,
John II. Murray o f Wavorly, Pa. Robert Catlett o f Lexington, Va., is
registrar and attornoy. M r. Stevenson was formerly manager o f tho farm
loan business of Stull Bros, o f Omaha and for several years was a specialist
on country agont work for tho U. S. Department o f Agriculture. Mr.
Shamborger is President o f tho Maryland Good Roads Association. Mr.
Fiidoy is Treasurer o f tho Citizens Trust & Guaranty Co. o f Parkorsburg.
Mr. Ilossingor was formerly Cashier o f tho National Bank of Nowark,
Del., and moro recently has had charge o f tho real'estate and loan depart­
ment o f tho Farmers Trust Co. o f Nowark. Ho also served as Chairman of
tho Agricultural Committoo in chargo o f tho State experiment farm. Mr.
Catlett was Assistant Attornoy General of Virginia and tho legal adviser of
tho Puro Food Department and the State Highway Commission.

1097

K y., mako up the directorate. A.rC. Dulaney’ of Bowling Green, K y ., is
registrar and attorney. M r. Howell was formerly President o f tho Old
National Bank of Union City, Tcnn., and for more than twenty years
served as an executive officer o f both State and national banks. M r.
Brennan held the post of Assistant Treasurer and later Treasurer of Ohio.
He is said to havo been a pioneer in the inauguration of a system in Ohio
later enacted into law whereby banks were compelled to pay interest on
Stato funds. Mr. Davis is in chargo of tho Davis Trust Co. of Brazil,
Ind. M r. Clore is President of tho Indiana State Board of Agriculture;
he was formerly a momber of tho Indiana State Legislature and Chairman
of tho Committee on Agriculture. Air. Sommers is the owner o f the
Elizabothtown “ News.” Air. Dulaney has made a specialty of tho farm
loan business throughout Kentucky and the examination of land titles.
District No. 5.— New Orleans, La., Federal Land Bank. President,
T. F. Davis o f Yazoo City, Aliss.; Vice-President, Col. W. C. Dufour of
New Orleans; Secretary, C. C. Gaspard of Alarksvillo, La.; Treasurer,
Arthur Y . Malone of Dothan, Ga. J. T. Savage of Hamilton, Aliss.,
with tho officers, is a director. Judge Tyler Goodwyn of Dothan, Ala.,
is registrar and attorney. Air. Davis resigns as Cashier of the Delta Bank
& Trust Co. of Yazoo City, Aliss. Col. Dufour, who -was at ono time a
momber of tho Stato Legislature, was attorney for tho receiver of the St.
Louis & San Francisco Line in Louisiana and represented the trustees in
tho Knight-Yancey & C o., and Steele-AIiller litigation before the United
States Supremo Court. M r. Gaspard is Secretary of tho Agricultural
Committoo of the Louisiana Bankers’ Association and Cashier of tho A voy­
elles Bank & Trust Co. of Alarksvillo, La. Air. Savage has formerly
identified himself with railroad interests, but since 1906 has given his
attention to agricultural matters. Air. Alalone is a farm loan and invest­
ment banker.
District No. 6.— St. Louis Federal Land Bank. President, Herman W .
Danforth, Washington, 111.; Vice-President, Carl E. Hopkins of Tonti
111.; Secretary, James A Johnston of Poplar Bluff, AIo.; Treasurer, William
S. Mitchell of Little Rock, Ark. Besides the officers, D. Ward King of
Maitland, M o., is a director. W. W . Fry of Alexico, Alo., is registrar
and attornoy. Air. Johnston is Vice-President of the Butler County
Aiming Co. Air. Fry has practiced law in Missouri for twenty-five years
and has been President o f tho Alexico (Alissouri) Savings Bank for the last
twenty years.
District No. 7.— St. Paul Federal Land Bank. President, E. G
Quammo of Finley, N. D .; Vice-President, Ben. F. Faast of Eau Claire,
AVis.; Secretary, II. K. Jennings of Charlotte, M ich.; Treasurer, A. II.
Turrittin of St. Paul. Tho officers and AATalter S. Harris of Alinneapolis,
aro tho directors. F. AV. AlcLean of Fargo, N. D ., is registrar and attorney.
Air. Turrittin was formerly Stato Superintendent of Banks. Air. Quammo
is President of tho Farmers Elevator Co. of North Dakota, and Treasurer
of tho North Dakota Grain Dealers’ Association, and is President of the
Stato Bank of Finley. Alessrs. Faast and Jennings aro said to havo had
considerable banking experience, while Alessrs. Harris and AlcLean have
given attention to farm loan matters.
District N o. 8.— Omaha Federal Land Bank. President, D. P. Hogan
of Massona, la.; Vice-President, J. AI. Carey of Cheyenne, AVyo.; Secretary,
Frank G. Odell of Omaha; Treasurer, E. D. Alorcom o f Sioux Falls, S. D.
The officers and AVarren C. Baker of Alitchell, S. D ., constitute the direc­
torate. AI. L. Coroy of Hastings, Neb., is registrar and attornoy. Air.
Hogan, who rosigns as President of the Farmers’ Savings Bank of Alassena,
is said to havo been for years a student o f rural credits in this country and
abroad. Air. Carey was formerly Governor of AVyoming.
District No. 9.— AVichita, Kans., Federal Land Bank. President, D. F.
Callahan of Kingman, Kans.; Arico-President of Alilas Lasater, Oklahoma
City; Secretary, T . J. Guilfoil of Albuquerque, New Alexico; Treasurer,
Ralph Voorhocs, Denver. Tho officers with Thomas A . Hubbard of
Rome, ICaps., mako up the board of directors. AV. P. Z. German of
Muskogee, Okla., is registrar and attorney. Air. Callahan is President of
tho Farmers State Bank of Kingman.
District No. 10.— Houston, Tex., Federal Land Bank. President, AI. n .
Gossett of Dallas; Vice-President, J. A. Thompson, of Taylor, Tex.;
Secretary, AVilliam P. Hobby of Beaumont; Treasurer, S. A. Lindsey of
Tyler. Tho officers with T . J. Caldwell o f Austin, constitute tho board.
Charles A. Lcddy of Greenville, Tex., is registrar and attorney. M r.
Hobby, who is Lieutenant-Governor of Texas, according to tho Houston
“ Post,” lias pending in tho Legislature a bill designed to correct any deficit
in tho Homestead Law which might “ mitigate against tho fullest measure of
enjoyment of tho benefits of tho rural credits system.”
District No. 11.— Berkeley (Cal.) Federal Land Bank. President,
Burrell G. AVhlto of San Francisco; Vice-President, R. L. Douglass of
Fallon, Nov.; Secretary, S. A. Reed, Los Angeles; Treasurer, Dr. George AV.
Thomas of Logan, Utah. Tho officers and Dr. Elwood Mead of Berkeley,
will constitute tho directorate. Lysander Casidy of Phoenix, Ariz., is
registrar and attornoy.
District No. 12.— Spokano Federal Land Bank. President, D. G.
O’Shea of Red Lodgo, Alont.; Vice-Preisdent, C. E. B. Roberts of Rupert,
Idaho; Secretary, Georgo C. Jewett of Palouse, AVash.; Treasurer, George
AI. Dreher of Spokano. Tho officers and A. AV. Cautliorn of Portland,
Ore., are directors. Turner Oliver of La Grande, Ore., is registrar and
attornoy. Air. Roberts is Treasurer of the Idaho State Grange and Presi­
dent of tho Jersey Cattle Growers’ Association and has been active in the
organization of various farms enterprises. He is said to have had intimate
knowledge of business, having served as a bank director, giving special
attention to credits and securities.
T E X A S M E A S U R E M A K IN G FEDERAL L A N D BONDS
L E G A L FOR I N V E S T M E N T FOR T R U S T F U N D S .
F o llo w in g

h is v e t o

on

th e

7 th

in s t. o f a

b ill le g a liz in g

fo r

District No. 3.— Columbia, S. C ., Federal Land Bank. President, F. i n v e s t m e n t i n T e x a s s e c u r i t i e s b o n d s i s s u e d b y t h e F e d e r a l
J. II. von Kngolken of East Palatka, Fla.; Vice-President, L. I. Guion of
Lugoff, S. C.; Secretary, Howard C. Arnold o f Greenville, Ga.; Treasurer, L a n d B a n k , G o v . F e r g u s o n o f T e x a s r e c a l l e d h i s v e t o a n d
I n h is v e t o m e s s a g e ,
D. A. Houston of Monroe, N. C. Tho officers and S. C. Warner o f Palatka, a p p r o v e d t h o m c a s u r o o n t h o 8 t h i n s t .
Fla., are the directors. R. II. Welch o f Columbia, S. C ., is registrar and t h e H o u s t o n “ P o s t ” s t a t e s , t h o G o v e r n o r s a i d :
attornoy. Mr. von Engolkon rocontly resigned as Director of tho Mint
I herewith return you Senato Bill 355, same being an Act to legalize the
to head tho now Land bank.
■
Investment of all fiduciary and trust funds in bonds to be issued by the
Federal Farm Loan Bank, which Act has been by me disapproved.
District No. 4.— Louisville, K y., Federal Land Bank. President,
AVhilo being in hearty accord with the purposes for which the Federal
Waltor Howell o f Union City, Tonn.; Vico-President, J. P. Brennan of Farm Loan Bank was established, yet, as tho National Government does
Columbus, O.; Secretary, James B. Davis of Brazil, Ind.; Treasurer, L. B, not guarantee tho payment of these bonds, I do not think it wise for our
Clore o f Lal’orto, Ind. The offlcors and II. A. Sommers of Elizabethtown, Stato to officially approve these bonds as a safe investment for tho funds of




1098

THE

widows, orphans, minors and life insurance policyholders of our State
until more is known o f tho policy and management o f said Federal Farm
Loan banking systom.
The State approval o f these securities for investment can easily be de­
ferred until tho next meeting o f tho Legislature, when in tile meantimo
opportunity will havo beon had to observe and carofuliy consider tho real
worth of the bonds issued by tho said Federal Farm Loan banking systom.
T h o
b ill

G o v e r n o r ’s -m e s s a g e

and

h is

v eto,

to

th o

S e n a to ,

w it h d r a w in g

th o

fo llo w s :

I hereby respectfully request permission to withdraw Senato Bill 355,
together with message attached, and havo samo returned to my office for
further official action and consideration.
L a t e r , in s ig n if y i n g h is a p p r o v a l o f t h o m e a s u r e , h e s a id :

Since the assurance has been made that said Farm Loan Bank is to bo
officered by men who will inspire ccnfidence and that said institution is
to bo managed in a business way, I havo decided to waivo former views
about this bill and hereby approve samo, this, tho 8th day of March 1917.

F I V E PER C E N T F I X E D A S L O A N R A T E OF F E D E R A L
LAN D BANKS.
T h o
th a t

F ed era l

th e

ou t

R eservo

th o

cou n try

r a t e o f 4 j/£ %
an n ou n ced

ST R IK E
T h o

B oa rd

in te r e s t r a te o n
b y

on

F ed era l

b on d s to

L and

bo

B anks

is s u e d

e a r ly

s t r ik e

M on d a y

o f th o

A

to b y

u rday.

1 9 th

in s t.

th rou g h ­

bo

L and

b y

th rou g h

to th e tr a in m e n ’s d e m a n d s .

5 % .

A

B anks w as

SURRENDER

th e

t r a in m e n

th e

a c t io n

w as

o f

th o

R a ilw a y s in y ie ld in g

p o s t p o n e m e n t o f th o w a lk o u t
th e b r o th e r h o o d s o n

S a t­

T h e s u r r e n d e r o f th e r a ilr o a d s c a m o b e fo r e th o h a n d ­

dow n

th e

w o u ld

th e

th re a te n e d

m o r n in g

fo r 48 h ou rs h a d been a greed

C ou rt

b y

th o

fa r m e r s

D E C L A R E D OFF— R A IL R O A D S
TO T R A I N M E N .

N a t io n a l C o n fe r e n c e C o m m itte e

in g

on

to

a t th e s a m o tim e .

d a n g er o f th e

a v erted

an n ou n ced

a ll lo a n s m a d e

of

th o

(re fe r r e d

v a lid it y

en a cted

of

la s t

d e c is io n

to

th e

o f th e

to

U n ite d

our

is su e

Judge

W ith

th e

K ook

th e

S u p rem e
u p h o ld in g

la w ,

w h ic h

th en

th rea ten ed

la w

w as

o f th o U . S .

w as

d e c la r e d

D is tr ic t C o u r t

t h e d e l a y in t h e h a n d in g d o w n o f th o

S u p rem o

C ou rt

th o

a r e n e w a l o f t h o s t r ik o a g it a t io n
c e d e th e ir d e m a n d s .

S ta tes

to -d a y )

e ig h t-h o u r

preven t

L a st N o v e m b e r

u n c o n s t it u t io n a l b y
a t K a n sa s C ity .

th o

in

A dam son

S e p tem b er

n a t io n -w id e s t r ik e .

d e c is io n

o f

o ls o w h e r o

b ro th e rh o o d s re so rte d

to

t o fo r c e th o r a ilr o a d s t o c o n ­

A s n oted

la s t w e e k , c o n fe r e n c e s o f th e

b r o t h e r h o o d le a d e r s w ith th e N a t io n a l C o n fe r e n c e C o m m it te e
o f

th o

R a ilw a y s

w ere

fr u it le s s

in

e ffe c tin g

an

o f th e d is p u te , a n d

a s a r e s u lt P r e s id e n t W ils o n

th e

r e p r e s e n t a t iv e s

o f

th e

n e g o tia tio n s a n d

th o
to

tr a in m e n

th a t en d

and

a d ju s tm e n t
a p p e a le d

r a ilr o a d s

d e s ig n a te d

a

to

to

reop en

c o m m itte e o f

th e C o u n c il o f N a t io n a l D e fe n s e to c o n fe r w ith th e d is p u ta n ts
w ith a v ie w
c o m m itte e

t o t h e s e t t le m e n t o f th o q u e s t io n
c o n s is te d

I n t e r io r ;

W illia m

W illa r d ,

P r e s id e n t

G om p ers,
A ll

th o

M r.
in

th a t

n ig h t

of

w ho

th o

th o

S ecreta ry

not

1 6 th ,

w ent

heads

and

th rou g h ou t

w ere

a g a in

a fte rn o o n .

th o

at

A b ou t

10

fifte e n

scon e

u n til
N ow

c o n fe re n ce

Y ork

at

9 :3 0
of
to

a.

m .

th o

of

la te

s t a v e o f f t h o s t r ik e s c h e d u le d

T h o c o n fe r e n c e s c o n tin ­

n ig h t u n t il 8 :4 5

resum ed

L abor.

r e p r e s e n t a t iv e s

in to e ffe c t a t 7 p . in . S a tu r d a y .

ued

Sam uel

o f

e x c e p tio n

reach ed

in to

th o

D a n ie l

and

th o

th o

m o r n in g ),

and

la b o r

O h io ,

on

T h is
of

L abor;

F e d e ra tio n
w ith

appear

a t is s u o .

S ecreta ry

o f

&

A m e r ic a n

t h o r a ilr o a d s in a n e f fo r t t o
go

L ane,

c o m m itte e ,

d id

th o

K .

B a ltim o r e

th o

(S u n d a y

th o

w it h

W ils o n ,

of

p r o c e e d in g s
n ig h t,

F r a n k lin

o f

P r e s id e n t

G om p ers,

th e

B .

m em bers

F r id a y

of

S a tu rd a y

S a tu rd a y

m in u t e s

la te r

m o r n in g , a n d

u n t il 3 :3 0

S ecreta ry

in

th e

L ane

is ­

s u e d a s t a t e m e n t a n n o u n c in g t h e p o s t p o n e m e n t o f t h o s t r ik o
fo r

fo r ty -e ig h t

h ou rs.

T h is

sta tem en t

c o n fe re n ce s

w ere

a g a in

resu m ed

on

Sunday

m o r n in g

a t 1 0 o ’c l o c k a n d i t w a s n o t u n t i l 1 2 :4 5 M o n d a y m o r n in g t h a t
it

w as

an n ou n ced

c la r e d o f f t h r o u g h
to

th e

to

y ie ld , it w a s

t r a in m e n .

p la n n e d

to

co n fe re n ce s
u p.

A s

is s u e d
up

to

be

sta tem en t

P r io r

to

th a t

N ew

Y ork

in

as

h a sten
11

sta te m e n t

th a t

th e

t im e
s a id :




s t r ik o

had

been

d e fin it e ly

de­

th o a c t io n o f t h o r a ilr o a d s in s u r r e n d e r in g

sta ted

and

la te

a

th a t

th o

on

a c t io n

o ’c lo c k

no

of

M on d a y
in

th a t

ch an ge

to

n ig h t
th o
in

of

S ta te

a v o id in g

Sunday

in d ic a tin g

brou gh t

agreem en t

S ecreta ry

th o

th o

th o

r a ilr o a d s

L a n s in g

ta k e

Wo liavo boon negotiating all day. Tlioro has been no joint mooting.
Wo havo made various propositions to both sides. There has boon no
change in tho situation.
A t 2 :3 0 a . m . M o n d a y S e c r e t a r y L a n e is s u e d th e f o llo w in g
sta tem en t:

Regardless of tho decision of tho Supromo Court on tho Adamson Law
tho basic eight-hour day will go into effect. Tho details aro being workod
upon now by a joint committee, which will havo its negotiations con­
cluded by noon.
H e

part

had

in

th o

e x p ected

t ie -

S e creta ry

Lane

n e g o tia tio n s

had

s itu a t io n .

T h is

a ls o

m ade

p u b lic

in

th o

e a r ly

m o r n in g

1 9 th

th o fo llo w in g le tte r a d d re s s e d

to

tors

b y

th o

E lis h a

C o m m itte

of

L eo,

th e

C h a ir m a n

R a ilw a y s ,

of

ju s tm e n t y o u r

c o m m itte e

u n in te r r u p te d

and

N a tio n a l

a u th o r iz in g

deem s

e ffic ie n t

h ou rs

of

th e

th o P r e s id e n t’s m e d ia ­

g r a n t t o a ll e m p lo y e e s w h o a r e a b o u t t o

th e

“ to

s t r ik o w h a t e v e r a d ­

n ecessary

o p e r a tio n

C o n fe r e n c e

C o m m itte e

of

to

g u a ra n te e

th o

th e

r a ilr o a d s .”

New York, March 19 1917.
Hon. Franklin IC. Lane, Hon. William II. Wilson, Mr. Daniel Willard, Mr.
Samuel Oompers, Committee of the Council on National Defense:
Gentlemen— In tho national crisis precipitated by events of which we
learned this afternoon, tho National Conforenco Committee of tho Railways
joins with you in tho conviction that neither at homo nor abroad should there
bo fear or hope that tho efficient operation of tho railways of the country
will be hampered or impaired.
Therefore, you aro authorized to assure tho nation that there will be no
strike; and as a basis for such assuranco, wo horoby authorize tho Committee
of the Council on National Defenso to grant to tho employees who aro about
to strike whatever adjustment your committee dooms nooossary to guaran­
tee the uninterrupted and efficient operation of tho railways as an in­
dispensable arm of national dofonso.
Yours vory truly,
TIIE NATIONAL CONFERENCE COM M ITTEE
OF THE RAILW AYS.
In

an sw er

th e

m e d ia to r s

sent

th o

fo llo w in g

lo tte r

to

th e

r a ilw a y m a n a g e r s :

Elisha Lee, Esq., Chairman Conference Committee of the Railways:
Dear Mr. Lee.— Wo aro in receipt of your favor of this date, placing in our
hands for immediate adjustment tho mattor of tho difforonco botweon our
Committee and tho railroad brothorhoods.
Wo havo brought this letter before tho brotherhoods with the statement
that In our judgmont it was advisable to put into effect tho provisions of
tho Adamson Law, whethor it bo hold valid or otherwise. This was accept­
able to them. Thus by your own action, urged thoro by the highest
reasons of national concern, you havo avoided a national calamity.
We would bo delinquent in a truo sense of gratitude if wo failed to express
our sincerest appreciation of the action you havo taken. Wo trust that
it promises a long period of hoarty co-operation between tho railroad
managers and their employees.
Cordially yours,
FRANKLIN IC. LANE,
W. B. WILSON,
DANIEL W ILLARD,
SAMUEL GOMPERS.
T h e fo llo w in g s ta te m e n t w a s a ls o
e a r ly in th o d a y

is s u e d

by

th o m e d ia to r s

(6 a . m .) o f th o 1 9 th :

We desire to express our appreciation of tho largo and patriotic action of
tho Railway Managers’ Committeo which has put boyond peradvonturo
tho possibility of a nation-wido railroad strike.
Tho railroads havo mot tho full demands of tho Adamson Eight-Hour
Law. This concession was secured as tho combination of two days and
nights of negotiations.
Our first effort was to secure a postponement of tho striko, which was
fixed for Saturday night. This was secured by presenting to tho Railway
Managers a memorandum agreement drafted by tho brothorhoods which
with some particularity expressed tho provision of tho Adamson Law.
Wo asked tho railways to agreo that If tho Adamson Law was hold to bo
constitutional this construction and application would be given to it. The
railways agreed to tills at a joint sosslon betwoon tho brotherhood chiefs
and tho managors. And with much difficulty the chiefs stayed tho striko,
an act that was vital to tho success of our efforts and furthor mediation.
Wo next sought some adjustment that would bo effectivo should tho law
bo held to be unconstitutional. In this regard many propositions were
mado to both sides, but nono was acceptable until tho railroads expressed
their willingness to placo tho whole matter in tho hands of tills Committeo.
Thus the provision of tho eight-hour law by agreement betwoon tho roads
and the men became tho basis of tho settlement, and whether tho Supromo
Court holds for tho validity of tho law or against it thoro will be no striko.
T h e
th o

fo llo w in g

la b o r

t r a in m e n
pay

fo llo w s :

At our request anil out of appreciation of the national situation, tho
brotherhoods and tho railroad managors havo resumed negotiations; and
in tho hope that some adjustment may be had that will avoid the necessity
for a strike tho brotherhoods have wired or telephoned their General Chair­
men asking that all action bo postponed for forty-eight hours, and unless
prior to that time advisod of a settlement tho men will leavo tho service,
under the authority already given.
DANIEL W ILLARD,
F. IC. LANE,
W. B. WILSON.
T h o

[Vol. 104.

C H R O N IC L E

fo r

is

le a d e r s

th e a g r o o in o n t, s ig n e d
and

th o

r a ilr o a d

by

th o

m an agors,

m e d ia to r s ,
g iv in g

te n h o u r s ’ p a y fo r e ig h t h o u r s ’ w o r k , a n d

th o

p ro ra ta

o v e r t im o :

In all road service, excopt passenger, whero schodulos now read "100
miles or less, nine or ten hours or los3, overtimo at ton or otovon milos por
hour," insert "eight hours or los3 for a basic day and twolvo and ono-half
miles per hour for a speed basis.” For tho purpo.so of computing overtimo,
overtimo to bo paid for at not less than ono-cighth of tho daily rato per
hour.
In all yard, switching, and hostling servlco, whero schedules now road
“ ten, eleven, or twelvo hours or less shall constitute a day’s work," Insert
“ eight hours or less shall constitute a day’s work at presont ton hours
pay,” overtimo to bo paid for at not less then ouo-oighth of tho daily rato
per hour. In yards now working on an olglit-hour basis tho daily rato
shall be tho present ten-hour standard rato, with ovortlmo at ono-olghth
of tho prosent standard daily rato.
In case tho law is declared unconstitutional, eight hours or loss at presont
ten hours’ pay will constitute a day’s work in hostling servico. In passen­
ger servlco tho presont mileago basis will bo maintained. On roads now
having a flat ten-hour day in passenger servlco tho rulo will bo amended
to read “ eight within ton hours.”
For all classes of employees in short turn-around passongor sorvico where
tho rulo now reads “ eight within twolvo hours" it will bo amondod to road
“ eight within ton hours.” For such territory as lias no number of hours
for a day’s work in short turn-around passongor sorvico tho eight within
ten-hour rulo applies, ovortlmo to bo paid for at not loss than one-eighth
tho dally rato per hour. Tho Gonoral Committeo on individual roads may
elect to retain thoir presont overtimo rulo In short turn-around passongor
servico, or tho foregoing provisions, but may not inako a combination of
them both to produce groator compensation than Is provided on olthorjbasls.

Ma r . 24 1917.]

THE

C H R O N IC L E

In the event tho law is hold constitutional, if tho foregoing sottlornont Is
Inconsistent with tho decision of tho Court, tho application will bo adjusted
to tho decision. If declared unconstitutional tho abovo stands with all
tho provisions as written. Tho foregoing is to govern for such roads,
classes of employees, and classes o f service roprosonted by the National
Conference Committee o f tho railways.
Schedules except as m o d ified b y tho a b o v o chan ges rem ain as a t p resen t.
N ow s

of

th o

s in k in g

of

th ree

A m e r ic a n

p h is , th o I llin o is a n d th o V ig ila n c ia — b y

s h ip s — th e

G erm an

M em ­

s u b m a r in e s

i s s a i d t o h a v o h a s t e n e d t h e s e t t l e m e n t , S e c r e t a r y L a n e , i t is

1099

hostling service at a given time, to bo designated by tho chief executive of
our organization, except regular road passenger employees, who will leave
the service at tho same hour five days after the strike has become effective,
and wo horeby request our chief executive to give his approval to such with­
drawal.
•
As proof of such action wo hereby attach our individual signatures. So
that thero may bo no misunderstanding, regular road passenger employees,
as meant by the motion, aro defined as follows:
E m p lo y e e s en gaged in op era tin g regu lar carded p assen ger tra in s h an d lin g
p assen ger an d express in regu lar p assen ger c oach es or sleep ers, a n d express
cars an d m ilk a n d m a il tra in s, h a n d lin g m ilk an d m a il e x clu siv e ly .

It is understood that nobody should bo allowed to work in tho regular
passenger servico except regular road passenger employees, as provided for
in the proposition submitted to the General Committee. Wo understand
from that that any man in and assigned to regular passenger service March
t h o “ T im e s ” a s h a v in g s a id t o t h o r a ilr o a d r e p r e s e n t a t iv e s :
In such a tiino, gentlemen, there is something bigger than wliat this will 10 is a regular passenger employee and tho passenger service must be manned
by those men who are in such service at that time, and vacancies will not
cost you— there is tho good o f your country * * *
I don’t want you to havo to-morrow come and find tho 100,000,000 bo filled by men in freight service who aro already on striko.
So that there may be no misunderstanding, authority is reaffirmed for
peoplo of tho United States face to face with two horrors— one tho destruc­
tion of our ships by an enemy and tho other tho possiblo starvation of our the men to leave tho servico in accordance with the above on the date and
hour
already set and o f which you will be notified by general and local
people and tho certain paralysis o f our industries.
Chairman. It means that all men except regular road passenger employees
S p e a k in g o f t h e s u r r e n d e r o f th e r a ilr o a d s , S e c r e t a r y L a n e ,
will leave the service on the date given, and that all regular passenger em­
a c c o r d in g t o th e “ T im e s ,” s a id :
ployees will leave the service five (5) days thereafter at the samo hour with­
Wo mado peaco just as tho day was breaking. Tired with tho long out further notice. For the first five days of the strike, thoso who were in
strain, we wero shaking hands all around when Mr. Carter, of tho Firemen, road passenger service on March 10 will perform regular road passenger
stopped to tho window and said: "Gentlemen, look there; it is tho dawn service. A refusal c f tho passenger men to observe these instructions will
o f a now day.”
not only violato the laws of their respective organizations, but will produce
We looked and over a building floated the American flag in tho first light complications which will greatly injure the cause.
o f dawn. I do beliovo that patriotism was tho controlling inotivo in tho
Tho action as taken was recommended by the four chief executives
settlement o f tho dispute. I liopo each o f tho managers will always look after many days o f careful consideration and at first blush may not appeal
back upon tho concession which prevented tho strilco as tho biggest thing to members of these brotherhoods for sentimental reasons, but the action
ho lias over done.
is taken:
First— That the public may be inconvenienced as little as possible, that
W . G . L e o , P r e s id e n t o f th o B r o t h e r h o o d
o f R a ilw a y
exclusive milk and mail trains, in addition to passongcr trains, may be run,
T r a in m e n , a n d s p o k e s m e n fo r th o b r o th e r h o o d s , w h e n a d ­
thereby proventing suffering to children or serious inconvenience to busi­
ness.
v is e d o f S e c r o ta r y L a n o ’s r e m a r k s t o th e r a ilr o a d m a n a g e r s ,
Second— Our membership will be coming in contact with the public to
s a id :
explain our position, and at the same time they will be in a position to keep
Wo aro as good patriots as they aro. Wo can climb down that samo us in touch with what is going on for at least five days.
ladder. Last August, on tho appeal o f tho President o f the United States,
Third— It is a well-known fact that it is much easier to get men to scab
wo surrendered fifty per cent of our demands. Wo would havo boon when positions on passenger trains or engines aro vacant, than it would if
willing to settle now on tho same basis.
they knew they would have to tackle heavy drags or yard work.
A n A s s o c ia te d P re s s d is p a tc h fr o m
W a s h in g to n o n th o
Fourth— Tho history of all strikes which lasted any length of time is that
passenger trains wero run to greater or less degree.
1 8 th in s t ., in d ic a t in g t h a t th o P r e s id e n t w a s d e t e r m in e d t o
Fifth— While we are prepared for the worst, the die has been cast; there
p r e v e n t t h o s t r ik e “ a t a ll h a z a r d s ,” s a id :
is no turning back, but wo hopo and believe a striko can be won without
President Wilson, in viow of the added seriousness given to tho foreign tho passenger men leaving the service.
situation by tho sinking o f threo American ships by German submarines,
By the time this circular is read by thoso to whom it is sent, the commit­
becamo determined to-day that tho threatened nation-wido railroad strike tees o f approximately thirty railway systems will havo been convened and
must bo prevented at all hazards.
will bo ready to meet the issue, and other committees will be convened as
What further stops to avert tho striko ho will take If tho mediatory efforts
fast as necessary, although we sincerely hopo none of our membership will
o f members o f tho Council o f National Dcfenso in New York fail wero not
bo required to withdraw from the servico.
disclosed, if they had been decided upon.
It was decided not to call a national strike if it can be avoided, and our
Tho President was hopeful to-night that tho railroad managers and tho word to that effect has been given to the President of tho United States and
representatives o f tho brotherhoods would reach an agreement on their to many of our friends in the Senate and House of Representatives. If it
own account as a patriotic duty, and thus mako unnecessary any further becomes necessary, however, to leave tho servico on any property, we will
move on his part.
not hesitate to call upon as many lines as necessary to mako this movement
Before tho beginning o f tho negotiations now in progress tho heads of tho a success, and, while it was necessary for some system or group of lines to
brotherhoods sent tho President a message assuring him that in case tho mako tho isspo first, our confidence in our membership on all o f tho lines is
United States bccamo involved in war they would stand by tho Government. tho samo, should it be necessary to call upon them.
Tho Administration takes tho viow that tho time for making good this
T h e fa ilu r e o f o ffic ia l n e w s o f th e p o s t p o n e m e n t o f t h e s t r ik e
promiso has now practically come. Regardless of whether tho Supremo
Court hands down a decision in tho Adamson Eight-Hour Law case to­ t o r e a c h s o m e o f t h e l o c a l C h a i r m e n b e f o r e t h e t i m e s e t f o r
morrow, Government officials think an immediate settlomont must bo t h o q u i t t i n g o f t h e m e n , r e s u l t e d i n w a l k o u t s o n s o m e o f t h e
reached.
sta te d ,
ta n ts

h a v in g

in

T h o

m ade

a p p e a lin g

d e te r m in a tio n

e v id e n c e d

in

th e

h e a d s , a c c o r d in g
lis h e d

in

its

a

to

fin a l

th e ir

of

th e

fo llo w in g
to

th o

is s u o

of

endeavor

sw orvo

H e

b roth erh ood s
sta tem en t,

“ N ow

th e

to

p a tr io tis m .

Y ork

1 7 th

th e

w as

n ot

is s u o d

d is p u ­

q u oted

to

y ie ld

b y

th o

C o m m e r c ia l,”

in

w as
la b o r

and

p u b­

r o a d s la s t S a t u r d a y , th o B a lt im o r e &
r o a d s t e m p o r a r ily a ffe c t e d .
“ A m e r ic a n ,”
c o m p le t e ly

in s t .:

In our opinion the railroads must yield. So far as our organizations aro
concerned they havo sot a date for a progressive striko. If a settlement'is
not made by six o'clock to-morrow tho striko will begin by groups until, if
necessary, every railroad in tho United States is involved.
N o th in g can sto p a strik o except a se ttle m e n t p rovid in g for tho g ran tin g
o f a ll tho d em a n d s m ad o T h u r sd a y to tho railroad offic ia ls.
I f a strik o is
calle d n o settlem e n t will bo m a d o th a t d o es n o t m e an tlm o an d a h a lf
o v o rtlm o .

respon se

and

P r e s id e n t

b roth erh ood s

E lis h a
in g

to

L eo, on

te le g r a m

(p r in t e d

W ils o n ’s a p p e a l

to

in

S a tu rd a y

our

is su o

o f

th o

b e h a lf o f th o r a ilr o a d s , fo r w a r d e d

to

th e

r a ilr o a d s
la s t),

th o fo llo w ­

W it h r e g a r d t o t h o r e s u lt o f th o r a ilr o a d s ’ a c t io n
th o

“ Jou rn a l o f
th o

C om m erce”

b roth erh ood s

as

of

th o

2 0 th

q u oted

th is w e e k

W .

G .

g iv e

b o lo w

th o

s t r ik o

order

is s u e d

on

th o

1 0 th

in s t.

p ostp on em en t

o n e o f th e

th e

B a lt im o r e

w h ic h

tie d

u p

th e

w h ic h

w as

n ot

e n tire ly

a fte rn o o n ,

cost

th e

lin e

road,

T h e e m b a r g o e s p u t in

o f

th e

s t r ik o , w e r e r e s c in d e d

s t r ik e

and

th e

w it h

fin a l a g r e e m e n t

th e

o f

th e

r a ilr o a d s .
T h o
th o

N ow

Y ork

s w itc h m e n

dem and
fo r

la s t

o ig h t

C e n tra l

on

its

R R .

lin e s

D ecem b er

h ou rs’ w ork ,

an n ou n ced

w ho

and

on

a r b itra te d

w ere

w o u ld ,a s

aw arded
o f

a s t h e t r a in m e n

Jan .

th e

th e ir

21st

th a t

e ig h t-h o u r

n in e

h ou rs’

pay

1 la s t,

r e c e iv e

th e

w ill g e t u n d e r t h e A d a m ­

s o n L a w , v iz ., te n h o u r s p a y fo r e ig h t h o u r s w o r k .

S U P R E M E CO U R T U P H O L D S V A L I D I T Y OF A D A M S O N
E IG H T HOUR L A W .
T h o

lo n g
in

a w a ite d

th e

t io n a lit y
on

of

th a t

la w

railroads n ot ap p lyin g tho A d a m so n la w , an d after fou rteen m o n th s h avo
expired In efforts to reacli peacefu l se ttle m e n t, an d w hile a lm o st ev ery
lab orin g m e n h as received increase in c o m p en sa tio n , tho m on wo represent
aro w orking for tho sam o ratos, longor houi-3 an d worso c on d ition s, if p o s­
sib le.

case

of

d e c is io n

case

th o

th o

C ity ,

C ou rt

a c t in
H ook

of

th o

brou gh t

th e A d a m s o n

of Judge

K ansas

a

every
of

S ta tes

d e t e r m in e

S u p rem e

th e

c o n s titu ­

e ig h t h o u r la w , w a s h a n d e d

b y

th e

ren d ered

U n ite d

to

v ote

of

fe a tu re .
U n it e d

on

5

N o v .

to

4,

T h is

d e c is io n

S ta tes

22

D is t r ic t

1916.

dow n

s u s t a in in g

In

th e

reverses
C ou rt

h o ld in g

at
th e

u n c o n s titu tio n a l th e K a n s a s C o u r t m a d e it p la in , it w a s

sta ted
tu re
th o

a t th o

tim e ,

c o n s id e r a tio n
d e s ir e
b y

r a ilr o a d
A b ou t

of

th e

O k la h o m a

&

th is

a ll

500

th a t

G u lf

b y

fo r

C ou rt.

R .
to

d e c is io n

m e r it s o f

p a r tie s

S u p rem e

oth er

th o

o f th e

th o

a ttorn ey s

w a s d e fe r re d
of

test

M on d a y ,

S irs a n d B roth ers:
At tho meeting held in Cloveland this date, tho fol­
lowing action was taken by tho committeemen present, representing several
roads In tho Eastern territory, authorizing a strike as per this proposition:
“ Due to tho fact that a satisfactory settlement of tho eight-hour propo­
sition has not been effected o n ---------------- Railroad, and on account of tho

In consideration of thoso facts, wo horoby ratify tho vote cast by thoso wo
roprosont in favor of leaving tho service and we do cast our vote in favor
ot poacolul withdrawal from tho service of all members o f engine, yard and

and

M on d a y

a s a r e s u lt o f th o th r e a te n e d

C ou rt

C lo v e la n d :




u n til

n ig h t

b o in g

to

fo r c e b y th o r a ilr o a d s la s t w e e k t o m e e t t h e s it u a t io n e x p e c t e d

v a lid it y
W o

ou t

s t r ik e

d ir o c t ly , m o r e t h a n a m illio n d o lla r s .

L eo

s a y in g :

Nearly 400,000 men havo won tho eight-hour day without sacrificing a
cent of their money for It. We aro now in a position to go back to our men
with tho greatest thing over put over for labor.

at

Sunday

sa m e ra tes o f p a y

P r e s id e n t:

In harmony with tho spirit of your message tho National Conference
Oommittoo of tho Railways will co-oporato with tho committeo of tho Coun­
cil o f National Defense in an earnest effort to avert tho national calamity
which would result from an interruption o f railway traffic.

o f

p rem a tu re

u n til

s t r a ig h te n e d

Leo, Stone, Carter or Sheppard cannot chango tho situation, no matter
how much they may bo inclined to do it.
In

th e

O h io

A c c o r d in g

R .

w as

test

th e

r a ilr o a d

th e
T h o

s u it

based
bu t

fiv e

on

of

b y

th e

s u its

ju s tic e s

of

on

of

of
th e

M is s o u r i,

G overn m en t
of

th e

w h ic h

d is c o n tin u e d

m a­

becau se

d is p o s itio n

c o n s titu tio n a lity

in ju n c t io n

T h e

n ot

case,

e a r ly

ch osen

a g r e e m e n t , w ill b e

w e e k ’s d e c is io n .

w as

th e

and
la w .

a c t io n

a s a r e s u lt

th e

S u p rem e

THE

1100
C ou rt w h o

u p h o ld

W h ite

A s s o c ia te

and

and

C la r k e .

J u s tic e s

T h o

D a y ,

J u s tic e s

th o

v a lid it y

and

th o

la w

are

M cK en n a ,

d is s e n t in g

P itn e y ,

D a y

of

J u s tic e s

o p in io n s

V an

w ere

D ev a n ter

M c R e y n o ld s

C h ie f J u s tic e

H o lm e s ,

d e liv e r e d

B r a n d e is

an n ou n ced

and

b y

M c R e y n o ld s .

in d iv id u a l

v io w s ,

w as

c o m p u ls o r y

u n d o u b te d ly
to

s itu a t io n

lik e

p r in c ip le

e n u n cia te d

exp ressed

o p in io n .

and

a

T h o

im m e d ia te

p erm an en t

s c a le s

on

e ig h t

in te r-S ta te

1

th is

year,

of

th e

b a s ic

fo r

in

in

a

$ 5 0 ,0 0 0 ,0 0 0

C o u r t ’s

of

N a t io n a l

W ils o n

preven t

to

w h a tov er
preven t

a d ju s tm e n t

an

t r a in m e n

th o

b ro th e rh o o d s,

d em an d s.

T h e

la s t

r a ilr o a d s

and

of

an

pro
in

ra ta

9,

th o

ra te

of

page

T h o

896,

o v e r tim e

o p e r a tio n

of

fo r

t r a in s ;

as

street

e le c tr ic

n ot

It

a p p ly

w h oso
or

is
to

tra n s fe r

engaged
r a ilr o a d s
th o

and

n or

days

th a n

to

th o

th a n

th o

th e

be

day,
and

engaged
h u n dred

m ile s

or

are

of

to
fo r

of

le n g th

te r m in a l

t h e m s e lv e s

fo r

observe

th o

th o

e ig h t

th a n

a

s ix

th irty

P r e s id e n t

p e r io d

of

t r a in m e n

th e

hour

m on th s

w ith in

th e

th o

b e lo w

p r o v id e d

to

c o m m is s io n

and

r a il­

“ s h a ll

in

fu r n is h in g

le s s

fin d in g s

red u ced

th e
our

in te ru rb a n

th ree

n ot

c o m p e n s a tio n

to

hour

one

a c t a ls o

of

of

rep ort

w as

r a ilr o a d s o r b o t w e e n

T h o

th e

its

at

in

e x c e p tio n s

100

or

in s t it u t io n

m on th s,

la w

p r in te d

th a n

r a ilr o a d s

p e r io d

report

P e n d in g

a c t is n o t

th e

a

n in e

th e r e a fte r

th e

of

d u r in g

th e re a fte r

C on gress.

b y

lo s s

c o m m is s io n

e ffe c t

day

m ore

days

a

to

en a ct­

b etw een

o ig h t

e le c tr ic

le a s in g

oth er

T h o

a c tu a lly

le s s

th a t

in d u s t r ia l p la n t s .”
of

an

of

th e ir

th o p r o v is io n s o f th o a c t ,

tr a n s fe rs o f fr e ig h t b o t w e e n

and

sta n d a rd

is

to

fo r

and

th o u g h

b u s in e s s

a p p o in t m e n t

o p e r a tio n

fro m

h ow ever,

r a ilr o a d s

fa c ilitie s

in

y ie ld

hour

w as

of

th a t

is r e fe r r e d

e ig h t

e m p lo y e e s

r a ilr o a d s

p r o v id e d ,

p r in c ip a l

to

to

a c t io n

to n h o u r ra te o f p a y

r a ilr o a d s

are e x e m p te d

are

r e fu s e d

p r o v id e s

to

t r a in m e n

w ith

con trov ersy

th o o ld

th e
as

n ecessary

con tra st

a c t w h ic h

so

T h o

r a ilr o a d s

th o

C o u n c il
P r e s id e n t

th o

deem ed

A d am son

of

1 la s t, w it h
fo r

to

tr a ffic .

in

th o

th o

m ile s in le n g t h

roads.

w as

of

t o -d a y ’s is su e o f o u r p a p o r .

t r a in m e n .

S ep t.

C o n fe r e n c e
th e

r e c o n c ilin g

gran t

s t e a d fa s t ly

a d ju s tm e n t

b e g in n in g J a n .

to

S u p rem e

b roth erh ood s

r a ilr o a d

agreem en t o f

S ep tem b er
as

is s u e

w h o

tow a rd

abou t

$ 4 0 ,0 0 0 ,0 0 0

in s ta n c e

and

of

th o

N a t io n a l

c o m m itte e

in

r e p r e s e n t a t iv e s

e ls e w h e r e in

in te n d e d

e ffo r ts

th e

of

a u th o r iz e d

th e

s tr ik e ),

in te r r u p tio n

r a ilr o a d s ’

at

r a ilr o a d s

th re a te n e d

th o

m ent

its

th o

th o

had

(w h ic h

ex ten d ed

b etw een

th o

a fte r

R a ilw a y s

to

w ago

to g iv e , e ffe c tiv e fr o m

w ages

A n n ou n cem en t

cam e

th e

D e fe n s o

had

d iffe r e n c e s

le n g th

year

c o n c lu s io n s

C o m m itte e
on

a

bo

n a tio n -w id e

2 5 % , a t a c o s t t o t h o r a ilr o a d s e s t im a t e d a t fr o m
to

w ill

c o m p u t in g

w h ic h

th rea ten ed , a n d

in c re a s e s

d e c is io n

day

r a ilr o a d s ,

s t r ik o h a s t w ic e b e e n
Jan .

e ffe c t

hour

and

th ir ty

a ffe c te d

p resen t

sta n d a rd

d a y ’s w a g o .
L a te in
th o

D ecem ber w hen

r a ilr o a d s

u p h e ld
th e

b y

back

In

th o

duo

J u s tic e

s u b je c t
a

to

th o

d is p u te

e v e r ,”

s a id

th o

in

and

con cert

b y

sam e

le a v e

w hen

c h a r g e d w ith

r ig h t

to

fix

in te r e s ts
to

be

in

in

s tr ic te d

m erce.

ened

if

agree

r ig h t s

w it h

th o

a

r a ilr o a d s

or

th e ir

s e r v ic e

and

C on gress

fre e d o m

and

to

have

to

sta n d a rd

or

in te r-S ta te

to

to

com ­

la b o r , th o

to e n a ct th e A d a m ­

b eg ets

th e fu ll e x t e n t n e c e s s a r y

u n re­

n ecessary

h ou rs o f

to

d e c la r e d

su prem o

a c t io n
of

in te r -S ta te

b oth

th e

an y

in te r e s t

to

r e s u ltin g

a

p aram ou n t

o p e r a tiv e s ,

fix in g w a g e s

p u b lic

on

b u s in e s s

th e

d is p u te

C o n g re ss h a d a u th o r ity
“ T h e

to

le a v e

s u b je c t
a

ho

th o rn

th o p o w e r to

and

p r in c ip le

ta k e

to

in

as

got

o b t a in e d .”

u n in t o r r u p t io n

E ith e r a s a la w

sta tu te.

oth ors

r ig h t

s u b je c t

to

w ages

a s t o w h ic h

b a s ic

“ W h a t­
e m p lo y e e

n ot

a ccep ted

p u b lic

as

of

su ch

a p p lie d

em ­

a r b itr a te

an

n e c e s s a r ily

n e c e s s a r ily

th o

of

does

d is a g r e e m e n t a n d
seon

th rou g h
th e ir

a p u b lic in te r e s t

r ig h t

ho

aro

is

and

c o m p u ls o r ily

dem and

C on gress

u p h e ld

p u b lic

r e g u la tio n
it,”

of

havo

C o u r t d e c id e d .
son

b y

u n in te r r u p te d

pow er

m a in t a in

to

su ch

b o in g
r e c e iv e

th a t b u s in e s s .

th o

e m p lo y m e n t

e m p lo y m e n t

case

as w o

of

to

bo

to

la w

C ou rt,

c a r r io r s

of

a p u b lic in te re s t a n d

m a jo r ity

com m erce

b oth

“ w o id d

th o

1.

C on gress

a c t io n

com m erce

of w ages
T h o

of

of

S u p rem o

o p e r a tin g

b u s in e s s

th o

c o n d itio n s ,

lim ita tio n

r e g u la te

of

th o

p r iv a te

to

th e

d e c la r e s

C ou rt,

d e s ir e s ,

Jan.

w eek

event

e m p lo y e e s w o u ld

a b u s in e s s c h a r g e d w it h

r ig h t

a ffe c tin g

engaged

th o

in

th e

th e

fro m

th is

W h ite ,

p lo y e e s e n g a g e d

in

C ou rt

th em

d e c is io n

a d e c is io n w a s s t ill b o in g a w a it e d

th a t

S u p rem e

pay

its

C h ie f

an n ou n ced

a

p u b lic

r ig h t

secu ro an d

of

p rotect

s a id t h o o p in io n , a d d in g t h a t in t h o e m e r g e n c y o f t h r e a t ­
d e s tr u c tiv e

s u s p e n s io n

C on gress a cted

w it h in

ard

m eans

and

te re sts.

oth er
It

a ls o

u n w o r k a b le ,
C o n g r e s s io n a l

its

c o n fis c a t o r y ,




n a tio n a l
in

n ecessary

d e c la r e d

r a ilr o a d

of

pow or

th a t

to
th o

p rotect
A dam son

e x p e r im e n ta l

r e g u la to r y

t r a n s p o r ta tio n ,

p r o v id in g

nor

a u th o r ity ,

a w age
th o
act
in
bu t

sta n d ­

p u b lic
is

excess
in

in ­

n e ith o r
of

e ffe c t

a r b itr a tio n ,

possesses”

a u th o r ity

w h ile J u s t ic e s P it n e y a n d V a n D e v a n t e r jo in e d in a d is s e n t in g

fix

[Vol. 104.

C H R O N IC L E

n ot

crease
w ago
T h o

of

a

a

and

pow er,

p r o te c t in te r-S ta te

th o

th a t

b e fo r e
b y

o p in io n

w a g e -fix in g
r a ilr o a d

in c r e a s e s
m a jo r ity

sta tu to.

reven u e

la w
IIo

p r o b a b ly

is
a ls o

a s d e liv e r e d

(C o n g r e s s )
fro m

its

d e a lin g w ith
in

J u s tic e
an

th e

a

m a in

M cK en n a

h o u r s -o f-s e r v ic e

su g g ested

w o u ld

r e s u lte d .
o p in io n

in

C o n cu rr in g

m a jo r it y ,

th o

it

re s u ltin g

com m erce

it.”

th e

th a t

“ w h ic h

“ in e v ita b ly

bo

th a t

p r o v id e d

in ­
if

•
b y

C h ie f J u s tic e

W h ite

fo llo w s :

Was thoro power in Congress under tho circumstances existing to deal
with tho hours of work and wages o f railroad employees engaged in inter­
state commerce, is the principal question hero to be considered. Its solu
tion as well as that o f other questions which also ariso will bo clarified by
a brief statement of tho conditions out of which tho controversy arose.
Two systems controlled in March 1910 concerning wages of railroad em­
ployees; ono, an eight hour standard of work and wages with additional
pay for ovortimo, governing on about 15% of tho railroads; tho other a
stated mileago task of 100 miles to bo performed during ton hours, with
oxtra pay for any excess, in forco on about 85% o f tho roads.
Tho organizations representing tho employees of tho railroads in that
month made a formal demand upon tho employers that, as to ail engaged
in tho movement of trains except passenger trains, tho 100-milo task bo
fixed for oight hours, provided that it was not so done as to lower wages,
and provided that an extra allowance for overtimo calculated by tho min­
ute at ono and one-half time tho rato o f tiio regular hours' service bo es­
tablished.
Tho domand made this standard obligatory on tho railroads, but op­
tional on the employees, as it left tho right to tho employees to retain their
oxisting system on any particular road if they elected to do so. Tho terms
of tho domand wero as follows, except tho ono which reserved tho option
which is in tho margin, and others making article 1 applicable to yard and
switching and hostling service:
Article 1— (A)— In all road service 100 miles or less, eight hours or less
will constituto a day, oxcopt in passenger scrvico. Milos in excess of 100
will bo paid for at tho samo rato per mile.
(B)
— On runs of 100 miles or less ovortimo will begin at tho oxpiration of
eight hours.
(C )
— On runs o f over 100 miles overtimo will begin whon tho on duty
exceeds the miles run divided by 12K miles per hour.
(D )
— All ovortimo is to bo computed on tho minute basis, and paid for
at timo and ono-half times tho pro rata rate.
(IS)— No ono shall rcccivo loss for eight hours or 100 ndics than they now
recelvo for a minimum day or 100 miles for tho class of engino used or for
servlco performed.
(P)— Timo will bo computed continuously from timo required for duty
until reloaso from duty and responsibility at end of day or run.
Tho employers refused tho domand and tho employees, through thoir
organizations, by concert of action took tho steps to call a goneral strike
of all railroad employees throughout tho whole country.
Tho President of tho United States invited a conference betwcon tho
parties. IIo proposed arbitration. Tho employers agreed to it and tho
employees rejected it. Tho President then suggested tho oight hour
standard of work and wages. Tho omployers rojected this and tho em­
ployees accepted it. Ilcforo tho disagreement was resolved tho represen­
tatives of tho employees abruptly called a genoral striko throughout tho
whole country, fixed for an early day. Tho President, stating his efforts
to rolievo tho situation and pointing out that no resources at law wero at
his disposal for compulsory arbitrations to save tho commercial disaster,
tho property Injury and tho personal suffering of all, not to say starvation,
which would bo brought to many among tho vast body of tho peoplo if
tho striko was not prevented, asked Congress, first, that tho eight hour
standard of work and wages bo fixed by law, and second, that an official
body bo croated to observe during a reasonable timo tho operation ot tho
legislation and that an explicit assurance bo given that if tho result of such
observation established such an increased cost to tho omployers as justified
an increased rato, tho power would bo given to tho Inter-Stato Commerce
Commission to authorize it. Congress responded by enacting tho statuto,
whoso validity, as wo havo said, wo aro called upon to consider.
Tho duty to do so arises from tho fact that tho omployers, unwilling to
accept tho act and challenging tho constitutional powor o f Congress to
onact it, began this typical suit against tho officers of certain labor unions
and tho United States District Attornoy to enjoin tho enforcement of tho
statuto.
Tho law was made to take effect only on tho first of January 1917. To
oxpodlto tho final decision boforo that dato tho roj)resontatlvcs of tho labor
unions wero dropped out. Agreements ossontial to hasten it wero mado,
and it was stipulated that ponding tho final disposition of tho cause tho car­
riers would keep tho accounts of tho wages which would have boon earned
if tho statuto was enforced, so as to onablo thoir paymont if the law was
finally upheld.
Stating Its dcslro to co-operato with tho parties in their purposo to ex­
pedite tho causo, tho Court below, briefly announcing that it was o f opinion
that Congress had no constitutional power to onact tho statuto, enjoined
its enforcement, and, as the result of tho direct appeal which followed, wo
como, after elaborate oral and printed arguments, to disposo of tho con­
troversy.
All tho propositions relied upon and arguments advanced ultimately
como to two questions:
First, tho ontiro want of constitutional powor to deal with tho subjects
embraced by the statute, and, second, such abuso of tho powor, if possessed
as rendered its exorcise unconstitutional. Wo will consider thoso subjects
under distinct propositions separately.
(1)
The ontiro want of constitutional powor to deal with tho subjects
ombraced by tho statuto.
There must bo knowledgo of tho powor exerted beforo determining
whether as exercised it was constitutional and wo must lionco sottlo a disputo on that question beforo going further. Only an eight hour standard
for work and wages was provided, Is tho contention on tho ono sldo and in
substanco only a scale of wages was provided, is tho argumont on tho other.
Wo aro of tho opinion that both aro right and in a sense both wrong in so
far as it is assumed that tho ono oxcludes tho othor. * * * Both pro­
visions aro equally mandatory. * * * However, thcro is tlds very
broad diffcronco betweon tho two powers oxorted. Tho first, tho oight hour
standard, is permanently fixed. Tho second, tho fixing of tho wago
standard resulting from tho prohibition against paying lower wages, is
expressly limited to tho timo specified in section two (of tho law). It is
thereforo not permanent, but temporary, leaving tho employers and em­
ployees freo as to tho subject of wages to govern thoir relations by tlioir
own agreements after tho specified time.

Mar . 24 1917.]

THE

C H R O N IC L E

Concretely statod, thoreforo, tho question is this: Did Congress havo
power under the circumstances * * * to provido a permanent eight
hour standard, and to croato by legislative action a standard of wages to
bo operative upon tho employers and employees for such reasonable timo
as it doomed necessary to afford an opportunity for tho meeting of tho
minds o f employers and employees on tho subject of wages?
Coming to tho gonerai considerations * * * wo put tho question
as to tho eight hour standard entirely out o f view, on tho ground that tho
authority to permanently establish it is so clearly sustained as to render
tho subject not disputable.
What was tho extent of tho power therefore of Congress to regulato,
considering tho scopo o f regulation which tho Government had tho right
to exert with references to inter-Stato commerce carriers when it camo to
exorcise its legislative authority to regulate Commerco, is tho matter to bo
decided. That the business ot common carriers by rail is In a sonso a pub­
lic business * * * is settled by so many decisions, Stato and Federal,
and is illustrated by such a continuous exertion of Stato and Federal legis­
lative power as to leavo no room for quostion on tho subject. Therefore,
under tho situation existing, tho power to regulato necessarily obtained
for tho destruction o f tho public right was imminent as a result o f tho dis­
pute.
If tho situation which wo havo described and with which tho act of Con­
gress dealt bo takon into viow, * * * it would seem inovitably to
result that tho power to regulate necessarily obtained and was subject to
bo appllod to the extont necessary to provido a remedy for tho situation.
* * * This must bo, unless it can bo said that the right to so regulato
as to savo and protect the public interest did not apply to a case whero the
destruction o f tho public right was imminent as tho result of a disputo be­
tween tho parties and their consequent failure to establish by private agree­
ment tho standard o f wages which was essential. In other words, that the
existence of the public right and the public power to preserve it was
wholly under tho control o f tho private right to establish a standard by
agreement.
Nor is it an answer to this viow to suggest that tho situation was one of
cmorgoncy and that emergency cannot be mado tho source o f power. Tho
proposition bogs tho question, sinco, although an emergency may not call
into Ilfo a power which has nover lived, nevertheless emergency may afford
a reason for tho oxertlon o f a living power already enjoyed. I f acts which
if dono would interrupt, If not destroy, inter-Stato commorco may bo by
anticipation legislatively provonted, by tho samo token tho power to regulato may bo exercised to guard against tho cessation ot inter-Stato com­
merce threatened by a failuro of employers and employees to agree as to
tho standard of wages, such standard being an essential prerequisite to
tho unintorrupted flow of inter-Stato commerce.
H ero

th o

C h ie f J u s tic e r e c o u n t e d

a c k n o w le d g e d

pow ors

of

C on gress

a t le n g th
to

r e g u la to

th o

p r e v io u s ly

com m erce.

Tho Government will not destroy private rights; that is, tho right of
prlvato parties to fix privato wages is inherent to tako it away would bo un­
constitutional, but to say that the Government did not havo authority or
powor in this lnstanco to fill tho void would bo to doclaro that tho prlvato
right had destroyed tho public right.
This powor of Congress was not an emergency power, for it has power
to fix rates, prohibit robatos and to create a myriad o f regulations to pro­
tect tho public interest. That power had often been extended to employees
and tlioro was authority of Congress to act, bocauso tho railroads and em­
ployees failed to reach an agreement.
In tho presenco o f this vast body o f acknowledged powers, thero would
seom to bo no ground for disputing tho power which was exorcised in tho act
which is beforo us so as to prescribe by law for tho absonco of a standard
of wagos caused by tho failuro to cxerclso tho privato right * * * to
tho end that no Individual disputo or difference might bring ruin to tho
vast interests concerned. * * * What would bo tho valuo of tho right
to a roasonablo rate if all movement in inter-Stato commerco could bo
stopped as a result o f a mero disputo between tho parties, or their failuro
to exert a primary privato right concerning a matter o f inter-Stato com­
morco ?
Again, what purposo would bo subserved by all tho regulations estab­
lished to socuro tho onjoymont by tho public o f an efficient and reasonable
servico if thero was no power in government to provont all sorvico from
being destroyed? Further, yet, what benefits would flow to society by
recognizing tho right, bocauso o f tho public intorcst, to regulato tho rela­
tion o f employer and omployco and o f tho employees among themselves,
and to givo to tho lattor peculiar and spoclal rights safeguarding their per­
sons, protecting them in caso o f accident, and giving efficient romedics
for that purposo, if thero was no power to remedy a situation created by a
disputo between employers and employees as to rato o f wages, which, if not
roinodlod, would leavo tho public helpless, tho wholo people ruined, and
all tho homes o f tho land submitted to a danger of tho most serious char­
acter?
And, finally, to what derision would it not roduco tho proposition that
government had powor to enforco tho duty o f operation, if that power did
not extend to doing that which was essential to provont operation from be­
ing coinplotoly stopped, by filling tho interregnum croated by an absonco
of a conventional standard o f wagos bocauso o f a dispute on that subject
botween tho employers and employees by a loglslativo standard binding
on employers and employees for such a timo as might bo deemed by tho
Legislature reasonably adequato to cnablo normal conditions to como
about as tho result o f agreements as to wages between tho parties.
Wo aro o f tho opinion that tho reasons statod conclusively establish that
from the point o f view of inherent powor tho act which is beforo us was
cloarly within tho legislative power of Congress to adopt, and that in substanco and offect it amounted to an exertion of its authority under tho cir­
cumstances disclosed to compulsorily arbitrate tho disputo botween tho
partios by establishing as to tho subject matter of that disputo a legisla­
tive standard of wages oporatlvo and binding as a matter of law upon tho
partios—a power nono tho loss efficaciously oxerted because exercised by
direct legislative act Instead o f tho enactment of other and appropriate
moans providing for tho bringing about of such result.
If It bo concodod that tho powor to enact tho statuto was in offcct tho
oxcrciso of tho rights to fix wagos whero by roason of tho disputo thero had
boon a failure to fix by agreement, it would simply serve to show the nature
and character o f tho regulation essential to protect tho public right and
safeguard tho movomont o f inter-Stato commorco, not involving any donial of tho authority to adopt it.
And this loaves only to bo generally considered whother tho right to oxorclso such a powor under tho conditions which oxisted was limited or rostralnod by tho privato rights of tho carriers or their employees.
As to tho carrier, as engaging in tho business of inter-Stato commorco
carriago subjects tho carrlor to the lawful power of Congress to regulato
* * * it follows that tho vory absonco of tho scalo of wages by agree­
ment and tho impodhnont and destruction of inter-Stato commorco which
was threatened called fbr tho appropriate and relevant remedy, tho crea­
tion of a standard by operation ol law binding upon tho carrier.
As to the employee: Hero again it is obvious that what wo havo pre­
viously said is applicable and docislvo, sinco wliatover would bo tho right




1101

of an omployco engaged in a private business to demand such wages as ho
desires, to leave tho employment if ho does not get them, and by concert
of action to agree with others to leave upon tho same condition, such rights
aro necessarily subject to limitation when employment is accepted in a
business charged with a public interest and as to which the power to regu­
lato commerco possessed by Congress applied and the resulting right to
fix in a caso of disagreement and disputo a standard of wages as we have
seen necessarily obtained.
In other words, considering comprehensively tho situation of the em­
ployer and tho employeo in tho light of the obligations arising from the
public interest and o f the work in which they are engaged and tho degree
of regulation which may be lawfully exerted by Congress as to that busi­
ness, it must follow that tho exercise of tho lawful governmental right is
controlling.
This results from the considerations which, * * * we repeat, since
conceding that from tho point o f view of tho privato right and privato in­
terest as contradistinguished irom tho public interest tho power exists
botween * * * employers and employees, to agreo as to a standard
of wages freo from legislative interference, that right in no way affects the
law making power to protect the public right and creato a standard o f
wages resulting from a disputo as to wages and a failure therefore to es­
tablish by consent a standard.
Tho capacity to oxcrciso tho privato right freo from legislative Interfer­
ence affords no ground for saying that legislative power does not exist
to protect tho public interest from tho injury resulting from a failure to
oxcrciso tho privato right. In saying this, of course, it is always to bo
borne in mind that as to both carrier and employeo tho beneficent and
over-present safeguards o f tho Constitution aro applicable, and therefore
both aro protected against confiscation and against every act of arbi­
trary power, which, if given effect to, would amount to a denial of due
process or would bo repugnant to any other constitutional right.
And this emphasizes that thero is no question hero of purely private
right.
Having thus adversely disposed of tho contentions as to the inherent
want of powor, wo como to consider all tho other propositions which group
themselves under a common heading, that is:
2.
Such an abuse of tho power, if possessed, as rendered its exercise un­
constitutional.
Tho want of equality is based upon two considerations. Tho ono is tho
exemption of certain short lino and electric railroads. Wo dismiss it be­
cause it has been adversely disposed of by many previous decisions. Tho
second rests upon tho charge that unlawful inequality results because
statuto deals not with all, but only with tho wages of employees engaged
in tho movement of trains. But such employees were thoso concerning
whom tho disputo in which wages oxisted, growing out of which tho threat
of Interruption of intor-Stato commorco arose—a consideration which
establishes an adequato basis for tho statutory classification.
As to penalties, it suffices t o say that in this case a recovery of penalties is
not asked, and consequently the subject may well bo postponed until it
actually arises for decision.
A t

th is

p o in t

argu m en t
th o

th o

th a t

argu m en t

C h ie f

th e
of

la w

J u s tic e

w as

d e a lt

at

le n g th

“ u n w o r k a b le .”

u n w o r k a b ilit y

th o

C h ie f

w ith

th e

D is p o s in g

J u s tic e

of

s a id :

Considering tho extremo contentions relied upon in the light of this
situation, wo can discover no basis upon which they may rest. * * *
When it is considered that no contention is mado that in any view tho en­
forcement of tho act would result in confiscation, the misconception upon
which all tho propositions proceed becomes apparent.
Finally, wo say that the contention that tho act was void and could not
bo made operative, because of tho unworkability of its provisions, is with­
out merit, sinco we see no reason to doubt that if tho standard fixed by the
act were made applicable, and a candid effort followed to carry it out, the
result would bo without difficulty accomplished. It is true that It might
follow that in some cases, because o f particular terms of employment or
exceptional surroundings, some change might bo necessary; but these ex­
ceptions afford no ground for holding tho act void because its provisions
aro not susceptible in practice of being carried out.
Being of tho opinion that Congress had tho power to adopt the Act in
question, whethor it bo viewed as a direct fixing of wages to meet tho ab­
sonco o f a standard on that subject, resulting from the disputo between
tho parties, or as tho exertion by Congress of tho power which it undoubtedly
possessed to provido by appropriate legislation for compulsory arbitration—
a power which inevitably resulted from its authority to protect interStato commorco in dealing with a situation like that which was before it—
wo conclude that tho court below erred in holding tho statute was not
within tho powor of Congress to enact, and in restraining its enforcement,
and its dccreo therefore must bo, and It is, reversed and tho cause remanded
with directions to dismiss tho bill.
J u s tic o
b itr a r y
roads

D a y ,

and

in

w it h o u t

m it t e d ly

d is s e n t in g ,

u n r e a s o n a b le
duo

en a cted

h e ld

p rocess

w ith o u t

of
duo

sta ted

tth a t h o w a s n o t p rep a red

pow er

to

r e g u la to

o v o r , h o d id
p u ls o r y

r a ilr o a d

d id

prop er

p u b lic

*

and

not

*

*

p rocess”

an

**ar-

fro m

th o

r a il­

e x p e r im e n ta l

and

to

say
H o

an y

and

to

th a t

he

th o

s a id ,

h ow -

to e n fo r co

com ­

em ergen cy
e x e r c is e

“ I a gree th a t

s a id , a d d in g

th is

*

ra tes

con ­
*

to

to

th e

th e a m o u n t

pow er

m u st be

u su a l c o n s t it u t io n a l lim ita tio n s

C itin g

la s t

of

*

r e a s o n a b le

th a t

ad­
D a y ,

C o n g r e s s is w i t h o u t
e x p r e s s ly

e x c o s s iv o

in s u r e

bo

J u s tic o

C o n g re ss h a s th o p o w e r to fix

s u b je c t to
o f la w .

to

d e lib e r a tio n .

a sserted

w arra n t

s e r v ic e

o f c o m p e n s a t io n ,”
o x e r c is e d

la w ,

w ages.

s t it u t io n a l p o w e r s o f C o n g r e s s .
secu re

act

n o t b e lio v o C o n g r e s s h a s p o w o r

a r b itr a tio n

S ep tem b er

th e

ta k in g o f p r o p e r t y ”

th e s e lim it a t io n s , J u s t ic o

of

D a y

“ due
con ­

t in u e d :

This Act cannot successfully withstand tho attack that it is an arbitrary
and unlawful exertion of supposed legislative power. It is not an Act
limiting tho hours of servico. Nor is it a legitimate enactment fixing the
wages o f employees.
S ta tin g

th a t

h o u r s ’ s e r v ic o

th o

la w

fo r m e r ly

p r o v id e s
r e q u ir e d

tem p ora ry
fo r

ten

pay

h ou rs,

fo r

J u s tic o

e ig h t
D a y

s a id :

In othor words. Congress expresses its inability to fix in advance of in­
vestigation a just and proper wage. It inevitably follows that tho cost of
tho experiment, measured by tho increase in wages amounting to many
millions of dollars, and certain to cost a very large sum, must bo paid
not by tho public, nor bo equally borne by tho contracting parties, but by

1103

THE

legislative edict, is made to fall entirely upon one o f the parties, with no
provision for compensation should tho subsequent investigation establish
the injustice or impropriety o f tho temporary increase.
Inherently, such legislation requires that investigation and deliberation
shall precede action. Nevertheless, Congress has in this Act itself declared
tho lack o f sufficient information" and knowledge to warrant tho action
taken, and lias directed an experiment to determine what it sould do.
Such legislation, it seems to mo, amounts to the taking o f tho property
o f ono and giving it to another in violation of tho spirit o f fair play and
equal right which tho Constitution intended to securo in tho duo process
clause to all coming within its protection, and is a striking illustration of
arbitrary action, tho taking o f property o f A and giving it to B by legis­
lative fiat.
No emergency, whatever tho character, could justify tho violation of
constitutional rights.
R e g a r d in g

th e e ffe c t o f th e m a jo r ity

d e c is io n . J u s tic e D a y

s a id :

I am not prepared to admit that Congress may when deemed necessary
for tho public interest cocrco employees against their will to continue in
service in inter-Stato commerce. Nor do I think it necessary to decido, as
stated in tho majority opinion, that * * * Congress can enact a com­
pulsory arbitration law.
In

c o n c lu s io n

J u s tic o

D a y

M c R e y n o ld s

in

h is

d is s e n t in g

o p in io n

tic e

P itn e y

is

th o

jo in e d

o ffic ia l
in

b y

s y n o p s is

J u s tic e

of

V an

th o

o p in io n s

of

Jus­

D o v a n ter:

Justice Pitnoy, for himself and Justice Van Dovanter, delivered a dis­
senting opinion expressing concurrence in tho view of Justico Day that tho
Adamson law is unconstitutional becauso Congress, although confessedly
not in possession o f tho information necessary for intelligent and just treat­
ment o f tho controversy betwoen carriers and tho trainmen, arbitrarily
imposed upon tho carriers tho entire and enormous cost o f an experimental
increase in wages, without providing for any compensation to bo paid in
caso tho investigation should demonstrate tho impropriety of tho increase.
Justico Pitnoy’s opinion expressed tho viow o f himself and Justico Van
Dovanter that the Act is unconstitutional on tho further and moro funda­
mental ground that it is not a proper and legitimate regulation o f commerco
within tho meaning o f tho Constitution; that it does not establish eight hours
as tho limit o f a day’s work, thero being no prohibition o f service in oxcoss
o f eight hours per day nor any penalty for overtime work; that tho act
merely provides that eight hours shall be treated as tho moasuro or standard
o f a day’s work for tho purposo o f reckoning compensation for services; and
that tho third section, in providing that, pending tho report of tho investi­
gation commission and for thirty days thereafter tho compensation of rail­
way employees subject to tho Act for tho standard eight-hour day, shall not
bo reduced below tho presont standard o f a day’s wage, which is based
upon a ton-hour day, requires tho railroads during a period o f from eight to
eioven months to pay as much for oight hours’ work as previously was paid
for ton hours’ work, the effect being to increase wages without tho consont
o f tho railroads to tho amount o f many millions o f dollars.
Mr. Justico Pitnoy said “ that tho Act cannot bo sustained as a regulation
bf commorco becauso it has no such operation or effect; prescribed no serv­
ice to tho public; does not regulate tho modo in which scrvico is to bo per­
formed or tho safeguard to bo placed about it, or tho qualifications or con­
duct o f thoso who are to perform it and has no closer relation to or connec­
tion with commerco than has tho price which tho carrier pays for its engines
and cars or for tho coal used in propelling them.
Tho trainmen having accepted employment undor tho carriers in interStato commerco, so that employers and employees all ongaged together in
a quasi-public servico the Act simply sots in anil prescribes how tho money
earned in tho public service shall bo divided botween tho employers and tho
employees; this being a regulation not o f commerco but o f tho internal con­
cerns o f the commorco carriers, precisely as if tho Act were to provide that
tho rate o f interest payable to the bondholders must bo decreased and tho
dividend payments to tho stockholders correspondingly increased.
That tho Act cannot bo sustained by analogy to tho Hours of Service Act,
tho Safety Appliance Acts or tho Employers’ Liability Act; for each of theso
has a direct and substantial relation to and effect upon tho commerco itself,
while tho Adamson law has none.
That it cannot bo sustained on tho theory that increasing tho wages of
trainmen will encourage prompt and efficient scrvico, becauso tho increase
is not conditioned upon efficiency of servico but benefits alike thoso who aro
efficient and thoso who aro not.
That as a moasuro for improving tho servico it is as absurd as a law would
bo that required tho companies to pay 25% moro than beforo for each locomotivo or for its rails, cross ties, fuel, S ee., without stipulating for any im­
provement in the quality.
That tho act cannot be sustained as analogous to tho power to fix rates of
freight and faro or as a branch o f that power. Tho interest o f tho public
in tho regulation o f rates lio in limiting tho carrier to a reasonable compen­
sation, and Is In tho direction o f lowering, not increasing oxponses, while
tho presont act has for its purposo and necessary effect tho increasing of
expenses.
That tho act cannot bo sustained as an emergency measure, for an emer­
gency cannot create a powor nor excuso a dofianco o f tho constitutional
limitations upon tho powers o f tho Government.




In

h is

sep a ra te

th e

C ou rt,

la w

and

fix in g

s a id

la w .

it

is

H e

to

bu rden

th o

c o n c u r r in g

M cK en n a
an

h ou rs

of

th a t

in c r e a s e

reven u es

to

m ig h t
th e

w a g e s o f la b o r ,”
th e

m eet

h ou rs

s a id

ra th er
th o

m eet

la b o r

n ot

M cK en n a ,

pow er

h o u rs m a y o r m a y n o t in v o lv e

to

ex tra

th o
of

a

of
th e

w age

aro

n ot

fin a n c ia l

o b je c tio n s .
p r e s c r ib in g

a g r e e in g

pass

in c re a s e

of

th a n

r a ilr o a d s

its

is

m a jo r it y

m e a n in g

c o n s t it u t io n a l

of

J u s tic o

n ecessary

if

th o

th o

s e r v ic o

in d ic a te d

la w

w it h

d is c u s s e d

a ls o

“ P r e s c r ib in g

had

o p in io n ,

J u s tic e

a llo w e d

th a t

a ct.

th e
C on ­

“ S h orter

expense

and

m ay

o r m a y n o t r e q u ir e r e c o m p e n s e b y a n in c r e a s e o f th e ir r a t e s .”
T h e

tem p ora ry

m a k e th o la w

w a g e in c re a s e

a n e x e r t io n

w ages.

p r o v is io n , h o s a id , d o e s n o t

o f p o w e r p e r m a n e n tly

to

e s t a b lis h

________________________________________

P R O T E ST OF P R E S I D E N T G O M PE R S A G A I N S T A D A M ­
SON L A W D E C I S I O N .
A

s a id :

Whatever else tho Act may do, it certainly commands that during a
minimum period o f soven months inter-Stato carriers by railroad shall pay
their employees engaged in operating trains for eight hours’ work a wage
not less than tho ono then established for a standard day— generally of
ten hours. I havo not heretofore supposed that such action was a regu­
lation o f commerce within tho fair intendment of those words as used in tho
Constitution; and tho argument advanced in support o f tho contrary viow
is unsatisfactory to my mind. I cannot, therefore, concur in the conclusion
that it was within tho power o f Congress to enact tho statute.
But, considering tho doctrine now affirmed by a majority o f tho Court
as established, it follows that Congress has power to fix a maximum as
well as a minimum wage for trainmen; to requiro compulsory arbitration
of labor disputes which may soriously and directly jeopardize tho move­
ment of inter-State traffic and to tako measures effectively to protect tho
freo flow of such commerco against any combination, whether o f operatives,
owners or strangers.
F o llo w in g

If tho public oxigency required it Congress perhaps might appropriate
public moneys to satisfy tho demands of tho trainmen; but thero is no
argument for requiring the carriers to pay tho cost that would not apply
equally to renewed demands as often as made, if mado by moil who had
tho power to tio up traffic.
And that tho act usurps tho right of tho owners of tho railroads to manago
their own property in matters not affecting tho character of tho scrvico and
is an attompt to control and manago them rather than to rogulato com­
merco. In particular it deprives tho railroad companies of their constitu­
tional right to agree with their employees as to tho terms of employment.

gress

s a id :

I agree that a situation such as was presented to Congress at this time
properly called for tho exertion o f its proper authority to avert impending
calamity. I cannot agree that constitutional rights may bo sacrificed
becauso o f public necessity, nor taken away becauso of emergencies which
might result in disaster or inconvenience to public or private interests.
If tlds bo not so, tho constitutional limitations for tho protection of lifo,
libery and property are o f little valuo, and may bo taken away whenever
it is supposed that tho public interest will bo prompted by tho sacrifice of
rights which tho framers of tho Constitution intended should bo forever
protected from governmental invasion by any branch of tho Government.
J u s tic o

[Vol. 104.

C H R O N IC L E

p rotest

a g a in s t

th o A d a m s o n

L aw

th o

in

d e c is io n

of

th o

s o fa r a s it lim it s

S u p rem o

C ou rt

in

t h o r ig h t o f r a ilr o a d

e m p lo y e e s t o s t r ik e , w a s lo d g e d w it h U . S . A t t o r n e y -G e n e r a l
G regory

by

M o r r is o n ,

Sam uel

S ecreta ry ,

o n th e 2 1 s t in s t.

A

G om p ers,
o f

th o

P r e s id e n t,

A m e r ic a n

and

F ran k

F e d e ra tio n

o f

II.

L abor

s t a t e m e n t is s u e d a t th o F e d e r a t io n h e a d ­

q u a r te r s o n th a t d a y w it h th o a p p r o v a l o f P r e s id e n t G o m p e r s
c o n c e r n in g

th o

p r o t e s t s a id :

Tho President and Secretary of tho American Fedoration of Labor,
Samuel Gompers and Frank Morrison, shortly after noon to-day presented
to Attorney-General Gregory in his office a protest in tho namo of tho work­
ers of this country against tho opinion rendered by tho United States Su­
premo Court in going out of its way upon matters not beforo tho Court and
dragging in compulsory arbitration.
T h o S u p rem o C o u r t , b y in terp olatin g in to tho law an d argu m en t beforo
it for consid eration a foreign m a tte r , n a m e ly den ial to w orkers o f tho righ t
to q u it w ork in furtherance o f their ju st an d n ecessary righ ts, p oin ted ou t
tho w a y to thoso w ho w ish to tio w orkers to their w ork in order to p rotect
tho su pp osed convenience o f tho p u b lic.

M r. Gomers called attention to tho splendid, progrosslvo, fundamental
declaration in both Mexico and itussia, countries which aro passing through
a period of danger and national stress, assuring to tho workers of thoso
countries “ tho right to strike.”
Tho opinion of tho United States Supremo Court in connection with tho
Adamson Law decision belongs to tho old reactionary ilespostisin of Russia
and Mexico, and is out of harmony with tho freo institutions of tills Re­
public.
T h o
th e

P h ila d e lp h ia

p r o t e s t file d

“ L ed ger”

w ith

o f th o 2 3 d

p r in te d

th o A t t o r n e y -G e n e r a l,

th o

tox t o f

a s fo llo w s :

The decision of tho United States Supremo Court in tho Adamson Law is
extraordinary— in strange contrast to its usual caroful observance of tho
etiquette of precedence. Tho Court justifies tho Adamson Law by what it
assumes would havo happened had Congress not enacted tho laws— the
justification thus rests not upon principles, but upon a hypothetical
emergency.
In addition to reversing its usual method of reasoning, tho Court emerges
from tho judicial domain to lend a helping hand to legislation under con­
sideration by Congress. All of tho forces of reaction united in tho Sixtyfourth Congress to enact compulsory legislation to render workers helpless,
by ono form of law or other, to compel tho toilers to compulsory servico—
involuntary servitude. They failed. Congress considered tho proposed
legislation contrary to tho spirit and tho principles of our free ltopublic.
The Supremo Court attempts to Influence tho legislativo situation by
giving in ailvanco an unsolicited opinion upon a question not before it—
tho consitutionality of compulsory arbitration:
“ Wo aro of opinion that tho reasons stated conclusively establish that from
the point of viow of inherent powor tho Act which is boforo us was clearly
within tho legislative power of Congress to adopt, and that in substance and
effect it amounted to an oxortion of its authority undor tho circumstances
disclosed to arbitrate compulsorily tho dispute botvvoon tho parties by estab­
lishing as to tho subject matter i f that dispute, a logislativo standard of
wages, operative and binding as a matter of law upon tho parties—a power
none tho less efficaciously exerted bocauso exorcised by direct legislativo
Act, instead of tho onactmont of otlior and appropriate moans providing
for tho bringing about of such result.”
Not satisfied with this gratuitous assistance and suggestion to tho legis­
lativo representatives of reaction, tho Chief Justice interpolated tho fol­
lowing denial of tho right to striko in public servico:
“ That right is necessarily surrendered when tho men aro ongaged in public
servico. Thoy aro comparable to soldiers in tho ranks who, in tho prosonco
of the enemies of thoir country, may not desert.”
This opinion of our Chief Justico is in vivid contrast to tho declaration
of tho Russian Government that replaced tho old despostism, a declaration
which Russia enunciated in a time of great stress, whon tho country was
confronted by tho exigencies of a world war. It Is:
“ Liberty of speech and of press, ficcdom for alliances, unions and strikes,
with tho extension of thoso liberties to military officials within tho limits
admitted by military requirements."
That tho Court’s decision is open to criticism Is manifest from tho fact
that only five out of nine justices concurred in it. Tho other four criticize
it without reservo.
Tho situation presents a very serious problem for tho nation to consider.
Fivo men out of our 100 million havo Interpolated into our political institu­
tions a principle destructive of the fundamentals of freedom. Tho Supremo
Court has provided tho way for establishment of industrial slavery and a
fugitive slave law, and if followed out by tho Government or $s enacted
into law by tho Supremo Court’s decision by a vote of fivo to four, tho work­
ing peoplo of tho United States may bo compelled to work at tho command
of thoir employers or go to prison.

MAll. 24 1917.]

THE

C H R O N IC L E

1103

The Court’s decision came as an anti-climax too long dolayed to bo helpful
in tho purposo for which it was enacted. H as tho Court permanently
abandoned tho field of justice to play into tho hands of tho employing class,
tho wealth possessors o f our country, by taking away from tho working
pooplo tho only effective power they possess to compel a decent regard
for their rights, their freedom, the American standard of lifo?
W ould it not bo well for tho nation to consider tho necessity o f curbing
tho assumption o f power by tho Supreme Court rather than to supinely per­
m it tho Court to “ cu rb" tho freedom o f tho masses— tho workers?

rates in order that tho carriers may meet the increased
burdens imposed on them through the workings of the
Adamson eight hour law, as well as to obtain the additional
capital required for tho upkeep of their property. Yesterday
it was announced that a general increase from 10 to 15% in
all freight and passenger rates to cover the increased cost of
operation under tho Adamson Law, has been asked for by
all the railroads of the country in a petition laid before the
VIEWS ON SUPREM E COURT'S DECISION I N A D A M - Commission. Besides basing their request for the general
SON CASE.
advances on increased expenses incident to the Adamson Law
Walter D. Hines, Chairman of the Committee of Railroad and other causes, the roads ask for a blanket increase to
Counsel, in the Adamson tost caso beforo tho Supreme Court, facilitate prompt action to serve the country in case of war.
The roads’ petition says:
had the following to say on Tuesday, respecting the decision:

.

Tho profoundly significant fcaturo of tho decision is its declaration that
railroad trainmen are engaged in a public service and that for the purpose
of preventing an interruption o f that service, in tho event o f disputo as to
wages or conditions of employment, tho Government has power to compel
tho submission o f their demands to arbitration and to put lim itations upon
their leaving tho service.
Tliis decision appears to bo a complote answer to tho idea that railroad
trainmen have an unrestricted constitutional right to insist upon whatever
wages or conditions they desiro and tie up tho transportation service o f the
country whonever their demands aro not granted.
The country is assured by this decision that there is no constitutional
obstaclo in tho way of Congress taking action to protect tho country, whether
in peace or war, from being paralyzed or starved by strikes or terrorized by
threats o f strikes at tho option o f the organizations of train servico em­
ployees.
It has been borno in upon tho railroads by m any court decisions through­
out a long period of years that tho rights o f tho railroads are subordinate to
tho rights of society. This decision shows that when men elect to engago in
railroad train service they too bocomo subject to tho obligations o f public
servico and subject to control in the interest o f society.
I f Congress does not provido adequate protection for tho public against
such crises as thoso o f last August and last week tho failure cannot bo attrib­
uted to any lack of constitutional power to act in tho public interest.

Frank Ilagcrman, special Government attorney in the
Missouri Oklahoma & Gulf RR. caso, which led to tho ruling,
oxpressod tho opinion that tho decision means tho ond of all
strikes in industries or utilities engaged in intor-Stato servico.
This probably will bo accomplished, Mr. Hagorman declared
in a statemont issued on tho 19th, by tho empowerment of
somo body, such as tho Intor-Stato Commorco Commission,
to sottlo any such labor disputes that may arise. His state­
mont says:
The public is to bo congratulated on this decision. It evidently means
that the railroads and their employees are engaged in a public sorvico. Tho
groat interest of the public is to sco that trains aro kept in m otion. This
requires men as well as engines and cars. These men m ust bo efficient.
T o bo so requires health of body and contentment of m ind. Unreasonable
hours and lack o f fair play impair tho health and breed discontent.
It Is not, however, a one-sided proposition. Tho m en, having dovoted
themselves with tho railroads to this public servico, m ust do tlielr part.
Therefore, tho m ovement of trains must not bo stopped by such contro­
versies.
I f ono arises, and both parties cannot agree, Congross can keep
trains moving by fixing tho wages and working conditions, just as it can
sottlo public controversies as to rates to bo charged and servico to bo
rendered to shippers and passengers.
Tho logical result probably will bo tho empowering o f somo tribunal, like
tho Intor-Stato Commorco Commission, to sottlo labor disputes. This
would end strikes in Inter-State industrial work and give tho men a tribunal
from which they always could obtain justice.

In our opinion, the only practical methods of securing proper relief is
by a percentage advancement in all rates. This, of course, should be ade­
quate to cover the effect o f the Adam son Law and other wTage increases
already made, and those which will naturally follow, together with increases
in the cost of fuel, material and supplies.

Samuel Rea, President of tho Pennsylvania RR. system,
acted as chief spokesman for the railroad executives at the
hearing on Thursday before tho Suspension Board of the
Inter-State Commerce Commission, with Commissioner
Clements presiding. Tho other members of tho delegation
present were: A. II. Smith, President of the New York
Central; Daniel Willard, President of the Baltimore & Ohio
Railroad; L. E. Johnson, President of the Norfolk & Western
Railroad; Frank Trumbull, chairman of the board of the
Chesapeake & Ohio Railroad; C. W . Huntington, chairman
of tho board of the Virginian Railway, and C. R. Gray,
President of the Western Maryland Railway.
The proposed advances sought in the freight rates on
bituminous coal would affect shipments to the Atlantic
Seaboard and the lake ports. The tariffs filed provide for
increases of 10 cents per ton to Hampton Roads and Newport
News, 5 cents per ton to Baltimore, Philadelphia and New
York and 15 cents per ton to the lake ports. Mr. Rea, in his
potition on Thursday, based his plea upon patriotic considera­
tions as well as commercial necessity. “ Under the existing
international complications and the exceptional industrial
activity,” he said, “ there should be no delay in placing the
railroads in a strong financial condition in order that they
may place themselves in a strong physical condition to meet
the needs of the country.” The reasons cited by Mr. Rea
to show the immediate necessity for higher rates on coal and
other freight included the enormously advanced cost of
materials and fuel, the Supreme Court decision on the
Adamson wage act, the scarcity, high prices and inefficiency
of labor in general, and tho constant increases in taxes. He
said:
AVages have increased, taxation has increased, tho price o f supplies has
increased and tho price o f coal itself has increased. It costs the roads
more to haul coal than it did a year ago. Tho coal operators are realizing
to-day a dollar a ton more for their coal than they did last year and aro
charging tho railroads a dollar a ton more for fuel coal. They should be tho
last to protest against an increase o f from 5 to 15 cents in coal rates.

Timothy Shea, Assistant Prosidont at Chicago of tho
Advances in fuel prices alone, Mr. Rea said, will involvo
Brothorhood of Locomotivo Firomon and Enginomon, was an added cost of at least $37,000,000 per year to tho seven
quoted in tho “ Times” of tho 21st, as follows:
carriers represented at the hearing. Tho principal articles
Tho remarks by the C hief Justico were an expression o f personal opinion
used in the operation of tho Pennsylvania lines East of
and carried no weight as coming officially from tho Supremo Bench. Tho
right of laboring men to striko is fundamental and cannot bo taken away e x ­
Pittsburgh, ho continued, have risen in price an average
c e p t by constitutional amendment.
I do not bcliovo that Congress ovor
of 78% in tho last two years. In many cases tho advances
will pass a law prohibiting strikes.
The “ Tribune” of tho 20th inst. quoted W . G. Leo, spokes­ have beon far greater. Axles have risen 173%, steel bridge
material 148% and steel plates 244%. Equipment, he
man for tho Brotherhoods, as saying:
said, had risen at least 50% . Tho Adamson Act decision,
W o would bo better pleased if tho Supremo Court had declared tho Adam ­
son Law unconstitutional. W e never wanted It anyway. W o would prefer Mr. Rea stated, will advance wages of tho men affected,on
to make our own bargains with tho roads.
tho Pennsylvania lines eastof Pittsburgh, at least $9,000,000
Tho ruling of tho Court does not, I am suro, put us in tho class o f letter
per year on a conservative estimate. In addition, since
carriers, or others in like employment. I do not know of anything that will
prevent us at somo futuro tim e asking for moro wages If conditions. In our
tho first of tho year it has beon necessary to authorize wage
opinion, demand that wo do so.
increases to other employees amounting to $4,800,000 per
W o are opposed on general principles to having wages made a subject
Referring to taxes, Mr. Rea said that for the seven
of discussion in legislative bodies, just as much as wo aro opposed to govern­ year.
ment ownership. W o are against government ownership becauso it would
railroads
they took 12 cents out of every dollar of net oper­
moan too much politics.
ating rovonues last year and have advanced 91% since
1900. For tho present year the now Federal capital stock
Representative Adamson, author of tho law, although not
tax will mean a heavy further increase. Tho increased
attempting to predict what would bo dono, advocated on tho
cost of materials and supplies, Mr. Rea explained, is only
2 0 th inst. action of somo soft to meet tho situation which tho
just
beginning to be felt “for the reason that the previous
Supreme Courts opinion has created. Ho said:
contracts made on favorable terms have expired or are now
I don t know what Congress will do but I bcliovo tlicro should bo somo
sort of tribunal for tho settlement o f these wage controversies. Tho C ourt's
expiring.” Setting forth that tho decreased not earnings in
decision has not changed tho situation. I was couviticcd when tho E igh ttho faco of increasing gross business is a “situation which
Hour Law was enacted that wo had tho authority.
has alarmed the carriers.” Mr. Rea declared that the re­
turn earned by tho seven railroad systems represented at
P E T I T I O N OF R A I L R O A D S FOR I N C R E A S E I N R A T E S .
tho hearing was, during January 1917, on a basis of 3.21%
In urging beforo tho Intor-Stato Commorco Commission per year upon their investment in road and equipment. He
on Thursday that an advance in freight rates for trans­ continued:
porting bituminous coal bo authorized without delay, tho
W ith these figures as to present operations staring us in the faco, and
representatives of tho railroads took the first stop tho increaso in expenditures for material, fuel, supplies, taxes and wages,
which aro only reflected in a small degree In tho figures just enumerated,
in a general movement to secure a rovision of freight wo
feel that tho situation Is tense and that immediato relief should be given



1104

THE

C H R O N IC L E

the carriers in order that they m ay continuo unhampered to render the
public tho safe and efficient service which it is their duty to glvo and for
which I believe the public is ready and willing to pay.

During the seven years ended June 30 1916 Mr. Rea said
that the earnings of the seven carriers of bitumous coal on
their property investment have averaged only 4.81% per
year. He added:
I believe that with such a small rate o f return tho carriers cannot hope
to secure the capital, on advantageous terms, needed for additional equip­
m ent, tracks, terminals and stations, which are absolutely essential in tho
present national crisis.
I believe this position is well proven by current events.
Kailroad securities m ust be made sufficiently attractive if we are to
secure the m oney to continue to expand the properties and meet tho traffic
demands, and this can only be done when we aro assured o f such broad and
liberal treatment as will give them sufficient net earnings and surplus as
to induco investment in the railroad business.
W ith such widespread and pressing demands for larger terminals, greater
facilities and more equipment, it is essential that tho railroads be granted
the higher rates necessary to place them in a position to meet rising costs
and give them the earning basis to attract new capital for tho additional
transportation facilities and services so urgently required. Th e lack of
sufficient surplus for m any years past has prevented the railroads from
providing such additions and betterments in advance o f traffic demands,
and while labor and material costs woro reasonable.

Mr. Rea summarized conditions as follows:
W ith no desire to overstate the situation, I m ust emphasize some items
o f increased expenses in 1917 which wo m ust m eet on the Pennsylvania
lines E a st o f Pittsburgh:
Per A n n u m .

Taxes (Federal capital stock ta x )--------------------------------------------------Fuel (1 1 ,0 0 0 ,0 0 0 tons, net Increase o f 65 cents per to n ).................
W ages— Adam son L a w
................. — ...................................................
W a g e s— A d ju stm e n ts______________________________________________
Increased material prices over 1916-1915 (one-half expenses
considered m aterial)_____________________________________________

3300,000
7 ,2 0 0 ,0 0 0
9 ,0 0 0 ,0 0 0
4 ,8 0 0 ,0 0 0
8 ,0 0 0 ,0 0 0

T o t a l ___________________- ........... ............................................................... $29,3 0 0 ,0 0 0

Mr. Rea also stated that:
Briefly summarized, for all railroads in Class 1 in tho Eastern district
from October 1916 to January 1917, Inclusive, while gross earnings increased
over $ 5 0 ,0 0 0 ,0 0 0 , the railway operating income decreased $17,0 0 0 ,0 0 0 .

[Vol . 104

occur in commercial matters— and compelling the commissioners to accept
the conclusions o f their employees as final in deciding matters o f great
importance to the commercial and railroad interests o f the country.
Fourth. Tho practical legality that has been accorded conspiracies to tie
up and suspend the operation o f the railroads of tho country b y strikes and
violence, and tho absence o f any law to compel the settlement o f such
disputes by arbitration or other judicial means, like all other issues between
citizens in civilized States aro to be settled.
Fifth. The phenomenal increase in the taxation o f railroads in recent
years.
Sixth. Tho cumulative effect o f theso conditions upon the investing
public, to which railroad companies must look for tho capital necessary to
continue development.

Referring to tlio threatened strike Judge Lovett said:
It seems inconceivable that a nation as dependent as ours is upon railroad
transportation should permit a strike to occur. I t seems to mo that one
o f the plainest duties of the National Government, not merely to the rail­
roads but to tho whole people, is to provide means for settling disputes
between the railroads and the trainmen likely to lead to such strikes. M en
cannot bo compelled to work against their will and no one suggests this, but
men can be forbidden to enter into and carry out a conspiracy to interfere
with and suspend inter-State commerce.

Frank Trumbull, Chairman of the Railway Executives’
Advisory Committee, who, according to the “ Sun,” like
Judge Lovett, pleaded for the nationalization of the railroads
through Federal incorporation, also had the following to say
concerning the railroad problem:
In viow o f the great crisis which tho nation faces this morning, I think
the disposition made o f the labor controversy was both wlso and patriotic.
The decision was left to a governmental body, where the responsibility
properly rests.
I believe that this conclusion emphasizes more than ever tho necessity
for national treatment o f the railroads and tho Importance o f unified
control in the public Interest. I feel that it should also promote friendli­
ness in all quarters for tho railroads, and be accepted as evidence o f their
sincere desire to co-operate In overy possiblo manner to render tho service
expected o f them .
•
It is the wish o f tho railway executives to treat their employees fairly,
but they aro compelled to recognize the limitations put upon them b y public
regulation which denies them the freedom of action granted to other lines
of business. Tho railroads m ust now look to tho public for their co­
operation in tho burden thoy have assumed. Particularly do they ask that
unselfish and intelligent attention bo given tho whole problem and the
railroads be treated in this emergency, as thoy deserve to be, as great
national assets.

The signatures of 23 presidents of Western railroads were
attached to a telegram, which was read to the Commission.
They indicated that the Western roads would join with the
Eastern railroads in petitioning for a horizontal percentage
CONGRESS CALLED I N EXTRA SESSION A P RIL 2.
advance.
A proclamation calling Congress in extra session on April
JU D G E LOVETT A N D F R A N K TRUMBULL URGE 2— two weeks earlier than in the provious proclamation for
an extra session, was issued by President Wilson on Wednes­
U N IFIC ATIO N OF RAILROAD REGULATION.
Before the Newlands Railroad Investigating Committee day the 21st inst. The President states in his latest pro­
of the Senate, which re-opened its hearings in Washington clamation that “ public interests require” tho assembling of
on the 19th inst., Judge Robert S. Lovett, Chairman of tho Congress on that day “ to receive a communication concern­
Board of Directors of the Union Pacific RR., urged immediate ing grave matters of national policy which should be im­
nationalization of railroad control. Final disposition of the mediately taken under consideration.” When the Presi­
control question, he declared, would prove a great factor in dent addresses Congress he is expected to show how a state
the grave problem of obtaining new capital with which to of war actually has existed for somo time becauso of tho
continue railroad development. About $1,000,000,000 new attacks upon American ships by Gorman submarines.
capital will be required annually during the next ton years Congress is expected formally to declare a state of war
to develop railways properly. Mr. Lovett said, and he existing, vote a large sum for national defense, and clothe
expressed the belief that when the present “abnormal” the President with authority to use the armed forces of the
prosperity passes it will be difficult to obtain the money. United States. Such action, it is pointod out, would not
be a declaration of war except in a technical sense, and whether
Mr. Lovett said:
So long as the railroads made their own rates and did their financing
the United States and Germany actually go to war in the
without restriction, the public was justified in looking to railroad men for fullest acceptation of the term will depend on what the
adequate railroad transportation, but when the Government fixes the rates
Imperial Government does before Congress is assembled or
and limits tho income and restricts the borrowing power, it takes over the
railroads’ responsibility to provide transportation facilities, except to the
after it acts. The proclamation follows:
extent and within tho limits o f the means allowed by the regulations im­
posed.
H aving exercised the power of regulation and permitted its exercise by
tho States, Congress must go forward with it and provide a workable
system o f regulation. For a country such as ours, for a people situated
such as wo aro, dependent upon our railroad systems for our daily bread,
to blunder along with a scries of unrelated, Inconsistent, conflicting statutes
enacted b y different states without relation to each other, instead of
providing a complete and carefully studied and prepared system o f regula­
tion for a business that is so vital to the lifo of the nation, is worse than
folly.
W o believe that the unification of regulation is essential, and that with
the rapid increase o f State commissions in recent years, Congress will in
time be compelled to exercise its power in the premises.
W e believe the best, If not the only practicable, m ethod is the Federal
Incorporation o f railroads b y general law, which will make incorporation
thereunder compulsory— thus imposing on all railroad companies through­
out the United States the same corporate powers and restrictions with
respect to their financial operations, and the same duties and obligations
to the public and the Government with respect to their duties and obliga­
tions as common carriers— so that ovory investor will know precisely what
every railroad corporation m ay and m ay not lawfully do in issuing and
selling securities, and every shipper and traveler m ay know the duty and
obligation o f every railroad company to him , whether in M aine or Cali­
fornia, in Michigan or Texas.
Addressing m yself to the railroad situation o f the country generally, as
I have observed it, I believe that the problems aro:
First. The multiplicity o f regulations by the several states with respect
to the issue o f securities, involving delays, and conflicting State policies,
generally dangerous and possibly disastrous.
Second. The State regulation o f rates in such manner as to unduly
reduce revenues, to discriminate in favor of localities and shippers within
its own borders as against localities and shippers in other States, and to
disturb and disarrange the structure o f inter-State rates.
Third. The inability of the Inter-State Commerce Commission, whoever
the commissioners m ay be, to perform the vast duties devolving upon the
Commission under existing laws, resulting in delay— which should never




W h ereas, Public interests require that tho Congress of the United States
should bo convened In extra session, at 12 o ’clock noon, on tho 2d day of
April 1917, to receive a communication by the Executive on gravo ques­
tions of national policy which should bo taken immediately under con­
sideration;
N ow , Therefore, I , W oodrow W ilson, President o f tho United States of
America, do hereby proclaim and declare that an extraordinary occasion
requires tho Congress of tho United States to convene in extra session at
the Capitol in tho C ity o f Washington on tho 2d day of April, 1917. at 12
o ’clock noon, o f which all persons who shall at that time bo entitled to act
as members thereof are hereby required to take notice.
Given under m y hand and tho seal of the United States o f America, tho
21st day o f M arch, in tho year of our Lord ono thousand nino hundred and
seventeen, and of the independence o f tho United States tho ono hundred
and forty-first.
W O O D R O W W IL S O N .
B y tho President:
R O B E R T L A N S I N G , Secretary of State.

A call for an extra session of Congress beginning April 16
was issued by the President on March 9. Tho special session
of tho Senate which began March 5 adjourned sine die on
the 16th inst. after Democratic loaders had procured con­
firmation of most of tho 1,400 nominations which failed at
tho last session, and had despaired of attaining ratification
of the $25,000,000 Colombian treaty.
Reports that a European noutral might offer mediation to
prevent open war between the United States and Gormany
were said to have come to the Administration on tho 22nd,
without causing surprise or in any way affecting the Govern­
ment’s plans for meeting tho situation forced by submarine
warfare.

m ar.

24 1917.]

THE

C H R O N IC L E

At tho State Department officials would neither deny nor
confirm that the Government had been approached on the
subject. It was said to have been declared, however, that
no proposals of mediation or for discussion would be con­
sidered unless Germany first abandons tho campaign of
unrestricted submarine warfare.

UNION L EAG U E DECLARES WAR E X I S T S AND A S K S
FOR UN ITED WEIGHT OF LOYALTY.
The Union League Club of this city at a meeting on the
20th inst. called to hear the report of a special committee
named to inquire into the defense of the nation and the need
for national service, adopted resolutions in which it asked
“ the American people to face the fact that war with this
country now exists by the act of Germany, and that tho
whole united weight of American loyalty must be concen­
trated upon effective Governmental action.
Elihu Root,
Charles E. Hughes, Joseph H. Choate and Theodore Roose­
velt were the speakers at tho meeting, their remarks all
dealing with tho international situation and the need of
immediate action. Mr. Hughes in his utterances said:
Lot us not delude ourselves. Germ any is now making war upon the
United States, making war with a ruthless barbarity. It is not a quostion of
legalistic conception. There is now a state o f war, and the United States,
tho pooplo o f tho Unitod States, should rocognizo that fact. Our citizens
have been murdorod, are being murdered. Our ships are being sunk. Our
commerce is existing on leavo o f a nation or Government whose hostilo
intent is m anifest.
There m ust bo prompt defense, adoquato defense. Those attacks, these
illegal assaults, should bo ropellod. There is something horo far more im ­
portant than more physical valuo o f ships, something moro important than
commerce, something more important oven than the lives o f particular
men who are exposed to theso brutal onslaughts. Thero is a principle in­
volved in the attacks that havo been m ade, and tho success o f that principle,
I do not think it is too much to say, threatens tho integrity o f our country.
I f that principle is successfully maintained, as it is now sought to be m ain­
tained, tho question is not simply o f commercial rights. I regard these
attacks, tho method o f their conduct, as an onslaught on liberty and on civi­
lization itself. It is time that the American people understood it. All
organizations exorcising public influence should record their convictions.

Mr. Choate’s remarks in part wore as follows:
N ow I want to say a few words about this war that aro not in the resolu­
tions. I f wo are going into war, if wo aro in war now , I do not want it to bo
limited to a few submsaines and hero and thoro a ship sunk. I want It to be
spread over a much broader and wider ground, and to grow upon deeper and
grander principles than even tho defenso o f our own property.
This war has boon from tho beginning a contest for freedom, for justice,
for civilization, in which wo aro as much interested as the Allies thomselvcs.
I rocognizo tho fact from the beginning that they wero fighting our battle;
while wo lingered on in this, state o f stupid unpreparedness they were
actually sacrificing all their resources, all for tho principle of maintaining the
right o f each Government to maintain its own independence. So I havo
always thought that if the time came when by going into tho war bang up
with all our might wo could put an end to it in the right w ay, in the triumph
o f tho Allies, it was tho duty o f this country to do it. And I believe that
the time lias now coino when by going in oven with tho littlo preparation
that wo havo yet made wo can pass such a balance in favor o f tho Allies
that very speedily a final victory is assured.
W o can certainly help them a great deal. They won’t expect armies to
march over there. B ut I hope that brigado, that division will go, and I
guess it will. And wo can help them in what they sorely neod. W o can
help them to finance the conclusion o f this war; and I shall bo ashamed of
Amorica, o f its bankers and manufacturers and merchants and lawyers
and doctors and ministers, if thoy don’ t all rally to that proposition.
W o think wo have done a great deal already. W o havo. W o have sold
them a great m any goods at excellent prices. W o havo loaned them a great
deal o f money at a considerable rato o f interest; but I say that ovory Am eri­
can, and all America, could afford to spend tho ontiro income o f ono entire
yoar to bring this war to tho end that It ought to come to.

1105

The resolutions adopted at the meeting are as follows:
Preamble: I t is now two years and a half since the progress of tho great
war in Europe mado It plain that the Unitod States was in serious danger
of being drawn into that war, or required to defend its right b y the exercise
of all its powers at the close o f the war. I t is more than a year since the
President o f the United States, in a series of public addresses, advised
tho people o f our country o f tho immediate danger o f our being drawn
into the war. During all the period that has followed, the reality o f these
dangers has been made more and more clearly manifest. The people of the
United States have come to realize that the principles o f national con­
duct upon which tho military autocracy which controls Germany has
forced the present war upon the civilized world, are inconsistent with the
principles upon which tho peaco and liberty o f free democracy can con­
tinue to exist. Tho principle that thero aro no moral laws superior to
the selfish interests o f a powerful State, which was applied b y Germany
at the beginning o f the war to Belgium, has now been applied to the
United States. Hundreds o f Americans have been put to death, and wo
are confronted with a formal declaration b y Germ any that she will at­
tack and sink any American vessel which pursues its lawful calling upon
the high seas without German consent. Because o f that policy our G ov­
ernment has broken off diplomatic relations with Germ any. I f the inten­
tion declared in that policy be executed, as it m ay be to-morrow, war
will immediately exist between Germany and the United States, not b y
our choice, but b y Germ any’s act.
During all the period since the war began the need and method o f national
defense have been discussed b y the executive and legislative branches o f
the Government. A t first our people, stunned and shocked b y the horror
o f war, refused seriously to discuss the need and m ethod of national defense.
But more and moro they have awakened to the gravity and imminence
o f the national danger. Aided by the experiences o f the mobilization on
the M exican frontier, tho people of the country generally are growing to
realize that the only sound basis for a democracy’s defense o f its liberties
rests upon the universal duty o f patriotic service, and that for the sure
defense of this Union we m ust return to tho original principle upon which
our Government was founded— that every male citizen o f suitable age
for war is bound to prepare, keep himself prepared, and always be in
readiness to render military service for national defense when called upon
by the Government. This was the principle upon which AVashington and
tho founders o f the country insisted. Let us as a people at last reduce it to
actual practice.
The time for mere discussion has passed, and the time for practical,
concrete action has come; therefore, be it
Resolved, First— T h at the members o f the Union League Club will earn­
estly support the President o f tho United States is making immediate and
vigorous use o f the powers already vested in him , o f forestall and repel Ger­
man attacks (recognizing the fact that Germany has made and is making
actual war on the United States):
(1) In filling up -without any delay the depleted numbers of the arm y
and the n avy, by urgent and insistent appeals to tho patriotism of the
young men o f the country.
(2) In driving to the limit o f their capacity the arm y and navy man­
ufacturing establishments owned by tho Government for the manufacturing
o f rifles, ammunition, shells, field artillery, machine guns, automatic rifles,
and a multitude o f other things o f common use necessary for the con­
duct o f war, in all o f which we are fatuously deficient.
(3) In seaming immediate preparations for manufacture, and the earliest
possible beginning o f manufacture, in private as well as Government fac­
tories, o f the multitude o f munitions and supplies necessary for successful
warfare, including aeroplanes and submarines, to the limit o f the appro­
priations already made and o f the authority already granted; and
(4) In the arming o f ships; and in aggressive action to repel German
attacks on our citizens, and warfare on our country; and further be it
Resolved, Second— T hat this club strongly approves the action o f the
National Government in arming merchant vessels o f the United States to
the end that they m ay defend themselves b y force o f arms against unlawful
and violent interference with the exercise of their rights upon the high
seas; and further be it
Resolved, Third— That this club respectively requests the Senators and all
Congressmen who represent any o f its members to vote for and urge the
earliest possible enactment o f laws which shall make all needed enlarge­
ment o f the executive powers for the national defense, and shall put into
immediate operation the plan for the universal training o f American young
men in their nineteenth year, contained, with immaterial differences, in the
bill already reported by the Senate Com m ittee on M ilitary Affairs and in
the bill o f tho General Staff transmitted to Congress b y the Secretary of
AVar; and be it further
Resolved, Fourth— That this Club ask tho American people to face the
fact that war with this country now exists b y the act o f Germany, and that
tho whole united weight of American loyalty m ust be concentrated upon
effective governmental action.

The resolutions Avere offered by Robert Bacon, Chairman
Mr. Root expressed a deep conviction that “ none of us of the special committee on national defence, whose report
appreciates how serious the conditions aro which confront in part Avas as follows:
It is impossible to exaggerate the urgent need o f bringing the people of
us.” He said:
the United States to a realization o f our defenseless condition and the neces­
Tho situation is a very extraordinary ono. Germ any is making war
upon us. Thero m ay not bo technically a war because it m ay bo that It
takes two to produce that; but Germany is making war upon us, and we are
all waiting to seo whether wo aro to tako it “ lying dow n .” It Is oithor war
or it is submission to oppression.
Malco no mistake: unless we demonstrate now that wo havo tho courage
and tho power to dofond oursolvos against aggression, wo will speedily
roach tho point whore wo cannot defend ouiselves against aggression. W o
have boon vory unresponsivo to a voice that should have called to us in the
namo o f our fathers. W o havo stood dull and indefinite, while tho peoples
o f Europo havo boon fighting against tho negation o f everything that
makes America what it is. W o havo stood dull and unresponsive while
England and Franco and Russia, now being rovivifiod and glorified, thank
G od— whllo the spirit of democracy has been struggling to defend itself
against the spirit o f military dospotism and tho principles o f absolute
control by government over human lifo and human liberty. W o have
forgotten tho mission o f America for liborty and justico. AVe havo rojoiced
in our prosperity. W o havo passed on the other side whilo men have suf­
fered and diod for tho principles that out fathers taught us, and now it has
beon brought homo to us with a last appeal.
Tho timo has come now in tho inexorable course o f fate, for tho American
pooplo to learn whether thero still lives in this Republic the truo spirit o f
a free democracy, or whether wo aro meroly a groat aggregation o f pros­
perous pcoplo, fit only to bo a prey to tho domination o f an oppressor. N ow
if our voice can bo hoard, if wo can do something, anything, to make our
Governm ent feel that the free and loyal pcoplo o f America want it to assort
tho principles o f American liborty and freedom and to assert them with the
power of this groat people, for G od’s sako lot us do It.




sity for immediate action. Nothing has been done. T o -d ay the state of
our defenses demands, not discussion, but immediate action. AVe must do
at once all that wo can do with tho material at hand.
The facts o f our defenseless condition are known to every military power
in the world. The fact that wo have only about 57.0 0 0 trained troops in
the regular organization is realized everywhere except among our own people.
It is also known that even this handful o f troops is Inadequately supplied
with arms and ammunition. Our navy is short o f men and ships. The
time is too short for any true preparedness, but wo m ust make preparation
at once to meet tho danger confronting us.
A few days ago the Secretary o f AArar sent to the Senate Com m ittee on
M ilitary Affairs a draft o f a bill framed by the W ar College Division o f the
General Staff, which embraces tho principle o f universal military training
and service, and embodies tho main features o f the so-called “ Revised Cham ­
berlain B ill,” which, in turn, largely incorporated what is known as the
“ M osley B ill,” and which had the approval of the General Staff. The pro­
posed law makes compulsory eleven months o f military training for every
boy in his nineteenth year who is physically, mentally and morally fit.
W ith the indorsement o f our military experts, and with the sanction o f
former Secretaries o f AVar and other men in civil life who have made a
deep study o f our military needs, it would seem that the principle o f uni­
versal training as embodied in this bill should be accepted without ques­
tion by the people for whoso defense it was framed.
But there has existed an opposition to any form o f compulsory training
which it is necessary to com bat, and which springs largely from a misunder­
standing of the subject. It should be brought home to the understanding
of our people that no other practical, means o f national defense has been
advanced. It is neither feasible nor desirable in a republic to have a large
standing arm y. Such a thing in Itself would not only be a tremendous

1 1 0 (5

THE

C H R O N IC L E

burden upon the country, but would tend to breed a military caste repug­
nant to a democracy.
M ilitary experts are agreed that wo should have a regular army o f not less
than 250,000 men. Under the universal training system , as provided in
the bill previously referred to, 5 00,000 new men would bo available, as a
second line, each year, and these troops, acting with our regular army,
would give us a military strength sufficient to defend us from any aggres­
sion. Tho recent mobilization, under the call of the President, o f troops for
duty on the Mexican border, hqs demonstrated again tho inherent and fatal
defects o f our national guard system for a national arm y. The recent
M ilitary Defense A c t, more generally known as tho “ H ay B ill,” continues
and perpetuates tho defects of this system .

The Yale Club at a meeting attended by 500 graduates of
the University on the 9th inst. adopted resolutions endorsing
the action of President Wilson in severing diplomatic relations
with Germany. Tho resolutions called upon the President
to organize and put forth the full power of the American
people without delay. Another resolution calling upon
Congress to recognizo that tho country was already in a
state of war was voted down.
At a patriotic mass-meeting held at Madison Square
Garden on Thursday, tho 22d inst., a vociferous demon­
stration of the attitudo of tho country toward the necessity
of immediate action on the part of tho United States in the
present international crisis was had. The meeting, which
was held under the auspices of a number of civic organiza­
tions, was addressed by Elihu Root, Mayor Mitchel, Charles
S. Fairchild, Secretary of tho Treasury under President
Cleveland, George. Wharton Pepper, and Dr. John Grier
Hibben, President of Princeton University. Resolutions,
offered by Franklin H. Giddings, of Columbia University,
and seconded by Mayor Mitchel, were adopted, those
resolutions calling upon Congress as soon as assembled to
declare that a state of war now exists with Germany. Tho
resolutions follow:
W h erea s, Germany has destroyed our ships, murdored our citizens,
restricted our commerco by illegal submarine warfare and attem pted to
array against us tho friendly Powers o f Japan and M oxlco in a plot to
dismember our nation: and
W h erea s, B y those and other hostile acts Gormany is now virtually
making war against tho United States;
Resolved, T h at wo approve tho action o f tho President in sovering diplo­
matic relations with Germ any, in deciding to arm American vessels and in
calling Congress in extra session;
Resolved, T h at wo call upon our Government for prom pt, vigorous and
courageous leadership in tho immediate mobilizing o f the entire naval,
military and industrial strength o f tho nation, including tho augmenting
of our army and navy for tho effective protection of American rights and
the faithful discharge of America’s duties in tho present crisis;
Resolved, T h at wo urgo upon Congress tho immediate enactment o f a
universal military training bill providing for a permanent national defense
based on tho duty of every able-bodied citizen to sharo in tho protection
o f his country, and in tho maintenance of its high idoals;
Resolved, T h at wo declare our deep conviction that tho principles of
national conduct governing G erm any’s actions on tho present war aro in­
consistent with tho principles of democracy and with tho purposes and
aspirations o f this republic; and wo hold that tho time has now como when
it is the duty of this nation to take part in tho common task of defending
civilization and human liberty against German military aggression; and
W h ereas, Our Government, in sovering diplomatic relations with Germany
gave notice that further overt acts o f war would bo forcibly resisted; and
said overt acts have been committed in the sinking of tho Laconia, the
C ity of M em phis, tho Illinois, tho Vigilancia and other vessels, with the
loss o f American lives; Therefore bo it
Resolved. T h at wo call upon Congress as soon as assembled to declare
that by tho acts of Germany a state of war docs now exist between that
country and the United States.

Mayor Mitcliol, in addressing tho gathering, said:
W e aro in effect in a state o f war, and I do most sincerely beliovo that
in a few days wo shall bo at war b y formal declaration. T h at war, if It
com es, will and should bo no gentlo affair, to bo disposed of at long rango,
and with more words than bullets. Even if wo do not by our acts malco it
a serious affair I have enough belief in tho efficiency o f Germany to bo sure
that sho will mako It a serious affair for us.
I beliovo if war comes it will bo an overlasting shamo to this country
from which in international affairs sho nover could recover unless we
send in the uniform of tho United States and under tho banner o f tho
United States troops to tho continent o f Europe to take their placo side
by side in those trenches with the men who aro fighting tho battle of
democracy and human liberty.
M a y I hazard upon this suggestion that tho country will not bo living up
to her obligations unless sho sends not less than half a million m en?
For two years in Now York wo havo realized that wo m ust bo prepared,
and tho civil government o f Now York has striven to meet that obligation.
To-night wo are organized to meet that situation. Tho polico force is
organized as it has never been beforo.

(Vol . 104.

Illinois is said to have been insured for $250,000 by tho
Government War Risk Insurance Bureau.
The Captain and all of tho crew of tho Illinois, numbering
thirty-four, including sixteen Americans, arrived at South­
ampton yesterday. American Consul Swalm at Southamp­
ton announced the arrival of the men in the following dis­
patch received by tho State Department at Washington
yesterday:
Captain and crew of American submarined ship Illinois landed lioro from
Guernsey this morning. Thoy numbered thirty-four, Americans sixteen.
Vessel bound from London to Port Arthur, T e x ., in ballast. Submarine
sighted twenty miles north o f Aldorney, M arch 18, 8 a. m . W a s shelled
without warning by German submarine. W eather fair. N o vessel in
sight. N o means taken for safety of crew and towing refused. Shelling
continued till crow in own boats. D id not try escapo or resist. Ono man
slightly wounded. Ship finally sunk by bombs placed in and outside
vessel. Crew six hours in boats.
Last ten miles towed to Alderney by
motor boat. The crew sent London immediately.

TH E SIN K IN G

OF T H E

V IG ILA N C IA .

Tho American freighter Vigilancia (of tho Globe Steam­
ship Company) was sunk by a German submarine in tho
Irish Sea on Friday, March 17, with tho result that fifteen
of her crew, several of whom were American citizens, were
drowned. The Vigilancia loft New York for Ilavro on
Feb. 28 with a general cargo of smelter, structural iron,
asbostos, dried fruit and straw. The vessol, it is claimed,
was sunk without warning. Tho survivors— tho Captain,
First and Second Mates, First, Second and Third Engi­
neer, and twenty-three men of tho crow— woro landed at
the Scilly Islands, after being adrift on tho water from 10
o’clock Friday morning until 4 o’clock Sunday afternoon.
A cablegram received by Secretary of State Lansing on
March 20 from Joseph G. Stephens, American Consul at
Plymouth, Eng., giving details of tho sinking of tho vessel,
said:
Vigilancia o f W ilmington, D e l., from Now York for Ilavro, with general
cargo of smelter, structural iron, asbestos, dried fruit and straw; sunk with­
out warning on Marcii 16, in latitude 48.57, longitude 9 .3 4 , or about 145
miles from nearest land, by torpedo from submarine o f unknown national­
ity.
Tw o torpedoes fired at ship, first missed, socond struck ship on star­
board sido by third hatch. Ship sunk in ton ininutos.
Woathor at tim e
clear, with moderate sea swell. N o other vessol in sight. Grow o f fortythreo men attempted to abandon ship in two llfoboats. Ocoan swell,
twenty-fivo men wero washed out of boat. O f those ton were saved and
fifteen drowned.
Am ong tho drownod aro Third Enginoor Carl Adeholdo, a nativo A m eri­
can citizen, and Third Officer Neils N orth, a naturalized American citlzon.
Some of tho crew drowned wero American citizons.
Crew adrift in lifeboat from Friday morning, 10 o ’clock, until Sunday
afternoon, 4 o ’clock. Submarine o f unknown nationality followed life­
boats at distance of fifty yards from 10 o ’clock Friday night to 3 .4 0 Satur­
day morning. Submarine and lifeboats did not spoak.
Survivors landed St. M a ry ’s in own boats after suffering groatly from
cold, wet, and fatigue. Ono seaman, a Spaniard, paralyzod from oxposure.
This information obtained by telegraphono from Penzance. Crow coming
to Plym outh to-day.

The Vigilancia was at one time owned by tho Ward Line
and was only recontly acquired by tho Globe Steamship
Co. She was chartered on her last voyago to Ilavro to
Barber & Co., of this city. She was in command of Captain
F. A. Middleton, and it is said that her papors show that
there were twenty-ono Amorican citizons in tho personnel
of the crew, including tho Captain. Tho Vigilancia was of
2,834 tons and was built in 1890.
T H E S I N K I N G OF T H E S T E A M E R C I T Y OF M E M P H I S .

Tho American freighter, City of Memphis, which left
Cardiff March 16 in ballast for Now York, was sunk by a
German submarine on March 17 off tho Irish coast. Sho
was under tho command of Captain L. P. Borum. Of her
crow of fifty-soven, mostly Americans, none was lost. Tho
sinking of tho vessol was officially roportod to tho Stato
Dopartmont at Washington in tho following dispatch re­
ceived from Wesley Frost, Amorican Consul at Queenstown,
on tho 18th:
American steamer C ity o f M em phis, Cardiff to Now York, sunk by Ger­
man submarine, 4 p. m ., 17th inst., 35 miios south of Fastnot.
Fifteen
survivors landed at Schull 7 a. in to-day. Thirty-four additional sur­
vivors aro in Adm iralty vossel, whicli continues soarcli for oight missing.
W ill land Baltimore, Iroland, probably to-day.

A second dispatch from Consul Frost stated that 33 sur­
vivors of tho City of Memphis had landed at Queenstown,
Tho Texas Oil Company tanker Illinois, while on her way and that seven Americans woro among tho fiftoon landed
from London to New York in ballast, was sunk by a German at Hull. It read:
submarine in the North Sea on March 17. Tho Illinois was v . C ity o f M em phis, thirty-threo survivors now landed bore, vossel sunk
by gunfire, submarine largo typo, romainod on tho scono aftor crow loft
commanded by Captain II. Iverson, who with about thirty- ship. Refused request tow boats to land. Weather not severe butj threat­
three officers and men, his full crew, wororescued and landed. ening. Survivors at Schull included Allen Carroll, socond o ffic o r;-----------The Illinois steamed from Port Arthur, Texas, for London McPherson, second engineer; Robert Shoa, surgeon; John W atkin, H enry
Cam pany, Gus Cam pany, A . D . Ilonton, all Americans, and fivo Spanish,
with a cargo of oil on Fob. 17 and had not been heard of, one Portuguese, ono Swede and ono Russian.
it is said, until the announcement of her sinking. She was
According to stories of the sinking told by members of
390 feet long, was of 5,225 tons gross, and was built by tho the crew tho submarine approached tho City of Memphis
Newport News Shipbuilding Co. in 1913. The hull of tho about 5 o’clock Saturday evoning, and tho Gorman comTHE

S IN K IN G




OF T H E

IL L IN O IS.

M a r . 24 1917.]

THE

C H R O N IC L E

mander ordered the Captain of the steamship to leave his
vessel within fifteen minutes. The crew (entered Jtho |fivo
boats and the submarine, it is said, then fired a torpedo
which hit the vessel on the starboard side, making a big
opening, through which the sea poured. The vessel settled
quickly and floundered within a few minutes. During the
night the lifeboats became separated, and at 4 o’clock
Sunday morning three lifeboats containing thirty-three men
wore picked up by a patrol vessel and landed. Tho men
in ono of the other boats were landed at Hull. Tho re­
maining boat containing Captain Borum and eight mem­
bers of the crew was thought to have been lost, but they
landed at Glasgow. News to this effect was received from
the Captain in a cable to the Ocean Steamship Co., owners
of the vessel, on the 20th, which said:
C ity o f M em phis sunk 17th. Ship’s boats separated during night
Three boats containing forty-nine mon reported landed Irish coast. M y ­
self and remainder landed Glasgow. Trying to assemble crow. Address
American Consul, Glasgow.

The City of Memphis was of 5,252 tons and sailed from
Now York for Havro on Jan. 23 last, carrying 9,653 bales
of cotton, valued at $600,000. She was on her return trip,
in ballast, when destroyed. She was built in 1902 at Ches­
ter, Pa., and while in the coastwise trade in May 1914, was
chartered by the Government, it is said, to transport sup­
plies by way of Galveston, Texas, to the American troops
occupying Vera Cruz. The following Decombor she was
discharged from tho Government service and became en­
gaged in foreign trade.

THE S IN K IN G OF THE HEALDTON.
The American tanker Healdton, owned by the Standard
Oil Co. of Now Jersey, was sunk by a submarine in the
North Sea, off Terschelling, Holland, on March 21, with the
loss of 21 members of her crew. The sinking of the vessel
was officially reported to the State Department at Wash­
ington on the 22d inst. in the following dispatch from Ameri­
can Consul Maliin at Amsterdam:
Tho Standard Oil ship Healdton, from Philadelphia for Rotterdam , cargo
of oil, torpedoed without warning 8:15 evening o f 21st, tw enty-five miles
north o f Terschelling, H olland. Tw enty of crow drowned. Ono died
o f injury. Others taken to north o f Holland. Submarine soon after
torpedoing. M ore details to follow.

According to survivors who have landed, 14 members of
the crow lost their lives by the explosion of the torpedo which
sank tho Healdton. A dispatch from Terschelling to the
Amsterdam “Telegraaf” on the 22d said the crow left the
sinking ship in three boats. One of the men, badly injured,
was brought to Terschelling by a torpedo boat. Another
died on the way. Thirteen members of the Healdton’s
crew havo arrived at Ymuiden, Holland, according to a
Reuter dispatch from Ymuiden to London on March 23,
which said:

1107

between Secretary of the Treasury McAdoo and the Advisory
Board of the Bureau, and was made known in the following
statement:
Secretary M cA d oo, following a meeting with the Advisory Board o f the
W ar Risk Insurance Bureau and the Director o f that Bureau, announced
that, owing to present conditions, and with a view to more thoroughly
facilitating the commerce o f the United States, the Bureau o f W a r Risk
Insurance would broaden the scope o f its operations and insure more
generally cargoes and vessels bound to European countries. Future policies
will cover practically everything except guns, arms and ammunition.

Following the announcement that the war risk insurance
of the Government would be more liberal, the Federal War
Risk Insurance Bureau on March 21 announced a complete
readjustment of rates charged by the Bureau on American
vessels and cargoes. Up to the present time the rates on
vessels bound for European ports through the war zone have
varied up to a maximum of 2 % . Early in the war a much
lower maximum was maintained, the increase to 2 % being
made shortly after the break in diplomatic relations with
Germany, as noted in our issue of Feb. 10. The new an­
nouncement makes a flat rate of 3 % on all American vessels
and cargoes bound for Europe that must pass through the
submarine zone whether to belligerent or neutral ports. In
the readjustment the rates on vessels and cargoes between
Atlantic coast ports are made twice those applying to Pacific
coast ports, and the rates between the Atlantic coast and
the West Indies are twice those on Atlantic coastwise traffic,
while those to South America are greater in about the same
proportion. Details of the new schedule, aside from war
zone traffic, are as follows:
Between Pacific coast ports,
o f 1% .
Between Pacific ports and Hawaii, i i o f 1% .
Between Pacific ports and tho Far East or tho west coast o f South America
« o f 1% .
Between Pacific ports and the Panama Canal,
o f 1% .
Between Pacific coast ports and Atlantic coast ports o f the United
States, 1% .
Between Pacific ports and the west coast o f M exico or Central Am erica.
o f 1% .
Between Atlantic coast ports, A o f 1% .
Between Atlantic coast ports and Central American east coast ports
*A o f 1% .
Between Atlantic ports and the W est Indies,
o f 1% ,
Between Atlantic ports and the east coast o f South Am erica, 1 A % .
Between Atlantic ports and Cuba, A o f 1% .
Between Atlantic coast ports and Mexican G ulf ports, A o f 1 % .
Between Atlantic ports and the Panama Canal, % o f 1% .
Between Atlantic ports and United States ports on the G u lf o f M exico.
M o f 1% .
Between Atlantic ports and ports in the Far E a st, Australia or the east
coast o f Africa, by way o f Panam a, 1 A % , and by way o f MageUan, or
Capo o f Good H ope. 2 A % .
Between Australian ports and the west coast o f South Am erica, A o f 1% .
Between United States G ulf ports and M exican G u lf ports, A o f 1% .
Between United States G ulf ports and Central American east coast
ports, A o f 1% .
Between United States Atlantic ports and all other western hemisphere
ports than those named above, 1 A % •
Between all American ports and the west and south coasts o f Africa,
1A % .

Tho trawler Java has arrived hero with thirteen members o f the H ealdton’s crow. They say tho Healdton, unwarned, was shot into flames by a
German submarine In tho so-called "sa fe zono.”
O f the crow of forty-one probably nineteen men were drowned owing to
a sloop capsizing. Tw o others who Jumped also wero drowned.
The Healdton was bound for Rotterdam by way o f Bergen with 6,000
tons of petroleum.

Tho new rates, notwithstanding the increases, are con­
siderably below the rates charged by many private com­
panies, the latter recently asking from 8 to 10% on shipments
to Great Britain, while risks to the Mediterranean were
recently quoted at 10 to 12%.

A dispatch to the State Department at Washington re­
ceived yesterday from Vice-Consul Krogh at Rotterdam
confirming earlier reports that many lives wero lost as a
result of the sinking of the Healdton, said:

CO-OPERATION OF NEW SPAPERS I N WITHHOLDING
SHIP NEWS.

The preparation of definite regulations to guide the press
in voluntary suppression of information concerning the
movement of ships, was begun by the Government on the
17th inst. following a conference at Washington between
Secretary of the Navy Daniels and representatives of the
leading American press associations. It is stated that while
the question of armed American merchant craft was dis­
cussed particularly, the regulations will be broad enough
to cover any naval or military movements the Government
deems it advisable to keep secret. The press associations
have assured Secretary Daniels of their desire to co-operate.
Tho Healdton was of 4,488 gross tonnage, and was built Before the regulations are approved they will be submitted
in Greenock, Scotland, in 1908. She is said to havo been both to the associations and to managing editors of news­
insured by the Government War Risk Insurance Bureau for papers for discussion and suggestion. A statement con­
cerning the conference was issued by Secretary Daniels on
almost $500,000.
the 17th inst. as follows:
American tank steamer H ealdton. from Bayonne. N . J
owned by
Standard Oil C o ., N ew Y ork, en route Philadelphia via Bergen to Rotter­
dam , commanded by C apt. Charles Christopher, American citizen carrying
cargo 6,000 tons petroloum, and having 41 officers and crow aboard,
reported torpedoed, sunk without warning by German submarine 8:15
on tho evening of M arch 21, twenty-fivo miles from Terschelling. Captain
and 19 mon brought safely to Ym uiden. One died of exhaustion in lifeboat.
T w enty reported drowned by capsizing. Ono lifeboat with following
officers and crow reported saved: C apt. Christopher, Brooklyn; Chief E n ­
gineer Caldwoll, Now York; Assistant Engineer E m ery, Now Orleans;
Boatswain Rode. Rotterdam ; Cook Snickers, Rotterdam ; Seaman Lorentsen, Norway; Oilers Guillano and Romaro; Stokers Grande and Zonzalcs,
M uino and Alonza; Engineers Mossman and Larino, ail o f Philadelphia!
Survivors en route to Rotterdam.

WAR R IS K IN SU R A N C E BUREAU IN S U R E S CONTRA­
BAND A N D IN C R E A SE S RATES.
Announcement was made by tho Federal War Risk
Insurance Bureau at Washington on March 20 that it will
“broadon the scope of its operations,” and in the future will
insuro cargoes consisting of contraband for European coun­
tries, with tho exception of guns, arms and ammunition.
Tho decision of tho Bureau to accept insurance on cargoes
which it has heretofore declined, followed a conference




A conference was held this morning In the office o f the Secretary o f the
N a v y between that officer, the Secretary of W ar. and Leland Harrison,
representing the Secretary o f State, on behalf o f the State, W ar and N a v y ,
with Frank B . N oyes, President o f The Associated Press; R oy Howard of
The United Press Association; John E . Nevin o f the International New s
Service, and W . A . Crawford of The Central Now s, with reference to
censorship o f military Information.
The representatives of the press associations stated that they would
willingly and gladly and voluntarily subject themselves without law to the
same censorship which might bo imposed by law. They were willing to
abide by any regulations o f the departments o f news in connection with
any movements of ships or armies that tho Government felt might be
prejudicial to the carrying out o f Government policies. They desired to

1108

THE

C H R O N IC L E

be informed o f the wishes o f the Government so that there would be no
doubt of the character o f the news which ought not to be printed.
It was decided that M ajor M cA rthur o f the W ar D epartm ent, C om ­
mander Belknap of the N a v y D epartm ent, and a representative o f the State
Department would draw up tentative rules and regulations of censorship,
and when completed they would be submitted to the representatives of the
news associations and the managing editors of papers in the coast cities
and inland centres for consideration and criticism. After the exchange
of views, the rules and regulations will be passed upon and promulgated
by the three departments which are charged with inland military duties.
After the conference with the heads of the other departments, Secretary
Daniels conferred with them about his recent request to the press, which
has been generally observed, not to publish any news about the sailing of
merchant ships to European ports or their arrival. There was some dif­
ference of opinion as to whether the request included the arrival as well as
the departure o f ships, and after the conference Secretary Daniels said:
“ The request was not intended to ask tlio press associations and news­
papers not to print anything about the arrival of ships in American or for­
eign ports. Such information could not easily afford any information that
might jeopardize life, and such publications would bo o f the deepest in­
terest to the public, and should be published.
“ B u t ,” continued Secretary Daniels, “ the request does include that no
mention be made o f the departure of ships, either from home or European
ports. I cannot be too earnest in insisting upon compliance with this
request.” Asked what would be the attitude of the department in case
of tho sinking of any ship. Secretary Daniels said:
“ I f there should be any disaster, of course the information would bo fur­
nished and it would be expected that the papers would print the fa cts.”

GOVERNOR W H ITM A N SIGNS M IL IT A R Y TRA IN IN G
M EASU RE.

[Vol . 104.

producers was made known by the Council of National
Defense on the 20th inst. in the following statement:
The Council of National Defense.
Washington, March 20 1917.
The Council o f National Defenso, In Its efforts to mobilize tho Industries
of tho nation, has several com m ittees, one of w hich, under the Chairman
ship o f B . M . Baruch, is in charge of the question o f m etal supply. In
the interest o f the W a r and N a v y D epartm ents, M r . Baruch has for more
than a week been In conference with the large copper producing and smelting
interests o f tho country. T o-d ay he received from them the attached
letter:
M r . B. M . Baruch, 111 Broadway, N ew York City. N . Y .:
Dear Sir.— Referring to our several conversations on the subject o f
supplying copper for tho army and n a vy, to the letter o f the Secretary of
the N avy o f M arch 16, and the telegram o f the Secretary o f W a r of M arch
18, both addressed to you, on behalf o f the principal producers o f copper in
this country, wo beg to say that wo will furnish tho quantity named for
delivery within twelve months, viz.:
.
.
,
Tw enty millions (20,000,000) pounds for tho navy and tw enty-five
million five hundred and ten thousand (25,510,000) pounds for the arm y, in
approximately equal quantities each quarter from April 1917 to April 1918,
at a price o f 16.6739 cents per pound, delivered In regular shapes at Atlantic
seaboard points.
„
,
, , ,
, ,
Tho price named Is the actual average selling price obtained by the
United M etals Selling Com pany, the largest seller o f copper, over tho period
o f ton years, 1907 to 1916, inclusive, and represents in our opinion tho fair
average prico of all copper sold by American producers during that timo.
W e offer the copper at this price notwithstanding our costs for labor,
materials, supplies, & c., vary from 30 to 7 5 % above the average during
the ten-year period, because wo believe it to bo our duty to furnish the
requirements o f tho Government in preparing the nation for war witli no
profit more than we received from our regular production in normal times.
It is understood that tho prico quoted above is for the quantity and period
o f delivery above named.

CAR SHORTAGE CONTINUES TO IN CREASE.

Governor Whitman on March 16 signed the Welsh-Slater
The freight car shortage on March 1 totaled 124,973, as
bill, widening the scope of the universal training measures compared with 109,988 cars on Feb. 1. The American
of last year. Under the provisions of the bill every boy in Railway Association in a statement dealing with car shortage
the State will hereafter receive some sort of military train­ statistics, issued under date of yesterday, the 23d inst., said:
ing. The measure will make about 200,000 more boys be­
Reports just made to the American Railway Association b y tho railroads
tween the ages of 16 and 19 available for military service. o f tho United States show that on M arch 1 there was a not shortage of
124,973 freight cars, as compared with a shortage o f 109,988 cars on Fob. 1.
Governor Whitman in signing the bill said:
For tho whole period of nearly eight years preceding the middle of August
This law does not increase or diminish tho obligation as to service under
which all are laid by the Constitution o f the State. It relates only to trainng, but to training which anticipates as fully as possible the service which
every young man m ay be called upon to give, and is as universal in its ap­
plication. In order to give this law efficient operation it is necessary now
only to have a preliminary census o f the resources o f tho State and to give
the M ilitary Training Commission the means to carry out this universal
program. It provides, as General O ’ R yan has said, “ a practicable method
for advancing tho preparedness o f the Statefto meet itsjobligatlons in a
national crisis.

o f last year, there had been a continuous net surplusage o f cars not in use
on American railroads except for about one month in 1909, throe months
in 1912 and one month in 1913 and the month o f M arch o f last yoar.
In 1908 there was at one time a surplusago o f over 413,000 cars, and at
no timo during the year were there lass than 100,000 idle cars.
In 1909 the maximum net surplusage was 332,513 . In 1910 tho m axi­
mum was nearly 143,000 for July 6, and thore was throughout that year a
not surplusago of at least 7 ,000 cars not requisitioned by shippers. For
1911, surplus cars numbered on M arch 15 over 207,0 0 0 and thore was at
no time during the year less than 2 0 ,0 0 0 cars standing idle.
In January 1912 there was a net surplusago o f approximately 136,000
From Novem ber 1913 until M arch 1916 thero was a continuous surplusage
o f cars, tho number running in October 1914 to over 20 0 ,0 0 0 , when the
figures became so large that the American Railway Association stopped
compiling them . Compilation was resumed on Feb. 1 1915, when idle cars
still numbered over 279,000.

The Senate Finance Committee on March 20 reported
favorably the Robinson bill appropriating $150,000 for a
census and inventory of the military resources of the State.
The census is to be taken, it is said, under the direction of
the Governor, and all public officials are required to give
whatever assistance they can. The Robinson bill originally
called for an appropriation of $250,000, but it was cut to DEVELOPMENTS I N THE R U S SIA N REVOLUTION.
The revolution in Russia, which by its unexpectedness,
$150,000 because of a provision that “ the Governor is hereby
authorized to receive donations of money for such pur­ has stirred the entire world, continues to occupy foremost
attention among the many vital and history-making inci­
poses.
_________________________
dents of the present day. After the absence of information
GOVERNMENT’ S EFFORTS TO AVERT A TIN P LA T E from that country for several days, news of the revolution,
SHORTAGE.
as was made known in these columns a week ago, and the
The tin plate shortage threatening to cripple the country’s abdication of Emperor Nicholas II reached this country
food canning industry was taken up by Government agencies in the afternoon of tho 15th inst. The announcomonts on
on the 19th inst. with a view to insuring a supply sufficient that day stated that the Grand Duke Michael Alexandro- '
to keep all canning plants going. Secretaries Redfield and vitch, the Emperor’s younger brother, had been named as
Houston urged the War and Navy Departments to keep the Regent, the Russian Ministry, charged with corruption and
tin plate industry in mind in any arrangement they make incompetence, had been swept out of office, one Minister,
with steel manufacturers. At the same time Daniel Willard, Alexander Protopopoff, head of the Interior Department,
Chairman of the Transportation Committee of the National was reported to have been killed, and the other Ministers,
Defense Council, telegraphed to railway traffic managers as well as the President of the Imperial Council, placed un­
asking them to class tin plate with foodstuffs in any future der arrest. A new national cabinet was announced with
freight embargoes. The Secretaries of War and Navy were Prince Lvoff as President of the Council and Premier, and
told that “ unless a steady flow of steel sheets to the tin the other offices held by men close to the Russian people.
plate makers, of tin plate to the can makers, and of cans to Tho advices received from Petrograd tho following day (the
the food packers is maintained the country will lose a large 16th) via London, were to the effect that Emperor Nicholas
part of its important foods. Thore will be a definite shortage had abdicated at midnight on the 15th on behalf of himself
and consequent rise in prices. The canning season begins and the heir-apparent, Grand Duke Alexis, in favor of Grand
Duke Michael Alexandrovitch, and that at 2.30 p. m. on
immediately and continues until the late fall.”
Steel manufacturers of the country were informed by Mr. the 16th Grand Duke Michael himself abdicated, thus
Redfield and Mr. Houston that their co-operation was bringing the Romanoff dynasty to an end. The dispatches
necessary to avert a tin plate shortage. The Inter-State said:
The Governm ent, pending a meeting o f tho Constitutional Assom bly, is
Commerce Commission was urged to do all it could in
vested in the Executive Committeo o f tho D um a and tho nowiy chosen
expediting tin plate material to manufacturing plants.
Council of M inisters. A manifesto to this effect was issued by the D um a
Com m ittee to-day (the 16th).

Later Grand Duke Michael Alexandrovitch made known
his acceptance of the throne only with the consent of the
The offer to supply the army and navy with 45,510,000
Russian people.
pounds of copper at a price of 16.6739 cents a pound has
An account of the revolution, as set out in a wireless from
been made to the Government through the Council of Na­ the Overseas News Agency at Berlin to Sayvilie on the 15th
tional Defense by the principal copper producers of the
inst. follows:
country. The present selling price of copper in tho open
Tho following official report was issued In Petrograd on M arch 15 about
market is about 37 cents a pound. The amount of metal to bo the successful Russian revolution:
The population of Petrograd, incensed by the complete disorganization
supplied to the navy will be 20,000,000 pounds and to the o f “transport
services and o f alimentation, had been irritated for a long time
army 25,510,000. Delivery will commence next month and against the Government and had become restless. Tho population held
will continue quarterly for a year. The action of the copper I the Government responsible for ail its sufferings: the Governm ent, expect-

COPPER PRODUCERS’ OFFER TO THE GOVERNMENT.




Ma r . 24 1917.]

THE

C H R O N IC L E

ing trouble, took measures on a largo scale'in order to maintain order, and,
among other things, ordered dissolution of the Council o f the Empire and
the D um a.
"T h e D um a, however, on M arch 11 decided not to accept the Imperial
ukaso, but to continuo its meetings. Tho D um a immediately instituted
an executive com m ittee, presided over by M . Rodzianko, President of the
Dum a.
1 hat Com m ittee declared itself to be a provisional G overnm ent,
and issued the following appeal:
Considering the difficulties in regard to domestic tranquillity, which
a r o d u c t o tho policy of the former Government, the Executive Coinmlttoe
of the D um a feels compelled to take public order in Its own hands. Fully
conscious o f the responsibility arising from this decision, tho Com m ittee
expresses tho certainty that tho population and the army will lend their as­
sistance for the difficult task o f creating a new Government, which will
accept the wishes o f the people and enjoy their confidence.’
The Executive C om m itteo rested itself upon the population o f tho capi­
tal, which was ill full revolution, and upon tho arm y, completely united
with the Revolutionists. It arrested all the Ministers and sent them to
jail. Tho D um a decreed that tho Ministerial Cabinet no longer existed.
“ T o -d a y , on tho third day o f tho revolution, tho capital, where order
is returning sw iftly, is completely in tho hands o f tho Executive Com m ittee
o f the D um a, and o f tho troops which garrisoned Petrograd and numbered
more than 3 0 ,0 0 0 , which troops support tho revolution. D epu ty Engel­
hard, colonel o f the Great General Staff, has been appointed Commander
o f Petrograd.
"Y esterd ay evening tho Com m ittee issued proclamations to tho popu­
lation, to tho troops, railroads and banks asking them to resume their usual
activities. D eputy Gronski was clioson by tho D um a Com m itteo for pro­
visional management o f tho Petrograd telegraphic agency. ”

The Overseas News Agency issued the following supple­
mentary statement on the 15th:

1109

It was further stated in the telegram to the Emperor that a special
committeo, composed o f the leaders o f the various parties in the D u m a,
would submit a list o f names for the new Cabinet.
M em bers o f the Imperial Council also sent a message to Emperor N ich­
olas, outlining conditions and recommending a change in tho internal policy
in accordance with the decision o f the D um a, dismissal o f the present
Cabinet and its reorganization in accordance with the desires o f the people
and their representatives. The message boro twelve signatures.
Simultaneously it was reported that all the Ministers except M . Protopopoff had resigned.
Tho following were named as the “ staff o f the temporary G overn m ent:"
M ichael V . Rodzianko, II. V . N ckrasoff, A . I . K onovaloff, L . I.D m itr u koff, A . F . Kerenski, M . S. Pslikcidze, V . V . Shulgin, S. I . Shidlovsky,
Paul N . M ilukoff, M . A . M akarauloff, V . N . Lv off, V . A . R jevsky and
Colonel Engelhard.

The dispatches said:
The factory strikes and street demonstrations, comparatively innocent
in themselves, provided the spark which set aflame the growing unrest and
angry discontent with the Governm ent that, pervading the entire popu­
lation of Russia, had reached tho ignition point. Th us, small manifes­
tations of hungry factory workers crying for bread changed in a single day
into a revolution which swept the whole city, spread to the Government
t i oops who had been called to hold the crowrds in check, and, supported
by the D um a, ended in the downfail o f the G overnm ent.
The rovelations in the D um a o f Government stupidity and corruption,
and allegations of treason against the chie» members oi the Cabinet sent
a wave of protesi through the country, and all political factions, except a
small reactionary group, still cherishing traditional ideas of the old regime
which existed before Russia received a constitution, declared themselves
firm ly against the sinister influences which had been undermining the best
efforts o f the country successfully to carry on the war.
Even the Imperial Council, which never before in the history of the
country had allied itself with the popular will, held special meetings, in
which attention was called to the "serious conditions to which the country
had been brought by the unscrupulous designs o f the governmental h e a d s."
W ith unanimity unprecedented the entire population presented a solid
front against tho Governm ent. The belief prevailed everywhere and was
expressed that pro-German Court circles and the Government were doing
everything In their power to interfere with the proper conduce of the war
and bring about a separate peaco. Sturmer, Rasputin and I’rotopopoff
formed a picturesque trio, known as "th e dark forces,” against which the
chief animosity o f the country was directed, but poweiful as they were,
these figures were declared to be only sym bols o f German influence which
was militating against the patriotic desire o f the mass o f the Russian people
for war until victory.”

About tho victorious Russian revolution only few details are known.
Apparently the former Government controlled the telegraphic wires until
yesterday and suppressed all nows.
From what now transpires, the Russian revolution began soveral weeks
ago with isolated troubles in Petrograd and In practically all Russian pro­
vincial towns owing to the lack o f food. These street riots increased almost
everywhere by degrees. Shops were looted and working men struck, until
finally public order broke completely.
Petrograd several days ago was tho sceno o f local food riots. On Thurs­
day morning of last week soveral thousand working mon went on strike.
A t dawn on Friday tho streets were crowded by excited m obs.
About 8 o'clock of the following morning It was learned that on that day,
too, there would be no broad for sale. Immediately tho crowds formed
parados and marched through the streets yelling and taking on a threat­
ening attitude.
M ost of these parades converged in front of tho C ity H all. Others
In a telegram received at London on the 15th inst. the
onded in front of the house o f tho military commander o f Petrograd, Gon.
Reuter correspondent at Petrograd said:
Ivhabaloff. A t several places there occurred clashes botween the polico
rho M ilitary Com m itteo o f the D um a has asked all tho officers not yet
and tho populace.
employed b y the committee to undertake tho organization o f the soldiers
At noon that day tho D um a convened for an emergency session in which
who joined the people, and help guard the capital. Tho committee issued
tho President o f the Parliament, M . Rodzianko, succeeded in quieting the
a statem ent, pointing out that at tho present m om ent, when facing an
leaders by announcing a meeting at which Prime M inister Golitzine,
enemy who wished to take advantage o f the temporary weakness o f the
together with tho members o f tho Parliamentary committees and dele­
country, it was absolutely necessary to make every effort to maintain the
gates o f other organizations, would appear.
power of the arm y. It added that tho blood o f the Russians who had died
That meoting, however, developed Into a series of riotous demonstra­
during
tho two and a half years o f war pledged tho people to do this.
tions. President Rodzianko and Deputies Shlngareff and M h u koff
Tho President of tho D um a sent telegrams to tho commanders o f the
violently assailed tho Governm ent, until the Prime M inister, Prince
Baltic and Black Sea fleets, to the chiefs o f the armies on the northern,
Golitzine, in tho midst o f the general uproar, closed the meoting.
southwestern, western, Rumanian and Caucasus fronts, and to tho Chief
The following night working mon in all printing offices struck, so that
of the General Staff, requesting that the arm y and navy preserve absolute
Petrograd was without newspapers. On Saturday it became evident that
calm , and to be sure that tho struggle against the foreign enemy was not
tho troops were fraternizing with the populace.
suspended or weakened even for a single m om ent. The telegram sent
Tho struggle between the D um a and the Government degenerated into
theso commanders added:
open conflict on Friday when President Rodzianko sent a special courier
" A s hitherto, the arm y and navy m ust continue firm ly and valiantly to
to the Czar, asking in peremptory words tho dismissal o f the Government
defend the country, and, while the Provisional Com m itteo is aided by the
and declining all responsibility for ovents in case tho Czar supported
m
ilitary
elomont in the capital and with tho moral support o f the people
Premier Golitzine.
in restoring calm and regular activity, each officer, soldier and sailor
This letter was answered by Golitzino by the dissolution o f the D um a
should fulfill his d u ty .”
on Saturday.
Tho officers o f the Petrograd garrison at a general meeting unanimously
The Czar on Sunday, M arch 11, loft his castle, Zarskoye Selo, whore
agreed
to recognize the authority of the Executive C om m ittee o f the D um a
he apparently folt safo no longer and hurried to tho arm y at tho front.
until
tho formation o f a permanent Governm ent.
The attitude of tho Government thus being clear, the revolution entered
An Imperial bodyguard regiment rode into Petrograd to-day.
It is
upon tho final stage which ended with tho establishment of the Executive
estimated that thero are now CO,000 troops in the capital.
Com m itteo and tho revolutionary government.
Further nows also indicates that at M oscow a similar revolt was vic­
torious and that the troops joined tho cause o f tho Provisional Government.
In advices to London on the 16th Reuters Petrograd cor-

Tho Petrograd dispatches of tho 15th stated that tho respont made known the issuance of the following appeal to
events leading up to tho revolution began a week provious, the people by the provisional Government in Russia:
with street demonstrations of working men who quit work
Citizens: — Tho Executive C om m ittee o f tho D u m a, with the aid and
as a protest against tho shortage of bread, until Sunday support of tho garrison o f the capital and its inhabitants, has succeeded
in triumphing over the obnoxious forces o f tho old regime in such a manner
night, tho 11th, tho dispatches said, there was no intimation that wo aro able to proceed to a more stable organization o f tho Executive
that tho affair would grow to tho proportions of a revolu­ power, with men whose past political activity assures for them tho country’s
confidence. Tho new Cabinet will base its policy on the following prin­
tion. From then, until Tuesday morning, it was added, ciples:
“almost continuous fighting in tho streets and throughout
First.— A n immediate general am nesty for all political and religious
the city occurred, leaving tho revolutionists in full con­ offenses, including terrorist acts and military and agragrian offenses.
Second.—
Liberty o f speech and o f the press, freedom for alliances,
trol.” Wo quote tho following relative to tho first indica­
unions and strikes, with tho extension o f theso liberties to military officials
tions of tho troublo:
within tho limits admitted by military requirements.

Tho Visiblo signs o f revolution began on Thursday, M arch .8. Strikes
were declared in scvoral big munitions factories as a protest against tho
shortage of bread. M en and women gathered and marched through tho
streets, most o f them in an orderly fashion. A few bread shops were
broken Into in that section o f the city boyond tho N eva, and soveral minor
clashes between strikers and polico occurred.

On March 11 tho Duma was dissolved by Imperial order,
effective March 11, the Imperial ukaso reading as follows:
’i ho sittings of tho D um a are adjourned owing to extraordinary circum­
stances until further notico. They will bo resumed not later than April.

Notwithstanding tho dissolution order, the dispatches
of tho 15th stated, tho Duma mombors, on Monday, the
1 2 th (except those of tho Right) met in executive session.
Wo quote the dispatches again:
The result was a virtually unanimous vote to place tho D um a squarely
on the side of the revolution, and to authorize the executive Council of
that body to dcclaro tho present Government overthrown and organize
a provisional Government. President Rodzianko, who presided sent a
telegram to tho Emperor, informing him o f tho developments and calling
on him to listen to tho volco o f the people.
"T h e hour has stru ck ," he said, "w hen the will o f the people must
prevail."




Th ird.— Abolition o f all social, religious and national restrictions.
Fourth.— T o proceed forthwith to tho preparation and convocation of
a Constitutional Assem bly, based on universal suffrage, which will establsih
a Governmental regime.
F ifth.— Tho substitution o f the police by a national militia, with chiefs
to bo elected and responsible to tho Governm ent.
Sixth.— Communal elections to bo based on universal suffrage.
Seventh.— Th e troops which participated in the revolutionary movement
will not be disarmed, but will remain in Petrograd.
Eigh th.— W hile maintaining strict m ilitary discipline for troops on active
service, it is desirable to abrogate for soldiers all restrictions in the enjoy­
m ent o f social rights accorded to other citizens.
Tho Provisional Government desires to add that it has no intention to
profit by tho circumstances o f the war to delay the realization o f the meas­
ures o f reform above mentioned.

Deputy Kerenski, the new Russian Minister of Justice,
according to a Reuter’s dispatch to London from Petrograd, on
tho 16th, addressing an assemblage of soldiers and civilians
from tho gallery of the Duma, announced that the pro­
visional Government took office by virtue of an agreement
with workmen’s and soldiers’ delegates. The council of
hese delegates approved the agreement by several hundred

1110

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C H R O N IC L E

votes to 15. The first act of the new Government, M .
Korenski declared, had been the immediate publication of
a decree of full amnesty. Continuing, the Minister of Jus­
tice said:
H£Our comrades o f tho second and fourth D um as who were banished
illegally to tho tundras of Siberia will bo releasod forthwith. In m y juris­
diction are all tho Premiers and M inisters o f tho old regime. They will
answer before tho law for all crimes against tho people.

The dispatch continues:
“ Show them no m e r c y ," m any voices in tho crowd are reported to have
exclaimed.
“ C om rades,” added M . Korenski, “ regenerated Russia will not have
recourso to tho shameful m ethods utilized by tho old regime. W ithout
trial none will be condemned. A ll prisoners will bo tried in open court.
“ Com rades, soldiers, citizens: All measures taken by tho new Govern­
m ent will bo published. Soldiers, I ask you to co-oporato. Freo Russia
is now born and none will succeed in wresting liberty from tho hands of
the pooplo. D o not listen to the promptings o f tho agents o f the old regime.
Listen to your officors. Long live free R u ssia ."

On the 17th the text of tho Imperial manifesto in which
the Russian Emperor announced his abdication, and that
of his son was made public as follows:
W e , Nicholas I I ., by the Grace o f G od, Emperor o f all the Itussias,
Czar o f Poland and Grand D uke o f Finland, & c., make known to all our
faithful subjocts:
In tho day o f tho great struggle against a foreign foe who has been
striving for three years to enslavo our country, God has wished to send to
Russia a new and painful trial. Interior troubles threaten to have a fateful
repercussion on the final outcome o f tho war. Th e destinies o f Russia
and the honor o f our heroic arm y, tho happiness o f tho people, and all the
future o f our dear Fatherland requiro that the war be prosecuted at all
cost to a victorious end. Tho cruel enemy is making his last effort and tho
moment is near whon our valiant arm y, in concert with thoso o f our glorious
Allies, will definitely chastise the foe.
In these decisivo days in tho life o f Russia wo beliovo our peoplo should
havo the closest union and organization o f all their forces for tho realization
o f speedy victory. For this reason, in accord with tho D um a o f tho Empiro,
we have considered It desirablo to abdicato tho throne o f Russia and lay
aside our supremo power. N o t wishing to bo separated from our loved
son, wo leave our heritage to our brother, tho Grand D uke M ichael Aloxandrovitch, blessing his advent to the throne o f Russia. W e hand over tho
Government to our brother in full union with tho representatives of tho
nation who are seated in the legislative chambers, taking this step with an
Inviolable oath In tho namo of our well-beloved country.
W e call on all faithful sons of the Fatherland to fulfill their sacred patri­
otic duty in this painful mom ent o f national trial and to aid our brother
and tho representatives o f the nation in bringing Russia Into the path of
prosperity and glory.
M a y God aid Russia.

Grand Duke Michael Aloxandrovitch, in announcing his
acceptance of tho throne from his brother, declared that he
did so only with the consent of tho Russian people, who
should by a plebiscite establish a new form of government
and new fundamental laws. Tho declaration made by the
Grand Duke on his acceptance of tho throne, as given out
by the Russian semi-official news agency on tho 17th read
as follows:
This heavy responsibility has come to mo at tho voluntary request of
m y brother, who has transferred tho Imperial throno to mo during a period
of warfare, which is accompanied with unprecedented popular disturbances.
M oved by the thought which Is in tho minds o f the ontlro peoplo, that
tho good o f tho country Is paramount, I havo adopted tho firm resolution
to accept tho supremo power only if this bo the will of our great peoplo who,
b y a plebiscite organized by their representatives In a Constituent Assem ­
bly, shall establish a form o f government and now fundamental laws for
tho Russian State.
Consequently, Invoking tho benediction o f our Lord, I urgo all citizens
o f Russia to submit to tho Provisional Government established upon tho
initiative o f the D um a and invested with full plenary powers, until such
time, which will follow with as littlo delay as possible, as tho Constituent
Assem bly, on a basis o f universal, direct, equal and secret suffrage, shall,
by its decision as to tho new form o f government, express tho will o f tho
peoplo.

A message sent by Foreign Minister Milukoff to tho Rus­
sian diplomats abroad, indicating that Russia was deter­
mined to stand by tho Allies until tho end of tho war, was
made public at Petrograd on the 18th inst. as follows:
Tho nows transmitted by tho Petrograd Telographlc Agency (the semi­
official Russian nows buroau) already has acquainted you with tho ovonts
o f tho last fow days and tho fall o f tho old political rogimo in Russia, which
collapsed lam entably in tho face o f popular indignation provoked by its
carolossness, its abuses and its criminal lack o f foresight. Tho unanimity
o f resontmont which the order o f things now at an ond had aroused among
all hoalthy elements o f tho nation has considerably facilitated tho crisis.
All thoso elements having rallied with enthusiasm to tho noblo flag o f revo­
lution, and tho arm y having iont thorn its speedy and effective support,
tho national movem ent obtained decisivo victory within eight days.
This rapidity o f realization happily mado It possible to reduco tho num ­
ber o f victim s to a figure unprecodontodly small In tho annals o f upheavals
o f such extent and importance.
B y an A ct dated from Pskov, M arch 15, Emperor N icholas renounced tho
throno for himself and tho hereditary Grand D uke Aloxis Nikolalovitch in fa­
vor o f Grand D uke M ichael Aloxandrovitch. In reply to a notification which
was made to him o f this act. Grand D uke M ichael Aloxandrovitch, b y an
A ct dated Petrograd, M arch 16, in his turn renounced assumption of su­
premo power until tho time whon a Constituent Assem bly, created on tho
basis o f universal suffrage, should havo established a form o f government
and now fundamental laws o f Russia. B y this samo A ct Aloxandrovitch
invited tho citizens o f Russia, pending a dofinito manifestation o f tho na­
tional will, to subm it to tho authority o f tho Provisional Government
constituted on tho initiative o f tho D um a o f tho State, which holds full
power. Tho composition of tho Provisional Government and its political
program have boon published and transmitted to foreign countries.
This G overnm ent, which assumes power at tho moment o f the greatest
external and internal crises which Russia has known in tho courso o f her
history. Is fully conscious o f tho immonso responsibility it incurs. It will




[V ol . 104

apply itself first to repairing tho overwhelming errors bequeathed to it by
tho past, to ensuring order and tranquility in tho country, and, finally, to
preparing tho conditions necessary in order that tho sovereign will of tho
nation m ay bo freely pronounced as to Its futuro lot.
In tho domain of foreign policy the Cabinet, in which I am charged with
tho portfolio of tho M inistry o f Foreign Affairs, will remain mindful of the
international engagements entered into by the fallen rogimo, and will honor
Russia’s word. W o shall carefully cultivate relations which unite us to
other friendly and allied nations, and wo aro confident that thoso relations
will become even more Intimato, more solid, under tho now regime estab­
lished in Russia, which is resolved to be guided by tho democratic principles
o f respect due to the small and great nations, to tho liberty of their develop­
m ent and to good understanding among nations.
B ut the Government cannot forget for a single instant tho grave external
circumstances in which it assumes power. Russia did not will tho war
which has been drenching the world with blood for nearly three years.
B u t, victim o f premeditated aggression prepared long ago, she will continue,
as in tho past, tho strugglo against tho spirit of conquest of a predatory
raco which lias aimed at establishing an intolerable hegemony over its
neighbors and subjecting Europo o f tho twentieth contury to the shamo of
domination b y Prussian militarism. Faithful to tho pact which unites
her indissolubly to her glorious allies, Russia is resolved, like them , to assure
tho world at all costs an era of peace among the nations on tho basis o f
stable national organization guaranteeing respect for right and justice.
She will fight by their sido against the common enemy until the end, w ith­
out cessation and without faltering.
Tho Government o f which I form a part will devoto all Its energy to
preparation of victory and will apply itself to tho task o f repairing as quickly
as possiblo tho errors o f tho past, which hitherto havo paralyzed tho aspira­
tions and self-sacrifice of tho Russian peoplo. I am firmly convinced that
tho marvelous enthusiasm which to-day animates tho whole nation will
multiply Its strength ton times and hasten the hour of tho final triumph
o f a regenerated Russia and her valiant Allies.
I beg you to communicate to tho M inister o f Foreign Affairs (of tho coun­
try to which tho diplomat addressed is accredited) tho contents o f tho
present telegram.

On tho 20th tho issuanco of the following manifesto by
the Russian Provisional Government to the nation was
reported to London by tho Reuter correspondent in Petro­
grad:
Citizens: — Tho groat work has been accomplished. B y a powerful stroko
tho Russian pooplo havo overthrown tho old rogimo. A now Russia is
born. This coup d ’otat has set tho keystone upon long years of strugglo.
Under pressuro o f awakened national forces, tho A ct of O ct. 30 1905
promised Russia constitutional liberties, which were never put into execu­
tion. Tho first D um a, tho moutlipieco of tho national wishes, was dissolved.
Tho second D um a m et tho samo fate, and tho Govornmont, being powerless
to crush tho national will, decided by tho A ct o f June 16 1907 to deprive
tho peoplo o f part of tho legislative rights promised them .
During tho ensuing ten years tho Government successively wlthdrow
from tho pooplo all tho rights they had won. The country was again thrown
into tho abyss o f absolute ruin and administrative arbitrariness. All
attem pts to make tho voice o f reason heard wero vain, and tho great world
struggle, into which tho country was plunged, found it face to face with
moral decadence and power not united with the peoplo power indifferent
to tho country’s destinies and steeped in vices and infam y.
Tho heroic efforts of tho arm y, crushed under tho cruel weight o f internal
disorganization, tho appeals o f tho national ropresontatives, who woro
united in viow of tho national danger, wero powerless to lead the Emperor
and ids Government into the path o f union with the peoplo. Th us, when
Russia, by tho illegal and disastrous acts o f her Governors, was taced with
tho greatest disasters, the people had to tako the power Into their own hands.
W ith unanimous revolutionary spirit, tho peoplo, fully realizing tho seri­
ousness o f the mom ent and tho firm will o f tho D um a, established a I rovislonal Govornmont, which considers that It is its sacred duty to reallzo
tho national desires and lead the country into the bright path of freo civil
organization. Tho Government believes that tho lofty spirit o f patriotism
which tho people have shown in tho strugglo against tho old rogimo will also
animate our gallant soldiers on the battlefields.
On its sido the Government will do its utm ost to provide tho army with
everything necessary to bring tho war to a victorious conclusion.
1 lie G o v ­
ernment will faithfully observe all alliances uniting us to other powors and
ill agreements mado in tho past.
W hile taking measures indispensablo for tho dofonse o f tho country
igainst a foreign onemy, tho Government will consider It its first duty to
;rant to the peoplo every facility to express its will concerning tho political
idministration, and will convoko as soon as possiblo a constituent Assem ­
bly on tho basis of universal suffrago, at tho samo time assuring tho gallant
lofondcrs of tho country their sharo in tho Parliamentary elections.
Tho Constituent Assem bly will issue fundamental laws, guaranteeing
;ho country tho immutablo rights of equality and liberty.
Conscious of tho burden of tho political oppression weighing on tho
country and hindering tho freo creative forces of tho peoplo during years
af painful hardships, tho Provisional Govornmont deem it necessary, beforo
the Constituent Assom bly, to announce to tho country its principles,
issuring political liberty and equality to all citizens, making freo uso of their
spiritual forces in creative work for tho benefit o f tho country.
I ho G ovornment will also tako care to elaborato tho principles assuring all citizens
participation in communal elections, which will bo carried out on a basis
of universal suffrage.
. . .
.
„
A t tho moment of national emancipation tho whole country recalls with
pious gratitude thoso who, in the struggle for their political and re Igious
Ideas, fell victims o f the vongeanco o f tho old powor, and tho Provisional
Government will Joyfully bring back from exile and prison all thoso who
thus suffered for the good of their country.
,,
. .
In realizing these problems tho Provisional Governm ent bolioves it is
oxecuting tho national will, and that tho whole peoplo will support it ln j t s
efforts to insure tho happiness o f Russia.

Concerning tlie desire of Russia to ontor into a now com-

3rcial treaty with tho United States, Minister Milukoff,
an interview with a representative of the Associated Press
. the 20th inst., said:
Nothing now stands In tho way o f a now commercial t ^ a t y botweon
issia and tho United States. I think I am right In saytog that the United
ites is eager for the resumption o f old commercial relations and for tho
noval of all tho disabilities governing Jews hero. There now appoars
bo no obstacles to such an event.
The details o f such an arrangemont, however, cannot at present bo
ited; they will have tojbe left tojthe future.

Ma r . 24 1917.]

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C H R O N IC L E

1111

This will only bo ono manifestation of tho closer relations into which the
two and onc-half years, yet I believe that the revolution whereby tho R us­
now Russia hopos to onter with tho democratic world. Tho old G overn­
sian people liavo basod their destinies on a suro foundation o f freedom is tho
m ent in its monarchial form was in close sym pathy with Germ any and
greatest servico which they havo yet made to tho cause for which tho Allied
peoplos bavo been fighting sinco August 1914.
Prussian ideas. Tho now regimo will find an inspiration in tho ideas of
It rovoals the fundamental truth that this war is at tho bottom a struggle
tho Western world.
Despito tho difficulties at tho beginning, tho now Government now
for popular government and for liberty. It shows that through war tho
principle o f liberty, which is the only suro safeguard to peace in the world,
stands united, and all differences botween tho elements engaged in the
has already won ono resounding victory. It is a sure promise that the
revolution have been submerged in tho desiro o f tho people for a united
Prussian m ilitary autocracy which began the war and which still is the only
representative government. Tho revolution was not accidental. It was
barrier to peace will itself before long bo overthrown. Freedom is a con­
deferred until tho last moment, when it became apparent to everyono that
dition o f peace, and I do not doubt that as tho result o f the establishment
tho former Government was making it impossible for Russia to win tho war.
o f a stable constitutional government within their borders tho Russian
I t sim ply stated that tho old Government was tho enemy o f tho people
people will bo strengthened in their resolve to prosecute this war until tho
and o f a war with Germany.
last stronghold of tyranny on tho continent o f Europe is destroyed and free
The present Government is ono o f close co-operation among tho pooplo
for victory. There has boon since tho overthrow of tho Empire a decided . peoples In all lands can unito to securo for themselves and their children
tho
blossings o f fraternity and peace.
leaning o f all elements toward a republican form o f government. Tho
decision o f tho CJontitutional Assom bly will show whother this improssion
Andrew Bonar Law, on moving in the House of Commons
o f tho country’s desiro is prematuro. It is impossible to discover what tho
on the 22nd, a resolution of greeting to tho Russian Duma,
peasant population will think, whether or not it will bo in favor of con­
which later was adopted, said:
tinuing tho monarchy. B ut one cannot imagine a return to tho old form
Events in Russia havo been following one another with such startling
o f Government, which has been so thoroughly discredited.
Tho Foreign Minister said that a declaration probably rapidity in tho last thirteen days that they have arrested tho attention of
tho wholo world evon amid the greatest convulsion ever brought upon the
would bo approved by tho Council of Ministers at once, earth by tho action of m an.
restoring to Finland tho historical rights which it enjoyed
W h at happoned in Russia reminds us of the early days o f the French
before the third Duma. An immediate meeting of tho Revolution. It is too soon to say all danger is over in Russia. It is too
soon to feel confident that the new Government already has laid a foun­
Finnish Diet will bo called to draw up a now Constitution, dation upon which, in the language of Burke, “ Liberty will havo W isdom
and the country will come into its heritage of liberty.
and Justice for her companions, witii Prosperity and Plenty in her tr a in ,"
but it is not too soon for the M other of Parliaments to send greetings to
Parliament of our allied country. It is not too soon to send a message
It was statod on the 20th inst. that all reports to the othe
f good-will to tho new Government which Is formed with tho declared
State Department indicated that the Army and Navy intention of carrying tho war to a successful conclusion and which has
were supporting tho Provisional Government.
Ambas­ undertaken tho arduous task o f driving out tho foreign aggressor and es­
tablishing freedom and order at homo.
sador Francis, at Potrograd, summarized tho situation on
It is not for us to judge or condemn thoso who have taken part in the
tho 20th in tho following cablegram to the State Depart­ Government o f an allied country but I m ay be permitted to express a feel­
ing of compassion for tho deposed Emperor, who for three years was our
ment:
loyal ally and had laid upon him by birth a burden which was too heavy
Tho Last week has seen tho most astonishing revolution. Tw o hundred
for h im . W o cannot forget that one of the great Issues o f this war is whother
million people who have lived under absolute monarchy for 1,0 0 0 years
free institutions can survive against tho onslaught o f m iltary despotism.
and who are now engaged in tho greatest war in history, liavo forc.ed their
AVo cannot but rejoice that in the final stages of tho conflict all the allied
Emperor to abdicate for himself and his son and induced tho brother to
countries will bo under tho direction o f Governments representing the
whom transferred Imperial authority to accept on condition that C o n ­
people.
stitutional Assem bly of peoplo so wish, and who will oxerclso power under
Former Premier Asquith seconded the resolution, saying:
authority o f Government framed by that Assembly.
Russia lias taken her place by tho side o f the great democracies o f the
N o opposition to Provisional Government, which is Council of Ministers
world.
W o here hero, in tho first and original homo o f Parliamentary
appointed by Com m ittee o f Twelvo nainod by D um a. Absolute quiet
institutions, feel it our privilege to bo among tho first to rejoice in her
hero and throughout all Russia. Ilodzianko and M ilukoff assuro mo whole
emancipation, and welcome her into tho fellowship of free peoples.
arm y and navy in support. Everything learned from unofficial sources
confirms.
Plan o f Provisional Government is to call Constituent Assem bly or con­
vention whoso members bo elected by wholo peoplo and who bo empowered
to organizo good government. Whether republic or constitutional m on­
archy undecided, but conclusions o f Assembly will bo accepted by tho
peoplo and enforced by tho arm y and navy.

Secretary Lansing announced on tho 22nd inst. that formal
recognition to tho new Government had been extended by
Ambassador Francis on that day in accordance with instruc­
tions from the State Department. Immediately upon tho
receipt of tho instructions Ambassador Francis made a
preliminary call in tho morning on Foreign Minister Milu­
koff. In tho afternoon, accompanied by his staff, including
tho naval and military attaches, ho went to tho Marinsky
Palaco, where tho Council of Ministers was assembled, made
tho formal recognition and presented congratulations and
felicitations on behalf of tho United States. Ambassador
Francis addressed tho Ministers, saying:
I havo the honor as tho Ambassador and representative o f tho G overn­
ment of tile United States accredited to Russia to stato, in accordance with
instructions, that tho Government of tho United States has recognized tho
now Government o f Russia, and I, as Ambassador of tho United States,
will bo pleased to continue Intercourse with Russia through tho medium
o f tho now Government.
M a y tho cordial relations existing between tho two countries continue to
to obtain; m ay they prove mutually satisfactory and beneficial.

Tho Russian Foreign Minister, Dr. Milukoff, replying for
the Ministers, said:
Permit mo In tho namo of tho Provisional Government to answer tho act
o f recognition by tho United States. You havo been able to follow for
yourself tho events which havo established tho new order o f affairs for
free Russia. I havo been more than once In your country and m ay bea
witness that tho ideals which aro represented by tho Provisional Govern­
ment aro tho same as underlie tho existence o f your own country. I hope
that this great chango which has como to Russia will do much to bring us
closer together than wo havo ever been before.
I m ust tell Your Excellency that during tho past few days I havo recoived
m any congratulations from prominent men in your country, assuring mo
that tho public opinion o f tho United States is in sym pathy with us. Per­
m it mo to thank you. W o aro proud to be recognized first by a country
whoso ideals wo cherish.

On tho samo day formal recognition was extended to tho
new Government by tho United States. Premier David Lloyd
Georgo telegraphed to tho Russian Premier, saying ho be­
lieved tho revolution in Russia was tho greatest service tho
Russians had yet rendered to tho Allied cause, and that it
was a sure promise that tho Prussian military autocracy, tho
only barrier to peace, would soon bo overthrown. Tho text
of tho telegram follows:
It is with sentiments of tho most profound satisfaction that tho peoples
of Great Britain and the Britisli dominions havo learned that their great
ally, Russia, now stands with the nations which base their Institutions upon
responsible government.
M uch as wo appreciate tho loyal and steadfast co-operation which wo liavo
received from tho lato Emperor and the armies of Russia during the past




The Irish party gavo its support to the resolution in a
speech by Joseph Devlin, who said:
Tlio Irish party regards tho Russian revolution— striking, noble, dra­
m atic, wollnigh bloodless— as a message o f hope to all oppressed people
and all freedom loving nations. B ut it is something more. I t is also a
warning and a portend of doom to autocracies and tyrannies everywhere
AVo m ight draw a moral therefrom, but wo do not desiro to avail our­
selves of tho opportunity, preferring to let tho voice o f Ireland join in tho
united harmony of rejoicing at Russia’s emancipation.

IM PERIAL

CHANCELLOR

ORG ANIZATION

PREDICTS

OF G E R M A N

POLITICAL

RE­

EM PIRE.

A Berlin dispatch to Reuters, London, by way of Amster­
dam, on tho 15th inst. stated that a political reorganization
of the German Empire after the war, involving a greater
share by the people in the conduct of Imperial affairs, was
predicted by Chancellor von Bethmann-IIollweg, in a
speech on tho 14th inst. before the Prussian Diet. The
dispatch stated that tho Chancellor opened his address by
protesting against criticism leveled at the Reichstag by the
Upper House of the Diet. Admitting that every Parlia­
ment in Germany is entitled to discuss imperial policies, he
reiterated previous assurances that the war must lead to a
political reorganization and that the Government Avould,
after the closo of hostilities, propose a reform of the Prussian
franchise. “After tho war,” said the Chancellor, “ we shall
bo confronted Avith tho most gigantic tasks that ever confron­
ted a nation. They will bo so gigantic that the entire people
will havo to Avork to solve them. A strong foreign policy
Avill bo necessary, for Ave shall bo surrounded by enemies
Avhom avo shall not meet with loud Avords, but Avith the in­
ternal strength of tho nation. We can only pursue such a
policy if tho patriotism which during the Avar has developed
to such a marvelous reality is maintained and strengthened.”
Tho Chancellor is said to ha\re declared that the maintenance
of patriotism could only be achieved by granting tho people
in general equal co-operation in the administration of the
empire. “ Woe to the statesman,” ho said, “ avIio does not
recognize the signs of the times, and Avho, after this catas­
trophe, the like of Avhich the Avorld has never seen, believes
that he can take up his Avork at the same point at Avhich it
Avas interrupted. I will devote my last effort to tho carrying
out of this idea of making our people strong. Only one
thought fills mo and all of us at present— how to end the war
victoriously. As the Avar can only be Avon by the exertion of
our greatest possible man-power, tho truth of which must be
admitted, I have freely spoken my thoughts on the internal
policies of our people for the future.”

1112

THE

A wireless from Berlin to Sayville on the 15th announced
that the following motion had been introduced in the Prussian
Lower House by Herr Friedberg, leader of the National
Liberal Party:
The House resolves to request the Royal State Government to present a
bill by which membership in the House of Lords will be changed in such a
way that, while retaining the royal privilege o f appointment, but abolishing
all privileges of families and dignitaries which now exist in relation to
membership in the House of Lords, representation by means o f elections
and corresponding to their Importance shall be granted to all large munici­
palities and to all professions of importance for the economic life and the
civilization of our people.

It was stated at the same time that the adoption of a
measure such as that proposed by Herr Friedberg would be
an important step in the political reorganization which has
been discussed so widely in Germany of late. The Herrenhaus, or House of Lords, is composed of princes of the royal
family, chiefs of mediatized princely houses, heads of terri­
torial nobility, life peers chosen by the King, titled noblemen
elected in certain provinces by land-owners, representatives
of universities, borgomasters of towns with more than 50,000
inhabitants, and members nominated by the King for life
or for a restricted period.
The New York “Times,” in a special cable from Berlin
under date of the 15th inst., printed in its issue of the 17th
inst., enlarging upon the brief account of the Chancellor’s
speech as contained in the dispatch quoted above, had the
following to say:
Chancellor von Bethm ann-Hollweg’s speech before the Prussian Diet
yesterday afternoon (the 14th) which is regarded as the greatest speech
that has come from the lips of a German statesman since Bismarck’s day,
is the subject of comment in every corner of the Empire to-day.
Thero was every evidenco that the Chancellor had not prepared his
speech, and that he merely walked into tho House, found the subject of
debate and the moment opportune and delivered it. In fact, ho said ho
had had no thought in the morning that ho would address tho House in the
afternoon.
The immediate cause of tho eruption which brought about tho speech is
so insignificant that Americans will have difficulty in understanding how it
could over acquire such importance.
But one must remember that for
months now the L eft, and to some extent Centrists, liavo last no oppor­
tunity o f making It clear to the Right in no unmistakable terms that
privileges would havo to bo curtailed after this war, and that they would
insist on thorough reforms, and that only the truce that they sworo to
keep prevented them from beginning these- reforms at once.
The Conservatives listened with ever-increasing wrath and suddenly
surprised the Left and Centro with a bill in the lower Prussian House in­
tended to make the inheritance laws o f the landocracy still more formidable
than they had been. This was regarded as a breach of tho truco, and hot
words were exchanged over it that should have shown clearly to the Con­
servatives that the people would not stand for any more privileges.
About a week ago the upper house o f the Diet, in the course of its routine
work, passed upon and rejected a bill granting to members of tho lower
house the usual daily allowance and freo fare on the railways. The prin­
cipal Conservative speaker, Yorck von Wartenburg, on this occasion left
no doubt that the Conservatives were only using this very unimportant
bill as a vehicle to let tho other parties know just where the Conservatives
stood— namely, exactly in tho same spot where they left off the day the
great catastrophe broke over tho world.
Thero was the greatest indignation not only in Prussia, but in tho whole
o f Germ any, and the leaders of all parties decided that it must bo made
clear to tho Prussian landocracy that this Is the twentieth century.
Thero was an enormous crowd in tho galleries o f the House when yester­
da y’s session began. These crowds expected to hear plain speech, and thoy
heard it, first from D r. Porsch o f tho Centrist Party, who ridiculed Yorck
von Wartenburg as tho custodian o f antiquity, then from Fredberg, the
National Liberal, who not only threw down the gauntlet and said his party
would no longer keep tho truco but wanted electoral reforms at once.
D r. Pachnicko, of tho Progressive Party, followed with similar demands,
and while he spoke o f the Chancellor who had promised them so much and
who might afterward be prevented by circumstances from fulfilling his
promises, Bethmann-Hollweg entered tho chamber. He listened quietly
to Pachnlcke's censure, and when the latter had finished, he began his
great speech.
“ W oe to the statesman who cannot read the signs o f tho tim e s ." W hen
the Chancellor thundered this variation o f tho threat by a Conservative
orator, it was as though ho had cast a spell upon the sentiments of all tho
parties that only a few minutes before had clashed in violent discord.
Everybody present, even tho crowds in the galleries, felt as though they
had suddenly realized the turning point o f a new epoch.
The Chancellor continued: “ W oo to tho statesman who believes that
after this catastrophe, such as the world has never seen before— a catas­
trophe whose scope contemporaries and those directly engaged in it cannot
possibly measure— woo to him if he believes he can start again from whero
ho left off before the catastrophe. I f he should try to put new wine into
old bottles— woe to that statesm an.”
Tho Chancellor said ho had had no thought in the morning that ho would
appear at the Chamber. Ho evidently had not prepared for any speech.
Sometimes he stopped to find tho right expression for his crowding thoughts,
and, despising any rhetorical flights, drove his arguments homo to the
hypnotized audienco that had for the most part risen from its seats. Thero
was a thunder of applause in the House and galleries when tho Chancellor
appealed to the patriotism of Ills hearers and told them there was one thing
moro Important than all else— to win the war.
A s to tho promised reforms, he said ho wished them, he willed then, and
ho was going to havo them. N obody in the House doubted the words
of the speaker.
A short time ago, in the samo House, a Conservative representative had
said: “ W oe to tho statesman who does not exact from our enemies a peaco
that will fully satisfy all o f Germany’s dem ands.” Coming from the C on­
servative ranks, this meant compensations in money and products on a
large scalo, annexation, & c., and the threat was directed at tho Chancellor.
But the Chancellor ignored this as ho had ignored party words from other
quarters. If he turned up all o f a sudden yesterday in the Houso to make
a speech that will go down in history forever, he was actuated by tho Impera­
tive duty of interfering in the quarrelings o f the parties.




[Vol . 104

C H R O N IC L E

N o German statesman had ever recognized tho great’ aid o f tho Reichstag
in this war as candidly and enthusiastically as Bethmann-Hollweg did
yesterday, and what lie said about tho future relations between tho laboring
and other classes Is heartily applauded by all Germany to-day.
Tho Chancellor captured tho Houso and will find it moro willing than
ever to follow him , perhaps even tho Conservatives with a few exceptions
of tho Extreme R ight. Their leader, Wonheydebrandt, following, spoke
very moderately. Ho recognized tho Chancellor’s sincerity and expressed
the conviction that the latter was only actuated by the purest patriotism.
This morning’s papers, with only one exception, tho “ Krouz-Zoitung,”
are full of praise for Bethmann-Hollweg, and there is every evidence that
tho party truco once moro is firmly established.

In a later summary of the Chancellor’s address, issued by
the Overseas News Agoncy (tho official German News
bureau), received at Sayville on tho 19th inst., the Chancel­
lor, after alluding to the gigantic internal task that the
nation would have to faco after the war and the strong foreign
policy it would be necessary for the country to pursue, was
quoted as declaring:
Such a strong policy, internal and external, will only bo possible if the
political rights of tho community aro such as to make possible the whole
nation, in all its ranks, including the great masses, equal and cheerful
co-operation in public affairs.
During this war every son of tho nation, in a courageous struggle, has
given his last and best— poor and rich, low-born and high-born. N o oue
can claim that ho did more or bettor than anothor. I f only one link in
tho chain falls, can we then gain? And can wo live after this war If, while
peaco provails, one part o f the body of our nation fails?
Beforo tho war the interests of tho working classes frequently were
opposed to tho interests o f the Stato and o f the employers, as if there were
irreconcilable opposition.
I hope that tho war has cured us of this error.
For, if it were so, if it wero not determined to accept tho lessons taught
by tho vast experiences o f this war as affecting all questions of political
life, in tho regulation o f the laws regarding employment, in regulation of the
electoral franchise in Prussia, in regulation o f tho wholo parliament— if it
wero not decided to draw these conclusions without reserve (and I for m y
part shall do so, Inspired by tho confidence which this war has given me
towards all the sons o f the people) then wo should face inner difficulties, the
importance o f which no one can foreseo.

From London on tho 16th inst. tho following cablo concern­
ing tho Chancellor’s remarks wero recoived by the Associated
Press:
Reuter’s Amsterdam correspondent telegraphs that an article in the
“ Frankfurter Zeitun g" appears to confirm to somo degroo tho impression
that tho sudden appearance of Chancellor von Bothmann-Hollweg in the
Prussian D iet on Wednesday and his speech advocating tho democratiza­
tion o f Germany were caused by his knowledge o f events In Potrograd. The
“ Zeitun g" draws a parallel between tho Chancellor’s acts and tho revolution
in Potrograd, pointing out that at tho samo time tho Executive Committee
o f tho D um a seized the reins of power, D r. von Bethmann-IIollwog delivered
tho speech, which, it says, also disclosed a revolution, though of quite
different kind and employing different means.
The newspaper asserts that a democratic German Empiro will come
because it m ust come, not bocause tho Chancellor avows himself in its
favor, but because his words express tho will of an overwhelming majority
o f tho people.

BU LGARIAN

POLICY

IN

M ACEDONIA

AND

SERBIA

DEFENDED.

The Bulgarian policies in Macedonia, Serbia and the
Moravia region are defended in a statement issued at Wash­
ington on the 9th inst. by the Legation of Bulgaria, which
says:
In a statement recently issued by tins Serbian Legation in London and
published in somo papers here, charging Austria-H ungary with having
instituted a regime of tyranny and cruelty in Serbia, insinuations are made
about the treatment by Bulgaria o f tho population in M acedonia, Old
Serbia, and the M oravia region. N o facts aro advanced, but it is stated
in gonoral terms that " a rule of terror prevails in tho regions under B ul­
garia,” and that this rule of terror has for its object “ tho elimination of the
Serbian element and the terrorizing of tho population by the removal of
all tho leading men in tho country.”
T o talk about tho elimination o f tho Serbian element in Macedonia is to
talk about eliminating something which does not exist. The overwhelming
m ajority (about 1,200,000) of the Christian population in M acedonia is
Bulgarian, and It met with joy and enthusiasm tho Bulgarian troops when
thoy occupied the country and put an end to Serbian rule. W h at tho
character of that rule was is best known by tho draconian law's enacted
by tho Serbian Government for the administration of tho province. It
was a military dictatorship o f the worst typo to crush the national spirit of
the people, who were treated as “ rebels in a perpetual stato o f revolt.”
Tho military and police authorities wero given a freo hand in dealing with
the people, and they could, without any formal trial, inflict the death
penalty, penal servitude, imprisonment, confiscation of property, deporta­
tion o f individuals or whole families oven for minor and insignificant
offenses. This exceptional regimo in Macedonia was so revolting and
outrageous in its nature that even somo Serbians who had not lost all sense
of right and justice condemned it.
* * *
The population of the M oravia region is essentially Bulgarian. Tho dis­
tricts o f N ish, Pirot, and Vranya wero part of Bulgaria up to 1878. when tho
Berlin Congress decreed, contrary to tho wishes of the population, their
annexation to Serbia.

D E P O R T A T I O N OF B E L G IA N S .

According to an Overseas News Agency dispatch from
Berlin on March 18, tho German Emperor, in rosponse to a
petition received from a number of prominent Belgians,
representing all partios, has discontinued the deportation
of Belgian workmen to Germany, ponding an investigation
to be made by the Governor General and other competent
authorities. The Overseas News Agoncy report differs
from a press dispatch recoived from Berlin via Amsterdam
on March 15 which indicated that the investigation referred

MAR. 24 1917.]

THE

to had been completed, and that as a result the Emperor
had ordered repatriation of Belgians deported to Germany
as unemployed. The Nows x\gency dispatch of tho 18th
said:
Prominent Belgians, belonging to different parties, recently addressed a
prayer to the German Emperor to check compulsory transportation of
Belgian workmen to Germ any and send homo Belgians who had been thus
transported. The signers of tho petition received information to tho ef­
fect that tho Emperor had decided to submit their wishes, as expressed, to
a thorough investigation by tho Governor General and other competent
authorities, reserving a definite decision until tho conclusion o f this inves­
tigation.
In tho meantime the Emperor lias ordered that persons erroneously desig­
nated as unemployed and in consequence transported to Gorm any, should
lie permitted to return to Belgium , if they had not already returned, and
that compulsory transportation o f unemployed Belgians to Germ any be
suspended.
___________________

GOV. H A R D I N G OF R E S E R V E B O A R D SUGGESTS C R E D I T
O F A B I L L I O N FOR A L L I E S .

The declaration this week by W . P. G. Harding, Governor
of the Federal Reserve Board, that tho Government should
not hesitate to extend a credit to tho Allies of $1,000,000,000,
has attracted considerable attention. Governor Harding,
whose romarks under tho title “ Financial Preparedness”
were made at a dinner of tho Quill Club at tho Hotel Man­
hattan, this city on Tuesday, asserted that Congress should
immediately enact legislation which would enable the United
States to lend its credit to the Allies. In his address ho
said:
W o all appreciate the extreme gravity of tho present situation, and, while
we cannot look into the future, it seems reasonably certain that tills country
Ls going to be drawn into tho great struggle.
W e liavo, as American citi­
zens, certain clearly defined duties. It Ls a time when all elements of the
community shall stand together for America. This Ls no time to harbor
prejudices. W e should remember that wo have a common cause. M y
personal opinion is that it is clearly the duty of every man of influence
to oxert every honorable means in his power for tho purpose of inducing
Congress to do what it can do most quickly and effectively in tho present
crisis.
Congress can very speedily provide tho surest means o f defenso by enact­
ing a law which would enable tiio Government to lend its credit to those who
are fighting for the samo cause. It Ls m y personal opinion that this Govern­
ment should in that contingency extend to tho Allied Bowers a credit of
one billion dollars, taking as security their own obligations. T h at would
bo an effective measure o f defense. It would protect us against a foreign
invasion and from a premature peace to which wo were no party.
I f wo
securo that measure o f protection, wo can look tho future in tho face.
Everything else has been discounted. N o shock can arise for which the
public is not prepared.
Although we are confronted with the greatest crisis in American history,
I do not beliove that we ever approached a crisis so well prepared from a
financial point of view. Our twelve Federal Keservo banks have resources
aggregating over a billion dollars. Tho note-issuing capacity o f these in­
stitutions Ls in excess o f §1 ,2 0 0 ,0 0 0 ,0 0 0 .
Since tho outbreak of tho Euro­
pean war our gold stock has increased by § 1 ,0 1 5 ,0 0 0 ,0 0 0 , a sum greater
than tho entire gold production o f tho world during that period. N o G ov­
ernment bank on earth can make a showing anything like the consolidated
balance sheet of our Reserve banks.
.

Mr. Harding, in indicating our financial preparedness, is
also said to have stated that “our statistician tells us there
is over $800,000,000 in gold in the pockets of the people of
this country and about $840,000,000 in banks and trust
companies.” James S. Alexander, President of tho Na­
tional Bank of Commerce in New York, in a statement en­
dorsing Mr. Harding’s proposal, says:
Recent developments have put us squarely into tho situation. It is now
our duty to do everything within our means to assist England and her allies,
both financially and otherwise. Our Interests are linked with theirs.
M r.
Harding’s suggestion that the credit of this country bo made available is a
good one.
Any plans for lending financial aid that aro proposed by our Government
will undoubtedly be fully supported by banking interests and others gener­
ally.

J. Howard Ardrey, Vice-President of tho samo bank,
would go even further than this. Hero is what ho has to
say according to tho “ Wall Street Journal:”
I f a state of war exists between tho United States and G erm any, tho
worst thing we can do Ls to take half-hearted measures. Thero is every
reason in the world why wo should help to bring about the defeat o f Ger­
m any. Our chief concern should be; what is tho best and surest way to
accomplish thLs? Credit is not what tho Allies want: they have that al­
ready. In any case we could lend them another billion dollars. The
Allies are not looking for general creditors, but powerful partners in their
cause.
Let us get busy and mobilize. T o be sure, it will bo some time beforo
we can help the Allies materially with m en.
In tho meantime, however,
wo can supply them with material. M y idea would be that our Govern­
ment tell England and Franco that wo will do tho buying o f munitions,
wheat, & c., and ship them over to tho Allies freo o f cost to them.
It is all nonsense for us any longer to hold aloof from tho cause o f the
Allies. Their cause is now our cause.
If by any chance England, Franco
and Russia should draw out o f the war, with Germany undefeated, where
would we stand? W o would bo neither the friend of Germany nor tho
friend o f the Allies, whom we have not helped. Besides, if wo expect to
have something to say in tho final settlement of tho world’s political affairs,
wo should have somo claim to a hearing. W e cannot expect to hold cards
if we don’t buy chips.

William Ingle, President of tho Baltimore Trust Com­
pany, in expressing his approval, is credited with the fol­
lowing remarks in the Baltimore “ Sun” of tho 22nd:
So long as this country maintained a position of absolute neutrality I
was in ravor o f limiting somewhat tho money invested in the foreign
securities put out as a war necessity, but when the time arrived when wo




1113

C H R O N IC L E

could no longer hold our position and when non-neutrality was practically
forced upon us, it placed a different phase on the situation.
M r . Harding is right in saying that the country has abundant resources
for a loan o f this kind, and thero can be no inconsistency in it making one,
as it will work to the benefit of those who are striving for the same end.
Tho Government could place sucli an obligation very readily and let the
proceeds go to the benefit of the Allies. Such an issue should find ready
sale among tho moneyed interests here, not only because there Ls plenty
o f money for the investment, but also becauso it m ay be the best way in
which we can aid if forced away from the neutral position we have so far
held
Such a policy will in no way interfere with the business affairs o f the
manufacturing concerns and those who furnish supplies to the Allies. These
operations will go on, stimulated b y the greater supply of money.
This is somewhat o f a “ horseback view ,” as I have not had time to
give full consideration to the suggestion. It will give material aid to those
fighting in the cause which it seems we m ust espouse and at the same time
will afford safety, as the money Ls to be paid back by those allied nations
who borrow it.

According to advices from Washington on the 22nd inst.
plans for rendering financial assistance to the Entente Allies
in case of war between the United States and Germany are
being considered informally by Federal Reserve Board and
other Government officials. Two courses are said to have
been presented: one, tho placing of general credits to En­
tente Governments in this cojntry by individual banks to
a greater extent than heretofore; the other, official action
by the Government in placing a large sum at the disposal
of the Entente. It is thought probable, the dispatches
state, that, should the latter course be adopted, the Govern­
ment would raise the sum desired by a bond issue to be
designated for that purpose, the proceeds to be loaned as
needed to France, Great Britain, and probably other En­
tente Governments. Plans are said to be still in a forma­
tive stage and may not, it is said, bo definitely shaped until
after Congress convenes April 2.
N AT IO N AL

BANK

GRANTED

IN

CHARTERS
JANUARY

ASKED

AND

FOR

AND

FEBRUARY.

In the first two months of 1917 the Comptroller of the
Currency received 73 applications for charters for new
national banks, with capital of $5,290,000 as compared with
33 applications received during the corresponding period in
191G, with capital of $1,725,000.
GOVERNMENT
ACT

UPHELD

BROUGHT BY

IN

T E S T OF

WAR REVENUE

TRUST COM PANIES.

A decision in favor of the Government in the proceedings
brought by the Farmers Loan & Trust Co. of this city, to
test the War Revenue Act of Oct. 1914 insofar as it imposes a
tax on banking institutions, was handed down on the 15th
inst. by the United States Circuit Court of Appeals, Second
Now York Circuit. On May 23 of last year a verdict in
favor of the trust company was rendered by the United States
District Court in New York, as a result of which an appeal was
taken by the Government. While but $4,809 figures in the
action of the Farmers’ Loan & Trust Co., millions of dollars, it
is stated, are involved in the decision. The New York trust
companies are concerned to the extent of something like
$100,000. The section of the law under which the tax was
collected, under protest, provides that “ bankers shall pay
$ 1 of each $1,000 of capital used or employed , and in esti­
mating, capital, surplus, and undivided profits shall be
included. The amount of such annual tax, shall in all cases,
be computed on tho basis of the capital, surplus, and un­
divided profits for the preceding fiscal year.” The trust
companies contended that the tax applied only to capital
employed in actual banking transactions and that therefore
the greater part of their capital was exempt from taxation,
since it is invested in mortgages, title fund, real estate, and
other forms of investment outside of the pale of banking.
E. II. Blanc, of Geller, Rolston & Horan, representing the
Farmers Loan & Trust, in commenting last May upon the
decision of the U. S. District Court, which was handed
down by Judge Hough, said:
Judge Hough decided that the present statute means the same as the A ct
o f 1898; that both statutes require in order that the tax be due that the
capital, surplus and undivided profits shall bo used in banking as defined
in tho statute; that when it appears that the trust companies maintained
during the tax year a body o f investments in real estate bonds and mortgages
and other securities of the class o f more or less permanent character, it
cannot be said under tho language o f tho statute and under the principles
established by the decisions o f the Circuit Court o f Appeals here in the old
cases, that the capital, surplus and undivided profits were used in the
banking business.

The findings of the District Court were based on a decision
of the Circuit Court of Appeals in a suit of the Farmers Loan
& Trust Co. against Collector Treat in the Second District
in 1909. The decision of the Circuit Court this week was
written by Judge Hand and concurred in by Judges Coxe and
Ward.

1114

THE

We have been favored by counsel for the trust company
with a copy of tho decision, and we quote therefrom the fol­
lowing conclusions of Judge Hand:
B oth tho banking powors and tho varieties o f banking business done by
the Farmers Loan & Trust C o . have apparently increased slnco tho de­
cision was rendered in tho Treat case.
Th e Farmers’ Loan & Trust C o. does a largo trust business, tho oxtent
o f which is not shown by tho record. It also does a largo banking business,
the extent o f which Is at least partially shown.
It would bo possiblo to
determine b y further ovidenco tho rolativo proportionate amounts of
assets employed in banking and in trust business. I f such a proportion
wero determined and it appeared that one-half o f tho assets wero employed
in banking and tho remaining one-half in trust business it would seom to
follow that one-half o f tho capital and surplus was employed in banking.
Tho computation might bo difficult, but it seems to us entirely practicable.
Th e capital, surplus and undivided profits which counsel for tho defendant-ln-error insists wero not employed in banking, but wero permanent
investments, wo regard as employed in all tho business o f tho bank of
every kind. They were available for any use, equally with all other
assets o f the com pany, and were, theroforo, employed both in tho banking
and other business. And this is because tho words “ capital, surplus and
undivided profits” relate to no particular kind of property, but aro ex­
pressions describing tho amount of the residue of tho assets after the liabili­
ties have been deducted.
Tho question will, doubtless, ariso hereafter whether tho so-called per­
manent Investments o f tho plaintiff can bo regarded as employed in banking.
*
*
*
*
*
*
*
*
*
*
*
*
In tho caso at bar tho tax Is levied on capital employed in banking and
not upon income derived from tho banking business. Assets m ay bo em­
ployed in tho business o f banking when dividends derived from thorn are
not receipts from tho banking business at all. In other words, tho terms
o f the statute regulating tho tax In tho Sprcckols case wero different from
thoso in tho A ct determining the tax for the caso at bar. Tho Sprcckols
caso, therefore, never decided that tho deposits and securities o f that
company wero not employed in tho business o f refining sugar, but only
held that income derived from thoso assets could not properly be rogarded
as coming within tho definition o f receipts from tho business o f refining
sugar.
It is, therefore, a question of fact to bo determined at the trial, just how
far the so-called permanent Investments wero employed in banking. W o
do not feel disposed to determine this as a m atter o f law without having
beforo us tho respective requirements o f tho plaintiff’s banking and trust
business for such a character o f securities. Tho nature o f tho employment
of tho com pany’s real estate is also a question of fact. W h at proportionate
amount is actually used for tho banking business and for tho trust business ?
I f a further proportionate amount is used merely for leasing purposes. Is
such an employment in a purely additional lino of businoss, or is it only In
tho banking and trust business because a inoro m ethod o f saving rental for
thoso lines o f business where tho land was too valuable to justify a building
to bo occupied only for offices o f tho company itself?
W e , therefore, do not intend to intimate that tho trial court Is not free
to determino from the ovidenco offered how far tho capital, surplus and
undivided profits aro employed in banking. B ut tho fact o f employment
or non-employment is not to bo determined by methods o f bookkeeping,
but by real transactions. W o havo suggested certain presumptions appar­
ently arising from tho record at the former trial to assist tho Court in
dealing with tho proof which is likely to be hereafter offered.
A t tho risk o f somo reiteration, the foregoing views m ay bo summarized
as follows:
W hen a trust company Is organized; obtains subscriptions for capital
stock, and then opens its doors, begins business, and receives various
deposits, its assets compriso all its property o f every kind. Somo o f this
property it will invest in mortgages, bonds and stocks; other portions it
will loan; still other portions, constituting its cash on hand, it will hold
to bo drawn against by its customers; other portions o f its funds will bo
used to pay clerks who aro engaged solely In tho trust, and not in tho
banking end o f tho business. W o do not regard any specific assets as con­
stituting capital o f tho company. Tho capital, and in tho same way tho
surplus and undivided profits, aro the residuo left after paying tho obliga­
tions o f tho bank to its depositors, and any other indebtedness it m ay havo.
These claims m ay bo satisfied out o f any property and tho balanco remain­
ing, which is tho capital, surplus and undivided profits, is to bo imputed
equally to all kinds o f property which tho trust company m ay possess. Tho
proper w ay, thereforo, to dotormino what part o f tho capital, surplus and un­
divided profits is employed in banking is to find out what part of tho total
assets is so employed; when that is done, tho same proportion o f tho capital,
surplus and undivided profits m ust be thus employed. A n y other construc­
tion o f tho A ct seems to us unreasonable, and to involve tho almost inevitable
result that trust companies, which aro closo competitors o f tho national
banks (at times outstripping them in banking business), will bo found to bo
entirely free from a tax which tho national banks will have to pay. I f
investments In securities aro hold for a long time, and exceed in valuo tho
capital, and a designation o f theso investments as investments of capital
can be regarded as indicating that tho trust company employs none of its
capital in banking, almost overy trust com pany will escape tho tax.
Tho question remains whether tho Commissioner o f Internal Kevenuo
was shown to havo had anything beforo him which justified tho tax, and if
not, whether tho tax was legally collectible oven though not In fact properly
assessed. Tho Commissioner had beforo him in tho letter o f M r . Sinsel,
o f Jan. 15 1915 (Plaintiff’s Exhibit E ) , tho fact that tho trust company did
a general banking business, and in tho letter o f tho Secretary o f tho C om ­
pany, M r . A . V . H eely, dated N o v . 30 1914 (Plaintiff’s Exhibit 2 ), tho
m onthly average o f its capital, surplus and undivided profits. These
letters each stated tho claim o f tho company that tho capital, surplus and
undivided profits wero not employed in banking. This partial information
justified tho Commissioner in concluding that the company was engaged in
banking, and that it was taxable to somo extent, but certainly furnished
no sufficient basis for tho assessment fixed, or tho tax levied. The letter
of M r . Heely stated that tho company was engaged in tho business of a
trust com pany, and, not only was this statement not contradicted by tho
letter o f Sinsel wo havo referred to, but it is notoriously tho fact that such
is tho caso.
Tho ovidenco before tho Commissioner, thereforo, indicated
that tho capital, surplus and undivided profits wero employed both in tho
business of banking and trusts. In what relative proportions did not
appear. The Commissioner might have required a further return, but we
do not think that ho was obligated to do this and might make tho assess­
ment upon information derived from any source.
(United States Rovised
Statutes, Sec. 3176.)
This being tho caso, wero tho .acts o f tho Collector in collecting tho tax
wholly illegal? W o think it settled by tho decisions that tho assessment
was not made without jurisdiction, and was prima facio valid. United
States v . Rindskopf, 105 U .S .4 1 8 ; Clinkenbeard v.United States, 21W aI1.65.
Tho fact that tho Commissioner might not havo had sufficient ovidenco
to justify his computation did not render it void. W o think it was correctly




[Vol . 104

C H R O N IC L E

said in Schafer v . Craft, 144 Fed. 907 (153 Fed. 175 on appeal) that:
“ * * * upon tho most familiar principles ono cannot by suit recover
any taxes once paid, which in fact wero duo even though tho exact manner
of their collection was not authorized.”
In order to recover any part o f tho taxos tho Farmers’ Loan & Trust C o.
should havo shown just what portion o f tho tax was lovied upon capital,
surplus and undivided profits which wero not used or employed in banking.
It was not sufficient to show that tho Commissioner proceeded without
proper evidence or otherwiso erroneously and then to rest, but tho company
had tho burden of establishing by a preponderance of tho ovidenco that tho
tax collected, or some part of it, was not duo.
Tho contention that tho tax cannot bo lawfully imposed under the
Federal Constitution because it is a direct tax and was not apportioned, is
without merit. Th e tax is clearly upon a franchlso to conduct tho businoss
o f banking and by familiar authority is lawful.
Tho judgment m ust bo reversed and tho caso romanded for a new trial.

Judge Ward, while concurring, with Judgo Coxe, in tho
decision written by Judgo Hand, mado the following qualify­
ing remarks:
A s the tax imposed is only upon so much o f tho capital, surplus and
undivided profits as aro used in tho banking businoss, Congress plainly
contemplated that less than tho aggregate of those olomonts might bo so
used. I f tho intention had been to tax all tho com pany’s assots which
wero so used, it would havo boon easy to say so. Tho addition of the
words “ surplus and undivided profits” to tho word "cap ital” shows that
Congress was confining tho tax to a specified portion o f tho com pany’s
assots. Obviously, whon a corporation, as in tho present caso, does othor
business in .addition to banking, tho wholo capital, surplus and undivided
profits cannot bo used in each. How m uch, if any, is used m ust bo a
subject for proof.

The “ Times” quotes U. S. District Attornoy Marshall, in
discussing tho opinion, as saying:
Tho contention mado in behalf o f tho trust companlos that tho C om ­
missioner o f Internal Iievenuo was without authority to assess tho tax, was
held by tho Court to bo without m erit. In like manner tho Court disposed
o f tho trust com pany’s contention that tho statuto in question was uncon­
stitutional. Tho sweeping character o f tho decision will in all probability
load to tho abandonment o f m any suits throughout tho country brought by
tho trust companies basing their contentions on tho decision o f tho old
Treat caso. In Philadelphia suits wero brought by tho Real Estato T itle
Insurance & Trust C o . and tho Germantown Trust C o ., and wero tried
in tho fall o f 1915 before Judgo Dickinson, who adopted tho Governm ent’s
contentions and directed verdicts in favor o f tho G overnm ent. Tho trust
companies sued out writs o f error, and theso aro now said to bo pending in
tho Circuit Court of Appeals In tho Third District.

The Philadelphia Trust Co., according to tho Philadelphia
“ Record,” began suit in tho United States District Court on
the 15th in'st. against tho Collector of Internal Rovonue to
recover §G,613, paid under protest under tho Act of 1914,
which imposes a tax on bankers and trust companies. The
“ Record” says:
In addition to attacking tho constitutionality o f tho measure, tho company
asserts that tho assessment was unjust, as nono o f tho capital, surplus, or
undivided profits was used in tho banking business. Furthermore, it Is
urged, tho company is not a banker within tho meaning o f tho Acts of
Congress. Various other arguments aro advanced to support that tho
Act is unconstitutional.

T E X T OF A C T E X T E N D I N G L I F E OF W A R R I S K
INSURANCE

BUREAU.

Tho bill extending the provisions of tho war risk insurance
Act for another year, or until Sept. 2 1918, and increasing
from §5,000,000 to §15,000,000 tho appropriation for the
Bureau, was signed by President Wilson on tho 3rd inst.
The bill as it passed tho House on Fob. G had provided only
for the extension of tho lifo of tho Bureau until September
of next year. An amendment increasing tho appropriation
was inserted by tho Senate Financo Committoo at the
instanco of tho Treasury Dopartmont, and tho bill in its
amended form Avas passed by tho Senato on Fob. 26; tho
House concurred in tho amondmont on March 2. The
Treasury Department, through Assistant Secretary Potors,
in urging upon tho Sonato Committee tho adoption of an
amendment providing for an enlarged appropriation stated
that “ the presont international situation in this country has
increased the demand for war risk insurance,” and added that
“ in tho near futuro that demand may becomo even greater
and tho Bureau bo called on to meet substantial losses.”
He further said:
Tho demand for insuranco is at present active and sinco Feb. 1 1917 tho
Bureau has written insurance amounting to $14,688 ,569 . Thoroaro
applications now beforo tho Bureau for insuranco by companies operating
steamship lines in tho Western Hemisphere for tho sum of $39,988,569.

The bill as enacted into law is as follows:
A n A ct to amend an Act entitled “ A n A ct to authorize tho establishment
o f a Bureau of W ar Risk Insurance in tho Treasury Dopartm ont,”
approved September second, nineteen hundred and fourteen.
lie it enacted by the Senate and House of Representatives o f the United States
o f America in Congress assembled. T h at Section 9 of an A ct establishing a
Bureau of W ar-R isk Insuranco, approved September second, ninotcen
hundred and fourteen, as amended by tho A ct of August eloventli, nineteen
hundred and sixteen, bo, and is hereby, amended so as to roquiro tho sus­
pension o f tho operations o f tho A ct within four years from tho date said
A ct of September second, ninotcen hundred and fourteen, was approved.
Sec. 2 . T h at Section 7 of tho Act o f September second, nineteen hundred
and fourteen, bo, and is hereby, amended to read as follows:
“ T h at for tho purpose of paying losses accruing under tho provisions’ o f
this A ct there is hereby appropriated, out o f any money in tho Treasury o f
tho United States not otherwiso appropriated, tho sum o f $ 1 5 ,0 0 0 ,0 0 0 .” •>|
Sec. 3 . T h at all moneys received from premiums and from salvage shall

Ma r . 24 1917.]

THE CHRONICLE

bo covered Into the Treasury to the credit of the appropriation made for the
payment of losses and bo available for tho purposes thereof.
Approved M arch 3 1917.

The following statement showing tho operations of the
War Risk Insurance Bureau from Sept. 2 1914 to Feb. 9
1917, was presented to tho IIouso on March 2 by Representa­
tive Alexander and inserted in the “ Record.”
TREASU RY D EPAR TM EN T.
.
Washington, Feb. 9 1917.
A ct of Sept. 2 1914, creating tho Bureau o f "War Risk In­
surance, appropriated for paym ent of losses______________ $ 5 ,000,000 00
Losses paid to date_____________________________________________
833,924 60
B a la n c e ______________________________________________________
Amendment o f A u g. 11 1916, extending tho lifo o f tho
Bureau for one year, allowed premiums after that dato to
bo added to fund for paym ent o f losses.
These amount to date to approximately-----------------------

$ 4 ,166,075 40

1 1 15

Th e published report of the Transatlantic Trust C o . of this city, issued
under the call of the Superintendent of the State Banking Departm ent as of
Feb. 28 1917, reveals an exceptionally strong condition. Th e com pany has
a capital of $700 ,00 0, surplus, undivided profits and reserves over $S 00,000.
Its deposits are in excess of $ 0 ,0 0 0 ,0 0 0 , against which it holds in liquid as­
sets almost $ 5 ,0 0 0 ,0 0 0 . For the year 1916 a regular dividend of 6 % and
an extra of 2 % was paid. T h e com pany has had an unusually successful
career, mainly on account of Its foreign exchange business .which line it has
m ade its specialty.
Gurdon G . Brinckerhoff, form er President of the N ational Butchers A
D rovers’ B ank of this city, died on the 20th inst. at the age of eighty-one
years. M r . Brinckerhoff entered the em ploy of the National Butchers A
D rovers’ Bank as a clerk when he was sixteen years old, and during his
fifty-eight years of service rose to be its President. H e retired as Presi­
dent in 1911 and three years ago retired as a director.

On M arch 20 Supreme Court Justice Joseph Aspinw all, sitting in the
Supreme Court of Kings C ou n ty, signed an order permitting State Super­
intendent of Banks Eugene Lam b Richards to pay another dividend of 5 %
to the depositors of the defunct Union B ank of B rooklyn. Th e dividend,
Leaving a (so-called) capital for payment of losses.............
4 ,6 5 6 ,6 8 2 35
it is said, will aggregate $185 ,00 0 and will be the second dividend to be
paid since the bank’s closing in 1910, the first being one of 5 % paid July
Tho total profit of tho bureau. Sept. 2 1914, to Feb. 9 1917 2,6 0 2 ,5 3 2 80
1916. Th e new distribution will leave only $6,0 0 0 , ft is said, to continue
T o which m ust bo added salvago received and covered into
the liquidation of the ban k. Superintendent of Banks Richards m ade
tho United States Treasury--------------------------------------------------oJ,0.>.> 87
application in the Supreme Court on the 20th for permission to pay the
dividend and in his action was supported b y the depositors’ com m ittee of
2 ,6 6 1 ,5 8 8 67
M aking a total o f ----------------------------------the defunct bank. John C . F . Bauer, President of the Union Bank D e ­
N et amount now at risk, $ 4 0 ,257 ,631 .
positors’ Association, In a statem ent regarding the new dividend said:
“ The payment of tho dividend is made possible through the sales of va­
Feb. 16 1917.
rious parcels of real estate and tho insistence by the Superintendent of Banks
2,016 Policies Issued Sept. 2 1914, to Feb. 15 1917.
on the payment in full of $100,000 of Ohio Copper bonds, which was up as
Total amount of insured__________________________________________ $ 2 2 4 ,16 1,09 2 00 collateral with the so-called Heinze loan.”
Premiums on sam e________________________________________________
3 ,4 9 3 ,0 3 5 06
N et amount at risk_____________________________________________
4 0 ,9 9 1 ,2 0 0 00
D avid I I . M erritt has tendered his resignation as President of the N ationa
Newark Banking C o . of New ark, N . J ., effective July 1. A t a meeting of
Known losses to dato______________________________________________
833,924 60
the directors of the institution on M arch 19 the resignation was accepted,
Salvago received___________________________________________________
59,055 87
and it was announced that a new office has been created, that of Chairman
of the Board, to which, it is said, M r . M erritt will be elected. M r . M erritt,
N et losses________________________________________________________
7 74,868 73
because of advancing age, is said to have been considering for some time
the advisability of giving up the active work of the presidency. H e has
Expenses as of Feb. 1 1917.........................................................................
$42,007 03 been connected with the bank in various capacities for forty-seven years, the
last twelve of which he has served as Presidnet. N o action has as yet been
taken toward choosing his successor in the presidency.
489,606 95

BANKING AND FINANCIAL NEWS.

N o public sales of bank stocks were made this week either at the Stock
Exchange or at auction. Of trust com pany stocks one lot of three shares
of G uaranty Trust C o . was sold at auction at 471— an advance of 34 M points
over tile price paid at the last previous sale, in October 1916.
Shares. T R U S T C O .— New York. Loio. High. Close.
Last previous sale.
471
471
O ct. 1916 436)4
3 G uaranty Trust C o ____________ 471
On last W ednesday evening the Forum Section of N ew Y o rk Chapter
of the American Institute of Banking held its annual banquet at the Hotel
M cA lp in . Over 200 bank officers, executives and senior men of the C hap­
ter were present. After the dinner had been served, five-m inute addresses
were m ade by the following: It. A . Philpot of Lazard Freres, Chairman of
the Section; E . W . Stetson, Vice-President of the Guaranty Trust C o .;
R . I I . Trem an, Governor of the Federal Reserve B ank; I I . D . Gibson,
President of the Liberty N ational Bank; J . A . Neilson, Vice-President of
tho M ercantile Bank of the Americas; Horace F . Poor, Vice-President of
the Garfield N ational Bank; J. A . Broderick, Chief of the Auditing Depart­
m ent Federal Reserve Board; J. A . Seaborg, President New Y o rk Chapter;
G e o . E . A llen, Educational Director of the A . I . IL , and E . G . M cW illiam ,
President of the A . I . B . George P . K ennedy of the Guaranty Trust C o.
acted as toastmaster.
According to a dispatch from W ashington to the “ Financial Am erica’’
yesterday, the Chase National Bank of this city lias m ade application to
Comptroller of the Currency W illiam s for permission to organize a security
com pany which probably will be known as the Chase Security C o . ,and which
will bo an organization similar to that formed a few years ago by the First
N ational Bank and the N ational C ity Bank of N ew Y o rk . U pon inquiry
at the Chase National Bank yesterday it was Impossible to obtain any state­
ment regarding the m atter.
Tho Ilarriman N ational Bank of this city celebrated this week its sixth
anniversary as a national institution with deposits of $35,5 7 0 ,0 0 0 , an
increase over tho corresponding date of last year of $ 5 ,3 4 9 ,0 0 0 , and an
increaso equivalent to 7 5 6 % for its six years of business. These figures
are an accurate and illuminating reflection of the growth of the Fifth A v e.
business district, and the section between Thirty-F ourth and F ifty-N inth
Sts. and the two rivers has become known as the new financial and com ­
mercial center of New Y o rk . It is obvious that this title is well earned,
for tho banking figures are confirmed b y telephone statistics, additions to
tho telephone book in tills district during the year approximating 10,300.
Another index to the character and quality of the commerce of this section
is afforded b y the fact that, in order to meet the financial requirements of
tho neighborhood, it was necessary for the Ilarrim an National Bank to
increase its capital last January from $500 ,00 0 to $1,0 0 0 ,0 0 0 .
Th e National Bank of Commerce in N ew Y o rk has announced the estab ­
lishment In its Service D epartm ent of a division of em ployment and edu­
cation under the supervision of Dwight L . Hoopingarner, formerly of the
University of Texas and of the Bureau of Salesmanship Research at the
Carnegie Institute of Technology. The purpose of the new division will be
to co-operate with universities, schools and colleges, with the view of
bringing the best material available into the bank organization for training.
Under M r. Hoopingarner’s direction several courses will be established,
embracing economics, commerce and banking, and eacli employee will be
advanced as rapidly as his capabilities develop.
James IL Lambertson has resigned as Cashier of tho Sioux Falls Savings
Bank of Sioux Falls, So. D a k ., to become Western representative of the
National Bank of Commerce in N ew Y o rk , with headquarters at Sioux
Falls.
Bard M . Squiers has become associated with tho "n ew business” depart­
ment of the Atlantic National Bank of this city. M r . Squiers for the past
four years had been connected with J . P . M organ A C o .




Edgar Bethune W ard , formerly Second Vice-President and director of
the Prudential Insurance Com pany of Am erica, and a director of the F i­
delity Trust C o . of N ew ark, died at his home in East Orange, N . J ., on
M arch 17. M r . W ard was born in A fton , M orris C ounty, N . J ., sixtyeight years ago. H e was connected with the Prudential Insurance C o .
from its founding b y the late John F . D ryden. H e remained active in its
m anagement up to the time of his retirement In 1906. A t the tim e of his
death lie was a director of the Public Service Corporation of N ew Jersey and
of the Firemen’s Insurance C o . He was formerly director of the N ational
State Bank of Newark.
Ferdinand W . Roebling, Treasurer and General M anager of John A .
Roebling’s Sons A C o ., builders of the Brooklyn Bridge, and a director In
m any large business enterprises, died at his home in Newark, N . J ., on
M arch 16 of heart disease. M r . Roebling was born in Saxonburg, P a .,
75 years ago, the son of John A . Roebling, founder of the well-known
construction firm which bears his name. Toward the close of the Civil
W ar he entered his father’s firm and in 1869, upon the death of his father,
took over the executive management of the business.
A m ong the
more important concerns of which he was a director were the Inter­
state Railways C o ., the M echanics’ A M etals National Bank of the
C ity of N ew Y o rk , the M echanics’
N ational Bank of Trenton,
N . J ., the Merser C ounty Traction C o ., the N ew Jersey W ire Cloth C o .,
the Otis Elevator C o ., the Public Service Corporation of N ew Jersey, the
Standard Fire Insruance C o ., the Trenton Flint A Spar C o . and the Trenton
Street Railway C o . H e was President of the Trenton Brass A Machinery
C o ., the Union M ills Paper Manufacturing C o . and a Vice-President of
the Syracuse Rochester A Eastern R y . C o .
T h e suit for 5750,000 filed by Receiver Christopher L . W illiam s in N o v .
1914 against the directors of the defunct First National Bank of Bayonne,
N . J ., has been settled out of court for $150 ,00 0
United States District
Court Judge Thom as G . Haight in Jersey C ity on M arch 12, approved the
agreement reached between Receiver W illiam s and the directors, thus
bringing to a close a dispute which, it is said, promised years of legal
struggle. A s a result of the compromise Receiver W illiam s has announced
that he will be able to pay another 1 2 % dividend to the depositors of the
institution, thus making 7 0 % to be paid to depositors since the bank failed
in D ec. 1913. The action was filed in N o v . 1914, b y Barber, W atson A
G ibboney of New Y o rk , counsel for the receiver. Numerous proceedings
intervened and the trial without a jury did not begin before Judge Haight
until Feb. 15. In approving the settlement Judge Haight said that it had
also m et with the approval of the Comptroller of the Currency. Th e Court
called attention to the enormous expense which a prolonged litigation would
incur and to the fact that depositors would be deprived of the money now
m ade available b y means of the settlem ent, if the case was prolonged. This
compromise, said the C ourt, would also be of advantage to the defendants
in the suit because if the case was carried to a higher court it would cost
as much in defending the suit as they are now contributing toward the
settlem ent. H e said that he felt the settlement was fair and just for all
concerned, and added:
I hope that tills case m ay provo a lesson to all directors of national banks
in this as well as other communities, and bring them to a realization that
tho duties of national bank directors are more than lending their names and
thus unwittingly holding out a false security to stockholders and depositors.
T h e directors of the First National who contributed to the settlement
and the amount they paid are: John E . Sm ith, $33,333 ; Bernard B rady,
$26,832 ; D r. L . F . Donohue, $26,832 ; Agnes E . Bennett, $15,000 ; James
F Coward, $14,500 ; Ellsworth estate, $10,000 ; H ym an Lazarus, S6.000;
John C . R yer, $2,500; John F . Eggleston, $2,5 0 0 ; Fuller estate, $ 2,500;
M echanics’ Trust C o . group (composed of D e W itt V an Buskirk, Charles
N oe and Frederic C . E a rl), $10,000 .
Am ong those of the directors of the First National who were also defend­
ants in the suit, but who did not contribute to the settlem ent, were: Presi­
dent George I I . Carragan, who is under indictment growing out of the
failure of the bank; W . H . Vreeland, George B . G ifford, Julius G . H acke,
Christian B . Zabriskie, and the estates of R . R . M offitt and W . J .
Brown.

1116

THE CHRONICLE

In upholding the action of N ew Jersey State Superintendent of Banking
and Insurance La M onte in refusing a charter to the proposed M etropolitan
Trust C o . of Atlantic C ity , N . J ., the Supreme Court at Trenton on Feb.
26 dismissed certiorari proceedings brought against the Commissioner by
e x-M ayor W illiam Riddle of Atlantic C ity and others. Th e action of
Commissioner La M onte in denying the charter was referred to in our issue
of D ec. 23 last. M r . La M o n te’s decision, as heretofore stated, was said
to have been based upon a report m ade b y Alvin L . Fowler, an examiner of
the State Banking Departm ent, who recommended that the petition be
denied on the grounds that there were four trust companies and five national
banks in Atlantic C ity , which were, in his opinion, sufficient to supply the
demands of the com m unity. The Court in sustaining the action of the
Commissioner pointed out, it is said, that obviously the refusal to issue
such a certificate could not be set aside in certiorari, but assuming, however,
that the application had been for a writ of m andam ust it was remarked in
the opinion that the application would still have been futile. The C ourt,
in ruling on the discretionary powers of the Commissioner, said:
The question that the A ct empowering tho Commissioner to grant
charters is unconstitutional is naught.
It cuts the ground from beneath
the prosecutor, for if tho A ct is unconstitutional the prosecutor can have
no right to bo incorporated. The suggestion that only tho clause requiring
action by the Commissioner is unconstitutional is futile.
It forms so
essential a part of the legislative scheme that, if it is bad, the whole A ct
is bad. The provision is not separable.
The argument that the statute or tho action of tho Commissioner is
arbitrary fails because it overlooks tho fact that tho franchise to bo a
corporation, with tho privilege of limited liability and the privilege of
banking, and acting in various trusts, is not a natural right, but depends
absolutely on legislation. It is well settled that the creation of corporations
is under the absolute control of the Legislature.

The Bankers’ Trust C om pany of Buffalo, N . Y . , will open its new D ela­
ware Avenue Branch at 286 Delaware A v e ., B uffalo, on M on d ay, the 26th
inst., with Lloyd P . W illiam s as manager. The Bankers’ Trust C o . is
headed by W alter P . Cooke as Chairman of the board. It has a capital of
$ 3 ,000,000 and resources of $ 1 8 ,500 ,000 .

The Schenectady Trust C o . of Schenectady, N . Y . , of which Gerardus
Sm ith is President, on Feb. 28 reported deposits of $ 5 ,7 7 2 ,6 2 2 , an increase
of $434 ,17 0 over those reported at the last previous State Banking D epart­
m ent’s call N o v . 29, when deposits stood at $ 5 ,3 3 8 ,4 5 2 . T otal resources
increased from $6,16 5 ,1 7 2 on N o v . 29 to $6,55 8 ,7 0 5 on Feb. 28. The
Schenectady Trust C o . on Jan. 15 increased its capital from $250 ,00 0 to
$ 3 00 ,00 0, and on that date declared 2 0 % available for use in subscribing
to the new issue. This was in addition to its regular rate of 1 0 % perannum .
The com pany is continuing the same dividend, namely 1 0 % per annum on
the new capital. T h e Schenectady Trust C o . was incorporated in 1902.
Joseph W . Smitley is Vice-President, II. B . Boardman is Vice-President &
Treasurer; Henry A . Allen, J r., is Assistant Secretary and Assistant
Treasurer; Edward D . Palmer is Cashier and James A . Van Voast is
General Counsel.
The
M arch 5th
statem ent of the M ellon National B ank, of
Pittsburgh, is the largest in its history. On that date the deposits totaled
$ 1 0 4 ,47 9,86 8, while resources aggregated $118 ,98 6,47 1. Surplus is
$ 3 ,200,000 and undivided profits $613,044 in addition to[$6,000,000 capital.
Reuben M iller, formerly Chairman of the Crucible Steel C o ., and a
well-known figure in Industrial and financial circles of Pittsburgh, died on
M arch 14. M r . M iller was both in Pittsburgh in 1839. A t an early age
he became an apprentice in the works of Robinson, M inus & M iller, and
later was mechanical engineer at the Black Diamond steel works of Park
Bros. & C o . In 1865 M r . M iller and others formed the partnership of
M iller, Barr & Parkin, this com pany afterward becoming M iller, M etcalf
& Parkin, which later was merged with the Crescent Steel C o . In 1900 the
Crescent Steel C o . became the principal works of the Crucible Steel C o . of
Am erica. M r . M iller eventually became Chairman of the board of the
Crucible Steel C o ., retaining that position up to the time of his retirement
from active business in 1914. M r . M iller also served as President of the
Bank of Pittsburgh, N .A ., from 1881 to 1889, and as President of the
M erchants & Manufacturers B ank. lie had also been a director of the
Fidelity T i t le .* Trust C o ., the Third National B ank, the Union Trust C o.
of Clairton and the W estern Insurance C o . H e was a charter member of
the Pittsburgh Chamber of Commerce.
Stockholders of the Central Trust * Safe Deposit C o ., of Cincinnati,
O hio, at a meeting on M arch 19, voted in favor of increasing the capital
of the institution from $500 ,00 0 to $ 1 ,0 0 0 ,0 0 0 . T h e new issue of stock,
amounting to 5,0 0 0 shares, is offered to the stockholders pro rata at $150
a share.
---------♦-------Depositors of the closed First National Bank of Bowling Green, Ohio,
at a meeting on M arch 6 agreed to accept a plan under which they will
receive partial payment of their deposits and appointed a com m ittee to
act for them in bringing about a rehabilitation of the bank. The bank
closed its doors on D ec. 21 last following the suicide of B . C . Harding, its
Cashier. According to a statement made by Judge Frank A . Baldwin,
attorney for the Receiver, the books of the First National on M arch 5
showed total assets of $ 9 34 ,44 9, of which $534 ,28 7 were classed as good,
$353 ,43 5 as doubtful and $46,727 as worthless. T otal liabilities were
$ 7 44 ,18 0, and in addition, contingent liabilities amounted to $183 ,80 9.
The plan under which the depositors will receive partial paym ent of their
deposits has yet to be approved by the Comptroller of the Currency. It
provides that the depositors are to relinquish 4 0 % of their deposits lor the
present and that the depositors committeee is to receive from the bank
the paper assets now classed by Receiver John L . Proctor as "d o u b tfu l”
and as "w orthless.” The com m ittee as trustees, are to collect what they
can of these assets and pay the depositors what they receive in the form
of dividends. Of the remaining 6 0 % of the deposits one-third is to be
paid by the bank immediately upon reopening, one-third in six months
and one-third in a year. For a period of five years all profits of the bank
over 8 % are to be applied in payment of any deficiency in funds to pay the
other 4 0 % of deposits surrendered to the depositors com m ittee that m ay
result from failure to collect the "d o u b tfu l” and "w orthless” paper. The
stockholders are to pay the full assessment of 1 0 0 % on the stock held by
them . T h e depositors com m ittee chosen on the 6th is composed of the
following: Chairm an, I I . J. Rudolph, former C ounty Treasurer; O . A .
A d am s, former County Recorder; John W . Underwood, former Cashier
of the W ood C ounty Savings Bank; F . W . T o an , former C ounty A u ditor,
and M iss M ollie Cram er, former D epu ty Auditor.
The directors of the S t. Louis Union Trust C o ., of S t. Louis, M o ., on
M arch 15 announced the appointment of George G . Chase as Trust Officer
of the institution, to succeed the late Frank X . R yan , notice of whose




[Vol . 104.

death appeared in these columns on Jan. 6. M r . Chase was formerly
Assistant Trust Officer. L . C . Post and Alexander H am ilton, the last
named formerly Assistant Secretary, have been chosen Assistant Trust
Officers. The directors also declared the regular quarterly dividend of
4 % on the $5 ,0 0 0 ,0 0 0 capital of the institution, am ounting to $ 2 00 ,00 0,
payable April 1. The S t. Louis Union Trust C o . pays dividends of 1 6 %
per year, amounting to $ 8 00 ,00 0, said to be the largest amount paid in
dividends by any bank or trust com pany in St. Louis.
The First N ational Bank of S t. Johns, Oregon, capital $ 50,000 , is in
process of liquidation in furtherance of plans to consolidate it with the
Peninsula National Bank of Portland, Oregon. A s noted in these columns
on Jan. 13, the Comptroller of the Currency has approved the plans to
increase the capital of the Peninsula National from $ 5 0,000 to $100 ,00 0.
A n increase of $100 ,00 0 in the capital of the Security N.ational Bank of
Oklahoma C ity , O k la., has been approved by the Comptroller of the Cur­
rency, raising it from $100 ,00 0 to $200 ,00 0.
The Phoenix National B ank, of Phoenix, Arizona, on M arch 12 cele­
brated its tw enty-fifth anniversary. The Phoenix National was organized
in 1892, with a capital of $100 ,00 0 by a small group of citizens of Phoenix,
headed by James A . Fleming, who served as the bank’s first President.
Th e first board of directors was comprised of seven m em bers. Philip J .
Cole was Vice-President and E . J. Bennitt was Cashier. During the
twenty-five years of its existence the Phoenix National has grown and
prospered. The bank now has a capital of $150,000 and is headed by II. J.
M cC lu ng as President. M r . M cC lu ng previous to his becoming associated
with the Phoenix National fifteen years ago was connected with the First
National Bank of Pueblo, C olo. He has been President of the Phoenix
Bank since 1912. Th e Vice-Presidents of the latter, of whom there are
three, are all well known throughout Arizona. M . C . M cD ou ga ll, one of
the Vice-Presidents, is head of a large clothing firm in Phoenix; T . E .
Pollock, Vice-President, is also head of the Arizona Central Bank of Flag­
staff. H . D . M arshall, previous to his becoming a Vice-President last
N ovem ber, was Cashier of the bank from January 1912. H e was succeeded
as Cashier by W . II. Thom son, the present incumbent, who went to Phoe­
nix from the National Bank of California, with which he had been associated
for m any years. The directorate of the Phoenix National is comprised
of ten m em bers, all of whom have been successful in their line of business.
The stockholders of the Phoenix National are also the owners of the
Phoenix Savings Bank * Trust C o . which commenced business in 1911,
with a capitalization of $100 ,00 0. It has practically the same stockholders
and is under the same management as the Phoenix N ational. It is, how ­
ever, an entirely separate organization and occupies different quarters.
The officers of the Phoenix Savings Bank & Trust C o . are: I I . J. M c ­
Clung, President; M . C . M cD ougall, T . E . Pollock and II. D . M arshall,
Vice-Presidents, and W . C . Foster, Secretary-Treasurer.
E.
O . Tenison has been elected President of the new Tenison National
Bank of Dallas, Texas, capital $500 ,00 0, which has been formed to take over
the private banking business of E . O . Tenison & Sons. M ention of the
fact that the application had been made to the Comptroller of the Currency
for a charter was made in these columns on M arch 3. Th e charter has
since been granted and preparations are being made in order to begin busi­
ness soon. Other officers elected at a meeting of the organization com m it­
tee on M arch 10 are: W . D . Felder, H . S . Keating and J. C . Tenison, Vice­
Presidents; Jack D . Gillespie, Cashier; E . II. Tenison, Assistant Cashier,
and E . L . Snodgrass, Assistant Cashier and Auditor. T h e directorate of
the new institution is composed of the following: E . O . Tenison, W . D .
Felder, cotton merchant; H . S. K eating, capitalist; J. C . Tenison, banker;
W . A . W eb b , chief operating officer M issouri K anssa & Texas Ity .; Earl
Fain, B . It. N eal, miller; Murrell L. Buckner, Secretary and Treasurer of
the Union Terminal C o .; Jack D . Gillespie and E . II. Tenison. A new
building is being erected on M urphy Street, Dallas, and it is expected that
occupancy by the Tenison National will occur about April 1.
T h e Security National Bank of Los Angeles, for several years past located
at Fourth and Broadway, Los Angeles, now occupies a palatial new banking
home on Spring Street at Fifth. Th e new edifice adjoins the Security
Building, the ground floor of which is occupied by the Security Trust &
Savings Bank, the two banking rooms being connected by a broad passage­
w ay, allowing free access to either bank. T h e new home of tho Security
National Bank is of class A construction and fireproof throughout, the
framework being entirely of steel, the outer walls of brick, fireproofed with
terra cotta tile and concrete, w ith floors of the same material. T h e front
is of fine cut pink granite, with eight large one-piece columns of Stonington
pink granite, highly polished and measuring thirty feet from cap to base.
These columns are forty inches in diameter, weighing twenty tons complete,
and, owing to their great weight and length, were shipped from the quarries
at Rockport, M e ., one to a flat car. They are probably the largest single
columns upon the Pacific C o a st. Th e rest of the front is also of Stonington
pink granite, the same as was used in the new Boston Art M useum , which
is considered one of the most beautiful buildings in the United States. The
street front is of classic design in the Ionic order, the architectural expres­
sion being that of a substantial banking structure, eliminating all frivolous
ornaments or trimmings and confining the treatm ent, both exterior and in­
terior, to that of a dignified, up-to-date building for banking purposes.
The walls from floor to ceiling are covered with English vein white Italian
marble, cut from one block, each panel matching perfectly. A s upon the
front, the design here is on the Ionic order. The base is of red Num idian
marble, as are the counters, counter fronts and lobby desks. The counter
screens are of bronze, carrying out the same design as in the Security Trust
& Savings B ank. The ceiling of the banking room is of white opalescent
art glass, decorated with a classical scroll ornament in amber color and sur­
rounded by a cornice of classic design. Thus the room is flooded with
natural light, at the same time being absolutely free from shadow, a soft,
even light prevailing throughout the da y. Th e m ain entrance vestibule
projects into the banking room and its interior walls and ceiling are of
silver gray Sienna marble. Th e large grill sliding doors in the m ain e n ­
trance are of bronze, as are the vestibule swinging doors, the latter also
containing beveled plate glass. Adjoining tho main entrance of the Se­
curity National Bank is a private stairway leading to the directors’ room
and officers’ rooms located in the basem ent, which also contains storage
rooms, book vaults, locker and machine rooms. Th e rear fifty feet of the
property extends to a height of five stories, the four upper stories of which
are occupied by various departments of the Security Trust & Savings
B ank, including an auditorium upon the fifth floor, thus providing a con­
venient place for meetings, & c. The entire second floor, which connects
with the balcony of the Security Trust * Savings B ank, is occupied by the
trust departm ent. The following is a history of the Security National
Bank: In 1907 the Central National Bank was organized, at which time
George M ason was President; S. F . Zombro and J. R . M athew s, Vice PresI-

M a r . 24 1917.]

.

THE CHRONICLE

dents, and J . B . G ist, Cashier. Upon the death of M r . M ason in 1909,
M r . Zombro became President of the bank. In the latter part of 1913, at
which time the stockholders of the Security Trust <fc Savings B ank pur­
chased the stock of the Central National B ank, the name of the latter in­
stitution was changed to Security National B ank, with J. F . Sartori,
President; S. F . Zom bro, M . S. Ilellm an, \V. H . Booth and J. R . M athew s,
Vice-Presidents; James B . G ist, Chasier, and A . M . Beam on and C . S.
Albro, Assistant Cashiers. M r . Zom bro, the executive officer in charge,
lias been in the banking business for more than thirty-tw o years and a bank
directorand officersince 1887. A t a recent meeting of the directors J. A . II.
Kerr was elected Cashier. M r . Kerr has a large circle of friends and ac­
quaintances upon the Pacific C oast, having been national bank examiner
for the past ten years. Before becoming national bank examiner he was
connected with the First National Bank of Redlands, California, and prior
to that time practiced law in Chicago. The present officers of the Security
National are: J. F . Sartori, President; S. F . Zom bro, M . S. Ilellm an,
W . H . Booth, and John It. M athew s, Vice-Presidents; J. A . I I . Kerr,
Cashier; A . M . Beam on, C . S. Albro, V . It. Pentecost, Assistant Cashiers.
The entire stock of the Security National Bank is owned b y the stockholders
of the Security Trust & Savings Bank, the combined resources of the two
being in excess of § 5 9 , 0 0 0 , 0 0 0 .
A t a meeting of the directors of the Crocker N ational Bank of San Fran­
cisco, C alif., on M arch 13, several changes were made in the official staff
of the institution. W ellington Gregg Jr., was elected a Vice-President, in
addition to his duties as Cashier; J. B . M cC argar, heretofore Assistant
Cashier, was chosen a Vice-President; John Clausen, M anager of the foreign
departm ent, was elected a Vice-President; B . J. M urphy was appointed
an Assistant Cashier, as was F . G . W illis.
The annual report of the Standard Bank of Canada (head office. Toronto)
for the fiscal year ending Jan. 31 1917, submitted at the forty-second annual
meeting of the shareholders of the bank on Feb. 28, indicates a very statisfactory period for that institution. Gross deposits were reported at
$ 4 0,292 ,505 , as against 843,0 9 9 ,0 5 0 the preceding year, and net profits,
after providing for management expenses, interest, & c ., were $580 ,23 0,
or at the rate of 1 8 .9 0 % on the paid-in capital of $ 3 ,3 3 3 ,2 4 2 , comparing
with $503,401 last year. T h e usual dividends amounting to $398 ,90 0, or
at the rate of 1 3 % per annum , were paid; $20,000 was contributed to the
officers pension fund; $38,900 was donated to patriotic and kindred objects;
the Governm ent tax on circulation called for $30,484 and $333,242 was
transferred to reserve fund from premium on new stock, leaving a balance
to be carried forward of $153 ,59 4. Th e total assets in the January state­
ment were $ 5 9,850 ,275 . During the year five new branches were opened
and one was closed. W . F . Cowan is President of the Standard Bank of
C anada, and George P . Scholfield is General M anager.

1117

$27,341,159 05 has been paid, leaving $217,408,840 95 as the estimated amount of
Income taxes payable into the Treasury on or before June 15 1917.
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank note3 are
paid Into the Treasury as miscellaneous receipts, and these obligations are made un­
der the Acts mentioned a part of the public debt. The amount of such obligations
to-day was $47,512,572.

F IN A N C IA L ST A T E M E N T OF U. S. FEB. 28, 1917.
{Formerly Issued as “ Statement of the Public Debt.” )

Tlio following statements of the public debt and Treasury
cash holdings of the United States are as officially issued
as of February 28 1917:
CASH AVAILABLE TO PAY M AT U R IN G OBLIGATIONS.
Balance held by the
Settlement w a rra n ts,
Treasurer of the United
coupons and checks
States as per daily
outstanding:
Treasury statement for
Treasury warrants____ $2,268,614
Feb. 28 1917................866,505,39s 57
Matured coupons____
635,368
Add— Net excess of re­
Interest checks............
395,797
ceipts over payments
Disbursing officers'
In Febuary reports sub­
checks......................... 16,357,911
2,311,424 89 Balance............................... 49,159,131
sequently received____

S68,810,823 46
PUBLIC D EB T BEARING NO INTEREST.
(Payable on presentation.)
Obligations required to be reissued when redeemed:
United States notes....................................................................... $346,681,016
00
Less gold reserve....................................................................... 152,979,025
63
Excess of notes over reserve_________________________________ S193.701 990 37
Obligations that will be retired on presentation:
Old demand notes_____ ____________
53,152 50
National bank notes and FederalReserve bank notes assumed by
the U. S. on deposit oflawful money for their retirement..........’.
47,512,572 00
Fractional currency................... .............................................................
6.847,396 15
Total
$248,115,111 02
DEBT ON W H ICH INTEREST HAS CEASED SINCE M A T U R IT Y .
(Payable on presentation.)
Funded loan of 1891, continued at 2 % , called for redemption May 18
1900: Interest ceased Aug. 18 1900.............................
$4,000 00
Funded loan of 1891, matured Sept. 2 1891..............................................
20,950 00
Loan of 1904, matured Feb. 2 1904.............................. .............................
13,050 00
Funded loan of 1907, matured July 2 1907.....................
508,950 00
Refunding certificates, matured July 1 1907............................................
11,830 00
Old debt matured at various dates prior to Jan. 1 1861, and other
Items of debt matured at various dates subsequent to Jan. 1 1861.
901,040 26
T o ta l.......................................................................................................... $1,459,820 26

TUle of Loan-

C URRENT ASSETS AND LIABILITIES.
GOLD.
Assets—
Gold coin..................
Gold bullion...........

L ia b ilitie s —

$

. 927,001,704 71 Gold certificates out­
.1,374,345,738 75
standing..........................2,101,593,459 00
Gold reserve..................... 152,979,025 03
Available gold In gen­
eral fund.......................
47,371,958 83

T otal------------------------2,301,947,443 40
T o ta l________________ 2,301,917,443 40
N o t e .— Reserved against $340,081,010 of U. S. notes and $2,009,258 of Treasury
notes of 1890 outstanding. Treasury notes are also secured by silver dollars In
Treasury.
SILVER DOLLARS.
Silver dollars....................

T o ta l...........................
A s s e ts —

Avail, gold (sec above) Available silver dollars
(sco above)__________
United States notes____
Federal Reserve notes..
Fed. Reserve bank notes
National bank n o te s...
Cert, checks on banks..
Subsidiary silver coin..
Minor coin......................
Silver bullion (available
for subsidiary coinage)
Unclassified
(unsorted
currency, A c .)...........
Deposits In Federal
Reserve banks______
Deposits In national
banks :
To credit of Treasurer
United States.........
To credit of other
Governm't officers
Deposits In Philippine
treasury:
To credit of Treasurer
United States.........
To credit of other
Governm’t officers.

L ia b ilitie s —

497,028,251 00 Sliver certificates out­
standing...................
Treasury notes of 1890
outstanding..................
Available sliver dollars
In general fund............
497,028,251 00

Total

G ENERAL F U N D .
$
L ia b ilitie s —
47,374,958 83 Treasurer’s checks out­
standing_____________
19,599 ,134 00 Deposits of Government
12,921 ,749 00
officers:
1,850 ,005 00
Post Office Depart___
90 ,240 00
Board of trustees.
17,634 127 64
Postal Savings Sys­
21 ,107 69
tem (5% reserve). .
5,037 994 38
Comptroller of the
1,346 ,375 38
Currency, agent for
creditors of Insol­
4,819,429 50
vent banks........... ..
Postmasters, clerks of
1,012,599 16
courts, Ac
Deposits for:
13.382,366 56
Redemption of Fed­
eral Reserve notes
(5% fund)................
Redemption of Fed­
32,730,783 00
eral Reserve bank
notes (5% fu n d )...
5,205,852 58
Redemption of na­
tional bank notes
(5% fund)................
Retirement of addi­
915,945 15
tional
circulating
notes, Act May 30
4,187,604 96
1908 ..........................
Exchanges of cur­
rency, coin, A c___

§
475,419,859 00
2,009,258 00
.
19,599,134 00
497,028,251 00
8
3,757,421 61
17,902,193 81
5,174,165 77

1,452,081 33
18,799,894 59

INTEREST-BEARING DEBT.
(Payable on or after specified future dates.)
Interest
Amount -------- Outstanding Jan. 31 1917----Payable.
Issued.
Registered. Coupon.
Total.

168,130,272 83

<154,631,980
c30,000,000
50,000,000
25,057,200
23,540,000
9,151,800
887,960

49,807,140
10,340
25,994,220
184,380
41,603,800 S,396,200
5,901,700 19,155,500
1,660,000 21,880,000
8,319,120
832,680
801,260

49,817,480
26,178,600
50,000,000
25,057,200
23,540,000
9,151,800

86,700

887,960

1.200,627,150 886,674,480 86,682,770 973,357,250
a O f this amount $21,266,300 have been converted into conversion bonds and
$18,695,000 Into one-year Treasury notes.
b Of this original amount Issued $132,449,900 have been refunded Into the 2%
consols of 1930 and $2,396,800 have been purchased for the sinking fund and can­
celled and $500 have otherwise been purchased and cancelled.
c O f this original amount Issued $43,825,500 have been purchased for the sinking
fund and cancelled.
d Of this original amount Issued $1,886,500 have been converted Into conversion
bonds and $2,928,000 Into one-year Treasury notes.
e Of this original amount Issued $1,904,400 have been converted Into conversion
bonds and $1,917,000 into one-year Treasury notes.
GROSS DEBT.
N E T DEBT.
Debt bearing no lnt___ $218,115,111 02 Gross debt (opposite).SI,222,932,181 28
Debt on which Interest
Deduct-Balance avail­
has ceased__________
1,459,820 26
able to pay maturing
Interest-bearing de b t..
973,357,250 00
obllg’ns (see above).
49,159,131 19

Aggregate_________ $1,222,932,181 28

Net debt.................... $1,173,773,050 09

TREASURE CURRENCY HOLDINGS.— The following
compilation, also made up from the daily Government state­
ments, shows the currency holdings of the Treasury at the
beginning of business on the first of December 1916 and
January, February and March 1917.
D e c . 1 1916 J a n . 1 1917 Feb. 1 1917. M a r . 1 1917
H o ld in g s in S u b -T r ea s u ries —
$
$
S
S
Net gold coin and bullion_______ .255,669,836 252,526,280 202,103,979 200,353,984
Net sliver coin and bullion_____ 24,497,147 24,160,458 34,530,168 24,418,563
Net United States notes...............
6,472,677
5,409,462
8,726,193 12,921,749
Net national bank notes________ 17,078,845 18,007,794 30,778,299 17,634,128
Net Federal Reserve notes......... .
1.932,035
2,092,945
2,499,255
1,850,005
Net Federal Reserve bank notes .
54.865
61,535
179,330
90,240
Not subsidiary sliver___________
4,800,723
3.323.762
5,661,467
5,037,994
Minor coin, Ac_________________
1,652,216
1.726,892
2,816,113
2,380,082

.312,158,344 307,309.128 287,294,804»261,686,745
.152.979,026 152,979.020 152,979,026 152,979,025

400,000 00

.159,179,318 154,330.102 134,315.778 111,707,720
. 26,053.050 28.233,106 24,488,574 13,382,367
Cash In national banks—
To credit Treasurer of 1
. 34,656.973 32,416,513 32,208.873 32,730,783
To credit disbursing officers. .. 5.360,014
6,769,119
5,808.156
5,205,853

23,075,184 78

3,053,670 00
10,353,886 08

•* Net balance..................

66,505,398 57

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

168,130,272 83

•All reports Irom
offices received before II a. m. are proved on the same
day. All reports from depositary banks are proved on the day of receipt or the day
following.
** The amount to the credit of disbursing officers to-day was $67,364,270 24
This Is a book credit and represents the maximum amount for which disbursing of­
ficers are authorized to draw on the Treasurer of the United States to pay Govern­
ment obligations as they become due. The net balance stated Is the amount avail­
able to pay Treasury warrants, disbursing officers’ checks and matured public-debt
obligations. It should be noted that the Income tax, constituting a largo part of
the Government’s revenue. Is not collected until June, it is estimated that the re­
ceipts from this source for the fiscal year 1917 will be $244,750,000
To date




Panama Canal loan:
2s, Series 1906_________ Q.-F.
2s, Scries 1908............. ..Q .-F .
3s, Series 1911............... Q .-M .
3s, Conversion bonds_____Q.-J.
3s, One-year Treas. notes.Q.-J.
2Ms, Postal Savings bonds. J.-J.
(1st to 11th series)
1917-1937 (12th scries)..J.-J.

0646,250,150 603,624,350 2,664,500 606,288,850
6198,792,660 47,579,940 16,365,520 63,945,460
cl 62,315,400 101,382,950 17,106,950 118,489,900

17,656,376 29

101,624,874 26

Total.............................

01
19

Revised balance..... .......... 508,816,823 46

TREASURY CASH AND CURRENT L IA B IL IT IE S .
Tiie cash holdings of the Government as the items stood
Feb. 28 are set out in the following. The figures are taken
entirely from the daily statement of the U. S. Treasury for
Feb. 28.

90
59
77

. 40,016,987
Cash In Philippine Islands______ . 3,418,793

39,185,632
4.361.700

38,077,029
5,543,124

37,936,636
5,103,550

.228,668,148 226,110.540 202,424,505 168,130,273
. 97,232,813 111.622,703 108,214,877 101,624,874
.131,435,335 114,487,837 94,209,628 66,505.399
• Includes Mar. 1, $4,819,429 50 silver bullion and $2,380,082 23 minor coin,
Ac., not Included In statement ’’Stock of Money.”

THE EN GLISH GOLD AN D SILVER M A R K ET S.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
March 1 1917:
GOLD.
The Bank of England gold reserve against Its note Issue shows a decrease
of £1,474,145 as compared with last week’s return.

[Vol . 104.

THE CHRONICLE

1118

I t is announced that tho Indian Government lias offered, and His
M a je sty ’s Government has gratefully accepted, a contribution of £100 ,­
000,000 toward tho general cost of tho war. Part of this amount will be
raised by loan In India, and tho remainder will bo represented b y tho
Indian Government’s assumption of liability for Interest upon such amount
o f tho N ational W ar Loan as m ay bo needed to complete tho capital sum
o f £ 1 0 0 ,00 0,00 0. This arrangement m ay prove of assistance In relieving
some o f tho difficulties that have attached lately to tho Indian Exchange
and also m ay afford some relief with regard to tho demand In India for
motalllc currency, though this m ay not bo felt for some time to como.
Gold to tho value of 521,000 ,000 has boon received In Now Y o rk from
C anada.
The Rhodesian gold output for January 1917 amounted to £296,113 as
compared with £318,586 In January 1916 and £306,205 in December 1916.
S IL V E R .
U ntil to-day tho market might have been described as of a fairly steady
character. The prlco roso 3-16 to 3 7 % d . on tho 23d , fell back to 37%<1.
on tho 24th , shed another % on tho 26th , and remained for three days at
37 % d ., thus attained. T o-d ay a further fall of % d . was recorded.
Supplies o f now silver, which now como into tho market, aro very scanty,
and arrivals from America during tho week woro unusually sm all.
General
demand has been slight, though that for coinage is still In evidence.
Tho China Exchanges still continue appreciably below tho parity.
Tho last three Indian currency returns received by cable give detalLs In
lacs of rupees as follows:
_ _____
Feb. 7 .
Feb. 15. Feb. 22.
N otes In circulation_______________________________ 84,42
8 5,44
86,54
Reserve In silver coin andbullion_______________
16,21
16,66
17,39
G old coin and bullion in In d ia_________________
12,11
12,40
12,76
G old in England__________________________________
1 0 ,4 2
9 ,6 7
9,67

.

Tho stock In Bom bay consists of 2,4 0 0 bars as compared with 2,100 bars
last reported.
Tho stock In Shanghai on Fob. 24 consisted of about 27,80 0 ,0 0 0 ounces
in syceo and $17,100 ,000 as compared with about 25,00 0 ,0 0 0 ounces in
syceo and $17,100 ,000 on Fob. 17 1917.
Statistics for tho month o f February aro appended:
Highest prlco, 38 7-16: lowest, 37 5-16; and average, 37.742.
Tho “ M otal B ulletin,” under dato Fob. 27 1917, statos that: “ According
to tho estimato Issued by M r . John M cL elsh , Department of M ines, tho
production of sliver for Canada during tho calendar year 1916 was 2 6 ,0 0 0 ,­
000 flno ounces.” “ Financial America” points out that Americans liver
mines b y no means obtain tho difference between the high prices for silver
now obtaining, and those boforo war conditions prevailed. It adds: “ In
1913, for lnstanco. It cost tho shipper $335 to lay 100,000 ounces of silver In
London, Including tho cost of insurance and freight. T o-d ay It costs
approximately $2,750 to transport tho samo amount of motal to tho British
capital with adequate war risk insuranco, and this dlfferonco In oxponso
comes out of tho coffers of tho producers.”
Quotations for bar silver per ounco standard:
M arch 1.................................... 37 A cash
3 7 % cash
Feb 2 3
Bank3 7rato______________________5
%%
24
................................................—
%“
Bar gold per oz standard— 77s. 9d .
26
........... ......... 37 A
“
Average_________________________37.521
27
........................................................................37
'A“
28
_
37%
"
N o quotation fixed for forward delivery.
Tho quotation to-day for cash delivery Is 5-16d . below that fixed a week
ago.
____________________ ________________

ENGLISH F IN A N C IA L M ARK ETS—PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows tho past week:
London,
M ar.17.
Sal.
Week ending March 23.
35 15-10
Silver, per oz....................
53%
Consols, 2 'A per cents........... 53%
93%
British 4% per cents............. 93%
FrcnchRentes (In Paris), fr. 61.00
French War Loan 5% (In
Paris), frs_______________

Mar. 19.
Mon.
36 3-10
■54%
94
61.50

Mar.20. Mar.21.
Tues.
Wed.
35 15- 16 35%
54%
53%
93%
94
61.60
61.00

88.15

88.20

88.20

Mar.22.
Thurs.
35%
53%
93%
01.60

Mar.23.
Frl.
35 13-10
53
93%
61.50

88.20

88.20

The price of silver in New York on tho same days has been
Silver In N . Y ., per o z..c t8 . 73

72%

72%

72%

72%

72%

C o m m e r c ia l a u t llj l i s c e ll m u o n s ffjtaw*
'.HWftWAWAtl V/

DIVIDENDS.

The following shows all the dividends announced for tho
future by large or important corporations:

Dividends announced this week are printed in italics.

Name of Companj.
R ailro a d s (Steam ) (C o n c lu d e d ).
P o rtla n d T e r m in a l (g u a r .) ................ .........
R ea d in g C o m p a n y , c o m m o n ( g u a r .) ............

Reading Com pany, second pref. (q u a r.).
Rutland, preferred........... .............................
Southern Paclfio C o. (quar.) (N o. 42) —
T oronto Hamilton A Buffalo (quar.)-----Union Pacific, com m on (quar.)--------------Comm on (extra)______________________
Preferred----------- ---------- ----------------------V e rm o n t A M a s s a c h u s e t t s ______________

West Jersey A Seashore-------------------------Wisconsin Central, preferred-----------------S treet a n d E le c tr ic R ailw ays.
Asheville Pow . A L t., pref. (qu.) (N o. 20)
A t h e n s R a ilw a y A E le c tr ic , p r e f . ( g u a r . ) . .
B a n g o r R y . A E l e c ., p r e f . (g u a r .) -----

Brazilian T rae., L. A I*., pref. (q u a r .)..
Brooklyn Rapid Transit (quar.)------------C a p ita l T r a c tio n , IKasft., D . C . ( g u a r . ) . . .
Carolina Pow. A L t., pref. (qu.) (N o. 32)
C h ica g o C ity R y . (g u a r .) ............ .................
C itie s S er v ic e , c o m . A p r e f . (m o n th ly ) ------C o m m o n (p a y a b le i n c o m m o n s t o c k ) -----

Cities Service, com . A pref. (m o n th ly )..
Comm on (payable In common s to c k ).
Cleveland Railway (quar.)........................
Columbus R y ., Pow. A L t., prof. A (qu.)
Duluth-Supcrlor T raot.. pref. ( q u a r .) ...
Huquesnc Light, pref. (quar.) (N o. 9) —
E lm ir a W a te r , L ig h t A R R ., Is/ p f . ( g u . ) .
S econ d

p r e fe r r e d ( g u a r .) ____________

Frankford A Southwark Pass.,Ph!la.(qu.)
18) —
Illinois Traction, pref. (quar.) (N o. 4 9 ).
Internat. T ract., Buffalo, com m on (qu.)
7% first preferred (quar.)....................
4% preferred (quar.)...............................

H o u g h to n C o u n ty T r a c t ., p r e f. ( N o .

L o u is v ille A N o r th e r n R y . A L tg . ( g u a r . ) . .
L o u ts c ilie T r a c t io n , c o m m o n ( g u a r .) ..........
P r e f e r r e d ...... ........... — .........................

Manila Elec. R R A Ltg Corp ( q u a r ) ..

M o n o n g a h e la V a lle y T r a c t io n , c o m . (g u a r.)
N e w Y o rk State R y s ., c o m m o n ( g u a r .) .........
P r e fe r r e d (g u a r .) ---------------------------N e w O rle a n s R y . A L ig h t, p r efe rr ed (g u a r.)
O m a h a A C o u n c il B lu ffs S t. l l y ., c o m . (g u .)
P r e fe r r e d ( g u a r .) ............ ...................—

Ottawa Traction, Ltd. (quar.)..................
Philadelphia Co 6% preferred (N o . 9 ) - Phlladelphla T raction----------- -----------------

P h ila d e lp h ia A W e s t e r n , p r e f . ( g u a r .) -----P o rto R ic o R y s ., p r e f . (g u a r .) ......................

Public Serv. Corp. of New Jersey (quar.)
R e p u b lic R y . A L ig h t, c o m . (g u .) ( N o . 2 ).
P r e fer red (g u a r .) ( N o . 2 3)--------------------

Ridge Avenue Pass. R y ., Phila. (q u a r .)..
R o m e (G a .) R y . A E l e c ., c o m . ( g u a r .) ----S cioto V a lley T r a c ., Is/ p r e f. A p r e f. (g u a r.)

Second A Third Sts. Pass., Phila. (quar.)
Springfield Ity. A Light, pf. (qu.) (N o. 9)
Toronto Railway (quar.)-----------------------Trl-C lty R y A Light, common (q u a r .)..
Preferred (quar.)........... ...........................
Twin C ity Rap Tran .Minneap .corn (q u )
Preferred (q u a r .j.....................................
United Gas A El. C orp., 1st pref. ( q u .) . .
Unltcd Light A R ys., com . (qu.) (N o. 9)
First preferred (quar.) (N o. 20) —
U n ited R y . A E l e c ., B a lt., c o m . (g u a r.)

United Trac. A Elec., Prov. (quar.).........
Utah Power A Light, pref. ( q u a r .) ...
V ir g in ia R a ilw a y A P o w e r , c o m m o n . . .

Wash. Balt. A Ann. El. R R ., pref. (qu.)
W a s h in g to n W a t e r P o w e r , S p o k a n e (g u a r.)

West End St. R y ., Boston, common . .
W est India El. C o ., Ltd. (qu.) (N o. 37)
West Penn Power, pref (quar ) (N o 5) . .
W e s t e r n O h io R y ., 1st p r e f. ( g u a r . ) . .
W is c o n s in E d is o n C o . ( g u a r .) ........

Yadkin River Power, pref. (quar.) (N o.4)
B anks.
Chase National (quar.)------------- -------------C h a th a m A P h e n lx N a tio n a l ( g u a r .) ..........
C itiz e n s N a tio n a l (q u a r .) ...................... ..
C o a l A I r o n N a t io n a l ( g u a r .) ...................
C o lo n ia l ( g u a r .) ...........................................
C o m m er ce , N a t io n a l B a n k o f ( g u a r .) ..........
F ift h A v e n u e ( g u a r .) .................... .............

First National (quar.)........................ ..........
First Security C o. (quar.)..........................

F la tb u s h , B a nk o f , B r ook lyn (g u a r .I -------G a r fie ld N a t io n a l ( g u a r . ) ........................ .
G oth a m N a t io n a l ( g u a r .) ----------------------G re en w ich ( g u a r .) ..................................... .
H a n o v e r N a tio n a l ( g u a r .) ----------------------I r v in g N a t io n a l ( g u a r .) .........................

Liberty National (quar.)...........................

M a r k e t A F u lto n N a t io n a l ( g u a r .) .......... .

Mechanics, Brooklyn (quar.)------------------

M e t r o p o lis , B a n k o f th e ( g u a r .) ---------------

M etropolitan
Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Railroads (Steam).
Mar. 24
1
Ashland Coal A Iron Ry. (guar.)--------------50c. April 2 Holders of rec. Mar. 20a
Beech Creek, guar, (guar.)..... .......................
Mar. 31 Holders of rec. Feb 28a
2
Boston & Albany (quar.)-----------------------Boston Revere Beach & Lynn (quar ) ____
1% April 2 Holders of rec. Mar. 15a
Buffalo & Susquehanna, common..............
1% Mar. 30 Holders of rec. Mar. 15a
2% Mar. 31 Holders of rec. Mar. la
Canadian Pacific, common (quar.)---------Mar. 31 Holders of rec. Feb. 22
2
Preferred_____________________ ________
Mar. 26 Holders of rec. Mar. 20a
2
Chicago Burlington & Quincy (quar.) —
to
April 2
April 2 Mar. 10
1
Chicago Great Western, preferred............
to April 8
1% April 2 Mar. 2
Chicago & North Western, com. (quar.).
to April 8
April 2 Mar. 2
2
Preferred (quar.)..... .................................
Clev. Cin. Chic. & St. L ., pref. (quar.)..
1% April 20 Holders of rec. Mar. 29a
to
April c/1
April 2 Mar. 21
2
Colorado & Southern, first preferred-----to
April dl
April 2 Mar. 21
2
Second preferred.......................................
April 15
April 1 April 1 to
3
Georgia Railroad A Banking (guar.)...........
Great Northern (guar.)___________________
1% May 1 Holders of rec. April 7a
April 2
Joliet A Chicago (guar.).................................
1% April 2 Mar. 17 to
Kanawha & Michigan (quar.)....................
1% Mar. 31 Holders of rec. Mar. 27a
to
April 2
April 2 Mar. 18
1
Kansas City Ft. S. & Mom., pref. (quar.)
April 10 Holders of rec. Mar. 31a
1
Kansas City Southern, pref. (quar.)-----Interborough Consolidated Corp, pf. (qu.)
1% April 2 Holders of rec. Mar. 10a
April 2 Holders of rec. Mar. 20a
5
Interborough Rapid Transit (quar.)-----Lehigh Valley, com. & pref. (guar.)........... SI.25 April 14 Holders of rec. Mar. 31a
Maine Central, common (quar.)................
1% April 2 Holders of rec. Mar. 15a
Manhattan Ry. (quar.).............................
1% April 2 Holders of reo. Mar. 15a
to
Mar. 31
April l Mar. 21
2
Meadvllle Conneaul Lake & Llnesvllle.........
3% April 10 Holders of reo. Mar. 23a
Minn. St. P. & S. S. M ., com. & pref----New York Central RR. (quar.)................
1% May 1 Holders of rec. April 6a
April 2 Holders of rec. Mar. 23a
New York & Harlem, com. A pref........... SI
New York Lackawanna & West. (quar.).
1% April 2 Holders of rec. Mar. 15a
Northern Rll. of N . II. (guar.)......................
1% April 2 Holders of rec. Mar. 12a
April 1
April 2 Mar. 18 to
2
Norwich A Worcester, pref. (guar.).............
75c. April 1 Holders of rec. Mar. 15
Plttsb. Bessemer & Lake Erie, common..
1% April 3 Holders of rec. Mar. 10a
Plttsb. Ft. Wayne A Chic., reg. gu. (qu.)
Special guaranteed (quar.)...........
1% April 2lHolders of reo. Mar. 10a




Books Closed.
Days Inclusive.

When
Per
Cent. Payable.

(ou a r.)........................ .........

N a s s a u N a t io n a l, B r o o k ly n ( g u a r .) .......... .
P a r k , N a ii o n a l ( g u a r .) _________________
P u b l ic ( g u a r .) ________________________
S ea boa rd N a tio n a l (g u a r .) ........................
S h er m a n N a t io n a l ( g u a r .) ........................
W a s h in g to n H e ig h ts , B a n k o f ( g u a r .) -----

Yorkvllle (q u a r )........................ - ...............
Trust Companies.
B a n k e rs ( g u a r .) ....................... - ................
B r o o k ly n ( g u a r .) ---------- --------- ------------C en tra l (g u a r .) ......................... - ................

Columbia (quar.)..................... - ............. ..

E m p ir e ( g u a r .) .........................................
E q u ita ble ( s p e c i a l ) ____________________
F id e lity ( g u a r . ) ................................ .......
F r a n k lin , B ro o k ly n ( g u a r .) ........................

Guaranty (quar ) ------ ---------- ----------------Lawyers’ Tltlo A Trust (qu ar.)-------------

M a n u fa c tu r e r s (B ro o k ly n ) ( g u a r .) ............
M e t r o p o lit a n (g u a r .) ( N o . 8 1 )....................
N e w Y o rk ( g u a r .) ......................................
P e o p le s (B ro o k ly n ) ( g u a r .) ........................
T it le G u a r a n te e A T r u s t ( g u a r .) ------------

Union (quar.)__________________________
U . S . M o r tg a g e A T r u st ( g u a r .) ..............

Miscellaneous
Ahmeek Mining (quar.) (N o. 2 1 )---------A d ir o n d a c k E le c tr ic P o w e r , p r e f . ( g u a r . ) .
A la b a m a F u e l A I r o n ( g u a r .) .............. .

Allls-Chalmers M fg ., preferred (qu ar.).
Preferred (account accumulated d lv s .).
Allouez Mining (quar.)........................ - - - Amer. Agrlc. Chem., com . (quar.)(N o. 22)
Preferred (quar.) (N o. 4 7 )------- ------American Bank N ote, pref. (q u a r.)-----American Beet Sugar, com . (quar.)-----Preferred (quar.) (N o. 7 1 )................
Amer. Brake Shoe A Fdy., com . (qu ar.).
Preferred (quar.)---------------------American Can, pref. (quar.).........

1%
SI
50o.
2
1%
1%
2
50o.
2
3
31.25
2

April
May
April
April
April
April
April
April
April
April
April
April

2
10
12
16
2
2
2
2
2
7
2
2

Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of reo.
Holders of rec.
Holders of reo.
Holders of reo.
Holders of rec.
Mar. 15 to
Holders of rec.
Holders of rec.

Mar. I5(J
April 23a
Mar. 27a
Mar. 29a
Feb. 28a
Mar. 26
Mar. la
Mar. la
Mar. la
April 7
Mar. 15a
Mar. 9a

1% April 2 Holders of rec. Mar. 18
1% April 1 Holders of rec. Mar. 31a
1% April 1 Holders of rec. Mar. 20a
1% April 2 Holders of reo. Mar. 15
1% April 1 Holders of rec. Mar. 9a
April 1
1% April 2 Mar. 15 to
1% April 2 Holders of rec. Mar. 16
Mar. 29
Mar. 30 Mar. 27 to
2
% May 1 Holders of rec. April 15
% May 1 Holders of rec. April 15
% April 1 Holders of reo. Mar. 15
/ % April 1 Holders of reo. Mar. 15
1% April 20 Holders of reo. Mar. 17
1% April 2 Holders of rec. Mar. 14
April 2 Holders of reo. Mar. 15a
1
1% <ZMay 1 Holders of rec. April 1
1% Mar. 31 Holders of rec. M ar. 15
1% Mar. 31 Holders of rec. Mar. 15
$4% April 1 Holders of reo. Mar. la
April 2 Holders of rec. Mar. 20a
3
1% April 1 Holders of rec. Mar. 15a
Mar. 31 Holders of rec. Mar. 20
1
1% Mar. 31 Holders of rec. Mar. 20
Mar. 31 Holders of reo. Mar. 20
1
% April 1 Holders of rec. Mar. 31a
to Mar. 15
April 1 Mar. 11
1
to Mar. 15
April 1 Mar. 11
2%
Holders
of
reo. Mar. 17a
April
2
1%
1^
April 2 Holders of rec. Mar. 24a
1
1% April 2 Holders of rec. Mar. 24a
to April 1
1% Mar. 31 Mar. 21
to Mar. 31
I
April 1 Mar. 18
to Mar. 31
April 1 Mar. 18
1%
1
April 2 Holders of reo. Mar. 15a
51.50 May 1 Holders of reo. April 1
April 2 Holders of rec. Mar. 10a
32
02% c. April 14 Holders of rec. Mar. 31
1% April 2 Holders of rec. Mar. 22a
Mar. 31 Holders of reo. Mar. 15a
2
April 14 Holders of rec. Mar. 31
1
1% April 14 Holders of roc. Mar. 31
April 2
April 2 Mar. 16 to
S3
1
April 1 Holders of reo. Mar. 28a
to April 1 1
1% April 1 Mar. 12
S3
April 1 Holders of rec. Mar. la
1% April 2 Holders of rec. Mar. 15a
2
April 2 Holders of rec. Mar. 15a
1
April 1 Holders of rec. Mar. 20
1% April 1 Holders of rec. Mar. 20
1% April 2 Holders of rec. Mar. 15a
1% April 2 Holders of rec. Mar. 15a
1% April 2 Holders of rec. Mar. 15
April 2 Holders of reo. Mar. 15a
1
1% April 2 Holders of reo. Mar. 15a
50c. April 14 Holders of rec. M ar. 28a
Mar. 18
1% April 2 Mar. 14 to
1% April 2 Holders of rec. Mar. 10
1% April 20 Holders of rec. April 7
75c. Mar. 31 Holders of rec. Mar. 17
1
April 2 Holders of rec. Mar. 15
to
April 2
31.75 April 2 Mar. 23
to
April dl
1% April 2 Mar. 24
1% May 1 Holders of reo. April 21
1% April 1 Holders of rec. Mar. 22a
April 1 OHolders of rec Mar. 31a
SI
1% April 2 Holders of rec. Mar. 16
4
3
2
2
3
2
25
5
5
1%
3
2
4
0
2%
7%
3
2
4
2
2%
5
2%
3
1%
2
6

April 2 Holders of rec. Mar. 26a
April 2 Mar. 20 to April 1
April 2 Holders of rec. Mar. 28
April 2 Holders of reo. Mar. 14a
April 1 Holders of rec. Mar. 20a
April 2 Holders of rec. Mar. 20a
April 2 Holders of rec. Mar. 31a
April 2 Holders of rec. Mar. 31a
April 2 Holders of rec. Mar. 31a
to lAprll 1
April 2 Mar. 29
April 1
Mar. 31 Mar. 22 to
April 2 Holders of rec. Mar. 31a
April 2 Holders of reo. Mar. 21a
to
April 1
April 2 Mar. 21
April 2 Holders of rec. Mar. 22
April 2 Holders of reo. Mar. 24
April 2 Mar. 21 to
April 1
April 1 Holders of reo. Mar. 24
April 2 Holders of rec. Mar. 28a
April 2d Holders of reo. Mar. 15a
to April 1
April 2 Mar. 30
April 2 Holders of rcc. Mar. 23
Mar. 31 Holders of rec. Mar. 29
Holders
of
rec. Mar. 26
April 2
April 5 Holdors of rcc. Mar. 24
April i Holders of rec. Mar. 31a
to
April 1
Mar. 31 Mar. 22

5
5
0
3%
3
§1 2-:
2
3
5
1%
1%
6
8
3%
5
4
0

April 2 Holders of rcc.
Aprd 2 Holders of rec.
April 2 Holders of rec.
Mar. 31 Holders of reo.
Mar. 31 Holders of rec.
Mar. 31 Holders of rcc.
April 2 Mar. 28 to
Mar. 31 Holders of rec.
Mar. 31 Holders of reo.
April 2 Mar. 16 to
April 2 Holders of rcc.
Mar. 31 Holders of rcc.
Mar. 31 Mar. 25 to
Mar. 3 Holders or rcc.
Mar. 3 Holders of rcc.
April 1 Holders of reo.
Mar. 31 Holdors of roc.

34
1%
1
1%
/!%
S3
1%
1%
75o
42
1%
1%
2
1%

April 10
April 2
April 2
April 10
April 11
April ‘
April If
April 11
April 2
April 31

Holders
Holders
Mar. 23
Holdors
Holders
Holders
Holders
Holders
Holdors
Holders
Holders
Mar. 3 Holders
Mar. 3 Holders
1Holders
April

Mar. 24
Mar. 23a
Mar. 23a
Mar. 22a
Mar. 21a
Mar. 26a
April 1
Mar. 30a
Mar. 22a
April 2
Mar. 20a
Mar. 22a
April 1
Mar. 30a
Mar. 23
Mar. 24a
Mar. 27

of reo. Mar. 10a
of rcc. Mar. 15
to April 1
of reo. Mar. 31a
of reo. Mar. 31a
of reo. Mar. 14a
of reo. Mar. 20a
of roc. Mar. 2<)a
of reo. Mar. 15a
of reo. April 14a
of reo. Mar. 17a
of rec. Mar. 23
of rcc. Mar. 23
of reo. Mar. 15a

THE CHRONICLE

Ma r . 24 1917.]
Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
Amor. C a r * Fdy., com. (qu.) (No. 58).
April 2 Holders of rcc. Mar. 12a
1
Common (extra)_____________________
1
April 2 Holders of reo. Mar. 12a
Preferred (quar.) (No. 72)___________
I X April 2 Holders of reo. Mar. 12a
American Cigar, pref. (quar.)__________
1'A April 2 Holders of reo. Mar. 15a
American Express (quar.)______________ $1.50 April 2 Holders of rec. Feb. 28a
Amer. Gas & E l., com. (quar.) (No. 28)
2 'A April 2 Holders of rec. Mar. 20
Preferred (quar.) (No. 41)....................
1 'A May l Holders of rec. April 18
Amer. Graphophone, com. (qu.) (No. 48)
1 X April 2 Holders of rec. Mar. 15a
750 Mar. 31 Holders of reo. Mar. 15a
IH April 1 Holders of reo. Mar. 24a
Amer. Laundry Machinery, com. (quar.).
1
to
May 15
May 15 May 0
Preferred (quar.).....................................
to
April 14
1 X April 11 April 5
Amer. Locomotive, common (quar.)___
I X April £ Holders of rec. Mar. 24a
Preferred (quar.)..... ................................
1X April 21 Holders of rcc. April 5a
Mar. 31
Amcrloan Manufacturing, com. (qu.)___
k lX April 1 Mar. 17 to
Mar. 31
April 1 Mar. 17 to
Common (extra)......................................
2
33 I-£ April 15 Holders of reo. Mar. 16
16 2-3 April 15 Holders of reo. Mar. 16
Common (payable In preferred stock)
Mar. 31
Preferred (quar.).....................................
n x April 1 Mar. 17 to
Mar. 23
SI.75 Mar. 31 Mar. 18 to
Mar.
31
Mar.
18
to
Mar. 23
75c.
Second preferred............. ............ ........
1% April 2 Holders of rec. Mar. 15
Amer. Public Service, pref. (quar.)_____
I'A April 2 Holders of reo. Mar. 20a
Amer. Public Utilities,pref. (quar.)--------Mar. 31 Mar. 22 to
Mar. 31
3
Amcrloan Radiator, com. (quar.)---------i x Mar. 31 Holders of rcc. Mar. 24a
American Screw (quar.)......... - .................Mar.
31
1
Holders
of
reo.
Mar. 24a
Extra.......................... ....................... - - - ­
April 15 Holders of rec. Mar. 31a
1
American Seeding Machine, com. (quar.).
I X April 15 Holders of rcc. Mar. 31a
Preferred (quar.)-------------------------------r50o. Juno 20
Sec note (r)
American Sewer Pipe (quar.)---------------to
Mar. 25
IX April 2 Mar. 17
Amer. Smelt. Securities, pref. A (quar.).
Mar. 25
Preferred B (quar.)---------------------------I X April 2 Mar. 17 to
3
April 2 Holders of rcc. Mar. 15a
American Snuff, common (quar.)---------Preferred (quar.)------------- -----------------I X April 2 Holders of reo. Mar. 15a
American Steel Foundries (quar.).:_____
I X Mar. 31 Holders of rec. Mar. 10a
Amer. Sugar Refining,com.(qu.)(No. 102).
I X April 2 Holders of rec. Mar. la
Preferred (quar.) (No. 101)----------------IX April 2 Holders of reo. Mar. la
American Surety (quar.) (No. I l l ) ..............
IX Mar. 31 Holders of reo. Mar. 24a
2
Amer. Telephone At Telegraph (quar.)____
April 10 Holders of reo. Mar. 31
American Tobacco, preferred (quar.)____
to
Mar. 15
I X April 2 Feb. 16
Amer. Typo Founders, common (quar.).
1
April 14 Holders of rec. April 10a
Comraon (payable in scrip)___________ g2
Mar. 24 Holders of rec. Mar. 20a
Preferred (quar.)_________ ___________
I X April 14 Holders of rec. April 10a
American Woolen, common (quar.)_____
April 1
I X April 16 Mar. 17 to
Preferred (quar ) .......................................
to
April 1
IX April 16 Mar. 17
Amer. Zinc, Lead At Smelt., com. (quar.)..
May 1 Holders of rcc. April 24
Si
Preferred (quar.)______________________ SI.50 May 1 Holders of reo. April 24
Ansco Co. (quar.)........... .............. ..............
April 1
2 X April 2 Mar. 14 to
Arizona United Mining (quar.)......... ........
1
April 1 Mar. 16 to
Mar. 31
Arkansas Light At Power, pref. (quar.)____
to
April 1
I X April 1 Mar. 21
Associated Oil (quar ) ......... .........................
IX April 16 Holders of reo. Mar. 23a
Atl. Gulf & W . I. SS. Lines, pref. (quar.) SI.25 April 2 Holders of reo. Mar. 10a
Atlantic Steel, common (quar.)....................
IX April 2 Holders of rec. Mar. 22
Common (extra)________________________
1
April 2 Holders of rec. Mar. 22
to
April 1
Baltimore Tube, Inc., com. & pref. (qu.)
I X April 2 Mar. 21
Barnhart Bros.&Splnd.,lst ft 2d pf.(qu.)
\ x May 1 Holders of rcc. April 27a
Barrett Co., common (quar.)____________
I X April 2 Holders of reo. Mar. 19a
Preferred (quar)________ ____________
IX April 16 Holders of reo. April 5a
April 14 Holders of rcc. Mar. 31a
2
Bell Telephone of Canada (quar.)_______
April 2 Holders of reo. Mar. 15a
Bethlehem Steel, common (quar.)______ 10
Preferred (quar.)_____________________ w I X April 2 Holders of reo. Mar. 15a
2
April 2 Holders of reo. Mar. 26a
Billings At Spencer (quar.)...................... ......
April 2 Holders of reo. Mar. 26a
Extra_________________________________
3
Bliss (E. W .), common (quar.)__________
to
Mar. 31
IX April 2 Mar. 24
Common (extra)_____________________
nx April 2 Mar. 24 to Mar. 31
2
April 2 Mar. 24
Preferred (quar.)_____________________
to
Mar. 31
April 1 Holders of roo. Mar. 20a
1
Booth Fisheries, common (quar.)_______
Preferred (quar.)_____________________
I X April 1 Holders of reo. Mar. 20a
Brier II111 Steel, common (quar.)________
to April 1
I X April 1 Mar. 21
April 1 Mar. 21
2
to April 1
Common (extra)______________________
to
April 1
Preferred (quar.)______ _____ _________
i x April 1 Mar. 21
Seo note (z)
6
Mar. 31
Brltlsh-Amerlcan Tobacco, Ltd., ordinary
Brltlsh-Amer Tobacco, Ltd , pref______ b2X Mar. 31 Holders of coup. No. 27
Brooklyn Union Gas (quar.)(No. 64)____
I X April 2 Holders of reo. Mar. 15a
Brunswlck-Balkc-Collendcr, pref. (quar.)
I X April 1 Holders of rcc. Mar. 10
1
April 2 Holders of rcc. Mar. 21
Bucyrus Co., preferred__________________
Buffalo General Elec (quar.) (No 9 0 ) ..
I X Mar. 31 Holders of reo. Mar. 20
Burns Bros. Ice Corp., 1st pref. (quar.)____
I X April 2 Holders of rcc. Mar. 12a
Butte & Superior Mining (quar.)..
$1.25 Mar. 31 Holders of reo. Mar. 9a
$1.25 Mar. 31 Holders of reo. Mar. 9a
Extra___________________________
California Elec. Generating, pref. (quar.)..
I X April 2 Holders of rcc. Mar. 23a
Calif. Pack. Corp., pref. (qu.) (No. 2 )___
I X April 1 Holders of rcc. Mar. 20a
1
California Petroleum Corp., pref. (q u .)..
April 2 Holders of rec. Mar. 20a
Calumet ft Hecla Mining (quar.)_______ $25
Mar. 22 Holders of tec. Feb. 28a
Cambria Iron.......................... ................ ......
April 2 Holders of reo. Mar. 15a
$1
Canada Cement, Ltd., common (quar.)-----i x April 10 April 1 to
April 10
Canadian Consol. Rubber, pref. (quar.)-----I X Mar. 31 Holders of rcc. Mar. 20a
1
Canadian Cottons, Ltd., common (quar.)..
April 4 Mar. 28
to
April 3
Preferred (quar.)------------- -------- -----------i x April 4 Mar. 28
to
April 3
Canadian Crocker-Wheeler, Ltd., pf. (qu.).
Mar. 31 Mar. 20
to
Mar. 31
2
Canadian Gen Elect., Ltd (qu ) (No 71)
April 2 Holders of reo. Mar. 15a
Preference (No 42)......... .............. ..........
3 X April 2 Holders of rec. Mar. 15a
Canadian Locomotive, pref (quar)-------I X April 1 Holders of rcc. Mar. 20
Cardenas-Amerlcan Sugar, pref. (quar.)..
I X April 2 Holders of rec. Mar. 26a
Caso (J. I.) Thresh.Maoh., pref. (quar.).
ix April 1 Holders of rcc. Mar. 12a
2
Celluloid Company (quar.)-------------------Mar. 31 Mar. 7 to
Mar. 31
Central Agulrro Sugar Cos., com. (q u .)..
2 X Mar. 31 Holders of rcc. Mar. 26
Common (oxtra)______________________
7 X Mar. 31 Holders of rcc. Mar. 28
Central Coal & Coke, pref. (quar.)...........
April 14 Holders of reo. Mar. 31a
Central Foundry, 1st pref. (qu.) (No. 1) . .
2
April 15 Holders of rec. Mar. 31a
Central Leather, preferred (quar.)______
I X April 2 Holders of reo. Mar. 9a
Central Petroleum, pref— ........................
2 X April 1 Holders of reo. Mar. 27
Central ft S. A. Teleg. (payablo in stock) eio
April 1 Holders of reo. Feb. 5a
Central States Elcc Corp, pf (qu ) (No 19)
I X Mar. 31 Holders of rcc. Mar. 10
2
Chandler Motor Car (quar.)......................
April 1 Holders of rec. Mar. 15a
1
April 1 Holders of rec. Mar. 15a
Extra-------- ---------------------- -------- --------20o. Mar. 31 Holders of reo. Mar. 15
Charcoal Iron of America, preferred.........
2
Mar. 31 Holders of reo. Mar. 30a
Chicago Telephone (quar.)..........................
$1.50 Mar. 31 Holders of rcc. Mar. 9a
Chino Copper (quar.)........... — .......... —
SI
Mar. 31 Holders of rcc. Mar. 9a
Extra................................... ............ - - - —
5
Mar. 27 Mar. 11 to
Mar. 27
Citizens’ Gas of Indianapolis (No. 15) —
May 1 April 11
to May 1
Special________________________________ 10
I X April 2 Holders of reo. Mar. 28
City Investing, pref. (quar.)____________
2)4 April 25 April 16
to
April 25
Clevoland-CUffs Iron (quar.)....................
Mar. 31 Holders of reo. Mar. 15a
Clevo. ft Sandusky Brewing, pref. (quar.)
IX April 2 Holders of reo. Mar. 20a
Cluott,Peabody ft Co ,Inc ,pf (qu )(No 17)
)4 April 16 Holders of rcc. Mar. 31a
Colorado Power, common (quar.)_______
Mar. 31 Holders of rec. Mar. 16
Colorado Springs LI., lit. <fc Pow.,pf.(qu.)4
Mar. 31 Holders of rec. Mar. 19
Colt’s Patent Fire-Arms Mfg. (quar.)____
Extra______________
_______ 20
Mar. 31 Holders of rec. Mar. 19
1
April 10 Holders of rec. Mar. 24a
Computlng-Tabulatlng-Recordlng"(quar.)
2
April 2 Holders of rcc. Mar 15a
Cons. Gas, El. L. * P., Balt.’, com. (qu.)
$1
Mar. 31 Holders of reo. Mar. 20a
Cons. Interstato-Callahan Mining (quar.)
Consum. El. L. & P ., New Orl.,com.(qu.)
1
Mar. 27 Holders of rec. Mar. 27
Preferred (quar.)__
I X Mar. 31 Mar. 11
to
April 1
Consumers Power (Mich.)",' pref ."(quar.) I
I X April 2 Holders of rcc. Mar. 19a
Continental Can, common (quar )
IX April 1 Holders of rcc. Mar. 20a
Preferred (quar.)____________ ’
I X April 1 Holders of rcc. Mar. 20a
Continental Gas At Elec. Corp.','co'rn~(quY
to
Mar. 31
X April 1 Mar. 23
Preferred (quar.)......................
‘
‘ "
114 April 1 Mar. 23
to
Mar. 31
Corn Products Refining, preferred '(quar')"
I X April 10 Holders of rcc. April 4
Preferred (account accumulated dividend)
h5
April 16 Holders of rcc. April 4
Cosden Oil & Gas, common (quar ) ______ V2Xc. Mar. 26 Holders of rcc. Mar. 14
Extra........................ - -------- ------------------- 12X0. Mar. 20 Holders of reo. Mar. 14
Crucible Steel, pref. (quar.) (No. 53)-----I X Mar. 31 Holders of rec. Mar. 16a
Preferred (on account of accum. dlvs.) h I X Mar. 31 Holders of reo. Mar. 16a
Crucible Steel, pref (Acct, accum. d ies.).. h2
April 28 Holders of reo. April 10]
Cuba Cano Sugar Corp., pref. (q u a r.)...
I X April 2 Holders of rcc. Mar. 15a
2 X April 2 Holders of rec. Mar. 15a
Cuban-Amerlcan Sugar, common (quar.)
I X April 2 Holders of rcc. Mar. 15a
Preferred (quar.).----------- ---------- -------1\4 April 1 Holders of rec. Mar. 20a
Dayton Power ft Light, pref (quar ) -----2
April 16 Holders of rcc. Mar. 3 la
Detroit Edison (quar.)......... .........................




ix

ix

1)4

1}4

Name of Company.
Miscellaneous (Concluded).
Distillers Securities Corp. (quar.)_______
Dodge Manufacturing, common (quar.)..
Common (special) .................. ...................
Preferred (quar.) (No. 25)..... ............ ._
Dominion Canners, preferred (quar ) ____
Dominion Glass, Ltd., preferred (quar.).
Dominion Iron & Steel, preferred_______
Dominion Steel Corporation, com. (quar.).
Preferred (quar.)________ _____ ________
Dominion Textile, Ltd., common (quar.)
Dominion Textile, Ltd , pref (quar ) ___
Draper Corporation (quar.)_____________
Duluth Edison Elec., pref.(qu.)(No. 44).
du Pont (E.I.) de Nem. Pow., com. (qu.)
Preferred (quar.)______________ _____ _
duPont(E I )de Nem ft Co , deb stk (qu )
Eastern Steel, common__________________
Eastman Kodak, common (quar.)______
Common (extra)______________________
Preferred (quar.)_____________________
Edmunds & Jones Corp., common (quar.)
Preferred (quar.)_________ ___________
Elsenlohr (Otto) ft Bros., Inc., pf. (qu.).
Electric Storage Battery, com. ft pf. (qu )
Electrical Securities Corp., com. (quar.)___
Preferred (quar.)______________________
Erie Lighting, pref. (quar.)______________
Galena-Signal Oil, common (quar.)_____
Preferred (quar.)_____________________
General Baking, pref. (quar.) (No. 2 1 ) ..
General Chemical, preferred (quar.)____
General Electric (quar.)_________________
General Fireproofing, common (quar.)..
Preferred (quar.)_____________________
General Motors Corp., preferred (quar ) .
Preferred (quar ) ______________________
General Motors Co. of N.J. , com. (quar.)
Preferred_____________________________
General Railway Signal, com. ft pref. (qu.)
Gold At Stock Telegraph (quar.)___________
Goodrich (B. F.) Co., common (quar.)_
Preferred (quar.)_____________________
Preferred (quar.)_____________________
Goodyear Tire At Rubber, pref. (quar.)____
Gorham Manufacturing, preferred (quar.).
Granby Cons. M in., Smelt. At Pow.,Ltd.(qu)
Great Lakes Steamship, common_______
Common (extra).............................. ..........
Great Lakes Towing, pref. (quar.)...........
Gulf States Steel, common (quar.)______
First preferred (quar.)_________________
Second preferred (quar.)______________
Harrisburg Light At Power, pref. (quar.)..
Hart, Schaffner & Marx, Inc., com. (qu.)
Preferred (quar.)_____________________
Haskell & Barker Car (quar.)___________
Hawaiian Com. At Sugar (monthly)_______
Extra_____________ ___________ _____ _
nelme (Geo. W .) Co., common (quar.)_
Preferred (quar.)_____________________
Hendee Manufacturing, preferred (quar.).
Hercules Powder (quar.)_________________
Extra_________________________________
Special (payable In Anglo-French bds.)
Homcstake Mining (monthly) (No. 511)
Houston Gas At Fuel, preferred (quar.)____
Huntington Devel. ft Gas, pref. (quar.).
Hupp Motor Car Corp., pref. (qu.) (No. 6)
Imperial Tobacco of Canada, common___
Preferred ...................... ............ .................
Indian Refining, pref. (account accum.).
Indiana Pipe Line (quar.)_______________
Inspiration Cons. Copper (quar.).......... ..
International Banking___________________
Int. Harv. of N . J., com. (qu.) (No. 29)
Internat. Mercantile Marine, pref.(No.1)
International Salt (quar.)_______________
International Sliver, preferred (quar.)___
Interocean OH, first pref_________________
Island Creek Coal, common (quar.)______
Common (extra)________________________
Preferred (quar.)......... .............. .................
Jewell Tea, Inc., preferred (quar.)............
Kansas G a s * Elec., pref. (qu.) (No. 28).
Kaufmann Dept. Stores, pf.(qu.)(No.l7)
Kayser (Julius) ft Co., common (quar.)..
First and second preferred (quar.)____
Kelly-Sprlngfleld Tire, pref. (quar.)____
Kelsey Co., Inc., common (quar.i________
Preferred (quar.).......................................Kennecott Copper Corp. (quar.) (No. 5).
Keystone Tire At Rubber, common (quar.)..
Preferred (quar.)......... .......... .............. —
Preferred (extra)....... ........................ ........
Kolb Bakery, pref. (quar.) (No. 21)____
Kresge (S. S.) Co., pref. (quar.)__________
Kress (S. II.), preferred (q u a r.)..............
La Bello Iron Works, common (quar.)___
Common (extra)______________________
Preferred (quar.)......... .............................
Lackawanna Steel, common (quar.)_____
La Rose Consolidated Mines (quar.)____
Laurentlde Co., Ltd. (quar.)_____________
Lawyers' Mortgage (quar.) (No. 62)______
Lehigh Valley Coal Sales (quar.)__________
Library Bureau, preferred (quar.)........... ..
Liggett ft Alycra Tobacco, com. (extra)..
Liggett* Myers Tobacco, pref. (quar.)..
Lone Star Gas (quar.)__________________
Extra ________________________________
Loose-Wiles Biscuit, 1st pref. (quar.)____
Lorlllard (P.) Co., common (quar.)_____
Common (extra)______________________
Preferred (quar.)...................... ............ ..
MacAndrews & Forbes, com. (quar.)____
Common (extra).........................................
Preferred (quar.)________________ :____
Mackay Companies, com. (qu.) (No. 47)
Preferred (quar.) (No. 53)......................
Magma Copper (quar.)_____ ____________
Manatl Sugar, preferred (quar.)________
Manhattan Elec. Supply, com. (No. 1 ) ..
Manhat. Elec. Supply, 1st ft 2d pf. (qu.)
Manhattan Shirt, preferred (quar.)_____
Manning, Maxwell At Moore, Inc. (quar.)
Massachusetts Gas Cos., common (quar.)..
Massachusetts Ltg. Cos.,new com. (qu.).
Preferred (quar.).......................................
Mathleson Alkali Works, com. (quar.)..
Preferred (quar.)_____________________
Maxwell Motor, Inc., common (quar.)..
First preferred (quar.)_______________
Second preferred (quar.)______________
May Department Stores, pref. (quar.)..
McCrory Stores Corporation, pref. (quar.).
Mergenthaler Linotype (quar.)..... ............
Mexican Petroleum, Ltd., pref. (quar.)..
Mexican Telegraph (payable In stock)___
Michigan Light, preferred (quar.)______
Michigan State Telephone, pref. (quar.)___
Mid-Continent Cons. Oil & Util., A stk.

1 1 19
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

April 18 Holders of rec. April: 2a
n x
4
IX
I X April 2 Holders of rec. Mar. 22
April 1
I X April 2 Mar. 19 to
I X April 2 Holders of rec. Mar. 12
3 X April 2 Holders of rec. Mar. 15a
1
April 16 Holders of rec. Mar. 31
I X May 1 Holders of rec. April 15
April 2 Holders of rec. Mar. 15
ix
I X April 16 Holders of rec. Mar. 31
2
April 2 Holders of rec. Mar. 13
I X April 2 Holders of rec. Mar. 23
I X May 1 Holders of rec. April 21
I X May 1 Holders of rec. April 21
I X April 25 Holders of rec. April 10
April 16 Holders of reo. April 2
2x
2 X April 2 Holders of reo. Mar. 10a
2 X April 2 Holders of rec. Mar. 10a
April 2 Holders of rec. M ar. 10a
IX
SI
April 2 Mar. 21
to
April 1
I X April 2 Mar. 21
to
April 1
I X Mar. 31 Holders of rec. Alar. 20
1
April 2 Holders of reo. Mar. 19a
2
April 1 Holders of rec. Mar. 30a
I X May 1 Holders of rec. April 2a
I X April 1 Holders of rec. Mar. 27a
3
Mar. 31 Holders of rec. Feb. 28
2
Mar. 31 Holders of rec. Feb. 28
1
April 1 Holders of rec. Mar. 17
I X April 2 Holders of rec. Mar. 16
2
Apr. 14 Holders of rec. Mar. 17a
2
April 1 Holders of rec. Mar. 20
I X April 1 Holders of rec. M ar. 20
3
May 1 Holders of rec. April 12a
I X May 1 Holders of rec. April 12a
15
May 1 Holders of rec. April 12
3 X May 1 Holders of rec. April 12
I X April 2 Holders of rec. Mar.20a
I X April 1 Holders of rec. Alar. 31a
1
May 15 Holders of reo. M ay 4a
I X April 2 Holders of rec. Alai-. 23a
I X July 2 Holders of reo. June 22a
I X April 2 Holders of rec. Alar. 20a
to
April I
I X April 2 Alar. 25
2 X May 1 Holders of rec. April 14a
2
April 1 Mar. 21
to Alar. 31
2
April 1 Alar. 21
to Alar. 31
to April 1
I X April 2 Mar. 16
2
April 2 Holders of rec. Alar. 15a
0I X April 2 Holders of rec. Alar. 15a
P IX April 2 Holders of rec. Alar. 15a
I X Mar. 31 Holders of rec. Alar. 21
1
May 31 Holders of reo. Alay 13
I X Mar. 31 Holders of rec. Alar. 20
75c. April 2 Holders of reo. Alar. 15a
25c. April 5 Holders of rec. Alar. 23
50c. April 5 Holders of rec. Alar. 23
2 X April 2 Holders of rec. Alar. 17a
I X April 2 Holders of rec. Alar. 17a
I X April 2 Holders of rec. Alar. 20
2
Mar. 24 Holders of rec. Alar. 15
2
Mar. 24 Holders of rec. Alar. 15
47
Mar. 24 Holders of rec. Alar. 15
65C. Mar. 26 Holders of rec. Alar. 20a
I X Mar. 31 Holders of rec. Alar. 16
I X April 2 Holders of rec. Alar. 24
I X April 2 Holders of rec. Alar. 20
I X Mar. 29
3
Mar. 21
h5 X Mar. 26 Holders of rec. Alar. 10
2
May 15 Holders of rec. April 24
$2
April 30 April 6 to
April 23
3
April 2 Alar. 21
to
April 1
I X April 16 Holders of rec. Alar. 24a
3
April 14 Holders of rec. Alar. 30a
I X April 1 Holders of rec. Mar. 15a
I X April 2 Holders of rec. Alar. 12
3 X April 2 Holders of reo. Alar. 20
50c. April 2 Holders of rcc. Alar. 24
April 2 Holders of rec. Alar. 24
SI
SI.50 April 2 Holders of rec. Alar. 24
1X April 1 Holders of rec. Alar. 20a
I X April 2 Holders of rec. Alar. 23
I X April 2 Holders of rec. Alar. 20
I X April 1 Holders of rec. Alar. 20a
I X May 1 Holders of rec. April 20a
I X April 2 Holders of rec. Alar. 17a
I X April 2 Holders of rec. Alar. 26
I X April 2 Holders of rec. Alar. 26
31.50 Mar. 31 Alar. 10
to
Alar. 11
3
April 2 Holders of rec. Alar. 23
2
April 2 Holders of rec. Alar. 23
1-3 April 2 Holders of rec. Alar. 23
I X April 1 Holders of reo. Alar. 17
17XC. April 2 Holders of reo. Alar. 20a
I X April 2 Holders of reo. Alar. 20
1
Mar. 31 Mar. 17
to Alar. 25
2
Mar. 31 Mar. 17
to Alar. 25
2
Mar. 31 Mar. 17
to Alar. 25
I X Mar. 31 Holders of reo. Alar. 15
50. April 20 Alar. 25
to
April 16
2 X April 2 Holders of rec. Alar. 27
3
April 1 Holders of rec. Alar. 22
SI.25 April 14 Holders of rec. April 5
2
April 2 Holders of reo. Alar. 21
4
April 2 Holders of rec. Alar. 23a
IX April 2 Holders of rec. Alar. 23a
I X April 2 Mar. 25
to April 1
to
April 1
X April 2 Mar. 25
I X ■April 2 Holders of rcc. Alar. 17a
3
April 2 Holders of rec. Alar. 17a
0
April 2 Holders of reo. Alar. 17a
I X April 2 Holders of rec. Alar. 17a
2 X April 14 Holders of rec. Alar. 31a
2 X April 14 Holders of rec. Alar. 31a
I X April 14 Holders of rec. Alar. 31a
I X April 2 Holders of rec. Alar. 10a
1
April 2 Holders of rec. Alar. 10a
50c. Mar. 31 Holders of rec. Alar. 14
I X April 2 Holders of rec. Alar. 24
1
April 1 Holders of rec. Alar. 20
I X April 2 Holders of rec. Alar. 20
I X April 2 Holders of rec. Alar. 23a
I X Mar. 31 Holders of rec. Alar. 31
SI .25 May 1 Holders of rec. April 14
25c. April 16 Holders of rec. Mar. 26a
SI.50 April 16 Holders of rec. Alar. 26a
I X April 2 Holders of reo. Mar. 20a
I X April 2 Holders of rec. Mar. 20a
2X April 2 Holders of rec. Mar. 10a
I X April 2 Holders of rec. Mar. 10a
IX April 2 Holders of rec. Alar. 10a
I X April 2 Holders of reo. Alar. 20a
I X April 1 Holders of rec. Alar. 20
2 X Mar. 31 Holders of rec. Alar. 3a
2
April 1 Holders of rec. Alar. 14a
e39
April 1 Holders of rec. Feb. 5a
I X April 2 Holders of rec. Alar. 15a
I X Mar. 31 Holders of rec. Alar. 26
10c. Mar. 31 Holders of rec. Alar. 15

Name of Company.
Miscellaneous (Continued).
Middle West Utilities, com. (No. 1)-----Common extra (payable In com. stock)
Milwaukee & Chicago Breweries................
Montana Power, com. (quar.) (No. 18)-Preferred (quar.) (No. 1 8 ) - .- ................
Montgomery, W a rd * Co., pref. (quar.).
Morris Plan Co. (guar.).................... - ..........
Mortgage-Bond Co. (guar.)......... ...................
Motor Products Corporation (No. 1)-----National Blscult.common (quar.) (No.75)
National Cloak & Suit, com. (qu.MNo.l)
National Enamel & Stamping, common..
Preferred (quar.)-------------------- -----------National Glue, preferred (quar.)------------National Lead, common (quar.)------------National Licorice, pref. (qu.) (No. 59 )-Natlonal Paper & Type, com. (quar.)-----Preferred (quar.).......................................
National Sugar Hefinlng (quar.)------------National Surety (quar.)-------------------------Nevada-Callf. Elec. Corp., pref. (quar.).
Nevada Consolidated Copper (quar.)-----Extra............................... ........ .....................
New Eng. Oil & Pipe Line, pref. (quar.).
New England Teleph. & Teleg. (guar.)-----New Idrla Quicksilver Mining (guar.)-----New River Co., unstamped pref. (No. 11)
New York Title & Mortgage (quar.)-----New York Transit----------------------------------Nlpe Bay Co. (quar.)...................................
Nlplsslng Mines (quar.)...............................
North Amerioan Co. (quar.) (No. 52) . .
Northwestern Electric, pref. (guar.)--------Nova Scotia Steel & Coal, pref. (quar.)..
Ogtlvle Flour Mills, Ltd., com. (quar.).
Ohio Cities Gas, preferred (quar.)---------Ohio Fuel Supply (q u a r .) .........................
Ohio State Telephone, pref. (quar.)..........
Oklahoma Prod. & ltefg. (quar.)------------Old Colony Gas, pref. (guar.)........................
Old Dominion Co. (quar.)..........................
Osage-Homlny Oil (No. 1)--------- -----------Otis Elevator, common (q u a r .)..-.........
Preferred (quar.).....................................Ottawa Light, Heat & Power, Ltd. (qu.).
Owens Bottle Machine, common (quar.).
Common (extra)______________________
Preferred (quar.)_____________________
Pan-Am. Petrol. & Transp., pref. (quar.)
Penmans, Limited, common (quar.)-------Preferred (quar.)---------------- ---------------Penna. Water & Power (quar.) (No. 13) .
Peoples Natural Gas & Pipeage (quar.).
Pettlbone-Mulllken Co.. 1st & 2d pf. (qu.)
Phelps, Dodge & Co. (quar.)-------------Extra......................................................
Pierce-Arrow Motor Car, prof. (quar.)..
Pittsburgh Coal, pref. (guar.)......................
Pittsburgh Plate Glass (payable In stock)
Common (quar.)--------------------------Preferred (annual)-------------------------Pittsburgh Steel, common (guar.)......... Pittsb. Term. Warehouse <Sc Transp. (gu.).
Poolo Engineering & Machine (No. 1) —
Extra.............................................................
Prairie Pipe Line (quar.).............................
Extra.............................................. - ............
Pralrio Oil & Gas (quar.).............................
Extra ...................... - ......................... ........
Procter & Gamble, pref. (guar.)----------------Quaker Oats, common (quar.)....................
Preferred (quar.)--------------------------------Quinoy Mining (quar.).......................... . . .
RaUway Steel-Spring, common (quar.)..
Ray Consolidated Copper (quar.)-----Extra______________________________
Regal Shoe, pref. (guar.) (No. 8 9 ) . . .........
Reo Motor Car, com. (quar.)........................
Republic Iron & Steel, com. (qu.) (No. 2)
Preferred (quar.) (No. 5 4 ) .......... ..........
Reynolds (R. J.) Tobacco, common (qu.)
Common (e x tra )...--------------------Preferred (quar.)................................ .
Royal Baking Powder Co., com. (quar.).
Preferred (quar.)--------------------------Safety Car Heat & Ltg. (quar.).........
St. L. Rocky M t. & Pac. Co., com. (gu.)..
St. L. Rocky M t. A Pac. C o., pref. (quar.)
Saxon Motor Car Corp., (guar.)...........
Scovlll Manufacturing (guar.)................
Extra....................................................
Sears, Roebuck A Co., common------------Common (quar.)------------- -------------Preferred (quar.).................................
Shattuck Arizona Copper Co............
Extra_____ - --- ----------- --------. . . . . .
Shatoinlgan Water & Power (guar.)...
Sloss-Sheffleld Steel A Iron, pref. (q u .)..
Southern Utilities, preferred (quar.)-----South Penn OH (quar.)......................... . . . .
South Porto Rico Sugar, com. (q u a r.)...
Preferred (quar.)..................................... ..
Southwestern Cities Elec. Co., pref. (guar.)
South West Penn Pipe Lines (quar.)-----Springfield Body Corp., pref.(qu.)(No.4)
Spring Valley Water (guar.)--------------Standard Motor Construction_______
Standard Oil Cloth, Ino., common...........
Common (extra)........................................ Preferred Class A (quar.)-------------------Preferred Class B (quar.).................... ..
Standard Oil (Calif.) stock dividend------ e
Standard OH (Kentucky) (quar.)..............
Extra--------------------------------------------------Special________________________________
Standard Oil (Ohio) (quar.)........................
Extra.............................................................
Standard Screw, common (extra).............
Steel Co. of Canada, Ltd., com. (gu.)-----Common (bonus)..........................................
Preferred (guar.)...................... ...................
Stromberg Carburetor (No. 1)....................
Stutz Motor Car of Amer., Inc. (quar.)..
Submarine Boat Corporation (quar.)-----Subway Realty (quar.).................................
Temple Coal, pref. (guar.)......................
Texas Company (quar.)-------------------Texas A Pacific Coal (quar.)................
Thompson-Starrett C o., preferred...
Tide Water Oil (guar.).............................
Tobacco Products Corp., pref. (q u a r.)...
Tonopah-Belmont Development (quar.).
Tonopah Extension Mining (quar)..
Tonopah Mining of Nevada (guar.)...
Torrington Company, common (quar.)..
Common (extra).........................................
Underwood Typewriter, common (quar.)
Preferred (quar.).......................................
Union Carbide (quar.)...................................
Union Natural Gas Corporation (guar.) . .
Union Tank Line------------------------------------




[Vol . 104.

THE CHRONICLE

1130
When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Holders of reo. Mar. 15
April
Holders of reo. Mar. 15
April
Mar. 29 Holders of reo. Mar. 8
4
April 2 Holders of rec. Mar. 13a
1
April 2 Holders of rec. Mar. 13a
IX
I X April 1 Holders of rec. Mar 21a
I X April 2 Holders of reo. Mar. 23
I X April 2 Holders of reo. Mar. 26
April 3 Holders of reo. Mar. 21
SI
I X April 14 Holders of reo. Mar. 29a
I X April 14 Holders of rec. M ar. 31a
May 15 Holders of rec. April 26a
y2
vi X Mar. 31 Holders of rec. Mar. 10a
April 2 Holders of rec. Mar. 16
2
Mar. 31 Holders of rec. Mar. 9a
1
Mar. 31 Holders of rec. Mar. 26
IX
April 14 Holders of rec. Mar. 31a
IX
I X April 14 Holders of rec. Mar. 31a
April 2 Holders of reo. Mar. 12
IX
April 2 Holders of reo. Mar. 21a
3
April 30 Holders of reo. Mar. 31
IX
50c Mar. 31 Holders of reo. Mar. 9a
50c Mar. 31 Holders of rec. Mar. 9a
April 2 Holders of rec. Mar. 23
IX
Mar. 31 Holders of reo. Mar. 21
IX
Mar. 31 Holders of rec. Mar. 24a
SI
51.50 April 25 Holders of rec. April 2
April 2 Holders of reo. Mar. 22
IX
April 14 Holders pf reo. Mar. 24
4
April 14 Holders of rec. Mar. 24a
2
25c. April 20 April 1 to April 17
April 2 Holders of rec. Mar. 22a
IX
April 1 Holders of rec. Mar. 24
IX
Apill 14 Holders of rec. Mar. 31a
2
April 2 Holders of rec. Mar. 22
2X
April
1 Holders of reo. Mar. 15a
IX
62 He, April 14 Holders of rec. Mar. 31a
April 2 Holders of reo. Mar. 20
IX
12X0 Mar. 30 Holders of reo. Mar. 20
I X April 2 Holders of rec. Mar. 19a
Mar. 21
to
Mar. 30 Mar. 15
S3
12X0. Mar. 26 Holders of reo. Mar. 16a
April 16 Holders of rec. Mar. 31
IX
April 16 Holders of rec. Mar. 31
IX
April 2 Holders of rec. M ar. 20a
IX
Holders of rec. Mar. 22a
750. April
Holders of rec. Mar. 22a
50c. April
Holders of reo. Mar. 22
April
IX
Holders of rec. Mar. 11
April
IX
May 15 Holders of rec. May 6
Holders of reo. April 21a
May
Holders of reo. Mar. 19a
April
50c. Mar. 24 Holders of rec. Mar. 20a
April 1 Holders of rec., Mar. 17a
IX
Mar. 30 Holders of reo., Mar. 20a
2X
Mar. 30 Holders of reo., Mar. 20a
3X
April 2 Holders of reo. Mar. 15
2
April 25 Holders of reo. April 12a
IX
April 2 Mar. 11 to April 1
elO
April 2 Mar. 11 to Apall 1
IX
April 2 Mar. 11 to April 1
12
April 2 Holders of rec Mar. 24
2
i75c. Mar. 31 Holders of reo , Mar. 24
April 2 Holders of reo., Mar. 20
IX
3 X April 2 Holders of rec., Mar. 20
April 30 Holders of rec. Mar. 31
5
April 30 Holders of reo. Mar. 31
5
April 30 Holders of reo. Mar. 31
3
April 30 Holders of reo. Mar. 31
2
April 14 Holders of reo. Mar. 31a
2
April 16 Holders of rec., April 2a
2X
May 31 Holders of reo., M ay la
IX
Mar. 26 Holders of reo., Feb. 28
5
Mar. 30 Holders of rec., Mar. 15a
IX
750. Mar. 31 Holders of reo. Mar. 0a
250. Mar. 31 Holders of reo. Mar. 9a
April 2 Holders of reo., Mar. 21
IX
Holders of rec., Mar. 15
April
2X
Holders of reo., April 20a
I X May
Uolders of reo., Mar. 20a
April
IX
Holdeis of reo.. Mar. 21a
April
3
Holders of rec.. Mar. 21a
April
2
Holders of rec., Mar. 21a
April
IX
Mar. 31 Holders of rec,. Mar. 15
2
Mar. 31 Holders of reo.. Mar. 15
IX
April 2 Uolders of reo. Mar.dlOa
2
April 9
April 10 April 1 to
X
to
Mar. 30
Mar. 31 Mar. 21
IX
April 19 Holders of reo. April 14
IX
Holders of reo. Mar. 26
April
2
Holders of reo. Mar. 26
April
10
April 2 Holders of reo. Mar. 15a
f 25
May 15 Holders of reo. April 30
2
April 2 Holders of reo. Mar. 15a
IX
60c. April 20 Uolders of reo. Mar. 31a
76o. April 20 Holders of reo. Mar. 31a
April 10 Holders of reo, Mar. 29
IX
April 2 Holders of rec. Mar. 24a
IX
April 2 Holders of reo. Mar. 17
IX
Mar. 31 Holders of reo. Feb. 28
5
Holders of reo. Mar. 15a
April
5
Holders of rec. Mar. 15a
April
2
Holders of reo. Mar. 15a
April
2
IX
Holders of reo, Mar. 15
April
3
Holders of reo. Mar. 21
April
2
87Ho. Mar. 31 Mar. 17 to April 1
April 30
z30o. May 15 April 17 to
Holders of reo Mar. 15
April
1
April 2 Holders of reo Mar. 15
1
Holders of reo Mar. 15
April
IX
Holders of roc Mar. 15
I X April
33 1-3 April 16 Holders of reo . Feb. 16
April 2
April 2 Mar. 16
4
Mar. 16
April 2
April
1
April 17
May 2
May
100
Mar. 3 to
Mar. 21
April
3
Mar. 21
April 2 Mar. 3 to
1
Mar. 31 Holders of reo. Mar. 20
60
Holders of reo, April 10
M ay
1
Holders of reo, April 10
May
X
Uolders of reo. April 10
May
IX
Holders of reo, Mar. 15
75o. April
Holders of rec Mar. 19a
81.25 April
750. April 16 Holders of reo, Mar. 30
Holders of reo . Mar. 20
April
IX
April 10 Holders of reo April 2
2
2 X Mar. 31 Holders of reo . Mar. 16a
Mar. 31 Holders of reo . Mar. 17
IX
Mar. 31 Holders of reo . Mar. 28
4
April 2 Holders of reo Mar. 20a
2
Holders of reo . Mar. 19a
I X April
Mar. 16
to Mar. 21
1 2 Xo . April
Mar. 13
to Mar. 22
lOo. April
April 1
to April 8
15o. April
Holders of reo Mar. 21
75c. April
Holders of reo Mar. 21
25o. April
Holders of reo Mar. 15
April
IX
Holders of reo . Mar. 15
April
IX
Mar. 14
to April 3
April
2
to April 15
April 14 April 1
2X
Mar. 24 Holders of reo. Mar. 2a
2X
IX
11

lit

Books Closed.
Days Inclusive.

When
Per
Cent. Payable.

Name of Company.

Miscellaneous (Concluded).
United Drug, common (quar.) (No. 1 )-I X April 2 Holders of rec. Mar. 17a
Unlted Dyewood Corporation, oom(No.l)
I X Apr. 2 Holders of reo. M ar. 14a
Preferred (quar.) (No. 2 )........................ n IX Apr. 2 Holders of reo. M ar. 14a
April 14 Holders of reo. Mar. 24a
2
United Fruit (quar.) (No. 71)....................
April 14 Holders of rec. Mar. 31
SI
United Gas Improvement (quar.)............
April 14 Holders of rec. Mar. 31
SI
Extra _______ ________- ...........................
2 to April 15 ;
United Paperboard, pref. (guar.)................
I X April 15 April
50c. tVprll 5 Holders of rec. Mar. 20
United Shoe Machinery, common (q u .)..
Preferred (quar.)------- 1 ........................... 37>*o. April 5 Holders of rec. Mar. 20
U. S. Gypsum, preferred (quar.)................
I X Mar. 31 Mar. 21 to Mar. 31
U. S. Industrial Alcohol, pf. (qu.) (No42)
I X April 15 Holders of reo. Mar. 31a
M ar. 11
2 to
U. S. Steel Corp., common (quar.)............
I X Mar. 30 Mar.
M ar. 11
2 to
Common (extra).........................................
I X Mar. 30 Mar.
Utah Consolidated Mining (quar.)............
S1 Mar. 26 Holders of rec. Mar. 17
Utah Copper (quar.) (No. 35).................... $2.50 Mar. 31 Holders of reo. Mar. 9a
Mar. 31 Holders of reo. M ar. 9a
$1
Extra (No. 5)..............................................
Utilities Securities Corp., pref....................
I X Mar. 27 Holders of rec. Mar. 17
to April 15
April 14 April 1
5
Victor Talking Machine, common (quar.)
to April 15
Preferred (quar.)..................- ...................
I X April 14 April 1
April 14a
Holders
of
reo.
May
1
75c.
Vlrginla-Caro. Chem., com. (gu.)(No. 38).
2
April 16 Holders of rec. Mar. 31a
Preferred (guar.) (No. 86)........................
Warner(Chas.)Co. of Del.,lsl&2d pf.(gu.)
I X April 26 Holders of reo. Mar. 31a
Warren Bros. Co., common (guar.).............. 50c. April 2 Holders of reo. Mar. 20
First preferred (guar.) (No. 60)..............
I X April 2 Holders of rec. Mar. 20
Second preferred (guar.).............................
I X April 2 Holders of rec. Mar. 20
April 2 Holders of roc. M ar. 20
2
Washburn Wire, common (quar.)----------I X April 2 Holders of rec. M ar. 20
Preferred (quar.)...................... .................
Mar. 31 Holders of reo. M ar. 24a
$2
Western Electric (quar.)_________________
I X Mar. 31 Holders of reo. Mar. 24a
Preferred (quar.)_________ ___________
April 11
to
Western Union TelegraplKquar.) (No.192)
IX April 16 Mar. 21
Westinghouse Air Brake (quar.)------------- $1 75 April 21 Holders of rec. Mar. 31
April 1
Mar. 31 Mar. 21
to
2
Westmoreland Coal (guar.).................... ........
April 2 Holders of rec. Mar. 19a
3
Weyman-Bruton Co., common (quar.)..
April 2 Holders of reo. M ar. 19a
2
Common (extra)..------------- --------------Preferred (quar.)_____________________
I X April 2 Holders of reo. M ar. 19a
Mar. 31 Holders of reo. Mar. 17
2
Wheeling Steel & Iron (quar.)....................
Mar. 31 Holders of rec. Mar. 15a
$1
White Motor (quar.).....................................
Holders of rec. Mar. 20a
Wlllys-Overland, preferred (quar.)---------I X April
Wilson & Co., Inc., preferred (quar.)-----I X April 2 Holders of reo. Mar.26a
April 2 Holders of rec. Mar. 7
57
Wolverine Mining---------------------------------Wool worth (F.W.) Co., preferred (quar.).
I X April 1 Holders of rec. M ar. 10a
Worthington Pump & Mach., pf.A (qu.).
I X April 2 Holders of reo. Mar. 21a
Yale & Towne M fg. (quar.) (No. 88)-----2 X April 2 Holders of reo. Mar. 23
Mar. 31 Holders of rec. Mar. 20a
2
Youngstown Sheet & Tube. common(qu.)
Mar. 31 Holders of rec. Mar. 20a
3
Common (extra)----------------------------------I X Mar. 31 Holders of reo. Mar. 20a
Preferred (quar.)......... ............ .................
Mar. 11
Mar. 31 Mar. 10
to
51
Yukon-Alaska Trust (quar.).j..................
Mar. 14
to
7 X 0 . Mar. 31 Mar. 10
Yukon Gold Co. (quar.)
a Transfer books not closed for this dividend, b Less British incomo tax. d Cor­
rection. « Payable In stock. /Payable In common stock, g Payablo In scrip.
h On account of accumulated dividends, i Declared 8% payable 2% quarterly as
above and 2% July 31 to holders of record July 14; 2% Oct. 31 to holders of record
Oct 13 and 2% Jan. 31 1918 to holders of record Jan. 12. * Declared 6% payable
In quar. Instals. n Declared 7% , pay. In quar. Instate, o Doclarod17% , payable In
quarterly Installments— IX % as above; 1 X % July 2 to holders of record Juno 15;
1 X % Oct. 1 to holders of reo. Sept. 15, and 1 X % Jan. 2 1918 to holders of record
Dec. 15. v Declared 6% on 2d pref., payable In quar. Installments on same dates as
1st pref. stock—see note (o). r Declared 51.50, payable 50o. each June 20, Sept. 20
and Deo. 20; transfer books closed ten days before payment of dividend, s Payable
In new Class B com. stock, l Declared 2% In cash and 2% In stock, the cash
dividend payable In quarterly Installments and the stock dividend In semi-annual
Installments. « Subject to authorization by stockholders, p Transfer books oloso
for annual meeting Feb. 6 and reopen Feb. 27. to Declared 7 % , payable I X % as
above; I X % July 2 to holders of record June 15; I X % Oct. 1 to holders of record
Sept. 15; I X % Jan. 2 1918 to holders of record Deo. 15. x Payable to holders
of coupon No. 61: transfers received In order in London on or before March 13 will
be In time to be passed for payment of dividend to transferees, u Declared 4 % .
on com. stook, payable 2% as abovo and 2% Nov. 15 to holders of record Oct. 27.
Also 7% on pref., payablo I X % as above and I X % June 30 to holders of reoord
June 9; I X % Sept. 29 to holders of record Sept. 8, and I X % Deo. 31 to holders
of record Deo. 11. z Declared 60o., payable 30c. as above and 30o. Nov. 15 to hold­
ers of record Oct. 16. t Payable In Anglo-French bonds. S A dividend of 4% for
two months was paid Feb. 28 on old capital of $3,000,000. The present dividend Is
the first on new capital of $6,000,000 and was made to fill out the «™t quar. of 1916.
t Declared 2 % , payable X % as abovo and X % each on July 18, Oct. 18 and Jan.
18 1918 to holders of record July 2, Oct. 2 and Jan. 2 1918, respectively.___________

a

NICARAGUA CUSTOMS RECEIPTS.— We append
statement showing the Nicaraguan customs receipts for
the twelve months of 1916, compared with 1915:
January ___________________ _.............
February-- - - - - - - - - - - - - - - - - - ...........
M arch........... .......... .................... .............

1916.
$72.516 87
60.248 23
88,103 62

1915.
$45,084 08
59,460 45
67,607 88

Increase ( + )
Decrease (— ).
+$27,451 19
+ 787 78
+20,495 74

Total first quarter................. .............

$220,867 72

$172,133 01

+$48,734 71

Anrll
__________________ .............
Mm
_______________ ___________
June_______________ - ___ - ___ - .........

$88,058 11
87.394 48
106.598 43

$68,627 96
81,187 68
65,773 53

+ $19,430 16
+ 6,206 80
+ 540,824 90

.........

Total second quarter...........

$282,051 02

TTnlf-VAftP
_______________ ........... $502.918 74
July
- .....................................
$75.038 92
_______
_______________
98.600 11
00,605 65
September- - - - - - - - - - - - - - - - -- .............

$215,689 17

+$66,461 86

$387,722 18
$70,044 50
53.619 67
72,701 77

+ $115,196 56
+ $5,594 42
+ 44,988 44
+ 17,903 88

Total third quarter............... .............

$264.850 68

$196,365 94

+ $68,484 74

Nine month*?
October
_ _
_______ . . . .............
NnvAmhfir
_ ________ - ______
DpoomhAP
_______ __ ...........

$767,769 42
$79,021 13
93,503 62
95,866 06

$584,088 12
$63,800 24
62,702 26
77.116 60

+$183,681 30
+$15,220 89
+30,741 37
+18,749 66

$268.390 81

$203,678 99

+ $04,711 82

............. $1,036,160 23

$787,767 11

+$248,393 12

Total fourth quarter............. ...........

National B anks—

The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
a p p l ic a t io n s f o r c h a r t e r

.

F op organization of national banks:
^ ,, ,
*9e non
The Security National Bank ofScoboy,.M ont. O a p i ^ - - - - - - - &2o,000
The Stillwater National Bank of Columbus, M ont. Capital. . . 50,000
The First National Bank of Taos. N. Mex. ^Capital................... 25,000
The First National Bank of Madras, Ore. Capital...................... 50,000
T h e First National Bank of Lykons, Pa.
Capital...................... °0,000
The First National Bank of Louisa, Va.
C a p i t a l . . ----- 50,000
The Farmers' National Bank of Darlington, Wis. Capital----- 25,000
The Farmers’ National Bank o f Laura, Ohio. Capital............... 25.000
^°The Firet^Natlonal Bank of 11 azon, N ■ Dak. Capital.............- 25.000
Conversion of the First State Bank of llazen.
....
Total capital.................................................................................. ..
CHARTERS ISSUED.
bank o f Carlsbad. N . Mox. Capital...........$75,000
CHARTERS E XT E N D E D .
...
The National Bank of Ashtabula, Ohio. C a p it a l-...-................$200,000
Charter extended until close of businessJMarch 101937.
, Kn nnn
The First National Bank of Gaffnoy, S. O. C a p it a l.--- .............. 150,000
Charter extended until close of business March 10 1937.
________
.$350,000
Total capital .

Mar . 24 1917.]

THE

CHARTERS R E -E X T E N D E D .
Tho Mahoning National Bank o f Youngstown, Ohio. Capital
Charter re-extended until close of business March 14 1937.

C H R O N IC L E

$100 000

INCREASES OF CAPITAL APPROVED.
Tho First National Bank of Buchanan, Mich.
Capital increased from $25,000 to $50,000. Increase.................$25,000
The Logan County National Bank o f Sterling, Colo.
Capital increased from $50,000 to $150,000. Increase............. 100,000
Tho Security National Bank o f Oklahoma City, Okla.
Capita]I Increased from $100,000 to $200,000. Increase...........
100,000
Lyndora National Bank, Lyndora, Pa.
Capital increased from $25,000 to $50,000. Increase...............
25.000
Tho hirst National Bank of Mountain View, Cal.
25,000
. Capital increased from $25,000 to $50,000. Increase.............
Total in cre a se ............................................................................. $275,000
CHANGE OF TITL E .
Tho Morgan County National Bank of Now Decatur, Ala. Title
changed to "The Morgan County National Bank o f Albany,” Ala.
BANKS LIQU IDATIN G TO CONSOLIDATE W ITH OTHER NA­
TIONAL BANKS.
Tho People’s National Bank o f Kiowa, Okla. Capital----------------$25,000
Liquidatingagont, R. E. Wilson, Kiowa, Okla. Absorbed by tho
First National Bank o f Kiowa.
First National Bank of St. Johns, Ore. Capital............................... 50.000
Liquidating agent, F. P. Drinker, Portland, Ore. Consolidated
with the Peninsular National Bank of Portland, Ore.

Auction Sales.

a t a u c tio n

e n d in g
sam e

M ar.

w eek

15
in

at

C a n a d ia n

191G ,

sh ow

c itie s ,

an

c le a r in g s f o r

in

in

th e

w ith

s e c u r it ie s ,

N ew

Y ork ,

B oston

and

B y

Shares.

M essrs.

It.

L .

D a y

&

Shares.
1-128
5-192
1-16
1-32
5-64
1-10

th e

fo llo w in g ,

w e re r e c e n t ly

s o ld

P h ila d e lp h ia :

B y M e s s rs . A d r ia n H . M u lle r & S o n s , N e w

Y ork :

Stocks.
$ per sh.
Governor Powers_________ $650
Edith II. Sym ington______ S630
M ornie T .......... .................
S840
Florence T h u r lo w ............. S I,400
Stanley M . Seaman........... $3,910
Francis H yd e....................... $205

Bonds.
$68,400 Empire United R ys., Inc.,
lst&ref. 5s; Jan. '16 coupons on .$36 lot
$3,000 M etropol. Jockey Club cons.]
5s, 1927-------------------------------------- ]$500
30 shares M etropol. Jockey C lu b ..] lot

C o .,

B oston :

Stocks.
$ per sh. Shares. Stocks.
$ per sh.
Massachusetts Cotton M ills___129K
19 N o . Boston Ltg. P rop., p r e f.. 106
Peppered M anufacturing_____io o
17 N o . Boston Ltg. Prop., c o m .. 15
Arlington M ills..............
m
10 M on tp.& B arreL t.& P ow ..com . SVi
Gluck M ills........... ........................ i o i X
8 New Bedford Gas & Edison L t.2 6 6 K
Lowell Hosiery________
50
50 M errimac Chemical ex-div____ 89Vi
Vi Everett M il l s .........................
00
195 First National Bank rights...50-50K
2 4 Pacific M ills___________________ 30
Bonds.
Percent.
24 American Glue, pref__________ 140
$10,000 Dallas Elec. C o rp .1st coll.
5 Lawrence G as............................ .165
5s, 1922............................. 99
5
5
12
20
5

B y M e s s r s . F r a n c is H e n s h a w

Stocks.

of

&

C o ., B o s to n .

Spersh. Shares.

5 American Trust C o ...................3 5 0
H Pacific M ills_____________ 35K -36
16 Lawrence M anufacturing_____108
25 Sharp M anufacturing, c o m . . . 122
10 Ludlow M fg. Associates.......-145H

th e

a g g reg a te

in

Stocks.
S per sh.
43 H F. R . W ood-W . H . D olson C o . - ...................... ........ 20
3 Guaranty Trust C o ________ 471
5,000 Pullman Ventilator Corp.
pref., $5 each...................... _$5 lot
Interest in schooners—
1-48 Van Lear Black..................
$190
1-64 H oratioG . F o s s ...............
$630
1-64 Jacob M . Haskell............... $1,000
1-64 Ellen Little........................... $705
1-64 Edw. J. Lawrence________ $1,900
1-64 Governor Brooks_________ S1.260
1-64 E dw. B . W inslow ..............$1,955

th e w eek

c o m p a r is o n

in c re a s e

oth er

Shares.

Shares.
— T h e

— A m on g

not usually dealt in at the Stock Exchange,

Total capital--------------------------------------------------------------------- $75,000

Canadian Bank Clearings.

1131

B y M essrs. B a rn es &

Stocks.

%per sh.

2 M anchester & Lawrence R R ..1 0 6 K
100 First National Bank rights____50K

Bonds.

Per cent.

$5,000 Portland Gen. El. 1st 5s, '35 99

L o fla n d , P h ila d e lp h ia :

Shares.

3 1 .0 % .

Week ending March 15.

Clearings at1917.

Canada —
M ontreal............................
T oron to............................ ..
W in n ip eg....... .................
V an cou v er........................
O tta w a ...................... ........
Q u e b e c...............................
H a lifa x ...............................
H a m ilto n _____ _________
St. John............................
L on d on ..............................
Calgary..............................
Victoria..............................
E d m o n to n ......... ............ ..
Regina............. ...................
B ran don ............................
L ethbridge......... ..............
Saskatoon........... ..............
B rantford..........................
M oose Jaw_____________
Fort W illiam ....................
New W estminster...........
M edicine H at....................
Peterborough....................
K itchener..........................

Inc. or
Dec.

1916.

1915.

1914.

$
$
%
$
70,775,566 56,797,779 + 24.3 43,284,596
50,840,452 40,298,328 + 26.2 31,837,375
37,496,810 24,578,412 + 52.6 20,727,183
6,400,824
5,321,819 + 20.3
4,591,107
4,447,102
3,829,080 + 16.1
3,846,966
3,882,728
3,093,167 + 25.5
2,775,674
2,776,371
2,009,010 + 38.2
1,703,527
4,180,287
3,264,099 + 28.1
2,400,907
2,057,324
1,543,750 + 33.3
1,385,066
2,090,890
1,683,598 + 24.2
1,529,540
5,703,857
3,283,724 + 73.7
3,050,922
1,404,825
1,255,390 + 11.9
1,466,083
2,413,831
1,780,075 + 35.6
2,032,389
2,402,520
1,540,416 + 56.0
1,211,688
456,843
430,584
+ 6.1
482,620
657,073
426,861 + 53.9
279,035
1,458,211
964,417 + 51.2
727,415
699,323
535,225 + 30.7
482,950
967,209
851,740 + 13.6
631,203
371,868
326,425 + 13.8
490,151
215,330
207,733
+ 3.6
255,052
572,867
353,513 + 62.0
285,287
553,136
402,320 + 37.5
398,054
534,985 + 15.7
618,930
642,103 N ot Include d in tot al

T otal C a n a d a ............. 203,444,177 155,312,450

The Federal Reserve Banks.

49,626,772
38,483,803
20,832,801
9,673.707
4.040.614
3,121,565
1,885,495
2,938,899
1,371,771
1,627,402
3,706,157
2,548,252
3,200,315
1,727,975
447,025
417,017
1,191,974
533,273
951,962
794,487
382,250
458,232

+ 3 1 .0 125,874,790

Stocks.
S per sh. Shares. Stocks.
$ per sh.
97 Pa. Warehousing A S . D . 100-100 K
4 Bank o f North Am er____258-258 K
10 Fire Assn, of Phlla., $50 e a ..3 3 5 H
5 Girard Trust C o
.............8 7 0
45 PcopIe’s N a t. F ireln s., $25ea. 16Vi
25 Logan Trust C o ......... ............ 151
30 Giant Port. Cement, com .,
20 People’s Trust C o ............. .. 36
$50 each.............................. .. 4J£
5 Real Estate Trust C o., pref.lO OH
1.000 Lucky Jim Zinc M ine, L td.,
25 Real Estate Trust C o ., com . 45
$1 each......... ....................... $21 lot
10 W ayne Title & Trust............. 125
8 Consumers' Brewing, com __ $1 lot 38 1-3 rights to subscribe to Fire
25 Phoenix W ater Power, com .,
Assn, o f Phila. at $250.-57-65
S10 each.................................. $1 lot
38 Girard Life Ins., $10 each__
9 J£
100 Phoenix W ater P ow ., pref.,
67 People’s N a t.F ireln s.,$2 5 ea. 16K
$10 e a c h .______ _________ $11 lot
3 Phlla. Life Ins., $10 e a c h ... 10H
66 T abardIn nC orp.,pf.,$10ea.]
7 'A U n itedF irem en 'sIn s.,$ 10ea. 11K
89 T a b .In n C o rp .,co m .,$ 1 0 e a .|
500 Paige D etroit M otor Car,
62 Diam ond State Steel, prcf.,|
pref., $10 each, ser. 1918-27 92K
$10 each__________
y$4 lot
9 Union Passenger R y ________ 190Vi
50 Diam ond State Steel, com.,|
1 John B . Stetson, com m on
368
$10 each________________ |
4 Phila. Bourse, com ., $ 5 0 each 8 >i
1.000 Hawthorne Silver & Iron |
15 Cohansey Glass M fg _______ $2 lot
Mines, L td ............. ............ j
40 New Dom inion M ill. & R e d .$2 lot
500 H ollyhock K n ob Hill Gold
Mining, $1 each....................$1 lot
B onds.
Per cent.
1,200 Castle Creek M g, C o ., $1 e a .$ 7 lot $2,500 Consumers Brewing gen. 4s,
4 Philadelphia N at. Bank.485-485K
certificates o f deposit____ 5

Imports and Exports for the Week.
t io n s fr o m
to t a ls
th e

th e T re a su ry

o f im p o r ts

N ew

Y ork

and

ex p orts o f

C u sto m

d e fin it e ly .

U nder

is o m i t t e d
ou t.

u n til s u c h

th e

— U nder

in s tru c ­

D e p a r t m e n t t h e is s u a n c e o f w e e k ly
m e r ch a n d is e

H ou se

h ave

c ir c u m s t a n c e

been

our

and

usual

t im e a s t h e fig u r e s m a y

s p e c ie

su spen d ed

b y
in ­

c o m p ila t io n

a g a in

b e g iv e n

— F o l l o w i n g is t h o w e e k ly s t a t e m e n t is s u e d b y t h e F e d e r a l R e s e r v e B o a r d o n M a r . 1 7 :

C o n tin u e d ga in s o f g o ld b y b o t h t h o F e d e ra l R e s o rv o b a n k s a n d A g e n t s , t o g e t h e r w ith increases in d e p o s its a n d
o f a c c e p ta n c e s are in d ic a te d In th o s ta te m e n t as a t clo s e o f busin ess o n M a r c h 16 1917. T h o reserv e p o s itio n o f th e
p ercen ta g es o f g o ld a n d ca s h reserv e a ga in s t a g g re g a te n o t d e p o s it a n d n o te lia b ilitie s is s tr o n g e r n o w th a n a t a n y t im e
. hn
a b o u t 2 1 .2 m illio n s , t h e N e w Y o r k , C le v e la n d , C h ic a g o a n d San

liq u id a tio n in s o m e v o lu m
b an k s as in d ic a te d b v th
d u rin g th o p a st 12 m on th s "
F rancis™ Lanks r ^ o ? t i S

T h e n et resu lt o f th e s e ch a n g e s is a n in crease o f 13.2 m illio n s in t o t a l r a o r v e .
In t h e 'c £ e o f t o o t h e r t h r e e b a n k s' t h e l a i n s in t o ta l
are d u o la rgely t o liq u id a tio n o f a c c e p ta n c e s a n d t o re d u c tio n s in t h e a m o u n ts d u e fr o m o t h e r F e d e ra l R e s e rv e b a n k s.
D is c o u n te d p a p e r ?.?, ™ n<]
* d e cre a s e o f 1 .3 m illio n s B o s t o n a n d C h ic a g o re p o r tin g t h o la rgest d ecreases fo r t h e w e e k . O f t h e t o ta l
d is c o u n ts a b o u t
m illio n s , as a ga in st o v e r 4 m illio n s t h o w eek b o fo r o , w ere m e m b e r b an k s co lla te r a l n o te s d is c o u n te d b v te n R e s e rv e hanks
A c c e p ta n c e s o n h a n d d e cre a s e d a b o u t 11.9 m illio n s , a ll t h o b a n k s e x c e p t B o s t o n an d A tla n t a re p o r tin g sm a lle r h o ld in g s o f th is class o f p a p o r th a n
th e w eek b e fo r e . .B u t fe w ch an ge s a ro s h o w n in th o a m o u n ts o f U n ite d S ta te s b o n d s a n d n o te s h e ld . N o n e o f t h e b an k s re p o r t a d d ltio n s t o th eir
h old ngs o f m u n icip a l w a rr a n ts , t h o a g g re g a te a m o u n t o n h a n d s h o w in g a n e t de cre a se fo r t h e w eek o f o v e r $ 90 0 ,0 0 0 . T o t a l ea rn in g a ^ e t s o f
Jb? i
od
^ p re se n t 3 1 9 % o f th e b a n k ’s p a id -in c a p ita l, c o m p a r e d w ith 3 4 4 % th e w eek b e fo r e . O f th e
t ° ta lfi5 4 .3 % ^ is r e p r i n t e d . b y ^ ^ p *a Pc^ . i . l 0 . 3 % b y U n ite d S ta te s b o n d s ; 1 0 .8 % b y T re a s u ry n o te s ; 9 .6 % b y d is c o u n ts , an d 9 .0 % b y w arran ts
M e m b e r hanks” H B tSve d e p o s its s h o w
i .1^., ’ « ? sto*Il ’ N o w Y o r k a n d S t. L o u is re p o rtin g c o n sid e ra b le ga in s in G o v e r n m e n t fu n d s o n h a n d .
M om S
banksi res e rv e d e p o s its s n o w an in crease fo r t h o w e e k o f 5 .6 m illio n s , w h ile th e ir n e t d e p o s its s h o w a d e clin e o f 1.2 m illio n s .
th o
A g e S s h o ld 1 « 33 « r n a An^nntSr h a Y? reaTh « I a t o ta l o f $ 3 6 3 ,2 7 8 ,0 0 0 , an increase o f slig h tly o v e r 8 m illio n s fo r t h e w e e k . A g a in st
h a n k s t a $ 336 061 OOO^or a b o u t
of
a n d $ 2 6 ,1 8 9 ,0 0 0 o f p a p e r. T h e a ctu a l F ed era l R e se rv e n o te c ir c u la tio n , as s h o w n b y t h e
c k S u i a t k m a r e ’ g iv e n m $ 1 9 ,4 4 4 ,0 0 0
tfla n t h e a m o u n t o f " g r e e n b a c k s ” o u ts ta n d in g . A g g re g a te liab ilitie s o f t h e b an k s o n n otos In
T h o

fig u r e s o f

t lio c o n s o l id a t e d

w e p r e s e n t th e r e s u lts fo r e a c h

sta tem en t fo r

t lie s y s t e m

o f th o e ig h t p r e c e d in g

as a

w h o le a r o g iv e n

in

th e fo llo w in g

w e e k s , t h u s fu r n is h in g a u s e fu l c o m p a r is o n .

s h o w t h e r e s o u r c e s a n d lia b ilitie s s e p a r a t e ly f o r e a c h o f th e t w e lv e F e d e r a l R e s e r v e b a n k s .
A g on ts’ A ccou n ts

(th e

th ir d

t a b le fo llo w in g ) g iv e s d e t a ils r e g a r d in g

th e

t r a n s a c t io n s in

ta b le , a n d
In

in

a d d itio n

th e s e co n d

ta b le w e

T h e sta tem en t o f F ed era l R e se rv e
F ed era l R ese rv e n otes b etw een

th e

C o m p t r o lle r a n d th o R e s e r v e A g e n ts a n d b e tw e e n th e la tte r a n d th o F e d e ra l R e s e r v e b a n k s .
C

o m b in e d

R

e so u r c e s

a n d

L

ia b il it ie s

o f

t h e

F

e d e r a l

R

e se e r v e

B

a n k s

a t

t h e

C

lo se

o f

B

u s in e s s

M

a r c h

16

1917.

Mar. 161917. Mar. 9 1917. Mar. 2 1917. Feb. 23 1917. Feb. 16 1917. Feb. 9 1917. Feb. 2 1917. Jan. 26 1917. Jan. 18-19’
RESOURCES.

_______
Gold coin and certificates In vault
Gold settlement fund__________________ _____
Gold redemption fund with U." B~. Treasurer!
Total gold reserve..
Legal tender notes, silver." a o I I I I I I I I I I I I I
T otal reserve____________
5% redemption fund ag’st F . R .’bank n o te i""
Bills discounted— M em bers______
Acceptances bought......... ............
United States bonds...........................................
O n e - y e a r U. S. Treasury n o t e s .................I I I I "
Municipal warrants.......................................
Total earning assets.
Federal Reserve notes— N et-------------------------Due from other Federal Reserve banks— N e t.
Unoollected Items____________________________
All other resources___________________________

$355, 318.000 $330,184,000 $304,163,000 $281,355,000 $274,367,000 $274,194,000 $306,964,000
201 ,661,000 205,561,000 212,031,000 213,861,000 216,221,000 212,961,000 212.961,000 $302,341,000 $286,509,000
213,771,000 212,051,000
2, 339.000
2,325,000
2,347,000
1,922,000
1,804,000
1,734,000
1,835,000
1.813,000
1,783,000
$559, 318.000 $538,070,000 $518,541,000 $497,138,000 $492,392,000 $488,889,000 $521,760,000 $517,925,000
$500,343,000
16, 176.000
19,113,000
9,971,000
15,249,000
7,609,000
10,633,000
12,185,000
17,579,000
10,338.000
$575, 494.000 $557,183,000 $528,512,000 $512,387,000 $500,001,000 $499,522,000 $533,945,000 $535,504,000 $510,681,000
400.000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
$17, ,234,000 $18,500,000 $18,840,000
97, 0 0 2 .0 0 0 108,860,000 114,058,000
29 ,155,000
29.126.000
28.650.000
19 ,368,000
19.466.000
19.468.000
16 ,029,000
16.932.000
16.798.000

$19,553,000
126,054,000
29.471.000
18.647.000
16.678.000

$16,200,000
112,092,000
29.470.000
18.647.000
14.833.000

$14,707,000
93.112.000
30.550.000
18.647.000
12.664.000

$15,711,000 $17,219,000
97.697.000 108,447,000
36.122.000
37.899.000
19.647.000
18.314.000
12.249.000
10.596.000

$178,788,000 $192,886,000 $197,814,000 $209,474,000 $210,403,000 $191,242,000 $169,680,000 $181,426,000 $192,475,000
,991,000
379.000
976.000
198.000

Total resources___________________________ $942,226,000




$20,266,000
123,966,000
29.471.000
18.647.000
17.124.000

$20,608,000
3.143.000
130,411,000
6.401.000

$23,095,000
4.023.000
154,026,000
7.821.000

$22,076,000
732,000
136,940,000
8,271,000

$22,520,000 $23,290,000
7.840.000
13.255.000
144,249,000 121,225,000
8.619.000
11.078.000

$25,515,000
12.687.000
126,611,000
13.153.000

$27,061,000 $24,064,000
a 4 ,123,000
5,354,000
126,437,000 132.116,000
13,609,000
12,729,000

$911,032,000 $915,691,000 $890,280,000 $894,032,000 $860,012,000 $881,991,000 $880,314,000 $877,819,000

THE

1133

[Vol. 104

C H R O N IC L E

Mar. 161917. Mar. 9 1917. Mar. 2 1917. Feb. 23 1917. Feb. 16 1917. Feb. 9 1917. Feb. 2 1917. Jan. 26 1917. Jan.18-10'17

LIABILITIES.
Capital paid In________________________________
Governm ent deposits__________________________
Due to members— Reserve account___________
M em ber bank deposits—N et__________________
Collection Items_______________________________
Federal Reserve notes— N et--------------------------Federal Reserve bank note liability___________
All other liabilities____________________________

$55,694,000 $55,642,000
28,410,000
25,607,000
687,841,000 669,874,000

$56,054,000
18,594,000
726.101,000

$56,028,000
12,401,000
720,488,000

$58,045,000
14,162,000
708,893,000

$55,989,000
13,407.000
692.475.000

$55,773,000
10,851,000
688,591,000

$55,713,000
15,525,000
678,170,000

$55,725,000
23,333,000
689,878,000

121,550,000
19,444,000

102,824,000
18,787,000

116,330,000
19,772,000

108,826,000
19,061,000

121,218,000
17,089,000

97.207.000
13.093.000

101,232,000
11,471,000

07',374,656
13,509,000

109,734,000
13,890,000

480,000

504,000

489,000

522,000

510,000

304,000

352,000

289,000

269,000

$877,819,000
T otal liabilities.................................................. $942,226,000 $911,032,000 $915,691,000 $890,280,000 $894,032,000 $860,012,000 $881,991,000 $880,314,000
77.0%
79.2%

74.6%
77.3%

74.0%
75.4%

71.4%
73.0%

71.8%
72.9%

73.0%
74.0%

76.0%
77.8%

73.8%
76.3%

73.4%
74.6%

80.3%

78.3%

76.4%

74.6%

73.8%

75.3%

78.4%

77.0%

75.3%

$36,502,000
319.000
22.516.000
765.000
42.956.000
612.000
11.486.000
12.123.000
776,000
2,210,000

$40,336,000
1.173.000
23.707.000
794.000
45.208.000
571.000
17.279.000
8.122.000
830.000
6,272,000

$36,578,000 $30,912,000
1.242.000
1.754.000
32.925.000
29.189.000
1.148.000
362.000
49.617.000
46.156.000
911.000
1.103.000
20.096.000
23.915.000
517.000
495.000
879.000
863.000
13.306.000
13.084.000

$33,356,000
1.227.000
28,602,000
921.000
56.578.000
1.100.000
26.149.000
582.000
922.000
12.848.000

$24,394,000
302.000
26.876.000
1.241.000
51.140.000
1.945.000
24.924.000
631.000
958.000
10.714.000

$24,839,000
392.000
23.943.000
1.225.000
44.877.000
1.718.000
13.240.000
696.000
920.000
8.633.000

G old reserve ag'at net dep. A note liabilities..
Cash reserve ag’st not dep. & note liabilities..
Cash reserve against net deposit liabilities after
setting aside 40% gold reserve against ag­
gregate net liabilities on F . R . notes In
circulation__________________________

Distribution by Maturities—
1-15 days bills discounted and b o u g h t...
1-15 days municipal warrants__________
16-30 days bills discounted and b o u g h t...
16-30 days municipal warrants__________
31-60 days bills discounted and b o u g h t...
31-60 days municipal warrants__________
61-00 days bills discounted and b o u g h t...
61-00 days municipal warrants__________
Over 90 days bills discounted and bought.
Over 00 days municipal warrants________

$29,402,000 $31,661,000
1.177.000
1,108,000
22.543.000
18.794.000
417,000
327.000
48.786.000
51.790.000
2.146.000
2.388.000
21.665.000
12.414.000
1.100.000
889.000
1,011,000
1.008.000
6,756,000
7,537,000

Federal Reserve Notes—

Issued to the banks______________________ S363,278,000 $355,263,000 $343,847,000 8331.469.000 $321,453,000 $308,348,000 $290,577,000 $291,693,000 $292,014,000
29,047,000
30,547,000
31,925.000
29,825,000
29,614,000
28,298,000
28,651,000
29,589,000
27,217,000
Held by banks___________________________
$262,967,000
$260,030,000
$259,768,000
$278,523,000
$291,839,000
In circulation____________________________ $336,061,000 $326,612,000 $314,258,000 $303,171,000

$273,141,000
Gold and lawful m oney with Agent---------------- $338,608,000 $328,433,000 $317,581,000 $306,186,000 $297,270,000 $288,720,000 $274,074,000 $273,320,000

Ttierat Reserve Notes (Agents Accounts)—

$462,380,000
Received from the Com ptroller__________ $598,480,000 $583,560,000 $576,400,000 $562,040,000 $539,500,000 $515,880,000 $470,220,000 $469,380,000 103,217,000
Returned to the Com ptroller-------------------- 116,858,000 114,477,000 113.184,000 112,101,000 109,827,000 108,262,000 106,394,000 104,358,000
$359,163,000
Amount ohargeable to A gent------------ $481,622,000 $469,083,000 $463,216,000 $449,939,000 $429,673,000 $407,618,000 $363,826,000 $365,022,000
67,149,000
73,329,000
73,249,000
99.270.000
118,344,000 113,820,000 119,369,000 118,470,000 108,220,000
In bands o f A gent_______________________
$292,014,000
Issued to Federal Reserve banks----- $363,278,000 $355,263,000 $343,847,000 $331,469,000 $321,453,000 $308,348,000 $290,577,000 $291,693,000

How Secured—

By gold coin and certificates-------------------- $218,609,000 $212,094,000 $204,194,000 $194,904,000 $188,144,000 $178,344,000 $166,374,000 $160,174,000 $163,877,000
By lawful m oney__________________
18.873.000
16.503.000
18.373.000
19.628.000
24.183.000
25.283.000
26,266,000
26.830.000
24.670.000
B y commercial p a p e r ______________
13.554.000
15.126.000
12.650.000
13.430.000
15.006.000
14.722.000
14.959.000
15.587.000
15.379.000
Credit balances in gold redemption fu n d ..
95.710.000
93.710.000
95.250.000
95.050.000
94.120.000
90.560.000
101,380,000
97.800.000
104,620,000
Credit balances with Federal Reserve B ’d .
$292,014,000
T o t a l ........................................................... $363,278,000 $355,263,000 $343,847,000 $331,409,000 $321,453,000 $308,348,000 $290,577,000 $291,093,000
$20,366,000
Comm ercial paper delivered to F . R . A g e n t .. $26,189,000 $29,686,000 $28,700,000 $28,618,000 $26,740,000 $21,715,000 $19,692,000 $19,115,000

a A m o u n t due to other Federal Reserve banks.

tAm ended figures.

WEEKLY STATEMENT of RESOURCES and LIABILITIES of EACH of the 12 FEDERAL RESERVE BANKS at CLOSE of BUSINESS ftlCH. 16 '17
Boston.

New York. Philadel'a. Cleveland. Richmond. Atlanta.

RESOURCES.

$
$
$
$
$
G o l d o o ln A c t f s . In v a u l t 1 3 .2 8 2 .0 0 0 2 0 9 , 6 7 2 ,0 0 0 2 4 ,4 7 5 ,0 0 0 1 4 .3 3 0 .0 0 0 5 ,4 8 2 ,0 0 0
G o l d s e t t l e m e n t f u n d ___ 1 8 .6 5 3 .0 0 0 1 6 ,3 4 7 ,0 0 0 ) 1 3 ,9 3 6 ,0 0 0 2 9 .8 2 6 .0 0 0 1 6 ,6 4 5 ,0 0 0
4 5 0 ,0 0 0
4 8 ,0 0 0
2 5 0 ,0 0 0
2 5 0 ,0 0 0
5 0 ,0 0 0
G o ld re d e m p tio n f u n d . .

Chicago.

St. Louis. Minneap. Kan. City. Dallas.

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

San Fran.

Total.

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

T o t a l g o ld r e s e r v e _____ 3 1 ,9 8 5 ,0 0 0 2 2 6 ,2 6 9 ,0 0 0 3 8 , 6 6 1 ,0 0 0 4 4 ,2 0 4 ,0 0 0 2 2 ,5 7 7 ,0 0 0 1 1 ,7 7 7 ,0 0 0 7 5 ,0 0 7 ,0 0 0 1 6 ,4 9 9 ,0 0 0 1 8 ,2 9 4 ,0 0 0 3 2 , 0 3 5 ,0 0 0 1 5 ,2 2 4 ,0 0 0 2 6 ,7 8 6 ,0 0 0 5 5 9 .3 1 8 ,0 0 0
7 3 3 ,0 0 0
6 2 ,0 0 0
9 4 0 ,0 0 0
6 4 ,0 0 0 1 6 ,1 7 6 ,0 0 0
9 7 ,0 0 0 1 ,4 6 5 ,0 0 0 1 ,0 1 7 ,0 0 0 2 ,4 6 4 ,0 0 0
1 4 7 ,0 0 0 )
1 1 2 ,0 0 0
8 ,8 6 2 ,0 0 0
2 1 3 ,0 0 0
L e g a l - t o n .n o t e s ,a l l v . , A o .
T o t a l r e s e r v e __________ 3 2 , 1 9 8 ,0 0 0 2 3 5 ,1 3 1 ,0 0 0 3 8 ,8 0 8 ,0 0 0 4 4 ,3 1 6 ,0 0 0 2 2 ,6 7 4 ,0 0 0 1 3 ,2 4 2 ,0 0 0 7 6 ,0 2 4 ,0 0 0 1 8 ,9 6 3 ,0 0 0 1 9 ,0 2 7 ,0 0 0 3 2 ,0 9 7 ,0 0 0 1 6 , 1 6 4 ,0 0 0 2 0 ,8 5 0 ,0 0 0 5 7 5 ,4 9 4 ,0 0 0
6 % r e d e m p . fu n d — F .R .
b a n k n o t e s _____________
B ills :
D i s c o u n t e d — M e m b e r s 1 ,8 7 2 ,0 0 0
B o u g h t In o p e n m k t . . 1 1 , 7 7 1 ,0 0 0
T o t a l b ills o n b a n d . . . 1 3 , 6 4 3 ,0 0 0
In v estm en ts: U . 8 . b d s .
O n e -y r . U .S . T r . n otes
M u n lo l p a l w a r r a n t s . .

1,666*666
2 9 8 ,0 0 0

T o t a l e a r n in g a s s e t s . . 1 5 ,6 0 7 ,0 0 0
F e d . R e s ’ v e n o t e s — N e t 1 ,1 6 0 ,0 0 0
D u e fr o m oth e r F ederal
R e s e r v e B a n k s — N e t . 3 ,0 4 1 ,0 0 0
U n c o ll e c t e d I t e m s ________ 1 5 ,4 0 2 ,0 0 0
6 1 ,0 0 0
A ll o t h e r r e s o u r c e s ...........

3 0 0 .0 0 0

7 ,4 7 3 ,0 0 0

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

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

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

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

5 ,6 5 7 ,0 0 0

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

5 0 ,0 0 0
1 ,4 9 1 ,0 0 0
7 ,0 0 0

1 ,9 9 9 ’,6 6 6
1 ,3 7 8 ,0 0 0

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

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

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

8 2 0 ,0 0 0

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

6 ,1 1 3 ,0 0 0 1 1 4 ,2 3 6 ,0 0 0

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

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

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

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

3 ,4 1 5 ,0 0 0

8 .1 4 7 .0 0 0
1 .7 8 4 .0 0 0
4 8 6 ,0 0 0

9 ,3 4 1 ,0 0 0

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

1 .6 9 7 .0 0 0

8 ,8 6 8 ,0 0 0
9 5 ,0 0 0

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

0 ,2 0 5 ,6 6 6
1 5 9 ,0 0 0

2 .4 9 0 .0 0 0
9 .8 6 2 .0 0 0
2 2 2 ,0 0 0

1 7 .2 3 4 .0 0 0
0 7 .0 0 2 .0 0 0

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

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

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

4 0 0 ,0 0 0

3 ,6 4 9 ,0 0 0

4 4 7 .0 0 0
3 ,2 0 2 ,0 0 0

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

.............
2 1 2 ,0 0 0
5 ,9 0 1 ,0 0 0

1 .4 0 2 .0 0 0
6 .0 7 1 .0 0 0

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

100,000^
1 .4 4 0 .0 0 0
1 .9 7 5 .0 0 0

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

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

5 .7 0 7 .0 0 0

1.100.000

2 1 ,9 9 1 ,0 0 0

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

T o t a l r e s o u r c e s ________ 0 7 ,4 5 9 ,0 0 0 3 1 2 ,4 4 3 ,0 0 0 7 8 ,5 7 3 ,0 0 0 7 7 ,5 6 8 ,0 0 0 4 4 ,3 5 6 ,0 0 0 3 0 ,9 9 0 ,0 0 0 1 2 6 6 4 4 0 0 0 3 9 ,9 8 3 ,0 0 0 3 5 ,8 1 5 ,0 0 0 5 9 ,0 3 7 ,0 0 0 3 1 ,8 2 5 ,0 0 0 4 6 ,3 6 0 ,0 0 0 9 4 2 ,2 2 6 ,0 0 0

LIABILITIES.

5 .0 6 8 .0 0 0 1 1 ,8 8 0 ,0 0 0 5 .2 6 0 .0 0 0 6 ,0 8 9 ,0 0 0 3 .4 0 5 .0 0 0 2 .4 1 8 .0 0 0 6 ,9 9 9 ,0 0 0 2 .7 9 5 .0 0 0 2 .4 1 3 .0 0 0 3 .0 8 9 .0 0 0 2 .6 9 8 .0 0 0 3 .9 4 0 .0 0 0 5 6 .0 5 4 .0 0 0
C a p i t a l p a id I n __________
8 9 5 ,0 0 0
5 8 9 ,0 0 0
4 4 3 ,0 0 0 1 .0 9 1 .0 0 0 2 .0 3 9 .0 0 0 1 8 .5 9 4 .0 0 0
8 6 0 ,0 0 0 1 .8 2 5 .0 0 0
0 6 5 ,0 0 0
2 4 0 ,0 0 0
7 .4 7 6 .0 0 0 1 .0 6 3 .0 0 0
G o v e r n m e n t d e p o s i t s ___ 1 .4 0 8 .0 0 0
D u e to m em bers— R e ­
s e r v e a c c o u n t __________ 4 8 .4 7 3 .0 0 0 2 6 0 ,5 5 1 ,0 0 0 4 7 .3 2 8 .0 0 0 5 9 .6 1 5 .0 0 0 2 5 ,8 9 1 ,0 0 0 1 9 ,3 8 0 ,0 0 0 1 0 2 2 2 8 0 0 0 2 6 ,9 9 1 ,0 0 0 2 8 ,0 0 9 ,0 0 0 4 6 ,2 0 8 ,0 0 0 2 4 ,0 7 2 ,0 0 0 3 7 ,3 5 8 ,0 0 0 7 2 6 .1 0 4 .0 0 0
C o l l e c t i o n I t e m s _________ 1 2 .4 1 1 .0 0 0 2 4 ,9 9 0 ,0 0 0 2 0 .4 3 3 .0 0 0 1 1 .6 2 4 .0 0 0 7 .2 6 0 .0 0 0 4 .7 1 3 .0 0 0 1 6 ,7 5 2 ,0 0 0 7 .2 0 1 .0 0 0 2 .5 6 0 .0 0 0 7 .7 5 9 .0 0 0 2 .8 8 6 .0 0 0 2 .9 5 5 .0 0 0 1 2 1 .5 5 0 .0 0 0
1 9 .4 4 4 .0 0 0
8 3 6 .0 0 0
2 .4 0 7 .0 0 0 1 .9 2 6 .0 0 0 1 .5 3 8 .0 0 0
3 .2 0 5 .0 0 0
6 .8 7 8 .0 0 0 2 .6 5 4 .0 0 0
F e d . R e s ’v e n otes— N e t ..............
2 4 2 .0 0 0
6 ,0 0 0
0 2 ,0 0 0
7 .3 6 6 .0 0 0 1 .1 5 1 .0 0 0
D u e t o F .R .b a n k s — N e t
4 8 0 ,0 0 0
6 8 ,0 0 0
1 3 3 ,0 0 0
1 8 0 ,0 0 0
9 9 ,0 0 0
A lt o t h e r li a b i li t ie s ______
..............
..............
..............
..............
..............
T o t a l li a b i li t ie s .............. 6 7 , 4 5 9 ,0 0 0 3 1 2 ,4 4 3 ,0 0 0 7 8 ,5 7 3 ,0 0 0 7 7 ,5 6 8 ,0 0 0 4 4 ,3 5 6 ,0 0 0 3 0 ,9 9 0 ,0 0 0 1 2 6 6 4 4 0 0 0 3 9 ,9 8 3 ,0 0 0 3 5 ,8 1 5 ,0 0 0 5 9 ,0 3 7 .0 0 0 3 1 .8 2 5 ,0 0 0 4 6 ,3 6 0 ,0 0 0 9 4 2 ,2 2 6 ,0 0 0

Federal Reserve Notes—

I s s u e d t o b a n k s ________ 1 5 ,4 2 6 ,0 0 0 1 5 7 ,8 6 6 ,0 0 0 2 3 , 1 9 9 , 0 0 0 1 4 ,2 7 8 ,0 0 0 1 7 ,0 7 1 ,0 0 0 2 0 ,6 3 3 ,0 0 0 1 9 ,1 5 4 ,0 0 0 1 5 ,5 5 5 ,0 0 0 2 0 ,1 4 5 ,0 0 0 2 2 ,9 2 6 ,0 0 0 2 1 , 2 3 7 ,0 0 0 1 5 ,7 8 8 ,0 0 0 3 6 3 ,2 7 8 ,0 0 0
2 4 6 ,0 0 0 1 ,6 9 7 ,0 0 0 2 7 ,2 1 7 ,0 0 0
5 0 8 ,0 0 0
9 4 0 ,0 0 0 1 ,1 7 4 ,0 0 0
8 2 6 ,0 0 0
6 7 7 ,0 0 0 3 ,2 0 8 ,0 0 0
8 5 5 ,0 0 0
8 2 0 ,0 0 0
H e ld b y b a n k s _________ 1 ,1 6 0 .0 0 0 1 5 ,1 0 6 ,0 0 0

F . R . n o t e s In o lr o u la t lo n 1 4 ,2 6 6 ,0 0 0 1 4 2 ,7 0 0 ,0 0 0 2 2 , 3 4 4 ,0 0 0 1 3 ,4 5 8 ,0 0 0 1 6 ,2 4 5 ,0 0 0 1 9 ,9 5 6 .0 0 0 ,1 5 ,9 4 6 ,0 0 0 j l 4 , 6 1 5 ,0 0 0 1 8 ,9 7 1 ,0 0 0 2 2 ,4 1 8 ,0 0 0 2 0 ,9 9 1 ,0 0 0 1 4 ,0 9 1 ,0 0 0 3 3 6 ,0 6 1 ,0 0 0
G o l d a n d la w f u l m o n e y
w it h a g e n t _____________ 1 5 ,4 2 6 ,0 0 0 1 5 7 ,8 6 6 ,0 0 0 ^ 1 9 ,1 3 9 ,0 0 0 1 4 ,2 7 8 ,0 0 0 9 , 3 6 7 . 0 0 0 'l 7 , 3 0 2 ,0 0 0 1 9 , 1 5 4 ,0 0 0 1 2 ,2 0 8 .0 0 0 1 7 ,0 4 5 ,0 0 0 2 0 ,8 8 0 ,0 0 0 2 0 , 1 5 5 ,0 0 0 1 5 ,7 8 8 ,0 0 0 3 3 8 .6 0 8 .0 0 0

a Difference between net amounts due from and net amounts due to other Federal Reserve banks,

x Overdraft.

STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS MARCH 15 1917.
Boston.

Neto York. Philadel'a. Cleveland. Richmond. Atlanta.

Chicago.

St. Louis. Minneap. Kan. City

San Fran

Total.

S
Federal Reserve Notes—
Reo’d from Comptrolr 33.880.000 275,480,000 37,520,000 23.860,000 29,500,000 36,380,000 22 ,520,000 23,340,000 32,000,000 29,720,000 35,720,000 18,560,000 598.480.000
Returned to Comptrol 9,004,000 02,414,000 7,481,000 4,882,000 8,829,000 4,942,000 1 8 6 6 ,0 0 0 3,445,000 1,355,000 3,171,000 6,607,000 2,772,000 116.858.000
Chargeable to A g e n t ... 24,786.000 213,066,000 30,039,000 18,978,000 20,671,000 31.438.000
In bands of F.R .A gent 9.360,000 55,200,000 6,8-10,000 4,700,000 3,600,000 10.805.000
Issued to F. R . bank 15,426,000 157,866,000 23,199,000
Held by F. R . Agent—
Gold coin A oertfs___ 14,650,000 152,144,000 3,730,000
Credit balances:
776,000 5,722,000 1,269,000
In gold redemption f’d
14,140,000
W ltb F. R . Board____
N otes seoured by com
4,060,000
merolal paper_______

20,633,000
2,897,000
765,000

985,000
367,000
9,000,000 13,420,000
7,704,000 3,331,000

,654,000 19,895.000 30.645.000 26,549,000 29,113,000 15,788,000 181,622,000
500,000 4,340,000 10.500.000 3,623,000 7,870,000

118,344,000

15,555,000 20,145,000 22,926,000 21,237,000 15,788,000 363.278,000
5.165,000 13,030,000 3,370,000 10,110,000

218,609,000

778,000 15,379,000
885,000 1,350,000 1.165.000
613,000
704,000
,450,000 6,430,000 3,130,000 16,160,000 8.880.000 15,010,000 104,620,000
3,347,000

2,046,000 1,082,000

24,670,000

15,426,000 157,866,000 23,199,000 14,278,000 17,071 ,0 0 0 2 0 1,633,000 19,154,000 15,555,000 20,145,000 22,926,000 211.237.000 15,788,000 363,278,000
T o t a l _______
Amount of com m '! paper
26.189.000
3,352,000 3,100,000 2,153,000 1.917.000
4,099,000
delivered to F .R .A g ’ t
8,195,000 3,373,000




Mar . 24 1917.]

THE

C H R O N IC L E

1133

Statement of New York City Clearing House Banks and Trust Companies.
sh ow s

th e

sep a ra te

c o n d it io n

ban k s are

of
th e

th e

N ew

Y ork

averages o f

C ity

C le a r in g

th e d a ily

r e s u lts .

g iv e n .
I n o r d o r t o fu r n is h a c o m p a r is o n , w e h a v e
a ls o t h e g r a n d a g g r e g a t e s fo r t h e th r e e p r e c e d in g
N E W

C L E A R IN G HOUSE
M EM BERS.
W eek E n din g
M ar. 171917.

(001 omitted.)

Capital.

Y O R K

Net
Profits.

Loans,
Discounts,
Investm’ts,
/N a t. B'ks D eo. 271
&c.

H ouse
In

th e ca se o f th e

in s e r te d
w eeks.

W E E K L Y

th e

Silver.

IStateB’ks Feb. 28J

Average.

M em bers o f F ederal
R eserve B an k.
$
$
Bank of N . Y ., N .B .A
2 ,000,1
5,200,!
2 ,000 +
2,470,"
Merchants’ N at. Bank
9,593+
0 ,000 +
M eoh. 4 M etals N a t-.
National C ity B a n k ... 25,000,1 .>43,210,"
8,425,0
3,000,1
Chemical N at. Bank
841,1
1,000 +
Atlantlo National Bank
75,1
300,1
5,281,1
5,000,0
Amer. Exch. N at. Bank
National Bank of C om . 25,000,0 18,865,8
2,145,7
3,500,1
3,000,0 16,144,9
2,462,1
2,550,0
Citizens’ N a t ................
1,000,0 2,070,5
M arket * Fulton N a t ..
3,500,0
7,294,2
Corn Exchange B a n k ..
1,500,0
7,850,5
Im porters’ 4 Traders’ . .
5,000,0 10,208,0
National Park Bank___
250,0
81,7
East River N at. B a n k ..
1,000,0 3,483,1
Seoond National B ank.
First National Bank___ 10,000,0 25,243,4
4,000 +
Irving National Bank.
4,354,7
500+
N . Y . C ounty N at. B k.
1,250+
Chase National B a n k .. 10,000,0 12,025,2
1,000,0
1,941,8
Lincoln National Bank
1,000,0
1,310,7
Garfield National Bank
250,0
420,2
Fifth National B a n k ...
1,000,0 3,095,1
Seaboard N at. B a n k ...
1,000,0 3,007,5
Liberty National Bank.
1,000,0
771,2
Coal 4 Iron N at. B ank.
1,000,0
1,119,0
Union Exohango N a t ..
1,000,0
1,131,4
Nassau N at. Bank____
1,500,0
1,050,6
Broadway Trust C o . . .

$
37,164+
20,313,0
121,835,0
457.030,0
30,715+
13,451,0
2,517,0
82,720,0
248,811,0
65,727+
140,452,0
29,458,0
10,807,0
88,810,0
34,527,0
151,071,0
2,249 +
18,790 +
174,101+
83,101 +
11,158 +
229,372 +
17,180 +
10,339+
5,620,0
39,659,0
59,258,0
10,139,0
11,440,0
10,540,0
22,898,0

1,334,0
343,0
1,946,0
3,762,0
1,781,0
252,0
36+
1,821,0
3,411,0
1,243 +
2,428 +
250,0
407,0
807+
2,195 +
1,343 +
33 +
178,0
3,490+
3,923 +
512,0
7,032,0
927 +
210+
119+
1,274+
709 +
214+
187+
260 +
231,0

169,0
757,0
4,400,0
2,939,0
544,C
224,0
131 +
1,587,0
1,854,0
1,155+
1,295 +
923 +
359 +
2,793+
198+
1,821 +
165 +
464,0
1,747,0
2,500,0
238,0
3,540,0
219,0
461,0
520,0
1,003,0
230+
167+
730,0
409,0
614,0

T otals, avge. for week 123,850,0 209,103,0 2,253,324,0 257,981,0

42,724,0

34,288,0

............ 2,251,019,0 269,135,0
—
2,248,719,0 254,244,0
--------- 2,250,052,0 273,853,0
2,202,079,0 296.457.0
■
----

41.92S+)
34,310+
39,208+
37,558,0

33,697,0
33,744,0
33,031,0
37,925,0

562,0
618,0
730,0

166,0
701,0
08,0
30,0
1,457,0
130,0
180,0
445,0
130,0
518,0
673,0

actual
actual
actual
actual

condition
condition
condition
condition

M ar. 17
M ar. 10
M arch 3
Feb. 24

fo llo w in g

M arch

17.

t o t a ls , a c t u a l fig u r e s a t e n d

t o t a ls o f a c t u a l c o n d it io n

fo r e a ch

of

___. . .
___. . .

______
______

3,0
37,0
74,0
113,0
28+
18,0
5+
125,0
______
376+
25,0
26,0
55 +
496 +
32 +
97+
2+
34,0

21,0
13 +
131,0
45,0
206,0
18,0

12,0

28,0

20,0
11,0
15,0
36,0

d e ta ile d
T h e

o f
th e

statement
the
and

fig u r e s

th e w e e k

fo r

a r e a ls o

th re e g r o u p s

R E T U R N .

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

Addil'al
Reserve Deposits
with
Net
with
Legal
Legal
Demand
Deposi­ Deposi­ Deposits.
taries.
taries.

Average. Average. Average. Average. Average. Average. Average. Average
$
$
$
$
t
$
%
$
2,798,0
812,0
27,224,0
50,202,0
3,899,0
1,542,0
93 +
6 ,000,0
20,347,0
4,417 +
25,520,0
1,480,0
1,370,0
13,095+
1,531 +
14,004 +
117 +
1,083+
24,334+
11,224 +
438,0
27,138 +
2,040+
088+
122 +
4,239+
1,001 +
555+
231,0
448,0
1.937,0

Totals,
Totals,
Totals,
Totals,

— T h e

th e w e e k e n d in g

C L E A R IN G H O U S E

Legal
Tenders.

Q0\d.

m em b e rs fo r

37+
140+
1,269+
27 +
7,0
128,0
700+
302 +
199,0

20,0
184,0
2,508+
87,0
140,0
18,0
3,0
198,0
25,0
490,0
76,0
127,0
7,0
65,0
181,0
26,0
28,0

12,0
88,0

National
Bank
Circula­
tion.

Average.
$

$
34,295+
17,025,0
142,084,0
488,569,0

786,0
1,815,0

1,741 +
60,0
4,257,0
2,439,0

1,782,0

14,116,0

700,0

150,0

81+83 +
258,037,0

6 ,021,0
1,852,0
5,662,0
l f093f0

27,660,0
11,065,0
31,769,0
153,205,0

221,0

68,0

68,0

Average.

_

2,712 +
1,290,0
10,117,0
38,826,0
2,531,0
1,074 +
159,0
9,696 +
19,755,0
5,296,0
15,500+
2,802,0
1,093,0
9,149,0
2,452 +
11,347,0

Net
Time
Deposits

1,191,0
13,787,0
7,369,0
896,0
17,990,0
1,475,0
953,0
435,0
0,755,0
16,969,0
1,174,0
990,0
7 17+
1,927,0

15,853+
179,055,0
94,164,0
11,556,0
247,465,0
18,385,0
10,325,0
5,797,0
49,016,0
72,544,0
10,137,0
11,195,0
10,253,0
24,660+

1 ,897,0
1,225,0
5 + 01 +
15,266,0
48,0
340,0
1,702,0
215,0
25 fO
4 90 +

50+

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

2,170,0

7,160,0 206+54,0

______ 2,402,241,0

50,474,0

28,658,0

----------

2,285,0
1,956,0
1,659,0
2.050,0

6,437,0
6,440,0
5,674,0
5,710,0

221,274,0
208,603,0
202,561,0
193,035+

2,432,202,0
2,376,990,0
2,391,485,0
............ 2,363,856,0

49.994,0
49,804 +
53,700+
51,270,0

28+75+

97,0
158,0
30,0

3 + 8 3 ,0

S ta te B anks.

Not Members of
Federal Reserve Bank.

Bank o f M anhattan Co.
Bank of America...........
Greenwloh Bank______
Paclflo B a n k .. ..............
People’s B a n k ..............
M etropolitan Bank____
Bowery B a n k ... .
Gerraan-Amerlcan Bank
Fifth Avenuo Bank____
German Exchange Bank
Germania Bank
Bank o f M etropolis. .
West Side Bank_____ __
N . Y . Produce E x. B k.
State Bank________
Totals, avge. for week.
Totals,
Totnls,
Totals,
Totals,

actual
actual
actual
aotual

condition
condition
condition
condition

2,050,0

42,071,0
35,517,0
12,590,0
7,998,0
2,991,0
15,608,0
4,219,0
0,250,0
18,135,0
5,210,0
6,332,0
15,081,0
4,455,0
15,471,0
24,950,0

9,138,0
5,475,0
1,107,0
754,0
178,0
1,315,0
343+)
751,0
2,225,0
497,0

1,500,0

5,180,2
6,598,9
1,280,4
985,3
468,7
2 , 120,2
803,4
824,8
2,303,6
8G0,0
1,072,0
2,214,1
301,0
1,002,4
720,0

1,058+)
250,0
1,250,0
2,331,0

848,0
1,218,0
230,0
442,0
55,0
1,057,0
37,0
191,0
150,0
71,0
03,0
433,0
205,0
307,0
704,0

11,950,0

20,802,2

217,484,0

27,340,0

6,131,0

0,485,0

1,265,0

M ar. 17
M a r. 10
M arch 3
Feb. 24

______
. . . ___

210,335,0
219,318.0
210,313,0
213,938,0

27,502,0
28,575.0
27,718,0
20 ,00+0

0,143,0
5,953,0
9,920,0
9 + 8 2 ,0

6,889,0
0 , 668,0
7,053 0
6,711,0

600,0
500,0

200,0
2 ,000,0
25(j|U
750,0

100,0
200,0
200,0
1,000,0
200,0
1,000,0

_ "r**

"

002,0

89,0

11,0

2 65 +
115,0

111,0

10,0

17,0
78,0

48,0
41,0
7,0
52,0
189,0
80,0

1,002,0

728,0

49,894,0

500,0

13f793t0
7,790 O

1 5+

—

185,0

13,0

318,0
245,0
885,0
282,0
1,177,0
1,494,0

1,441,0
51,0
2,694 +
55,0

14+81 +
3,855,0
6,417 +
19,360,0
5,293,0
0,300,0
14,741,0
4,709,0
16,921 +
28,029,0

493,0

8,948,0

5,674,0

229+13,0

560,0

1,230,0
1,235,0

365,0
516,0

9,139,0
8,954,0

6,309,0
5,597,0

229,524,0
233,161,0

5 60 +
560,0

+418+

3 85 +

9+20+

5 ,2 7 9+

228+96+

3 08+

2 17 +
334,0

11,0

68,0

33,0

37,0
62,0
191,0

69,0
............

181,0

32,0

—

T ru st C om p a n ies.

Not Members of
Federal Reserve Bank.
Brooklyn Trust Co____

1,500,0
3,799,5
Bankers’ Trust C o _____ 10,000,0 17,064,9
4,507,1
U. S. M tge. 4 Trust Co.
1,250,0
Astor Trust C o _______
5,000,0 12,404,5
Title Guar. 4 Trust C o .
Guaranty Trust C o ____ 20 ,000,0
1,000,0
1,239,3
Fidelity Trust C o.........
4,000,0
5,511,6
Lawyers’ Title 4 Trust.
5,000,0
6,442,9
Columbia Trust C o____
1,000,0
1,751,4
People's Trust C o _____
3,000,0 11,632,4
Now York Trust C o ___
1,000,0 1,334,4
Franklin Trust C o _____
1,000,0
Lincoln Trust C o .........
633,4
2 ,000,0 5,249,3
Metropolitan Trust C o .

36,334,0
226,423,0
65,821,0
32,051,0
41,348,0
305,144,0
10,218,0
27,395,0
90,579,0
23,589,0
70,815,0
22,325,0
14,300,0
61,398,0

2,105,0
21,007,0
4,703,0
3,180,0
2,238,0
00,030,0

"

1,512,0
5,981,0
1,751,0
5,784,0
1,421,0
945,0
4,884,0

414,0
363,0
169,0
’ 44,0
181,0
2,563,0
57,0
424,0
324,0
144,0
277,0
684,0
131,0
367,0

245,0
180,0
149,0
107,0
103,0
1,452,0
109,0
42,0
781,0
280,0
28,0
310,0
290,0
304,0

403,0
25,0
33,0
196,0
130,0
14,0
83,0
83,0
416,0

Totals, avgo. for week. 57,750,0 104,776,1 1,087,800,0 116,803,0

0,042,0

4,440,0

2 ,021,0

117,231,0
110,514,0
118,074,0
104,417,0

3,027,0
10,438,0
9,440,0
6.215,0

5,749,0
4,233,0
4,430,0
3,671,0

1,872,0
1,947,0
1,809,0
1,936,0

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

Grand Aggregate, a vge. 193,550,0 340,741,9 3,558,614,0 102,124,0
Comparison prev. week
+ 934,0
............
............ + 12,602,0

54,897,0
+ 789,0

45,219,0
+ 223,0

3,286,0
+ 72,0

2,170,0
+ 247,0

8,711,0 264,119,0 53,179,0 3,622,125+ 179,754,0
+ 755,0 + 6,015,0 + 7178 0 + 30+ 15,0 —2,316,0

28,658,0
+ 4+

Grand Aggregate,actual condition
Comparison prev. week
............
Grand Aggregate aotual condition
Grand Aggregate actual condition
urauu Aggregate actuallcondltlon

M ar. 17 3,558,900,0 413,928,0
+ 775,0 + 145950
............

51,098,0 40,335,0
+ 991,0 + 1,690,0

3,102,0
— 80,0

2,285,0
+ 329,0

7,802,0 278,894,0 50,703+' 3,651,777,0 179,626+
— 177+ + 121740 f239090 + 43,772,0 + 1,089,0

28,590,0
— 38+

M ar. 10 3,558,131,0 199,333,0
M ar. 3 3,532,495,0 419,645,0
Feb. 24 3,481,667,01420,875.0

50,707,0
68,040,0
52,955,0

3,182,0
3,339,0
3,354,0

1,956,0
1,659,0
2.050,0

8,039,0 266,720,0 12,794,0 3,608,005,0 178,537,0
6 ,912+ 259,325,0 15,312,0 3,597,457,0 183,400,0
6,954 + 249,135,0 36.941 + 3,552,160,0 169,794,0

2 8.775+

Totals,
Totals,
Totals,
Totals,

actual
aotual
aotual
aotual

condition
condition
condition
condition

M ar. 17
M ar. 10
M arch 3
Feb. 24

______
—
—
............

1,090,952.0
1,090,094,0
1,006,130,0
1,005,050,0

002,0

277,0

5,395,0
30,096,0
213,444+ 25,406+
51,966,0 14,597,0
24,280,0
8 + 10+
25,765,0
1,434+
370,612+ 3 4 jl6 7 ’0
8,124,0
1,039,0
20,292,0
847,0
72,647,0 20+68 +
22,625,0
1,584,0
7,578 0
57,483,0

1,058,0

48,517,0 47,505,0

989,971,0 128,720,0

1,000,0
1,083,0
923,0
859,0

48,481,0
49,163,0
47,576,0
46,980+

990,051,0
997,854 +
972,851,0
959,308,0

20,0
19,0
59,0
55,0
486,0
12 +
35,0
103,0
60,0

121.0

44,045,0
44,520,0
48.307,0

1,505,0 2 ,221,0
10,072,0 11,821,0
2,598,0 5,434,0
220,0 4 + 0 8 ,0
1,288,0 3,732,0
18,530,0 11,046,0
405,0
648,0
1,015,0
197,0
3,632,0 3,752,0
1,131,0 1,344,0
2,889,0 1,094,0
730 0
987,0
505 tO
707,0
2,938 +
973 +

29,0

8,0
195,0
31,0

122,0
8,0

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

29+
21 +

14,147,0
58,753+

00,394,0
37,197,0
39,269+
31,662,0

4 ,1 1 5+

129,072,0
128,173 +
129,145+
118,216+

--

...
--......

...
______

28,628 0

a Includes capital set aside for foreign branches, 35,000,000.
STATE M E N TS OF RESERVE

PO S IT IO N .

A verages.

Cash Reserve Reserve in
in Vault Depositaries
M em b ers F ederal
R e s e r v e B a n k ------S t a t e B a n k s * ------------T r u s t C o m p a n ie s * ..

S

Total
Reserve.
3

a Reserve
Required.

A c tu a l F igu re s.

Surplus
Reserve.

Inc. or Dec.
from
Cash Reserve Reserve in
PreviousWeek in Vault. Depositaries
3

3

3

Total
Reserve.

b Reserve
Required.

3

3

Surplus
Reserve.

Inc. or Du.
from
PreviousWetk

334.993.000 200,054,000541,047,000 134,927,080 100,719,920 + 3,880,010 344,700,000221,274,000 500,034,000 440,290,000 125,737,940
41,221,000 8.948,000 50,109,000 41,384,340] 8,784,000 — 2,579,520 41,824,000 9,139,000 50,903,000 41,314,320 9,048,080 + 25,179,340
+ 232,660
129.312.000 48,517,000177,829,000 148,495,050, 29,333,350 + 1,011,300 128,479,000 48,481.000170,900.000148,507,050
28,452,350 — 4,164,550
T otal M ar. 1 7 . . . . 505.520.000 ^ M i 9 '0007r>9 -645,000 024.807,070 144,837,930 +2,918,390] 515,003.000278,894,000 793,957,000030,118
103,838,970 + 21,247,450
T otal M ar. 1 0 . . . 503.508.000
1°4,000 701,012,000 019,092,400 141,919,540 — 25,945,270 497.SG7.000200,720,000 704 ,587,000 021,995
142,591,520 — 21,835,750
Total M ar. 3 . . . _, 533,574,000
-.,v,ku|252,925,000 780,499+ O o !fll8 + 3l!l9 0 107,804,810 — 1,940,900 520.144.000259,325,000 785 ,409,000 021,041
164,427,270 — 3,025,670
Total Feb. 2 4 . . . 531.107.000251,412,000 782,570,000'012.707.290 109,811,710 +13,001,050 531,491.000249,135,000780.020,000013.173
167.452.940 + 1,737,720
• N ot mombers of Federal Reserve Bank.
a This Is the reserve required on Net Demand Deposits In the case o f State Banks and Trust Companies, but In the case o f Members o f the Federal Reserve Bank
Includes also the amount of reserve required on N et Tim e Deposits, which was as follows: M ar. 17, $2,523,700; M ar. 10, $2,589,250: M ar. 3, $2,643,650: Feb. 24, $2 606 650.
b This Is the reserve required on N et Demand Deposits In the caso of State Banks and Trust Companies, but In the case of Members of the Federal Reserve Bank
include also the amount of reserve required on Net T im e Deposits, whloh was as follows: M ar. 17, $2,499,700; M ar. 10, $2,490,200: M ar. 3, $2,685,000; Feb. 24, $2,563,500.




THE

1124
T h e

S ta te

■ h o w in g

th e

In N e w

Y ork

B a n k in g
c o n d it io n
C ity

D e p a rtm e n t
of

S ta te

rep orts

banks

and

w e e k ly
tru st

not in the Clearing H ouse,

th ese

are

■ h o w n in t h e f o ll o w i n g t a b le :

(Figures Furnished by Slate Banking Department.)
March 17.

Differences from
previous week.

Loans and Investments______________________________$771,974,800 Inc. $8,314,200
G o ld '....................................................................................... 69,082,500 Inc. 1,315,600
148,900
11,185,500 D ec.
Currency and bank notes___________________________
T otal deposits______________________________________ 1017,051,200 Inc. 13,858,400
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust com ­
panies in New York City, and exchanges________ 816,343,500 Inc. 11,525,700
Reserve on deposits_____ ______
272,711,300 Inc. 3,262,200
Percentage of reserve, 34.1.
RESERVE.
—Trust Companies— •
-------- State Banks-------$64,159,100
9.54%
Cash In vaults_____________________ $16,108,900 12.62%
169,867,000 25.29%
Deposits in banks and trust cos____ 22,576,300 17.69%
T o t a l .................................................. $38,685,200
T h e a v e ra g e s o f th e N e w

a d d it io n

to

th e re tu rn s o f “ S ta te

b y

th e

S ta te

B a n k in g

Y ork

combined

30.31%

$234,026,100

24.82%

C it y C le a r in g H o u s e

banks

w it h t h o s e fo r th e S t a t e b a n k s

a n d t r u s t c o m p a n ie s in G r e a t e r N e w

in t h e w h o le S t a t e .
g u is h

b etw een

$
Deo. 2 3 . . . 4,108,482,9
Deo. 3 0 . . . 4.0S7.289.2
Jan. S 1917 4,099,002,9
Jan. 1 3 . . . 4,119,897,3
Jan. 20 . . . 4,172,608,3
Jan. 2 7 . . . 4,216,025,9
Feb. 3 . . . 4,254,745,3
Feb. 10. . . 4,222,813,7
Feb. 1 7 . . . 4,200,191,9
Feb. 2 4 . . . 4,230,371,9
M ar. 3 . . . 4,262,506,1
M ar. 10. . . 4,309,612,6
M ar. 1 7 . . . 4,330,588,8

Demand
Deposits.

Specie.

Other
Money.

F or

d e fin it io n s

and

r u le s

$
4,094,525,9
4,098,827,8
4,160,751,3
4,230,341,0
4,333,415,0
4,389,954,3
4,403,318.2
4,338,722,5
4,311,725,2
4,539,468,4
4,386,187,0
4,396,027,8
4,438,468,5

$
418,483,9
424,819,1
455,225,7
505,303,3
530,436,5
651,060,3
530,189,2
523,975,1
520,022,8
538,044,3
538,553,5
513,952,9
516,425,5

$
72,791,1
75,592,2
77,977,5
82,471,5
83,323,8
76,059,0
74,353,7
73,943,6
73,705,7
71,511,5
73,535,3
68,656,4
69,368,5

Entire
Reserve on
Deposits.

$

$
834,734,5
856,072,3
915,437,2
970,956,4
1,031,310,7
1,057,394,0
1,040,031,4
1,019,827,0
1,004,960,0
1,038,788,2
1,043,203,4
1,031,001,1
1,042,356,3

491,275,0
500,411,3
533,203,2
587,774,8
619,760,3
627,119,3
604,542,9
597,918,7
593,728,5
609,555,8
612,088,8
582,609,3
585,794,0

I n s t it u t io n s
R E T U R N

C L E A R IN G
tfO N -M E M B E R 8 .
W eek E nding
M arch 17 1917

S ta te

O F

are

n ot

in o lu d e d

N O N -M E M B E R

T h e

p r o v is io n s

m en ts

of

S ta te

“ C h r o n ic le ”

of

th e

$

Average.

t

----I - ’ V ’ ----4,659,700 37,690,000 1,312,000

1,995,000

1

3
349.000
147.000
170.000
251.000
169.000
176.000
50,000

125,000

Silver.

S

82,000
32.000

66.000

96.000

a ls o

C ity

(G r e a te r

N ew

M arch

28

w h io h

g o v e r n in g

in s t it u t io n s
1914

th e

v a r io u s

ite m s

V . 98, p . 1661.

(V .

in

th e

w ere

98,

p.

reserve

r e q u ir e ­

p u b lis h e d

9 6 8 ).

th e c o m p u t a t io n

w e r e g i v e n in t h e “ C h r o n ic l e ”

in

T h e

A p r il 4

1914

of

th e

r e g u la ­
w h at

th e re se rv e s

(V . 9 8 , p .

1 0 4 5 ).

S T A T E B AN K S A N D T R U 3 T C O M P A N IE S .

Trust Cot.
State Banks
Trust Cos.
State Banks
outside of
outside of
in
in
Oreater N. Y. Greater N. Y. Greater N. Y. Greater N. Y .

Weekended March 17.

Loans and Investm ents..
Change from last w eek.

$
14,900,000

S
11,783,000

$
23,450,000

$
75,550,000

40,068,500

173,239.300

14,654,000

14,381.600

408,115,000 1,750,791,100
+ 1,915,400 + 15,892,400

109,939,800
+ 683,400

283,147,100
— 214,700

Change from last w eek.

55,377,500
— 3 1852,000

179,913,900
+ 4,106,600

Currency and bank notes.
Change from last week.

22,310,100
— 173,500

10,566,600
— 320,700

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

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

Change from last week.

560,292,200 2,197,900,800
— 3,728,400 + 40,243,000

184,308,300
+ 605,100

299,105,400
— 110,200

Reservo on deposits-------Change from last week.

132,274,500 478,251,400
— 4,030,300 + 14,226,000

32,217,000
+ 193,300

40,436,800
— 971,800

27.6%
27.2%

20 .0 %
20 .0 %

10.9%
17.3%

29.1%
29.7%

P. C . reservo to doposlts.
Percentage last w e e k ..
+ Increase over last week.
is

“ C le a r in g

Average. Average.

Average.

$
4.747.000
5.674.000
5.774.000
4.864.000
5.374.000
6.283.000

374,900
686,700
610,800
1,292,000
763.800
624.800

220.000

Legal
Tenders.

Gold.

400.000
300.000
300.000
400.000
250.000

th e

Y ork

t io n s r e la tin g t o c a lc u la t in g th e a m o u n t o f d e p o s it s a n d

— r o u o w in g

In

la w

b a n k in g

d e d u c t io n s a r e p e r m it t e d

IN S T IT U T IO N S

Net
Profits.

Loans,
Discounts,
Invest­
IN at. bks. M a r. 51
/S tate bka. Feb. 2 8 / ments, <&c.
Capital.

M em bers o f
V ed*l R e s e r v e B a n k
B a t t e r y P a r k N a t ..
F ir s t N a t ., B r o o k ly n
N a t . C it y , B r o o k ly n
F ir s t N a t . , J e r s . C it y
H u d son C o N ..J .C F lr a t N a t . , H o b o k e n
S e c o n d N a t ., H o b o k .
T o t a l . . . . . . ----------

w h io h

fu r n is h e d

D e p a rtm e n t

t h e i n s t it u t io n s o f t h is o la s a

under

a r e m a d e u p , see “ C h r o n ic le ,”

Surplus as of Juno 30------

Total
Money
Holdings.

Non-memoer names ana Truss com panies.
n o n -m e m b e r

all

th e

Y o r k ) a n d th o s e fo r th e re s t o f th e S ta te , a s p e r th e fo llo w in g :

Capital as of June 30____

IN

tru st c o m ­

T h e fig u r e s a r e c o m p ile d s o a s t o d i s t in ­

Y o r k C it y o u ts id e o f th e

R ESU LTS OF B AN K S A N D T R U S T C O M P A N IE S
G R E ATE R N EW YORK.
We omit two ciphers In all these figures.

Loans
and
Investments

Week
Ended—

D e p a rtm e n t,

th e r e s u lts fo r N e w

C le a r in g H o u s e , c o m p a r e a s f o ll o w s f o r a s e r ie s o f w e e k s p a s t :

C O M B IN E D

banks and

not in the Clearing H o u s e ”

p a n ie s in N e w Y o r k C i t y

p r e s e n ts a s ta te m e n t c o v e r in g

S U M M A R Y OF S T A T E B A N K S A N D T R U S T C O M P A N IE S IN G R E A T E R
N E W Y O R K , N O T IN C L U D E D IN C L E A R IN G H OU SE S T A T E M E N T .

a n d tru st c o m p a n ie s ,

In

fig u r e s ,

c o m p a n ie s

and

[Vol. 104

C H R O N IC L E

tn e

report

H ou se

O F

— Decrease from last week.
tu

retu rn ”

N E W

on

Y O R K

Nat .Bank Nat .Bank
Notes [ Re­ Notes[Not Federal
serve for Counted Reserve
NoteslNot
State In­
as
stitutions] Reserve.] Reserve]

th e

121,000

6.000
8,000

124.000

480,000
14.000
25.000
43.000

111.000

742,000

709,000

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

15.000
214.000

21.000
11,000

62,000
580.000
232.000
42.000

25.000
127,000
72.000

13.000
75.000
63.000

184.000
168.000

29.000
57.000

85.000 324.000
152.000 1,020,000
101.000
53.000

94.000
405,000

703,000 2,734,000

842,000

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

::::::

103,000

95.000
53.000
109,000

21.000
2,000

158,000

page:

H O U S E .

Reserve Additional
with
Deposits
Net
Legal with Legal
Demand
Depos­
Depos­
Deposits.
itaries.
itaries.

Average. Average, Average. Average.
S
%
S
$
4.000
14.000

p r e c e d in g

C L E A R IN G

7.000 446.000
19.000 503.000
7.000 700.000
27.000 1,542,000
3.000 636.000
16.000 475.000
7.000 539.000

Average.

Average.
S

S

4.243.000
5.169.000
5.891.000
5.270.000
4.469.000
3.071.000
2.411.000

416.000
370.000
5,703,000
572.000
346.000
385.000

Net
Time
Deposits.

National
Bank
Circu­
lation.

Average.
*

Average.
*

172.000
104.000

186,000
296.000

3,187’,666
2,256,000

397.000
195.000
218.000
99,000

120.000

86,000 4,741,000 7,792,000 30,524,000 5,719,000 1,511,000

B an ks.

Not Members of the
Federal Reserve Bank.

200,000

126,000
443.300 2.234.000
949.800 9.087.000 774.000
674.100 9.880.000 950.000
120.000
191.300 1.452.000
113,500 3.586.000 382.000
470.100 7.286.000 954.000
219.000 4.495.000 255.000
41,000
551.000 2.941.000
593,900 6.691.000 479.000
840.800 19,275,000 1,901,000
184.800 4.390.000 387.000

4,300,000

5,231,600 71,317,000 6,369,000

100,000

B a n k o f W a s b . H 't s .
C o lo n ia l B a n k
C o l u m b i a B a n k _____
F id e lity B a n k
I n te r n a tio n a l B a n k .
M u t u a l B a n k .............
N e w N e t b e r l a n d ____

400.000
300.000

200.000
500.000

200.000
200,000
500.000

Y o r k v llle B a n k
M e o h a n l o s ', B k l y n . .
N o r t h S id e , B k l y n . .

100.000
1,600,000

102,000

12.000

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

21.000

1,000

442.000
1,330.000
263.000

110,000 1.809.000
352.000 10.129.000
398.000 9.731.000
230.000 1.388.000
8,000 3.310.000
1.417.000 8.015.000
3,000 4.572.000
2.797.000 1.348.000
434.000 7.365.000
1.563.000 22.164.000
508.000 4.382.000

119,000 4,455,000

25,000

27,666
38.000
15.000

1,000
::::::

21.000

13~66o

608,000
583.000
83,000
199.000
572.000
273.000

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

'2 9 4 , 6 6 6

404.000
368.000
2,995,000
” 64’,666
400.000

; ..........

7.820.000 74,213,000

4,525,000

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

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

Not Members of the
200.000

1,150,100
309,000

8.304.000
5.974.000

543,000
69,000

46.000
51.000

36.000
95.000

49.000
25.000

18,000

48,000

334.000
141.000

1,611,000
663,000

6.676.000
2.813.000

993,000
3,096,000

700,000

1,459,100 14,278,000

612,000

97,000

131,000

74,000

18,000

59,000

475,000

2,274,000

9,489,000

4,089,000

8,293,000 1,542,000 3,574,000
+ 304000 — 94,000 — 116,000

916,000
— 2,000

176,000
— 1,000

264.000 9,671,000 17,886,000 114226000 14.333.000 1,511,000
+ 52,000 — 1,000
+ 1,000
+ 3,000 + 127,000 +1755000

3.690.000
3.727.000
3.404.000
3.547.000
3.419.000

918.000
884.000
937.000
815.000
501.000

177.000
148.000
173.000
224.000
435.000

263.000 9.668.000
202.000 9.224.000
169.000 9.413.000
200.000 9.523.000
171,000 9.615.000

6.995.000 11,350,400 123285000
+ 1836000
decrease
11.520.200 121449000
11.520.200 120611000
11.520.200 120918000
11.520.200 121185000
10.986,900 119506000

xcess reserve, $216,280
6.995.000
6.995.000
8.995.000
6.995.000
6.495.000

Philadelphia Banks.

— S u m m ary

7.989.000
7.863.000
7.414.000
7.076.000
6.777.000
of

1.636.000
1.527.000
1.637.000
1.530.000
1.510.000

w e e k ly

to ta ls

of

C le a r in g H o u s e b a n k s a n d tr u s t c o m p a n ie s o f P h ila d e lp h ia :

We o m f l two ciphers
Loans,
Disc’ls &
Invest' ts.
M arch 17.
S
N at. bank. 394,461,0
Trust C O S -- 158,806,0
T ota l___
M ar. 10. . .
M ar. 3 . . .
Feb. 2 4 . . .
Feb. 1 7 . ..
Feb. 10. . .
Feb. 3 . . .
Jan.
2 7 ...
J a n . 20 . . .
Jan.
1 3 ...

553,267,0
552,595,0
546,751,0
547,861,0
546,740,0
545,652,0
542,995,0
535,591,0
533,628,0
532,565,0

11,000

500.000

Due
from
Banks.

(0 0 )

in alt these figures.

Deposits.
Bank.

Individ’l.

Total.

$
$
$
$
84,618,0 186,471,0 327,730,0 514,201,0
4,584,0 145,472,0 150,056,0
4,006,0
88,624,0
81,301,0
88,766,0
86,498,0
89,345,0
83,264,0
96,089,0
92,034,0
94,744,0
88,786,0

191,055,0
185,354,0
189,766,0
185,392,0
183,737,0
181,588,0
189,503,0
185,960.0
182,053,0
177,264,0

473,202,0
471,974,0
476,305,0
473,019,0
477,100,0
480.266,0
500,788,0
486.846,0
489,741,0
481,299,0

664,257,0
657,328.0
666,071,0
658,411,0
660,837,0
661,854,0
690,291,0
072,808,0
671,794,0
658,563,0

112471000
111640000
111723000
112581000
110899000

Boston Clearing House Banks.
su m m ary

s h o w in g

th e

t o t a ls f o r a ll

— W e

th e

14.281.000
14.106.000
14.226.000
13.277.000
11.438.000

g iv e

Item s

in

1.512.000
1.522.000
1.508.000
1.502.000
1.601.000

b o lo w

th e

a

B oston

C le a r in g H o u s e w e e k ly s t a t e m e n t f o r a s o r ie s o f w e e k s :

Reserve
Held.

Excess
Reserve.

$
85,022,0
27,808,0

23,317,0
6,255,0

BOSTON C L E A R IN O HOUSE M E M B E R S .
M ar. 17
1917.

S

112,830,0 29,572,0
112,609,0 29,535,0
112,050,0 29,488,0
110,405,0 27,953,0
112,250,0 29,910,0
117,403,0 34.347,0
130,303,0 45,497,0
132,577,0 48,543,0
127,515,0 44,406,0
117,768,0 36,343,0

Note.— National bank note circulation M arch 17, $9,110,000; exchanges for
Clearing House (Included In “ Bank Deposits” ) , banks, $18,216,000; trust com ­
panies, $2,363,000: total, $20,579,000. Capital and surplus at latest dates:
Banks, $64,175,600; trust companies, $41,295,200; total, $105,470,800.




17.759.000
17.093.000
16.879.000
14.991.000
13.262.000

Circulation....... .........................
Loans, dlsc'ts & Investments
Individual deposits, lnd.U .S .
Due to banks............... ............
Tim e deposits..........................
Exchanges for Clear. H ouse.
Due from other banks...........
Cash reservo--------- -------------Reserve In Fed. R es’ve Bank
Reservo with other b a n k s ...
Reserve excess In bank and
Federal Reserve Bank-----Excess with Reserve Agents.

Change from
previous week.

$6,302,000 Deo.
465,298,000 iDco.
371,143,000 Inc.
146,309,000 Inc.
33,319,000 Inc.
15,407,000 Inc.
44,918,000 Inc.
27,122,000 Inc.
30,554,000 Dec.
47,662,000 Inc.
5,040,000 D ec.
31,653,000 Inc.

1017.

March 3
1917.

$ 12,000 $6,374,000 $0,357,000
5,191,000 470,489,000 467,640,000
4,588,000 366,575,000 300,907,000
248,000 146,121,000 153.145.000
380,000 32,939,000 33,900,000
1,511,000 13,890,000 10,596,000
4,245,000 40.073,000 42,533,000
301,000 26,821.000 26,386,000
2,033,000 32,587,000 33,856,000
4,654,000 43,008,000 42,387,000
1,054,000
4,823.000

Imports and Exports for the Week.

p r e c e d in g .

Mar. 10

6,694,000
29,830,000
— See

7,802,000
29,277,000

th ird

page

Mae . 24 1917.]

THE

f S a n ltm ’

C H R O N IC L E
in g a d v a n c e d

Q k x z z tU .

Y ork

W all Street, Friday N ight, M arch
T h e

M on ey

a

th en

w eek

M a rk et

th r e a te n in g
w ere

th a t

agreem en t

occu r.

p le a s e d

R a ilw a y

w it h

an n ou n cem en t and

th e

been

o th er

th e

th a n

as

stock s

t io n e d .

A lm o s t

v o lu m e

c o in c id e n t

r u th le s s

d e s tr u c t io n

and

n a m in g

th e

C on gress
th e

e ffe c tiv e

w ay

and

duo

how

d a te

on

T h is

w o u ld

rep orts

s h ip p in g

o f

in

th e
liv e s

s e s s io n

to

9 5 % fto

fro m

w eek.

8 0 % .

m a rk ets

1U

T h o

U .

S.

deal

o f

5 0 %
b y

S teel

an

th o
in

to

in g

It

im p o r ta n c e

to

th o

P r ic e s

s o ld

b o p r o h ib itiv e

to

o th er

to

118,

stron g

la s t

th o

of

M e x ic a n

1 2 7 % ,

and

equal

w eek

in d u s tr y
advan ce

at

aro
and

l

to

to

abou t

1 0 9 % .

b e s u ffe r in g

E x c h a n g e .— S t e r lin g

th rou g h ou t th ew eek .

good

respon ded

now

in s e v e r a l i m p o r t a n t c a s e s .
is r e p o r t e d

th e

a

C on ­

p r a c t ic a lly
aro

un­

so

T h o

h ig h

b u ild ­

th e r e fr o m .

exch an ge

r u le d

fir m

O ffe r in g o ft h o F r e n c h lo a n a n d it s p r o m -

ls e o f s u c c e s s w e r e s t im u l a t i v e f e a t u r e s . C o n t i n e n t a l e x c h . f ir m .

vr n
‘'V/?tcs
,for 8terl,n?
exchange
ero
4 71 9-16
forsixty days, 4 7555@4 75
9-16
for cheques
and 4
76 7-16 w
for
cables.
(Jom
mcrcial on banks, sight 4 75 5-16, sixty days 4 70 13-16, ninety days
^G
v8m
9: n
1.Gand documcnt.s for payment (sixty days) 4 70 9-16. Cotton for
payment 4 75 5-16 and grain for paymont 4 75 5-16.
f ^ i ajr Si r oc?7rS) actual rates for Paris bankers’ francs were 5 90%
ior long and o 85% lor short. Germany bankers’ marks wero 69 for sight,
nominal for long and nominal for short. Amsterdam bankers’ guilders
were 40 3-16 for short.
Exchange at Paris on London, 27.8214 francs; week’s range, 27.81 'A
francs high and 27.8214 francs low. Exchange at Berlin on London not
quotable.
The range for foreign exchange for the week follows:
Act*‘al— Sixty Days.
Cheques.
Cables.
High for tho week...4 71 9-16
4 75 9-16
4 76 7-16
Low for tho weok--_4 71 9-16
4 7514
4 76 7-16
Parts Bankers Francs—High for the week...5 9014
5 8414
5 8314
Low for tho week...5 9014
5 85
5 84
Germany Bankers' Marks

H igh fo r th o w eek ___
L o w fo r th e w e e k ___

6914

____
____

68

Amsterdam Bankers' Guilders—
H ig h fo r th o w e e k . . . 40 1-16

6914
69

H

4014
40 9-16
39 13-16
4014
40 5 -16
Dom estic Exchange.— C h ic a g o , 1 5c. p er $ 1 ,0 0 0 d is c o u n t. B o s t o n , p a r.

L o w fo r th o w e e k . . .

S t. L o u is , 2 0c. p er SI ,000 d is c o u n t b id a n d 10c. d is c o u n t ask ed .
San F ra n l>r c 'n ju in . M o n tr e a l, $ 4,3 75 p er $ 1 ,0 0 0 p re m iu m .
M in n e a p o lis , 10c. p er $ 1,0 00 pre m iu m . C in cin n a ti, 15c. d is c o u n t .
N ew
O rlea n s, sig h t 5 0c. p e r $ 1 ,0 0 0 d is c o u n t a n d b ro k e rs 5 0 c .p re m iu m .

State and Railroad Bonds.

B oa rd

th is w e e k a r o lim it e d

— S a le s o f S t a t e b o n d s a t th o

t o $ 2 ,0 0 0 N o w

a t 1 1 4 t o 1 1 5 , a n d $ 1 ,0 0 0 N o w

Y ork

S ta te 4 % s ,

Y ork C anal 4 % s, at 1 14 % .

S a le s o f s e c u r it ie s in t h e m a r k o t f o r r a ilw a y a n d
bonds

w ore

w h ile

p r ic e s

o o ? / . '
8

2

c o n s id e r a b ly
in

a lis t o f 2 5

C h esapeako

to

8 3 %

la r g e r

and

&

th a n

th ose

m o s t a c t iv e

O h io

con v .

In te r n a tio n a l

th o m o s t s p e c ta c u la r , g a in e d

of

4 % s

92

w eek

m oved

up

M a r in o

to 9 5 % .

N ow

Y ork N ow

H avon &

ad-

fro m

s. f.

S t.

6s,

L o u is &

S c i n t u C 1r ° ( P ' I ' .I s ’ S o r * A > m o v e d u p % a p o in t
w h ile t h o a d j. 6 s o f t h o s a m o lin o a d v a n c e d fr o m 7 1 %
O n th o o th e r h a n d

ago

is s u e s , g e n e r a lly

M e r c a n t ile

fro m

in d u s t r ia l

a

to 67,
to 73.

H a r tfo r d c o n v .

d e b . 6 s fe ll fr o m 1 0 2 % t o 1 0 1 % , w h ilo s e v e r a l lo s s e s o f fr o m
% to % a p o in t w e re e v id e n t.
T h e

bonds

p r o m in e n t .
B r ita in &

of

fo r e ig n

A m on g

G o v e rn m e n ts

th ose

w ere,

as

A n g lo -F r e n c h

u s u a l,

5s,

th o

m ost
G rea t

I r e la n d is s u e s , A m e r ic a n F o r e ig n S e c u r it ie s 5 s a n d

th o v a r io u s D o m in io n o f C a n a d a b o n d s w o r o m o s t p r o m in o n t.
T h e

now

F ren ch

and

C a n a d ia n

lo a n s ,

m e n tio n e d

in

th eso

c o lu m n s la s t w e e k , h a v e p r o v o d p o p u la r , a s e x p e c t e d .
of

th o

sev era l S ta tes h a v o b o o n

U n it o d

S ta tes

S a le s

on

a

G overn m en t
s -2 0 -f.

b a s is ,

lo s s in

bonds

in d ica tin g

t o r o ig n a c c o u n t , h a v e b e e n la r g e r
a s a g a in s t $ 9 ,5 0 0 a w e e k a g o .

United States Bonds.
„

j

— S a le s

s w e e k a r o lim it e d

dem and

w ero

and

th is

Issu os
s a le s o f

c o n s id e r a b ly

p r e s u m a b ly ,
w eok,

le s s .

s a le s

b e in g

T h e

bon d s

t o $ 2 ,0 0 0 4 s , r e g ., a t

at

107% -

For to-day's 'prices o f all the
chjjerent issues, and f o r the week's range, see third page follow ing.

and

$o00

3s,

c o u p .,

at

100.

Railroad and Miscellaneous Stocks.—

rep resen ted

s itu a t io n
stron g
sh ares

and
a

L h u rsd ay
p r ice s
th o

and
day

stock

m ar-

h -a s ’ i n v i e w o f t h e e x i s t i n g i n t e r n a t i o n a l
th e im m in e n t d a n g e r o f w a r , b e e n r e m a r k a b ly

a c t iv e .
fo r

and

rea cted

d iffic u lt ie s

t lio

S a le s

a g g reg a ted

fir s t

th re e

th e

v o lu r n o

F r id a y

so m e w h a t.
b etw een

T h o

th e

days
of

w o ll
of

over

th o

a

m illio n

w eok,

but

b u s in e s s fe ll a w a y

new s

r a ilr o a d s

of

th o

and

on
and

s e t t le m e n t

th e ir

of

e m p lo y e e s

a n d t h e d e c is io n in i a v o r o f t h e A d a m s o n A c t b y t h o S u p r e m o
C ou rt

w as

r e c e iv e d

ta v o r a b ly

b e in g t h a t a n in c r e a s e
th o in c r e a s e d e x p e n s e s

in
of

b y

in v e s to r s ,

r a te s w o u ld
th e ro a d s.

be

th o

a llo w e d

o p in io n
to

o ffs o t




137 %

to

1 4 5 % , t h e fin a l q u o t a t io n .

1 16 % .

S teel

fro m

T h e

a

124%

Iron

U n ite d

to

and

&

w ere

copper

sh ares.

h ig h , lo w

130,

th e

la s t p r ic e s

S te e l,

B a ld w in

9 7 % -8 8 % -9 3 % ,

9 7 -9 1 % - 9 3 %

occu red

in o u r d e ta ile d

u s u a l,

lis t o n

1134.
th is

w eek

o f sh ares

th e p a g e s w h ic h

n ot

fo llo w :

Sales
for
Week.

Range for Week.
Lowest.

Range since Jan. 1.

Highest.

Lowest. \ Highest.

O u ts id e
t ic s

o f
th o

part

“ cu rb”

S tock

of

w eek,

S teel

fro m

q u o ta tio n

S ta n d a rd

O il

P ip e

L in o

L in e

b etw een

m oved

690

A m on g
R u s s ia n

and 4 %

and

to

S te e l

to

14,

97,

b etw een

w it h

d u r in g

th e

la s t

and

c lo s e d

H o lly

e a r ly

tw o

days.

C a rw en

S te e l,

to -n ig h t

1 17 %

Sugar

th ose

th e

and

and

at

1 3 % .

145,

L im a

th e

L o co ­

p o in ts , r e s p e c tiv e ly , fo r th e w e e k .

b etw een

w ere
103

244.

fa ir ly

and

S ta n d a rd

7 1 0 , w h ile

a c t iv e .

111

S ta n d a rd

and

B u ck eye

I llin o is

P ip e

O il

of

N ew

Jersey

O il

of

N ew

Y ork ,

3 0 2 t o 3 2 2 , fe ll a t t h e c lo s e t o 3 1 8 .

th o b o n d s

B e th le h e m

90

to

s u b s id ia r ie s

237

a ft e r g a in in g fr o m

fro m

129.

h a r m o n iz e d

ad van ced

h ow ever,

flu c t u a t e d

m o v in g

fro m

up

b e in g

m o t iv e g a in e d 2 %

P r ic e s

1 2 %

M otors

u s u a l th e p r in c ip a l c h a r a c t e r is ­

g e n e r a lly

r e a c t in g

m oved

g a in in g

C h e v r o le t

m arket

E x ch an ge.

th e

C a rb on
a fte r

S e c u r it ie s .— A s

th e

t r a d e d in a t

2 -y e a r

G overn m en t

U n ite d

S ta tes

R u bber

F ren ch

G overn m en t

5 %

th e “ c u r b ”

n otes

at

5 % s

at

8 6 %

new

5s

at

2 -y e a r

5 % %

98
to

9 2 %

to
8 7 %
to

n otes

w ere

$ 2 2 7 ,0 0 0

9 8 % ,

$ 1 7 9 ,0 0 0

and

9 3 % .
w ere

$ 3 2 0 ,0 0 0
T h e

s o ld

at

new
th e

“ c u r b ” a t 9 9 d u r in g th e la s t t w o d a y s o f t h e w e e k .

A m o n g r a ilw a y s h a r e s U n io n P a c ific w a s m o s t s p e c t a c u la r
a d v a n c in g fr o m

up

th o

and

s a le s h a v e

as

S. covered

Par. Shares S per share. ' $ per share. ■$ per share.!$ per share.
Acm e T ea temp ctfs. 100
100 54 M ar 17 54
M ar 17 52
Feb 58
Jan
Amer Bank N ote......... 50:
100 43 M a r2 0 43
M a r2 0 41)4 Feb 43)4
Jan
Am Smelters Secur prefj
“ B ” trust recta......... . 3,000; 97
M a r 2 l] 97)4 M a r2 3 l 94)4 M a r 97)4 M ar
A m T e le g & C a b le ...1 0 0 ,
325| 65)4 M a r 22 66
M a r 22 63
Jan 66
M ar
Am T el & Tel suba 1st pd
100 48)4 M ar 19 48)4 M ar 19 43
Feb 4 8'4 M ar
Assoc Dry Gds 1st p f .100
200 52)4 M ar 17 53)4 M ar 19 52)4 M ar 53)4 M ar
M ar 23 72
M ar 22 68)4 Jan 87)4
Jan
Associated Oil--------- 100350x71)4
Atlantic Blrm & A tl. 100 3,300 14)4 M ar 19 16
M ar 21 13)4 Feb 16)4
Jan
Barrett rights................_i 8,570] 2
M ar 23; 2)4 M ar 19 i 2)4 M ar 2)4 M ar
P r e f e r r e d ............ 100
500x113)4 M a rl9 114)4 M ar 20 112
M a r ll7
Feb
Preferred rights........... 6,378 2)4 M ar 19 2)4 M ar 22 2 )
M ar 2)4 M ar
Brunswick Term inal. 100 400, 10
M ar22 10)4 M ar 17
7)4_ Feb110)4 M ar
BurnsBro8_________ 100 1,700—
------ - 89
~~
117 M
ar -17118
M ar 21
Jan 122)4 M ar
Calumet & Arizona__ 10, 1,000 81)4 M ar 22 83 M ar 17 81)4 M ar 83
M ar
Canada Southern___100
10 54
M ar 23 54 M ar 23 55
Feb, 55)4 Feb
Caro Cllnchf & O hio. 100
100 26
M ar 17, 26 M ar 17 25
Jan 26
M ar
Case (J I), pref......... 100
135 83)4 M ar 23 83)4 M ar 23 83)4 M ar 8S
Jan
Cent & So Am Teleg.100
4 117
M ar 22117
M ar 22:117
M ar 155
Jan
Chicago A Alton____100
700 16)4 M ar 20 IS
M ar 23] 15)4 Feb! 21
Jan
P referred_________ 100
200 25 M ar 23 26)4 M ar 2.3 25
M ar 26)4 M ar
Ch A East 111, p r e f.. 100
100! 11 M ar 23! 11
M ar 23 11
M ar 12
Feb
Chic R I & Pac ctfs dep.j
50' 26)4
M ar 21
26)4
M
ar 21
Feb
34)4 25)4
Jan
Chic St P M A Om .-lO O
150107
M ar 22 107
M ar22;,105
Feb 112)4 Jan
Colo Fuel A I pref___100
200112
M ar 21112
M ar 2111111
M ar 112
M ar
Cons G E LAP (B alt). 100!
700,122
M ar 19 123)4 M ar 19 119
Febjl26)4 Jan
Continental Insur______ 252,800 54
M ar 23 57
M ar 21! 52
Feb: 59)4 Jan
Crex Carpet__________ 100!
40!40 M ar 21 40
M ar 21 1 44
Feb' 45
Feb
Deere & C o pref______ 100
200 98 M ar 17 98)4 M ar 22; 96)4 Feb] 100
Jan
92132 M ar 20 134)4 M ar 19 131
D etroit Edison............. 100
Jan
M ar 145
R ig h t s ---------------------- 2,581
4)4 M ar 20 4)4 M ar 19] 4 ) Mari 4)4 Feb
D etroit U nited_____100
100 117)4 M ar 19 117)4 M ar 19 114
Mar|120)4 Jan
Driggs Seabury O rd____ 1,700 59)4 M ar 19 64 M ar 23 39)4 Febi 64
M ar
Duluth S S & A tla n .100
200 4)4 M ar 22 5
M ar 23
4)4 Feb 5)4 Jan
Preferred....................100 300 10 M ar 19 11)4 M ar 23
9
Feb; 1 1)4] M ar
Gaston W AW Inc.no par 1,500 35
M ar 20 35)4 M ar 20 28
Feb 40
[Man
General Cigar________ 100
10044 M ar 21, 44
M ar 21 43
M ar 44)4 M ar
200 101 M ar 22 102)4M ar 19 101
Preferred................. .100!
M ar 104
M ar
Hartman C orp..............100 100 70 M
M ar 19 69)4 Feb 78
Mar
ar 19
19 70
70
Jan
Int Harvest C o r p .. . 100 1,400 77)4 M ar 17 81
M ar 20 75)4 M ar 88
Jan
Preferred................ ICO
100111
M a r21111
M ar 21 110)4 M ar 114
Jan
Int Harvest N J pref. 100
200117)4 M ar 22 119)4 M ar 20 116)4 M ar 121
Jan
Int Nickel pref v t c.10 0
200 103
M ar 22 103
M ar 22 103
M ar 108
Jan
Int Paper pf ctfs dep ___
750 99
M ar 22102
M ar 19 94)4 M ar 102
M ar
Iowa Central...........1 0 0
100 5
M ar 23 5
M ar 23
3
M ar 6)4 Jan
Jew elT ea pref........... 100
100109
M ar 19 109
M ar 19 108
M a rjll2
Jan
Keokuk A Des M o l .. 100
100 5
M ar 22 5
M ar 22
5
Mar; 5
M ar
Liggett A M yers pref. 100
100124
M ar 21 124
M ar 21 120)4 M ar 125)4 Jan
100 23
Loose-Wiles Biscuit. 100
M ar 21 23
M ar 21 20
Feb; 27)4 Jan
M anhattan R y guar. 100
100 126)4 M ar 19 126)4 M ar 19 126)4 M arjl28
Feb
Manhattan Shirt____100 1,100 72)4 M ar 22 80
M ar 23 72
Feb] 80
M ar
400 55)4 M ar 23 56)4 M ar 22 55)4 M ar; 60
Mathleson Alkali____50
Feb
M ay D ept S to r e s ...100
2,425 63)4 M ar21 0 6 )4 M a r 2 1
58)4 Feb 66)4 M ar
Michigan C e n tr a l... 100
10117)4
M ar 20 120
M ar 20
117)4
M ar 120
M ar
Missouri Pacific____100
600 11)4 M ar21 12)4 M a r2 0 10)4 Feb 16)4 Jan
Trust receipts
3,100 11)4 M ar 17 13)4 M ar 20 10)4 Feb 16)4 Jan
N at C lo a k * Suit p f.100
100 112
M ar 20112
M ar 20 110
M ar 112)4 J Jan
N a tR y s M e x 2 d p r e f.l0 0 200 5)4 M ar 21 5)4 M ar 21
Jan
4)4 Feb
100 17
M ar 22 17
N O T c x & M e x v t c ____
M ar 22 17
M ar 22
Jan
New York D o ck ____10O 200 1 3 )4 M a r 2 3 14
M ar 23 12)4 M ar 16
Jan
Owens B o ttle -M a ch ..25 900x100 M ar 22 102
M ar 20 96
Feb 106
Jan
Pacific T el & T e l____100
700 29)4. M ar 21 30)4 M ar 23 29)4 M ar 34)4 Jan
Peoria & Eastern____100
949 10
M ar 19 10)4 M ar 20
9)4 Feb 12
FJan
Plttsb Steel pref____106
400100
M ar 19 101
M ar 22 99
Feb 102
I Jan
Quicksilver M in in g .. 100 800
2)4 M ar 21
2)4 M ar 22
2
Jan 3
Feb
P referred................ 100 900
2)4 M ar 22 2)4 M ar 23
2)4 M ar 4)4 Feb
R oyal Dutch ctfs dep__ 12,150 63
M ar 19 66)4 M ar 20 60
M ar1 66)4 M ar
St L-San Fr pref A ..1 0 0
100 37
M ar 23 37
M ar 23 35
Jan 42
Jan
Scars, Roebuck p r e f.100 200 125)4 M ar 23 126
M ar 21 125)4 Mar] 127)4 ’ Jan
Sloss-Sheff 8 * I p f . . 100 200 97
M ar 22 98
M ar 19 94
Mar; 99
Feb
Standard M illing____100
300 96
M ar 19 97)4 M ar 19 96
M a r 100)4 Jan
Preferred................ 100 200 89)4 M ar 19 89) 4 M ar 19 89
Jan] 90
Jan
Texas C o full paid recta.
300 231
M ar 21 231)4 M ar 21 218
Feb 238
Jan
T o l St L A W tr r e c ts .. .
300 8
M ar 20 8)4 M ar 20
7
M ar1 10)4 Jan
Transue & W m s ..no par 4,800 44)4 M ar 19 46)4 M ar 21 40
Feb 46)4 Jan
Underwood pref____100
200 117)4 M ar 20 117)4 M ar 20 117)4 Mari 120
M ar
United A lloy Steel.no par 22,600 45
M ar 19 46)4 M ar 20 44
M ar 48)4 M ar
United D rug________100
100 75)4 M ar 20 75)4 M ar 20 69)4 Jan 80
Feb
1st pref......... ............. 50 600 52)4 M ar 19 53)4 M ar 20 52
Mar] 54
Jan
2d pref.....................10C 200 90
M ar 20 9 0) 4 M ar 17 89)4 Jan 91
Jan
Wells, Fargo Express.100
74 100
M ar 22 100
M ar 22 99)4 Feb]l44
Jan
Wilson A C o Inc v tc.1 0 0 16,100 64)4 M ar 22 72)4 M ar 23 58
Feb] 72)4 M ar
Preferred................100
M ar 23 97
300106 )4 M ar 21 107
Feb! 107
M ar

fin a l
T h o

at

L e a th e r

5 9 % -5 3 -5 8

fo llo w in g

In d ie s S .

oth er

& For daily volume o f business see page

fo r

$ 3 8 ,0 0 0 ,

G overn m en t

m oved

R e p u b lic

C e n tra l

8 6 % -8 0 % -8 4 % ,

at
of

th e

w h ile

P e tr o le u m ,

L o c o m o t iv e

sh ares

resp ec­
b etw een

S ta te s S te e l, a fte r a d v a n c in g

In d u s tr ia l A lc o h o l m o v e d
b e in g

p o in ts

flu c tu a te d

to -n ig h t

w ere

2 %

O h io

W est

S ta tes

fin a l fig u r e

STOCKS.

m a tters

la tte r

c lo s e d

as

Week ending Mar. 23.

cl I III

a ttra cte d

e a r n in g s

w h ic h

steel

c o n tin u e

o f

rep ort

net

to

It

and

t r a d o e s p e c ia lly
F o r e ig n

stock

118.

iro n

annual

sh ow ed

com m on

advan ce

ch an ged .
as

th o

a t t e n t io n .

on

d it io n s

u u p c i IU

C o r p o r a t io n ’s

G u lf &

1 0 0 % , w h ile N e w

and

in

b u oy a n t.

N o tw ith s ta n d in g

in d u s t r ia l

p o in t s a n d U n it e d

111%

4

&

w as

a le s s o b je c t

illio /u v it v i

g a in e d

B a lt im o r e

A tla n tic

------------------ -------------------O C H l/lI liU U U

1 0 1 , c lo s in g a t

A tc h is o n

grou p

of

le a d

th o s itu a tio n

w ill p u t th is c o u n t r y

m en­

and

ex tra

w ill d o u b t le s s

d e a l w it h

th is

in c re a s e d

th e ca u se

th e

be

M on d a y

s t r ik e

fo llo w in g

cam e

fo r

th e

it s h o u ld

no

to

A m e r ic a n

c a lle d .

o f m ea su res to

ran ge o f 9 %

to

a v o id in g

o f b u s in e s s la r g e ly

e a r lie r

been

and

w id e ly .

and

th e r e w ith

m ore

an

th a t h a d

a d o p tio n

o f

of

7 5 %
m ore

advan ced

T h e la tte r w a s , h o w e v e r , n o t w h o lly

1917.

th e

abou t

an n ou n cem en t

reach ed

23

fo r

S it u a t io n .— T h o se

con cern ed

s t r ik o

had

and

F in a n cia l

m ore

r a ilw a y

a v erted
an

a n d

a g o , w ere

fro m

C e n tra l a n d

t iv e ly

w h o,

1125

R ea d­

A

c o m p le t e lis t o f “ c u r b ”

fo u n d

on

page

1134.

t r a n s a c t io n s f o r t h o w e e k w ill b e

1 1 3

6

N e w

Y o r k

S t o c k

E x c h a n g e —

S t o c k

R e c o r d ,

D a il y ,

W

e e k l y

a n d

Y e a r l y

O C C U P Y IN G T W O PAGES.
F o r r e c o r d o f s a le s d u r i n g t h e w e e k o r s t o c k s u s u a l l y I n a c t i v e , s e e p r e c e d i n g p a g e .

Sales/or
the
Week
Friday
March 23 Shares

HIGH AND LOW SALB PRICES—PER SHARE, NOT PER CENT.
Saturday
March 17.

Monday
March 19.

Tuesday
March 20.

Wednesday
March 21.

Thursday
March 22

STOCKS
N EW Y O R K STOCK
EXCHANGE

R a ilro a d s
Par
18.600 Atch Topeka A Santa F e--1 00
3.400
Do
pref_______________100
200 Atlantic Coast Line R R ___100
15.100 Baltimore & Ohio_________ 100
1,300
Do
pref_______________ 100
1,700 Brooklyn Rapid Translt-.IOO
43,450 Canadian P acific--------------100
19,000 Chesapeake & O hio----------100
2 ,0 0 0 Chicago Great Western___ 100
12% 12%
12% 12%
4,600
Do
pref_______________ 100
35
357g
35
35%
19.100 Chicago M llw A St P au l--100
85
86
84% 85*4
650
Do
pref_______________ 100
118% 118%
118% 119
10,500 Chicago A N orthw estern.. 100
11578 116% 116 117
Do
pref_______________ 100
13,500 Ch R I A Pae ctfs of dep 1st pd
3734
39%
37%
3734
37
38
38% 3834
100 Clev Cin Chic A St L o u is .. 100
46
*42
*42
47
46
*40
*41
46
300
Do
pref_______________ 100
77
*72
77
*72
80
*7312 80
80
3,800 C olorado A Southern_____ 100
2634 2078 26% 2678 *26% 26% *24% 26%
400
Do
1st pref___________ 100
*54% 57
55
55
56
56
*54
57
Do
2d pref___________100
300
48
*43
*44
*46
48
*44
48
48
1,100 Delaware A H udson______ 100
13938 14038 140 140
14112 14134 142 142
100 Delaware Lack A W estern ..50
235 235
*230 235 *230 235 *230 235
Denver A R io Grande____ 100
17
*13
*13
17
*13
17
15
*12
*12
15
* 13l2 10
7.900
Do
pref_______________ 100
323, 33%
36
33
33% 35
34
35
3H2 313.1 3 l 78 34
28
2S3i
28% 30% 68.500 Erie...........................................100
2034 2034 26
28% 29
28% 29's
29's
D o 1st pref___________ 100
9,400
41% 43
4038 41%
*39
40
3958 42l4 4112 427S 41% 42
3,700
D o 2d pref___________ 100
32% 3234 33% 34%
33
33%
*31
32U
321, 33l2 3312 3312
6,325 Great Northern pref______ 100
114% 1143.1 114% 11434 11434 115%
11314 113U 11278 11412 lllS g 115
Iron Ore properties.-N o par
35% 357S 41.500
36
3 73g
35% 36%
3478 3512 351s 3614
36
3714
2 ,2 0 0 Illinois Central___________ 100
10458 1043S 10434 103 101% 103 103% 101 10t%
102
•101
102
2 ,0 0 0 Interbor Con C orp, vtc No par
13%
13%
13
13% 13% *13
13
13
13U 1312
13
13i8
Do
p r o f._____ ________100
1.900
66%
66
*65% 6534
66
66
66
65
*64% 643s
65
65
2234 23%
4.900 Kansas City Southern____ 100
24
23%
23
23%
23
23
22
23*2
*215s 22
Do
pref_______________ 100
100
58
*54
*54% 58
58
*55
*5412 5512 5512 55i2 *55U 58
200 Lake Erie A Western_____ 100
22
21
21
217g 217g *19
*19
*19
22
*18
*1812 22
Do
pref_______________ 100
600
41
41% 41%
41
40% 41
40%
40
*35
40
*35
45
7078 21,550 Lehigh Valley.........................50
69% 70
70
63
6834 6834 7078 69% 7078 69% 70%
423,
400 Long Island________________60
41
4078 41
40% 40%
41
41%
40l2 41
*40
41
600 Louisville A Nashville____100
*124 127 *124 127l2 126 126 *126 127% 126 127% 120 127%
4,750 Mlnneap A St L (new)___100
22
22
23%
22
23
23
23%
2312 24
2212 22*2
1,200 M inn St Paul A S S M ____ 100
115 115 rll2 % 114
112
112
113% 113% *113% 115
*108 111
Do
pref_______________ 100
*120 130
*125 135 *120 130
•120
130
2 ,1 0 0 Missouri Kansas A T exas. 100
8%
"‘ s'
8
8
8%
8%
8
8
8*2
712 8>8
*712
Do
pref_______________ 100
700
173,
*15
17%
15
16% 17
15
15
31% 16,000 Missouri Pnclflc(new)whenlss.
30
30
2934 31
30% 31
30%
30% 31%
•2918 30
D o prof (or Ino bonds) d o ___
1,170
55% 55%
5333 5338
55% 56
555
55
55
56
5312 53>2
25,750 New York C e n tra l________100
98
96% 97%
96% 99
947g 9514 95
97
97% 98
97%
600 N Y C h lo A S t Louis............100
3234
32
33
33
32
*31
*30
32
*29
*29
32
*29
44% 46% 17,050 N Y N n A H artford......... 100
40
44% 45%
46%
45
4314 47% 46
♦4312 44
2434
2,700 N Y Ontario A W o s te r n ...l0 0
25%
24
24
24
24
24% 25
*2334 24I2 24
25%
*12812 12912 129 132% 130% 13134 130 131% 129% 130% 130 13278 19,500 Norfolk A W estern________100
D o adjustment pref___100
*85
90
*85
90
90
*85
90
*85
*85
90
*85
90
105% 10534 10478 105’ 4 105% 106% 11,178 Northern Paclflo__________ 100
10312 10334 10358 105% 105 106
54
543g
54% 543g
54
54%
541., 5434 1 8 ,088 Pennsylvania_______________50
535a 54%
535s 5334
2,900 Pere M arquetto v t c ________
28% 283,
2834 29
28% 28%
28% 28%
28%
28% 29%
*28
D o prior pref v t c _______
100
*07
70
♦67
70
70
68I2 68%
D o pref v t 0____________
59
1____
59
55
55
100 Pitts Cln Chic A St L o u is ..100
*74
78
*74
*74
♦74
80
80
80
76
76
963, 101 168,700 R e ad in g___________________ 50
953S 9734
98%
95% 983S 97% 993S 96
95l2 96
*42% 423,
1st preferred_____ _______50
500
43
43
43
*42
43
43
*41% 43
*4H2 43
700
2d preferred_____________ 60
*4253
♦425s
43
43%
*42%
43%
43%
43
43
*42
431.1
43
6,900 St Louis A San Fran new (w 1).
20% 21
2034 2078 20% 21
2058 21
21
20
20
20%
300 St Louis Southwestern____ 100
3234 *25
*25
30
26% 26% *26% 30
30
32
*25
*25
Do
pref_______________100
200
*44
52
52
48
48
*43
51
52
517a 517S ♦48
*45
1,200 Seaboard Air Line_________ 100
1412 15%
15%
14% 14%
15% 15% *15
15% 15%
•14U 1434
Do
pref_______________100
3134
1,300
34
33% 33%
3334 34% *32% 35
33% 33%
*3 ll2 33
957S 96%
9558 96%
9458 9658
95% 977g 32,918 Southern Paclflo C o _______100
96%
96
94%
94
28% 2938 28% 303, 79,500 Southern Railw ay_________ 100
27% 2934
28^8 295S 28% 29%
2712 28
3,100
Do
pref...................... . . 1 0 0
5834 59
59
60%
58
58
60
59
59
5912 60
59
1,700 Texas A Pacific___________ 100
16% 17
1634 16*4 *1534 163,
16% 16%
16
16*4
1512 15%
41
1,050 Third Avenue (New York) 100
41
41
*40
*39
41
395S 3958 40% 4078 *40
*39
Twin C ity Rapid T ra n s it.. 100
94
*92
94
94
94
*91
*91
*91
*9112 94
1393s 140% 138% 140% 139% 145% 65,000 Union Paclflo______________100
I3678 1373s 137% 141
139% 141
Do
pref_______________ 100
620
582
82
81
81%
*80
82
81% 82%
*80*4 82%
3.300 United Railways Invest___100
934 10%
934 10
>9% 10%
9
9%
9%
9
9
*734
Do
pref_______________100
2 ,0 0 0
21
221.
21
21%
20% 20%
21
21
*19
21
20
*19
5,900 W a b a sh __________________ 100
12% 127a
12% 123,
12% 1278
12% 12%
12% 121
12
12%
D o pref A ____________ 100
493, 51% 16,100
49% 50
48% 4978 4934 503S 4 9 58 50%
48% 48%
D o pref B d o _________ 100
5,500
2534 2578 25% 26
25-% 25%
25-% 26%
25% 26
*24% 25
2278 12,300 Western M aryland________100
2338 23%
22
21% 22%
23% 24
*23
23%
22*t 2334
Do
pref_______________100
500
41
40
41
*37
42
*38
♦38
*39
40% 41
41
•38
177a 6.300 Wheeling A Lake E R y w I . .
17
17%
17
16% 17
17% 18% *17% 18%
167S 17
D
o
preferred
when Issued
2.300
397
8
38%
3934
40
3934
*38%
33
3812
39
40
39% 39%
2 ,1 0 0 Wisconsin Central________100
51%
50
50
50
*43
50%
51
49% 50% *49
49%
•40

S vsr share $ ver share
1021.1 10278 103 1013s
99%
*98% 0912 99
*114% 118 *115 118
70l2 79
70
76%
73
72
72l2 *72
0612 00l2 6078 67%
153% 154
153U 15912
58% 5312
58I3 60*4
11% 12%
* U l2 12
3333 3312 33% 35
82
8238 8214 85
*11012 118 *110 120
114 115
1137S 114
•160 170
37
383s
37
37
40
40
71'8 74
25*2 2578 25i2 2612
57
5714 *57
57*2
*45
47
45
40
13912 13912 *139 142

$ per share S per share
104 10134 10334 104%
09% 99%
991., 99%
114% 114%
114 118
787g 7934
79% 80%
73% 7338
73% 73%
♦67
68%
67% 67f4
158 159% 158 15938
60% 61
60
60*4

$ per share $ per share
10338 101% 103% 105%
9S78 99
99
99%
114% 114% *114 118
7734 79
77% 80%
73% 73%
73% 73%
673, 68%
67% 67%
158 163% 160-3, 16733
60
62%
59% 60%
12% 1258
12% 12%
35
35
35% 36%
83% 84%
83% 85
118% 118%
*118% 119
11578 116% 116% 11734

PER SHARE
Range Since Jan. 1
On basis of 100-*Aar« lots
Lowest
$ per share
100% Feb 3
98% Jan 2
110% Feb 8
74 Feb l
72 M a rl7
65% Feb 5
148% Feb 7
56% Feb 3
10% Feb 3
32% Feb 3
78% Feb 9
117 M ar 1
113 Mar 13
16634 M ar 8
625% Feb 8
40 Feb 3
70 Feb 1
20 Feb 10
54% M ar 8
42 M arl2
13834 Feb 14
22734 Feb 15
11% Feb 8
22 Feb
25 Feb
3734 Feb
30 Feb
111% Feb
2734 Feb
100 Feb
1134 Feb
61 Feb
21 Feb
53% Feb 28
17 Feb 3
40 Feb 10
66% M ar 13
34 Jan 8
122% Feb 6
21% M ar 8
105 Feb 7
7 Feb 9
14 Feb 19
27 Feb 3
61 M ar 7
91 Fob 2
30 Feb
36*4 Feb 16
22 M ar 1
126% M ar 1
85 M ar 13
101 Feb 3
53% M a rl5
26 Mar 1
6734 Feb 28
55 Jan 17
74 Feb 21
88% Feb 3
42*4 Feb 13
41% M ar 8
19% M a r l 6
25 Feb 3
48 M ar 1
13% M a r l 6
31% M ar 14
90 Feb 3
2634 M ar 1
56% M ar 9
14% Feb 28
36 Feb 9
93 Feb 23
131 Feb 3
81 M arl3
6% Feb 1
18 Feb 5
11% Feb 15
46% Feb 2
24% MarlO
21% Mar22
39% M ar 3
13% M ar 1
36% M ar 2
45% Feb 14

15% Feb 3
2,300
17%
17% 1734
17
16% 17%
1634 17%
30% Fob 16
Do
pref.
.1 0 0
____ *32% 33%
34
600
34
33%
32
33
33
66 Feb
1,100
*08% 70
09
69
09
69
69
69
68% 69
6I4 Feb
8% 7,200
8
8 % 8*4
8%
8 %. *8
8
8% 8*s
63.i Feb
3,700
67g
7
7
7
7%
7
6%
7
7
7
20%
Feb
20,700
29%
2S7
8
29
29%
30
29*4
20% 28*4 28%
30*8
79% Feb
Do
preferred v t 0_____ 100
2,500
86% 857g 86
86% 86% 86 % *85
85
85% 86
83 Feb
2,500 mer Agricultural C h e m ..
93
93%
93
92% 92% *91
92%
92
91% 92*4
93
*90
98% Feb 10
Do
pref_______________ 100
*99 103 *100 103 * 100% 101% * 100% 102
•101 103 *101% 103
81 Feb
92% 937g 18,100 American Beet Sugar______ 100
9l7g 93
92% 93
92% 94%
9178 93
91% 92
95 Feb
D
o
pref_______________
100
97
*92
*93%
98
99
*97
99
*93%
97
♦93%
♦93% 99
36 Feb
47% 48% 40,000
48
47% 49
46
47% 48%
49*4
48%
46%
46
106 Feb
200 D o pref.
*100 109% 107*4 107*4 107 107 *105% 108 *100 10S% *106 108
merlcan
Ca
57
Feb
69%
19,000
69
68
%
70%
69%
65
68% 68%
68*4
•67*4
66% 67
Do
pref.
116 Mar21
203
116 116 *110 117 *116 117
*115*4 118 5115*4 115*1
42 Feb
5,200
4434
43% 44
44% 46%
44
44
44
*42% 44
*42% 44
pref.
98% M ar 0
200 D o
*99 101
*99 101
99% 99% ♦99 101
100 100
•100 101
10 Feb
9,000 merlcan Hit
14% 14%
14% 14*4
14% 14*4
14% 15*4
14% 15%
14%
14
58 Feb
Do
prof.
13,600
69
69
68% 70-% 69*4 71% 69% 70% 68*4 69%
70
67
24 Feb
2,900
27%
27
27% 27*4 ♦27% 28
27% 27%
27% 27%
1534 Feb
21% 20
21*8 19% 20% 19*4 20% 19*4 20 % 12,400
20% 20*4 20
48 Feb
Do
pref.
3,000
53% 53%
5478
53% 537g
53
54
531,1
54% 54*.|
51%
62%
Feb
merlcan
Lo
39,900
z72%
73
72*4 74%
73% 75%
73% 74%
71%
71
70*4 73%
pref.
.1 0 0 103 Feb 15
100 D o
*104 106 *106 108
106 106
•104 100 *104 106
7
Feb
11
16,000
97a
10
%
10
%
9%
77g
7%
7%
*7%
7*4
*7%
8
46% Feb
D o pref otfs o f dep
50
12,900
55
52% 55*4
54
55%
52
52
51*4 52
*50% 52%
93% Jan
2,200 Amer Smolters See pref B .100
907S 97%
98
♦97
97
97
*96
97
97
*95*4 96*4 *98
D o pref Ser A s ta m p e d..
98% Feb 13
3,050
* 100% 101% 100% 100% 100% 100% 100*8 100*8 100% 100% 100% 100%
79,433 Amer Smelting A R efining. 100
94% Feb
105% 107% 107% 108*8 100% 108% 105% 106% 105*4 107
105*4 107
Do
pref
100 111 Feb 23
300
113% 113% 112% 113
112 112% *112 113 * 112% 114
*112 113
American Snuff__________ 100
100 130 Feb 17
*130 140 *130 140 *130 140 *130 140 *130 140 *130 140
Do
pref
100 103 Feb 16
♦104% 111 *104% 110 *104% 111 * 101% 111 *104% 111 * 101% 110
100 52 Feb 3
64
64
7,800 Am Steel Foundry_______ 100
63%
63l2 657s
Ot
65%
63% 64%
63
*61
6312
9,600 American Sugar R efining. . 100 101% Feb 3
111*4 112% 1117s 113%
*111 112% 111% 111*4 112 113*8 112% 113
100 117 Feb 2
Do
pref
300
119 119 *119 120 *119 120
119 119
*118 120
118 118
O 122% Feb 1
100
2,500 Amer Telephone A Teleg-.lO
127% 127% 127 127% 127% 127% 127% 127% 127% 12 7% 127% 127%
500 American T o b a cco ________ 100 201 Feb 3
216 217 *212% 218 *212% 217%
216 216
216 216
•212 219
100 104*4 Feb 16
100 D o pref (new )_________.100
*106 107% *10012 107% 107% 107% *100 108 *106 108 *106 103
.100 37% Feb 3
50% 51% 20,500 Am W oolen of M ass_______100
507g
50
50% 51%
52*8
51%
50
50
50
50
Do
pref
.100 94 Feb 3
300
98
97% 97% *96
90*4 96*4
*90% 98% *96% 98
97
97
Am
Writing
Paper
p
r
e
f
..100
100 37 Feb 3
8,800
52%
53%
52
50
53
51
50
51%
52
51*8
51%
50*4
31% Feb 2
..2 5
5,900 Am ZIno Lead A S_________25
36% 37
37
38
37% 37*4
*35*4 37
36% 37
36
36*4
64% Feb 1
pref
..2 5
69
69
68% 68 % 68% 68% 68 % 68% 68% 68% 1,100 D o
69
69
70 Feb 1
..5
0
Anaconda
C
opper__________
50
154,700
84
85
86
%
84%
85%
85%
85%
84% 86%
86*4
84% 85
89% Feb i
108% 110*4 108% 111% 110% 113% 112 115% 111% 114*4 114 118% 81,000 Atl Gulf A W I S3 Line otfs 100
54 Feb (
D o prof certfs_________.100
100
627.8 03%
3,600
62
63
62
62%
63*4 65
61% 61%
61% 61%
10(1
43 Feb 3
56',i 58%
57 ’ 53% 64,000 Baldwin Locom otive_____ 100
56
56*8 59%
63% 55%
57*4
53% 53*4
pref_______________100 100 Feb
____ ____
1,000 D o
101 101% *100 102
100 102
* 101% 102
109 Mar23
1,400 Barrott C o (T h e ) _____ .. .1 0 0
no
110*4 lOOli 109% 109 109
115% 116% a l l 2 112% 110% 111
16,400 Bethlehem Steel__________ 100 a l l9 M ar
145 147
146 149*4 141*4 147
138 146
132 133*4 132% 138
D o class B com m on ___100 103 M ar
121% 123% 121 129% 130 139% 139% 143*4 134% 141% 136% 139*4 197,100
pref...........................1001 117% M ar
____ ____ ____ 120 120
100 D o
*120 125 *120 125
• Bid and asked prloes; no sales on this day. t Ex-rlghts. I Less than 100 shares. o E x -d lv . and rights. * Ex-dlvldend.
*16% 16%
*31% 32
68% 68%
8%
8%
7
7
26% 27%




Highest

PER SHARE
Range for Precious
Year 1910
Lowest

Highest

$ per share $ per share
S per share
1087* Oot
107% Jan 8 100% Apr
102 Feb
100% Feb 1 298% Deo
126 N o v
119 Jan 4 106% Apr
96 Jon
85 Jan 18
81% Deo
80 Jan
72% Aug
76% Jan 17
887a Juno
82 Jan 4
81 Doc
167% Mar23 *162% M a r 183*4 Jan
58 Apr
71 Oot
65*4 Jan 3
1134 Apr
16% Doe
14% Jan 10
33 Apr
47% Oot
4 134 Jan 2
102% Jan
89 Deo
92 Jan 4
136%Jan
125% Jan 29 123 Deo
1347g Jan
124% Jan 19 123 Deo
178 Deo
172% Feb 16 J165 Apr
638% Deo
39% Mar23
531 D ec
51 Jan 16
62% Oot
38 Apr
70 Feb
86 June
80 Jan 29
2434 Apr
30 Jan 4
37 Oot
62% Oot
46 Apr
57% Jan 9
57*4 June
40 M ar
46 M ar 17
156 Oot
15178 Jan 19 14878 Deo
236 Jan 9 216 M ar 242 N o v
87s M a r
23% Oot
17 Jan
62% Oot
15 M ar
4 1 Jan
43% Jan
Apr
3434 Jan
59% Jan
46 Deo
49% Jan
54% Jan
3934 Jan
40 Deo
115 Deo 127%Jan
118% Jan
50*4 Jan
32 Deo
38% M ar
10978 Oot
106-% Jan
99*t Apr
21% Jan
15% Deo
17% Jan
77% Jan
69 Deo
72 % Jan
32% Jan
23% Apr
2578 Jan
647* Jan
58% Jan 30
56% Deo
25% Jan 3
30 Deo
10 M ay
55% N o v
32 Apr
533.1 Jan 3
87% Oot
74% Jan
79% Jan 2
41% June
20 Jan
47% Jan 24
13334 Jan 4 121% M ar 140 Oot
36 Oct
26 Oct
32% Jan 29
130 Oot
119 Jan 3 116 Dec
128% Sept 137 Jan
11 Jan
13% Deo
3% Sept
24% Deo
10 Apr
20% Jan
38% Deo
22% Sept
34 Jan
847g Deo
47*4 Sept
61 Jan
114% Oot
103% Jan 4 100% Apr
45*4 N OV
33 Apr
38% Jan 8
777* Jan
527g Jan 2
49% Deo
20 M ay
34% Deo
29% Jan 2
138%Jan 24 114 M ar 147% Oot
89% M ay
84% Feb
89% Feb 3
1187* Jan
110% Jan 3 108 Deo
60 Oot
55 Sept
57% Jan 25
38% Deo
36*4 Dec
36*4 Jan 2
73% Deo
72 Deo
73% Jan 17
57 Jan 8
88 June
82 Jan 26
78 Feb
104% Jan 3
116% Sept
75% Jan
40 Feb
45 Jan 29
417a Feb
62 M ay
41% Feb
45% Jan 16
30% Deo
15% M ay
26% Jan 2
32% Deo
16 M ay
31 Jan
37% Sept
57 Deo
53 Jan
14 Apr
19% Deo
18 Jan
42% Oot
34% Apr
39% Jan
104% Jan
94% Apr
98% Jan 18
30*4 Deo
18 Apr
33% Jan 3
73% Deo
56 Apr
70% Jan 30
21*4 Deo
6% Feb
1934 Jan 4
68% June
48 N o v
4834 Jan 2
99 June
94 M ar
95 Jan 20
163% Oot
149%Jan 2 129*4 Apr
84% Sept
85 Jan 24 28O Sept
21% Jan
7*4 M ay
11%Jan 2
39*4 Jan
2334 Jan
17 Sept
17 Jan
13% Sept
1534 Jan
60% Deo
41% Mar
68 Jan
327g Deo
25 Apr
30% Jan
34% M ar
24% Feb
28*4 Jan
55 Oot
40 M ar
42 Jan 11
27% Deo
2278 Jan
21 Deo
58% Deo
46 Deo
50% Jan 22
66%July
33 Apr
54% Jan
14 Aug
18% Jan
30% Oot
37% Jan
63 July
80 Jan 25
10% Deo
11% Jan
7% Feb 20
6*4 Oot
19 July
30% M ar2l
70% July
807g MarlO
63 Apr
93% Jan 22
103% Jan 24
96 M ar
6 U 4 Feb
102% Feb 15
93 Apr
98 Jan 24
51% Jan 26
44 Deo
110%Jan 25 10778 Doe
62 July
70% M arlO
118% Jan 23 115% Aug
48% Deo
50% Jan
98 Jan
101%Jan
8*4 June
157S MarlO
45 M ar
75 Jan
25 Jan
32% Jan
17 Deo
217g MarlO
38% Mar
55% M arlO
82% Jan
58 July
99% July
1007s Jan 20
11 Mar23
9% Deo
56 Mar23
51 Deo
84% July
99% Jan 31
91*4 July
102% MarlO
881* Apr
110% Jan 19
117%Jan 19 109% Apr
142 Feb 16 130 Mar
103 Fob 16 106% M ar
44 Apr
6578 Mar21
115% Feb 21 104 Deo
2.-, 115% M ay
121% Jan ■
128% Jan 24 zl23% Deo
220 M ar 12 188 Feb
109*4 Jan 18 105% Apr
53 M ar 7
37 Deo
92 Jan
99% M ar 14
54% MarlO
11 Jan
29% July
41% Jan 26
59% July
72% Jan 26
77 Apr
86*4 Mar20
60 July
121%Jan 22
60% Deo
66 Jan 4
52 Deo
62 Jan 3
9S7g Deo
102% Jan 15
al27% Doe
136 Jan
415 Jan
515 Jan
113 34 Mar21
126 July
135 Jan

21*4 Dee

43 Apr
89% Deo
26% Jan
10% Jan
38 N o v
92 N o v
102 N o v
103% Deo
108% N o v
102 June
68% Sopt
115% Sopt
78% Deo
119% M ar
68% Oot
102 Mar
20% Oot
847g Deo
32*4 D eo
2778 N ov
62*4 N ov
98% N o v
109 N ov
10% Deo
51 Deo
97% N o v
102 N o v
12278 N o v

118% Oot
151 Deo
110 Jan
73 Deo
125% Oot
123% Oot
1134% Sopt
22978 N ov
113 Sept
687* N ov
102 Mar
76% N ov
977* Apr
87 N o v
105% N o v
147*4 Deo
73*4 N o v
118% Jan
110 M ay
167% Deo
700 N o v
186

N ov

6B cforo paymont o f 1st Installment.

N ew

Y ork

S to ck

R e c o r d — C o n c lu d e d — P a g e

1137

2

For re c o rd o f sates d u r in g t h e w eek o f sto c k s u su a lly In a ctive , see s e c o n d p a g e p r e c e d in g .

n i o il AND LOW BALM PRICES—PER SHAKE, NOT PER CENT,
Saturday
M a rch 17

$ per

share

4634
2334
*53
92
112%

100
25*8
58-8
48
43
*41
119U
*89
•111
24U
106%
65%
*109i2
43

8934

21%
1731
17U
*40
•240
*110
105
12134
90
56%
•no
*8434
42*4
127>2

Monday

Tuesday

M a rch 19

M a rch 20

$ per

share

47
401’
2334
24
50
55l2
92l2 92l2
1127a 11214
39 lj
100
103
2534 25*8
59 >8 58i2
48%
4734
44%
42
45
*41%
119 !2 *1191’
9U 2 91%
1 15
241’
2334
100% 100l2
65%
053t
112
110
433S 4234
8934 *87
2U2
18
17U
44
249
1151’
105
124
90
56%
112
89
4234
128%

47
25U
5512
90
113
39l2
104
26
5973
497.s
433s
45
121
92

$ per

share

47
24i2
50
95
11314
39
101
253s
5934
493S
43
♦lUs
120
*89

48
25l2
57 is
97
113%
39*8
101*4
20*s
00*3
53*i
44%
45
120l2
92

Wednesday

Thursday
M arch 22

M a rch 21

$

per share

47
24i2
55i2
94i2
113l2
381’
*102
25
58%
521*
4378
*42
119*1
91l2

477a
2134
50
90i2
113*4
38%
10H2
25i2
59*4
54%
45li
45
120U
9234

2478 24U 25*s
24*8 25l2
1007g 10634 10714 106*1 107
71i2 6958 7134 69% 73U
i m 2 111 l l l i 2 n n 2 .n i* s
45%
4314 43U 45l2 44
8912 90
90
90
90

22I2 227g 221*
213a 22*i
18'2
18 '4 181’
18'2 1S'2
21
181’ 18%
18
18
44
44
40
*40
*10
*210 249 *235 245 *235
*110 1151’ *109 115 *110
105*2 105'2 100l2 109is 168
12014 1223s 1211’ 124% 119
9012 90%
90U 90i2 90*1
56
57
57
58%
57ig
*110 112 *108 112 *110
893S 87
s s u 8914 89
45*3 40
43
45
45
128 132
131 132l2 130
107
107

Oil’s
01
025s
6258
18%
18% 19
19
45
*40
46
40
—
—
116 n o
117%
27 % 2934 28*j 30
29
8038 87*4
8518 881’
88
42%
42U 4338 44
453g 44
4533 44
102 *101 102 *101
65
00
02
04
60
00
00l2 01%
01%
40*8 401’
453S 4012 403s
83*2 83i’
83
851’
80'8
*21
22%
2253 23
2214
*250 260*2 *250 201 *250
*200 215 *200 220 *200
86% 8684 *80
88% *80
65
*04
65
*041’
50% 56% 55U 5038 547s
*70%
70*i
71U 7 111
*32
35
35
35
34U
s s u s ou
88*4 04% 94
93
4114 4 112 41
411’
41*4
102 *100 102
102l2
* 112% 117% *11214 1171.’ *115
118 118
118 118
118*4
Oils
17*4

2278
19
21
40
245
115
16978
122
90*4
57%
112
89
45
133

3414 31%

3334 34*4
347S 35U
34%
34U 36
100
08
98
*98 101
*97
♦97 101
56%
5773 58 ti
56% 577g
58*|
58's 58l2
11U’ *10914 111% m i ’ 11H2 *109 112 *109
243s 24*4
247S 25ls
24%
24
24% 25
150
149 149
150 153*s 15214 150
150
09
09ls 097S 097s 7012 70l2 72*8 270*4
114
112*8 114i2 112lS 114i2 113 IH I 4 112
51'2
51
5 U4 5 lit 52ls
51
50 li 51
*5%
0's
5%
534
*5*2
0%
5*8
57g
23
243s
23% 25
23*4 24%
2334 243*
23*i
9/
*96
97%
97
977S *90
9712 9 1*,
383$ '10
38l2 39
37% 3712 37's
48%
47U 49
4034
47->s 4 /
47
49*4
117 U S ’s *117 119
1171* 117-’i 1177s 118
1101’
78% 7834
787* 80%
80
80*8
8234 80
80
*103 100
1031’ 1031’ *101 100
104 101 *104
§ 125 125 *125 130*8 * 125 130% 125 120
127
162 162 *102 165
102 102 *160
*100 103
52*s 53
5 111 52%
5212 55*8
*491* 51*4
53
99
99
99
99
98% *98 100
*08
2834 29%
283j 29>2 29*s 2973 2834 29%
28%
8034 81*’
83% 85%
80*2 84*4
84% 80%
83*3
•10334 10 4*4 10334 101% xlUJ*2 102*2 102 103 *102
57
57
57% 57*3 00/8 07% 56
50
57
19512 196% 195 195
193*2
1917s 195's 193
28% 29
28*4 29%
28t2 2812 28'8
66
08'2 08
74
7212 7412
71*8
*185
195 *185 195
190
1023| 105
101=8 100
103's 105*8 10U2
*105*8 105*2 105*4 IO6I4 *105l2 107 *105
*44*4 46
40'8 40 >8 ---- - ___ *45
17
17
17*4
17
17%
17%
10's 1078
1018
228% 228 231
229'2 232
229 23 tli 229
56% 57
57%
56*i 58
57
5712 57'2 59
*103*8 104 *103% 10312 *1011’ 10312 *101% !03I2 *1011’
*105 110 *105 110 *10H2 10S12 *105 109 *105
*11% 12 78 * l l l 2 13
*11*1 13
*12
13
15U
92
98
*91
98
98
98 100
99 100
101*4 101% 102
101
102
10U2 10178 10078
no
119 *118 122 *118 122 *118>2
145*4 14412 146% 145 147*4 145
20*4
21U 211’
20*4
21
2112
¥l)«)
58*4 *55
*55
581’ *55
00
128*4 127 130
12534 12812 124*1
*97
♦95 103
100's 100's *97
62
0114 62*2 62
0214 60% 0134 59U
1071s 108I4 107l2 108
10712 1077g 108
62%
03*2 64*s
0334 04*4
51*2 *50
511,
50*4 50*4 *50's
115*4 115is 117
115li
HO'8 118
118 llS li n s i 8 IISI 4 118
114
115
114% 11578 1131’ 115li I l l 's
2014 21
21
*20'2 22
*20'4
41
40
4112 41i2 4 h 4 43
4118
111 *110 111 ♦110 111 *110
66
67
65
*0312
00
♦98's 9878 983s 99*3 I97*i 97*1 97l2 977g
97
52
5414 52*4 54%
51*2 52*4
51%
51!s 52
*71
73
*69
50
50
491’ 50
49*4
35
35*8
34% 31%
327S
3412 3434 3414 35's
*901’ 110
--- *99
99*2 09% 99>2 *90*2 100
14478
145 *142 145 *143
14434
144*4
145
*1421’
*124 120
___ *125 — *121 120 *124%
*23
251’ 251* *25
27
«2312 27
24% 24*3
*90
*90
97
97
*91
*91
97
95
95
547g
•52
54
*53
55
54
53
54
*52
*97
56
*109
24 >8
*144
*6734
1127s

2




thl« day.

Week

STOCKS
N E W Y O R K S TO C K
EXCHANGE

§ Less

02ls
60*4
18lt §15
*42
48
11712 zllG %
24%
341,
923,4
921?
40%
45%
43*4
42%
102
102
04
*02
02
03
40%
47*i
86%
87U
23
23%
207 Z262
215 *205
8SI1 *80
05
05
53*4
51%
69
*08%
34% *33
92%
94li
95
*85
41*8
40%
102 *100
U 7l2 *113
110%

61% 71,700
18%
1,503
45
400
119%
2,500
30% 302,000
951.1 476,650
40% 100,300
45
28,400
102
600
01
1,300
03%
6,700
47% 89,000
873S 28,850
23%
2,800
202
300
215
100
87
100
65
100
53
15,000
70%
1,300
34
2,300
94
70,900
95
200
41
24,100
103
1,200
117%
118%
1,400

35%
100
00

35% 20,500 Nat Enam’ g A S ta m p 's .. 100
99
Do
pref_____________ 100
175
63%
8,200 National Lead___________ 100
113%
200
Do
pref_____________ .100
211,8 9,000 Nevada Consol C o p p e r .. . . 5
153
4,450 New York Air B rake. . .. 100
70
2,000 North American C o ______ 100
125% 91,800 Ohio Cities Gas (T h e )____ 25
51
4,500 Ohio Fuel S u pply.............
0
800 Ontario Silver M ining___ 100
20% 22,500 Pacific M all.......................... ..5
94
3,000 People's G L A C (C h ic).. 100
38
7,400 Philadelphia Co (P ltts b ).. .50
48%
8,000 Pittsburgh Coal ctfs dep 100
117
Do
pref ctfs d ep osit.. 100
1,400
80
10.700 Pres-ed Steel C a r _______ 100
100%
200
DO p r e f .......................... 100
130%
410 Public Serv Corp of N J . . . 100
102
500 Pullman Com pany_______ 100
54
14,300 Railway Steel Spring_____ 100
pref ------------------ 100
100
GOO D o
29% 38,100 Ray Consolidated Copper. .10
84% 108.100 Republic Iron A Steel_____ 100
Do
pref______________ 100
102%
810
1,400 Saxon M otor Car C o r p ... 100
58
192%
3,500 Sears. Roebuck A C o_____ 100
28%
4,250 Shattuck Arlz C opper____ .10
72% 32,500 Sloss-Sbeffleld Steel A Ir_. 100
195
100 South Porto Rico S u ga r.. 100
103% 19,400 Studobaker Corp ( T h e ) ... 100
107
300
Do
pref______________ 100
45
300 Stutz M otor of Am Ino.W o par
10% 12,000 Tenuesseo Copper A Chem w 1
233
7,050 Texas Company (T h e )____ 100
57% 31,100 T obacco Products Corp . . 100
103
Do
pref______ _______ 100
100
105%
200 Underwood Typewriter___ 100
13
100 Union Bag A Paper_____ 100
99
1,300 Union Bag A Paper (new ). 100
101
5,000 United Cigar Stores______ 100
121%
200
Do
pref______________ 100
110%
8,200 United Fruit_____________ 100
22%
4,800 U S Cast I Pipe A F d y____ 100
00
Do
pref______________ 100
500
127% 71,100 U S Industrial A lcohol____ 100
103
Do
pref............... .......... 100
100
00
12,400 United States R ubber____ 100
108%
D o 1st preferred______ 100
1,500
03%
0.300 U S Smelting Ref A M ____ .50
51%
Do
pref______________
1,015
117 1370750,United States Steel.............. 100
118%
4,934
Do
pref............... ......
100
112% 87,800 Utah C opper_____ ________ .10
21%
300,Utah Securities v t 0______ 100
41%
4,300 Vlrglnla-Carollna C h e m ... 100
112
200
Do
pref______ ________ 100
60
3,000 Virginia Iron C A C ______ 100
90
2,700 Western Union Telegraph. 100
52*4 117,900 Westlnghouso Elec A M fg . .50
.7:*
49^4
33% 11,200 Wlllys-Oyerland ( T h e ) . .. .25
99
100
D o pref Sub recta full pd 100
115
500 W oolworth (F W )______
100
120
Do
pref______________ 100
400
27
200,Worthington P i M y t c . . 100
97
D o pref A v t 0 _______ 100
1O0
50
Do pref B v t o _______ 100
400

34%
§98%
00%
11414 *1091.1
24
24%
151 ♦148
70
70*4
12278 122%
51
51
*5%
6
251S ■ 21*4
903,8 91
1371a *37
471-s
47
1101’ *115*4
81
79%
100 *101
127 *125
16212 102
53%
54*4
100
*98
29 '8
28%
85
84
103
102%
57
*57
194*4 102%
28l2 28%
72
73
190 *185
10312 102%
107 *105
40
45
10%
lfll4
220'? 228%
5 / *8
58>4
103 * 101%
105%
109
15% * 12*4
*92
99
101
100%
12 U2 *119
n o zl45
2078 21%
58%
00
120l2 125%
103
*97
0 0 '2 59%
108 *108
03*8 *02%
5 1 '2 *50%
110*4 115%
I I 8I4 118
114*3 111%
22
*20%
42*8
41%
111
111
00
05
97's *95%
53 18 52%
75
*71
49%
49*4
34*8 33%'
___ *90%
145 *143
120 *125
27
*23
97
*91
55
*50

than 100

shares.

PE E S H A R E
Range Since Jan . 1

On basis of 100-*6ar« lots
Lowest

Shares

In d u strlal8 cM Isc.(C on .) Par
S per share S per share
4GU 4714
7,700 Butte A Superior C o p pe r.. .10
40%
§24
25
24
25%
3,050 California Petroleum, vto. 100
Do
pref______________ 100
54
1,900
51
53l2 54
159,500 Central L eath er............... 100
93li 9578 93*1
Do
pref---------------------- 100
114 114 *113*8 IIS'?
800
3ft7o
3010
2,550 Cerro de Pasco C o p __ Nc par
39
2,100 Chandler M otor C ar_____ 100
101 101 " 102% 103*i
24% 253,8 22,000 Chile Copper-------------------- .2 5
2414 25
5
57*4 58*8 57% 57% 26,400 Chino Copper-----------------52% 54% 45,100 Colorado Fuel & Iron_____ 100
51% 53%
■I334 44% 39,900 Columbia Gas A E l e c ____ 100
44%
43
100 Com puting-Tab-Record
100
2:43% 43 %
*4312 45
1107a 110% 120 120% 2,000 Consolidated Gas (N Y ) . . 100
9 Oil 90*8
1,900 Continental Can__________ 100
92
*90
100
115 *109% 115
24*8 25*8
25% 27% 138,700 Corn Products R e fin in g ... 100
Do
pref______________ 100
107li 1071’ 108 108%
6,000
69% 7 1*4 70% 72% 207,400 Crucible Steel of America. 100
111% 111%
* m i 2 112
Do
pref______________ 100
900
4314 44U 43
45% 58,700 Cuba Cano Sugar........No par
89*4 89%
*89
90
Do
pref______________ 100
1,050
*180 190 *185 ISO
100
*102 105 *102 105
100
20U 221’
20% 20% 11,200 Distillers’ Securities Corp .100
18's 1«12 •lSi.i 19%
1,600 Dom e M ines, L td _______ -10
101.1 19 14 *19% 23
000 Federal Mining A S m e lt.. 100
43
4 3 '2 *42
41
Do
pref_____________ 100
300
*235 245
240 240
100 General Chemical________ 100
*110
1 15 *110
100
107 107*1 167% 107*4
8,400 General Electric_________ 100
118 1201.1 119 120% 35,400 General M otors tem c t fs .. 100
00l2 9 0 '2 *90% 90%
Do
pref
tem ct fs .. 100
1,300
55% 56% *55% 57
5,800 Goodrich C o (B F )______ 100
*1101’ 112 *108 112
100
80
80
80
80
1,300 Granby Cons M S A P . . . 100
4378 44
43
43
2,400 Greene Cananea C opper. 100
127*2 129U 127% 129
5,600 Gulf States Steel tr c t f s .. 100
100

631’
62
0078
63%
19
187g 19
181.1
40
45
*42
45
119i2 119*i 120
117
32*s
30*i 33*i
31*4
93*8
8912
89*4 93%
45% 4738 451s
4 0 ’s
4214
45li
43*2 447,,
102 *101
102 *100
04
*02
*02
04
027S c n 2 62l2 01
407g
4573
451’ 40%
85l2 88*,
85*3
80*4
23l2 23
23 14 22l2
202
200's 202 *255
215
215 215 *200
8Slt ♦SO
88I4 *80
*041’ 05
*64%
05
50>2 53% 55
50i2
69
67
71*1
71
35%
341* 35
33'a
9 l 'l
97U
93*4 9534
*85
42
41
4114 4178
100l2
102*4 102i2 103
1171’ *112
118 ♦115
119
11812 11S12

*ni<i and asked prices: no laloi on
s hx-dividend.

Friday
M arch 23

Salesfor
the

Lowest

H ighest

t Ex-rights.

a Ex-dlv. and rights

Highest

S per share
$ per share $ per share
$ per share
105% M ar
38% Feb 3
52% Jan 26
41% Deo
42% Jan
20% Feb 3
15 June
30% Jan 25
80% Jan
47 Feb 3
40 June
62% Jan 25
49 Apr
70 Feb 1 97% Jan 4
123 N o v
112% Feb 16 115% Jan 25 108% Jan
117% N o v
41 Feb 20
131 June
90% Feb 3 104*4 M ar20
88% Apr
20 Feb 3
27% M ar 12
39% N o v
19% July
48% Feb 3
63*4 M ar 7
74 N o v
46% July
38% Feb 2
6 3% Sept
54% Mar21
38% Apr
34% Feb 3
4 7% Jan 20
30% Sept
53% Deo
41 Feb 28
46 Jan 4
52% Jan
40% July
118 M a rl4 131%Jan 18 129*4 Deo
144*4 Jan
82% Feb 3
94 Feb 15
75U J an z l l l Sept
110 Feb 8
18 Feb 2
27% Mar23
13% Aug
29*4 Deo
98*8 Feb 3 112% Jan 2
85 June 113% D eo
50% Feb 2
73% Mar21
99% M ar
50% D eo
107 Feb 3 11 734 Jan 3 108% Jan
124% Deo
35*4 Feb 3
55U Jan 4
43 Deo
76*8 Oct
85% Feb 14
94% Jan 3
91*4 Deo
100% Oot
159 Feb 14
18% M ar 7
17% MarlG
11% Feb 6
37 Jan 10
240 M ar 9
108 Feb 8
161 Feb 3
99 Feb 3
88 Feb 2
z51 Feb 2
108 M ar 5
75% Feb 3
40% Feb 23
99% Feb 3

32- Jan 2
24*4 Jan 9
21 Mar21
45 Feb 20

34
95
115

Feb
Feb

1 42% Jan 31
2 109%Jan 25

M ar 2

122% Jan

5

24 Feb 3
30 M ar 9
98 Jan 19
9 5% Feb 8
52 Feb 3
63% M ar23
108% M a r l5 114 Jan 6
20% Feb 3
26% M ar 6
128 Feb 3 156 Mar21
60 Feb 3
72% Mar21
87 Feb 3 125*4 Mar23
54 Feb 19
50% M ar 1
5 Feb 3
7% Feb 14
18 Feb 3
26% Mar23
80% Feb 10 106% Jan 18
36*8 M ar 1
35 Feb 1 52% Jan 19
107% Jan 15 118% Mar20
72% Jan 11
101 M ar 7 z l0 7 Jan 31
125 Feb 1 131 Jan 0
159% Feb 3 167%Jan 20
43 Feb 2
55% Mar21
98% Mar20 101 Jan 22
23 Feb 1
31*8 M ar 7
60 Feb 1
86% Mar21
90 Feb 1 105*4 Jan 2
40 Feb 10
z 187*4 M ar 15 238% Jan 22
22% Fob 2
74% Mar21
50 Feb 2
165 Feb 0 195 ' M ar 9
94% Feb 3 110% Jan 17
102% M ar 7 108%Jan 20
53*4 Jan 26
44% Feb 24
13 Feb 2
17*4 MarlO
200 Feb 3 243 Jan 10
48% Feb 3
59 Mar21
99 Feb 23 105 M ar 12
100% Feb 1 109% M ar 12
11% Feb 2
15% Mar22
90% Feb 3 112 Jan 22
9 1 % Feb 3
119 Jan 2 120*4 M ar 14
135 Feb 3 154% Jan 22
23% Jan 25
17 Feb 2
55 Feb 1 63 Jan 29
111 Feb 2 132% Feb 23
98 Jan 8 101%Jan 8
65 Jan 3
105% Feb 2 114*4 Jan 3
67*4 Jan 4
52*4 Feb 3
50 M ar 0
52% Jan 3
99 Feb 1 118 Mar21
116*4 M ar 2 121%Jan 19
97 Feb 1 117% M ar 7
19% Feb 3
24*4 Jan 22
34% Feb 3
45 Jan 26
107% M ar 1 112% Jan 20
40 Feb 3
67 Mar20
92 M ar 2
99*4 Jan 19
40 Feb 3
55% Jan 2
30
95
137

Feb 3
Jan 2
Feb 26

23% Feb 9
91% M ar 9
50% Jan 13

24 D ec
18 D eo
12% July
§265

112i9Feb 7
17 134 Jan 20
125 MarlO
93 Jan 4
61% Jan 19
112 Jan 4
9238 Jan 17
47 Jan 26
137 Jan 3

Inspiration Cons C opper. ..2 0
48 Feb 1 63% Mar20
Internat Agrlcul C orp ___ .100
19% M arlO
13% Feb 5
Do
pref_____________ .100
35% Feb 5
48% M arlO
Intern Harvester o f N J . . .100 113 Feb 9 123 Jan 2
Int Mercantile M arine___ 100
19*4 Feb 1 36% Mar23
D o p r e f........................ 100
62% Feb 8
95% Mar23
Intern Nickel (The) v t o . ..2 5
37% Feb 3
47% Mar21
International Paper_____ .100
33 M ar 2
49% Jan 4
Do
pref_____________ .100
91 M ar 1 101% Jan 2
Jewel T ea, Inc___________ .100
60 M arl9
78 Jan 4
Kelly-Sprlngfleld T ire___ ..2 5
64% Jan 4
49 Feb 3
Kennecott Copper __ No par
40 Feb 1 4734 M ar 7
Lackawanna Steel_______ 100
70% Feb 3
89% Jan 4
Lee Rubber A T ire __ No par
17% Feb 28
30 Jan 2
Liggett A Myers T obacco .100 250 Feb 5 281 Jan 16
Lorlllard C o (P )________ 100 200 M ar 2
M ackay Companies_____ .100
89*4 Feb 17
D o p r e f_____________ 100
6 7% Jan 15
Maxwell M otor Inc tr ctla 100
47% Feb 2
01*4 Jan 17
D o 1st prel stk tr ctfs .100
61 Feb 1
74% Jan 18
D o 2d pref stk tr ctfs .100
32 Feb 2
M exican Petroleum_____ 100
81% M ar 1 106% Jan 10
Miami C opper___________ . . 5
M ontana Power________ 100
100
National Biscuit_________ 100

PER SHARE
Range fo r Precious
Year 1910

38% Jan 18
100 M arlO
151 Jan 22
126% Jan 17
28 Jan 4
57% Jan 22

a Par 1100 per share

Jan

159 Apr
120 Deo
88% Deo
49% Deo
HOI2 Deo
80 July
34 June
71 M ay

54% Apr
29% Feb
35 Jan
57% J3n
350 M ar
187% O ot
135 Deo
93 Deo
80 ADr
116*4 M ar
120 'N o v
50% N o v
193 N o v

42% Apr
74*4 N ov
29% Jan
11 Aug
74 Jan
37 Deo
108% Jan
120% N ov
cl3% Feb
r50% Sept
r61% M ar rl25% Sept
5 6 % Jan
38% D ec
9% Mar
75% N ov
42% Feb
109% Deo
67 M ar
96 Apr
8 5% Sept
50 Deo
64% N ov
40 Deo
64 M ay 107 N o v
56% June
25% Dec
240 Apr
305 N ov
239% Aug
179% Jan
91 Feb
78 Apr
68*4 June
99 Sept
93 Jan
60% June
32 Deo
88% June 129% Jan
33 Aug
68% Mar
Sept

49% N o v
114% Deo
117U N o ?
131% Oot

19*4 Apr
90% Deo
57 Deo
111% Deo
15 Jan
118 July
65% Apr
75 Oot

36% Deo
100 N o v
74% Sept
117% Oot
34% N ov
186 N o v
75% Deo
124% D ec

118

177% June

11% Jan
31 Aug
118 Oct
48 Deo
58*4 D ec
115% D ec
88% N OV
108 N o v
137 Sept
177 Sept
61*4 N o v
103% N o v
37 N o v
93 N o v
117 N o v
84*4 Sept
133 N o v
40% Feb
93% N o v
240 June
167 Jan
114 M ar
19% Sept
19% Deo
241% N o v

99 July
80 Jan
4% M ay
87% Oot
69 Feb
611% Feb
130% Jan
15% Jan
4S% Feb
94% Deo
99% July
47*4 M ar
106% Feb
57 Deo
60 June
z 79>4 Mar
115 M ay
74*4 July
16% June
30 Apr
108 Apr
41 July
87 M ar
51% Deo

109% M ar
110 Oot
18% Oct
129 N o v
105*4 Aug
120 Aug
169% June
28% N o v
67% N o v
170% Apr
114 Jan
70*4 Deo
115% Deo
81% N o v
53% June
129*4 N o v
123 N o v
130 N ov
27*s Dee
51 Jan
114% Deo
72*4 N o v
105% Oot
71% M ar

11»4 Jan
100% M ay
38 June
25% July
100% Aug
42% July
97 Jul
114
an
15Q7g M a /
32 Apr
95% M ar
20 June
42 June
101 DrO
108% Ma
22 D ec
37 July
140 Jan
100% Deo
108% Sept
48% Dec

34 Deo •325 June
117 June
94 D ec
118 Jan
141*4 Oot
123 June 126 N o v
25 July
36** Sept
95 July 100 Sept
66% Sept
52% July
* Certificates of deposit

1 1 2 8

N ew

Y ork

S to ck

E x ch a n ge— B on d

R ecord ,

F r id a y ,

W e e k ly

an d

Y e a r ly

Price
Friday
March 23

BONDS
N . Y. STO CK E X C H A N G E
Week ending March 23.
U. S. G overn m en t.
2s oonsol registered___<11930
2s oonsol cou pon ......... <11930
3s registered..... .......... . k1918
3s c o u p o n ____________ *1918
4s registered___________ 1925
4s o o u p o n ................
1925
Pan Canal 10-30-yr 2a.*1930
Pan Canal 10-30-yr 2s. .1938
Panama Canal 3s g ____1981
Philippine Island 4 s .1914-34
F oroign G overn m en t.
Anser Foreign Secur 5$ ____ 1919
Anglo-French 5-yr 5s Exter loan.
Argentine— Internal 5s ot 1 9 0 9 ..
Chinese (Qukuang R y )— 5s ol ’ l l
Cuba— External debt 5s ol 1904.
Exter dt 5s of '14 ser A . ..1 9 4 9
External loan 4>$s...............1949
Dominion o f Canada g 6 s ...1 9 2 1
Do
do
1926
Do
do
1931
Japanese G ovt— £loan 4H 8.1925
Second series 4 Ms...............1925
D o do "Germ an stamp” .
Sterling loan 4 s . . ...............1931
M exico— Exter loan £ 5s of 1899
Gold debt 4s of 1904.......... 1954
Paris, City of. 6-year 6s____1921
Prov of Alberta— deb 4H S ..1924
Tokyo C ity— 5s loan of 1912____
O K ol Gt Brit A I 2 -y r 5 s ..l9 1 8
3-year 5J$ temp n o t e s ___1919
6-year 51$ temp n o t e s ___1921
Tem porary notes 5J$s ...1 9 1 8
Tem porary notes 5>$s ...1 9 1 9

Bid

Week’s
Range or
Last Sale

Ask Low

Bonds
Sold

/ a Jan. 1909 the Kichange method of quoting bonds was changed, and vrices art auto alt—"and imerest” —except for income and defaulted bond).

Range
Since
Jan. 1

High No. Low High

BONDS
N . Y . STO C K E X C H A N G E
Week ending M arch 23.

I" aI-

Jhlc <fc Alton R R ref g 3s___1949 A - O
Railway 1st lien 3>$s_____ 1950 J - J
Ohio B * Q Denver D lv 4 s .. 1922 F - A
Illinois D lv 33$s__________1949 J - J
100% 101%
Illinois D lv 4 s ..................... 1949 J - J
2 10734110
Iowa
D lv sink fund 5s____1919 A - O
109 111%
Sinking fund 4 s . . .......... 1919 A - O
Joint bonds. See Great North
Nebraska Fix tension 4 s . . . 1927 M -N
10234 10234
R e g is te r e d _____________1927 M -N
Southwestern D lv 4s_____ 1921 M - S
General 4s..............................1958 M - 8
96 Sale
95%
96% 279 95*8 98%
F- A
92-'s Sale
92%
93 1212 90
A-O
93% Chic <fc E III ref & Imp 4s g_.1955 J - J
U 8 M tg 4 T r C o ctfs o f d e p ..
83% 93
88
88
M- 8
1 88
93
lat consol gold 6s________ 1934 A O
J - D t 71% 73% 72 M ar’ 17
70
72*i
General consol 1st 5s_____ 1937 M - N
97*4 Sale
973.4
98
81- 8
5 97*4 100
R e g iste re d ....................... 1937 M - N
95
95
95*s 95
F- A
1 93
96*8
U 8 M tg <k T r C o ctfs of dep
86% Jan ’ 17
F - A ------- 95
86% 86%
Guar
T r C o ctfs o f dep_____
98*4 Sale
98*4
99
A-O
V2 97% 100%
Pur m oney 1st coal 5s____1942 F - A
97
97% 97%
98
A-O
8 96% 100
C h i c * Ind C R y 1st 5 s . . . 1930 J - J
97% Sale
A-O
97%
98
61 97 100%
82
F - A t 88 ____ 81
11 81
88*4 Chic Great W est 1st 4s......... 1959 M - S
81
81%
J - J I 80% 81
20 81
88-% Chic Ind <fe Loulsv— Ref 63.1947 J - J
Refunding gold 5s..............1947 J - J
80 .
78*8
80
49 78
82
Refunding 4s Series C ____1917 J - J
i ' - ‘ j t 7 5 % ____ 76 M a r’ 17
73% 76%
Ind 4 Loulsv 1st gu 4s___1956 J - J
40% Feb ’ 17
y - j t ------- 45
40% 41
Chic Ind 4 Sou 50-yr 4s____1956 J - J
J - D ------- 39% 39 Aug ‘ 16
Chic L 8 4 East 1st 4 4$s____1909 J - D
94% Salo
A -O
93%
94%
97
85 92
Chicago Milwaukee 4 St Paul—
F - A t --------------Gen’ l gold 4s Series A ...e l9 8 9 J - J
77%
77%
M - S I 77-% 78
1 75% 78%
Registered ___________ *1989 y - j
97% Sale
97%
97% 292 95% 98%
M- S
Permanent 4s...................... 1925 J - D
96% Sale
96
96% 444 95
M- N
98%
Gen 4 ref Ser A 44$s____a2014 A - O
95% Sale
M -N
95
95% 339 93*4 98%
G e n 4 ref 4)$s(tcm pornry form)
99 Sale
98*4
99 At 1532 98
99%
Gen ref conv ser B 5s____o2014
99 'At Sale 9 8 %
99 At 1356 98% 99%
Gen’ I gold 34$8 8er B ____«1989
IThese are vricet on the basis of tStoL
General 44$s Ser C ............el9S9
S tate a n d C ity S ecu rities.
25-year deben 4 s . . ......... .1934
102*4 29 101 104%
N Y C ity — Oia Corp s to c k .1980 IW- 8 10134 Sale 101%
Convertible 4J$s________ 1932 J - D
1 101% 105*4
102%
* Ha Corporate stock......... 1 >64 M - 8 102% Sale 102%
Chic 4 L 8 u p D lv g 5s____1921 J - J
102*4 18 102*4 106
4>*s Corporate stock ____1986 A - O 102-% 102% 102*4
C hic 4 M o R lv D lv 5s__ 1926 J - J
4 K s Serial corp s t o c k .1917-31 A - O
Chic 4 P W 1st g 5s......... 1921 J - J
107%
3 106% 111
4 H s C orporate stock ......... 1965 J - D 107% 10734 107%
C M 4 Puget 3d 1st gu 4 s .1949 J - J
107%
1 106% 110*4
4)$a Corporate stock......... 1963 M- 8 107% Sale 107%
Dubuque D lv 1st a f 6 s ...1 9 2 0 J - J
100-%
Sale
100
%
100
%
9 99% 102%
4% Corporate stock ......... 1959 M -N
Fargo 4 8ou assum g 6 s ..1924 J - J
100%
4 9934 102%
4% Corporate stock......... 1958 M - N 100% 100*8 100%
La Crosse 4 D 1st 5s......... 1919 J - J
100
100*8
100
%
100
%
11
100%
102%
M
-N
4% Corporate stock......... 1957
Wla 4 M inn D lv g 5s_____ 1921 J - J
99% 100
97% Jan 16
4% Corporate stock......... 1956 M -N
WIs Vail D lv 1st 6s______ 1920 J - J
107%
3 106% 110%
New 4 H s ............................. 1957 M- N 107*8 Sale 107%
M il 4 N o 1st ext 4>$s____1934 J - D
100*4
N
o
v
’
16
M
N
New 4 H s .....................
1917
Cons extended 4J$s____1934 J - D
107%
1 106% 110%
41$% Corporate stock . ..1957 M -N 107"% 107% 1071)
Chic 4 N or WeatExt 4sl886-1920 F - A
41$% Assessment b o n d s..1917 M -N
Registered ............1886-1926 F - A
90
Sale
90
90
1 90
90
31$% Corporate s to c k ...1 9 5 4 M -N
General gold 34$s_______ 1987 M - N
N Y 8tate— 4 s ........................1961 M - 8 103 ____ 105% Deo ’ 16
R e giste re d ___________ pl987 Q - F
104%
101*4
103%
M
ar’
17
J
J
103%
106%
Canal Improvement 4 s . .1 1961
General 4 s . . _____ ________19S7 M - N
105 D e o ’ 16
Canal Improvement 4 s ...1 9 6 2 J - J 101 . .
Stamped 4s...................... 1987 M - N
106% Jan ’ 17
106% 108%
Canal Improvement 4 s . . . 1960 J - J 103 .
General 5s stam ped............1987 M - N
114%
i 114% 117%
Canal Improvement 41$s.l964 J - J 114 110 114%
Sinking fund 6s_____ 1879-1929 A - O
109*4 Sept’ 16
Canal Improvement 4448.1905 J - J
R e g is te r e d ............1879-1029 A - O
"l 15
2 114 117%
Highway Im prov’ t 41$s..l& 63 M - S 111" 115 114
Sinking fund 5s_____ 1879-1929 A - O
108% M ar’ 17 ___ 108% 110
Highway Im prov’ t 4K S ..1 9 6 5 M - 8
Registered ............1879-1929 A - O
85 Aug ’ 16
Virginia funded debt 2-3S ...1991 J - J
Debenture 5s....... .......... ..19 2 1 A - O
57
59
56 M ar’ 17 —
56
61%
8s deferred Brown Bros c t f s . . .
R e g is te r e d ____________ 1921 A - O
R allroad
Blnktng fund deb 5s______ 1933 M -N
64 Salo
64
64
1 64
73%
Ann Arbor 1st g 4s................ 41995 Q - J
R e g iste re d ____________ 1933 M -N
94 Sale
94
94% 104 93% 97
Atoh T op A 8 Fe gen g 4 s . . . 1995 A - O
Des PlalnesVal lstgu 4 4 $ s 1947 M - S
92
2 91% 93
R egistered ......................
1995 A - O 92 Sale 91%
Frem Elk 4 M o V 1st 6 s ..1933 A - O
84% 85
84*4
84*4
8 83% 88%
Adjustment gold 4 s . I I ” il9 9 5 N ov
Man G B 4 N W 1st 3i$s_1941 J - J
85% N o v 16
R egistered .....................A1995 N ov
Mtlw 4 8 L 1st gu 3 )$ s ...l 9 4 1 J - J
84% 85% 84*4
85%
5 84% 89
S tam ped.................... 41995 M -N
M il L 8 4 W est 1st g 6s___1921 M - 8
16 101% 108%
1041.1
Conv gold 4s................
1955 J - D 103% 105 102%
Ext 4 Imp s f gold 5 s . . .1929 F - A
105
Sale
104
105
J
D
25
101%
107
Conv 4slssue of 1 910..
1960
Ashland Dlv 1st g 6 s ...1 9 2 5 M - 8
100%
2 100% 100%
10-year 5s....... .............
1917 J - D 100% 100% 100%
M ich D lv 1st gold 6s___1924 J - J
96
98% 96%
96%
10 95
99
EastOkla Dlv 1st g 4 s . .I " 1928 M - 8
M il Spar 4 N W 1st gu 4s. 1947 M - 8
85% 86
Rocky M tn D Iv 1st 4s . 1965 J - J ------- 86% 86 Feb ’ 17
St L Peo 4 N W 1st gu 53.1948 J - J
90 Sale
90
90
6 90% 93*4
Trans Con Short L 1st 4s. 1958 J - J
Chicago Rock Isl 4 Pac 8s. .1917 J - J
94
98*4 98*4
98*4
1 97% 100
Cal-ArD 1st A ref 4H 8” A "I962 M - 8
R e g iste re d ....... .............1 9 1 7 J - J
9 Fe Pres A Ph 1st g 5 s . . . 1942 M - S 102% 104*4 104% Feb ’ 17
104 104%
Ry goneral gold 4 s . . .......... 1988 J - J
91% 92% 91%
27 91% 90%
91%
At] Coast L 1st gold 4s____41952 M - 8
R e g is te r e d ....................... 1988 J - J
___
92%
93
93%
Feb
’
17
J
D
93%
95%
Oeo unified 4 4 $ a ...
1964
Refunding gold 4s.............. 1934 A - O
106 107%
Als Mid 1st gu gold 5s__ 1928 M - N 101% 106% 106 M ar’ 17
20-year debenture 5s......... 1932 J - J
92% 96
93*4 Jan ’ 17
93*4 9334
Bruns A W 1st gu gold 4s . 1938 J - J
C oll trust Series P 4s__ .1918 M -N
. . . 129% Aug ’ 15
Charles A 8av 1st gold 7s 1936 J - J 129
R I Ark 4 Louis 1st 4 t$8..1934 M - 8
84*4 Sale
84*4
85%
2 83
89
ol952 M -N
L A N coll gold 4s____
Bur C R 4 N — 1st g 5 s . . .1931 A - O
8av F A W 1st gold 6s____1934 A - O 117% ____ 119% July’ 16
C R I F 4 N W 1st gu 5 s ..1921 A - O
1st gold 5s...........
1934 A - O 106*4____ 105 July 15
M 4 St L 1st gu g 7s_____ 1927 J -IJ
9 9 % ____ 993a Deo ’ 16
811 Sp Oca A G gu g 4s___1 1918 J - J
C h ocO k la 4 G gen g 5 s ..o l9 1 9 J - J
93% Sale
93%
93%
43 92% 90%
8alt A Ohio prior 34$s .
1925 J - J
90 ____ 95 Jan ’ 17
Consol gold 5s......... ......1952 M -N
95
95%
R eg istered ...........
41925 Q - J
91%
92%
Keok 4 Des M oines 1st 5s 1923 A - O
92% Sale
51 91% 91%
1st 50-ycar gold 4s........... 41948 A - O
8t Paul 4 K C Sh I, 1st 4)$s '41 F - A
92*4
R egistered ................ 41948 Q - J ------- 92% 92*4 M ar’ 17 ____ 91
94% Salo
93 93% 97%' Chic St P M 4 O con 6s____1930 J - D
94%
9-1*4
20-yr conv 4 4$s................ 1933
Cons 6s reduced to 3 t$ s ..l9 3 0 J - D
100% 125 99 101%
Refund A gen 5s Series A . 1995 j ’ - D 1001.1 Sale 100
Debenture 5s....................... 1930 M - 8
Pitts Juno 1st gold 6s____1922 J - J 1 0 1 % ____ 112 Jan ’ 12
C h 8 t P 4 M l n n l s t g 6 s .. 1918 M -N
91% 92% 92 M ar’ 17
88% 894%
P June A M D lv 1st g 34$a 1925 M - N
North
Wisconsin 1st 6s___1930 J - J
87%
8734
87*4
Salo
M
N
lo 85% 90
P L E A W Va 8ys ref 4 s ..1941
8t P 4 S C ity 1st g 6s____1919 A - O
91
91% 91%
91%
7 90*4 91%
Southw D lv 1st gold 3 Ms 1925 J - J
Superior
Short L 1st 5s g . 01930 M - 8
100
____
100
M
ar’
17
M
S
100
100
Cent Ohio R 1st e g 4t$s 1930
Chic T H 4 So-east 1st 5 s__ I960 J - D
Cl Lor A W con 1st g 6 s . . . 1933 A - O 1 05 % ____ 106*4 Oct ’ 16
Chin 4 W est Ind gen g 6 s .q 1932 y -M
101
5 101 101
M onon River 1st gu g 5s. 1919 F - A 100% 102 101
Consol 50-year 4s________1952 j - J
Ohio River R R 1st g 5s
1936 J - D 105 . . . 107% Feb ’ 17 ____ 107% 107%
Cln H 4 D 2d gold 4*$s____ 1937 j - J
General gold 5 s . . .
1937 A - O 10458 107% 107% N ovTO
1st 4 refunding 4s________1959 j - j
Pitts Clev A T ol 1st g 8s 1922 A - O 105 ____ 107 Feb ’ 17
107 i07_
1st guaranteed 4s.................1959 j 9 9 % ____ 99*8 Sept’ 16
Pitta A West 1st g 4 s . . .
1917 J - J
Cln D 4 I 1st gu g 5s____1941 M -N
110% 111%
Buffalo R A P gen g 5s
1937 M - S 107 109% 111% Jan ’ 17
O Find 4 Ft W 1st gu 48 g 1923 M - N
1957 M -N 101*4____ 101*4 M ar’ 17 ____ 101*4 102%
Consol 44$s..................
Cln I 4 W 1st gu g 4s____1953 J - J
92% . . . 97 N o v ’ 16
All A West 1st g 4s g u ..
1998 A - O
D ay 4 M ich 1st cons 4 t$s. 1931 J - J
. 103% Feb ’ 16
Clear A Mah 1st gu g 5 s ..1943 J - J 106%
Clovo Cln C 4 St L gen 4 s .. 1993 J - D
Roch A Pitts 1st gold 6s. 1921 F - A 106% 108 106% Deo ’ 16
20-yr deb 4 1 $ s ...................1931 J - J
109*4 109*4
Consol 1st g 6s.............. 1922 J - D 106% 109% 109*4 Jan ’ 17
Oen 5s Series B ................... 1993 J - D
102*4
7 102% 105%
Canada Sou cons gu a 5s . . . 1962 A - O 101% 103*4 102%
Cairo D lv 1st gold 4s......... 1939 J - J
91 M ar’ 17 ____ 90% 92
Oar Clinch A Ohio 1st 30-yr 5s '38 J - D ____ 91
Cln W 4 M Dlv 1st g 4s . . 1991 J - J
108% 110
Central o f Ga 1st gold 5 s ._ .p l9 4 5 F - A 108% . . . 108% Feb ’ 17
St L Dlv 1st coll t r g 4 s . . . 1990 M - N
101
5 99 103
Consol gold 6s.....................1945 M - N 100% 103% 100%
84% M ay’ 16
R e g iste re d ____________ 1990 M - N
84% 86
Chatt D lv pur money g 4s 1951 J - D
8nr 4 C ol Dlv 1st g 4s____1940 M - S
M ac A N or D lv 1st g 5s . .1916 J - J 100 ____ 103 M ar’ 17
W W Val D lv 1st g 4s____1940 J - J
Mid Ga A Atl D lv 5s .
1947 J - J 103*4____ 100% Mar 15
104% 101%
C I 8 t L 4 C consol 6 s___ 1920 M -N
M obile D lv 1st g 5s____ 1918 J - J 1 0 4 % ____ 104*8 Feb T7
96% 97
97 Feb ’ 17
1st gold 4 s ......................*1936 Q - F
96
97%
Cen R R A B o f Ga col g 5s .1937 M -N
116%
1 110% 120%
R e g is te r e d _________*1936 Q - F
Cent of N J gen’ ! gold 5s____1987 J - J 116% 117 116%
116% 118
Cln 8 4 Cl con 1st g 5 s ...1 9 2 3 J - J
Registered ___________ 41987 y - j 116*8 117% 1103a M ar’ 17
103% M ar’ 17 __
C C C 4 1 gen con g 6s___1934 J - J
103% 101%
Am D ock A Imp gu 6 s ___ 1921 j - j ____ 104
9 9 % ____
Ind B 4 W 1st pref 4s____1940 A - O
Leh A HudRlvgen gu g 5 s. 1920 j - j
94% . . . 100% Jan ’ 13
O Ind 4 W 1st pref 5 s . . .<11938 y - j
N Y A Long Br gen g 4 a .. 1911 M - S
____ 78% 78 Feb ’ 17
Peo 4 East 1st con 4»____ 1940 A - O
78
79*4
Cent Vermont 1st gu g 4e..«1920 Q - F
95
96% 96% M ar’ 17
Incom e 4s______________1990 Apr
91% 91%
Oheaa A O fund A lmpt 5s 1929 J - J
105%
1 105% 108% Cleve Short L 1st gu 4 H S ...1 9 6 1 A - O
1st consol gold 5a................ 1939 M -N 10434 105% 105%
101% Jan ’ 17
101% 101% Col M idland 1st g 4s........... .1947 J - J
Registered ..............
1939 M -N * ____ 106
88% Sale
88%
89%
12 88% 91
Trust C o certfs o f deposit.........
General gold 4*$8.............. 1992 M - 8
86*4 M ar’ 17
Colorado 4 8ou 1st g 4s____1929 F - A
80*4 92
R egistered .................... 1992 M - 8
83% Sale
82%
83%
20 81
86%
Refund 4 Ext 4 H s ........... 1935 M -N
20-year convertible 4 t$ s ..l9 3 0 F - A
91
92% 414 90
Ft W 4 Den C Isr g 6 s . . .1921 J - D
92% Sale
91*4
80-year conv secured 5s 1948 A - O
84 ____ 87 Jan ’ 17 ___
Conn 4 Pas Rlvs 1st g 4s___1943 A - O
87
87
Big Sandy 1st 4s.................1944 J - D
82*4 84% 85% N o v ’ 1C
Cuba R R 1st 50-yr 5s g ------ 1952 J
Coal River R y 1st gu 4s. .1945 J - D
98 100
96*4 Feb ’ 16
Del Lack 4 Western—
Craig Valley 1st g 5a.........1940 J - J
70
76% 84*4 Jan ’ 13
Morris 4 Es 1st gu 3 4 8 -.2 0 0 0 J - D
Potts Creek Br 1st 4s____1946 J - J
87 M ar’ 17
N Y Lack 4 W 1st 6s------ 1921 J • J
83*4 87
87
88'%
R A A D lv 1st con g 4s___1989 J - J
78% 83
2d consol gold 4s______ 1989 J - J
Construction 5s________1923 F - A
Term 4 Im prove 4s------ 1923 M -N
Greenbrier R y 1st gu g 4s. 1940 M - N ____ 85
113% Feb ’ 15
Warren 1st ref gu g 3 t$ s ..2 0 0 0 V Warm Springs V 1st g 5s__1941 M - 8
♦ Noprlce Friday; latest this week. a D u e J a n . d Due April. < Due M a y. g Due June a Due Ju ly. * Due Aug. 0 Due Oct.
O
O
O
O

8
8
8
9
V8
O8
O 8
U8
C 8
D 8

99 100
1 00 % ____
100 ____
100 ____
107 ____
109 ____
9 8 % ____
9 8 % ____
9 9 % ____
100 ____

99 Feb ’ 17
99*4 Jan ’ 17
101% Deo ’ 16
101 M ar’ 17
107*4
107*4
109 M a r’ 17
98% Oct ’ 15
97 July’ 15
102*4 Jan ’ 17
100 Feb ’ 15

99
9934
99*4 9934

e

©




Q- J
Q- J
y- F
q - F
Q- F
Q- F
Q -F
Q -N
Q -M
Q- F

IPrict
Friday
March 23
Bid

Week's
Range or
Last Sale

Ask Low

High

64
62*4 M a r’ 17
52
51 M a r’ 17
101
9978
100
85*4 85% M a r’ 17
943)
9434 Salo 9434
102 ___ 102% Feb ’ 17
997i
997s
9978 Salo
62
50
99%
85 is

98 Mar'17
July'16
98
9918 June’ 15
93
93i2
33 Jan ’ 17
30%
30l4
106 Mar'17
8034 Jan '17
82 May'16
8712 Mar’ 17
85 Feb '17
9734 Feb '13
32
32
71
707s
1123*
1123s
100*4 Jan ’ 17
85% Jan ’17
70 Nov’ 16
96% Jan ’ 17

9734 ____
9 6 % ____

9978 ____
93>2 Sale
30% 35
30% 33%
104 >4 108
88
90

88
-----40

90

91

____

25 ____
7078 Salo
H2i2 115

100l2 ____
8412 ____

71
93
93

75
____
____

9738 Deo ’16

9218 Sale
"91

"9414

94% 90>4
9478 9514
104i2 Sale

94
96
95
1041s

9413

D6«4
953)
10434

107U Jan '17
104% Feb ’ 17
I I I 7* Deo ’ 15
HHa N o v ’ 16
9 l 7a M ar’ 17
106 M ar’ 17
9978 Feb ’ 17
____ 1007s 101 Sept’ 16

10512 ____
1047s ____
11034 ____
10938 111»8
917s 92
105 107
lOOU 101

88'4 88

86
87
7334 7414
72U Sale
98 . .
7H2 7212
9978 102l2
99l3 ____

88is

87
87
74
73
7214
721.1
98i2 Feb ’ 17
72 M ar’ 17
9978 Feb ’ 17
1007s M a r '14

99*4 Oot ’ 16
92 ____ 9753 July’ 15
55
6 0'2 02 Jan '17
717s 73
73%
73%
115% 117 U 5 i2 M ar’ 17
9118 ___ 01% Feb ’ 17
1011s 102 101 M ar’ 17
115*2
11512____ 11612
115l2 ____ 118 N ov'16
103 10578 103*8 M ar’ 17
100i2 ____ 105<a N o v ’ 16
S2 Jan ’ 17
68
80
100%___ 100% M ar’ 17
7334
7334 Sale
73
923g 96% 001a Jan '17

00

..

78
38

..
..

94
76
85l2
95*8
80l8
75
80

...
78
86
101
83%
7678
8012

'80%
77
10334
89

83’
____
105's
92 14

88
102

Low High
59%
49%
99%
8454
94%

6284

53%
100
89
98

102% 102%
99%

99%

98

99

93
31
301.1
105%
8034

97%
33
33%
107%
90

87
85

90
90

32
70%
112*8
100*4
85%

41
73%
115%
100»4
85%

90

96%

92i8
02«s
926s Feb '16

81*2 Feb ’ 17
IOI 34 Sale 1013.4
102
91 Salo
90*8
91
98>2 Sale
9763
98*2
1 0 1 % ____ 10334 Jan '17
103*8____ 10012 Jan ’ 17
102 >8 Sale 102's
103
92U Sale
921)
9214
10-134 107 105 Feb ’ 17
1093s____ 110 June’ 13
10H8 ____ IOH4 Feb '17
i o i 7s 10334 1033g Feb ’ 17
103i2 ____ 107 D e o ’ 16
10034 10138 101t2
101i 2
100*4____ 1026s Deo ’ 16
9578 ____ 97i2 Feb ’ 17
9434 ____ 97i 2 Jan ’ 17
81
82
82
82
------- 8234 8 H4 Oot *16
95
95 Salt, 94
------- 963S 9512 Fob ’ 17
112 115 I I 714 Jan ’ 17
108 ____ 111 Jan ’ 17
107‘4 ____ 109i» Apr ’ 16
1051s____ 105's Jan '17
103 ____ 1031a Apr '16
1007s 101% 100*4 Feb '17
------- 101's 102ia Oot ’ 16
103U 1046s 103U
1031.1
102 103 104R June’ 16
9612____ IOH2 Oot ’ 16
I I 8 I4 ____ I I 8 I4 Feb '17
88 Jan ’ 17
------- 87

88

Range
Since
Jan. 1

.
1023s

114 11
8 3 '< ____
'(5 8 '
2012
lOO’ s
------------92
83 7s
10314
8712
____

09%
30
101
7*4
7*4
03%
8412
104
...
93i2

85’ 4
lOOR
1021a
975s
84

86’ 4
100i2
-------

70 M ar’ 17
25 July’ 15
88 M ar’ ll
05 July'14
96 Jan '17
75*4
78
85% M a r’ 17
101 Feb ’ 17
83%
83%
79 Feb ’ 17
80%
80%
82% M ar’ l l
83 Sept’ 16
84 N o v 16
t05 June’ 10
92 »4 Oot ’ 18
88% M a y’ 15
1025s Jim ’ l l
16% Feb ’ 17
94 July’OS

68 “
25

*68
M ar’ 17

100*8 ■ 100%
8
9
11 Feb '17
92
92%
83%
84%
103*8
103%
94

Feb ’ 16

86

86%

106%
106%
10258 Feb ’ 17
98 M ar’ 17
102% Feb ’03

93«4 96%
95% 98%
96%
95
102% 1075s
81% 825s
101 105%
90'*4 945s
97 102*4
103*4 103*4
106% 106%
102% 104%
91% 95%
105 105
101% 101%
1035s 1043s

101% 101%
97% 98%
97% 97%
82
86*s
92
98%
95% 95%
116 118

111

111

105% 105%
100% 1023s
103% 103%
118% 118%

88

88

107% 107%
104% 104%
9178 94*4
105 108*8
99% 100%

86*4 90
85% 85*4
72% 78%
70
74%
98% 98%
70
74%
09% 102%

6138 62
72
75
115% 118*4

91

01%

101 103
115% 118%
103*8 104
82
106%
72*4
96%

82
108
77
96*4

70

70

96
75*4
85%
100%
83%
79
80%

96
81%
87
101
87
81
83*8

102*8 102*8
116% 116%
68
25
09%
8
11
91
83%
103

75
30%
102*4
17*4
11*4
96
87*4
105%

86

88%

105% 107%

102*8 102*8
97%

V Due N o v. f Due Deo. 1 Option sale.

99%

M ar . 24 1917.]
BONDS
N . Y . STO C K E X C H A N G E
Week ending M arob 23

New York Bond Record— Continued—Page 2
33

Prict
Friday
March 23

Week’*
Range or
Last Sale
Low

High

Range
Since
Jan. 1

BO N D S
N . Y . STOCK E XC H A N G E
Week ending M arch 23

3$

Low High

1139
Price
Friday
March 23

Week'*
Range or
Last Sale

*32

Range,
Since
Jan. 1

B id
A s k Low
High
Low High
Del A Hud let Pa D lv 7 s . . . 1917 M - S 101% . . . . 101% M ar’ 17
101% 101% LehV Term R y 1st gu g 5 s ..1941 A - O *111%____ 114 Feb '17
113% 114
R egistered ....................... 1917 M
101% M a r’ 17
Registered________________ 1941 A
101% 101%
110 11134 113
113
113 113
let lien equip g 4M s______ 1922 J
101
100% 101%
100% 101% Leh Val Coal C o 1st gu g 5s. 1933 J
104% . . .
106%
M
ar’
17
105
106%
1st <k ref 4s......... ..................1943 M -N
OS's 99
97%
98
95% 99%
Registered ________
1933 J
105 Oct '13
20-year conv 6s................ .1935 A - O 103% 103% 103
103%
102% 107
1st lnt reduced to 4s_____ 1933 J
91
98
Alb A Susq conv 3 H s ____1946 A
. 86
86*s 86%
86%
86
89% Leh A N Y 1st guar g 4s____1945 M - S
87 . . .
90 Jan T 7
90
90
Renss A Saratoga 1st 7s .1921 M -N 109%
112% Deo T 6
Registered........................... .1945 M - S
Denv A R Gr 1st con g 4s 1936 J
80% Sale
80%
80%
80%
Long Isld 1st cons gold 5s. .51931 Q
104% 105*4 104%
104%
104%
106
Consol gold 4 H s ____
1936 J
85
87i» 88 Feb ’ 17
87 ?g
1st consol gold 4 s . . ..........51931 Q - J
94 _____ 94% June’ 16
Improvement gold 6s . . . 1928 J
85 Salo
84%
85
84
General gold 4s___________ 1938 J - D
85% 88% 85% Feb T7
85
89
1st A refunding 5s . . .
1955 F
65
67
66
66%
63%
Ferry gold 4 M s..................1922 M
------98*4 98*4 Deo '16
R io Gr June 1st gu g 6s . . 1939 J
87
95
87 N o v ’ 16
G old 4s_____ ____________ 1932 J - D
99% Oot '06
R io Or Sou 1st gold 4s. 1940 J
35% 50
61% Apr ’ l l
Unified gold 4s....................1949 IYI
------- 89
86% Feb T 7
85% 87%
G u aran teed .............
1940 J
39 • ••*. 35% June’ 16
Debenture gold 5 s . . ......... 1934
-D
94% 98% 95% Feb T7
95% 98%
Rio Or West 1st g 4 s ._ .1*1939 J - J
80% M ar’ 17
79% 84%
80% 83
Guar refunding gold 4 s . . . 1949 M
87% 87% 86%
86%
86% 90%
M tgo A coll trust 4s A . . 1949 A - O
66 M ar’ 17
05
66
66
74%
Registered_____ ________ 1949 M - 8
8 7 % ____ 95 Jan ’ l l
Des M oines Un R y 1st g 53.1917 M
98% Jan T7
98%
98% 98%
N Y B A M B 1st con g 58.1935 A - O
103% . . .
103% Feb T7
103 103%
80
82% 82 Deo ’ 16
Det A M ack— 1st lien g 4s 1995 J - D
N Y A R B 1st gold 5 s . . . 1927 M - S -------104% 103 Feb T 7
103 103
Gold 4s....................
1995 J - D
75% July’ 16
81
N or Sh B 1st con g gu 5s.ol932 Q - J
100 A u g '16
_ _ 91% 91%
92
91
93
D et Rlv T un— Ter Tun 444s 1901 M -N
Louisiana A Ark 1st g 5s____1927 M
------- 93% 94% Jan '17
94% 94%
104% 105% Loulsv A Nashv gen 6s____11930 J - D 112% Sale 112%
Dul Mlssabe A N or gen 5s . .1941 J - J 104*4 106 105% Feb ’ 17
112%
112% 113%
102 104
Dul A Iron Range 1st 5s___ 1937 A - O 100% 102*4 102 Feb ’ 17
G old 5s.................................. 1937 M -N 108% 109*4 110% D ec '16
106% M ar’08
R egistered ......................... 1937 A - O
Unified gold 4s___________ 1940 J 94% Sale 9 4 * 4
28 93% 97*4
95%
89% 95
94 Jan T7
94
94
Dul So Shore A Atl g 5s___ 1937 J - J
1940 J - J * 9 1 % ___
Registered________
96% Jan T7
96% 96%
104 104
Elgin Joliet A East 1st g 6 s .1941 M -N 1 0 3 % ____ 104 Jan ’ 17
Collateral trust gold 5 s . . . 1931 M - N 102% 106*4 1067g Feb T 7 ------ : 106% 106*4
107 8alo 107
107
106% 109%
Erie 1st consol gold 7s____ 1920 M
E
H
A
Nash
1st
g
6
s_____
1919
J - D 104 . . .
107*4 D ec '16
97
98*4 98% M ar’ 17
N Y A Erie 1st ext g 4s__ 1947 M -N
98% 99%
L Cln A Lex gold 4 M 8 ...1 9 3 1 M - N 100% 102 103 Jan '17
103 103
2d ext gold 6s_________ 1919 M - S 100*4 101% 101% Juno’ 16
N O A M 1st gold 6s_____ 1930 J - J 112% 115 112%
112%
112% 114%
3d ext gold 4 44s_______1923 M - 8 100*s___ 100% M ar’ 17
100% 100%
2d gold 6s...................... 1930 J - J 1 0 4 % ____ 104% Feb T7
104% 104%
4tb ext gold 5s________ 1920 A - O 101% 102 102% M ar’ 17
1017g 102%
Paducah A M em D lv 4 s .. 1946 F - A
8 9 % ____
89% Feb T
89% 89%
9 1 % ____ 94% N o v ’ 15
6th ext gold 4s________ 1928 J - D
St Louis D lv 1st gold 6s . . 1921 M - 8 106 Sale 106
106
106 106
N Y L E A W 1st g fd 7S..1020 M - S 106 >4 108 107% Deo ’ 16
2d gold 3s....... .......... ......1980 M
61% 63% 63% Feb T7
63%
63%
Erie 1st con g 4a p rio r.. 1996 J - J
83% Sale
81%
83%
807g 87%
Atl ICnox A Cin D lv 4 s . . . 1956 M -N
88 88% 88%
88%
88
91%
R eg istered ___________ 1996 J
84 Deo ’ 16
Atl Knox A N or 1st g 5 s .. 1946
D 1 06 % ____ 108*4 Jan T7
108*4 108*4
1st consol gen Hen g 4s . 1990 J
67 Sale
66
67
66
73%
Hender Bdge lat s f g 6s . . 1931 M - S 106 ____ 106% June'16
R egistered ______
1996 J - J ------- 73
73 June’ 16
Kentucky Central gold 4s. 1987 J - J
85
86% 88% 8 e p t’ 16
Penn coll trust gold 4s. *1951 F - A
90
92
90
90
90
90
Lex A East 1st 50-yr 5s gu.1965 A - O 101% Sale 101%
101%
100% 103*4
50-year conv 4s Series A 1953 A - O
01
61% 61
61%
61
68
%
L A N A M A M 1st g 4M s 1945 M - S 100 100*4 101 Oct TO
do
Series B ___ 1953 A - O
61% Sale
60%
62%
597g 687g
L
A
N-South
M
Joint
4
s
.
.
1952
J
J
81%
82*4
81
Feb
'17
80% 81%
Gen oonv 4s Series D
1952 A - O
75% Sale
74
75%
73% 84
Registered.......................
51952
95 Feb ’05
Q- J
Chlo A Erie 1st gold 5 s .. 1982 M -N 108 110 108 M ar 17
107% 109
N Fla A S 1st gu g 5s____1937 F - A 1 0 4 % ____ 105*4 Sept’ 16
Clev A Mahon Vail g 5s 1938 J - J 1 04% ____ 106% Jan ’ 17
1067g 1067g
N A C Bdge gen gu g 4 M s. 1945 J 9 7 % ____ 97% M a y’ 16
Erie A Jersey 1st a f 0s 1965 J - J 107% 108% 108
108
108 109
Pensac A Atl 1st gu g 6 s . . 1921 F - A 106% 108 108*4 N o v ’ 16
Genessce R iv 1st s f 6s 1957 J - J 107% 108 107% M ar’ 17
107% 107%
S
A
N
Ala
cons
gu
g
5
s
.
.
.
1938
F
A
106%
____ 108 M ar’ 171
106% 109
Long Dock consol g 6 s ...1 9 3 5 A - O 120%____ 122% Oot ’ 16
Gen cons gu 50-year 58.1963 A - O 100% 102% 102 M ar’ 17
102 103%
Coal A R R 1st cur gu 6s 1922 M 101%____ 102 M ar’ 10
L A Jeff Bdge C o gu g 4 s . . . 1945 M - 8
8
1
%
____
81%
Feb
T
7
81% 81%
Dock A Im p 1st ext 5 s ..11943 J 102%____ 100% Jan '17
106% 106% Manila R R — Sou lines 4s___1936 M -N
N Y A Green L gu g 5s . ..1 9 4 0 M -N 1017g____ 102% M ar’ 17
101 102% M ex Internat 1st cons g 4 s ..1977 M - S
77
M ar’ 10
N Y Susq A W 1st ref 58— 1937 J - J
93
96 100% Jan ’ 17
100% 100%
Stamped guaranteed......... 1977 M - S
79 N o v ’ 10
2d gold 4 H s ..........
193/ F - A
100% Deo '08
Midland Term — 1st s f g 5 s .1925 J - D
101 Oct ’09
General gold 6s . . .
1940 F A
60
69
74 N ov'10
M inn A St L 1st gold 7 s . . . 1927 J - D 100 . . .
113% D ec ’ 16
Terminal 1st gold 6 s ..11943 M -N 104% 108 108 Jan ’ 17
106% 108
Pacific Ext 1st gold 6s____ 1921 A - O
103% Oot T6
M d of N J 1st ext 6s......... 1940 A - O 100 . . .
108 Jan '17
107 108
1st consol gold 5s.................1934 M -N
89% 92
90 Feb '17
88% 91%
Wllk A Eas 1st gu g 6s
1942 J - D
06% 72
70
70
70
81
1st A refunding gold 4 s . . . 1949 M - S
55%
55%
56
55%
55% 64
E v A Ind 1st con gu g 6s .
1920 J - J
25 ____ 28% Jan '17
28% 28%
R ef A ext 50-yr 5s Ser A . . 1962 Q - F
54
60% 61% Jan T7
61% 61%
Evansv A T H 1st cons 6s 1921 J - J
99% 101 102 Jan ’ 17
100 102
Des
M
A
Ft
D
1st
gu
4
s
.
.
1935
67
J - J
60 Feb T5
1st general gold 5s.
1942 A - O
7 5 % ____ 63 M a y’ 16
Iowa Central 1st gold 5s . . 1938 J - D
897g ’ 93% 91 M ar’ 17
89% 95
75 _____ 108 N o v ’ l l
M t Vernon 1st gold 6s— '1923 A - O
M- S
56
56%
59% 56%
56
63
Bull Co Branch 1st g 6s
1930 A - O
75
90
xx
KO
95 June’ 12
M StPASSM con
gld
4s48.........1951
lnt gu.1938 J - J
94 Sale
93*4
94%
92%
97
Florida E Coast 1st 4 « s
1959 J - D ------- 94% 95% Feb ’ 17
94*4 96
1st Chlo Term s f 4s_____ 1941 M - N
93
92 Jan T7
92
92
Fort St U D Co 1st g 4 X s 1041 J - J
8 3 % ____ 92 Aug '10
.8
?
M
A
A
1st
g
4s
lnt
gu’
26
J
J
97%
97*4
97% Feb '17
97% 98*4
Ft W A R io Gr 1st g 4s .
1928 J - J
65 ____ 09% Feb '17
69% 69% Mississippi Central 1st 5 s ...1 9 4 9 J - J
93% 94% 95 D eo T6
Gal IIous A Hen 1st 5s . _ ' " l 933 A - O
80
88
85% June’ 10
M o Kan A Tex 1st gold 4 s . . 1990 J - D
74% Sale
74%
73% 78%
Great North T B A Q coll 4s' 1921 J - J
97% Sale 977s
98
97% 99*4
2d gold 4s_______________ 0199O F - A
46
47
46
45
54%
Registered A___ __
17 1 Q - J ------- 97% 97% M ar’ 17
97% 99
1
st
ext
gold
58
___________
1944
M- N
43
Deo T 6
1st A ref 4J4s Seri n
J - J
99% Sale
99%
99%
99% 101*4
1st A refunding 4s________2004 M - S
59
60
62
62
69%
R egistered ____
i901 J - J
96 June’ 16
Gen
sinking
fund
4
M
S
...19
3
6
36%
J
J
39
37
36% 45
St Paul M A Man 4s......... 1933 J - J
96% Salo
90%
96%
96
99
St Louis D lv 1st ref g 4 s . . 2001 A A O
37
N o v ’ 16
1st consol gold 6s
" 1 9 3 3 J - J 118% 120 119% M ar’ 17
119% 121
Dali A W aco 1st gu g 5 s . . 1940 M - N
6 9 % ____
Deo T 8
R egistered ____ ” '1933 J - J
119% Aug ’ 10
Kan City A Pac 1st g 4 s .. 1990 F - A
70
70% M ar'17
70%
Reduced to gold 4Ms'.1933 J - J 101 103% 101% M ar’ 17
101% 105%
M o K A E 1st gu g 5 s . . . 1942 A - O
69
71*4 68% M ar’ 17
67%
Registered . . .
1933 J - J -------103
102% M ay'16
M K A Okla 1st guar 5s . . 1942 M -N
79% 80% 82 M ar’ 17
82
94% 95% 94% M ar’ 17
M ont ext 1st gold 4s . '1937 J - D
94*4 98%
M K A T o f T 1st gu g 5 s .1942 M - S
55
75
79 Jan T7
78%
R egistered .........
"1937 J - D ------- 98%
95% M ar’ 16
SherSh A So 1st g u g 5 s .,1 9 4 2 J - O
------ 60
61 Deo '16
Pacific oxt guar 4s i l ” 1910 J - J
85% N o v ’ 15
Texas A Okla 1st gu g 5s_. 1943 M - S ------ 44
45% Feb T 7
45% 49
E M inn N or D lv 1st g 4s 1948 A - O * 9 3 ' *98% 98 Jan T7
94% 98
Missouri Pacific (reorg Co)
M inn Union 1st g 6s —
1922 J - J 100% .
108% Jan ’ 17
108% 108%
le t A refunding 5s wh lss 1923
98% Sale
98%
98%
5 98
99*4
M ont C 1st gu g 6s —.
1937 J - J 1 19% ____ 123% Feb ’ 17
123% 1247g
1st A refunding 5s wh lss 1926
97
97% 96 Feb '17 . ...j 96
98%
Registered . . .
"1 9 3 7 J - J
136% M a y’06
1st A refunding 5s wh lss 1965
92% 95
95
Feb
'17
95
95
1st guar gold 6 s . . " '1 9 3 7 J - J 100% .
110% Jan ’ 17
110% 110%
General 4s when Issued ______
65% Sale
65%
6534 236' 65% 68%
Will A 8 F 1st gold 5 8 -1 9 3 8 J - D 109 ____ 109*4 Aug ’ 10
Missouri Pac 1st cons g 6s . . . 1920 M- N 103% 104 103
103%
10 102*4 106%
Green Bay A W dob ctfs " A ” ____ Feb
------- 80
79% Deo '10
Trust gold 5s s ta m p e d ...a !9 1 7 M - S
106% Jan T7
Debenture ctfs ” B "
____ Fob
106% 106%
12% 15% 12% Fob '17
12% 15%
Registered................
al917 M - S
82 Oct '15
Gulf A 8 1 1st ref A t g 6 s " 6 l 9 5 2 J - J
82
85% 82% M ar’ 17
82%
86
%
1st collateral gold 5s . . . 1920 F - A
103 Jan '17
Hooking Val 1st eons g 4M s 1099 J - J 90% Salo
101% 103
90%
91%
90
93*4
Registered__________
1920 F - A
R egistered ................
1999 J - J
97% Jan ’ 14
40-ycar gold loan 4s............1945 M - 8
5 5 % ____ 55% Feb T7
55% 59
Col A H V 1st ext g 4s . " 1948 A - O
88 . . .
88 Feb ’ 1 7 ____ 88
88*4
1st A ref conv 5s_____
1959 M- S 65% 58
61 Jan '17
60
61
Col A T ol 1st ext 4s
1955 F - A
84% . .
88 N o v ’ 16
3d
7s
extended
at
4
%
.
_
.
1938
M-N
------83
80 M ar’ 17
J
80
80%
Houston Belt A Term 1st 6s’ 1937
90% . _ _ 90 Jan ’ 17
90
90
B
oonv
St
L
A
S
1st
5s
gu
1951
F
A
100 Feb T3
Illinois Central 1st gold 4s 1951 J - J
98% . . .
98% Feb ’ 17
98% 99*4
Cent Br R y 1st gu g 4s
1919 F - A
61 . . .
67 Aug T6
'1951 J
R egistered........... ..
92 A u g ’ 15
Cent Br U P 1st g 4s......... 1948 J - D
6 5 % ____ 77% D ec '13
1st gold 344s.............. " '1 9 5 1 J - J
85% 90
86 N o v’ 16
J
Leroy A C V A L 1st g 5s. 1926
54*4
110 M ar ’05
"*19 5 1 J
R egistered ____
80% . .
83
N o v’ 15
Pao R of M o 1st ext g 4 s .. 1938 F - A
88
92
92% D ec T6
Extended 1st gold 344s " 1951 A - O
83% 8 6 ' 85% Deo '16
2d extended gold 5s____1938 J - J 101 Sale 101
101*4
R egistered ____
**1961 A - O
101 101*4
82% . _
St L Ir M A 8 gen con g 58.1931 A - O 101% Sale 101% 101%
1st gold 3s sterling............ 1951 M
101% 103*4
80 J’ly ’09
Gen con stamp gu g 5s . 1931 A - O
102 July’ 14
R egistered _____
1051 M - 8
Unified
A
ref
gold
4s___1929
J - J
80
80%
Coll trust gold 4 s ..
1962 A - O
80 Sale
80
86
88
90% 88
*88
88
92
Registered......... ........... 1929 J - J
80% Oct ’ 12
R egistered ........... ' " '1 9 5 2 A - O
95% 8 cp ’ 12
R lv A G D lv 1st g 4s
1933 M -N
77% 79% 78%
78%
78% 84
1st refunding 4s____ ” '1956 M -N
91% Salo
91
91%
18
91
95
Verdi V I A W 1st g 5 S ...1 9 2 6 M - S
9 2 % ____ 87 8ept’ 15
Purchased lines 34<s ” '1952 J - J ------ 81
85% Jan ’ 17
85% 85% M ob A Ohio new gold 6s____1927
- D 112% 114 112% 112%
112% 114%
L N O A Texas gold 4s " *1953 M - N
85% 86
80
80
86
897g
1st extension gold 6s . . . 51927 Q - J 101 109 109 Feb T 6
Registered . . .
1953 M -N
8 2 % ____ 84 M ay'14
General gold 4s______
1938 M- S
78 — 78% Feb '17
77
78%
Cairo Bridge gold 4sl
1950 J - D
89% . .
94% Jan '17
94% 94%
M ontgom ery D lv 1st g 5s_ 1947 F - A ------- 99 101 Oot '16
Litchfield D lv 1st g 3s
’ 1951 J
74 Feb ’ 14
St Louis D lv 5s___________ 1927 J - D
89 Deo '15
91*4 . . .
Loulsv D lv A Term g 3 44s* 1953 J
77 Feb ’ 17
St L A Cairo guar g 4 s " " 1931 J - J
87
90
89% Jan T7
89% 89%
1953 J
R egistered _____
83 Aug ’ 12
Nashv Chatt A St L 1st 5s 1928 A - O 1 05 % ____ 105% Feb '17
105 108
M iddle D lv reg 6s
" '1 9 2 1 F - A
102 Juno'16
Jasper Branch 1st g 6s ____1923
J 1 05 % ____ 110% M ar’ 16
Omaha D lv 1st gold ' 3s " *1951 F - A
72% Jan '17
72% 72% N at R ys o f M ex pr Hen 4 Ms 1957
J 30 . .
30 Feb '17
30
30
- J
75% 68% Sept’ 15
O o'd
aMaf3iHi V
* Term * 3« - 1951
1961 J
Guaranteed general 4 s . . . 1977 A - O
35 Aug '18
O
s ......................
J - J
84
86% Jan ’ 17
83
86% N at of M ex prior lien 4 M s .. 1926
J ____ 30 967S Feb '13
R egistered ___
1951 J - J
80
Juno’
16
1st consol 4s________
1951 A - O
30 Oot '16
Sprlngf D lv 1st g 3 u i
1051 J - J 80
80% N o v ’ 16
N O M ob A Chic 1st ref 5 s " 1960
J 46 53 59 Deo '16
F - A
91% Deo TO
New Orleans Term 1st 4s
1953
J
68
69*4 72 Feb '17
Registered _ _ _ _ _
19^1 F - A 88% 90
72
72
92 N ov'10
N O Tex A M exico 1st 6s . 1925
D 98 Sale 98
98%
Bellev A Car 1st 6 8l’ 2 I ’ ~1923 J - D -------108%
96% 99%
17% M a y’ 10
N on-cum Income 5s A . . 1935 A - O ____ 44*4 46 M ar’ 17
Carb A Sbaw lat gold
1032 M - S 80 ____ 90
46
43*4
Jun T7
N Y Cent R ll conv deb 6s 1935 M -N 111% Sale 108%
111%
Chic St L A N O gold 6s 1951 J - D 107 ____ 107% Oot ’ 16
107 113%
Consol 4s Series A ___
1998 F - A
R egistered ............
'1951 J - D
86% Sale
86% 86%
85% 88*4
114 Feb ’ l l
R ef A Imp 4M s " A ” ____ 12013 A - O
97*8 Sale
97
97*4
Gold 3448................." " 1 9 5 1 J - D
96
98*4
90 Oot ’09
N Y Central A H R g 3 M s. 1997
•J
83 Sale
83
83
R egistered ........ . — 1951
80*4 86%
J -D
Registered_____ ________ 1997
•i
82
83%
82
M
ar’
17
Joint 1st ref 5s Series A* 1963 J - D
82
85%
99% 100 100 M ar’ 17
100
102%
Debenture gold 4s_______ 1934 M -N
91%
92
91*4 Sale
Memph D lv 1st g 4s. 1951 J - D
90% 94%
84% 90
8678 Deo T 6
Registered......................... 1934 M -N
92 Deo '16
R egistered ...........
1951 J - D
Lake
Shore
coll
g
3
M
S
...19
9
8
A
77
St Louis Sou 1st gu g 4s. 1931 M - S
77% 78% M ar’ 17
76*4 81
95% Jan '17
95% 95%
Registered......................... 1998
A
79% 76*4 M ar’ 17
ind III A Iowa 1st g 4s___ 1950
76% 80
91% 98
92 Feb '17
92
94%
M ich Cent coll gold 3M S..1998 F - A
77
79
78% M ar’ 17
Int A Great N or 1st g 6s . . . 1919 M -N
76
80%
97
99
97
M
ar’
17
97
100
Registered______
_______
1998
F -A
76
75 M ar’ 17
James Frank A Clear 1st 4s. 1959 J - D
75
80
90% 92% 927g Jan T7
92*4 93
Battle Cr A Stur 1st gu 3s. 1989
-D
6 3 % ____
Kansas City 8 ou 1st gold 3s. 1950 A - O
08% 70
68%
69%
68% 71%
Beech Creek 1st gu g 4 s .. 1936
- J
9 4 % ____ 97 Feb '17
R egistered ........................... 1950 A - O
97
97
63 Oot ’00
Registered.................
1936
- J
9 3 % ____ 95*4 N o v'1 6
Ref A Impt 6s_______ Apr 1950
J
88% Sale 88%
89
87
91
2d guar gold 5s.................1936
J
101
____ 104 M ay’ 16
Kansas City Terra 1st 4s___1960
J
87% 87% 86%
87%
86
%
90%
R
egistered....................
1936
J
Lake Erie A W est 1st g 6s . . 1037 J - J
98 100
98% M ar’ 17
98*4 101
Beech Cr E xt 1st g 3 M * --61951 A - O
7 6 % ____
J
2d gold 6s______________1941
80% 83
80% Feb '17
80% 83
Cart A Ad 1st gu g 4s......... 1981
D
87
89% 89 N o v ’ 16
N orth Ohio 1st guar g 6s . . 1046 A - O ------100% 897g Mar'17
89% 90
G ouv A Oswe 1st gu g 6 s ..1942 J - D 101%___
Leh Vail N Y 1st gu g 444s— 1940 J - J 101 101% 101
101
100% 102
M oh A Mai 1st gu g 4 s . . . 1991 M - S
9 3 % ____ 94 M ar’ lfl
R egistered _______________ 1940 J - J
99 ____ 101% Jan '17 . . . . 101% 101%
N J June R guar 1st 4 s . . . 1986 F - A
85 ____ 89% Feb T6
Lehigh Vail (Pa) cons g 4s_2003 M -N
91 Sale
91
91
2 90% 91%
N Y A Harlem g 3 M s ____ 2000 M -N
8 1 % ____ 81% Feb '17
81% 81%
General cons 444s_____ 2003 M -N
99% 100% 100%___100% I
5 100% 102
N Y A Northern 1st g 68.1923 A - O 106*4____ 106% 8ept’ 16

• No prloe Friday: latest bid and asked this week. aDueJan. 6 Due Fob. gDueJune. h Duo July.




0

Due Occ # Option sale.

BONDS
N . Y . STOCK EXCH AN G E
Week ending M arch 23

8S

si

Price
Friday
March 23

Week’a
Range or
Last Sale

553

High
Bid
As* Low
N Y Cent 4 H R R R (C on.)~
90%
90i2 92% 90%
N Y A Pu 1st cona gu g 4a 1993 A - O
Pine Creek reg guar 0a------ 1932 J - D 1 1 4 's ----- 113 M a y ’ 15
R W A O con lat ext 5a—A1922 A - O 1023,i------- 103 Feb *17
R W A O T B 1st gu 8 58.-1918 M -N IOOI4 ------- 100% Feb ’ 17
8212____ 81% D eo T 5
Rutland 1st con g 4%a — 1941 J - J
70*8----- 70% F ob ’ 17
Og A L Cham lat gu 4a gl948 J - J
70 ____ 92 June’09
Rut-Canada lat gu g 4a. 1949 J - J
90 ------- 101 N o v ’ 10
St Lawr <t Adlr lat g 5 a . .-1990 J - J
103 N o v ’ 10
2d gold 0a........................ 1990 A - O
98% 99% 97% July’ 16
Utica <t Blk R lv gu g 4a— 1922 J - J
86
86
85
86
Lake Shore gold 3*28--------1997 i - D
83% 84% 83% M a r’ 17
R eg iste re d ______ _____ 1997 J - D
95
Sale
95
05%
Debenture gold 4a......... 1928 M - S
94%
9434
94% 95
26-year gold 4a________ 1931 M -N
95 N o v ’ 16
R e g iste re d __________1931 M -N
K a A <t G R lat gu o 6a___1938 J - J
M ahon C ’ l R R lat 6a.........1934 J - J 103 ------ 104% Deo T5
Pitta 4 L Erie 2d g 6a___al928 A - O 103 104 10334 Feb ’ 17
Pitta M oK 4 Y lat gu 08.-1932 J - J 1 1 3 % ____ 130% Jan '09
2d guaranteed 0a______ 1934 J - J 112 ___ 123% M a r’ 12
M cK ees 4 B V lat g 0a. 1918 J - J
M ichigan Central 6a_____ 1931 M - S 104 % ____ 106% Aug TO
R egistered .......................1931 Q -M 1 0 3 % ------- 105 July’ 10
92 ____ 98 Apr *12
4a.........................................1940 J - J
87 Feb *14
R eg iste re d __________ 1940 J - J
8633 90 June’08
J L 4 S lat gold 3M S ---1951 M - S
83
84% 83 Mar* 17
lat gold 3 H a ._ ................ 1952 M -N
89%
89% Sale
89t2
20-year debenture 4a___1929 A - O
92
93% 93% M a r’ 17
I f Y Chic 4 St L lat g 43. .1937 A - O
9034 Aug *16
R eg iste re d _____________1937 A - O
80 Feb *17
77
80
Debenture 4s...................1931 M -N
90
89
91% 90
West Shore lat 4a guar___2301 J - J
87% 8734 87% M ar’ 17
R e g iste re d ____________ 2301 J - J
100% Jan *17
N Y C Lines eq tr 6a. .1910-22 M - N
10034 Jan '17
Equip trust 4^8--1 9 17 -1 9 25 J - J 100
97%
98% 97%
98
Y Conneot lat gu 4J^a A — 1953 F - A
Y N H 4 H artford—
79% Sept’ 16
68%
N on-conv deben 4a............1947 M - S
71 N o v ’ 16
58%
N on-conv deben 3 ^ a ____ 1947 M - S
5 8 % ____ G8 D ec’ 16
N on-conv deben 3 ^ a ____ 1954 A - O
68 ----- 68 M a r’ 17
N on-conv deben 4a............1955 J - J
6 9 % ------ 68 M ar’ 17
N on-conv deben 4a______ 1950 M *N
C onv debenture
.......... 1956 J - J 59 ------ 58 M ar’ 17
102
C onv debenture 0s_______ 1948 J - J 101% Sale 100%
7 7 % ------ 79 Jan T7
Cona R y non-conv 4a_____ 1930 F - A
91% Jan T2
N on-conv deben 4a___ 1954 J - J ____ 80
N on-conv deben 4s____1955 J - J ____ 77% 79% Apr T6
N on-conv deben 4a____1955 A - O
N on-conv deben 4a____1950 J - J ____ 80
Jan T7
85% 92
Harlem R -P t Cbea lat 4a. 1954 M -N
N o v ’ 16
8 9 % -----B 4 N Y Air Line lat 48— 1955 F - A
75
70
Cent New Eng lat gu 4 a ..1901 J - J 74
H artford St R y lat 4a____1930 M - S
105% M a y ’ 15
Houaatonlc R cona g 5a__ 1937 M -N 103
87 July’ 14
Naugatuck R R lat 4a____1954 M -N
88 Aug T3
90% - - N Y P rov 4 Boston 4a____1942 A - O
68
08
N Y W 'ch ea4B la ta e r l 4>$a*46 J - J ____ 68
Aug’09
N H 4 D erby cona cy 5 a ..1918 M -N 100%____ 107
Boston Terminal lat 4a — .1939 A - O
New England cona 5a____ 1945 J - J 102 ----88%----- 99% M ar’ 12
Consol 4a______________ 1945 J - J
69% Sopt’ 10
GO
G4
Providence Sccur deb 4 a..1957 M -N
99% Deo T 4
Prov 4 Springfield lat 6a. 1922 J - J
8 3 % ____ 83% Feb T4
Providence Term lat 4a___1956 M - 8
86 ----W 4 Con East lat 4 M s___1943 J - J
76%
76%
76% Sale
N Y O 4 W ref 1st g 4a____01992 M - S
92% JuneT2
Registered S5.000 o n l y ..01992 M - S
79 M ar’ 17
72% i
General 4a________ _____ .1956 J - D
82% M ar’ 17
81
i
Norfolk Sou lat 4 ref A 5a._ 1961 F - A
100 Feb T7
9934
N orf 4 Sou lat gold 5a........... 1911 M - N
N orf 4 West gen gold 6a____1931 M - A 116%----- 117% M ar’ 17
Improvement A ext g 08— 1934 F - A 117% 122 122 N ov'16
New River lat gold 0a____1932 A - O 116 ____ 120% N o v ’ 16
95
95%
95% Sale
N 4 W R y lat cona g 4a — .1996 A - O
94% D eo T0
R e g iste re d ____________ 1996 A - O
90%
91% 90%
91
D lv’l 1st lieu 4 gen g 43.1044 J - J
129%
129 131 129%
10-25-year conv 4a......... 1932 J - D
10-20-year conv 4a_____ 1932 M - S 129 131 13034 Jan *17
132%
10-25-year conv 4 M a ---1938 M - S 132% Salo 129
89% M a r’ 17
89% 90
Pocab C 4 C Joint 4a— -1941 J - D
___
103
Bept’
lG
101%
O C 4 T lat guar gold 5a._1922 J - J
91
90% 91% 91
8clo V A N E lat gu g 43.-1989 M - N
93%
9334
93% Salo
N or Pacific prior Hen g 4s___1997 Q - J
92% 93 Feb T7
R egistered ....................... 1997 Q - J
66%
66%
66% Salo
General lion gold 3a......... a2047 Q - F
65% 66% 67% Jan T7
R eg iste re d ....... .............a2047 Q - F
Bt Paul-Duluth D lv g 4 a..1990 J - D 91% 92% 91% Jan T 7 109%
8t P A N P gen gold 0a___1923 F - A 108% 109% 109%
109% Oct ’ 15
Registered certificates— 1923 Q - A
107 Oot Tfl
St Paul A Duluth lat 6 a - 1931 F - F 105
100 Jan T7
99
2d 6a..................................1917 A - O
80% ____ 88% M ar’ 17
lat consol gold 4a............1968 J - D
86% D e o ’ 10
82 % 88
Wash Cent lat gold 4a____1948 Q - M
N or P a cT erm C o lat g 6 a . ..1933 J - J 110 111 110 Feb T7
84
85
81 Sale
Oregon-Wash lat A ref 4a___1901 J - J
95 M ar’ 17
93% 96
Pacific Coast C o lat g 6a____1946 J - D
99% 100% Feb T 7
98
Paducah A Ills lat h f 4%s._ 1955 J - J
99% N o v ’ 16
99%
Pennsylvania R R lat g 4 a . . .1923 M -N
102% Jan T7
Consol gold 6s......................1919 M - S 1016s
98%
99
98% Sale
Consol gold 4 s..................... 1943 M -N
100
Consol gold 4 a .................... 1948 M -N 100 103% 100
106
Consol 4 M s_______________ 1960 F - A 106 Sale 105%
101%
General 4M a............. .......... 1905 J - D 101% Sale 101%
96
97% 97% Feb T7
Alleg Val gen guar g 4 a . 1942 M - S
9 5 % ____ 94% Sept’ 10
D R R R A B ’ ge 1st gu 4a g.1930 F - A
9e34
100 Jan T7
Pblla Balt A W 1st g 4 a .. 1943 M - N
102 Jan *03
Sodu8 Bay A Sou lat g 6a. 1924 J - J
Sunbury A Lewis 1st g 4a. 1936 J - J
9 9 % ____ 99% O ct Tfl
U N J R R A Can gen 4 a .. 1944 M - S
Pennsylvania Co—
Guar lat gold 4M s.............. 1921 J - J 101% 102% 100% M ar'17
R e g iste re d ____________ 1921 J - J 100% 101 102% Jan *17
87 Feb T7
87 . . .
Guar 3M acoll trust reg A . 1937 M - S
8534 88% 85% M ar’ 17
Guar 3M3 coll trust scr B.1941 F - A
86% July’ 10
81% - - Guar 3Ma trust ctfs C ____1942 J - D
85% 86% 8734 D ec Tfl
Guar 3Ma trust ctfs D ____1944 J - D
95% 95% 95% M ar’ 17
Guar 15-25-year gold 4a. .1931 A - O
9234 ____ 93 M ar’ 17
40-year guAr 4s ctfs Ser E . 1952 M - N
9 0 % ------- 91 N o v ’ 16
Cla Leb A N or gu 4s g._. 1942 M - N
9934100% 100% M a r’ 17
Cl A M ar lat gu g 4 M s__ 1935 M -N
Cl A P gen gu 4Ma aer A . .1942 J - J 1 0 2 % ____ 103% Oot *16
Series B ............................. 1942 A - O 1 0 2 % ____ 104 D eo T 5
8 8 % ____ 91% Feb T2
Int reduced to 3 M s-.1942 A - O
8 8 % ____ 90% Oct T2
Scries C 3 Ma....................1948 M - N
88%___ 88% Fob T7
Series D 3M 3..................1950 F - A
88 ___ 88% Oot Tfl
Erie A Pitta gu g 3 Ms B ..1 9 4 0 J - J
90% July’ 12
88 . . .
Series C .............................1940 J - J
99
99
99 100
Gr R A I ex lat gu g 4M al941 J - J
9 4 % ____ 93 M a y ’ 14
Ohio Connect 1st gu 4a__ 1943 M - S
109 M a y’ 10
Pitts Y A Ash 1st cona 68-1927 M - N 102% . . .
99 ____ 100 Deo Tfl
T ol W V A O gu 4M s A — .1931 J - J
99 ____ 99% Feb T7
Series B 4 M s_________ 1933 J - J
91 ____ 94 Apr TO
8erlca C 4a............. ........ 1942 M - S
P C C A 8 t L g u 4Ma A — .1940 A - O 1 0 1 % ------ 103% Feb T7
102%
Series B guar__________ 1942 A - O 102% Sale 102%
97% July’ 15
Series C guar....................1942 M - N
95% Oot Tfl
Series D 4a guar......... .. .1945 M - N
95% M ar’ 17
95% 96
Series E 3Ma guar g o ld .1949 F - A

Ranoe
Since
Jan. 1

HI
is

BON DS
N . Y . STOCK E XC H AN G E
Week ending March 23

Price
Friday
March 23

Week's
Range or
Last Sale

Range
Since

Jan. 1

Low High
High
Bid
Ask Low
P C C A St L (Con.)
96 ____ 95% Jan T 4
Series F guar 4a g o ld ---1 9 5 3 J - D
95% 97
96 ____ 95% M ar’ 17
Series G 4a guar------------ 1957 M -N
102% 1033s
103 104%
Series I cona gu 4M H ---1963 F - A 102%___ 10338 M ar’ 17
107%
Sept’
lfl
*
1
05
%
------C S t L A P 1st cons g 58— 1932 A - O
100% 100%
Peoria A Pekin Un lat 0a g — 1921 Q - F 100 ----- 102 N o v ’ 15
8 7 % ____ 87 M ar Tfl
2d gold 4M s____________ 61921 M -N
70% 70%
92*4 05
9234
03%
93% Salo
Pere M arquette lat Ser A 581956
75
7734
75
75% 75% M a r’ 17
1st Series B 4s .................... 1956
42
42
42
Feb
T7
35
48
J
J
Philippine R y 1st 30-yr s f 4s 1937
109 109
Pitts Sb A L E 1st g 53..........1940 A - O 1053S ____ 109 Jan T7
113% N o v ’ l l
8734
85
1st consol gold 5s................1943 J - J
94
96%
94
94%
94% Sale
83% 87
Reading C o gen gold 4s--------1997 J - J
92% 95
94% 97%
R e g iste re d ____________ 1997 J - J ____ 95% 92% Feb T7
94
97
94%
Salo
94%
94%
A
O
93% 9634
Jersey Central coll g 4 s . . .1951
Atlantic C ity guar 4s g — 1951 J - J
79
82
78% 81% 79 M a r’ 17
St Jos A Gr Isl 1st g 4s--------1947 J - J
St Louis A San Fran (reorg C o;
65% 71%
67% Sale
65%
67%
J
Prior Lien ser A 4s________ 1950 J
103»4 10334
83
88*4
8434 Salo
84%
85
Prior Hon scr B 6s_________ 1950 J - J
70% 76
74 Sale
71%
74
Cum adjust ser A 6s-------- 1955 J - J
50
56
50 Salo
52%
56
Incom e series A 6s_______ I960 July
112 112%
St Louis A San Fran gen 6S.1931 J - J 111% 112% 112% Feb T7
103 104
104
General gold 5s________1931 J - J 103% 105 104
78 M a y 'lfl
St L A S F R R cons g 4 a .. 1996 J - J
74% 75
72
75
74%
M
ar’
17
M
-N
General 15-29-yr 5s------ 1927
75
70
72
75
75 M ar’ 17
Trust C o ctfs o f deposit—
70% 76 Do0 TO
82% 86
do
Stamped
9
2
%
____
95%
D
eo
TO
A
O
9134
80%
Soutbw D lv 1st g 5s____1947
8334 Oot Tfl
93% 95%
Refunding gold 4s_____ 1951 J - J
8034 M a r’ l l
R e g is te r e d __________1951 J - J
78% 7834
7834 Feb T7
80
82%
Trust C o ctfs o f doposlt
____ 79% 74% Sep Tfl
89
94
do
Stamped
100% 111%
10934
lOOTi
K C Ft 8 A M cons g 6 s .. 1928 M -N 10!)34 n o
86% 93%
72% 79%
72
73
72%
72%
100% 100%
K C F t S A M R y ref g 4s.l9 3 0 A - O
90
90
89 ____ 90 Feb T7
K C A M R A B 1st gu 5s. 1929 A - O
10034100%
77
80
77
77%
77
M
a
r’
17
M
N
973g 9934 St L 8 W 1st g 4s bond c t f s .. 1989
04
65%
64
05
64
Feb
T7
2d g 4s Income bond ctfs.p l9 8 9 J - J
66% 72
68
69
66%
08
Consol gold 4s----------------- 1932 J - D
06% 71%
68
69
67
68%
1st terml A unlf 5s_______ 1952 J - J
98s4 Jan T4
Gray’s Pt T er 1st gu g 5 s .-1947 J - D
63% 65
63%
Sale
635s
0334
J
J
A
A
A
Pass
1st
gu
g
4s____1943
68 68
100% 100%
F A N P l s t s k f d g f i s .......... 1919 J - J ____102% 100% Feb T7
67
75%
79% 82%
79% Feb T 7
Seaboard Air Line g 4s_____ 1950 A - O ____ 81
57% 64
7934 32%
7934 80
7934 M ar’ 17
Gold 4s stam ped_________ 1950 A - O
99 110%
61% 68
61%
6234
«L%
62%
Adjustment 5s--------------- 01949 F - A
79
79
05
70%
GS
67
65%
65%
Refunding 4s....................... 1959 A - O
86% 86%
87
80%
Jan
T7
A t! Blrm 30-yr 1st g 4a._el933 M- S
88 88
83
92% 88 Jan T 7
Car Cent 1st con g 4s_____ 1949 J - J
9934 ____ 9934 Sep ’ 15
Fla Cent A Pen 1st g 5s___1918 J - J
92
92
1st land gr ext g 5s_____ 1930 J - J 101 ____ 101 Deo *15
Consol gold 5s.................1943 J - J ____ 104 10334 Deo TO
100% 102
100%
Ga A Ala R y 1st con 5 s ..o l9 4 5 J - J 100% Sale 100%
75
78%
102% 102%
1023s Jan T7
Ga Car A N o lat gu g 5 3 -1 9 2 9 J - J 101
99%Aug T5
Seab A Roan 1st 5s______ 1926 J - J 102
Southern Pacific C o —
83
88
82-% 83% 83
83%
G old 4s (Cent Pac coll) —*1949
. . . 83
00 Feb T4
R e g is te r e d ___________ *1949
68
75%
85
88%
8534
Salo
85%
85%
20-year conv 4s__________01929
100 104%
10134 Sale 100%
101*4
20-year conv 6s__________ 1934
88% 93%
90% Sale
90
90%
Cent Pac 1st ref gu g 48— 1949
87% Sept’ 16
R e g iste re d ____________ 1949
89% 91%
87% 91% 8934 Feb T 7
M ort guar gold 3M 8—*1929
84
87%
____ 83% 84 Feb T7
Through St L 1st gu 48.1954
100%
102
100%
101
100%
Feb
*17
G H A S A M A P 1st 5 a ..l9 3 1
98% 08%
97% 100 I 98% Feb T7
2d exten 5s guar---------- 1931
____ 100% 100% Jan TO
Gila V G A N lat gu g 58— 1924
70
83
100% 102%
99% 100% 100% M ar’ 17
Houa E A W T 1st g 5a— -1933
lat guar 5a red________ 1933
77
80
106% 106%
H A T C 1st g 5a Int g u . . .1937
82
82%
90
96%
Gen gold 4a Int guar___1921
100 101
W aco A N W dlv lat g 6a ’30
117% 122
A A N W 1st gu g 6a.......... 1941
Louisiana West 1st 6s____ 1921
M organ'8 La A T 1st 7 a..1918
92% 97%
1st gold 0a........................ 1920
N o o f Cal guar g 58----------1938
90% 93%
100 101%
Ore A Cal lat guar g 5a— 1927
129% 133
So Pac o f Cal— Gu g 5a— 1937
134% 13634
96
90
So Pac Coast 1st gu 4s g — 1937
126% 135
86% 8934
San Fran Term l 1st 4a___1950
89% 04
Tex A N O con gold 6a__ 1943
84 01)34 05
So P ac R R 1st ref 4s.......... 1955
92
91
30 100 1023,
93% 9034 Southern— 1st cons g 58____ 1994
R e g iste re d ...................... 1994
92% 93
97 70
77
70%
Develop A gen 4s Ser A ___1956
G534 69%
7713 78'2
M o b A Ohio coll tr g 4s___1938
66% 67%
09'2 101'a
M
em
D
lv
1st
g
4Ma-5a—
-1990
01%
91%
I 77>2 S i
! 79
79
St Louis dlv 1st g 4s--------1951
109% 110%
1023s 8ept’ 10
Ala Cen 1st g 6s................... 1918
( 99% Oot TO
Ala G tS o u 1st cons A 5 s ..1943
92% 90%
1 92% M ar’ 17
A tl A Char A L 1st A 4M s 1944
100 100%
9934 103%
10034 M ar’ 17
1st 30-yr 5s ser B ____1944
88% 88%
83% 84
83%
Jan
T7
Atl A Danv 1st g 4 s ........... 1948
81%
M
ar’
10
2d 4s.................................1948
110 110
76
75
.
76
Feb
*17
Atl
A
Yad
1st
g
guar
4
s
.-.1
9
4
9
83% 87%
105 105
l 105
105
E T Va A Ga D lv g 5s____1930
93% 99
1053s 108
100
106%
C on 1st gold 5s_________ 1956
99 101
100% 101%
1 101% M ar’ 17
E Ten reor lien g 5a______ 1938
60% Deo Tfl
Ga M idland 1st 3s.............. 1940
102% 102%
106% 107
. 100% Feb T7
Qa Pac R y 1st g 0s________1922
98% 99%
109% 10934
. 10934 Jan T 7
K nox A Ohio 1st g 6s____ 1925
9934101
2 106 Sept’ 10
M o b A Blr prior Hen g 68.1945
104% 10734
74
74
1 74
74
M ortgage gold 4s......... .1945
100 104%
103% 104%
2 103% Feb T7
R ich A Dan deb 5s atrapd. 1927
97
97%
73
Sept’
12
Rich A Meek lat gu 4a__ 1948
100% 101%
100% 100%
So Car A Ga 1st g 5s_____ 1919
100 100
. 102% Juno’ l l
Virginia M id ser D 4-5s___ 1921
.
203%
Aug
TO
Series E 5s_____________1920
. 104% Deo TO
Series F 5s......................... 1931
105 108
105 M ar’ 17
General 5a-------------------- 1936
100% 100%
- 100% Fob T7
Va A So’ w’n 1st gu 5 a ..2003
100% 102%
90% 91%
91
Feb
’
17
1st
cons
50-year
os___
1958
101% 102%
93% 93%
93%
93%
W O A W 1st cy gu 4s------ 1924
87
87
95
96
9534 M ar’ 17
85% 8634 Spokane Internat 1st g 5a— 1955
100
% 101%
1
101
M
ar’
17
Ter A o f St L lat g 4 Ma..........1939
10034 102
100*4 Feb T7
lat con gold 5s-------- 1894-1944
80
88%
86
86
Gen refund 3 f g 4s------------ 1953
95%
99 100
99 M a r’ 17
St L M Bridge T er gu g 5s. 1930
9234
100 102
100
100
Tex A Pac 1st gold 5s............2000
64
64
64 Jan T 7
2d gold Inc 5s......... ..-.02000
100 100%
89% 89%
89% Jan T7
La D lv B L 1st g 5s........... 1931
106% N o v ’ 04
W M in W A N W lat gu 5al930
103 104%
103
103
T ol A O C lat g 5a...................1935
100 100
1 100 Jan T7
Western D lv 1st g 5s_____ 1935
87
90
90 Fob T7
General
gold
5
s
.................
1935
88% 89%
82% 84
84
M
ar’
17
Kan A M 1st gu g 4s......... 1990
061* 0734
97
97
2d 20-year 5 s...................1927
60
62
T o l P A W 1st gold 4a........... 1917
81
83%
80
81
T o l St L A W pr Hen g 3M&-1925
58
60
58
58%
60-year gold 4a..................... 1950
18%
M
a
r’06
Coll tr 4s g Ser A --------------1917
82%
87%
82%
8234
99% 99% T o r Ham A Buff lat g 48—41946
100 100%
100% Jan T 7
Ulster A Del lat con g 6 a . . . 1928
74
M
a
r’
15
1st refund g 4a----------- — 1952
10234 103%
90% 100
07%
08
101% 102% Union Paclflo lat g 4a----------1947
90% 98%
90% M ar’ 17
R e g iste re d ------------------- 1947
92
99%
92%
93%
20-year conv 4 S - - - - - - - - .1 9 2 7
91% 95%
92%
93
lat A ref 4 s.........................02008
95% 95%
91
95
I
91%
91%
Ore R R A N av con g 4 s .. 1946

Low High
89%

94

► No price Friday; latest bid and aaked. a Due Jan. ft Due Feb. e Due May.




[Vol. 104.

New York Bond Record— Continued—Page 3

1 1 30

0

Due June, ft Due July, ft Due Aug.

0

Due Oot. v Due Nor.

0

Due Deo. e Option sale

BONDS
. Y . STO C K E X C H A N G E
Week ending M arch 23

New York: Bond Record— Concluded— Page 4
Price
Friday
March 23

Week's
Range or
Last Sale

Bonds
Sold

AR. 24 1917.

Range
Since
Jan. 1

High No.
Bid
Ask Low
Union Paolflo (Con)
4 100 108*2
106
100 Sale 106
Oro Short Line let g 08___ 1922
1 1007g 10778 108 M a r '17
100 108%
1st conaol g 5a................ 1910
14 92
1 02
92-*4 92
92%
94%
Guar refund 4a_________ 1929
1 100% ____ 102 M ar’ ll
Utah A N or gold 6s -------1920
90
Apr
’
ll
9234
J00
1st extended 4a______ 1933
92 Feb T7
91*4 03
Vandalla cons g la Ser A ____ 1955
91*4 92
92 Feb ’ 17
91% 93
91% 92
Consol 4e Series B ________1957
1 ____ 87
Vera Cruz A P 1st gu 4H S--1934
48 98 100*2
■J 9878 Salo
98
98%
Virginian 1st 5s Series A ____ 1902
1 104% Sale 101% 101*2 i i 104*2 100%
Wabash 1st gold 5s.................1939
1 99% 101
2d gold 5s__________
1939
100 100*4 100*4
100*4
Debenture Series B ______ 1939
100% 100%
3 1 0 1 % ____ 100% M a r’ 17
1st Hon equip a fd g 5s____1921
80
80
1st lien 50-yr g term 4 s . . .1954
80 ____ 80 Jan T7
105% 105%
Det A Ch Ext 1st g 5a____1941
1 0 4 % ____ 105*2 Feb ’ 17 —
80 Aug ’ 12
Dea M oln DIv 1st g la ____ 1939
73 M ar’ 17 ____ 73
77
5
74
75
Om D lv 1st* 3 H a ..............1941
84*4 Jan ’ 17 ____ 84*4 84*4
3 83
80
T ol A Ch DIv 1st g 4a____1941
% Jan *17
%
%
W ab Pitts Term ls t g 4 s____1954
L> ____
2
1% Jan ’ 17 —
*4
%
U
H2
Centand Old Col T r C o eert 3
____
2
2 Oot ‘ If
Columbia T r C o certfs-------.
3
C ol T r ctfa for Cent T r ctfs . _
3d gold 4s.............................1954
‘ 4 July’ 16
____
*4
Trust C o certfs______
81*2------- 80i. Jan ’ 17 ____ 85% 86*4
Wash Torral 1st gu 3 H a ------1945
l
94 ____
1st 40-yr guar 4a--------------1945
7078
71
7078 Salo
17 70% 75%
West Maryland 1st g -Is------ 1952
1 105 107 103*4 Feb ’ 17 ____ 103*4 105*4
West N Y A Pa 1st g 5 s ____1937
J 85
80
85U Fcl) ’ 17
Gen gold 4a_______________1943
85*4 85*4
51
____ 37 Oot •«
Income 5a....... .............
pl943
103 Sale 103
2 100*2 103
103
Wheeling A L E 1st g 5a____1920
1 ------- 99% 100 Feb ’ 17
Wheel D lv let gold 5a____1928
100 100
------- 9978 00S3
Exten A Impt gold 5s____1930
1 90% 99%
9953
R R 1st consol 4 a ............... 1949
78
80
7 78
78
79
82
20-year equip a f 5a______ 1922
r ...................
Winston-Salem 8 B 1st 4 a ...I 9 6 0
85
87*2 80 M ar’ 17
80
88*2
W h Cent 50-yr 1st gen 4a___1949
8578 86*2 80
8(1
3 85
8878
Sup A Dul dlv A term 1st 4s '30
87
87*2 80l2 M a r-17 —
86
91
S trcot R ailw ay
Brooklyn Rapid Tran g 5 a .. 1945
99*4 10078 100 M a r-17
99*4 101%
1st refund conv gold 4 s ...2 0 0 2
------- 75
75 M ar’ 17
75
77%
5-ycar secured notes 5a___1918
99*4 9973 00-U
38 99 101%
007s
Bk C ity lat con 5 s ..1916-1941
100*4 101% 101% Jan *17
10112 1017s
Bk Q C o A S con gu g 5 s . . 1941
r ____ 90
941j N o v -K
B k ly n Q C o A S lat 5a____1941
...............
Dklyn Un El 1st g 4 -5S ...1 9 50
99
99*8 99U M a r '17
98*2 101*4
Stamped guar 4-5a......... 1950
99*8 M a r '17 ____ 99 IOU4
____ 100%
Kings County E 1st g 4a_1949
k 80
81% 82% M ar’ 17 ____ 82% 86*4
Stamped guar 4a............1949
85
87
k ____ 82% 85 Jan ’ 17 . . . .
Nassau Elec guar gold 4s. 1951
71 M ar’ 17
f 70
75
70% 74%
Chicago Rya 1st 5s.................1927
15 95*4 97*4
96*4
9073
,
9078 Sale
1 100 ____ 101% Feb *17 ____ 101% 101%
Conn R y A L ist A ref g 4**al951
Stamped guar 4 Ha............1951
! 100 ------- 100 M a r '17 ____ 100 101%
18 83% 80*4
81
85
r 84*2 Sale
D et United 1st cons g 4 1 4s.. 1932
84 Jan ' l l
Ft Smith L t A T r 1st g 5 s . . . 1936
67%
67%
9 01*2 09%
Hud A Manliafc 5a Ser A ____1957
67*2 Sale
4 18
19*2
19*2
Adjust Income 5a_________ 1957
19*2 Salo
25*2
100 Feb T7 ____ 100 100*2
N Y A Jersey lat 5a______ 1932
____ 100
29 65*4 73*2
69*2
Interboro-M etrop coll 4 M s-1950
1 09*i Sale 69
laterboro R ap Tran lat 5 a .. 1960
97U
9712 164 97
99%
97% Salo
Mauhat R y (N Y ) cons g 4a. 1990
90*4
91
22 90*2 94
| 90
92
Stamped tax-exem pt_____ 1990
89% 90*4 91*2 M ar’ 17 —
91*4 94*2
Metropolitan Street R y—
Bwav A 7th A v 1st o g 58.1943 J - D
97 100
98 Feb '17
98 100
Col A 9th Av 1st gu g 5a. . 1993 M
I 98*2 100
98*2
98
99% 98*2
Lex Av A P F lat gu g 5 a ..1993 M
99*4 Feb ’ 17 ____ 99*4 99*4
____ 98
M et w S El (Chic) ls t g 4 a ..1938 F
__________ 30
Mar’ 14
Mllw Elec R y A Lt cona g 5a 1926 F
____ ______ 103 M ar’ 17
103 103
Refunding A exten 4 H 8..1 9 31 J
____ 93
93 N o v ’ 10
MInneap St lat cona g 5 a . ..1919
1 00 % ____
M ontreal Tram lat A ref 5a.l941
89*4 9578 96% Jan ’ 17 ____ 90
90*4
New Orl R y A Lt gen 4 H a -. 1935
____ 80
N Y M unlclp R y lat a f 5a A 1900
99
09 - - - 99
99%
V 99
N Y Rya 1st R E A ref 4 a . . . 1942
69%
8 65
07*2 0873 67%
71*4
30-year adj Inc 5a______ a 1942
40
28 35*4 47%
3-JI2 Sale 39*4
N Y State Rya 1st cona 4 H a. 1902
85 Feb ’ 17
81
84
85
87*4
Portland R y lat A ref 5a____1930
88% N o v ’ 16
OO'i 02
Portld R y Lt A P 1st ref 5a. 1942
77
78
78(2 Jan ’ 17 ____ 77% 78%
Portland Gen Elec lat 58.1935
90*2 Feb ’ 17
90*2 90%
Joa R y , L . H A P lat g 6s . 1937
100 . . __ 100 Fob ’ 17
100 100
3t Paul C ity Cab cona g 5 a ..1937
101*4 103*2 102*2 M a r '17
102*2 102%
Third A ve 1st ref 4a...............1960
77i2 Salo
771-1
77l2 10 77
80%
A dj lno 5 a ..........................al960
00
07
05 M a r’ 17
Third A ve R y lat g 5a........... 1937
____ 107
10538 M a r '17
Trl-C lty R y A L t 1st a f 5S..1923
100 Sale 100
100'a
2 100 161
Undergr of London 4 M s____1933
------- 89 h 89*2
91)
2 89*2 00
Incom e 0a............................. 1948
63*4------- 72 N ov'16
Onion Elev (Chic) lat g 5a..1 9 4 9
------- 84
84 Oot ’08
United Rya Inv 6a Pitta Isa. 1920
------- 75
70
70
1 70
70
United Rya St L lat g 4a____1934
____ 72
61% Fob ’ 17 ____ 61
01%
St Louis Transit gu 5a____ 1924
52
54
50 Feb ’ 17
50
53
United RRa San Fr s f 4a___1927
41 Salo
40*2
41*2
60 34*2 42
Va R y A Pow 1st A ref 5 a .. 1934
89*2 Sale
891.
90
4 88% 93%
Gas an d E lectric L igh t
Atlanta G L O o lat g 5a.......... 1947
103 ____ 103 S ept’ 15
Bklyn Un Gas lat cona g 5a. 1945
104 lO llj 10H2
10412
4 104*8 107%
Buffalo C ity Gas 1st g 5 a . . . 1947 A19*4____ 54 Juno’ 13 ____|
CInoln Gas A Elco latAref 58 I960 A 091. 101 101
101
1 100*4101
Columbia G A E 1st 5 a ____1927 i •
89'a 00
8912
895s
12 87
00*8
Oolumous Gas lat gold 5a. .1932 J - J _ ___ _____ 97 Feb ’ 15
Conaol Gaa conv dob 6a____ 1920 Q - F 117 117% 116
U7
22 11478 129
ConaGa.sE LAP of Balt 5-yr 6s’ 21 M105*3 1071. 103 M ar-17
106 108*4
Detroit C ity Gas gold 5 s . . . 1923 J - J 10078 102 10078
1011.,
4
Detroit Gas C o cona la tg 5a 1918 F - A 101
1011* Oot -10
Detroit Edison lat coll tr 5a. 1933 J - J 10378 Sale 1037a
1037s
5] 103*4 105*8
101
lat A ref 5a aer A ..............A1940
101 1013| 101
2 100*4 102
100% M a y ’ 15
Eq G T - N Y lat cona g 5 a ..1932
Gas A Elec Borg C o o g 5s. .1949
100 ____ 100 Feb ’ 13
Havana Elec consol g 5a____ 1952
____ 93*2 03 M ar’ 17
93
94
Hudson C o Gas 1st g 5a _ 1949 M -N 102*2____ 102*2 Feb ’ 17 ____ 102(2 103(2
S P ^ l t y (M ;> O M 1st B S8. 1D22 A- O
00% Deo TO
Kings C o El L A P g fia._ 1937 A - O 102
— 105% Jan T 7
104*4 105*4
Purchase money 0a
~ih ')7 A - O 110 117 116*2 Jan T7
110 116%
Convertible deb 6a.
tn<K 5 1 - S
................
128 Oot Tfl
Ed El 111 Bkn lat con g 4 a I1939 J - J ____ 89*4 88 M ar’ 17
88
88
LacG aa L o f St L l s t g 5a <1919 Q - F 1007a 102 100% M ar’ 17
100% 102*8
R ef and ext lat « 5a............ 1934 A - O 101% Sale 101
101%
3 100 102%
Milwaukee Oaa L lat 4s__ 11927 M -N
92% M ar’ 17
02*4 03-14
92*4 91
Newark Con Gaa g 5a.......... 11948 J - D
1047s M ar'17 ____ 104% 104%
N Y G E L H A P g 5s____ 19 jg J -*0 10.8*2........ 103
103
1 101*4 105*4
102*4 10378
Purchase money r 4a____ 1930 F - A
22 84*2 88
85
85*4
85*s Salo
Ed El U 1st cona g 6a . . .1995 J - J
108*4 Deo TO
N Y A Q El L A P lat con g 5s 1930 F - A
101
101
101 101
101
____
Pacific G A El C o Cal O A E
3
Corp unifying A rof 5 a . . . 1937 M-N
23 99% 101
9978 Sale
99%
100
Pacific G A E gen A rof 5 s . . 1942 J - J
91% 92
91%
92
2lj 91% 93%
P ro P ow A Lt, 1st A rof 20 yr
5s Internat Series.................1930 F - A ------- 95
05 Jan T 7
95
95
Pat A Paaaalc G A El 5a____1949 M- S 100
...................
09% Oot *15
PeopGaa A C lat con ag 6a. .1943 A - O 105 .
115 Jan T7
115 115
Refunding gold 5a______.1947 M- S 100l2 10112 io o i2
10073
3 LOO 102*2
Registered_______ ______1947 M- S ------- 99*4 99 3 o p t’ l3
Ch G -L A Coke lat gu g 5s. 1937 J - J 101 102-1. 101 Mar-17
101 103%
Con G Co o f Cbl lat g u g 5s 1936 J - D ____ 10034 1013a Jan -17
L0l% 101%
Ind Nat Gaa A Oil 30-yr 5s 1936 M-N ------- 92
89
90
2 89
92
M-N
99*4 100*4 100*2 Feb '17
M 11Fuel Oaa lat gu g 5 a _ -1947
100*2 101*8
Philadelphia C o conv 5a____1919 F - A 98 100
Conv deben gold 5a............1922 M-N
89
94% 94*4 Feb T7
92*4 94*4
Btand Gaa A El conv a f 6 a .-1920 J -D 101*2 102*2 100 Feb T 7 —
100 102

BONDS
N . Y . STOCK EXC H AN G E
Week ending M arch 23
Syracuse Lighting 1st g 5 a ..1951 J - D
Syracuse Light A Power 5a_1954 J - J
Trenton G A El 1st g 5a____1949 M - 8
Union Elec Lt A P lat g 5 a ..1932 M - S
Refunding A extension 5a. 1933 M -N
United Fuol Gaa 1st a f 6a . 1936 J - J
Utah Power A Lt lat 5a____1944 F - A
Utica Elec L t A P 1st g 5 3..1 9 50 J - J
Utica Gaa A Elec ref 58_____ 1957 J - J
Westchester Ltg gold 5a____ 1950 J - D
M iscella n eou s
Adams Ex coll tr g 4a............1948 M - S
Alaska G old M deb 6s A ____1925 M - 8
C onv deb 6a aeries B ......... 1926 M - S
Arm our A C o lat real e3t 4 Ha ’ 39 J - D
Booth Flahorlea deb a f 0e ..1 9 2 6 A - O
Braden C op M coll tr a f 6a. 1931 F -A
Bush Terminal lat 4a............1952 A - O
Conaol 58— ......................... 1955 j . j
BIdg9 5s guar fax e x _____ I960 A - O
Cerro de Paaco C opp env 6a 1925 M - N
Chic U nStat’ n ls tg u 4 M a A 1903 J - J
Chile Copper 10-yr conv 7a. 1923 M -N
Computing T a b -R ec a f O s .. 1941 J - J
Granby Cona M S A P c o n 0 3 A ’ 2S M -N
Stam ped...................
192s M -N
Great Falla Pow lat a f 5 a .-1940 M - N
Int Mercan Marine a f 6 a .-.1 9 4 1 A - O
M ontana Power lat 5a A __ 1943 J - J
Morris A C o lata f 4 ^ 8 ____ 1939 J - J
M tge Bond (N Y) 4a aer 2 ..I 9 6 0 A - O
10-20-yr 5a series 3 .......... 1932 J - J
N Y D ock 50-yr 1st g 4a___1951 F - A
Niagara Falla Power 1st 5a. 1932 J - J
R ef A gen 68.......................al932 A - O
Nlag Lock A O Pow 1st 5 a .. 1951 M - N
N or States Power 25-yr 5a A 1941 . .
Ontario Power N F 1st 5a_.1943 F - A
Ontario Transmission 5a____1945 M -N
Pub Serv Corp N J gen 5 s .. 1959 A - O
Tennessee C op lat con v 6s_.1925 M - N
Wash Water Power 1st 5s. .1939 J - J
Wilson A C o 1st 25-yr a f 0 s .1941 A - O
M a n u fa c tu rin g & In d u strial
Am Ag Chem lat c 5a............1928 A - O
C onv deben 5a___________1924 F - A
Am C ot Oil debenture 5 3 ...1 9 3 1 M -N
Am Hide A L lat a f g 0a____1919 M
Arner Ice Secur deb g 6a____1925 A
Am Thread lat coll tr 4a____1919 J
Am T obacco 40-year g 6a . . . 1941 A
G old 4a................................... 1951 p
Am W rit Paper 1st a f 58— .1919 J
Baldw L oco Works 1st 5 a . . . 1940 M
Beth Steel 1st ext a f 5a____ 1926 J
lat A ref 5a guar A _______ 1912 M
Cent Leather 20-year g 5s. .1925 A
Col F A I C o gen a f 5a_____1943 F
Conaol T obacco g 4a................1951 F
Corn Prod Ref a f g 5a........... 1931 M
lat 25-year a f 5s............. .1934 M
Cuban-Am Sugar coll tr 08..1918 A
Distil Sec C or conv 1st g 5a. 1927 A
E I du Pont Powder 4 H s - - - 1930 J
General Baking 1st 25-yr 6a. 1930 J
Gen Electric deb g 3 H s _____1942 F
Debenture 5a........................ 1952 M
HI Steel deb 4 H a...................... 1940 A
Indiana Steel lat 5a..................1952 M
Ingeraoll-Rand lat 5a............. 1935 J
Int Agrlcul Corp 1st 20-yr 5a 1932 M
Int Paper C o 1st con g 6 a . . .1918 FConaol conv a f g 5a............1935 J
Lackaw Steel 1st g 5a______ 1923 A ■
lat cona 5a Series A _____ 1950 M
Liggett A M yers T ob a c 7 a .. 1944 A
......................................... 1951 F '
Lorlllard C o (P) 7a..................1944 A ..........................................1951 F M exlcan Petrol Ltdoon 6a A 1921 A lat lien A ref 6a aeries C ..1 9 2 1 ANat Enam A Stpg lat 5 a . . .1929 J •
Nat Starch 20-yr deb 5a____1930 JNational T ubo lat 5s............1952 MN Y Air Brake 1st conv O a.. 1928 MRallway Steel Spring—
Latrobe Plant 1st 8 f 5a__ 1921
Interocean P 1st a f 5 a . . . 1931
Repub I A S 10-30-yr 5s s f . 1940
Standard MllUng lat 5a____ 1930
T cnn Coal I A R R gen 5 a .. 1951
T he Texas C o conv deb 63. . 1931
Union Bag A Paper lat 5 a .. 1930
Stam ped-----------.1930
U 8 Realty A I conv deb g 5a 1924
U S Rubber 10-yr col tr 6 a ..1918
U S Smelt Ref A M conv 6s . 1926
U S Steel Corp— 1cou p____ 41963
S f 10-60-yr S a /r e g ..........41963
Va-Car Chera lat 15-yr 5a. _ . 1923
C onv dob 6a...................... <192 4
West Electric lat 5a D e c...1 9 2 2
featlngh '80 E A M notes 5a. 1917
C oal & Iron
luff A Suaq Tron s f 5s_____ 1932
Debenture 5a.....................al926

1131

Price
Friday
March 23
Bid
101
85

Range
Since
Jan. 1

Week's
Range or
Last Sale

Ask Low
High No. Low High
101% 102U N ov* 16 . . . .
90

85

85

85

87*4

33 100
3 94

101*8
96*i

10U2 ____ 10 1% June’ 14
101 ____ 101% D eo ’ 16

1015, N o v ’ 16
100% Sale IOOI4
10012
9434
93% 9434 9434
103 ___ 102U M a r’ 15
100%____ 100 M a r’ 17
10234 105 105 M a r’ 17
78
69
09
91
9012
96*4
87
87»2
87U
H 514
9953

80
72
Sale
Sale
93
9612
____
8934
Sale
117

80

100 101
102

80

G8

68

675s
69
93%
94
92
M ar’ 17
96i2
9Gl2
80i2
87
90 M a r’ 17
87
87 14
11434
117
100
99i2
100
12734 Sale 127
129
------- 87
87 M a r’ 17
105i2 107% 107 Feb ’ 17
104% 109 107 Feb ’ 17
101 1015a 1015* M ar’ 17
9018 Sale
92
96% 2011
99-3s 100
51
99*2 Sale
------- 94
9334 Feb ’ 17
83 A pr ’ 14
94 June’ 16
75% 70
75% Mar* 17
100% 102 101 M ar’ 17
1053s 107% 105*2 Oct ’ 10
90
94
94*2 Jan '17
9G34
97
9678 97
91*4
91
9U 2 9134
83
90
80 Sep ’ 16
91% Sale
91*8
91*2
90
901" 90 M a r’ 17
------ 102
103*2 Jan ’ 14
10234 Sale 102>4
10234
40

102-34 103
10U2
103
94*2
947g
103*8
103*s
993i M a r '17
98%
9883
119 M a r’ 17
83*2 M ar’ 17
91*2
92
104*4 Jan ’ 17
1027*
103

100*8

1007s
127

100%
106*8
107

100*4

100*2

101

102

78
105
91*2
101

81%
106%
94
1037g

102

100 101%

10134
107*2
107

100-%

93*2
127%
1007g
124%
100
105%
105%

99%
129
104*8
128
103
107
109

90
101

917*
103

100 102
102

100

100% 101

99
99%
99%
1017g
104%

100%
100*8

Feb ’ 17

104%
105
97*4
104%
100*4
99*2
119%
85
92
104*4
104
102
103
97%
81
99
99%

71*2 75*4

M ar’ 17

j 101

! 100*2
1 101%

101*2 1037g

98*2 100

101

57
102%
106*2
105*2
. 105*4
99*4

90*4 93
8878 00*4

100

983.4
127*2

M ar’ 17
105*2
88%
88%
57
102*4
M ar’ 17
106
105*4
100

88*2
88*2

9412 94*2
965s 99
91*4 94*j

63
70
1037g 104%

4 100*4 Feb ’ 17
3 99
99
102
105

75*2
103

86*4

9178 M a r’ 17
102
102*4
103*2 M ar’ 17

100*4
100

75
101

86*4

104
100
98*2
100%
92%
81
987g
977g

100
101%

97%
127*2

90
87
113
99*2
123*8
85*2
104
104
101%
88%
99
93*8

84*2
85
847g
947g
92
98
89
93*i
90*4
118
101*4
132
87*2
109*2
109*4
1027g
96*4
100*4
937g

101*4
99*4
94%
103
97*2
98%
119
83%

101*4
102i2
94
94
81 M a r’ 17
99 Feb ’ 17
99
99
101 M a r’ 17
64
69
104 M a r’ 17
85 M ar’ 10
78 M a r’ 17
105
105
91*2
92*2
102%
103
100 Oot ’ 13
75*4 M a r’ 17
100*4
100%

100
101

106

80
67*2
675g
93*4
92
96*2

997g
101*4
101
103%
106%

88*2 93*2
88*2 90%
53*4
102
105
105*2
105%
99
100
100*4

64
104%
109
107%
107
100*4
103
102*4
100*8 101%

100*2
101%

96*8 96%
93% 93%
77% 80*4
92

94%

95*4
80
Cah C M C o 1st gu 6a____1922
T elegraph & T e le p h o n e
m Telep A T el coll tr 4 8 . .. 1929
Convertlb e 4a....... ............. 1936
20-yr convertible 4 Ha____ 1933
30-yr temp coll tr5 a .......... 1946 J R e giste re d ..........................2397 jQ - .
u m b T A T lat A v e n 5 a ...l 9 3 7 ! j - .

Fd and real eat g 4 H a____1950 M - 1
M u t Un Tel gu ext 5a____ 1941 M -I
N orthwest T el gu 4 H s g — 1934 J -

101
80
85

D eo ’ 14
D e c ’ 16
M ar’ 17

91
913i
100 M a r’ 17
105
1057g
100*4
101*s
10234 M ar’ 17
73 N o v ’ 16
71 M ay’ 10
01
101
98 Apr ’ 16
100 Feb ’ 17
100 M ar’ 17
101*2 Jan ’ 17
98*2
987S
100*4
10b*8
100*2
100*2
100
100
95
95
101*4 Apr ’ 16
94 N o v ’ 16

— | 85

87%

42J 90%
— II 98
47!1103%
450 100
...1102*4

92*4
101
106*4
1017a
103

2

99*4 101%

jioo

101%

— h 99 101%
. . . j 101% 101%
47 98 100*4

5 100 102

99% 101*4
99 103%
93*2 99*4

* No price Friday; lateat bid and asked, a Due Jan. J Due April, e Due May. $ Due Juno. A Due July. J Due Aug. 0 Due Oct. v Due Nov. f Due Deo. s Option sale




BOSTON STOCK EXCHANGE—Stock Record s. . n°.??p.,.

1133
8B A ZM

S a tu r d a y
A f a r . 17

|

PU C E S— N OT

A ton d ay
A l a r . 19

T u esd a y
A f a r . 20

P E It

I

C E N TU M

W ed n e sd a y
A l a r . 21

|

Sales
o f the

P K IC E S .

T h u rsd a y
A t a rch 22

F r id a y
M a r c h 23

W eek
S h a r es.

STOCKS
B O STO N STO C K
EXCHANGE

Range Since Jan .
Lowest

X.

H ighest

[Vol. 10
Range fo r Preston
Year 1916
H ighest

R ailro a d s
I
172 Deo 198 Feb
141 Boston & A lbany_________ 100 170 Feb 6 175 Jan 11
172
17H2 I71l2 170 170
171
172 172
17U2 17112 *17112
79 Jan 19
88ia Jan
85ia Apr
69 Feb 9
74
74l2
389 Boston E levated__________ 100
74
74*1
75
75
74
75
*74
*74
78
77*2
119 Dee 145 Feb
24 Boston & Lowell__________ 100 105 Jan 22 133 Mar22
132 132
133 133
130 130
125 125
*122
125 *122 125
52 Fob
45
MarlO
34
Aug
39
Jan
30
890
Boston
*
M
aine__________100
44
41
•1312 41
43l2 44
44l2 44
•It
44U 44l2 44
Boston & Providence_____ 100 212 Jan 24 213 Jan 30 290 Aug 235ia M ay
L a st Sale 213 M ar’ 17
*211
*210 215 *211 215 *210 215
5 Jan
4tj
Feb
*
*
Boston
Suburban
Eleo
C
os___
♦
ti2
M
a
y
’
10
L
a
s
t
S
ale
4
4
4
4
40>a Feb
25 M ar 3 *2*7*12Jan*24
30 Deo
Do
prof__________________
L a s t Sate 25
M ar’ 17
*
30
30 *
30 *
30 *
5ia Jan
4 M ar
*
Boston * Woro Eleotrlo C o s ..
L a s t S ale li2 N ov’ 16
4
4 *
4 *
4 *
451s July
42 Feb
38* Feb 5
35 Mar23
Do
pref__________________
35
37
20
*
40
40 *.......
40 *
40 ♦
40 *
154 July
150 Oct
♦
____ ____
50 Cblo Juno R y A U S Y .- .1 0 0 150 Jan 5 150 Jan 5
150 150
150
150 *
150 *
150 *
110 July
Do p r o f ___________________ 105 Feb 3 108 Jan 27 102ij Apr
L a s t S ale 105'2M arT7
107 *105 107
*105
107 *105
*104
123 Sept 162 Feb
Connecticut R iver________100 125 M ar 2 139 MarlO
L a s t S ale 139 M ar’ 17
*135 152
*135
*135
*137
87 Feb
78i2 Mar22
69 M ar 2
69'4 Sept
166 Fltohburg prof____________ 100
77
77
78
73
78*2
73
*77
78
77
72U 72U
73
131*4 Deo
35 Georgia R y & Eleo stampdlOO 126 Feb 20 133 Jan 17 122 Jan
*1271.1 129i-> *12714 129t2 *12714 129'2 *12714 12912 *12714 129'2 123 128
92i2Jan 9 z86 Jan
94 Deo
91 M ar 5
M ar’ 17
Do
pref______________ 100
L a st S ale 91
93
*91
93
94
*91
94
*90
*90
99 Feb 14 100's M ar 7
98 Sept 102 Jan
49 M aine Central____________ 100
99>2 9 9 '2
*99>2 ____
99
100 100
99'2 *9912
*9912
5
M
a
rl9
8*4 Aug
3?s
M
ar
1
41
*
D
ec
Mass
Eleotrlo
Con_________
90
100
412
4^2
6
*4i2 ____
*H4
*4'i
*4
27<2 Jan 9
44 Aug
22 M ar 8
26 Deo
25
25
309
D o pref stam ped________100
25
25
24
24
25
2413 25
24
25
*23
523i
Jan
2
77*4
Jan
50
Deo
36*8
Fob
16
1,236
N
Y
U
H
A
H
artford.........
100
44*4
45
441a
46
45'2 4512
4612
4312 4678 46
43'2 43*4
107 Sept
97 Jan
Northern New Hampshire. 100 zlOO M ar 12 101 Jan 25
____
100 100 *102
*102
*100
*100
157 Feb
____ ____
47 Old C olon y_______________ 100 120U M arlO 135 Jan 6 134U Deo
*122
12312 123'2 12312 125
123 123 *122
34>2 Feb 13
24*, Feb 2
35ia Deo
20 May
L a s t Sale 32l2 M ar’ 17
Rutland, pref____________ 100
3312
*32
3212 *29
3 3 '2 *32
33
*30
108 103
118 Vormont A Massachusetts. 100 10312 Feb 14 110 Jan 15 10012 Aug 126 M ar
*103 10512 10512 10512 IO.5I2 105t2 *107 107'2 108 103
0713 Jan
51U Feb 1 5012 M a rl 7 z55 Sept
44 West End Street__________50
5212 5212
*52'4 51
*54
56
56
56
55*4 56
56
56'2
80 Feb
74 Jan 6
70 Feb 16
22 D o
pref_______________ 100
69 July
74
71
74
73 * ___
74
73
74 *__
73 * —
73
.M iscellaneous
93i2Jan 20
102 N o v
84 Feb 14
38 Amer Agrloul Chem ical__ 100
64 Apr
93
93
*01*4 93
93
92
92
*91*4 93
xO'A
93
*91
9812 Feb 13 103i3 Jan 27
370
Do
pref_______________ 100
9512 M ar 105 Deo
101*2 IOU2 101 i o n 2 10U2 IOU2
102 102l2 10212 102l2 jrlOO'a 101
2*8 Jan 9
3U Apr
14s Jan 8
L a s t S ale 1*8 M ar’ 17
»4 Deo
Amor Pnoumatlo S e rvice .. 50
*1*4
*1*4
178
* 1*4
178
*1*4
178
l 78
10 M ay
14 M ar 8
84, Jan 2
7 Deo
Do
pref________________ 50
L a st S a le 13>2 M ar’ 17
12*4
12*4 *
12*4 *
*121.! 12*4 *
125U Oot
14 Amer Sugar R efining_____ 100 105i2 Feb 3 115 Feb 21
100 Apr
113 113 * U U 2 U 2l2 ____ ____
113
*11112 1121a 111*4 1113-1 *112
* 116
____ ____
Do
pref_______________ 100 116 M ar 1 12U2Jan 24 11412 M ar 124 Oot
110 120
118'2 11812 120 120
llS 'e 11812 119 119
12714 127*8 127'2 I27I2 2,907 Amor Tolep A T eleg_______100 123 Jan 12 128'i Jan 25 123 Deo 134ia Sept
12718 127*8 127 127'2 127L1 12712 1271.4 128
56*4 N ov
40 Feb 1 52'2 M ar 6
1*6-30 Amerloan W oolen of Mass. 100
42 Aug
51
.51
51U 514,
50'2 *5012 51
♦50
*50
5012 *50U 51
1013s M ar
9412 Feb 3 100 M ar 15
572
92 Jan
97i2 98
Do
pref_______________100
9712 93
9713 9712 03
9712 98*4
97
*97
9714
74
Jan
3
79 N o v
70
Jan
16
214
Amoskeag
M
anufacturing
.
.
06
Jan
70
70
70
70*4
70*t
70
*70
71
*70
71
*69'4 71
97'2Jan 5
95 Jan 31
05
93 July 101*4 Feb
96
96
Do
pref_________________
96
96
95
95
*95
*95
*95
147*4 Dec
89<2 Feb 23 12U 2 Jan 22
27 Jan
12,461 Atl Gulf A W I S S L in os.. 100
118
108*4 111*4 110*4 113 12 1121.4 l l 5 i 2 11U2 U U , l I t
lOSM 111
72la N ov
5512 Feb 9 66 Jan 4
42 Jan
08
Do
pref_______________ 100
63
*63
65
62
*6212 63'2 63
01*4 61*4
6 U 2 61t2 62
257s July
19 Jan
13U Feb 3
420 Cuban Port C e m e n t____ 10
coSia Apr
____ ____
18
18
18
13
1712 18
17'2 1712
1S'4 1SU
13*8 Jan
10
Jan
22
SisJan
2
115
8U
Deo
____
____
East
Boston
Land________
10
10
9*8
9*8
*91.4
9
9't
*9
10
9 '2
9U
100 Edison Electrlo Ilium _____ 100 1973.1 Jan 24 226 Jan 4 225 Dec 250 M ar
207 210
205 212
210 210 *207 210 *207 210
212 212
180 Oot
15 General Eleotrlo..... ............. 100 1013.1 Feb 10 I70'.i Jan 16 159U Apr
____ ____
*16412 16512 16514 1651-t *168*4 1691.4 *168 169 *167'2 168
95 June 1021a S ept
50 MoElwatn (W H ) 1st pref. 100 100 Feb 3 102 Jan 18
101
101
10U2 10U2 lo t
10t'2 101
101
101
*100 10t'2 101
87 Feb 3 10012 Mar23
79 Sept 100*4 N ov
9778 09
07*4 U)012 13,934 Massachusetts Gas C os— 100
96
9712 too
98*4
94
9478 94l2 9 6'i
89 Feb
80 M ar 6
7334 Feb 28
Do
prof_______________ 100
189
78 8ept
80
80
*79i2 80
80
80
7912 80
79l2 79'2 *79'2 80
33 Mergonthalor Linotype___100 I 6212 M ar 15 169 Jan 31 155 M ay 181 N ov
162i2 162'2 162'2 162'2
162i2 16212 *162t2 164 *162>2 161 *16212 164
2>a Jan
1 M arlO
1 MarlO
L a s t Sale 1
M ar’ 17
Mexican Telephone______ 10
>4 N ov
*L
*1
*1
*1
19 Apr
Mississippi River P o w e r .. 100
10 Dec
L a st S ale 11*8 Deo’ 16
44
Feb
40
Jan
17
38
*
J
a
n
2
0
35
N
ov
D
o
pref_______________100
L a s t Sale 38
Feb’ 17
85 M ar 2
42 Dec
30 Jan 9
23la Julv
8212 8212
123 New Eng Cotton Yarn------100
*75
85
80
80
85
85 i *75
*75
*75
85
85
M
ar
5
66
Deo
60
Jan
10
50
Jan
D
o
p
r
e
f
.......................
100
L
a
st
S
lie
85
M
ar’
17
85
*75
85 1 *75
85
*75
*75
85
140 M ar
120*4 Deo
122 122
171 New England T e lep h on e.. 100 120 Fob 14 124*2 M arlO
123 *12U2 123
12412 12412 12112 12II2 124L 12412X123
165 N o v
Nlpe Bay C om pany--------- 100 135 M ar 5 147 Jan 19 10218 Jan
L a s t S ale 13S'4Mar’ 17
no
140 *133
140 .*138
*138
140 *138
97 M ar 1 112 Jan 11 102 Deo
155U N ov
____ ____
200 N ova Scotia Steel A C ------ 100
*95
111)
109
110 *101
tot
101 *101
100 100
175 Oot
____ ____
19 Pullman C om pany________100 160 Feb 15 lOOUJan 25 1581a Apr
162 102
163
162
* 1611-j 16212
*161
46
Jan
3
59 Oot
30
Feb
15
815
Punta
Allegro
S
u
g
a
r
_____
50
33
33
35ia
Deo
33
33
33
33
33
32
32
1
321,
32
*31
15i3Jan 6
lO'a M ay
14 Jan 25
15 Fob
5 Recce Button-H ole_______ 10
15*2 ____ ____
1512 15'2 *15
*14*4 15's : *14*4 1.51.4
*14*4
177 Oot
892 Swift A C o ............................. 100 133 Feb 3 150 Jan 2 125 Feb
143i2 144
141 1441.1 143 141
142 14212 142>2 143*8 ! 143 145
G7
M
a
rl2
70
N ov
55
Feb
3
35
Jan
115
Torrlngton_________________
25
62
62
60
00
02
z62
63
63
62
*61
62's 62'a
33 M ar
33 Jan
30's Feb 8
28 Jan
0
Do
pref________________25
*3114 32
30's 30'a
*31*4 32
*3U4 32
*31'4 32 1 *31'4 32
168*4 Aug
2,981 United Fruit......................... 100 134*2 Fob 9 I 5 U2Jan 22 1381a Jan
146
143 144
143'2 14412' 141'2 14611 145*4 147*4 14414 U 6 I.1 xl45
SSUJan 3
543.1 M ar 13
63ia May
50 June
4,502 United Shoo M ach C o r p .. 25
55
56*4
55*2
55I4 5 512 551S 56 i x.5.512 55*4 55U 55*4 55
31 Sept
30is M ar 8
29 M ar 13
110
28*8 Jan
29's
Do pref__________________ 25
29
2914 2914 29
20
29
29*.» 297s z29
*29'2 29*i
99’s Feb 3 118 Mar21
79*4 Mar 1293s N ov
11513 116*4 116 U 078 13,590 U 8 Steel Corporation____100
112*8 11212 112*8 115>8 115 117's 116*8 U 8
Jan
122*4
N ov
27
116*4
Feb
2
121
100
D
o
pref______________
115*4
Fob
20
11312
*118
118'2
11S'4 118'.i
U 778 1181.8 *118
*11712 113 *11712 118
13 Jan
6*8 Feb 3
87s Jan 26
3,215 Ventura Consol Oil Fields. 5
6*8 Sept
67s
7
7
7U
7
7*8
71$
7*8
7's
7'a
*7'4
7'2
M ining
3 Jan 12
578 Deo
25
414 Jan 2
1*4 Feb
3l2
3l2
3*8
31.1 3t2 * 320
312
*33g
*3'.i
3*4'
3*8
*314 3*4
91 Feb 3 108 Jan 2
25
495
91 Aug 125ia N ov
102'" ! 102 10212 102 102l2 102 102
102 102 ■ 102
*102
101
Jan 2
20ia Jan
10
6U
Feb
10
Deo
a
2,615
11*2
8
8
8*4
8'4
8*8
8*fl
8
'2
8's
S'a
S'4
8*8
8*a
2ia N o v
25 .90 M ar 3
*4 M ay
200
1*4 Jan 2
.95
.95
1
.95
.95
U.
*.05
*.95
11.
1141 *.95
*.95
83ia N ov
58 Feb 3
70 M ar 0
50 Deo
25
120
GO
*60
66'2
68
67
63
6712 05
66I2 *6612 67
4114 Jan 26
07*8 Apr
30*4
Feb
29ia
July
5,125
Amer
Zlno,
Lead
A
Sm
elt.
25
36l2
37
38
38l2
37
371;
37
36
37*8
37
36
36*4
73 Jan 3
8618 N ov
65 Feb
60 July
Do
pref________________25
6812
*6812 6912 68
15i3 Jan 4
18 N o v
73g July
10*s Feb
1.711 Arizona Commercial---------- 5
131, 137s
131, 13*2
13*4 14'i
13*4 11 "
13*8 14
*13'2 14
2i4Jan
26
513 Feb
138
Feb
23
Ha
Aug
Butte-Balaklava
C
o
p
p
e
r
..
10
200
1*2
1*8
1*8
Ha
U?
*1*8
1*4
*1*8
1*4
1'2
1*8
*1*8
IO514 M ar
52 Jan 26
39’ 4 Feb
42 Deo
6 Butte A Sup Cop ( L t d ) . . . 10
46
*46
46
46*4
47*4 *47
*47
47*4
*46t4 47
*46'4 47
85U Jan 20
73i2 Feb
60 June 101 N o v
1,117 Calumet A Arizona_______ 10
81
8U 2
82
83
8212 33
8 U4 82
821, S3
82
82
580 Fob 20 610 Deo 640 N o v
84 Calumet A H eola__________ 25 525 Feb
560 565 *555 560
565 565
585 565
560 565
27'4Jan 10
27 N ov
19 Feb
14 July
105 Centennial_________________ 25
21
21 >8 2118 21
22
22
21'4 2 I 'l *21
21 >4 21'4 *21
73*8 N o v
63 M ar 7
53
Jan
48 July
Chino
Copper____________
5
275
58
58
*57'2
*59
*5712
60
59*4
60
60's 60's
*58*2 59
87*4 N ov
68 Jan 17
57 Feb
5,999 Copper Range Cons C o ___25
54ia July
64
6 5 ',
61
6612 61
65
63*4 65*4
65l2 66
631.1 64
37g M ar
3 Jan 12
2 July
23S Feb
205 D aly-W est______ __________ 20
*212
3
2*8
2*8
*21,
2'2
3
278
278
3
*212
7
i2
Jan
10
7U Deo
4*4
Deo
4?s
Feb
Davls-D
aly
C
o
p
p
e
r
______
10
2,245
57
8
5*4
5*4
578
5*8
0
578
5*8
5*4
6
*5*4
578
20 N o v
10 Jan 3
12 Feb
Ilia July
1,635 East Butte Copper M in ___10
14l2 14l2
14*8 14*4
141, 14*4
l t l 2 15
*14l2 14*4
14*4 15
0 M ar 6
13*4 N o v
8 June
7
Feb
1
260
84,
*8
8*8
8'2
S'4
81,
S'4
81,
S'4
81,
S'4
8i2
92 Jan 17
79 July 120 N ov
80'2 Feb 5
Last Sale SO*, Mar 17 ...........
89
80
91 *
*88
*87
*85
90
4012 Jan 3
55U N ov
34*4 June
41 Feb 27
22
44
*43
*43
4312
44*8 45
40
*45
*44
45
*42
43
201*
Jan
19
231a N ov
I d a June
14'2
Fob
13
560
ok
C
o
n
s
o
lid
a
te
d
....
25
18
17
1
4
17U
18
17*2
17*4
171,
17*4
16
*17
18
1712
4
Mar22
2
July
8ia N ov
Us
Feb
16
285 Indiana M ining__________ 25
4
3*2
3'2
3i2
4
4
3'2
4
*3'2
3*2
*3*8
*3*8
701* Jan 25
73*4 Deo
42 Sept
2,336 Island Creek C oal________
1 58 Jan 2
60
60
z65 10012
67l2 68
67*4 69
00l2 65
65
6 7 ',
931*
Mar
15
89
Feb
5
88
Jan
93ia
Deo
D
o
pref______________
1
Last
Sale
93i2
M
ar’
17
*92
93i2
93l2
931, *92
92U *92
*92
36 “ Jan 18
29*2 Feb ■ 3
25 July
43 N ov
1,015 fslo Royato Copper_________25
34
34
34
3312 33
34
33
34
*33
331, 33l2 34
5 Feb 15
4*s Feb 20
6
*s
May
1,038
Korr
Lake________________
6
3'a
M
at
4'2
4
'2
41
2
41
,
41
2
4'f:
4*8
412
4*8
4
'2
*414
*4U
434 Jan 27
8 Apr
3 i3 Feb
2*4 Feb
570 Keweenaw C opper_________25
31,
3'2
3'a
3*1
3'a
3'2
3*2
4
31,
3*8
4
3'2
18 Jan ~
11 Fob
19*8 Feb
25
9U July
2,305 Lake Copper C o ..............
111,
14
1U2 1512
14t2 l t l 2
14
1H|
14
14
13*4 14
5 Jan 10
6ia N ov
314 July
3*8 Feb
1
155 La Salle C ooper................... 25
4
4
4
4
4
4
4
378
4
*3*4
*3*4
9 N ov
0i2Jan 16
5 Feb
Mason Valley M ine______
5
Ua Aug
Last Sale 0'4 M a r l7
6*8
♦fill
6*8
*6*8
6*4
*614 6*4 *0'4
19'a N o v
15'aJan 17
10 July
lltjF e b
*14
760 Mass Consol_______________25
14
1414
HU 144, H I 4 HI 4 141.1 1411 111, 14*4 14
6 Feb
3l2Jan
6
2
July
2i4
Feb
50
25
M
ayflow
er_________________
21,
2
'2
*2*8
278
212
*2*8
27S
2 '2
278
*2*8
278
4*4 N ov
4-i.i Mar22
l i j Jan
212 Jan 10
850 Mlohtgan____________
25
4
412 4*., ____ ____
4
4
4
I'l
4'2
*3*4
*3*4
98 Jan 3
77ia July 108 N ov
77 Fob
428 M ohaw k___________________ 25
88
88
88
89
88l2 89
8812
87
88
8712
S7i2 871,
20'2
M
ar
7
15
Jan
33>a
N ov
2
1
s,t
Fob
Nevada
Consolidated_____
5
10
*21
*21
21*4
*211.,
25
24l2
*241*
25
*24
24*4 24*4
24*8
6 Jan ~
10>4 Jan
4 Feb 5
4*4 July
7 7u New Aroadlan Copper____25
4*.,
4*.,
■U2
4*8
4*4
5
*41,
5
4*4
4*4
*4*4
4*4
17U Feb 14
9 July
14 Jan 27
24*t Jan
1,300 New Idrla Quloksllver------ 5
15*4 15*4
16
1612 ____ ____
1514 15l2
1514 15*2 1512 16
22 Jan 25
30 Mar20
20 Deo
31*s N ov
838 New River C om pany--------100
____ ____
30
30
28
30
*28'2 30
28
271, 23
28
921.1 M ar20
78 Jan 24
77 Deo
93U N ov
Do p r e f_______________100
1,951
92
*91
9212 9112 92
89
S91, 8914 02
8 9 ',
89'2 00
8*4 Jan “
778 Feb 10
0 M at
9U N ov
335 Nlplsslng M ines--------------- 5
8
8
8
. 8
8
8
8
*8
*8
8
8'a
S'!
24 Jan
20U Feb 2
32ia N ov
20 July
24
6,159 North B utte---- --------------- 13
23
22*4 23'2
22
23'2
2212 22
2112 22'4
21*2 22
234
Jan
41a Jan
1
Feb
13
.50 June
2
410 North Lake______________ 25
9
21,
2
178
*1*4
*1*8
*1*4
1*4
178
178
27g Apr
27sJan 12
2 Jan 6
1*8 July
200 OJlbway M i n i n g ...------------25
2
2
*2
2
2'.,
2
*2
*2
2'4
214 *2
2'4
4 Jan
3
Jan
31
2
is
Jan
12
1U
July
Old
C
olony.............................
25
3
440
2 '2 *21?
212
212
21,
21,
2*3
*212
3
2'2
2*8
83 N ov
67’4 M ar 12
55 Feb
59 Deo
*
886 Old Dominion C o __________ 25
63
61
05
62l2 62'2
62*4 03 '2 61
6 U2 61
63
70 July 105 N ov
95 M ar 12
78i* Feb
450 Osceola____________________ 25
92
91
90
00
94U 95
95
91
0 l*-2 95
*91
941,
23*4 Deo
Ilia M ar
277s Mar21
1712 Feb
25*8 207s 01,010 Pond Creek Coal__________ 10
20
23*4 27's
27/3 2 6', 27',
21*4 2314
22*8 24*8
81 July 1091a N o v
94*2 Fob 21
84 Feb
281 Q ulnoy_____________________25
90
80'2
90
8912 8912 88
90
90
88
8 9 '2 90
*88
20*4
June
36*4 N ov
30t2
M
ar
7
23
Feb
Ray
Consolidated
C
opper.
10
480
287
s
29'4 29*8
28*4
2918 2018
29*4 *2912 30
*28*4 2912 *29
8934 M ar 6
6Ha Jan
110 N o v
74i2 Feb
85
85
381 St M ary's Mineral L a n d .. 25
85
35
85
85
86
SO',
86
S67s 86/3
*35
2 Jan “
1U July
37s Jan
U
4
Jan
Santa
Fe
Gold
A
C
o
p
p
o
r
..
10
1,450
1*2
*11,
*11,
1*8
1*8
1*2
1*3
1*8
1*8
1*4
1*8
1*4
10 Jan 5
7 July
12ia Feb
7i2 Feb
1,562 Shannon__________________ 10
9
9
9
913
9
10
8 ',
9
9'4
*9
9 '3
30's MarlO
24*4 July
40*8 Feb
2012 Feb
29'., *28*., 29'4
100 Shattuok-Arlzona_________ 10
29'2 *28
29
*28
291,
29
*23
2 9 '2 *28
0>4 Jan 2
37g Fob 17
S*a Jan
4 Aug
385 South Lake________________25
4l2
4
*4
4*4
41.8
*4
4 '.1
4U
4*3
4*8
4*2
4^2
loss M ar 0
28>a Jan
131.1 Feb
12ia July*14
16
100 Superior___________________ 25
16
14
15
*15
10
*14
15
16
*15
15
SUJan 8
8*4 Oot
5 Feb
lit Jan
6
678
6
6*8
7'4 11,815 Superior A Boston C opper. 10
6
6'4
578
6*8
6I4 0'4
*5'2
56U Jan
60 Jan 15
47 Feb
35 Aug
561 T am arack_________________ 25
50
53
58*4 58*4
59
*59
53;8 5 8 ', 59
5.812 59
591,
12*4 Jan
6 Jan 4
3'2 Feb 21
4U July
70 T rin ity_____________________25
4 ',
4»a
4'4
4*4 *414
4*4 *4*8
4' 1
44,
4*4
4'4
*4'4
2ij Deo
.15 Jan
2 Mi Jan
1*8 Feb 15
1
375 Tuolumne C opper......... —
1*4
1*8
1*8
*1'2
1*3
1*3
1*8
1*8
1*4
1*4
*1*8
1*8
54>s Jan
31*8 N o v
6734 Jan
52 Feb
63
2,615 U S Smelt Refln A M i n . .. 50
62*4 63
03'2
63
037a 63*4 64*i 63*3 05
62*4 03
63*i Apr
49 Fob
50 Fob
5212 Jan
Do
pref_____________ - 60
505
51
51
50’ t 51
50*4 51
51*8 51*8
51*2
50*4 51*8
51
6's Apr
2 7s Deo
2 '2 Feb 10
314 Jan
5
*21,
2*4
2% , 2%
410 Utah-Apex M ining----------*212
2*8
2*8
2*4
2*s
2*8
2*8
2*8
1212 Jan
30ia N ov
10 Mar22
21 >2 Feb 20
16
16', 10ta 3,257 Utah Consolidated--------- - 5
17'2 17'2
17*4
17
1712 17*4
17*8 1 17’
17*4
75 June 127*8 N ov
llOU M ar 8
93 Feb
3C Utah Copper C o -------------- 10
115U 115*4 *1131, 111 *111*8 112 «11212 113
♦ lH U 11478 *113*8 114
5U Deo
638 Jan 10
ll*a M ar
454 Feb
'
5*
430 Utah Metal A Tunnel------6
6
6
6
578
6
oh
5*4
578
578
5*4
2*4 Jan
0 Jan ~
8*a N ov
4i* Feb
*51,
485 Vlotorla ________ - _________ 25
* 5 ',
o'j
51,
512 5*4
5*8
5'4
*4*4
5*4
514
5'4
3*4 M ar
5*8
Jan 25
8*4 N o v
3i2
Feb
Winona
.
__________________
25
2,515
5t2
5
*47
s
*414
5
',
5ia
5
l-l
5'4
4*4
4*8
4*4
53'2 M ar 6
45 Oot
87*2 Feb
44 Fob
46
*45
46
300 W o l v e r i n e . . . . __________ 25
4011 40'2
47
46
46
4612 47
46
47*4
2I,
h
Jan
*
I 'l Aug
2*4 Feb
1 Feb 14
25
*1
Us
60 W yandott . . . ------*1
II4
1'4
*1'4
Hi
Hi
1'2
I 'l
*1'4
1*2
Bid and azked prices. a Et-dlvldend and right*
1 Am nsm ent oa 'd . » Et-rlgats t E x-llvldend. to Half-paid




mar.

24 1917.]

THE CHRONICLE

1133
.

Outside Stock Exchanges
Boston Bond Record.— Transactions in bonds at Bos­
ton Stock Exchange Mar. 17 Mar. 23, both inclusive:
Friday
Last W eek's Range
Sale.
o f P rices.
P rice. Low .
H igh .

Bonds-

Am Tel A Tel coll Is. .1929 91)$
5s temporary receipts... 1 0 1
Atl G& W I SS L 53.. 1959
82)$
Chic June & U 9 Y 58.1940
4 a ------------------------ 1910 _____
Dominion Coal 5s___ 1910 _____
Gt Nor-C B A Q 4 s ... 1921
974$
K C M & B Inc 5 3 ____1934
Mass Gas 4J$s........ .1931
N E Telephone 5 3 ____ 1932
New River 5s...............1934 814$
Pond Creek Coal Os. .1923 1 1 0
Swift A Co 1st 5s___ 1944
United Fruit 4 4$s____1925
Western Tel A Tel 5s. 1932 994$

91

Sales
J
W eek .

i
.
I

Range sin ce Jan.
L ow .

H igh .

914$

S3.000 91
Feb
1 004 $ 101
29,000 994$ Jan
81
82 4$ 36,000 79
Feb
1014$ 102
7,000 1014$ Jan
5,000 814$ Mar
854$ 854$
1,000
934$ 934$
934$ Mar
97?$ 98
1 1 ,0 0 0 : 974$ Feb
Jan
75
75
7,0001 75
Feb
2,0 00
93
914$ 95
Jan
1004$ 1004$ 2 ,0 0 0 : 100
Jan
79
814$ 814$ 10,000
Mar
1064$ 1104$ 76,000: 1 0 1
Mar
1014$ 1014$ 11,0001 10 1
5,000 964$ Mar
97
97
16,0001 994$ Jan
994$ 100

1.
Jan
Jan
Jan
Jan
Jail
Mar
Jan
Jan
Feb
Feb
Mar
Mar
Jan
Jan
Jan

924$
102

854$
1024$
87
934$
994$
80
954$
1024$
82
1104$
1024$
98 4$
1004$

Bonds—
Indep Brewidg 6s__
Plttsb Brewing 6 s__
Plttsb Coal deb 5s__
West Penn Rys 5s..

Friday
i Last W eek s Range
Sale.
o f P rices.
1P rice. L ow . H igh .

. 1955' 494$
.1949|. .
.1931;____
.1931 . . .

494$ 494$
59
59
1004$ 1004$
1004$ 1004$

Sales
fo r
W eek .

L ow .

S1,000
3,000
2,000

1,500

1.

Range s in c e K a n .

47
59
99

Feb
Mar
Jan
Jan

100

H ig h .

504$
68

1004$ Mar
1004$ Feb

Baltimore Stock Exchange,— Complete record of the
transactions at the Baltimore Stock Exchange from Mar. 17
to Mar. 23, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, n o t per cent. For bonds the quotations are per cent
of par value.

Stocks—

Friday
Sales
Last W eek’ s Range
fo r
Sale.
o f P rices.
W eek .
P a r. P rice. L ow .
H igh . Shares.

R ange sin ce J an . 1.
L ow .

H ig h .

Alabama Co__________ 100
50
50
40 50
Mar
50
Mar
Second preferred___ 100
50
50
2C 50
Mar 50
Mar
Arundel Sand A Gravel.100
38
38
1C 37
Mar 39?$ Jan
Atlantic Petroleum___
94$
2.S0C
84$
94$
84$ Mar
9 Vs Mar
414$ 44 4$
5 444$ Mar
Chicago Stock Exchange.— Record of transactions at Baltimore Electric pref.50
46
Jan
Tube............. 100
105 105
125 105
Feb 1234$ Jan
Chicago Mar. 17 to Mar. 23, compiled from official sales lists: Baltimore
Chalmers Oil A Gas____ 5
65
44$
34$
44$
7
Jan
34$ Mar
Commercial Credit pref.25
29
29
*106 29
Feb 29
Friday
Feb
Sales
Preferred B _________25
54
264a 264$
26
Feb 264$ Jan
Last W eek's Range
fo r
Range sin ce Jan. 1.
Consol Gas, E L A P ..10 0 122
1214$ 1234$
86 S 119
Sale.
F’eb 127
o f P rices.
Jan
W eek.
Consolidation Coal___ 100 1124$ 109
1124$
4,011 1004$ F’eb 114
P ar. Price. L ow .
StocksH igh . Shares.
Jan
Low .
H igh .
Cosden A Co............ ....... 5
15
154$ 8 , 1 0 1
154$
144$ Feb
184$ Jan
Gas____________ 5
American R adiator____ 100 295
144$ 14 4$ 7,970
144$
16?$ Jan
290 300
134$ Feb
38 6290
Mar 445
Fob Cosden
Preferred____________
5
5
5
786
P referred.....................100
5
4$
134
44$ Feb
135
54$ Jan
25 134
Mar 136
Jan Davison Chemical..no par 41 J$
404$ 44?$
4,499 37J$ Mar 44?$ Jan
Amer Shipbuilding____ 100
64 A 78
4,248
39
Feb 78
Mar Elkhorn Coal Corp____ 50
1,520 2 2 ?$ Feb 32
294$
2S4a 294$
Preferred .....................100
94 4$ 95
163 93
Jan 96
Jan
Prefcn
e
d
__________
46?$
48
4$
317
46
464$
Amer Straw B oard........... ..
Jan
49
Mar
66
67
13 57
Jan 70
Feb Houston Oil trust ctfs.100
14 174$ Mar 23
184$ 184$
Booth Fisheries c o m .. . 100
Jan
z78
79?
524 60
Jan 78
Mar
Preferred trust ctfs--100
61
125 60
Mar 674$ Jan
Preferred .....................100
614$
88
90 'A
305 81
Feb 924$ Mar Manufacturers
Finance
100
45
45
25 45
Mar 45
Chlo C ity & C Ity pt sh pref
Mar
31 'A 32
40C 24
Feb 354$ Jan Monon Valley Trac__ ICO
68
443 60
714$
Feb 71?$ Mar
714$
Chic Pneumatic T o o l .. 100
68
69 'A
192 60
F'eb 70
Jan
..... 100
78
79
Jan 79
70 76
Chlo ltys part ctf " 1 ” .
Mar
70
70
35 69
Jan 71
Feb MtPreferred............
V-Wood Mills v t r.100
18
14
IS
97
Mar
Chic R ys part ctf " 2 " .
13
19
Jan
18 M 194
135
Jan
184$ Mar 25
Preferred
v
t
r
______100
70
70
644$
363
604
$
Mar
72
Jan
Comm onwcalth-Edison 100 1364$ 135
137
355 134
Jan
Feb 1424$
Central.......... 50
87?$ 88
12
874$
864 $ Mar
Cudahy Packing C o . .100 118
89
Jan
116 A 120
3,122 1084$ Feb 120
Mar Northern
Water A Pow.100 77
77
78
120
77
Mar 84
Deere A C o pref............ 100
Jan
98 A 984$
12
96?$ Feb 100
Jan Pennsylv
11
639
9
124$
l'eb
Diamond M atch............ 100
124$ Mar
122 132H 1,784 119
Feb 1324$ Mar Sapulpa Refining.......... .5
A Electric__ 50 '324$
324$ 334$
866
314$ F'eb 35?$ Jau
D odgo M fg C o p r e f.. .
100 100
Feb 101
5C 98
Jan United RyOil
A Gas_____ 5
4
44$
44$
4
420
F'eb
Jan
Hartman Corporation.
5
70
70
Mar 784$ Jan Wayland
2 C 67
Bonds.
Hart Shaft A Marx com 100
81
Mar 90
82
65 81
Jan Alabama Coal A Iron 5s
87
87
81,000 87
Mar 884$ Jan
Illinois B rick................. lo o
85
86
10
824$ Feb 884 $ Jan Atl A Charlotte 1st 58.1944
99?$ 99J$ 18,000 99?$ Mar 104
Jan
Kansas City R y com c t f ..
27
26
194$ Jan 27
27
170
Mar Atl C L coin- deb 4s. .1939
90
90
26,000 90
Mar 93
Jan
I.lndsay L ight____________
21
550
164 $ Feb
23 J$ Mar
21 'A
214$
D D A S 6s small.
1 01
10 1
500 101
Mar 101
Mar
Mitchell M otor Co . _____
52
52
53
82
Mar 534$ Mar Balt
1004$ 100 4$ 5,000 994$ F'eb 1004$ Jan
National Carbon
. 100
319 320
40 295
Jan 335
Jan Balt Elec stamped 5s. 1947
974$ 97?$
974$
1 ,00 0
964$ F'eb 98 4$ Jan
People’s Gas Lt A Coke 100
91
91
900 88
Feb 106
Jan Balt Spar P A C 44$s.l953
98
100
100
5,000 100
F'eb 1004$ Feb
Prest-O-Llte Co I n c .......... 129
127 132
600 102
Feb 1464$ Jan Canton Co 5s............ .
Chicago
Ry
1st
5s___
1927
'964$'
9,000
964$
964$
Pub Serv o f N o III com . 100
964$ Feb 97
Jan
100 105
Feb 114
1104$ 1114$
Jan
City
A
Suburb
1st
5s.
1922
1024$ 102 4$ 2,000 10 2
Jan 1024$ Jan
Preferred_______ ..1 0 0 101 ?$ 101
102
102
984$ Feb 1024$ Jan
100
100
2,000
99
Quaker Oats C o pref. .100
Jan 100
114 1144$
Jan
97 1 1 0 )$ Jan 115
Feb Coal A Iron 1st 5s___ 1920 100
95
94 4$ F'eb 964$ Feb
Sears-Roebuck common 100 1914$ 1905$ 197
954$ 10,000
3,569 cl864$ Mar 239
Jan Consol Gas gen 44$s.. 1954 954$
Shaw W W .....................
6,300 105
1054$ 106
F'eb 1074$ Jau
66
73
870 50
Feb 73
Mar Consol G, E L A P notes
Preferred...................
944$ 91?$
7,000 934$ F'eb 954$ Mar
95
96
150 90
Feb 96
Mar Consol’ n Coal ref 5 s.. 1950 944$
Convertible 6s____ 1923 1094$ 1064$ 1094$ 124,000 1044$ Mar 1094$ Mar
Stewart-Warner Sp com 100
82
1,580 784$ Feb 101
804$ 844
Jan Cosden
A Co 6s............
103
103
Stover M fg A Engine Co
F'eb 1094$ Jan
1034$ 44,000 102
101 101
10 10 1
Jan 102
Jan
1084$ 1074$ 1084$ 138,000 1044$ F'eb 1104$ Jan
Swift A C o . . ................. 100 1444$ 1414$ 1444$
2,329 1324$ Feb 1504$ Jan Cosden Gas 6s_______
Coal Corp 6s. 1925 1004$ 1004$ 1004$ 17,000 99
F'eb 1014$ Jan
Union Carbide C o ......... 100 202
1994$ 205
1.081 169
Feb 2064$ Mar Elkhorn
104 4$ 105
64,000 1004$ Feb 1074$ Jan
United Paper Bd coin. 100
33
294$ 34
4,798 274$ Feb 344$ Jan Elkhorn Fuel 5s_____ 1918
Trac 5s. 1938
1004$ 1004$ 2,000 1004$ F'eb 1014$ F'eb
P referred....................lo o
76
78
115 73
Jan 78
Mar Fair A Clarks
A Ala cons 5s. 1945
1,000 1014$ Mar 1034$ Jan
1014$ 1014$
Wilson A C o com ......... 100
71
4,675 58
644$ 72
Jan 724$ Mar Georgia
6s__
100
100
2,000
99 4$ F'eb 101 4 $ Feb
P referred....................100 106 h
170 1024$ Jan 107
Mar Maryland Dredge
1064$ 107
El Ry 1st 5sl931
994$ 99 4$ 4,000 98?$ F'eb 100
Jan
W ard, M ontg, A Co pref
zl 15 1174$
Mar 1174$ Jan Maryland
850 115
Mcrch A Miners Trans 6s.
100
100
4,000 100
Mar 1034$ Jan
M t V-Wood notes 6 s.. 1918
100
1004$ 9,000 100
F’eb 1004$ Jan
B onds—
Norf
A
Ports
Trac
5s.
1936
864$
1
1,
0
0
0
864$
86
Mar
Armour A C o 4 ! j s . . . 1939
864$ Jan
934$ 94
82,000 934$ Jan 944$ Jan
1054$ 1054$ 4,000 1054$ F'eb 106
Feb
Chicago City R y 5s .1927
984$ 984$ 15,000 984$ Mar 99?$ Mar North Balt Trac 5s__ 1942
Wat A Pow 5 s.. 1940 944$
914$ 944$
8,000
Chic City A Con Rys 5s ’27
944$ Mar 95?$ Jan
72
71
2,000
72
Mar 80
Jan Penn
Petersburg
A
5s_____
1926
104
1
0
1
1,000
104
Chicago Rys 5s______ 1927
Mar 104
Mar
964$ 964$
2,000
954$ Jan 974$ Jan Puget Sd Pow 1st 5 s.. 1933
974$ 974$ 10,000
Chic R ys 4s scries " B ”
97 4$ Mar 974$ Mar
664$ 664$
6,000
664$ Mar 704$ Jan United Ry A Elec 4 s.. 1949 974$
S2?$ 83
Chic R y adj Inc 4 s .. 1927
824$
40,000 82?$ Mar 84?$ Jan
434$ 434$ 8,000
40
Feb 44 4$ Jan
Income 4s_________ 1949
66
Chicago Telephone 5s 1923
66
101
9,000 644$ F'eb 67 4$ Jan
101
3,000 1 01
Mar 1024 $ Feb
Funding 5s............... 1936
Commonw-Ed Ison 5s. 1943
89
89
5,700 89
Jan 90
1024$ 1024$
Jan
7,000 1014$ Jan 1034$ Jan
do
small____ 1936
M etr W Side El 1st 4s 1938
68
89
68
8 8 ?-$ Mar
S94$ 2,000
3,000 68
90
Jan
Feb 704$
Morris A Co 44$s____ 1939
934$ 93 4$ 4,000 934$ Feb 94
934$
101
101
Poop G L A C ref g 5s. 1947
1,000 100
Fob 102 4$ Jan
— The complete record
Pub Serv C o 1st ref g 5s ’56
914$ 944$
6,000
94)$ Mar 964$ Jan
89
89
South Side Elev 44$s.l924
5,000 884 $ Jan 894$ Tlan of transactions at the Philadelphia Stock Exchange from
Swift A C o 1st g 5 s .. . 1944 1014$ 1014$ 1014$
8,500 1 0 1
Feb 102
Jan Mar. 17 to Mar. 23, both inclusive, compiled from the

Philadelphia Stock Exchange.

Ex-dlvIdend.

Ex-50% stock dividend,

Ex-25% stock dividend.

official sales lists, is given below. Prices for stocks are all
dollars per share, n o t per cent. For bonds the quotations
Pittsburgh Mar. 17 to Mar. 23, compiled from official sales are per cent of par value.
list:
Friday
Sales
x

6

c

Pittsburgh Stock Exchange.— Record of transactions at

Stocks—

Par

Friday
Sales
Last W eek’s Range
fo r
Sale.
o f P rices.
W eek .
P rice. Low.
H igh . Shares.

American Sewer P ip e .. 100
AmerW IndGlassM ach. 100
544$
Preferred .................... 100 109
Amer Wind Glass Co pref. 105
Cable Consol M ining___ 1
8c
Caney River G a s ......... 25
49
Columbia Gas A Elec 100
Crucible Steel co m ___ 100
Preferred......... ......... loo
Gold Bar Mines .
39
Independent Brewing 's o
Preferred______ ______ 50
La Bello Iron W orks__ 100 __
Lone Star G a s ........ ...... 100
96
M frs’ Light A H e a t.. . .50
704$
Nat Fireproofing c o m ..50
64$
Preferred.......................50
16
Ohio Fuel Oil ..................... 1 2 1
Ohio Fuel Supply........... 25
Oklahoma Nat Gas . . 100 1 0 2 *
Osage A Oklahoma C o . 100
Plttsb Brewing com ___ 50 —
Preferred ...................... 50
Pitts Cons M M A T . . . 1
lie
Plttsb-Jcromc C opper. . . 1 78c
Plttsb A M t Shasta C o p .. 1 76c
Plttsb Oil A G as...........100
174$
Plttsb Plate Glass.........100 1 2 2
Pure OH common ............5
234$
R iverside WestOII p re f.25
Ross Mining A M illin g.. . 1 _____
San T o y M ining............. .. 1
Union Natural G as___ 100 179
38
U S Glass________
100
1164$
U S Steel Corp co m ___ 100
Westlnghousc Air Brake 50 1524$
Westtnghouso El A M fg .5 0
524$
West Penn Tr A W P com 100
22
P referred................. 100
78




184$
52?$
109
105
8c
47
43'$
704$
1 10

39
34$
154$
854$
96
694$
64$
16
204$
50?$

184$
654$
1 10

105
10c
49
444$
70)$
1 10

40
34$
16
874$
98
73 4$
64$
16 4$
214$
514$

1 01
121

10 2
122

122

122

3?$
34$
17
17
90
13c
75c 83c
70c
84c
114$ 174$

23
15
‘2 0 c
15c
179
37
115
1494$
514$

234$
15
24c
15c
180
38
118
1524$
54

22

22

78

78

100

1,795
70
200

Range sin ce Jan .
L ow .

17
48
103
105
5c
*43?$
35 4$
634$

23,000
570
125
250
30 110
5,000 30c
125
3
35
144$
1,025 714$
101
901$
11,509 624$
260
64$
200
154$
1,540
175$
1,784 43?$
450 *95
40 119
100
3
170
16
21 ,00 0
8c
3,100
65c
38,700 50c
11
3,975
00 *1214$
5,005
195$
39
15
4,300 20 c
440
13c
150 179
270 37
345 102
926 1475$
1,762 464$
75
22
20
70

Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Mar
Mar
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Mar
Feb
Mar
Jan
Feb
Mar
Feb
Feb
Feb
Feb
Jan
Jan

1.

H igh .

194$
62
124?$
110
lie
50
47
704$
1124$
48c
3 4$
174$

Jan
Jan
Jan
Jan
Mar
Mar
Jan
Mar
Mar
Jan
Jan
Jan
88
Mar
98
Mar
734$ Mar
74$ Jan
174$ Jan
22
Jan
56
Jan
102
Mar
126
Jan
44$ Jan
184$ Jan
15c
Jan
1.55 Jan
1.20 Jan
17 4$ Mar
135
Mar
254$ Mar
*174$ Jan
28c
Jan
20 c
Mar
185
Jan
394$ Jan
118
Mar
1574$ Feb
55
Jan
234$ Feb
78
Mar

Stocks—

Last W eek's Range
fo r
Sale.
o f P rices.
W eek .
P ar. P rice. Low .
H igh . Shares.

Alliance Insurance__ . . 1 0
American Gas of N J. .10C
._1C
American Rys, pref.. . 1 0 0
Baldwin Locomotive. -10C
10(1

i io?$

214$ 214$
119
12 0
8

95
554$
102
z4 5

95 4$
58?$

10

26

Range sin ce Jan . 1
Low .

204$
116

22

28
1,350

944$
49

Jan 214$
F’eb 1 2 1
F’eb
Feb

102

-.5 0
Cambria Steel........... ..5 0
115
130
66 100
Catawlssa, 2d p re f... ..50
53
53
7 53
Consol Trac of N J __ . 1 0 0
74
74
30 73
Elec Storage Battery. . 1 0 0
65
696 604$
644$ *63
General Asphalt, pref. . 1 0 0
67
67
2
64
Insurance Co of N A. . . 1 0
26?$ 26 4$
298 25?$
264$
J G Brill C o ..
...
100
24
395 24
29 K
Lake Superior C orp.. . 1 0 0
2 2 ?$
15
22 4$ 23?$ 20,665
Lehigh Navigation. . . -.50
81
1,054 794$
804$ 82 4$
Lehigh Valley______ ..50
69
70?$
704$
682 6 6 ?$
Lehigh Val Transit. . . -.50
26
25?$ 26
800 2 1
Preferred................ ..50 _____
45
46
64 42
3
44 M 44 'A
Minehlll A S H _____ .50
34 564$
574$ 57?$
North Pennsylvania.. .50
93
4 93
934$
Pennsylvania Salt Mfg ..50
21
944$
944$ 95
934$
Pennsylvania-.......... . .50 54 4$ 534$ 54 J$ 3,528 53?$
Philadelphia Co (Pitts).50
38
21
36?$
384$
Preferred (5 % )___ .50
35
35
38 35
Pref (cumulative 6 °i) 50 40 H
404$ 41
455 39?$
Philadelphia Elec___ .25
32 4$ 33
324$
1,682 32
Phlla Rap Tran v t r . . .50 304$
7,860 28
304$ 314$
Philadelphia Traction .50 804$
80
59 *79
804$
Rwys Co General___
6
6
6
172
44$
Reading___________ .50 99
96
99
2,260 89
Tono-Belmont Devel ..1
541 4 3-16
4 ’ $ 4 4$ 4 9-16
Tonopah Mining........ . 1
1,560
64$ 6 5-16 6 4$
5?$
Union Traction_____ .50 44
1,162 43
434$ 44
United Cos of N J ........ 100 ____ *2234$ 226
14 223
United Gas Impt........ 50 904$
89?$ 91
1,676 87'$
U S Steel Corp_______ 100 117
112
118 4$ 52,321
99?$
Westmoreland C oal.. .50 77*4
38 77?$
77*4
Win Cramp A Sons___ 100
864$
391 66
854$ 87
York Railways, p re f... .50
37*$
374$ 374$
50 36

.

H ig h .

98
Jan
58 ?$ Mar

F’eb 130
Mar 54
Jan 74
Feb 674$
Mar 704$
F’eb 27?$
'F’eb
F’eb
Mar
Feb
F'eb

Feb
Feb

Jan
Feb

24
Mar
85
Jan
79?$ Jan
27*4 Feb
474$ Feb

Jan 57?$ Feb
Jan 94
Mar 96
Mar 57?$ Jan
Mar 414$ Jan
Mar 39
Feb
Mar 43
Jan
Feb 34?$ Jan
Feb 344$ Jan
Mar 84
Jan
Jan
74$ Jan
Feb 1034$ Jan
Feb
4?$ Jan
6 4$ F’eb
Jan
F’eb 474$ Jan
Jan .226
Jan
F’eb 914$ Mar
Feb 1184$ Mar
Mar
80
Feb
Feb 90
Mar
F’eb 39
Jan

F r id a y
W e e k ’ s R a n ge
L ast
o f P r ic e s .
S a le.
H ig h '
P r ic e . L o w .

B onds—

S t o c k s (.Con'd) —

H ig h .

L ow .

Jan
96
Jan
90
Jan
82
8344 M a r
Jan
103
5444 Jan
9044 M a r
F eb
50

9744 Jan
9744 M a r
Jan
84
Jan
80
Jan
104
F eb
57
Jan
99
5844 M a r

102%

102
10244
10344 10344

4 ,0 0 0
3 ,0 0 0

F eb
102
10344 M a r

103
10444

S9%
100%
105%

8 9 )4 9044
10044 10044
1 0 5 % 106
103
103
93%
9344
0544 0 5 %

17,000
10,000
8 ,0 0 0
1,000
2 ,0 0 0
500

8944
10044
105
103
93
6544

1 01 % 10144
1 0 5 % 10544
99
99
9944 9944
87
87

3 ,0 0 0
10,000
4,0 0 0
1,000
3 ,0 0 0

10144 M a r
10544 F eb
M ar
99
9944 Jan
Jan
87

9244

2 5,0 00
3 1,0 00
1,700
2 ,0 0 0
2 1,0 00
2 ,0 0 0
1,000
1,000
4 ,0 0 0

8844
10144
10144
11244
94
7244
0944
104 44
9744

83

83

H a rw o o d E lectric 6 s . . 1942
In ter-S ta te R y s coll 4s 1943
K e y s to n e T e lo p 1st 5s 1935
L a k e Su perior C o r p 5s 1924
L eh ig h C oa l & N a v —
C on s ol 4 44 s ________ 1954
L eh ig h & N E 5 s .......... 1954
L eh ig h V a lley —
G en con sol 4 s _______2003
G en con s ol 4 % 9 ------ 2003
L eh ig h V a l C oa l 1st 5s 1933
L e h V a l T ra n s 1st 5 3.1 93 5

103
97%

N a t ’ l P rop erties 4-6s sm all
P en n sy lv a n ia R R —
105%

P W & B ctfs 4 s ____ 1921
P e o p le ’s P ass tr c tfs 4s 1943
P hilad elp h ia C o —

99%

9244
T e m p o ra ry 5s (rccts) ’ 60

1.

35,0 00
•100
12,000
1,000
1,000
2 ,0 0 0
5,00C
12,000

90%
90%

E le c & P e o p le s’ tr ctfs 4 s’45

C on s ol 4 % s ............ I96 0

R a n ge sin ce J a n .

S a les
fo r
W eek.

9644
9644
83
83%
8344
103
103
5544 5544
9644 9744
54%
55

A m e r G as & E lec 5 s . .2 0 0 7

1 0 1 34 10144

«

102
10244
112J4 11244
94%
94
7244 73
0944 0944
105
105
9744 9744

112%

U n ited R y s g old tr c t f 4 s’ 49
U n ited R y s In v est 5 s . 1920
W est N Y & P a 1st 5 s . 1937
Y o r k R a ilw a y s 1st 5 s . 1937

Jan
Jan

9144 Jan
Jan
102
106Lj Jan
M ar
103
9444 F eb
Jan
68

M ar
M ar
Jan
M ar
Jan
M ar

104 J4
10744
100
99 44
90

Jan
Jan
F eb
Jan
Jan

M ar
94
10244 F eb
10244 M a r
11344 Jan
905-4 Jan
Jan
73
Jan
7^
10544 Jan
Jan
99

F eb
M ar
F eb
M ar
M ar
Jan
M ar
F eb
M ar

* E x -d lv 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 N E W Y O R K S T O C K
D A IL Y . W E E K L Y AN D Y E A R L Y .

W e d n e s d a y -............. ..
T h u r s d a y -......................
F rid a y .............................
T o t a l _______________

State, M u n .
A Foreign
Bonds.

P ar Value.

Railroad,
A c ..
Bonds.

306.900
1,29 4,0 00
1 ,312,700
1 ,299,800
994 ,60 0
988 ,18 8

3 33 ,78 0,2 50
118.401.000
114 .22 1.0 00
1 07,877,000
91,9 78 ,50 0
89,1 55 ,65 0

3 1 ,4 2 4 ,0 0 0
2 .3 2 0.0 00
2 .0 5 6.0 00
2 .0 6 2 .5 0 0
1.65 9.5 00
2 ,4 1 5 ,0 0 0

3 36 5,0 00
744 .00 0
773.000
805 ,00 0
1.20 4.5 00
1.28 9.5 00

3 2,0 00

6 ,2 5 0 ,7 8 8 355 5,4 73 ,40 0

3 11 ,93 7,0 00

3 5 ,1 8 1 ,0 0 0

$ 2 ,5 00

Stocks.

S a tu rd a y ........ ................
M o n d a y .......... ................

EXCHANGE

Shares.

W eek ending
M a r . 23 1917.

1916.

1917.

3,21 5,6 73
0 ,2 5 6,7 88
S tock s— N o . sh a res—
P a r v a lu e ___________ 3 55 5,4 73 ,40 0 3 28 4,4 09 ,80 0
$5,000
B a n k shares, p a r_____
B onds.

U . 8.
Bonds.

500

Jan. 1 to M a r . 2 3.

W eek ending M a r . 23.
N ew York Slock
Exchange.

1917.

1916.

44,9 54 ,87 1
$ 4 ,0 2 4 ,4 0 7 ,9 3 0
315 ,20 0

4 0 ,6 3 6 ,7 2 4
$ 3 ,5 4 7 ,8 4 3 ,1 9 5
S62.400

G ov e r n m e n t b o n d s —
S ta te, m u n ., A c ., b on d s
R R . and m lsc. b o n d s . .

3 2,5 00
5 ,1 8 1 ,0 0 0
11,9 37 ,00 0

$13,200
6 ,2 5 2,0 00
11,653,000

387 ,50 0
8 6 ,2 9 6 ,0 0 0
1 71,078,500

$ 37 2,2 00
5 1,4 1 4 ,0 0 0
2 12 ,18 5,5 00

T o t a l b o n d s ________

3 1 7 ,1 2 0 ,5 0 0

$ 1 7 ,91 8,2 00

3 25 8,0 62 ,00 0

$ 2 6 3 ,9 7 1 ,7 0 0

D A IL Y

T R A N S A C T IO N S A T T H E B O S T O N . P H IL A D E L P H IA
B A L T IM O R E E X C H A N G E S .

Shares.

Bond Sales.

Shares.

AND

Baltim ore.

Philadelphia.

Boston.
W eek ending
M a r . 23 1917.

Bond Sales.

Shares.

BondSale3.

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

15,145
3 8,885
4 3,728
46,578
33,148
31,5 65

3 1 6 ,1 0 0
3 0 ,0 0 0
7 1,5 00
4 8 ,0 0 0
3 5 ,0 0 0
2 1 ,0 0 0

4,764
28,090
21,734
25,498
11,955
11,809

311 ,00 0
4 5,5 00
3 0,2 00
4 8,4 00
33,5 00
2 8 ,0 0 0

2,782
5,9 3 0
4 ,2 3 0
8,8 7 7
4 ,854
6 .787

$ 4 0 ,30 0
6 0,1 00
0 3 .4 0 0
2 1 9 ,40 0
118,400
119,000

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

209 ,04 9

$ 22 1 ,6 0 0

103,850

$ 20 2,6 00

3 3 ,4 00

$ 62 0,0 00

New York “Curb” Market.

— Below we give a record of
the transactions in the outside security market from Mar. 17
Mar. 23, both inclusive. It covers the week ending Fri­
day afternoon:

to

W eek ending M a r .

Stocks—

[Vol . 104

THE CHRONICLE

1134:

Friday
Sales
for
Last W eek's Range
W eek
o f P rices
H igh. Shares.
Par. P rice. L ow .

23

Aetna Explos.r__ (no par)

3%

Certfs of deposit_______
3%
Air Reduction r ------------ . .
05%
Amer A Brit Mfg, com. 100
Amer Int Corp 350 pd.100 5 1 %
24
Amer Sumatra T ob __ 100
5
Amer Writ Paper com .100
Brit-Am Tob ord bear..£ l
__
Canadian Natural Gas— 1
Carbon Steel com r___ 100
Carwen Steel Tool------- 10
1 3%
Central Foundry com r 100
40%
Preferred r_________100
Charcoal Iron Co of Am. 10
Chevrolet Motor_____ 100 129
Eastern Steel, com----- 100
Elite Plan Stores.r__ 50c
4*
Emerson Motors Inc r_.10
Emerson Phonograph___ 5 *12
42%
nask A Bark Car. (no par)
43%
Holly Sugar Corp (no par)

4
27
4
65
654*
84* 10
51
5 2%
2 5%
23
5
5%

3%
27
3%

1 8%

19%
%

90
97
14
13%
22
22
37
40 4*
8
74*
127
145
106 110
%
4*
2%
24*
13
10
42
444*
42
44
100
99
12
114* 114*
Intercontinental Rubb.100
30c
30c
29c
Joplin Ore A Spelter r----- 5
3
Kathodlon Bronze, pref..5 , ___
34*
Keystono Tiro A Rubb__10
1741
154* 174*
174* 174*
124* 124*
114*
Preferred r_................ 10
11%
9%
Lake Torpedo Bo't com rlO
*844
94*
1st preferred r _______10
9%
94*
94*
57
Lima Locomotlvo com rlOO 634*
63 %
41
Lukens Steel, com r___ 50
42 4*
100 1004*
1st prof r____ _____ 100




R ange sin ce Jan.
L ow .

1.

H igh .

4,100
34* Jan
74* Feb
Jan 37
Feb
100 *21
11,700
44* Mar
34* Mar
Mar 654* Mar
1,125 65
10
Feb
Feb
1,200
5
Jan
4,450 494* Feb 57
Feb 28
Mar
2,100 15
500
34* Feb
54* Feb
Feb 21
Jan
500
18
1
Jan
200
4* Mar
Jan 109
Jan
70 88
Feb
14
Mar
13,400 10
Jan
100 164* Mar 20
Feb 41
Jan
1,100 35
Jan
8
500
74* Jan
Feb 146
Jan
15,800 88
Jan 110
Jan
400 100
Mar
16,900
4* Feb
100
34* Feb
24* Mar
6,090
134* Jan
94* Jan
Mar
6,200 374* Feb 45
Feb 50
Jan
500 40
Jan
90
Feb 102
281
Jan
Jan 13
700
11
Jan 320 Mar
8,800 25o
250
*54* Feb
2 4* Mar
Feb
12,100 13
174* Mar
100 174* Mar
174* Mar
Feb
400
12
134* Feb
11
Jan
1,900
114* Mar
2,080
•04* Feb
104* Feb
Feb
Feb
8
10
1,450
10,855 47 4* Jan 024 * Mar
Feb 45
Mar
65 33
Feb 1004* Mar
167 96

Sales
Friday
fo r
I Last W eek's Range
W eek .
o f P rices.
I Sale.
H igh . Shares.
P ar.
P rice Low.

Manhattan Elec Supp.100
Preferred..................... 100
Manhattan Transit____20
Mansell Screen r________10
Marconi Wlrel Tel of A m .5
Marlin Arms v t o.Cno par)
Maxim Munitions r____ 10
Midvale St & Ord r____ 50
Mitchell Mot Inc r (no par)
National Acme Co r____50
North Am Pulp A Paper(t)
Pierce-Arrow M ot Car r(t)
Prudential Pictures.r____5
Pyrene Mfg r . . ...............10
Redden Motor Truck r (t)
Republic Mot Truck r ..( t )
Preferred r....... ........... 100
St Joseph Lead r________10
St L It M t & Pac Co r.100
Smltli(A 0)Corp r (no par)
Smith A Terry Trausp pflO
Standard Mot Constr r 10
Steel Alloys Corp r ......... 5
Submarine Boat..(no par)
Superior Steel Corp.r. 100
Todd Shipyards r.(no par)
Trlanglo Film Corp v t e.6
United Motors r._(no par)
United Paperboard r._100
United Sugar Cos r 1___ 50
U S Light & Heat com r.10
U S Steamship......... .........10
World Film v t o _________5
Wrlght-Martln Aire r ..( t )
Zinc Concentrating r___10
Railroads—■
Rock Island w l .r _____ 100
Preferred A w l r ____100
Preferred B w 1 r------100
Former Standard OH
Subsidiaries.
Anglo-Amcr O il............ £1
Buckeye Pipe Line_____ 50
Illinois Pipe Lino_____ 100
Northern Plpo Line___100
Ohio Oil............................. 25
Prairlo Oil & Gas......... 100
Prairie Pipe Line______ 100
South West Pa Pipe L.100
Standard Oil (C a lif)... 100
Standard Oil of N J— 100
Standard Oil of N Y — 100
Other OH Stocks.
Alcokcn Oil Co r_________6
Alpha Oil & G a s .............. 1
Am Ventura Oil r________1
Atlantic Petroleum r____5
Barnett Oil A Gas r_____ 1
Consol Mcx Oil Corp____ 1
Continental Refg_____ r 10
Cosden A Co r......... ...........5
Cosden Oil & Gas com r ..5
Elk Basin Petroleum t ___5
Esmeralda OH Corp r____1
Federal OH r____________ 5
Internat Petroleum r___£1
Kenova Oil_____ ________ 1
Merritt Oil Corp r --------10
Metropolitan Petroleum.5
Mld-Cont Cons O * UtllrlO
Midwest Oil r------------------1
Midwest Refining r------50
N Y-Oklahoma Oil r____1
N Y & Texas Oil r..............1
Ohio Fuel OH r..................1
Oklahoma Oil com r_____ 1
Preferred . r .................... 1
Oklahoma Prod A R ef.. . 5
Omar OH & Gas com____1
Osage-Homlny OH r_____ 5
Pennsylvania Gasoline— 1
Rico Oil r............................. 1
Sapulpa Refining r--------- 5
Savoy Oil________________5
Security Prod A Refg____5
Sequoyah Oil A R e f ...
Sinclair Oil & Ref r(no par)
Southern Oil & Trans r.10
United Western Oil r____1
Vacuum Gas & O Ltd____1
Victoria Oil r____________ 1
West End OH & Gas r____1
Wyoming Petroleum..
Mining Stocks.
Alaska-Brit Col M etals.. 1
Alaska Mines Corp(no par)
Alaska Standard Cop r___1
American Commander r .l
Arizona Chloride r____10c
Arizona Copperfields r___1
Arizona United r..................
Atlanta Mines r_________ 1
Austin-Amazon r ------------ 1
Big Jim_______________10c
Big Ledge Copper Co------ 1
Blsbee Cop M & Dev r— 1
Bitter Creek Cop r--------- 1
Booth r__________________
Boston & Montana D e v .-5
Bradshaw Copper M r___1
Buffalo Mines, Ltd______ 1
Butte Cop & Zinc v t o___5
Butte-Detrolt Cop & Z ..1
Butte & N Y Copper------ 1
Caledonia Mining...............1
Calumet A Jerome Cop r 1
Canada Copper Ltd_____ 5
Carlisle Mining....... ...........5
Cash Boy...................... — 1
Cerro Gordo Mines______ 1
Consol Arizona Smelt____5
Consol Copper Mines------5
Consol-IIomestcad r......... 1
Crcsson Con Gold M A M 1
Davis Daly Cop------------10
Dexterctta Mines r--------- 1
Dundee Arizona Cop i — 1
Ely Consolidated______ 10
Emma Copper r ........... ..1
First National Copper___5
Glia Canon _r.......................1
Goldfield Consolidated. 10
Goldfield Merger r........... 1
Gold Warrior Mines r-----Great Bend r____________ 1
Green Monster Min r------ 1
Hargraves_______________1
Hccla Mining........... ..2 5 c
Ilowe Sound Co--------------1
InspIratlonNeedlcsCop r <1
Iron Blossom r_________ 10c

51

89
34*
61 4*
34%

6

20 44

84*
234*
1 4*
39 4*
33 44
36
64*
4*
7
34*
374*
85 4*
72

708
318
I 4*
74c
2 7c
"2 4 *

88o

15%
14%

12%
[ 7-16
6U
13%
%
29%

2%
14%

81o
1%
2%
%
U%
9%
%
11%

55%

1%
42 o

9c

66c

2
65o

550
59o
7 0c
8c

Range since Jan. 1.
H igh.

Low.

51
*48
98
100
1
1 5 -1 6
10
10
3
24*
89
84
34*
24*
574* 624*
50
524*
34
344*
6
64*
4 4 )* 454*
44*
44*
11
114*
204* 2 m
*694* *71
964* 964*
184* 184*
32
32
40
40
94* 104*
8
8
8
84*
224* 244*
31
31
84
*85
14*
14*
38
424*
304* 344*
354* 364*
14*
14*
6
04*
4*
%
8
54*
24*
34*

920
900
2 ,2 0 0
1,715
1,300
1,050
2 2,0 00
3 3,0 00
140
850
5 ,5 0 0
1,900
9 ,5 0 0
60
1.200
180
100
300
200
90
1,000
200
700
3,5 0 0
10
224
11,400
7,7 0 0
3 ,0 0 0
4,1 0 0
800
5 ,4 0 0
1,000
17,200
10,800

♦36
934*
4*
10
24*
*47
24*
50
474*
32
5%
44
4
10
204*
♦62
94
164*
294*
♦38
84*
54*
64*
184*
28
77
14*
35
30
35
144
44*
4*
54*
24*

Jan
Jan
F eb
M ar
F eb
Jan
Jan
F’eb
F eb
F eb
F eb
F eb
M ar
Jan
M ar
F eb
F eb
Jan
F eb
Jan
M ar
Jan
Jan
F eb
F eb
F eb
Jan
F eb
M ar
Jan
Jan
F eb
M ar
M ar
M ar

38
854*
72

4,4 5 0
1,040
1,350

34
84
6844

F eb
F eb
F eb

17
103
237
105
388
605
335
115
3 00
091
303

174*
111
244
100
388
605
335
115
302
710
322

600
110
120
15
10
5
25
10
25
130
1,090

14*
0 0c
220
84*'
24*
85c
9%
15
144*
114*
4* 1
44*
134*
4*
27
24*
134*
77o
117
4*
24*
2044
10c
4*
11
43c
84*
4*
4*
104*
10
54*
1 5-16
554*
3%
9 -1 6
4*
1 1-16
2 1c
4*

2 ,0 0 0
2
13,100
79c
31,0 00
2 9c
200
94*
5,8 5 0
24*
0,8 5 0
1
650
104*
5 ,7 0 0
154*
6 ,0 0 0
144*
144* 63,0 00
13-16 5 0 ,7 00
64* 70,0 00
144* 19,000
9 -1 0 62,5 00
314* 41,0 00
34* 4 0,0 00
3 ,4 0 0
144*
51,5 00
84c
4 ,7 0 0
135
6,2 0 0
14*
2,5 5 0
24*
1,900
224*
3 4,0 00
llo
4 ,1 0 0
4*
12 4* 17,900
29,3 00
48c
104* 21,8 00
8 ,0 0 0
4*
9,789
4*
124* 1 4,500
300
104*
3 ,0 0 0
04*
14* 7 0,0 00
12,200
57
500
44*
1 3 -1 0 37,000
5,0 0 0
7 -1 6
14* 40,2 00
2 ,8 0 0
2 2c
3 ,0 0 0
14*

354*
84
70

9 -1 0
4*
1 5-10
14*
31c
42c
6c
7c
5 -1 0
4*
4*
4*
50
55
13c
14c
14*
14*
1
1 5-16
4
54*
1
14*
3 -1 0 3 -1 0
90 ♦10c
6 4c
72c
1 1-16
14*
14*
14*
1044 114*
14* 1 3-10
14*
02c
60c
2
14*
24*
14*
54*
0
6 4*c 7c
2
24*
2
2 3-10
4 4*
*34*
1 1 -1 0
4*
6
041
6
6
4* 9 -1 6
2
l 13-10
13
11
14* 1 5-10
3
24*
55c
57c
550
60c
7 H c 7 lA c
60c
70c
6o
7c
24*
14*
20
24
8
74*
7
7
3 -1 6
4*
14* 1 5 -1 G

3 1 ,9 00
45,300
35,800
2,3 0 0
2 0 ,0 00
t ,800
14,200
10,800
8,300
31,150
3 8,5 00
10,780
1,100
2 , 10C
23,200
3,100
200
4,700
11,200
3,000
13,400
49,7 50
4,9 0 0
1,900
17,800
2,000
12,100
10,550
8,950
3.700
100
10,flCC
4 ,945
11,000
31,525
300
10.40C
13,500
13,000
8 ,6 0 0
10,000
27,0 00
1 43,00
8,150
10(
1,935
4,2 0 0

16
103
230
105
381
590
3 00
115
300
075
270

F eb
M ar
F eb
M ar
Jan
M ar
F eb
M ar
M ar
F eb
Jan

51 • M a r
100
M ar
1 ! M ar
10
M ar
3
Jan
F eb
101
44* F eb
654* Jan
Jan
55
384* Jan
94* Jan
54 iS Jan
44* M a r
ID * M ar
23
F eb
M ar
71
98
F eb
194* Jan
Jan
33
42 ^
Jan
1 0% M a r
8 * M ar
9443 Jan
28
Jan
34
Jan
Jan
85
34* Jan
Jan
49
34% M ar
37
M ar
2
F eb
04* M a r
l
Jan
1044 Jan
44* Jan
42
♦91
75
*184*
122
250
100
435
610
444
120
445
800
345

Jan
Jan
Jan
Jan
Jan
Jan
M ar
Jan
Jan
Jan
Jan
Jan
Jan
Jan

Jon
2
14* M a r
54o
M ar
8 0c
Jan
20o
M ar
31o
F eb
84* M a r
944 M a r
244 F eb
34* Jan
4* M a r
14* Jan
Jan
11
94* M a r
14 V* F eb
184* Jan
104* Jan
134* F eb
744 Jan
144* M a r
F eb
70o
F'eb
3
44* F’eb
64* M a r
Jan
11
144* M a r
Jan
4* Jan
%
114* Jan
314* M a r
44* 4 Jan
14* M a r
144* M a r
124* Jan
Jan
M ar
870
65o
M ar
M a r 135
117
14* M a r
4* Jan
F eb
1 3-10 Jan
3
Jan
19
224* M a r
Jan
94*oM ar
IGo
Jan
1
4* M a r
10
F’eb
144* Jan
Jan
Jan
33o
75c
744 Jan
104* M a r
4* M a r
144 Jan
F'eb
%
4* M a r
84* F eb
124* M a r
Jan
12
F ob
9
44* M a r
64* M a r
1% , M ar
24* Jan
F eb
50
634* Jan
74* Jan
34* M a r
M ar
14* Jan
5 -1 0 Jan 1 1 -1 6 Jan
Jan
i'A , F’eb 2 3-10
Jan
15o
OOo
Jan
2 L j Jan
4* F’eb
4* Jan
4* M a r
Jan
1
14* M a r
M ar
3 -1 6 Jan
42o
O oM a r
Jan
llo
Jan
5 -1 0 M a r
1
4* F’eb
44 Jan
M ar
M ar
50
55
Jan
94*0 Jan
20o
Jan
1
14* Jan
1
M ar
14* Jan
04* Jan
34* Jan
144 F’eb
4* Jan
3 -1 0 M a r
44 Jan
8c
Jan
12o
Jan
02o
M ar
80o
Jan
F’ eb 1 11-16 Jan
1
14* F’eb
14* Jan
74* F’eb
114* M a r
Jan
*2
4* F eb
14* Jan
244 M a r
G9o. M a r
*4 8 o. Jan
24* Jan
14* F eb
24* M a r
14* F’ob
Jan
044 M a r
5
Jan
70
Jan
60
2 lA
Jan
14* Jan
2 % M ar
14* Jan
F’eb
3
4% M ar
F eb
M ar
Jan
54* M a r
744
0
M ar
M ar
0
F'eb
4* M a r
%
Jan
144 F ob
Jan
10
19
M ar
1 l- lf l F eb
2 4* Jan
34* Jan
2 4* F eb
M ar
% M ar
55c
♦77o
Jan
M ai
5 5c
Jan
10o
F eb
0o
F’ ob
70c
M ar
one
M ar
9c
6o
F eb
2 4* Jan
14* Fet
Jan
14
25
M ar
F eb
7
84* F’ eb
64* F’eb
$4s Jan
M ar
9-1(1 Jan
14* Jan
14* Jan

Sales
Friday
for
Last Week's Range
Week.
o f Prices.
Sale.
High. Shares.
Par. Price. Low.

Mining (Concl.)—

Jerome Verde Cop <........ 1
Jerome Victor Ext r i -----1
Jim Butler r.....................1
Jumbo Extension...----- X
Kewanus r...................-.1
La Rose Consol Mines— 5
Loma Prlcta Cons Mines. 1
Loon Lake r-------------25o
Louisiana Consol____ lOo
Magma Copper.............5
Magmatic Copper r_..10c
Majestic Mines............... 5
Marsb Mining .r ............ 1
Marysville Gold Min___ 1
Mason Valley.......... ..... 6
MoKinley-Darragh-Sav . . 1
Miami Merger Cop r___ 1
Mogul Mining r_______ X
Mohican Copper r......... 1
Mojave Tungsten r____ 2
Monitor SI1LAZMAM1
Monster Chlel r..............1
Mother Loder_________ 1
Nancy IIunks-Montana r 1
National Zinc A Lead r..X
Nevada Rand r......... . 1
Nlpissing Mines----------- 5
North Butte Devel r------1
Ohio Copper new w i r— 1
Old Emma Leasing r..IOo
Peabody Consolidated— 5
Progress Min A Mill----- X
Ray Hercules r________ 6
Ray Portland r............ -.1
Red Warrior r................. 1
Rex Consolidated r____ 1
Rochester Mines_______ 1
Round Mountain r_____ 1
Sacramento Vail C op .r..l
St Nicholas Zinc r............ 1
Santa Rita Dev r . . ........ 1
Soratoh Gravel Gold M ..1
Section 30 Mining......... 10
Seneca Copper___ (no par)
Senorlto Copper Corp__ 1
Silver King of Arizona...X
Silver King Con of Utah r 1
Silver Pick Cons r . . .........1
Slocam Star r......... ....... 1
Standard Silver-Lead___ 1
Stewart Mining____
Success Mining..r..
Superstition Mining.

1 15-16

2

l'A

34o
16Mc
A
IX

68c

95o
24o
10X o

1 7-16
51o
X

1

85c
1-16
5-16
39c
92c
55

IX

69c
28o
16c
9-16
IX

1 7-16
40c
214
X
414

1

X

42c
56o
45c

IX

io x
12X
IX
X
4X

11c
24
13-16
X

72c
40o
19c

X
lx

56c
89c

70c

47 X

49
25c

22c

IX

9-10

X
i a x c 17o
IX
IX
OX
ox
ate
50o
IX
X

64c

880

1X
X 11-16
X
X
X
X
43c
39o
1

54

88c

92c
57

10c

IO C

8X

X

2X
IX

5-16
IX

36C

IX

7-16
4
IX
X

35c
54c
45C

8X
X
IX

40c

2X
X
4X
2X
X

48c
57e
45c

IX
IX
X
X
a
at
X *13-16
10 H 11
13
x
IX
IX
7-16
X
4%
4%

12

10c
22

11c
25

X 13-16
7-16 ' X

45o
47c
43o
68c
29c
33o
Tommy Burns G M com .l
2 1-16 2 1-16
Tom Reed r . _____ _______ 1
Tonopah Extension M in. 1 3 7-16
3 X 3 7-16
OX
OX
Tonopah Mining_________ 1
7-16
Tri-Bullion 8 A 13.............. 5
X
X
58o
64o
61c
Troy-Arlzona Cop Co r . . l
United Eastern__________ 1
4X
4X
4X
8c
9c
9c
U 8 Continental r________1
21c
250
U S Tungsten r...................1 21c
United VerdeExten r..6 0 c
39 X
38 X 39 X
6
United Z inc........... (no par)
ax
6X
Unity Gold Mines_______ 6
3X
3X
3X
Virginia Mines r.................1
1
X
X
65c
72o
West End Consolidated..5
White Caps M in in g ... 10c
IX
2X
2X
White Cross Copper r . . . l
X 7-Id
X
Yerrington M t Cop.
44c
42c
63c
Bonds—
Amer Smelting 6s r..
Beth Steel 5% n o te s..1919
Chile Copper 6 s ___
Cons Arlz Smelt 6 s .-.1939
Cudahy Packing 6 s .. 1946
Erie RR 6% notes r ..l9 1 9
Frcnoh Gov 5 X % notes’ 19
Long island RR new 6s r . .
Midvale St A Ord 6s.rl936
Russian Govt O X b ___1919
5 M s ........... .............. 1921
Southern Ry 5% notesl919
U s Rubber 6s---------

46c
44c
290

97 X
98X
99 X

98 X
98 yi
85
95 X
9a x
87X
98X
92 X

Range since Jan. 1.
Low.

High.

24,000 1 5-16 Feb
3,100
1 % Feb
69o Mar
3,300
24o
Jan
40,300
14o
Jan
1 1 ,0 0 0
1,900
X
Jan
Feb
1
6 ,1 0 0
Feb
42o
6,650
Feb
80o
28,700
Jan
40
1,700
19o Mar
1,950
X
Jan
4,250
9o
Jan
2 2 ,2 0 0
% Mar
31,810
6 . Feb
700
480
Jan
1,400
20o
Jan
4,400
28o
Jan
176,500
1
Mar
78,100
X* Mar
900
X Mar
200
yi Mar
9,200
38o
Feb
42,000
80o
Feb
6,800
63
Mar
10,100
4,000
10c Mar
100
7 yi Feb
3,500
yi Mar
18,100
H Feb
35o Feb
46,800
1,600
1}4 Mar
25,300
%> Feb
300
3 X Feb
12,000
72o Mar
1,100
% Mar
63,500
30o
Feb
Feb
0,500
64o
Jan
38c
70
Jan
1
1,800
500
yi Feb
y<i Jan
300
64o
700
10
150
12 yi Mar
670
1 yi Jan
14,900
yi Mar
13,000
4
400
lOo Mar
9,700
22
Mar
10,200
H Feb
3,900
9-32 Feb
5,500
33o
Feb
12,100
33o
Feb
57,750
20o Mar
53,800
400
IX
Jan
3'A Mar
3,925
5 14 Feb
120
14 Jan
5,200
45o
Feb
17,800
4
Feb
4,375
7o Feb
15,000
Feb
17,000 *18o
33 X Feb
2,000
4 14 Feb
7,200
2 T4 Jan
1,250
% Mar
4,300
61o
Feb
5,300
34c
Jan
103,500
yi Jan
1,900
21o
Feb
176,400

$
97 X 183,000
98 X 247,000
45,000
1 0 0 X 101
62
58
15,000
99 X 99 X 10,000
9 8 X 98 X 105,000
52,000
9 8 X 99
83
85
20,000
9 5 X 96 X 37,000
93 X 95 X 65,000
86M 87 X 179,000
9 8 X 98 X 26,000
92 X
93 X 340,000
97
98

Mar
Jan
2
Jan
87o
Jan
40o
Feb
25o
% Mar
I X Mar
70o Mar
1 yi Jan
60)4 Jan
35o
Jan
1
Jan
1 8 X 0 Feb
154 Feb
7
Jan
67o
Feb
2 5-16 Jan
88c Mar
1 yi Mar
IX
Jan
1 yi Jan
yi Jan
40o
Jan
930 Mar
57
Mar
10c Mar
854 Jan
X Mar
154 Jan
68o
Jan
2 54 Mar
X
Jan
5
Jan
3
Mar
l*Xt Feb
56c
Jan
67o
Jan
47c
Jan
154 Feb
54 Jan
54 Jan
*%
Mar
14 54 Feb
16
Jan
154 Feb
13-16 Jan
454 Feb
26o
Jan
25
[Mar
54 Jan
54 Mar
60o
Jan
60o
Jan
70o
Jan
254 Feb
454 Feb
654 Feb
54 Jan
61o
Jan
554 Jan
1154o Jan
26o
Jan
40
Jan
6
Mar
354 Jan
154 Feb
83o Mar
254 Mar
54 Jan
60o Mar
3

Mar 10054 Jan
96
Mar
98
9854 Feb
*
Mar
100 H Mar 101
Jan
62
50
Feb
08 ^ Jan 10054 Jan
98 H Mar 9854 Mar
99 ‘Mar
‘
98 X Mar
Mar
85
83
Mar
95 H Jan 9754 Jan
9314 Mar 98 54 Jan
8114 Feb
9454 Jan
98 X Feb 99
Feb
9154 Mar 97
Jan

• Odd lots, t No par value. < Listed as a prospect. I Listed on the Stock Ex
ohange this week, where additional transactions will be found, o New stock, r Un­
listed. u Ex-cash and stock dividends, to When Issued. * Ex-dividend, y Ex­
rights. s Ex-stock dividend.

New York City Banks and Trust Companies
O anks-N .Y.
Am erica*...
Amer Exch.
Atlantic____
Battery Park
Bowery* . . .
Bronx Boro*
Bronx N at—
BryantPark*
Butch A Dr.
Chase...........
Obat A Fhen
Chelsea Ex*
Chemical___
CltUens-----City..............
Coal A Iron.
C olonial*...
Columbia* .
Commerce..
Corn Exch*.
Cosmopol’n*
East River..
Fidelity * . . .
Fifth Ave*._
f i f t h ______
First..............
Garfield-----Germ-Amer*
German Ex*
Germania * .
Gotham-----Greenwloh*.
Hanover___
Harrlman . .
Imp A Trad.
Irvins ____
Liberty____
Lincoln ____

Bid

565
240
180
170
400
200
150
145
95
367
245
100
390
190
490
198
450
315
180
340
85
65
150
4300
250
1040
180
137
390
600
220
310
700
<235
610
217
975
310

Banks.
Manhattan *
Mark A Fult
Mech A Met
Merchants .
Metropolis*.
Metropol’n •
Mutual*___
160 ' New Neth*.
New YorkCo
105
New Y o rk ..
375
Paciflo *____
252
Park
120
400
People’s * . . .
200
Prod Exch*.
Pub]jo *___
500
205
Seaboard __
Second
.
Sherman___
182” State *_____
350
23d Ward*.
100
Union Exch.
75
Unit States*
____ Wash H ’ ts*.
4800
Wcatch Av*
275
West Side*
1060
Yorkvllle* —
190
Brooklyn
142
Coney Isl’d*
____ First.. _
626
Flatbush . . .
. . . . Greenpolnt .
325
Hillside * __.
710
nomestead *
Mechanics*.
245
M ontauk*..
625
Nassau_____
222
Mntlnn'IlLity
pifn
Nation
1000
North Slde*.
330
People’s ____
Ask

675
245
185
185
....
....

Bid

325
313”
248
275
180
375
215
....
405
270
500
220
188
230
430
395
120
100
100
155
600
275
190
fine
o
w
690
125
255
170
155
110
125"
90
200
OAR
400
175
130

[Banks marked with a (•) are State banks.
change this week. I New stock, t Ex-rights.




1135

THE CHRONICLE

Ma r . 24 1917.]

Aik
335
255
318

Trust C o's.

165*
120
115
135
105
210
275
200
140

Bid

Aik

495
490
150
790
303
116
285
<365
t 470
208
270
t471
138
120
100
390

605
497
160
800
310
300*
370
485
215
280

125

____

New York

Astor______
Bankers T r.
B’way Trust
300” CentralTrust
190
Columbia f .
. . . . Commercial.
225
Em pire____
725
Equitable Tr
415
Farm L A Tr
. . . . Fidelity____
Fulton _
525
235
Guaranty Tr
198
Hudson____
Law Tit & Tr
Lincoln T r ..
41*8” Metropolitan
130
Mut’l (West­
110
chester) . .
135
N Y Life Ins
160
A Trust—
N Y Trust—
TItleGuATr
Transatlan’o
11if111 r1PniHt
ruav
350 ” TTnlnn
610
U S M tg A T r
UnitedStates
135
Westchester.
270

14*5"
126
106
400

970 1000
605
615
370
360
155
420 * 440
447
455
1010 1025
140
130

Brooklyn

Brooklyn Tr
Franklin___
Hamilton___
Kings C o .. .
Manufact’rs
People's____
Queens C o ..

600
245
270
650
150
286
75

610
255
280
____
— 85*

tSale at auotlon or at Stock Ex­

New York City Realty and Surety Companies
Bid

70
Alliance R ’ty
Amer Surety 140
Bond & M G 262
Casualty Co
City Invest g *15*
60
Preferred..

Aik
77
150
270

153
100
227

Aik
158
105
233

90

100

Bid

Lawyers Mtg
Mtge Bond.
Nat Surety.
N Y Title A
*2*1*
M t g e ____
67

Realty Assoc
(Brooklyn)
U S Casualty
USTltleGAI
Wes A Bronx
Title A M Q

B id

A lt

95
200
90

100

165

180

100 "

Quotations for Sundry Securities
All b o n d p rice s are “ a n d In te r e s t” e x c e p t w h e re m arked “ i "
Par Bid. Aik.
. . £1 *1634 17*2
..1 0 0 1060 1070
- 1 0 0 460 480
. . 60 *115 120
-1 0 0 ; 430 440
60
70
-1 0 0
- 1 0 0 590 600
41
— 60 *38
— 100 137 142
— 100 215 225
— 100 160 165
— 100 138 142
— 100 242 246
. . . 6 0 105 110
— £1 *13*4 13*4
19
.12.60 *17
New York Transit C o . . . 100x208 213
Northern Pipe Line C o .. 100 104 108
Ohio Oil Co........................... 25 385 390
56
Penn-Mex Fuel Co________26 *52
Pierce Oil Corp___________ 26 •14*4 1434
Prslrlo Oil A Gas.............. 100 615 620
Prairie Pipe Line.............. 100 335 340
Solar Refining...................100 385 395
Southern Pipe Line C o ..100 203 208
South Penn Oil...................100 338 342
Southwest Pa Pipe Lines. 100 112 117
Standard OH (California) 100 303 307
Standard Oil (Indiana).. 100 870 880
Standard Oil (Kansas).. 100 540 560
Standard OH (Kentucky) 100 740 750
Standard OH (Nebraska).100 590 600
Standard Oil of New Jer.100 710 715
Standard Oil of New Y ’rklOO 317 322
Standard Oil (Ohio)..........100 495 505
Swan * Finch___________ 100 105 n o
96
Union Tank Line Co____ 100 94
Vacuum Oil.........................100 410 420
40
Washington Oil............. . . 1 0 *30
Bonds.
PerCenl
85
Pierce Oil Corp conv 6s. 1924 82
Ordnance Stocks— Fer Share
30
Aetna Explosives p rel--.100 25
13
Amer A British M fg..........100
8
30
20
Preferred........................100
Atlas Powder common.. 100 155 160
Preferred_____________ 100 100 102
Babcock A Wilcox............100 120 125
Bliss (E W) Co com m on..60X575 605
78
Preferred........................... 50 *73
Canada Fdys A ForgingslOO 175 185
Preferred_____________ 100 92
Canadian Explosives comlOO 375 475
Preferred......................... 100 104 110
Carbon Steel common___100
90 100
1st preferred.................. 100 93 100
80
2d preferred.................. 100 70
Colt’s Patent Fire Arms
M fg................................. 100x790 820
duPont (E I) de Nemours
A C o . common______ 100 237 240
104
Debenture stock____ 100 102
40
Empire Steel A Iron com. 100 35
72
Preferred......................... 100 65
Hercules Powder com ...100 x230 240
Preferred.........................100 116 119
20
Hopkins A Allen A r m s ..100 10
50
Preferred.........................100 35
40
Mllllken Bros pref______ 100
30
Nlles-Bement-Pond com .100 170 180
Preferred......................... 100 105 n o
60
Penn Seaboard Steel (no par) 55
Phelps Dodge & C o ____ 100 305 315
Scovlll M fg.........................100 610 630
27
Thomas Iron .................... 60 23
Winchester Repeat Arms 100 800 850
70
Woodward Iron.................100 65
Public Utilities—
Am Gas A Elec com______ 00 *138 140
51
Preferred...........................60 *50
Am Lt A Trac common..100 359 360
Preferred......................... 100 112 113
86
84
Amer Power A Lt com___100

Amer Publle Utilities comlOO
Preferred_____ ________100
Cities Service Co com ...1 0 0
Preferred..
100
Com’w’Ith Pow Ry A L — 100
Preferred........................ 100
Elec Bond A Share pref.. 100
El Paso Elec Co com____100
Federal Light A TractionlOO
Preferred........................ 100
Galv-Hous Elec Co pref. 100
Great West Pow 6s 1946 .JAJ
Indiana Lighting Co____ 100
4s 1958 -----------------F-A
Mississippi Riv Pow comlOO
Preferred_____ ________100
1st M 5s 1951..............JAJ
North’n States Pow com. 100
Preferred........................ 100
Northern Tex Eleo Co ..1 0 0
Preferred........................ 100
Paciflo Gas A Elec co m .. 100
1st preferred..................100
Puget Sd Tr L A P pref— lOOj
Republic Ry A Light____100
Preferred _
inn
South Calif Edison 0 0 m .. 100
Preferred........................ 100
Southwest Pow A L pref.100
Standard Gas A El (Del). 60
Preferred_____________ 60
Tennessee Ry L A P comlOO
Preferred_____________ 100
United Gas A Eleo Corp.100
1st preferred__________100
2d preferred__________100
United Lt A Rye com— .100
1st preferred__________100
Western Power common. 100
Preferred_____________ 1001

38
35
72
70
290 292
92
90
59
67
82
80
100 102
____ 113
15
13
53
60
80
75
89
87
80*2
79
9
10
39
36
76*2 7712
99*2 101
99 100
61
58
85
81
6634
66
9212 931*
75 ____
44
43
76
72
94
92
106 108
<197*2 100
14
*13
*39*2 41
8
7
38
35
11
7
76
73
12
8
48
46
*rr
*77
44
40
16*2 17*2
65
63

R R. Equipments— PerCt. Basle

Baltimore A Ohio 4Ms..
Buff Roch A Pittsburgh 0 4 *
Equipment 4s_______
Canadian Pacific 4J4s—
Caro Clinchf A Ohio 61. .
Central of Georgia 6s___
Equipment 414* _____
Chicago A Alton 4s____
Chicago A Eastern 1118J4s~
Equipment 4Ms_____
Chic Ind A Louisv 4 X * ~
Chlo St L A N O 6s..........
Chicago A N W 4HB----Chicago R I A Pac 4X * -----Colorado A Southern 69. . . .
Erie 5s----------------------Equipment 4Xs_____
Equipment 4s__ . . . . .
Hocking Valley 4s_____
Equipment 5s__ . . . . .
Illinois Central 5s______
Equipment 4 X b________
Kanawha 4 Michigan 4Hs..
Loulsvllle A Nashville 6s----Minn St P A S S M 4 X * ----Missouri Kansas A Texas OiMlssourl Pacific 6s-------Mobile A Ohio 5s--------Equipment 4 X * -----------New York Central Lines 61—
Equlpment 4 X * ________
N Y Ontario A West 4M»—
Norfolk A Western 4Hs___
Equipment 4s______ _
Pennsylvania RR 4H>-----Equipment 4s_______
St Louis Iron Mt A Sou 8s—
St Louis A San Francisco 5s.
Seaboard Air Line 6s----Equipment 4 X * -------Southern Paciflo Co 4H s...
Southern Railway 4H>—
Toledo A Ohio Central 4 s...

Bid.

4.50
4.60
4.60
4.75
5.25
4.70
4.70
6.26
6.75
6.75
4.75
4.50
4.40
6.10
4.80
4.75
4.75
4.75
4.75
4.75
4.45
4.45
4.62
4.35
4.60
6.75
6.50
4.90
4.90
4.55
4.55
4.50
4.35
4.35
4.25
4.25
6.50
6.50
4.85
4.85
4.50
4.70
4.90

A lt.
4.26
4.30
4.30
4.50
4.76
4.40
4.40
4.75
6.60
6.50
4.50
4.25
4.12
4.70
4.40
4.50
4.50
4.50
4.45
4.45
4.20
4.20
4.40
4.15
4.30
6.00
6.00
4.60
4.50
4.35
4.35
4.25
4.10
4.10
4.00
4.00
5.00
5.00
4.55
4.55
4.25
4.40
4.40

Tobacco Stocks— Per tha re.

Par Bid. Aik,

American Cigar commonlGO
Preferred......................... ICO
Amer Machine A Fdry-.IOO
Brltish-Amer Tobac ord— £1
Ordinary, bearer______ £1
Conley Foil.........................100
Johnson Tin Foil A M et.100
MacAndrews A Forbes.. 100
Preferred......................... 100
Reynolds (R J) Tobaeeo.100
Preferred.........................100
Young ( J S) Co_________ 100
Preferred_____________ 100

112
98
80
*17
*18
250
100
215
99
550
117
165
105

116

101

90
19

20

300
130
230
103
590
123
175

110

Short Term Notes. Percent.
Am Cot OH 5s 1917— M AN IOOI4 1001*
Amer Locom 5s, July ’ 17.J-J 100 1001*
Am T A T 4H8 1918.............. 100*4 1001*
Beth Steel 5s 1919 ..F A A 1 5
S8*s 983*
Canadian Pac 6s 1924.MA82 101'*8 102
Chic A West Ind 6s '17-M A S 100 100*4
Erie RR 5s 1919............A-O
98*4 981*
General Rubber 6s 1918 JAD 993s 100
Hocking Valley 6s 1917-M-N IOOI4 1001*
Int Harv 6s Feb 15 T 8 .F -A 100*4 10034
K C Rys 5H s 1918____JAJ 100U ion*
K C Term Ry 4X B ’18-M AN
99’4 1001*
4X B 1921.......................JAJ
991* 100*4
Laclede Gas L 6s 1919.FAA 100*4 100*4
MorganAWrlght 6s Dec.1.18 100*4 10034
New Eng Nav 6s 1917-M-N
98 100
N Y N H A H 4 X * May 1917 99h 100
Penn Co 4 X a 1921..JA D15 lOO^s 101
Pub Ser Corp N J 5s T 9 MAS 99*2 100*4
82
Rem Ams U .M .C .6s’19FAA 78
Southern Ry 5s 1919.-M-82 98»4 99
United Fruit 6s 1918 .. M-N 100*4 100*4
97
UtahSecurCorp 6s’22 M-S16 96
Winches RepArmsSs’ 18MAS 94*4 95*2
New York City NoteL
6s Sept 1 1917.......................... 1007s 101
Canadian G ovt. No5s Aug 1 1917.................. FAA 100 IOOI4

Industrial
and Miscellaneous
American Brass______ ..1 0 0 338 340
63
American Chicle com____100
61
80
Preferred......... ...............100 76
Am Graphophone com ..100 131 133
Preferred_____________ 100 133 136
American Hardware____100 140 145
43
Amer Typefounders 00 m . 100 40
93
90
Preferred...................... 1 0 0
Borden’s Cond Milk com.100 108 110
Preferred.......................1 0 0 104 106
Celluloid Company......... 100 180 190
2
1
Havana Tobacco Co____100
6
3
Preferred......................100
1st g 5s June 1 1 9 2 2 ..J-D /52f* 57
Intercontinen Rub co m .. 100 111* 12
Internet Banking Co------ 100, 160
60 ‘
58
International Salt______ 100
81
78
1st g 6s 1951.............. A-O
International Sliver pref. 100; 103 105
97
Lehigh Valley Coal Sales. 60, *94
63
Otis Elevator com .......... 100, 61
91
Preferred_____________ 100i 87
Remington Typewriter—
|
19
Common___________ ..1 0 0
18
83
1st preferred__________ 100 81
61
53
2d preferred______ ___100
Royal Baking Powd com. 100 145 155
Preferred______________100 ion* 103

• Per share. 6 Basis. 4 Purchaser also pays accrued dividend.
/ Flat price, a Nominal, s Ex-dividend, s Ex-rights.

• New stock.

1136

THE CHRONICLE

R A IL R O A D

G RO SS

[V ol . 104

EA RN IN G S.

The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
aan 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 July 1 to and including the latest week or month.
We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. T h e r e tu r n s o f th e e le c t r ic r a i lw a y s a r e b r o u g h t to g e th e r s e p a r a t e l y o n a s u b s e q u e n t p a g e .
L a te s t G ro ss E a r n in g s .

July 1

to L a te s t D a te .

July 1

L a te s t G ro s s E a r n in g s .

to L a te s t D a te

ROADS.
W e e k or
M o n th .

C u rr e n t
Y ear.

P r e v io u s
Y ear.

C u rr e n t
Y ear.

P r e v io u s
Y ear.

Ala N O & Tex PacS
$
Ala & Vicksburg.
158,509 142,153 1,316,687 1,139,958
Vicks Shrev & P .
167,053 138,825 1,366,213 1,122,140
Ann Arbor________
40,963
53,938 1,955,147 1,854,152
Atch Topeka & S Fe
12641435 9,653,671 90,149,060 76.633,450
Atlanta Birm & Atl
77,073
65,789 2.616,037 2,188,268
Atlanta & West P t.
132,484 121,616
793,189
906,494
Atlantic Coast Lino
3,710,500 3,075,065 21,995,459 18,483,049
Chariest & W Car January . _ 172,029 153,783 1,217,673 1,059,682
Lou Hend & St L January ._
160,883 135,234 1,076,366
916,847
a Baltimore & Ohio- January __ 9,772,353 8,444,288 71,112,858 64,484.592
B & O Ch Ter KR January _ .
146.382 122,517 1,087,110
997,391
Bangor & Aroostook January
411,217 325,685 2,342,819 2,019,702
Bessemer & L Erie. January __ 519,483 514,715 7,059,303 6,958,001
Birmingham South- February .
88,352
626.899
611,959
86,975
Boston & Maine__ January __ 4,518,279 4,205,961 33,460,700 29,840,265
Buff Koch & Plttsb. 2d vvk Mar 260,280 249,050 9,256,091 8,526,145
Buffalo & Susq UK. January __ 139.708 155,775
995,255 1.014,113
Canadian Nor Syst. 2d wk Mar 738,200 538,000 28,230,000 22,605,800
Canadian P acific-. 2d wk Mar 2,670,000. 2,258,000 100820273 88,060,990
Caro Clinchf & Ohio January . . 353,780 261,004 1,944,150 1,676,331
Central o f Georgia. January . . 1.198,378 1,024.147 8,835,253 7,503,497
Cont of New Jersey January . . 2.826,523 2,813,631
Cent New England. January . .
446,132 349.515 3.259,490 2,825,608
Central Verm ont.. January . .
337,143 362,113 2,608,815 2.440.883
Chcs & Ohio Lines. 2d wk Mar 1,017,704 1,043,274 31,818,807 33,458,031
Chicago & Alton__ January . . 1,533,382 1,264,750 11,142,683 9,418,060
Chic Burl & Quincy January . . 9,590.840 7,963,992 6S,682,029 60,222,870
b Chicago & East 111 January . . 1,615,680 1,407,718 10,391,092 9,773,316
c Chic Great W est.. 2d wk Mar
368,958 371,098 11,684,109 10,731,387
Chic Ind & Louisv. 2d wk Mar 167,879 144,264 6,169,609 5,289,819
Chicago June K it .. January . .
238.086 187,595 1,528,195 1,321.033
Chic Milw & St P January . . 8,351,113 7,645,037 67.717,063 62,047,782
tfChic & North West January . . 8,075,065 6,840,057 62,514,717 54,709,034
Chic Peoria & St L . January . .
176,379 136,451 1,120,598 1,023,010
Chic Rock Isl & Pac January . . 6.755,529 5,565,150 48,984,424 42,500,411
Chic It I & Gulf. January . .
318,400 260,768 2,220,834 1,911,334
d Chic St P M & Om January . . 1,662,436 1,562,269 13,207,401 11,753,020
Chic Terre IT & S E January ._ 287,068 246,037 1,814,912 1,488,167
Cin Ham & Dayton January . .
816.147 700,034 6,339,270, 6,567,045
Colorado Midland. January . .
122,355 119,221 1,115.023!
961,834
eColorado & South. 2d wk Mar 321,565 277,613 12,610,195 11,387,985
Cornwall_________ January . .
33,634
20,819
167,440
94,356
Cornwall* Lebanon January . .
39,231
46,144
321.294
259.757
Cuba Railroad___ December
517,402 513,370 3,175,176 2,540,299
Delaware & Hudson January . . 2,153,543 2,140,284 15,767,910 15,092,351
Delaw Lack & West January . . 4,434.676 4,223,317 31,086.247 28,629,729
Deny & Rio Grande 2d wk Mar 507,100 416,700 18,943,886 17,754,277
Denver & Salt Lake, 1st wk Mar
24,822 1,383,202 1,392,635
23,726
Detroit & Mackinac 2d wk Mar
20,666
23,977
787,916
861,423
Detroit Tol & Iront January ._ 218.709 173,427 1,422,340 1,264,045
Det & Tol Shore L . January . .
157,474 170,241
994,367
956.109
Dul & Iron R ange.. January _. 104,260
87,667 4,655,030 3,960,855
Dul Mlssabe & Nor January . .
169,847 110,208 9,899,327 6,920,414
Dul Sou Shore & Atl 2d wk Mar
79,253
51,439 2,735,673 2,389,665
Duluth Winn & Pac January . .
166,997 124,510 1,047,880
815,224
Elgin Joliet & East- January . . 1,188,754 1,054,472 8,231,780 7,312,632
El Paso & Sou West January . . 1,237,182 826,647 8,153,338 5,800,427
E r ie .................. ..
January . . 5,602,096 5,711,592 43,799,807 42,534,272
Florida East Coast. January
793,300 654,408 4,831,230 3,193,742
Fonda Johns & Glov January . .
82,083
74,169
545,720
599,589
Georgia R ailroad.. January . . 294,751 259,475 2,208,792 1,838,311
Grand Trunk Pac_. 4th wk Feb
80,302
27,277 3,526,372 4,040,367
Grand Trunk Syst. 2d wk Mar 1,068,837 957,542 43,741,203 37,695,253
Grand Trunk Ry 4th wk Feb 907,028 910,099 33,266,950 27,725,596
Grand Trk West. 4th wk Feb 172,693 194,436: 5,904,762 5,760,839
Det Gr II & Milw 4th wk Fob
59,629
69,522! 2,061,231 2,145,692
Groat North System February, 4,823,311 4,279,512 57,781,265 54,338,973
180,426 157,739! 1,187,360 1,146,083
Gulf Mobile & N or. January . .
177.383 164,294' 1,177,674 1,142,605
G u lf* Ship Island. January . .
Hocking Valley____ January .
693,716 519,831 5,282,553 4,319,774
Illinois Central___ February. 5,957,876 5,871,545 51,731,546 45,848,565
Internal & Grt Nor January .
901.622 732.582 7,081,006 5,565,312
Kansas City South. February . 994,095 809.583 8,101,597 6,916,878
Lehigh & Hud River January
178,930 154,523, 1,307,458 1,249,311
Lehigh & New Eng. January .
282,071 262.491' 1,845,893 2,058,949
Lehigh Valley_____ January . . 3,65S,142 3,532,979 29,376,698 27,774,196
891,141 766,305 6,838,318 6,300,952
Las Angeles & S L . _ January . .
124,854 107,087
Louisiana & Arkan. January . .
885,059 1,006,356
Louisiana Ry & Nav January . .
199,713 165,412 1,306,081 1,369,646
/Loulsvillo & Nashv 2d wk Mar 1,378,350 1,210,075 47,778,459 41,607,595
Maine Central____ January . . 1,069,171 944,947 7,877,279 0,930,052
33,666
299,976
Maryland & Penn.. January . .
37,386
282.015
MIdfand Valley___ January . . 201.087 146,596 1,378,538 1,065,488
825,742
736.407
Mineral Range___ 2d wk Mar
19,248
23,383
Mlnnoap & St Louis 2d wk Mar 230.622 247,452 7,769,663 7.749,015
Minn St I> & S S M 1st wk Mar 513,913 595,866 22,776,007 23,967,530
Mississippi Central. January . .
478,122
67,966
60,618
490,138
0M o Kan & Texas. 2d wk Mar 723,603 607,149 28,706,722 23,026,007
h Missouri P acific.. January ._ 6,306,936 4,942,530 44.426,897 37,461.980
j Now York Central January - ­ 15901873 14889054 119804062 107048358
Boston & Albany January . . 1,677,177 1,587,518 12,990,816 11,163,877
n Lako Erie & W . January . .
685,007 523,323 4,621,343 3,996,830
Mlchigan Central January . . 4,061,055 3,272,174 28,577,863 23,254,785
Cleve O C & St L January . . 4,001,801 3,482,893 28,523,804 24,804,719
Cincinnati North. January . .
193,282 130,272 1,208,018 1,051,432
Pitts & Lake Erie January . 1,804,669 1,745,351 14,370,798 12,903,475
Tol & Ohio Cent. January . .
513,769 431,552 3,963,984 3,081,840
Kanawha & Mich January . .
262,289 291,683 1,967.036 2,104,969
Tot all lines above January . . 29100972 26353820 216027840 189410291

W e ek o r
M o n th .

C u rr e n t
Y ear.

P r e v io u s
Y ear.

C u rr e n t
Y ear.

P r e v io u s
Y ear.

S
8
Nashv Chatt & St L January . . 1,203,198 1,053,223 8,320,310 7,321,434
Novada-Cal-Oregon 2d wk Mar
297,426
5,255
5,158
25,8040
New Orl Great N or. January _.
152,708 153,420 1,006,510 1,029,437
N Y Chic & St Louis January . . 1,339,873 1,260,213 9,203,861 8.114,887
N Y N H & Hartf._ January _. 6,712,001 6,003,545 48.655,130 43,826,160
N Y Ont & Western January . .
633,528 684,156 5,277,885 5,476,599
N Y Susq & W est.. January . .
336,511 394,692 2,122,031 2,498,698
Norfolk Southern.. January . .
430,591 356,175 3,001,148 2,579,484
Norfolk & Western- January . . 4,962,151 4,538,356 35,270,075 32,700,885
Northern Pacific.. January . . 6,289.475 5,456.702 50,032,240 44,857,355
Northwestern Pac. January . . 316,809 220,686 2.898,989 2,606.902
Pacific Coast C o__ December
373,400 589,063 3,759,237 3,847,831
p Pennsylvania H R . January . . 19032422 17706237 137666761 126175401
Balt G iles* A t l.. January _.
840,478
68,719
727,137
59,472
Cumberland Vail. January . .
310,683 292,466 2,216,376 1,991,693
Long Island____ January _. 1.051,095 968.369 9.315.592 8,469.149
Mary’d Del & Va January . .
60,722
573,738
620,312
48,257
N Y Phlla & Norf January . .
442,194 369,247 3,160,350 2,657,982
Phil Balt & Wash January _. 2,208,700 1,816,327 15,668,775 13,410,847
W Jersey & Seash January . .
490,099 464,428 4,979,722 4,628,691
Pennsylvania C o __ January . . 5,338,286 5,146,551 45,293,101 40,788,006
Grand Rap & Ind January . .
489,183 430,082 3,619,141 3,294,480
l Pitts C C * St L . January . . 5,496,428 4,956,495 38,952,479 34,232,846
Total lines—
East Pitts & Erie January . . 23969881 22013877 176902406 160814533
West Pitts & Erie January . . 11481670 10667553 88.954,510 79,319,569
All East & West. January . . 35451551 32681430 265856916 240134103
Pore Marquetto__ 2d wk Mar 441,583 399,816 15,509,771 14.277.235
Reading Co —
Phila & Reading. January . . 5,415,674 5,051,071 36,823,264 33,197,863
Coal * Iron C o .. January ._ 4,133,731 4,344.096 27,267,988 21,381,051
Total both cos__ January . . 9,549,405 9,395,167 64,091,252 54,578,914
372,771 276,617 2,190,103 1,698,465
Rich Fred & Potom January . .
92,694
76,010
Rio Grando June__ December
551,792
620,679
Rio Grande South. . 2d wk Mar
11,713
9,719
393,056
441,193
Rutland__________ January _. 328,152 277,859 2,404,956 2,194,105
St Jos & Grand Isl. January . .
174,096 144,394 1,358,938 1,036,711
St L Brownsv & M . January
369,943 187,933 3,060,461 1,550.926
St L Iron Mt & So_ January . . 3,506,555 2,629,136 23,809,995 19,226,893
St Louis & San Fran January . . 4,684,587 3,694,780 33,452,631 27.730,548
St Louis Southwest- 2d wk Mar 308,000 257,000 11,145,419 8,695,375
Seaboard Air Line.. January . . 2,569,166 2,144,800 15.710,743 13.567.816
Southorn Pacific__ February . 13450273 11186101 118516488 101121384
k Southern Ry Syst. 2d wk Mar 1,919,968 1,847,980 72,216,057 63.753.236
536,187 456,008 3,593,247 3,166,641
Ala Great Sou__ January . .
C in c N O & T P .. January _. 1,082,889 929,615 7,236,262 6,124,030
Mobilo & Ohio__ 2d wk Mar 237,498 225,231 8,710,653 8,121,341
46,963
Georgia So & Fla. 2d wk Mar
49,025 2,022,477 1,743,177
Spok Port & Seattle January ._ 466,881 300,936 3,377,296 2,968,538
Tenn Ala & Georgia 1st wk Mar
1,802
80,690
65,075
2,215
Tennessee Central. January . .
935,304
146.070 119,437 1,050,221
Toxas & Pacific___ 2d wk Mar 395,155 363,479 15,967,009 13,853,349
Toledo Peor & Wast February..
85,628
832,609
96,570
829,355
Toledo St L & West 2d wk Mar 116,865 128,319 4,318,223 3,935,782
580,721
Trinity* Brazos__ January ._
91,518
741,738
76,107
Union Pacific Syst. January . . 8,483,594 7,404,021 72,199,225 61,424,050
874,196 689,946 5,554,503 4,177,623
Virginian_________ January . .
W ubiish___ ______ January . . 2,912,839 2,859,284 22,806,926 19,737,155
Western Maryland. 2d wk Mar 230,417 201,624 8,870,784 7,502,410
585,372 437,249 5,338,345 4,385,964
Western Pacific___ January . .
125,076 110,545
843,064
772.015
Western Ry of Ala- January . .
680.917 692,324 5,903,650 6,095,966
Wheel & Lako Erie. January . .
Yazoo & Miss Vall. February.. 1,217,833 994,172 11,279,035 9.165,923

V a r io u s F is c a l Y e a r s .

C u rr e n t
Y ear.

P e r io d

Buffalo & Susquehanna R R ___ Jan 1
Delawaro & Hudson__________ Jan 1
Jan 1
Now York Central.}__________ Jan 1
Boston & Albany___________ Jan 1
Lako Erie & Western.n_____ Jan 1
Michigan Contral__________ Jan 1
Clovo Cine Chic & St L ouis.. Jan 1
Cincinnati Northern________ Jan 1
Pittsburgh * Lako Erie_____ Jan 1
Toledo & Ohio Central_____ Jan 1
Kanawha & Michigan_____ Jan 1
1
Total all lines___________
Now York Chicago & St L ouis.. Jan 1
N Y Susquehanna & Wostern__ Jan 1
Jan 1
p Pennsylvania R a il r o a d . Jan 1
Cumberland Valloy.
Jan 1
1
Long Island_______
Jan 1
N Y Philadelphia & Norfolk Jan 1
Phlla Baltimore & Washlng’n Jan 1
Wast Jersey & Soashoro____ Jan 1
Pennsylvania C o m p a n y _______ Jan 1
Grand Rapids * Indiana----- Jan 1
1Plttsb Cine Chic & St Louis Jan 1
Jan 1
Jan 1
— All lines E & W . Jan 1
iDoc 1
Rio Grando Junction____
Jan 1
R u tla n d ________________

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

to
to
to
to
to
to
to
to
to
to
to
to

.Tan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Dec
Jan

31 8139.708
31 2,153,543
31 5,602,096
31 15,901,873
31 1,677,177
31
685.007
31 4,061,055
31 4,001,801
31
193,282
31 1.804,069
513,769
31
31
262,289
31 29,100,972
31 1,339,873
31
336,511
31 19,032.422
31
68,719
31
310,683
31 1.051.095
60,722
31
442,194
31
31 2,208,700
490,099
31
31 5,338,286
31
489,183
31 5,490,428
31 23,909,881
31 11,481,070
31 35,451,551
31
92,694
328,152
31

P r e v io u s
Y ear.

$155,775
2,140,284
5,711,592
14,889,054
1,587,518
523,323
3,272,174
3,482,893
130,272
1,745.351
431,552
291,683
20,353.820
1,260,213
394,692
17,700,237
59,472
292,466
968,309
48,257
369,247
1,816,327
464,428
5,140,551
430,082
4,956,495
22,013,877.
10,667.553
32,681.430
76,010
277,859

AGGREGATES OF GROSS EARNINGS—Weekly and Monthly.
W e e k ly S u m m a r ie s .

C u rr e n t
Y ear.

P r e v io u s
Y ear.

I n c r e a s e or
D ecrea se.

M o n t h l y S u m m a r ie s .

C u rr e n t
Y ear.

P r e v io u s
Y ear.

ft
$
$
C u r. Y r. P rev. Y r .
$
$
M ile a g e .
,580.685
week Jan (35 roads).
12,636,866 11,211,406 + 1,425 ,460 12.71
M ay_____ .248.006 247 189 308 ,029,096
,612,967
.149,746
week Jan (33 roads).
12,705,473 10,708,927 + 1,996 546 18.58 June_____ .226,752 225 803
040.791
,944.649
J u ly _____ .244.249 243 563
week Jan (33 roads) .
12,738,938 11,463,054 + 1,275 884 11.13
,460,457
,787,021
August___ .245.516 244 765
week Jan (32 roads).
19,155,988 16,363,202 +2.792 786 17.07
888,900
333.449
week Feb (30 roads).
11.094.646 10,983,013
+ 111 633 1.02 September. .248.156 247 466
,790,899
,740,113
October . . . .246,683 246 000
week Feb (27 roads).
11,941,735 11,333.376
+608 ,359 5.37
,258,745 306 ,606,471
week Fob <30 roads).
12,907,667 12,411,450
+496 ,217 3.99 November. .248.863 248 058
,171,169,242 ,064,235
week Feb (28 roads).
13,508,398 14,066,891
— 558 .493 3.97 December . .216,811 215 669
,961,074 267 ,115,289
week Mar (29 roads) .
12.798.647 12,115,340
+683 ,307 5.61 January__ .248,477 247 327
,029,395' 61 ,597,875
83 ,685
week Mar (30 roads).
13,411,164 12,018,648 + 1,392 ,516 11.59 February . .. 85,604
a Includes Cleveland Lorain & Wheeling Ry.
b Includes Evansvillo & Terre Haute, c Includos Mason City & Fort Dodge and the Wisconsin
Minnesota & Pacific, d Includes not only operating revenue, but also all other rocelpts. e Does not Include earnings o f Colorado Springs SICripple
Creek District R y. /Includes Loulsvillo & Atlantic and the Frankfort & Cincinnati, g Includes the Texas Contral and the
I'aOf lines.
A Includes tho St. Louis Iron Mountain & Southern. ) Includes the Lake Shore & Michigan Southorn R y., Chicago Indiana & Southern R R ., and
Dunkirk Allegheny Valley & Pittsburgh RR. k Includos tho Alabama Great Southern, Cine. Now Orleans * Texas Pacific, Now Orleans & Northeastern
and the Nor. Alabama. I Includes Vandalla R R . n Includes Nor. Ohio R R . p Includes Northern Central. * We no longer Include Mexican roads In
any of our totals.

1st
2d
3d
4th
1st
2d
3d
4th
1st
2d




Ma r . 24 1917.]

THE CHRONICLE

Latest Gross Earnings by Weeks.

— In the table which
follows we sum up separately the earnings for the second week
of March. The table covers 30 roads and shows 11.59%
increase in the aggregate over the same week last year.
1917.

S econ d W e e k o f M a r c h .

1916.

In crea se. D ecrea se.

Ann Arbor___________________
40.963
53,938
Atlanta Ilirmingham & Atlantic
77,073
65,789
Buffalo Rochester & Pittsburgh
260,280
249,050
Canadian Northern___________
738,200
538,000
Canadian Pacific_____________ 2,670,000 2,258,000
Chesapeake & Ohio.................... 1,017,704 1,043,274
Chicago Great Western_______
368,958
371,098
Chicago Ind & Louisville______
167,879
144,264
Colorado & Southern___
__
321,565
277,613
Denver & Rio Grando______
507,100
416,700
Detroit & Mackinac__ __
20,666
23,977
Duluth South Shoro & Atlantic
51,439
79,253
Georgia Southern & Florida
49,025
46.963
Grand Trunk of Canada
957,542
Grand Trunk Western_____
1,068,837
Detroit Gr lla v & M ilw au..
Canada Atlantic__________
1,378,350 1,210,075
Louisville & Nashville_______
23,383
19,248
Mineral Range............................
Minneapolis & St Louis........... \
230,622
247,452
Iowa Central_____________ /
723,603
607,149
Missouri Kansas & Texas______
237,498
225,231
Mobile & Ohio_______________
5,255
Nevada-California-Oregon_____
5,158
441,583
Pere Marquette______________
399,816
Rio Grande Southern_________
11,713
9,719
St Louis Southwestern________
308,000
257,000
Southern Railway System_____ 1,919,968 1,847,980
Texas & Pacific______________
395,155
363,479
Toledo St Louis & Western___
116,865
128,319
Western Maryland___________
230,417
201,624

11,284
11,230
200,200
412,000
23,615
43,952
90,400
3,311
27,814

12,975

25,670
2,140

2,062

111,295
168,275
4,135
116,454
12,267
97
41,767
1,994
51,000
71,988
31,676
28",793

Total (30 roads)
............... 13.411,164 12,018,648 1,463,547
Net increase (11.59% )------------ ------------ ------------ 1,392,516

16,830

11,454
71,031

Net Earnings Monthly to Latest Dates.—

The table
following shows tho gross and net earnings with charges and
surplus of STEAM railroad and industrial companies re­
ported this week:
------ G ross
C u rren t
Y ear.

R oad s.

E a r n in g s —
P r e v io u s
Y ear.

- N e t E a r n in g s ----C u rren t
P r e v io u s
Y ear.
Y ear.

$
$
Kansas City Sou b _____Feb
994,095
396,674
809,583
Jan 1 to Feb 28______ 2,067,053 1,588,028
834,843
Southern P acific.a.........Febl3,450,273 11,186,101 3,672,164
Jan 1 to Feb 28...........27,685,981 21,024,072 7,511,764

$
295,788
545,351
2,492,737
3.837,828

1137
L a te s t G ro s s E a r n in g s .

N a m e o f R oad
or Com pany.

W eek or
M o n th .

S
Cambria & Indiana—
Jan '17
'16

24,316
21,322

Net
Earnings.

$

Other
Income.
$

Total
Income.

S

$

Jan '17
'16

353,780
261,004

Jan '17
'16

16,309
6,289

*

2,362
2,638

30,801
17,643

33,163
20,281

13,400
8,033

19,763
12,248

187,134
139,300

38,141
37,104

225,275
176,404

114,559
114,225

110,716
62,179

Carolina Clinch & Ohio—
N evada-Cal-Oregon—

Balance,
Surplus.

dcfS,522
dcfl5,047

'

141 dcf5,381
139 dcfl4,908

7,526 dcfl2,907
7,186 dcf22,094

ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
N a m e o f R oad
or C om pa n y.

L a te s t G ro s s E a r n in g s .
W eek or
M o n th .

Adlron El Pow Corp. January . .
Atlantic Shoro R y __ February..
cAur Elgin & Chic Ry January . .
Bangor R y & Electric January . .
Baton Rouge Elec Co January . .
Belt LRyCorp(NYC) November
Berkshire Street R y . January . .
Braztlian Trac, L & P January . .
Brock & Plym St R y . January . .
Bklyn Rap Tran Syst November
Cape Breton Elec Co January . .
Cent Miss V El Prop. January . .
Chattanooga Ry & Lt January . .
Cities Service C o . . . . February .
Clove Palnesv & East January . .
Clove Southw & C ol. January _.
CfColumbla Gas & El. February .
Columbus (Ga) El Co January . .
Coluin (O) Ry, L & P January . .
Com’w’th P, R y & Lt February .
Connecticut C o ......... January . .
Consum Pow (M ich). February .
Cumb Co (Me) P & I. January . .
Dallas Electric C o__ January . .
Dayton Pow & Light February .
g Detroit Edison___ February .
Detroit United Lines January . .
g D E B & Batt(Rec) November
Duluth-Superior Trac January . .
East St Louis & Sub January . .
Eastern Texas Elec January . .
0E1 Paso Electric C o. January . .
42d St M & St N Avo November
g Federal Lt & T ra c.. January _.
Galv-IIous Elec C o .. January ._
Grand Rapids Ry Co January . .
Groat West Pow Syst January _.
Hagers'n & Fred R y . January . .
Harrisburg Railways. January
Havana Ei Ry, L & P January _
Honolulu R T & Land January . .
Houghton Co Tr C o. January .
6 Hudson & Manhat. January__
Illinois Traction___ January__
Interboro Rap Tran. January
Jacksonvillo Trac Co January
Keokuk Electric C o . January
Koy West E lectric... January . .
Lake Shore Elcc R y . January . .
Lehlgh Valley Transit February .
Lowist Aug & Waterv January . .
Long Island Electric. November
Louisville R ailw ay.. December
Milw El R y & Lt C o. January . .
Milw Lt, lit & Tr Co January . .
Monongahela Vail Tr January—
Nashville Ry & Light January . .




C u rren t
Y ear.

P r e v io u s
Y ear.

Jan.

1 to

C u rren t
Y ear.

$
$
$
8
154,151 138,841
151,141
138,841
22.040 21,081
44,942 . 44,369
159,792 148,860
159,792
148,860
74,684 66,284
74,684
66,284
20,446
20,446
17,827
17,827
44.299
66,940
623,197
708,229
82.041
72.072
82,041
72,072
/7266000 /6626000 f 7 , 266,000 /6,626,000
9,016
8,076
9,016
8,076
2381.638 2238,674 26,852,242 25,099,758
38,581
34,120
38,581
34,120
26,328 25,630
26,328
25,630
107,049 101,420
107,049
101,420
1681,868 673,406 3,536,317 1,336,949
36,436 30,900
36,436
30,900
113,030 103,305
113,030
103,305
1051,698 859,900 2,171,492 1,776,772
89,607 71,947
89,607
71,947
337,571 297,417
337,571
297,417
1530,735 1362,995 3,148,453 2,770,547
786,505 701,506
786,505
701,506
460,279 386,734
947.606
786,392
238,719 213,184
238,719
213,184
200,257 173,132
200,257
173,132
167,247 132,690
244,815
271,164
1034,609 861,790 2,144,331
1395,853 1171,585 1,395,853 1,747,799
1,371,585
28,494 40.077
388,876
442,372
128,974 104,857
128,974
101,857
292,607 229.368
292.607
229,308
79,352 06,094
79,352
60,094
116,343 105,283
116,343
105,283
115,421 164.776 1.545,397 1,789,026
243,878 225,543
243,878
225,543
163,076 156,439
163,076
156,439
113,108 105,817
113,108
105,817
341,685 321,414
341,685
321,414
45,260 35,876
45,260
35.876
92,670 86,317
92,670
80,317
547,487 492,074
547,487
492,074
57,984 50,243
57,984
50,243
28,753 24,836
28,753
24,836
541,295 495,560
541,295
495,560
1143,951 1033,941 1,143,951 1,033,941
3630.693 3183,744 3,630,693 3,183,744
59,161
53,047
59,161
53,047
20.897 20,726
20,897
20,726
11.303
9,278
11,303
9,278
131,588 113.369
131,588
113,369
198,165 177,727
414,093
363,303
61,703 52,883
61,703
52,883
16,718
16,240
228,011
235,846
270,131 255,815 3,078,296 2,940,501
687,656 603,830
687,656
003,830
170,435 129,057
170,435
129,057
195,675 124.041
195,675
124.041
209,869 196.586
209.869
196,585

S
955,732
574,145
381,409
148,101
1,278,617
12,162,208
26,108
8.256,470
45,764
200,070
505,443
171.100
147,651
1,773,565
290,417
28,788
27,046
4,633,137
75,725
490,231
787,870
737,428
465.751
374,793
135,783
553,589
75,053
707,868
167,796
420 ,58 4

307,857
92,315
3.272,523
1,916,589
2,321.537
1,003,672
66,960
403,872
15.342
644,667
1,176,149
523,813
90,729
25,348

la test d a te.
P r e v io u s
Y ear.

834.411
637,959
397.230
153,435
1,272,281
13,484,188
24,107
7.264,675
41,770
180,399
375,386
150,628
145,585
1,762,713
266,166
27,453
23,936
4,190,086
69,792
454,988
669,593
628,774
428,216
368,415
123,276
478.222
66,135
809,110
210,373
419,088
316,349
86,705
3.536.010
1,822,707
2.567,953
946,344
58,490
535,899

18,088
472,867
941,904
673,647

79,385
25,148

Electric Railway and Other Public U tility Net Earn­
ings. — The following table gives the returns of ELECTRIC

railway and other public utility gross and net earnings with
charges and surplus reported this week:
C u rren t
Y ear.
%

C o m p a n ie s .

E a r n in g s -----P r e v io u s
Y ear.
$

...F e b

22,040
44,942
339.175
__ Feb 1,711,238
Jan 1
3,554,058
rer—
Oct 1 to Jan 31
121,210
__ Jan
23,179
__ Jan 5,555,907
Jan 1 to Feb 28

------ N e t
C u rren t
Y ear.

E a r n in g s -----P r e v io u s
Y ear.

21,081
44,369
313.926
1,531,393
3,140,172

3
660
def413
100.761
475,658
1,072,138

S
2,683
6,665
102,343
460,936
960,920

91,269
21,972
4,572,979

61,954
9,690
1,861,080

47,028
8,385
1,583,989

a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.

la test d a te.
P r e v io u s
Y ear.

1 to

C u rren t
Y ear.

b Represents Income from all sources, c These figures are for consoli­
dated company. / Earnings now given In milreis. g Includes constituent
companies.

------ G ro ss

Charges
& Taxes.

Jan.

P r e v io u s
Y ear.

N ew p N & H R y G & E November
7 2 ,8 7 2
87,654
N Y City Interboro..: November
49,612
59,144
N Y & Long Island..!November
32,083
32,247
N Y & North Shore.. November
12,451
13,285
N Y & Queens C o__ ;November
107,600 112,640
New Y’ork Railways. December
946,072 1150,231
N Y & Stamford Ry.'January . .
26,108 24,107
N Y State Railways.1December
651,989 561,901
N Y Westches & Bost January . .
45,764 41,770
Northampton T ra c..1 December
17,286
16,104
Nor Ohio Trac & Lt.'January . . 505,443 375,386
North Texas Electric January . _ 171,100 150,628
Ocean Electric (L R.iNovember
5,931
5.642
Pacific Gas & E le c.. January . . 1773,565 1762,713
Pacific Lt & P Corp.! January
290,417 266,166
pPaducah Tr & Lt Co January . _ 28,788 27,453
Pensacola Electric Co January . .
27,046 23,936
Phlla Rapid Transit.;February _ 2205,349 2036,166
Phila & Western R y .1February .
36,003 33,726
Poit(Ore)Ry,L&PCo. January . . 490,231 454,988
0 Puget Sd Tr, L & P January . .
787,870 669,593
g Republic Ry & L t .. February . 357,646 310,459
Rhode Island C o____January _ _ 465,751 428,216
Richmond Lt & R R . November
30,641
28,301
St Jos Ry, L, H & P . January . . 135,783 123,276
Santiago Elec Lt & Tr December
57,814
45,961
Savannah Electric Co January
75.053 66,135
Second Avenue (Rec) November
46,486
68.420
Southern Boulevard. November
12,131
18,828
Southern Cal Edison. January . . 420,584 419,088
Staten Isl’d Midland. November
23.309 22,391
Tampa Electric C o .. January . .
92,315 86,705
Third Avenue______ November 263,528 320.226
Twin City Rap Tran 1st wk Mar 201,244 191,126
Union Ry Co of NYC November
183.027 226,079
Virginia Ry & Power. February . 478,490 457,563
Wash Balt & Annap. January . .
66,960 58,490
Westchester Electric. November
23,669 43,360
Westchester St R R .. January . .
15,342
18,088
West Penn Power__ February _ 313,912 235,491
a West Penn Trac Co February . 571,669 463,883
Yonkers Railroad__ November
12,193 62,158
York Railways______ January ._
90,729 79,385
Youngstown & Ohio. January _.
25.348
25,148

a Net earnings hero given are after deducting taxes,
b Net earnings hero given are boforo deducting taxes.
Gross
Earnings.

C u rren t
Y ear.

G ro ss
E a r n in g s .

Com’w’th Pow, RyfFeb ’ 17
& Lt (and its con-(
'16
stituent c o s .).. 12 mos.’ 17
’ 16
Lehigh Vail T rans..Feb '17
’ 16
2 mos ’ 17
’ 16
Phila & W estern...Feb ’ 17
’ 16
2 mos ’ 17
’ 16
Virginia Ry & Pow.Feb ’ 17
’ 16
8 mos ’ 17
’ 16
Wash Balt & Annap.Jan ’ 17
'16

$
1,530.735
1,362,995
3.148,453
2,770,547
198,165
177,727
414,093
363,303
36,003
33,726
75,725
69,792
478,490
457,563
3,981,352
3,732,310
66,960
58,490
G ross
E a r n in g s .

Adir Elec Pow Corp. Jan '17
’ 16
Cities Service C o ...F e b '17
’ 16
2 mos ’ 17
'16
Cleve Elec 111 C o ...J a n ’ 17
’ 16
Colum Gas & E lec..F eb '17
T6
2 mos ’ 17
’ 16
Dallas Electric C o..Ja n '17
’ 16
Dayton Pow & L t..F e b ’ 17
’ 16
2 mos ’ 17
'16
Detroit Edison_____Feb ’ 17
’ 16
2 mos *17
’ 16
Havana El Ry, Lt Jan '17
& Power
'16
Kansas Gas & Elec.Feb '17
’ 16
12 mos ’ 17
'16
N Y Railways_____Dec ’ 16
„
;i5
6 moe 16
'15

154,151
138,841
1,681,868
673,406
3,536,317
1,336,949
602,501
462,914
1,051,698
859,900
2,171,492
1,776,772
200,257
173,132
167,246
132,690
244,815
271,164
1,034,609
861,790
2,144,331
1,747,799
547,487
492,074
186,021
168,789
1,631,220
1.390.320
946,072
1,150,231
5,393,561
6,945.884

N et
E a r n in g s .

F ix ed C h gs.
& T a xes.

B a la n ce .
S u r p lu s .

691,772
725,358
1,470,973
1.478,333
62,022
66,297
131,267
144,536
15,508
16,097
35,185
34,768
255,786
240,248
2,053,176
1,988,901
20,603
21,157

S
517,363
480,103
1,040,260
963,394
57,900
58,530
115,907
116,874
12,517
12,583
25,069
25,124
156,089
149,002
1,205,914
1.153,656
26,228
25,563

174,409
245,255
430,713
514,939
*15,639
*18,160
*38,398
*48,167
2,991
3,514
10,116
9,644
*106,917
*97,941
*911,761
*899,990
id ef3,174
*def 1,791

N e t, a fter
T a xes.

F ix e d
C h a rges.

B a la n c e ,
S u r p lu s .

$
57,164
71,035
1,650,056
655,049
3,482,776
1,300,377
164,897
245,483
577,308
448,547
1,201,801
950,878
84,473
71,513
53,868
65,619
115,946
134,792
381,436
359,357
811,493
748,110
317,522
305,789
52.928
62,576
579,279
536,071
146,685
339,857
1.207,666
2,291,569

s

•
34,567
49,662
1,649,753
610,863
3,482,177
1,213,225
122,003
209,144
*376,503
*149,031
*803,417
*352,714
43,566
*36,700
*29,148
*48,892
*66,228
*100,487
81,662
299,774
93,297
266,060
169,995
641,498
197.858
550,252
131,878
*192,012
115,391
*200,192
19.980
32,948
17,689
44,887
222,326
356,953
197,638
338,433
279,413 *def64,090
285.272
*107.506
l,690,099*defl44.506
1,716,273
*855,511
22,597
21,373
303
44,186
599
87,152
42,894
36,339
345,442
337,612
689,018
673,630
40,907
36,813

F ix e d
C h a r g e s.

N e t a fte r
T a xes.

$
S
123,669
56,794
Pacific Pow & Light.Feb ’ 17
51,906
109,969
’ 16
714,798
12 mos ’ 17 1,486,730
739,553
’ 16 1,447,514
931,092
’
17
2,205,349
Phlla Rapid T ran..F eb
885,424
’ 16 2,036.166
8 mos ’ 17 18,490,283 8,126,790
’ 16 16,607,059 7,293,843
48,443
105,315
Portl Gas & C oke..F eb ’ 17
48,841
’ 16
105,382
605,195
12 mos ’ 17 1,266,797
614,027
’ 16 1,256,405
316,632
787,870
Puget Sd Tr, L & P.Jan ’ 17
238,322
669,593
’ 16
106,002
357,646
Ropubllc Ry & L t._F eb ’ 17
130,215
310,459
’ 16
228,679
2 mos ’ 17
737,428
265,964
’ 16
628,774
West Penn Pow & sub c o s 12 mos to Dec 31 ’ 16 3,030,089 1,391,446
129,890
313,912
Feb ’ 17
123,624
’ 16
235,491
270,115
644,667
2 mos ’ 17
238,619
472,867
’ 16
West Penn Trac & sub cos—
12 mos to Dec 31 ’ 16 6,365,958 3,058.747
’ 15 5,089,051 2,590,168
249,700
571,669
Feb ’ 17
241,362
463,883
’ 16
518,186
2 mos ’ 17 1,176,149
477,470
941,904
’ 16
88,522
319,945
Winnipeg Electric.-Jan ’ 17
108,827
279,911
’ 16

B a la n c e ,
S u r p lu s .

$
34,326
32,778
403,328
385,957
813,679
816,738
6,514,717
6,529,308
27,350
27,209
324,001
307,633
191,925
182,650
78,686
64,930
157,411
132,218

$
22,468
19,128
311,470
353,596
117,413
68,686
1,612,073
766,535
21,093
21,632
281,194
306,394
124,707
55,672
228,301
265,677
273,097
2134,393

456,692
38,342
36,611
76,685
73,199

934,754
91,548
87,013
193,430
165,420

2,047,602
1,832,488
171,517
158,544
343,586
317,437
61,949
57,164

1,011,145
757,680
78,183
82,818
174,600
160.033
26,573
51,663

Aftor allowing for other incomo received.

ANNUAL

REPORTS

A n n u a l , & c . , R e p o r t s . — A n in d e x t o a n n u a l, & o ., r e p o r t s
o f s te a m r a ilr o a d s , s t r e e t r a ilw a y s a n d m is c e lla n e o u s c o m ­
p a n ie s w h ic h h a v e b e e n p u b lis h e d d u r in g th e p r e c e d in g
m o n t h w ill b e g iv e n o n th e la s t S a t u r d a y o f e a c h m o n t h .
T h is in d e x w ill n o t in c lu d e r e p o r t s in th e issu e o f th e
“ C h r o n ic le ” in w h ic h it is p u b lis h e d .
T h e la t e s t in d e x w ill
b e fo u n d in th e issu e o f F e b . 2 4 .
T h e n e x t w ill a p p e a r in
th at o f M a rch 31.
C h ic a g o & N o r th W e s te r n R a ilw a y .
(5 7 th A n n u a l R e p o r t — Y e a r e n d i n g D e c . 3 1 .)
T h e r e m a rk s o f P r e s id e n t R ic h a r d H . A is h t o n a n d fu r t h e r
d a t a w ill b e c it e d fu lly a n o th e r w e e k .
T h e fis c a l y e a r o f th e c o m p a n y h a s b e e n c h a n g e d fr o m
J u n e 3 0 t o th e c a le n d a r y e a r , t o c o r r e s p o n d w it h th e y e a r re­
c e n t ly a d o p t e d b y th e I . S . C . C o m m is s io n .
I N C O M E A C C O U N T FO R 6 M O S . A N D 12 M O S . E N D I N G D E C . 31.
-----Six M o n th s E n din g — ■ — Y ea rs ending D e c . 31—
D e c . 31 ’ 16. D e c . 31 ’ 15.
1910.
1915.
Operating revenues____ 353,138,775 346.473,797 397,978,844 383,754,447
Operating expenses____ 33,921,269 30.752,771 65.120.827 57.062,575
Taxes, & c_____............. 2,587,983
2,320,527
5,022,286 4,592,105
Operating income____ 316,629,523 313.400.499 327.835,731 322,099,767
Dividend income______
728,816
743,116
1,547,632
1,612,232
Other income__________
711,686
652,064
1,411,541 1,369,321
Gross Incomo.......... ..318,070,025 314.795.679 330.794.904 325,081,321
Rentals, &c____________
3684,659
S552.912 31.057.671 31.040,122
Interest on funded debt. 4,673,215
4,617.031
9,368,309 9,338,021
Sinking funds_________
105,670
122,665
199,575
208,486
Preferred dividends...(4% )895.800(4% )895,800 (8)1,791.600 (8)1,791,600
Common dividends__(3H)4,554,007(3)^)4554007(7)9,108,015 (7)9,i 08,015
Balance, surplus_____ 57,156,674
— V . 104, p. 951. 862.

34.053,264

39,269,735 33,594,477

CONSOLIDATED BALANCE SHEET DEC. 31.
Includes United Gas & Elec. C orp. and United Gas & E lec. E ng.
1916.
1915.
1916.
Assets—
SS
S
Liabilities—
5
$
39,308,909 39,577,237 1st pref. stock o u t. 9,284,800
A m .C it.com .stk.J
2d pref. stock o u t .11,663,500
Other Invest., & c.
70,119
15,601 C om . stock ou t— . 12,250,820
15,601
70,119
Office fixtures, &c.
13,832
14,586 Coll. tr. b o n d s ... 8,461,000
14,586
13,832
207,538
Demand n o te s * ..
641,478
207,538 3-yr. 6% sec. notes
611,478
750,000
690,475
Open a cco u n ts* ..
305,566
690,475 N o te s payablo-----365,566
110,250
D ivs., A c., accr’d*
94,933
36,938
36,938 N o te ,& c.,lnt.accr.
91,933
162.484
853,332 1st prf.divs .unpaid
1,561,664
44,154
Due subskl. cos—
A dv. for purchase
192,849
Miscellaneous____
517,375
of securities____
33,501
302,405 Discount
231,054
Miscellaneous
625,028
444,520 S u rp lu s__________
773,397
Cash................

-

G ross
E a r n in g s .

x

[Vol . 104

THE CHRONICLE

1138

C orp.
1915.
8
9,284,800
11,658,700
12,219,120
3,401,000
4,500,000
102,750
100,048
101,328
33,501
645,384

T o ta l..................43,578,386 42,142,631

43,578,386 42,142,631

* Of the subsidiary companies. The corporation also has contingent liabilities In
respect of Its guar, of .$1,537,300, par, of tho 5% gold bonds of the Wllkes-Barro Co.
Dividends on 1st prof, stock of tho corporation to the extent of 8 !4 % and on tho
2d pref. stock sinco Jan. 1 1914 have accrued but have not been declared.— V .
103, p. 759, 235.

American Cities Company, New York.

(S ix th A n n u a l R e p o r t— Y e a r e n d e d D e c . 31 1916.)
On subsequent pages will bo found tho romarks of Prosidont
Hugh McCloskey along with the balanco sheet as of Dec. 31
1916 and income and profit and loss for tho year ending
Dec. 31 1916.
.
A majority of this company’s capital stock is owned by
the United Gas & Electric Corporation, which see above.
See map and statement regarding the company in “ Electric
Ry. Section” on pages 73 and 79.— V. 104, p. 1047, 951.

Chicago City Railway.

F i s c a l Y e a r e n d e d J a n . 31 1917.)
Pros. Leonard A. Busby, Chicago, Mar. 16, wrote in subst.:
{R e p o r t f o r

Gross earnings of the Chicago surfaco lines amounted to $34,789,636,
expenses $21,743,523. or 62.5% of tho gross, leaving residue receipts of
$13,046,113. divisible 60% or $7,827,668 to tho Chicago Railways Co., and
40% or $5,218,445 to tho South Sido lines, namely tho Chicago City R y.,
the Southern Street Ry. and tho Calumet & South Chicago liy.
Gross receipts of tho surfaco lines Increased $3,098,874, or 9.78% over
last year. This Is moro than double tho normal rato of increase. These
figures stand out strongly against those of tho two procoding yoars, which
show an aggregate decrease in gross of a Uttlo over $1,000,000. It was by
reason of this unusual increase in our gross that wo wore able to meot our
present high wage standard and maintain a fair operating ratio.
Your property has produced a net incomo of $1,749,710 after paymont
of all operating expenses and bond interest. Four quarterly dividends
havo been paid aggregating 8% . and an extra dividend of 1 M % was paid
In Dec. 1916, making a total of 9M % on the $18,000,000 capital stock,
leaving a surplus on Jan. 31 1917 of $187,903.
.
During tho year tho company built 11.31 miles and acquired through
purchase from tho Chicago & Western Ry. 3.32 miles, making a total of
14.63 miles of single track built and acquired, and reconstructed 9.40 miles
of single track— total mlloage of tho company, 328.47 miles.
R E S U L T S O N A L L C H I C A G O S U R F A C E L I N E S F O R J A N . 31 Y E A R S .
. 1916-17.
1915-16.
1914-15.
Gross earnings___ ____________ $34,789,636 $31,690,762
$31,966,048
21,743,523 21,041,356
19,889,275
Operating oxponses__ _________
Residue recoipts..................... $13,046,113 $10,649,405
$12,076,773
Chicago Railways...............(60%)$7,827,668 (59)$6,283.149 (59)$7.125,296
South Side L in es...............(40%)$5,218,445 (41)$4,366.256 (41)$4,951.477
I N C O M E A C C O U N T Y E A R E N D I N G J A N . 31.
1916-17.
1915-16.
1914-15.
South Side lines--------------- (40%)$5,218,445 («)S4.306.25e (41)$4.951.476
3,612,888
♦Joint acct., exp., &c......... .....
3,616.023
3,500,467
a
r .is s s a
$1,602,422

$865,789

$1,338,588

881,332

476,184

736,223

Company's proportion, 45% ,
as per ordinance...................
lnt. on capital investment__

$721,090
2,558,168

$389,605
2,507.908

$602,365
2,416,913

Income from operation____
Other income (net)__________

$3,279,257
88,245

$2,897,514
81,582

$3,019,278
279,547

Net earnings_____________
C ity’s proportion, 55% , as per
ordinance_________________

N o r fo lk & W e s te r n R a ilw a y .
$2,979,096
$3,298,826
Net Income_______________
$3,367,502
$1,565,556
$1,529,409
Interest on bonds___________
$1,017,792
(2 1 si R e p o r t — 6 M o n t h s e n d i n g D e c . 31 1 9 1 6 .)
Dividends________ _____ x(9M % ) 1,065,000 (8% ) 1,410.000 (9%) 1,620.000
O n s u b s e q u e n t p a g e s w ill b o fo u n d th e r e p o r t o f P r e s id e n t
dof. $26,460 sur. $149,417
Balance, sur. or deficit____ sur. $84,710
L . E . J o h n s o n , a n d a lso t h e c o m p a r a t iv e b a la n c e s h o o t a n d
in c o m e a c c o u n t f o r t h e 6 m o n t h s a n d y e a r e n d in g D e c . 31
♦ Joint account, expense, &c., includos intorost on capital Investment of
Chicago City Ry. and Calumet & South Chicago Ry. and not earnings of
1 9 1 6 . T h e fis c a l y e a r w ill h e r e a fte r b e th e c a l . y e a r .
Southern Street R y. x See remarks above.
IN C O M E A C C O U N T .
B A L A N C E S H E E T J A N . 31.
6 M o s . to
Y ea r end . — Y ea rs end . J une 30—
1917.
1916.
D e c . 31 '16. D e c . 31 '16.
1916.
1915.
1916.
1917.
Liabilities—
$
$
Gross earnings............... 330.307,924 359.449.982 357,304,586 342,987,044
$
Assets—
$
ls t M .5 % goldbds33,900,000 32,200,000
Operating oxponses____ 17,292,176 33,508,732 32,181,346 27,831,815 Pur. price o f prop.
878,493 1,207,477
T ax S ; & c . . . . . - . . : . : . 1 .4 3 0 :6 8 0
2 .4 8 1 ,9 8 3
2 ,0 6 8 ,4 5 4
1 ,8 7 9 .7 6 6
in terms of o r d .51,946,497 50,616,415 Accts. payable,&o.
Net earnings............... 311.585,068 323,459.266 323,054,786 313.275.462
Hire of equipment_____
776,391
1,397,313
1,011,978
1,100,804
Divs. & lnt. received—
422,168
811.592
676,842
7§2’n}n
Other rents, &c., rec’d . .
164,225
492,400
437,758
192,019
Gross income............. 312,947,852 326,160,572 325,181.364 315,318,696
Bond interest............... 31.860,634 33,751,027 33,915,690 34,220.959
Other Interest, &c_____
290,643
609,471
641,615
Preferred dividends__ (2%)459,836 (4)919,672 (4)919,672 U)919,672
Common dividends____ 4,165,902
9,094,184
8,312,964
6,476,622
Per cent of com. divs.
3)£%
7 *A %
7)£%
6%
Balance, surplus......... 36.170,837 311.786.218 311.391,423 33,013,612
The total surplus Dec. 31 1916, aftor deducting surplus appropriated for
investment!! In physical property, 34.827,179, and adding miscellaneous
items aggregating (net) 391,429.
. ,
During 1916 3968,000 convertible bonds have been converted Into comAs'to extra common dividend of 1% payable Mar. 1917, see V. 104, p.362.
U n ite d

G a s & E le c tr ic C o r p o r a t io n .

31 1 9 1 6 .)
T h e r e p o r t w ill b o fo u n d a t le n g t h o n s u b s e q u e n t p a g e s ,
in c lu d in g th e r e m a r k s o f P r e s id e n t B u l l o c k , th e c o n s o li­
d a t e d b a la n c e s h e e t, su rp lu s a c c o u n t , s t a t e m e n t o f e a r n in g s ,
in c lu d in g e q u it y in n e t e a r n in g s fr o m s u b s id ia r y c o m p a n ie s
(e x c lu s iv e o f A m e r ic a n C itie s C o . , w h ic h se e b e lo w , a n d its
s u b s id ia r ie s ), w h e th e r a c t u a lly r e c e iv e d a s d iv id e n d s o r n o t ,
a n d a ls o th e c o m p a r a t iv e r e s u lts o f o p e r a t io n o f s u b s id ia r y
c o m p a n ie s fo r s e v e r a l y e a r s .
.
S ee m a p a n d s t a t e m e n t r e g a r d in g th e c o m p a n y in “ E le c t n o
R y . S e c t io n ” o n p a g e s 7 8 , 7 9 a n d 8 2 .
{R e p o r t f o r

F isc a l




Y e a r e n d in g

D ec.

Accounts re c e iv ..
Real estate______
Cash on h a n d . . . .

61,403
13,648
944,848

23,538 Surp. assets, repre­
sented by equity
13,648
of $18,000,000
889,998
capital s to c k .. . 18,187,003 18,136,122

T o t a l ..................52,966,396 51.543.599

T o t a l ..................52,906,396 51,543,599

— V. 104, p. 256.

E. W. Bliss Company, Brooklyn.
Y e a r e n d i n g D e c . 31 1916.)
The report to the stockholders shows:
{R ep o r t f o r F is c a l
IN C O M E

ACCOUNT

FOR

CALENDAR

YEARS.

1916.
1915.
1916.
1915.
74,880
......
N et earnings____$10,565,321 $5,532,101 Prem.bds.retlred.
100,000 Balanco, surplus. $6,296,690 $5,182,101
Pref. divs. ( 8 % ) .
100,000
..............
Total 8urplus.$13,721,839 $7,425,149
250,000
Com .dlv.(seenote) 4,093,751
Dividend payments In 1916 on tho common stock amounted to $4,093,750,
or 327)4% , against $250,000, or 20% paid In 1915 (par $50).
B A L A N C E S H E E T D E C E M B E R 31.
Assets—
Real estate, bldg..

Paris

&

1916.
$
4,816,235
1,023,341

London
687,281
2,330,264
6,837,520

Cash, accts. & bills
receivable_____ 3,860,325
469,084
Advance payments

1910.
Liabilities—
S
Preforrcd stock__ 1,250,000
3,969,304 Comm on stock___ 1,250,000
1,023,341
A ccts. pay. accr.,
wages, & o ......... 3,782,218
621,017
872,070 A d v. on contracts
4.416,401
not filled...........
S u rp lu s__________ 13.721,839
7,149,482
454,501
1915.
$

20,004,057
18,500,842
T otal . . . . . . . _______
.
. ___

1915.
3
1,250,000
1,250,000
748,800
2,189,411
5,043,483
7,425,149

T o t a l .................. 20,004,057 18.506,842

As to extra dividend of l l ) i % on common stock payablo April 1917 see
V. 104. p. 1047.

Mar. 24 1917.1

THE CHRONICLE

United States Steel Corporation.
31 1916.)
The annual report, signed by Elbert H. Gary, Chairman
of the Board, will be found at length on subsequent pages
of to-day’s “ Chronicle,” together with many important
tables of operations, balance sheet, &c.
(R e p o r t f o r F is c a l

Y e a r e n d in g D e c .

IN C O M E A C C O U N T , I N C L U D IN G S U B S I D I A R Y C O M P A N IE S .
1916.
1915.
1914.
1913.
S
S
8
Gross sales & earnings.1 ,231,473,779 726.683 ,589 558,414 ,934 796,894 ,290
M ftf. cost & oper. e x p .a - 8 1 0 ,501,470 544,352 ,757 460,485 ,849 610,383 ,512
A d m in ., selling and gen.
'
exp., exel. gen. exp. of
transportation c o s . . . 24.45 8 ,3 7 7
19,396,905 18,419,708 19,587,315
T a x e s . ..
. . . --------- 20,599,721
13,640,185 12,646,394 13,225,882
Commercial disc ts and
interest and m isc e ll.. 6 ,2 0 2 ,6 5 0
3,7 5 7 ,5 9 0
3 ,272,908
3 ,855,874
Total expenses.............867,762 ,218 581,147 ,437 4 9 4,824 ,859 647,052 ,583
B ala n ce-------------------------- 363,711 ,561 145,530,152 6 3 ,590.075 149 841 716
M iscellan’s net inanufacturing, & c., gains____
4 ,566,577
3 ,252,225
25,903
517,626
Rontals received________
163,570
252,001
208,268
196,401
Total net incomo____ 368,441 ,708 149,040,378
Proportion of net profits
o f properties owned
whose gross revenues,
& c., are not included 512,312
406,141
In t. & divs. on invost’s
and on deposits, & c ..
5 ,922,148
3,0 6 6 ,6 4 9
Total incomo................. 374,876 ,107 152,513,168
Sub. Co. Int. Charges, etc.—
In t. on bonds and mtgos.
subsidiary companies. 9 ,384,569
9 ,675,596
In t. on pur. m on. oblig.
& special deposits or
loans (subsidiary cos.)
38,347
178,459

63,82 4 ,2 4 6 150 555 743

302,882

296.802

3,3 2 3 ,6 1 6

3 ,341.812

0 7 ,450,744 154,194,358
9,6 4 2 ,0 0 3

9,660,037

440,900
325,235
T o t. underl’g int. chgs 9,4 2 2 ,9 1 5
9 ,854,055
10,082,903
9 ,985,272
B ala n ce--------365,453 ,252 142.659,113 57,367,841 144,209,086
Profits earned by sub.
cos........................ — aD r31^879,075bD rl2263102 0 1 4 2 9 5 ,7 7 4 0 7 , 0 2 7 ,7 4 1
N et earnings................ 333,574 ,177 130,3963)12
7 1 ,663,615 137,181,345
Deduct Charges, & c.—
Deprec. & extraor. repi.
funds (rog. provision). 3 2 ,762,072 2 4 .408,577
17,044,183 2 3 ,972,376
Additional property and
construction, & c . .................
15,000,000
Charged of! for a d j ____ 0 1 2 4 ,9 6 9
0 7 6 5 ,8 1 4
0 1 2 4 ,9 7 8
787,698
In t. on U. S. Stool Corp.
ai b55d? f - a- - s r - ------- 2 1 ,602,853 21,928.634
2 2 ,239,087 22,532,091
Sk. f d . U . 8 . Steel C orp . 7 ,666,214
7 ,329,984
7,0 1 8 ,1 8 2
6,721,396
Sink, fund subsid. c o s ..
146,277
1,660,798
1,990,373
1,950,198
Preferred dividend ( 7 % ) 2 5 ,219,677 25,219,677 2 5 ,219,677 25,219,677
Com m on dividend (8
% )4 4 ,4 7 0 ,4 6 9 ( I K ) 6353781 (3) 1524 9,075(5)25415,125
Total deductions-------131.738,592
8 6 ,135,638 8 8 ,635,599 121 599 161
U ndlv. profit lot y ea r.S 2 0 1 ,8 35,585 S 4 4.26 0.37 4 D 1 6.971.984 S 1 5 !5 8 2 !l8 4

nr.?'“ fik° i o i r lu^ inr CXCMS of n<X mal 1 u'ices of inventory stocks on hand
IJlc. .U 191G, and for other contingent reserves .$ 15.024 794* and
charges of subsidiary companies on their securities held as investments for
combined Insurance funds o f all subsidiary companies, this interest being
taken up as direct credits thereto. 3 4 28 .57 0.
ouuf?
G E N E R A L B A L A N C E S H E E T OF U N IT E D S T A T E S ST EE L CORPORA
I I O N A N D IT S S U B S I D I A R Y C O M P A N IE S D E C . 31
1910.
1915.
1914.
Assets—
3
3
3
Properties owned and oporated
by
■’
by the
several‘ c o m p a n‘ ie s... 1 ,472.623,067 1 ,443,300,705 1,457 853 .930
O'
A dIvancod
v
mining royalties------18,678,087
17,909,716
17 266 ,831
&
Def,
3Ininv
f. Charges futuro opor., & c .
1,618,063
1,805,949
1 .784 ,936
T
O'lt t n
oMining revalues
royalties........................
24,925,557
2 5 ,955,479
26,976,001
Casii held by trustees on acct, o f

bond sinking funds (in 1916
898,040,000 par value of red.
bonds held b y trustees not
treated as an asset)________
Deposits with trustees of mtges.
incl. funds to meet sub. cos.
bonds maturing in 1917_____
Investments outside real ostato
and other property owned__
Investments for depreciation &

oxting. funds (at c o s t)........
Inventories................................

Accounts receivable____________
B ills receivable................ ... ...........
A gents’ balances________________

Sundry marketable securities..
Tim e bank deposits and secured

demand loa n s.........................

C ash

_______ ________ _

Contingent fund &miscelfan’s .

1,283,728

1,148,227

48,206,307
181,901,005
83 441 8 2 1
- - 4 6 ,8
- 06
5,1
1,059,102
40,337,583

3 ,0 6 0 ,4 6 0

3 ,477,257

13,502,854
101,113,900
0 6 ,308,294
6 ,766,818
934,020
7 ,748,059

9,412,438
158,091,036
3 7 ,088,352
8,880,007
1.034,764
2 ,012,133

94,08 3 ,8 0 5
4,8 4 3 ,5 1 5

6 1 ,963,287
4,7 1 6 ,6 0 0

40,869,794

148,394 7 0 1

5,803,550

assots............................ 2,083,027,974 1,848,641,861 1,792,233 493

Liabilities—
Com m on stock______
Preferred stock . . I I I "
Bonds held by p u b l i c . " " " "
Stock subsid. cos. not o w n e d ..
JNon-int.-boaring notes, sub.cos.
M ortgages o f subsidiary cos
Purch. money oblig. o f sub. c'oY.
M ining royalty notes.
Current accounts & 'p aV -rofli: I
Employees deposits, &c
Accrued taxes not due
Acer. int. & unpros’d c o u p .'& c '
Preferred stock dividend
.
Com m on stock dividend

Contingent and misc. fu n d s "

508,302,500
360,281,100
603,471,027
505,043
24,925,557
117,037
148,842
4 1 065 936
.uuo.joo
~o6~i V i ' kao
8 15 0 9 65
o
’ Vim ’ in n
6,304,919
'
15,249,075

H ill
Undivided surplus'o f i f .*8 .'§ tce'l
4 •000 •° 0 0
Corp. and subsidiary cos-------x381,360,913

508,302 ,500
360,2 8 1 ,1 0 0
616,432 ,706
587,742
25,955,479
136,146
176,610
763,693
3 3 ,064,499
992,187
9.930,945
8.1 8 7 ,9 9 9
6 ,304,919
6 ,353,781
17,223,399
5 5 ,000,000
15,322,828
3 ,500,000

508,302 ,500
3 6 0,281 ,100
627,045 ,112
589,042
26,976,001
193,305
907,938
5,390,975
17,690,377
999,510
8 ,602,304
8,2 7 0 ,7 1 9
0,304,919

180,025,329

135,204,472

13,873,805
5 5 ,0 0 0 ,0 0 0
13,601,413
3 ,0 0 0 ,0 0 0

Total liabilities........................... 2 ,083,027,974 1,848,541,861 1,792,233,493
x After deducting 8500 ,00 0 for permanent ponsion fund.
1) or details of balance sheet, see a subsequent page.— V. 104, p . 1050, 958.

Phelps, Dodge & Co., New York.
Y e a r e n d in g D e c . 31 1916.)
Tho remarks of President James Douglas, in addition to tho
consolidated balance sheet as of Dec. 31 1916, will bo found
on a subsequent pago (compare item in “nows’ columns” ).
(R e p o r t f o r F is c a l




O U T P U T OF C O M P A N Y 'S M I N E S — COPPER ORE A N D SLAG (LB S.).
Copper Queen
Moctezuma
Detroit
Year— ■
M in e.
M in e.
M in e.
Total.
1916........................102,685,722
37 .7 8 9 ,3 1 0
17,541,258
15S.016.290
1915------------------- 8 8 ,551,180
23,266,841
15,333,976
127,151,997
1914....................
8 6 ,066,143 3 0 ,378,849
2 0 ,274,367
136,719,359
P R O D U C T IO N OF R E D U C T IO N W O R K S I N 1916.
Tons Ore
-Am ounts Recovered----_
.
. . .
Treated.
C op. Queen ores & precipitates 831 890 23,605
742,715
91,004,771
39 9
Copper Queen concentrates___
2
125
41 ,8 8 5
Cop. Queen old dump, slag,& c.
75,210
2 ,5 5 4 ,4 2 3
i9 ,4 0 6
Copper Queen lease ore________
142
26,795
1,796,140
Burro M tn . Cop. concentrates.
24,604
68
18,180
6,3 0 7 ,7 4 0
M octezum a oro & concentrates 135,830
1,2 12
418,712
32,36 5 ,0 9 3
A ll other ores__________________
2 17,184
7,803
588,327
3 7 ,8 2 3 .8 2 8
Total 1916_____________
32.S32
1,794,854
171,893,880
Total 1915
29,840
1,388,149
125,144,027
M E T A L STOCKS (ORES A CO N C E N TR A T E S) O N H A N D J A N . 1 .
Tons.
Gold, oz. Silver, oz.
Copper lbs
Oro and slimes, 1917_________ 102,591
2 ,4 5 0
131.350
12.9 9 8 .7 2 i
Ore and slimes, 1916_________ 87,531
1.729
78,413
10,866,163
CO N SO LID A T E D R E SU L T S FOR Y E A R S E N D I N G D E C . 31.
1916.
1915.
_ , ^
1916.
1915.
Cal. Years—
5
s
Cal. Years—
5
§

Net earnings____ 24,030.905 10,981,512 Dividends .....a l4 ,6 2 5 ,0 0 0 b9,000,C00
♦Deple. of orc.&c. 2.056,642 1,261,037 Balance, surplus.. 7,349,263
720 475
* Includes also depreciation of plant. a 3 2 ^ % .
b 20%.
PIIELPS, DODGE & CO. C O N S O L ID A T E D B A L A N C E S H E E T D E C . 3 1 .
(Including assets and liabilities o f subsidiary companies owned.)

1916.
1915.
Assets—
S
S
Mines and mining
claims, &o____ 26,169,133 27,657,078
Bldgs., &c., at m’sl0,455,211 8,000,549
Investments------- 2,644,214 2,893,315
Deferred charges-*2,763,214 2,130,583
Merch. for sa le ... 1,648,355 1,262,519
Metals on h’d, Ac.a7,993,924 a4,552,370
Anglo-I-’rencn bds. _______ 1,910,000
Acc'ts receivable. 4,031,300 3,620,606
Marketable secur. 3,062,032
..
Cash...................... 7,746,520 5,889,305

1916.
1915.
Liabilities—
S
S
Cap. stock (450,000shs. at par).45,000,000 45,000 000
Taxes
accrued____1,471,131
.................."
........... 463.612
Accounts & drafts
payable----------- 3,830,597 3,859,369
Wages payable...
525,049
285,511
Surplus................. 15,687,126 8,337,804

T o t a l............... 66,513,904 57,946,350

T o ta l................ 66,513,904 57.946,356

* Includes in 1916 expenditures in suspense and paid in advance $560 302materials and supplies for use in future operations, 8 2 ,2 0 2 ,9 1 2 .
a Denotes
coppor at cost and silver and gold at m arket.— V . 104, p. 956.

Bothlehem (Pa.) Steel Corporation.
31 1916.)
Tho report, signed by Chairman Charles M . Schwab and
President E. G. Grace, March 15, says in substance:
(1 2 th A n n u a l R e p o r t — Y e a r e n d e d D e c .

n,£!iep’i ec*at!i0n ‘T ~ ' ar&e increase in the amount o f depreciation has been
iVV ,V. ^ ° rcIer t o ,writo off during tho life o f the contracts machinery im
stalled for war orders against the contingency that it m ay be impossible to
utilize such machinery for other purposes. [“ The depreciation and d e o l^
tion charge in 1916 was 814 ,3 5 0 ,7 8 6 , against 3 4 ,3 7 7 ,0 0 0 in 1915.]
P
w T 11 M a ry Steel C o ., a subsidiary o f Bethlehem Steel
C o ., has acquired the properties and assets o f the Pennsylvania Steel Cos
Bni.0v n i,?.Pd
G and M aryland Steel C o . (per plan in V . lO^ n l l 5 s "
£ 0 2 ; V .V1
p \?
Vand P le active operations o f the same have since been
conducted by Bethlehem Steel C o ., tneir earnings during the part o f the
year in which they were.so operated being included in this report
About D ec. 31 negotiations were concluded for the acquisition o f the
properties both o f A m . Iron & Steel M fg . C o. at Lebanon and ReadPng Pa®
and Lackawanna Iron & Steel C o. at Lebanon, Pa. These properties can
bo advantageously operated together (V . 103, p. 2344)
P P
^ can
Tho purchase prico of the properties o f American Iron & Steel M b Pn
was $ 6 ,6 6 0 ,0 0 0 , which was paid in bonds o f Penn M ary Steel C o. secured by
^?al estatc ai)d plants acquired and guaranteed by
p °:
1 iiat acquisition gave us not only an increased output
o f T rails, but also girder rails, fish-plates, tie-plates, frogs crossings
tb0Si SKV\VCl1 stapds and signals, and adds to our products railroad spilfes
and track bolts, so that we now manufacture a complete line o f accessories
to rtra ck work together with the rivets for our ship and bridge building.
11
Lebanon properties o f Lackawanna Iron & Steel Co consist o f two
blast furnac^; and a by-product coke plant at L e b a n o n V k Vand a leAse
Corn wail aR R tl0“ e blast fuf,nace? ' a so located at Lebanon! and o fT h o
oorn naii R R .
The properties also include an interest in the Pnrmvnii
?Vr«bfa?ikS’ ini W.V1Ch yoiilr corporation had already obtained a m ajority in­
tercut through the purchase o f tiio Pennsylvania Steel C o. nroVVrti.Vm

1,675,921

5.1 8 9 ,9 4 0
3,5 4 8 ,2 0 3

1139

pany has derived its principal supply o f coke. The con tract'of nnrebYSo
contemplates the transfer of the properties to a new company oVgVnkcd
for this purpose, and payment o f the purchase price principally in nSchmse
money mortgage bonds of such new company ( V . 104 n 6 6 6 )
purcllase
, , J " c.Zase in Capital Stock— New. Mortgage.— In view ’o f the burnings that
bcen Put back into the business, the capitalization o f your corporamanifestly inadequate fairly to represent the value o f its propertied
a,nd Ike requirements for its futuro growth were found to have outgrown
the funded debt limit imposed by Its oxisting mortgages. The past success
o f your corporation has been due to an important extent to tho fact that it
has in the past taken advantage o f opportunities for the introduction o f
V . an<- diversification o f products through advantageous improveincntSj extensions, & c. For this reason, while there exists no immediate
Ve,C, ^ Ly f? r flr,;ancl,lg caP.ltal expenditures, the consent o f stockholders to
mecftingSApril *3‘ fg

(V P{ o 4 ? W S T l W

? ) 10

b° asked f° r at the annual

of^wcVyear?7o
f* 13e t h V e l V o n f S C o ? S( V? w T ^ 7 6 6 ) ° c o ^ t ° i t u K S
part o f any program for permanent financing, but was made to provid^fo?
the extruordmary requirements o f munitions contracts, including a l l r w
contract under which Bethlehem Steel C o. receives S37 fiOO non nf
notes which are pledged or are to be pledged a T r o ^
The British notes thus pledged come to B d t l f f l m S ^ L C ? In I ^
factory adjustment o f matters which for some time had been the s u b le t of
discussion with the British Government in relation to a large contri^t for
the supply o f Russian munitions, payment for which was, under the terms
o f the contract, to bo made by tho British Governm ent. The m attered?
issue did not involve any question as to the quality of the work butVhld to do
solely with the time o f delivery and were complicated by changes in specifi­
cations while the work was in progress. All the important forei-n c o m p e te
uro now, in the opinion o f your officers in satisfactory shape?
— P uril?8 the past two years o f phenomenal profits your
corporation adhered, as in loyalty it was bound to do. to the profit-sharing
system previously in force, which necessarily resulted in i m u s u a l l ^
compensation to the various officers and employees affected by tho System
but, in the opinion o f your directors, not out o f proportion to the resnita
accomplished and the unusual effort and responsibility hivolvcd
u tB
„ „ Tho total bonus payments for the last six fLscal years to o ffic e r o f vour
corporation and o f subsidiary companies and heads o f general departn^ente
whoso
wac based r»n
o m in e but not including those I'Uieaw
whose oomnonsatinn
compensation was
on n
earnings,
whose
oPI^ PoI1/??o1<-n )v,??^ba'sed: P r! departmental savings or earnings, aggregated
S4.748.043 in 1916, as against S I ,897,493 in 1915 and’ S603
23H
in 1914,
io i4
*“
16 in
h o l^ o Q u iU to 7 .57% .8 .1 2 % a n d 7:50% 'rres?e ctiv d y .no f u f e n esarnings.
fe L M ^ ’
Orders.— Your corporation enters 1917 with an e v ------------- ■ K
busim ss ondts; books'than’ aTthe beginning o fT g fe , thus insuring fuT operaa 'n?> a? tS al»d dePartments throughout the coming year.
i ,16 i‘ssue by y ° u r corporation since the close o f the fiscal vear
o f its Class B common stock and the issue by Bethlehem Steel C o o f its
t ^ - y e a r notes ( V , 104, p. 766), have furnished your cwporation and its
”
arif companies with an exceptionally large cash balance wWch you?
officers and directors consider a wise provision in the face of the present
un;\°“ 'ed “ n a tion s j thLs country and in the world’s fin an c4.P
[As to proposed stock increase see note following income account below.]

. |

Surplus Account Jan. 1 1905 to D ec. 31 1916.— N et earnings from operatlons, after deducting ox mndltures for ordinary and extraordinary repairs
__$8,752,671
1905
....$3,622,476 1909 ..............$ 2 ,9 9 3 ,5 3 6 1913
... 9,64 9 ,6 6 8
1906
___ 2 ,011,368 1910 _________ 4,524,141 1914
....2 4,821,408
4 ,792,714 1915
1907
.... 2 ,642,178 1911 .......... ..
1916
__ 6 1,717,310
___ 2 ,196,172
1908
T o ta l —
f-'---'
_5 ’ n 4 . - : : : : : : : : : :$ i3 2 ;8 3 s ;o 8 2
Deduct—j n t i charges,"i”ncl. proportion o f discount &
_
oxpense o f bond and noto issues---------------- $ 3 0 ,0 6 0 ,8 0 8
Special reserves for extraordinary losses and other
direct charges to surplus. - - - - - - - - - ....................... 2 ,1 7 4 ,2 9 0
Provision for depreciation and depletion---------------2b .002, m o
-$ 5 3 ,9 0 3 ,2 9 4
■Dividends
_.
- ____________________________ $ 9 ,5 6 4 ,5 9 0
Additions to property'and working c a p it a l------------- 60,0 0 0 .0 0 0
6 9 ,564,590

Unappropriated surplus.......... ........... ................................... .............. - $ 9 ,370,198
Provisions for Repairs, Extinguishment o f M in in g Investments, D eprec., &c.
19151916.
1914.
1913.
Charged to operations. _ $ 3 ,003,312 $ 2 ,869,000 $4,3 9 0 ,6 7 2 $12,497 ,987
338,9991 14,350,786
347,273
Exting. m ining in v .,& c .
256,515
4 ,3 7 7 ,0 0 0 /
1,500,000
Depreciation fun d--------1,272,270
T o t a l _________________ $ 4 ,5 3 2 ,0 9 8

$ 4 ,7 1 6 ,2 7 3

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

Orders on Hand D ec. 31.
io n s
%7 592 50311911
$ 1 5 ,8 8 5 ,1 9 9 1914_________$ 4 6 ,5 1 3 ,1 9 0
190 8-------------- 1 4 :0 7 3 :8 3 4 1 9 1 2 : : : : : : : 2 9 :2 8 2 a 8 2 1915---------------1 7 5 .432 .89 5
1910
1 7 ,3 7 0 ,6 6 0 11913............ .. 2 4 ,8 6 5 ,5 6 0 11916--------------19 3 ,374 ,24 9
1915.

1916.

„

Th e above does not include men employed inCuban and Chilean mines.
B E T H L E H E M ST E E L CORPORATION A N D S U B S I D I A R Y COS.
Consolidated Income Account for Years ending December 3 1 .
1916.
1915.
1914.
1913.
Gross business about___ N o t stated N o t stated $ 4 7 ,5 0 0 ,0 0 0 $ 4 4 ,3 5 2 ,4 9 6
$9,3 7 8 ,3 8 5 $ 8 ,530,708
N e t m anufac’g profit___ $60,092,551 $ 2 3,782 ,784
83,545
126,674
Dividends and interest!
55,205
\ 33,929
M iscell. including rents!
1,62 4 ,7 5 8
1,038,624
83,213
(110,680
Prof.on purch.for sk.fd.J_____________ _____________
$8,752,671
$
9
,6
4
9
,6
6
8
T o ta lin c . (seenote)- $ 6 1 ,7 1 7 ,3 0 9 $ 2 4 .8 2 1 .408
$137,164
$170,999
In t. on notes & advances
$761,773
$8b ,105
In t. on bonds, & c.—
4 50,000
450 ,0 0 0
4 50,000
B .S .C o .p u r.m o n .b d s.
450,000
468,196
399,950
396,211
B .S .C o . 1st ext. M - —
357,811
B.S.pur.mon.&imp.M.Ss
547,750
P e n n .S .C o .(N .J .)co ll.5s 141.667
do do 1st M . 5 s 41,667
M d . S .C o .1st M . 5 s . .
79,519
Penn. & M d . 8 . Cons.
Jt. M tg o . 6 s . ...........
197,072
C o r n w .c o ll.t r . M . 6s
231,824
S p .-A .I r .ls t M .6 s (s .f.)
144,890
Ponn M a ry Coal C o . .
1st M . 6s (s. f . ) ------„ 6 4 ,6 1 2
906,321
901,286
1,234,727
B .S .C o . 1st lien & r e f.
642,495
139,693
40,818
B .S .l -y r .5 % sec.notes
......
20,395
37,500
35,813
P . It. Shipbuilding 5 s .
33.000
16,667
19,167
17,568
Titusville Forgo 1st 5s
14,662
25,000
25.000
24,792
San Fr. D ry Dock 5 s .
24.750
47,453
47,275
40,362
U n. I . W .D .D .C o . 6s.
33,663
29,987
21,505
16,200
II.& H .C orp.6% deb .bd s
5 ,400
B ala n ce_________
$ 5 7,944 ,754 $22 478,812 $7,437,293 $6,651,488
$256,516
$347,273
1,272,270
Dcp^xdatlon & . - - $ 1 4 , 3 5 0 , 7 8 6
4$ 3 7 ?:000
OOOlOOO
(5)745,400
ftePf divs (se e n o te ).(7 % ) 1 ,043,560 (7)1.043,560 (7)1,043.560
--------------- - ---- -------------- .
Common dividends____ (see note) (30)4,458,600
Balance, surplus_____ $ 4 2,550 ,408 $12,260 ,653
$4,5 4 6 ,4 6 0 $4,377,302
7vote.__ In Jan. 1917 a quarterly cash dividend of 1 0 % was declared on
the $15 000 000 common stock, payable April 2, and it was announced that
upon the authorization of $35 000,000 of new class B o n ^ ' n n Fe.h I7 ?n
rnnn
tho company would pay a stock dividend o f 2 0 0 % on l<eb. 17 in
caid stock and would permit the common shareholders to
g 1fu U a t ^ a r on or beforVMarch 6 for the remaining $15 ,0 0 0 ,0 0 0 class W
which had been underwritten. On the common stock as thus increased to
$60 ,0 0 0 ,0 0 0 it is proposed to pay quarterly cash dividends o f 2 ) 4 % each
in July and O ct. 1917 and Jan. 1918. See V . 104, p. 361. bb5.
C O N S O L ID A T E D B A L A N C E S H E E T D E C E M B E R 3 1 . ^ ^
Property^ccount Jan. 1 (seen o te).$131?983,860 $ 7 6 ,955 ,705 $ 69,331 ,118
34.479
89,462
Special funds to redeem rn tge s.— - 5 2 4 , 1 5b
403,839
1,568,352
Contingent and deprec. fd. a s s e ts ..
618,352
5
,498,415
5
,474,784
Raw materials and supplies............ - - 20,6 3 5 ,0 2 0
Worked material and contracts In
5 .632,318
6 ,657,768
progress, less bills rendered on acct 17.864.706
8,448,851
11,312,145
Accounts and notes receivable........... 24,201,141
437,604
27.617,495
Miscellaneous Investments--------------- 10,482,bJo
231,575
221,178
Cash for coupons p a y a b l e ..................
vov ’ qro
4 ,989,330
15,380,351
Cash in banks and on hand--------------- 0,727,302
220,369
5 02,610
Deferred charges to operations---------------------------- 846,474
T o ta l..............................

$220 ,73 7,25 7 $145 ,77 9,85 0 $ 9 5,227 ,965

Preferred* stock----------------------------------- S14.908.000

$ 1 4,908 ,000 $ 1 4,908 ,000
14,862,000 14,802,000
7 .8 6 3 .0 0 0
7,99 9 ,0 0 0

Bethn'stccl C o. 1st Ext". M . b o n d s .. 6 ,936,000
Bethlehem Steel C o. purchase money
7 .5 0 0 .0 0 0
6 % gold bonds, duo 1998--------------- 7,50 0 ,0 0 0
Bethlehem Steel C o. purchase money
and improvement m tge. s. f. 5s
2 2 ,653,000
13,485,000
B eth. Steel C o. 1st Lien & Ref. M . 5s 12,759,000
One-year secured gold notes . . . . - -----­
680",666
Fore River Shipbldg. Corp. 1st M . 5s
640,000
322.000
Titusville Forge C o. 1st M . 5s................................... 286,000
4 95.000
San Francisco D ry Docks 5 s . ...........
495.000
574.000
Union Iron W orks D ry Dock 6s------544,000
180.000
H . & H oi. 6 % debenture bonds------nnnnnn
Penn. Steel C o. 1st M . 5 s . ------------ }>000.060
M a ry . Steel C o. 1st M . 5s (assum.)
1.903,000
Penn. & M d . cons. jt . 6s (assum .). 3.93 1 .0 0 0
Cornwall collat. M . 5s (assum ed). 5.548.000
Sp an .-A m . Iron C o. 1st M . (s.f.) 6 s . 2 .850.000
1.545.000
Penn M ary Coal 1st M . (s.f.) 5s . .
371.899
16,987,675
N otes p a y a b l e -.. — ........ .................. ..
51,512,379
Accounts payable , & c ........................... o * A 4b ,4b t
223,859
Bond interest accrued---------------------4 3 4 ,4bJ
221,178
Coupons payablo.....................................
8 5 2 ,8J0
1,303,146
Contingent, & c., reserves..
--------2,586,590
2
5
,000,000
Appropriated for additions, & c------- 60-000,000
6.27 8 ,3 9 0
Profit and loss surplus.......................
a9,370,198

7 ,5 0 0 ,0 0 0
15.406.500
2 ,615,000
750.000
380.000
500.000
787.200
270.000

(J. I.) Case Threshing Machine Co., Inc., Racine, Wis.
(R e p o r t f o r F i s c a l Y e a r e n d in g D e c . 31 1916.)
The remarks of President Warren J. Davis, the income ac­
count and balance sheet for the late fiscal year, and the cer­
tificate of Price, Waterhouse & Co., the chartered account­
ants, will bo found on subsequent pages.
IN C O M E A C C O U N T FOR Y E A R S E N D IN G D E C E M B E R 31.
1916.
1915.
1914.
1913.
$ 1 4 ,0 5 8 ,6 3 2 $ 1 4,395 ,384 $ 1 3,417 ,406
Gross sales........................... $ 1 3 ,047 ,257
a Profit from salo of pro- _ ___ ____
d u c t ____________________ $2,3 8 5 ,1 1 0 $ 2 ,8 8 9 ,2 8 2 $2,024,878 $ 2 ,102,278
$733 ,62 7
b$907,457 b $ l,0 0 8 ,1 8 0
Bond, & c., interest------- b$737,389
Res. for con ting, losses,
100,000
50,000
50,000
& c-------------------------------850,500
8 50,500
850,500
850,500
Preferred divs. (7 % ) —
Total deductions____ $ 1 ,587,889
Balance, surplus...............
$797,221

$1,807,957
$ 1,081,325

$ 1 ,908,680
$116,198

$1,684,127
$418,151

a The profit from salo of manufacturing product as above is shown after
adding income from other sources and deducting all operating expenses,
ascertained losses and depreciation roservo, $273,887 1n 1910.
Includes proportion of bond discount applicable to tho yoar.

b

B A L A N C E S H E E T D E C E M B E R 31.
1916.
1915.
1916.
1915.
Liabilities—
S
S
S
$
Real est.,plants,*010,764,191 10,439,421 Preferred stock— .12,150,000 12,150,000
Pats, designs, &c. 1,036,839 1,036,027 Common stock— . 8,300,000 8,300.000
Inventories______ 9,881,338 6,744,115 1st M . 6% bonds. 9,000,000 9,500,000
--------43,833
Notes receivable *12,766,829 15,737,141 Real estate rntges.
750,000 1,010,000
Acc’ts receivable.
397,641
338,053 Bills payable_____
792,381 496,212
821,630 1,522,422 Audited vouchors.
Cash_____________
225,245 390,165
Prop, held for sale 202,370
229,105 Acc’ ts payable.&c.
282,851 246,267
Investments!____
362,387
258,352 Accr'd taxes, &c—
Ites’vo
for
loss,&c.
1,500,000
1,200,000
Funds accum. and
______
1,125,671 881,384
retained in Eu’pe 1,281,37.5
616,351 Deprec’n reserves.
Bond discount,&c.
522,590
616,292 Profit and loss.. . .y 4 ,051,719 3,554,498
Prepaid Int., &C—
140,676
234,881
A s s e ts —

T o ta l_________ 38,177,866 37,772,160
T o t a l............ ..38,177,866 37.772,160
♦ Includes"notes' of a face valuo of $ 1 1,500 ,000 pledged as collateral
socurity to the 1st M . 6 % serial gold bonds outstand ng on D ec. 3 1 1916.
x Investment in and advancos to Com pagnie Caso de France. S. A ., 1 arts,
y After deducting $300 ,00 0 appropriated as an additional reserve for
contingent losses, & c.— V. 102, p. 1054.

Aetna Explosives Co., Inc., and Subsidiary Companies.
(R e p o r t f o r N i n e M o n t h s e n d i n g D e c . 31 191G.)
Tho public accountants, New York, March 8 1917, stato:

W e havo examined the books o f this company and tho subsidiary com ­
panies for tho period from April 1 to D ec. 31 1916 and certify that the con­
solidated balanco sheet is correctly prepared therefrom. During the porlod
only actual additions and extensions havo boon charged to property account
and the total surplus at D ec. 31 1916 has boon appropriated on account o f
amortization and property destroyed. Tho inventories have beon valued
at cost or market, whichever was lower, and tho cash and securities have
been verified by the actual Inspection or by certificates from tho depositories.
PRO FIT A N D LOSS A C C O U N T FOR 9 M O N T H S E N D . D E C . 31 1916.
Profits o f Aetna Explosives C o. and sub. cos. from April 1 to
D ec. 31 1916, before providing for am ortization--------- —
— $ 4 ,321,393
Proportion o f loss o f sub. cos. after provision for am ortization.
applicable to stock not owned by Aotna Explosives O o.............
4 6 ’705
T o t a l _____ ______ ___________________ ________ ___________ __________ $4,358,097
Previous surplus at April 1 1916 (adjusted)----------------------------------4 44,632
_____________________________ _________— $ 4 ,802,729
D educt— Divldonds"pafd" on preferroJ stock ( 5 j i % ) .......................
2 88,535
A p p rc^ ia tio n "o n "account o f amortization by Aetn a Explosives
(Jo. and subsidiary com panies-------- --------------------------------------------- $ 4 ,514,194
C O N S O L ID A T E D B A L A N C E S H E E T D E C . 31 1916.
Assets (Total o f items shown $23,5 4 8 ,8 5 1 )—
,

Real estate, plant machinery and equipment: Domestic plants,

82 479 429: military plants, $11,1 2 4 ,5 2 4 , tank cats, maga
z ir m s & c ., $598,425: cost of financing and organization ex­
p e n s e , $ 2,485,388: total, $ 1 6,687 ,766 : less reserve for ainorttlzation $5 144,613
__________________________________________
Inventory’o f materials" In transit, on hand and In process, $ 5 ,­

000: total ................. .......-,...................- .......................................................
Deferred charges to op eration s..........................- ...................- ...........- Liabilities (Total of items shown $23,5 4 8 ,8 5 1 )—
. ..
Preferred stock authorized, $5,50 0 ,0 0 0 : in treasury, $600, held ^
Baf&nce*COTChfsive'of good-will, r°f>rraontod by 6 2 8 ,4 1 4 >|s"ha'r'es
"of So—
^
<auth. 630,000 shams) _ .
.
C apital stock o f subsidiary companies, not held by Aetna E x Fu ndeddebtV Y st M ? 6%* gold” bond's, duo Jan. 1 1945: A u th .,
$5,300,000: In treasury, $258,200: deposited as collateral,
[Aetna^Chemleaf Cm "o f Canada"Tst"M ."6%"b'o'nds'.'^OO.bb'o",
all deposited as security under agreement.!
_ nrt_
Jefferson Powder C o. 6 % m tgo. bonds, $27,000, sundry mort
B ifispayable, $2,513.265":"accoun'tspayablo, $3,58 6 ,3 7 8 : total
AccrifwTpay-rolls, $238 ,48 6: advances on contracts. $32,953 .

82.739
‘° J
^

g0Q

8 .745.801

2 ,1 8 8 ,0 5 0

36,750
6.099.643
^
^

R ^ervosF A ccid w itf $44t, 8 1 ^ ’ ln s S r ^ c e r $ 1 0 5 ,7 3 6 f sal"es"adj"u.s"t-

o fcom m isskm s,’ whereof $701 .05 8 is representedby notes payablo not In1,283,610
11,381.009
256,239
231,575
1,538,695
12,500,000
2,059,137

Total
__________
$220,737,257 $145 ,77 9,85 0 $95,227 ,965
a After "deducting $ 3 5,000 ,000 appropriated for and invested in additions
t0 2$rteP— 'T he property accountfoi-1916. and 1915 is reported as a net Item,
after deducting reserves for depreciation, & c., which m the reports for
earlier vears anueared only on the liability side o f tho balance sheet. In
tho stat(mient *1icrif c omi!i led, tho property account is showni on the same
basis for all three periods, tho footing of tho balance shoot for 1914 being
altered to correspond. Tho items affected^ire:
Property account Jan. 1 . . ..................... *92,035^419 $ 8 0,480 ,919 $72,8 9 1 ,6 9 5
Additions during year_________________ 86,896,169 11,j 54,500
7,o8J,22o
Total
$178 ,93 1,58 8 $92,0 3 5 ,4 1 9 $80 ,4 8 0 ,9 2 0
Reserve"for.”de”precjation . exhaustion
„ „ „ OQ
11 i 149 >802
’^ r roinAraia a im in g furnaces. & c .. 46.9 4 7 .7 2 8 15,079,714
Balance, not property account___ $131 ,98 3,86 0 $ 7 6,955 ,705 $ 69,331 ,118
— V . 104. P. 1047, 865, 766.




[Vol . 104.

THE CHRONICLE

1140

ClUNote a b M ate?iiiao n ih!uM am r^n 'transit amounting to $ 552 ,19 9. repre­

United States Cast Iron Pipe & Foundry Co. (of N. J.).
(18th A n n u a l R e p o r t — Y e a r e n d i n g D e c . 31 1J10.)
President L. R. Lomoine, N. Y ., Mar. 1, wrote in subst.:
, .
, *
w,,u wnq nhiiiiirtl in snito of a year of unusual difficulties
A favorablo r ^ id t was
which \lko your com pany, aro not engaged
for most Industrial^ffliterprjsos, w m c n , v iclssftudos, with advancing
in the
terials and^other adverso conditions too numorouso

sarw

Ma r . 24 1917.]

THE CHRONICLE

exceptional contract is regarded as paving tlio way for other important ton­
nages In South America and your board Is hopeful for a material and proba­
bly permanent growth in your export business.
Tho total tonnage shipped in 1910 was about 5 % less than In 1915 and
your production correspondingly decreased about 2 % . Manufacturing
costs materially increased.
T h e remodeling of your Bossomcr works, although Interfered with and
dolayod because of the adverse conditions referred to was continued through
tho year. There was expended thereon during the year S 531,285, including
the construction of a new machino shop and equipment therefor, of which
$338,918 was charged to plant account and 8192,307 to reserve for Improve­
ments and replacements. Tho high cost for now construction, A c ., has
forced, a postponement in carrying out tho plans for concentration and re­
modeling of works, though several Important additions havo been made.
During tho year there was absorbed In operating costs, covering expendi­
tures for repairs to buildings, machinery equipment, tool repairs, minor
S n f f i en^ ' maintenance and improvements in shop methods, tho sum of
$ 6 o0 , 2 2 2 , or some 3 5 % m ore than tho amount expended for tho purpose
during tho calondar year 1915 and 5 4 % more than in 1914. In addition,
there was expended and charged to tho account known as reserve for im ­
p rove merits and replacements, tho further sum of $227 ,49 1, o f which $192 ,­
367 was for account of tho Bessemer works.
On D ec. 31 1916 tho $179,000 mortgage on your Birmingham works be­
came duo and was paid off out of tho com pany’s cash resources.
Tho net earnings for 1916 amounted to $1,308 ,6 4 1 , against $305,788 for
tho soven months ending D ec. 31 1915 and $308,382 for tho calondar year
1915. Tho net working capital as o f D ec. 31 1916 was $3,6 1 7 ,6 0 9 , against
$ 3 ,398,329 as of D ec. 31 1915, viz.: Accounts receivable, Inventories and
cash on hand, $5,502,415: loss accounts, bills payable and accrued items,
$1,884,806: net working capital, 83,6 1 7 ,6 0 9 .
On Feb. 13 1917 a dlvldond of 5 % ( Q .-M .) upon tho preferred stock was
declared, payablo out of earnings for tho year ended D ec. 31 1916.
IN C O M E A C C O U N T .
n J ° i31
i W
,
,
,
Dec. 31 T 6 . 7
Dec.
T 5g.Manufacturing incom o. $1,539,7421
$417,562 f
Other Incomo.
--3 0 ,1 5 4 /
1

«•<*■ M a y 3 1 1915.
1914.
$211,267
$121,297
107,804
70,335

Total Incomo.................... $ 1 ,559,896
In t. on bonds A on bills
payablo----------$117,255
Reserve for im prov’t s . .
144,000

$319,071

$417 ,56 2
$55,774
56,000

$147,472
96,000

$191,632
$155,500
96,000

Balance for year-s u r .$ l,3 0 8 ,6 4 l sur.$305,78S su r.$75,599 def.$59,868
Previous surplus78,805
253,017
177 A 1 8
737,285
„ T o t a l .......... .................. .. $1,387,446
Prof, dlvs. (soo t e x t ) . . -(5 % ) 6 0 0 ,0 0 0
Surplus end of y e a r ..

$787,446

8558,805
"(4 )4 80,0 00
$78,805

$253,017
$253,017

$677,417
(4)500,000
$177,417

Ivi,io,ui2 Ife
, y 5 ° ^ pa,1A oufc ,Pf the, earnings o f 1915 and accumulated
dividends o f 2 % (>S % Q .-F .) , and on N o v . 15 1916 an extra of 2 % .
B A L A N C E S H E E T D E C . 31.
1910.
1915.
1910.
1915.
Assets—
s
$
Liabilities—
S
S
Plant investracnt-24,011,702 24,255,938 Prof. stk. outst'g_12 ,000,000 12,000,000
Bonds Amor. Pipe
Com. stk. outst’g.12 ,000,000 12,000.000
& Fdy. Co.........
14,437
21,043
Am. I*. A Fdy.lxls.
821,000
819.000
C ash. ....................
382,731
702,990 Dlmmick Pips bds.
179.000
Haw and manufac­
Accts. A bills pay. 1 ,820,224 1,081,340
tured materials. 3,077,791 3,024,074 Accrued Int., A c ..
G4.5S2
31,725
Accounts A notes
Reserves—
receivable......... 2,041,893 1,384,325
Impts., &c____
218,452
Working capital 1
1,700,000
Doubtful acc'ts.
55,907
Insuranco_____
117,147
Surplus x................ 1
558,805
TotftI..............-.30,128,551 29,391,370
T o ta l...................30,128,554 29,391,376
x Before deducting dividend (seo text above). As to dividend Increase,
soo V . 104, p. 669.

Otis Elevator Co., New York.
Y e a r e n d in g D e c . 31 191G.)
President W . D. Baldwin, Mareli 14, wrote in substance:
(R e p o r t f o r F is c a l

The volumo o f sales made in 1916 was largely In excess of the sales nf
1915 and of a more satisfactory ch a ra cter/b u t the S s
arfl nn?
reflected In tho balance sheet as a largo p roportion of
1916 will not bo completed until during tho year 1 9 1 7 cont?acts takcn ta
ih o great difficulty in obtaining materials has made It imperative to
accumulate an unusually largo stock of raw and finished product to cover
as far as possible, contracts talcon and under negotiation. This difficulty'
together with the abnormal Increase In prlco of purchased materials and
increasing labor costs, has augmented our Inventories to an unusually largo
f % lr ° ’
ls shown in the increase In Our notes payablo
for since Jan. 1 1917 Is lit excess o f last year,
nnm tor nf Im n ^ ? ? eted contracts carried over, together with tho large
to bo promising taUt n° S ° tiatlons outstanding, tho outlook would seem
thanhmhr\^n,l 0 'V,jf.,'illr. busi.noss *n belligerent countries Is more satisfactory
business has*
i°nton }l'Ulor existing circumstances, for while tho elevator
in some n f t t u f A r U ^ *? “ comparatively small figure, tho work In hand
loss but tnn D efn
Plants* Promises not only to Insure us against any
D’erlimVlin ve^r iai A , ' u,osfc advantageous position after the war.
fact urine nlanks
* 3 11,660 for additions to our manu­
facturing plants. N o such expenditures aro contemplated this year.
R ESU L TS FOR C A L E N D A R Y E A R S .
1916.

N et earns., after in t., re­
pairs, renew. & d e p r .. *$1,036,589
Prof, dividends (6 % ) ___
$390,000
C om . dividends ( 5 % ) . .
318,575
Res.for pension ,A c . .fund
50,000
Itoserved for doprecla’n
and contingencies____
250,000
Surplus

$28,014

1915.
$735,668
$390,000
318.575

1914.

1913.

$876,425
$390,000
318.765
25,000

$1,157,395
$390,000
318,765
75,000

12 0 ,0 0 0

321,247

$22,660

$52,383

$27,093

* After deducting in 1916 $170,620 for depreciation.
G E N E R A L B A L A N C E S H E E T D E C E M B E R 31.
1910.
loir.
1910.
1915.
Asset?.—
$
s *
LlablUltes(con.)s
S
Plant account xl4,984,330 14,398,274 Accr.lnt.on d eb.. .
40,000
41,250
Bonds .stocks,Ac.
’
Debentures............ 3,200,000 3,300,000
held lor sale____
104,811
108,231 Notes payablo____4,012,500
2,237,500
Deferred
charges.
„ .
242,218
174,179 Accounts payablo- 1,205,880
863,195
Cash........................
898,594
078,789 Prof, dividends__
97,500
97,500
Notes receivable-.
84,872
211,379 Com. dividends..
398,219
398,219
Accts. receivable. 3,172,902 2,774,593
Reserve for contin­
Inventories........... 0,915,862
4,229,905
gencies, Ac____
250,000
108,480
Res’ve for pension,
TOtaJ— ............. 26,403,048 22,035.350
Ac.,
account_
_
■
___________
158,653
136,330
Liabilities—
Preferred sto ck ... 0,500,000 0,500,000 Surplus.................. 2,609,303 2,581,288
Common stock.. . 0,371,587 6,371,587
2-year notes (1918) 1,500.000 ................
_______
T o ta l.................. 20,403,048 22.035,350
x Includes In 1916 investments in real estate, buildings machinery and
equipment: equities In Harrison, Now York and 1C hicago nronor«M and
patents, less depreciation, 8 1 1,744 .528 , and invoaVment L o t W f o r ^
and domestic corporations at cost, $ 3 ,239,802
^
™
c foreign
dIscount0odPany haS’ DCC- 31 1916' COnUng0rlt llablHty o f $100,000 on bills
d e S ^ l ^ m f p ^ l i e i ? Cl° CtCd a dir° Ct0r to succced F - w - Roebllng,




1 1 41

American Graphophone Co.
(R ep o r t f o r

F is c a l

Y e a r e n d in g D e c .

31 1916.)

A s to n e w c o n t r o l a n d s u b s c r ip t io n r ig h t s , see a s u b s e q u e n t
page.
E A R N IN G S , E X P E N S E S A N D CH ARG ES.
,
„
1916.
1915.
1914.
1913.
N et earnings, all sources $ 2 ,1 7 6 ,4 7 5 $ 1 ,988,401
$637,036
$720,161
Int.on fund .A float .debt
2 7 2,876
125,744
125.374
120,132
150,000
G en’l invent, reserve___
Other reserves............. —
50,000
Dividend on pref. stock . (7 )161,045
(7)150.169
(7) 146,764(7 % ) 162,489
Com m on dividends ( 7 % )
183,946
183,946
.
Surplus A reserve accts.
beginning o f year___

$817 ,86 7
1,358,608

$459,859
1,528,542

$272 ,13 8
3 6 4,898

$282,621
437,540

1,590,351

1,070,156

8 6 6,588

601,128

$ 2 ,948,959
Charged off for dep r.,A c..
$330 ,00 0
do
patents, A c ___
571,812

$2 ,5 9 8 ,6 9 8
$491 ,85 4
516,493

$1,23 1 ,4 8 6
$161 ,33 0

$ 1 ,0 3 8 ,6 6 8
$172 ,08 0

31 $2 ,0 4 7 ,1 4 7 $1,59 0 ,3 5 1 81 .0 7 0 ,1 5 6
B A L A N C E S H E E T D E C . 31.
1910.
1915.
1916.
Assets—
§
$
Liabilities—
S
Patents,franchises,
Common stock.
2,027,790
good-will, A c . . . 1,000,000 1,500,0C0 Preferred stock.
_2,500,000
Real est.,bldgs.,Ac.4,114,165 3,023,083 Mtge. bds.1910-30 L93 g|800
Inventories............ *5,389,740 1,930,177 6% serial n o tes... 2.500,000
Acc’tsAnotesrec. 3,406,812 2,495,208 Debentures______
______
Cash.....................
004,011
397,074 Current accts., acDeferred assets___
116,244
93,958
cr’d Int. A taxes
A notes payable 3,139,235
Surplus A reserve
accounts............ 2,047,147

$866,588
1915.
S
2.627,790
2,179,040
1,573,300
23,100
1,447,178
1,590,351

T o ta l............. ..14,750,972 9,440,760
T o ta l................14,750,972 9,440 760
in. 191,6 at cost raw materials, $1,4 3 5 ,4 9 6 : goods in process,
S I •268,677; and finished goods, $ 2 ,8 3 5 ,5 6 8 , less general reserve, $150 ,00 0.
v • l u j , p«

Diamond Match Company.

(R e p o r t f o r F i s c a l

Y e a r e n d in g D e c .

N et profits, all sourcos__$3,925?806
Depreciation, repairs, A c .
252,944
Res’ve against inventory.
192,350
Reserve against cost of
Potash plants_________
400,391
Reserve to protect stocks
against price declin e..
30 0 ,0 0 0

Not earnings...

$2,780,121

1915.
$ 2 ,284,564
291,188
388,368

31 1916.)
1913.
$2,187,830
412,015

1914.
$ 1 ,872,165
329,931

_______

•

_______

_______

______

$1,605,009

$1,542,234

$1,775,815

Approp. for general res ve
----------$ 250 ,00 0
$250 ,00 0
$250 ,00 0
Depreciation reserve-----150,000
150,000
150,000
150,000
Dividends ...............(7 H %) 1.314,795 (7) 1,130,599 (7) 1,126,342 (7) 1.126 338
...................... $ 1 ,315,326
Surplus
Previous surplus..................
45 4 ,7 3 0

$74,410
8 8 0.320

$15,892
864.428

$249,477
614,951

T o ta l- ..............
$ 1 ,770,056
Patents, A c ., written o f f . 1,250,000

$954 ,73 0
5 0 0,000

$8SO,320

$864,428

_______

_______

Surplus D ec. 3 1 . . -------- $520,056
$454 ,73 0
$880,320 $864 ,42 8
B A L A N C E S H E E T D E C E M B E R 31.
1916.
1915.
1916.
1915.
Assets—
S
S
Liabilities—
S
S
Plants, Ac_______ 4,315,228 3,822,327 Capital sto ck .'... 16,965,100 16,965,100
Pine lands, Ac____ 2,526,615 2,534,659 Acc’ts payable___
232,992
475,452
Pats., rights, A c ..
750,000 2,000,000 Pay-rolls------------54,037
70,517
Foreign, Ac.,Invest.
936,811 1,092,785 Taxes accrued____
95,828
86,887
Def. chgs. to oper.
46,529
49,002 Reserves................
465,965
140.6S0
Inventory ............. 4,808,312 4,768,613 Surplus A profits.
520,056
454,730
Notes A accts. ree. 2,234,651 2,082,007
Cash........................ 2,685,832 1,843,973
Total ........... ...18,333,978 18,193,365
- V . 104, p . 1048, 365.

T o t a l.............. .IS ,333,978 18.193,365

Fisk Rubber Co., Chicopee Falls, Mass.

(R ep o r t f o r F is c a l

Y e a r e n d in g D e c .

Year end. 14 M o . end.
„
,
.
D ec. 31 T 6 . D ec. 31 T 5 .
N et, after deprecian, A c. $1,83 6 ,8 3 0 S I ,791,579
Inventory adjustm ent. _
.............
3 14 5 q00
Miscellaneous expenses.
95.125
’
First pref. divs. ( 7 % ) . .
30 8 ,0 0 0
2 1 9 '0 4 l
Second pref. divs. ( 7 % ) .
140.000
140,000

31 1916.)

Years ending Oct. 31—
1914.
1913.
$942,204
$ 606 ,00 0
$160 ,00 0
S117.6S8
15,416
210.0001
1 4 0 ,0 0 0 /
y 2 8 5,83 3

Balance surplus---------$ 1 ,293,705 $ 1 ,287,538
$432,204
S187 063
y Includes tn 1912-13 divs. on pref. stock of the Fisk Rubber Co of
Del. from N o v . 1 1912 to Feb. 19 1913, $12,778 , and also $145,833 on t h e
first pref. stock and $97,222 on the 2d pref. stock of the Fisk Rubber Co o f
M ass, from Feb. 19 to Oct. 31 1913.

Assets—
Real estate, bldgs.,
machinery, A c.
Equip., furniture,
moulds, Ac____
Leasehold prop’ty
Good-will A pat’ts
Investments.........
Cash......... ..............
NotesAacc’tsrec.
Notes rec. for spec.
deposits..............
Stock subscrip’ns a
M at’ls A supplies.
Tire3 under mile­
age contracts___
Prep’d int.,ins.,Ac.

B A L A N C E S H E E T D E C . 31.
1916.
1915.
1916.
$
S
Liabilities—
$
Common s to c k ... 8,000,000
4,779,448 3,558,539 7% cum.prcf.stock
1st preferred... 4,400,000
1,089,988
S62.270
do do convert. 5,000,000
6,893
7,754
2nd pref.conv.. 4.500.000
8,000,000 8,000,000 Loans payable__ 2.150.000
*404,342
Accounts payable.
682,294
367,088
991,909 Unpaid divs. due.
4.485
3,893,696 1,330,208 Accrued income
tax and wages..
37,764
1,380,600
Reserves________
171,768
99,835
128,955 Surp. for retirem’t
7,476,204 4,531,377
of 1st pref. stock
975,000
Surplus................. b l ,875,442
38,202
40,066
260,479
127,273

1915.
S
8,000,000
4.775.000
2',boo, 606

2.200.000
577,650
807

600.000
1,246,394

T o ta l..................27,796,754 19.578.352 | T o ta l.................. 27,796,754 19,578.352
* Includes Premier Realty C o .. $112,010. and com pany’s 1st pref. stock
held temporarily, a Collateral notes from employees for subscriptions to
capital stock,
After deducting $375,000 1st pref. stock (3,750 shares at
par) retired and $7,940 premiums paid on 3,7 5 0 shares rrtirai; $234,850
commissions paid on sales o f 5 0,000 shares of first pref. stock, and 5 000
shares of 2d pref. stock, $275,000, less miscellaneous stock profits, $10 150
and fees and expenses in connection with increase o f stock.— V . 101, p . 8 6 6 .

b

United States Worsted Co., Boston.

31 1916.)
Pres. Andrew Adie, Boston, March 3, wrote in substance:
(4:th A n n u a l R e p o r t— Y e a r e n d i n g D e c .

A our plants have been operated during tho entire year as near to their
maximum capacity as was consistent with the extraordinary conditions
created by the war, conditions which greatly affected both labor, raw
anti tho marketing o f finished goods. Scarcity o f labor and
difficulties connected with transportation have been marked throughout
tae yearth e ind cations regarding tho outlook for business, forecasted
previously, were fulfilled and the outlook for this year is most promising
if unforeseen complications in the commercial world, due to war or war
measures, do not arise.

THE CHRONICLE

1142

Raw materials contlnuo to bo scarce, and prices are the highest on record,
averaging moro than 5 0 % higher than a year ago. Fortunately, your
company is well supplied with raw materials ahead o f its reciuirements.
The cost o f manufacturing, owing to high prices and groatly enhanced labor
charges, is very much more at tho present time than it was last year, and
this, taken in connecton with a business already largo and steadily increas­
ing in magnitude, necessitates tho use of moro than double tho amount of
quick working capital which would bo required under normal conditions.
Feeling that tho existence or tho so-called Saxony option was undesirable
and a causo of anxioty to the company, duo in part to tho annual paymonts
called for by the terms of tho option, but chiefly to tho very large final
payment to be made on N o v . 20 1917, offered to reliove tho situation by
selling the Saxony Worsted M ills outright to tho com pany, thus canceling
tho option. Negotiations followed as to terms and conditions whereby
this desirable end might bo accomplished, resulting In a contract which
provided that tho Saxony Worsted M ills should bo deeded to your company ,
and that payments of tho amount then due on tho option should bo oxtonded
for ten years. This has now been accomplished and tho option has been
canceled •
W ith a growing surplus, tho question o f dividends has boon seriously
considered by your board. They appreciate tho natural desire on tho part
of the stockholders for the resumption of dividends at as early a date as possi­
ble, but up to this time tho board has been of opinion that It would bo tho
part of wisdom to defer action in tho matter on account of tho uncertainties,
which at present surround every business enterprise, although noarly twice
the first preferred dividend was earned. For tho protection of every stock­
holder, the first consideration and duty o f your board must bo to keep your
company financially strong, with ample working capital, and this is espe­
cially so In war timo when it is impossible to forotoll what m ay occur.
PROFIT A N D LOSS A C C O U N T FOR Y E A R S E N D IN G D E C . 31.
1916.
1915.
1914.
Profits after interest_____________________S I ,005,767
^ 650,074
S499.324
Repairs and maintenance--------------------152,392
142,889
108,813
Interest on Saxony option-------------------60,162
65,311
Depreciation, & c., written o ff------------2 0 0,000
----------39,201
----------44,779
M iscellaneous___________________________
4 2,144
Balance, surplus_____________________
8611,232
5447,022
B A L A N C E S H E E T D E C E M B E R 31.
1916.

Assets—

$

1915.

•S

1910.

Liabilities—

$241,219
1915.

S

$

5 ,2 3 1,9 18
4 ,3 4 8 ,8 1 2
486 ,77 9
170,654
1,29 5,4 73
3 ,0 5 5 ,0 3 3
70,7 48

1st p rof, s t o c k ____ 5 ,0 0 0 ,0 0 0 5 ,0 0 0 ,0 0 0
2d pret. s t o c k ____ 3 ,9 7 4 ,8 0 0 3 ,9 9 5 ,5 0 0
701 ,50 0
C o m m o n s to o k ___
7 25 ,20 0
2 ,820,0G 0
N o te s p a y a b le ____ 3 ,3 1 5 ,0 0 0
152,205
A c co u n ts p a y a b le .
6 2,3 50
Sin k, fund c e r t lfs .* 1 ,3 0 0,0 00 * 1 ,3 0 0 ,0 0 0
5 ,0 0 0
R e s e rv e .....................
5 ,0 0 0
688,241
P ro fit and lo s s ___ 1,29 9,9 33

T o t a l ....................15,6 82 ,28 2 14,6 65 ,44 7

T o t a l ..................... 1 5,6 82 ,28 2 14,665,447

R e a l esta te, plant
a n d m a ch in e ry . 5 ,1 2 6 ,5 8 3
G o o d - w i ll ................ 4 ,3 4 8 ,8 1 2
I n v e stm e n ts...........
6 21 ,50 5
C a sh ______________
178,005
A c c t s . & b ills r e c .
7 8 9 ,64 0
I n v e n t o r ie s _______ 4 ,4 9 9 ,2 2 9
P rep aid ln s u r.,& c .
118,509

* These obligations replaced notes payablo of $ 1 ,0 0 0 ,0 0 0 , are second to
tho 1st prof, stock and aro redeemable out of oarnings on ly.— V . 104, p.
1050, 958.

Midvale Steel & Ordnance Co.

D e c . 31 1916.)
President William E. Corey says in substance:
( F ir s t A n n u a l R e p o r t — Y e a r e n d e d

[Vol. 104

Tho problom which confronts us is so complex that it is only ordinary
prudenco to prepare for adverso trado conditions by keeping all properties
at m aximum efficiency, and by conserving our financial resources. Owing
to ownership o f raw materials, our companies will, no doubt, bo ablo to
secure a reasonable share of domestic and export business under any con­
ditions which m ay arise.
Inventory.— Th e inventory of $33,422 ,685 D ec. 31 1916 included chiefly:
Iron ores, $ 7 ,936,464; pig iron, scrap, spiegel, forro manganese and ferro
silicon, $ 3 ,530,342: tungsten, aluminum, nickel, forro chrome, titanium ,
vanadium , sundry alloys and alloy scrap, $ 2 ,103,658; molds, rolls, castings,
& e., $2,148 ,4 5 2 ; manufacturing supplies, stores, and sundry item s, $ 4 ,3 0 9 ,­
125; steel, nickel, and chromo vanadium ingots, $841,422; blooms, billets,
slabs, blocks, rough bar, mill bar, skelp anil flue iron, $1,892 ,3 4 7 ; finished
products, $ 3 ,891,743; work in process, $4 ,8 4 5 ,2 0 3 ; material in transit,
$ 9 15 ,50 2: coal, coke, limestone and other supplies, & c., $ 1 ,0 0 8 ,4 2 7 .
Properties o f Subsidiary Cos.— These include (a) 69 open hearth furnaces,
viz.: Cambria Steel C o ., 30; W orth Brothers C o ., Branilywino plant, 24;
Wilm ington Steel C o ., 5, and Midvalo Steel C o ., Nicetown plant, 10; ( 6 )
2 cruciblo furnaces, Midvalo Steel C o.; (c) 14 blast furnaces, including
2 under construction, viz.: Cambria Steel C o ., 11; W orth Bros. C o ., 3;
(d) 4 Bosscmer converters, Cambria Steel C o .; (c) 922 coko ovons, viz.:
Cambria Steel C o ., 462 by-product ovons; Union Coal & Coke C o ., 460
beehive ovens; ( /) limestono quarries (Cambria Stool C o.) at Carlin and
N aginoy, I’ a .; (p) 15 coal mines, viz.: Cambria Steel C o ., 6 in Cambria
C o ., P a ., witli extensive undeveloped coal lands in six Pa. countios; Union
Coal & Coko C o. with 7 mines in Washington C o . and 2 in Westmoreland
C o ., P a.; (h) iron ore properties, viz.: 100% interest in Penn Iron M ining
C o. in Menominee Range, M ich ., and in Buena Vista Iron C o ., C uba, and
5 0 % interest in Mahoning Ore & Steel C o ., M esaba Itango; (i) 14 vessels,
viz.: 5 owned by Cambria and Mahoning SS. cos. (stock 5 0 % owned);
8 by Johnston and Beaver SS. cos. (6 0 % owned) and 1 by Republic SS.
C o. (1 0 0 % owned).
,
Th e ordnance and armor department manufactures naval guns, armor
plate, army howitzers and guns, high oxplosive shells, rifles and armor­
piercing projectiles. Our other products ombraco in addition to various
forms of Bessemer and open hoartli steel billots, plates, shapes, & c., rails,
agricultural and high-grado tool steel, spring steel, wire products, steoi
tires and wheels, steel cars, See.
Capital Expenditures.— During tho 15 months ondoil D ec. 31 1916
capital expenditures to a total of $27,105,673 wore authorized, of which
there was expended $14,879 ,048 ; balanco to bo oxpondod, $ 1 2,226 ,625 .
Tho principal capital expenditures during 1916 for extensions and im ­
provements were:
,
, „
, ,
Cambria Steel Co.— 1 500-ton blast furnaco, completed; 2 500-ton blast
furnaces in course of construction; 2 additional open hoartli furnaces;
7 steel Lake stoamers, averago capacity 10,000 tons each (controlling
stock ownership); 1 stool Lako steamer, 11,500 tons capacity, under con­
struction .
„
Worth Brothers Co.— 1 additional 500-ton blast furnaco, undor construction;
8 additional open hearth furnacos, capacity 70 tons each; 1 40-inch
blooming mill; shell forgings department, consisting of 10 furnacos,
5 hydraulic presses, &c.
Midvale Steel Co.— (a) N o . 6 projectilo machine shop, a permanent brick
and steel building 550x60 f t ., equipped with about 60 machine tools,
10 overhead traveling cranes; (b) auxiliary macliino shop; (c) oxtonsion
to rolled wheel plant, 114x166 ft.; (cl) second addition to N o . 6 machine
shop, 300x125 ft., fully equippod with 80 machine tools, 19 traveling
cranes, & e., all for tho manufacture or high oxploslvo shells; (c) oxtonsion
to armor-tomporing plant, 36x135 ft.; ( /) N o . 7 artillery machine shop.
619x220 ft., with 200 machino tools, 30 traveling cranos, & c.; ({/) 200-ton
la llo crane; (It) cruciblo plant extended; (i) additional press forging plant,
2 500-ton presses, 2 heating furnaces and 1 5-ton electric traveling
crano, & c., &c.

Organization.— Your corporation was organized in Delaware on O ct. 6
For income account and bal. sheet seo V . 104, p. 950.
1915 with an authorized capital o f $ 1 0 0 ,00 0,00 0, o f which $75,000 ,000
was issued. It acquired over 9 9 % o f tho stock of tho M idvale Steel C o .,
Nicetow n, Philadelphia: all of tho stock o f W orth Brothers C o .. C oatesvillo. P a .: the property known as the Coatesville Rolling M ill C o ., C oatesville. P a ., and the entire capital stock o f Rem ington Arm s C o. (of Dela­
ware)
On Dec. 1 1915 tho company purchased tho entire capital stock
{ R e p o r t f o r F i s c a l Y e a r E n d in g D e c e m b e r 31 1916)
o f Buena Vista Iron C o . (of N . J .) , owning valuable ore properties, em­
Pres. J. E. Aldred, Montreal, Fob. 20, says in substanco:
bracing about 20,538 acres of undeveloped ore lands estimated to contain
3 0 0 .0 0 0 . 000 tons o f ore. These properties are located on the north coast
Results.— Tho gross earnings for tho year were $2,3 2 5 ,8 7 2 , an incroaso of
o f C uba, adjacent to similar properties owned by tho U. S. Steel Cor­
$405,729 over 1915. The not earnings show a return of 9 Vx % on tho avorporation and Bethlehem Steel C o.
,
,
,
„
a "o capital employed during tho yoar. From tho not oarnings thoro liavo
On Feb. 9 1916 a controlling interest in tlio stock o f Cam bria Steel C o.
been declared dividends o f 7 % for the yoar, disbursing $989 ,00 6, against
(of Pa ) was acquired. In order to finance this purchase, $25,000 ,000 stock
$787,131 for 1915.
„ .
,
was sold at 2 0 % premium and this company authorized an issue of $ 5 0 ,­
" R eserves.— There was set aside from tho not earnings $232,141 as additions
000,000 20-year 5 % Convertible Sinking Fund gold bonds, o f which to the reserve and sinking funds, which now amount to $ 2 ,400,000, In­
$45,736 ,000 were sold at 95 and int.
Ih e balance o f said bonds ($ 4 ,2 6 4 ,­
vested In marketable securities.
,
, ,
, lx
000) m ay bo issued upon the acquisition of additional Cambria Steel stock.
New Common Stock.— T o provldo tho necessary funds for oxpondltures
On M arch 11 1916 you authorized tho increase ot the capital stock from
on capital account, the company offered to tho shareholders in M a y 1916
510 0 .0 0 0 . 000 to $ 1 5 0 ,00 0,00 0. O f this increased amount $25,000 ,000 tho opportunity to subscribe for $1,361,250 of now common stock at $115
par value is held in reserve for tho conversion of bonds Into stock on the per share
The issuo was fully subscribed and has been paid in full, tho
basis of ten shares of stock o f tho par value ot $50 each for each $1,000
premium received being transferred to tho reservo fund (V . 102, p. 1901).
bond, and tho balance of $25,000 ,000 remains unissued.
Notes — T o meet tho expenditure required for tho La Loutro dam and tho
In M a y 1916 your company purchased the property in W ilm ington, D e l.,
Canadian Electro Products Co., later referred to, it was deemed advisable
which had been formerly operated by tho Diam ond State Steel C o . The
to proviilo funds through a method of short-torm financing. T o tills end
W ilm ington Steel C o. (of D el.) was incorporated to take title to this prop­
an arrangement was made for tho salo of $ 2 ,500,000 2 -year 5 % notes.
erty, which consists of open hearth furnaces, blooming m ill, bar mills and
Tho conditions governing both tho erection of tho dam anil thoso contained
other auxiliary manufacturing equipment.
______ . ,
in tho provisions for operating tho Canadian Electro Products G o ., L td .,
On N o v . 1 1916 tho company acquired through purchaso of tho capital
provido for the reimbursement to tho company o f the capital expenditure
stock of Union Coal & Coke C o ., all of tho coal lands, mines and equipment,
involved, so that the requisite funds will bo in the company s hands for
in W ashington C ounty, P a ., known as tho M arianna mines, formerly tho retirement of these 2-year notes on their m aturity.
,
operated by tho Pittsburgh-Buffalo C o. This property consists of about
La Loulre Storage Dam.— During tho yoar our subsidiary, tho St. Maurice
A aa
0 f fjl0 highest grade of gas coal and 160 beehive ovons.
Construction C o ., L td . has continued tho construction work on the La Loutro
’ In D ec. 1916 tho company entered into an agreement with tho controlling storage dam and this work should bo completed by Doc. 31 1917.
intercut for the purchaso of tho property of the Pittsburgh-Westmoreland
North Shore Power Co.— 1This company, your subsidiary In tho district
Coal C o ., adjoining tho M arianna property above mentioned, located in
of Threo Rivers, has extended Its field of operation to ineludo tho principal
Washington C ounty, P a ., and consisting o f over 15,000 acres oi high-grado
manufacturing towns between Threo Rivers and Quebec.
coal, suitable for all purposes o f tho com pany, including the manufacture
Three Rivers Traction Co.— 'This traction company has obtained a fran­
of coko, there being 8 mines and 300 beehive coko ovens in operation.
chise in Cap-do-la-M adelolno. on tho St. Maurlco River and during tho
The purchase of thoso two properties, together with coal already owned by
summor 3 $ miles of now track wero laid to connect this town with tho
Cam bria Steel C o ., will am ply provide for all of the priwont fuel require­
m ents of tho subsidiary com panies, with som e 8l^ P lus
^ P u bU c ,Se7ri« Corp'- of Quebec.— Tho operation of this c o r p o r a tio n . wlth
British Rifle Contract.— Th e Komingtou Arm s C o. o f Del. nail contracts
power from tho Shawinigan system , was started n M arch 1916. Steady
with the British Governm ent to manufacture 2 ,000,000 U.cc-luiinelil rIf1o-s. prowess Is being m ule in tho oxtonsion of tho business in Quebec, anil tm s
These contracts were ontcrod into under normal business conditions and
company promises to be a substantial consumer of Shawinigan power.
under circumstances which promised very large profits. Owing to the
Sherbrooke E xtension.— A contract has boon made with tho Southern
fact, liowover, that many large contracts were shortly after enteredinto
Canada Power Co. (V . 104,-p . 669, 458) providing for the delivery of power
by other manufacturers,not only with tho British Governm ent but also with
In tlio soction south of tho St. Lawrence River not included in tho territory
the Russian and French G overnm ents, for tho supply of arms and am m unl- served by tills com pany’s subsidiary, tho Continental I teat & Light C o.
tlon, such an onorinous and unexpected demand was suddenly find urgently
A lino constructed by your company from W indsor M ills to Sherbrooko was
developed for skilled labor, materials and machinery that the manufac­ put Into operation in Jan. 1917 and will deliver power to all o f tho larger
turers o f machinery and materials with whom contracts hail boon entered cities and towns in tho Provinco of Qtioboc.
into for the purpose of enabling the, munition companies to perform their
Canada Carbide Co.— Tho Canada Carbiilo C o ., L td ., which manufactures
contracts, found themselves dopriveil in part o f their skilled mechanics and calcium carbiilo by an electric reduction process, lias enjoyed a very satis­
unable, through their failure to obtain materials, to perform their agroofactory year and having complotixl extensions, is expecting a far larger
ments prom ptly. All calculations based upon original conditions were
completely disarranged, with tho result that substantially all manufacturers ° a(?cmadian Electrode Co.— 'This company, which was organized to moot tho
of arms and ammunition were involved in those abnormal conditions.
ilomanil for electrodes used In tho various electrical industries at Shawini­
M oreover,
owing to tho fact that tho Leo-Enfiold
rifles
had gan Falls, has now completed Its plant and is in a position to supply Its
not been standardized, difficulties were encountered by all companies
which had entered into contracts for the manufacture of th p o rifles, re­
PrCanadian Electro Products Co.— This subsidiary early in 1916 made #
sulting in losses which finally assumed such proportions that, in September
contract with tho Imperial M unitions Board for
nt^vi
last, your company, with other companies having similar contracts, entered phnniipil nrndtirtiS ronnircd for wjip purposes. An oxtonslvo pl<int n<is ocon
into negotiations respecting tho situation with tho British Government.
constnicti^0 at Shawinigan FalIs and tills plant is now completed and In
As a result, the contracts were modified so as to provldo that all manu­ operation. This company w ill, it is anticipated, continue after tho war
facturing losses should bo made good to the Remington Arm s C o ., of D el.,
and, on behalf of tho latter com pany, it was arranged that it should con­
demand eeas(«
—
plant at G rand'M cro has boon put into full
tinue to manufacture rifles up to an aggregate, including those already operation and y o u r com pany 1 is operating it with resulting economy to
finished of 1 176,471, at tho British Government s expense.
Tho modified
both comDtSles
W lth the growth of tho power businoss wo have taken
contracts further provide that any additional rifles that m ay bo called for additlonaf power from tho Laurontido C o . boyonil that covered in our
by tho British Government shall be manufactured at cost, plus a profit
C0<s i rAMaurice D istrict.— During tho past year, tho St. M aurice district,
*° Genent}nResuRs.— Tho period since our organization has been abnormal including tho cities of Grand’M cro, Shawinigan Falls and qhree Klvcrs,
from the commercial and operating standpoints.
Duo principally to tho has seen a remarkable growth. Tho construction of tho mill or tno » t .
extraordinary demands for steel products by tho warring nations ol Luropo Maurice Paner Co (V . 103. p . 148) and extensive additions to the plants
the prices o f all steel commodities, both for export and for domestic con­
of tlio Wayagamack Pulp & Paper C o. and tho Canada Iron 1
sum ption, have advanced to high levels. T h is has enabled your companies
stimulated the growth of Threo Rivers so that tho population has materially
to make largo profits. On tho other hand, the sam e causes have Increased
increased during tho past year.
munilng or several new
tho cost o f production, iluo to higher cost of labor and o f supplies which
Shawinigan F a lls.— A t Shawinigan F alls, the building o rsev era 1 now
m ust bo purchased in the open market.
Fho subsidiary companies aro Industries anil tho operation of tho Belgo C a n a d ia n 1 ulp & 1 aper■ ( a^• and
fortunately situated in this unusual period in owning a largo proportion of tho Aluminum C o. to tho fullest extent, has resulted in an oxtraoruinar
their raw materials, 1. e ., iron ore, coal and limestono.




Shawinigan Water & Power Co., Montreal and
Shawinigan Falls.

vlAR. 24 1917.]

THE CHRONICLE

lncreaso In the population. Tho population o f Shawlnlgan Falls and Its
Immedlato surroundings Is now over 11,000. Tho total amount of power
used at Shawlnlgan Falls Is noarly 100,000 li.p . This amount will bo In­
creased with tho operation of the now Industries.
Output.— Tho figures of production from your power station and from
that o f tho Laurentldo Power C o. show a substantial lncreaso over tho
previous yoar. Tho total amount o f kilowatt hours produced during the
year from both of tlicso stations was 4 7 8 ,5 4 0 ,0 0 0 , representing an lncreaso
o f 1 9 % over 1915 production as applying to tho Shawlnlgan system .
Civic Investment & Industrial Co.—-Early In tho year tho directors of tho
Montreal Eight, Heat A; Power C o. and tho Cedars Rapids M fg . & Power
C o. doclded to form a holding company called tho Civic Investment & In­
dustrial C o ., In order to comblno tho two companies under one manage­
m ent. This plan was successfully carried out. Your company as a sub­
stantial holder of tho shares o f each com pany, has benefited materially In
its rovonuo from tho action o f tho Civic C o . in placing those shares on a
4 % dividend basis (V . 103, p. 2258).
New Business.— Tho now business for 1910 was moro than that written
in any provlous year, and should lncreaso tho demand for power on your
generating station by 25.000 h .o .
IN C O M E A C C O U N T FOR C A L E N D A R Y E A R S .
1913.
1910.
1915.
1914.
Gross earns., all sourcos. S2,325,873 S l.9 2 0 ,1 4 3 81,805,217 S I ,090,883
217,444
Op.oxi).,gen.oxp.& matnt.
427,928
225,038 244,595
N et oarnlngs_________ S I ,897,945
Deduct—
In t. on consol. M . bonds
3250,000
In t. on dobonturo stock240,437
Interost, genoral, A c ___
47,771
D iv id en d s...................
*989.000

S I ,695,105

81,560,622

S I ,473,439

S250.000
246,437
29,636
*787,131

8250,000
245,051
4,102
(6)721,875

$250,000
234,640
16,720
(6)660,000

Total deduction s____ SI ,533,215
Balanco, surplus________ aS304,730

S I ,313,204
S381.901

$ 1 ,221,028
S339.594

■SI,161,360
8312 ,07 9

* Includos In 1916 and 1915 dividends and Interest on now stock,
a Surplus as above, 8364 ,73 0; balanco carried forward from 1915, 826,691 ;
total, 8391,421; transferred to rosorvo and sinking funds, $232 ,14 1; to firo
Insurance roserve, 810,000; to depreciation rosorvo, 8100,000; employees’
pension fund, $ 5,000; bal. at credit o f profit and loss D ec. 31 1916, 844,280
B A L A N C E S H E E T D E C . 31
1910.
191
1910.
1915.
Liabilities—
$
$
S
Assets—
S
Capital stock____15 ,000,000 13,012,500
Real est., prop. A
power develop’t 12 919,808 12,738,
5% cons.M.bonds 4 ,101,500 4,530,500
Machinery......... .. 3 027,900 3,523,
4 Yi% deb. stock.. ,470,202 5,470,262
Transmission lines 3 ,219,433 2,848
2-yr. 5% n o te s...
,500,000
317,729
929,025
Scour, of subs.,Ac. 81,430,487 0,911
Bills A accts. pay.
354,023
I.ooso plantAcquIp.
387,500
91,789
88
Hond Int. & d lv ..
51,237
97,905
734
Accts. A bills rcc’lc 22,772,101
Contlng., Ao., fds.
Installm't on new
ltes’ve & sink. fd. ,400,000 2,000,000
500,000
000,000
stock due J an ..
_______
207
Dcprec., Ac., fund
10,000
Empl. pension fd.
15,000
8,
Prepaid charges..
_______
20,091
435
Profit A loss aoo’t.
44,280
Cash In bank, &c.
241,650
T o ta l_________ 31,333,235 27,490,837
— V . 103, p. 2244.

T o ta l..................31,333,235 27,490,837

Union Natural Gas Corp., Pittsburgh.
(15 th A n n u a l R e p o r t— F o r Y e a r e n d in g D e c . 31 1916.)
Tho board of directors, Pittsburgh, Feb. 27, wrote:
Slnco our last roport, your com pany, through its underlying companies,
lias acquired 127,932.51 acres of now oil and gas leases and surrendered
8 7,328.66 acres that havo proven unproductive, and now holds 456,378 .32
acres. In addition wo own a one-half interest In 55,643.99 acres in W est
Virginia through our ownership of stock in tho Reserve Gas C o.
During tho year your company drilled 146 wells, of which 39 wero oil
wells, 72 wero gas wells and 35 wero unproductive. In addition to this
11 gas wells and 1 oil well wero purchased, making a total of 115 oil wells in
Ohio and 914 gas wells in Ohio and P a ., and through its ownership of stock
in the Reserve Gas C o. a one-half interest in 546 gas wells and 3 oil wells
in W est Va. There wero laid in main linos 35.88 ndles; in field lines 24.61
miles; in extensions in cities and towns, 21.76 miles; a total of 8 2.2 5 miles of
pipe.
Tho principal part o f tho in vestment during tho year, other than tho
drilling of wells, was: (a) Tho construction of 10.02 miles of 8-in. and
18.40 miles o f 6-in. pipo lines, mado necessary to roach now developments
A a hland-L oraln/ield, Dhio, and in Elk and Jefferson counties, I’a.
(ft) l he construction o f two gas purifying plants,
(c) The purchase o f 1 1
gas wells and leases in Ashland and W ayne counties, Ohio, and l oil well
in Hocking C ounty, Ohio,
(d) Tho purchase or installation of distributing
plants at or near Am anda, Athens and Dover, Ohio. Tho total investment
for tho year was $868,095.
Tho operations of tho Preston Oil C o. havo been successfully, continued
throughout the year, a net daily average of 904 bbls. having been maintained.
Tho total consumers Jan. 1 1916 wero 138,768; new consumers taken on
in Ohio and P a ., 21,568, and in Ind ., 2 ,248; total 162,584 as of Dec. 31 1916.
O P E R A TIO N S

OF T H E CORPORATION A N D
IT S A F F I L I A T E D
C O M P A N IE S FOR C A L E N D A R Y E A R S .
1916.
1915.
1914.
1913.
$6,642,541
$5,271,612 $5,647,141
$4,67 3 ,2 2 0
Taxes, drilling, rentals.
2 ,149,539
1,872,856
1,875,786
1.682.197
*1,553,761
1,364,124
1.454,926
1.166.198
N ot earnings_________ $2,939,241
I n t., divs., A c ., roccived
504,276

$2,034,632
460,772

$ 2 ,316,429

$ 1 ,824,824

$3,443,517
$317,798
1,000,000
815,908
39,057

$ 2 ,495,404
$372,307
1,000,000
793,178
54,407

$2,316,429
8364,685
1,000,000
745,372
0 .2 ,2 0 2

$1 ,8 2 4 ,8 2 4
$307,738
950,000
550,700

$2,172,763
$1,270,754

$2,219,892
$275,512

$2,107,855
$208,574

$ 1 ,808,438
$16,386

Interest on bonds, A c _ .
D epred ation. M iscellaneous.
Total deductions .

* O f tho gas purchased, over 7 9 % was purchased from Reserve Gas C o.
C O N S O L ID A T E D B A L A N C E S H E E T D E C . 3 1 .
,
,
1916.
1915.
1910.
1915.
Assets—
.$
j
Liabilities—
$
S
Investment......... a l9 ,818,391 19,778,093 Capital stock ...1 0 ,0 0 0 ,0 0 0 10,000,000
^
....
260,741
Warchouso
mat’l.
423,381
Bonds, "Union” . . 3,059,000 4,291,000
Notes A accts. reo. 1.430,080 1.100,074 Affll. co. bonds___
708,000
839,300
Cash.
313,320
657,74b Mnt.bondsAcoup.
52,005
77,482
Cash In escrow__
203,038
170,080 Notes payablo____
799,049
087,306
Cash for bonds,Ac.
52,005
77,482 Accts. payable__
874,094 1,106,355
Prepaid rents, roy­
Contingent earns.
203,038
182,125
alties, Ac...........
94,747
85,007 Reserves
.579
Surplus....... .......... 0,063,003 4,792’,848
T o ta l............... .22,364,908 22,036,417

T o ta l................-22,364,908 22,036,417

a After deducting $1,989,975 for doprociatlon in 1916.— V . 104. p. 8 69.

McCall Corporation, Nov/ York.
31 191G.)
Ilichaidson, N . Y ., Fob. 20, wroto in subst.:

(F o u r th A n n u a l R e p o r t — Y e a r e n d e d D e c .

Pros. Allan

II.

The not earnings of tho corporation for 1916 wero .8210 298 a train of
$ 4,967 over 1915. This gain is gratifying when it is rem em b eredth at
during tho yoar practically overy item which enters into tho production of
our patterns and magazines very greatly increased in cost oxcopt those
items of paper on which wo wero covered by contract till Dec. 31 1916
Tho circulation of tho magazine has so groatly increased during tho year
as to require an averago run of about 60,000 moro coplos por m onth than




1143

during 1915; the advertising has very greatly increased over 1915, and
during tho last half of tho year the pattorn department showed a marked
and well-sustained increase in returns.
W ith tho enormous advance in the cost of all supplies, which, in the
case o f some grades of paper, amounts to over 1 0 0 % more than 1915, the
earnings for 1917 will show a very great decrease, if, indeed, the year’s
business does not show an actual loss. However, tho subscription price
of tho magazine lias been increased from 50c. to 75c. por year, tho m ajority
of the patterns which heretofore retailed at 15c. have been advanced to
20c ., and with tho adequate financial support which tho com pany fortu­
nately enjoys, there Is hopo that when the costs of raw materials return to
something like their normal lovols, earnings will again meet with full
approval.
S U M M A R Y OF O PE R A TIO N S FOR Y E A R S E N D I N G D E C . 31.
1916.
1915.
1914.
1913.
Gross sales________________ S 2 ,117,322
$2 ,0 5 6 ,2 3 7 3 2 ,285,261
S 2.40S .658
M fg ., & c., exp. A deprec. 1,833,411
1,774,255
1.878,008
1,824,932
Operating profit_______
Interest earned___________

$283,911
10,673

$281 ,98 2
9,322

$407,253
8,963

$583,726
7,138

Operating income______ S 294.584
Res ve for doubtful acc’ts
$34,278
5 0,008
Other reserves____________
First pref. div. ( 7 % ) ------6 4,806
Second preferred dividend
_______
Com m on dividend ( 3 % ) .
_______

$291 ,30 4
$33,835
52,137
91,847
22,956

$416 ,21 6
$44,356
3 1,657
9 7,720
6 8,404
127,500

S590.864
$31,636
42 ,5 0 0
103,530
64,167
127,500

Total deductions______
Balanco, surplus...............

$ 149 ,09 2
S145.492

$200,775
$369 ,63 7
$369 ,33 3
$90,529
$46,579
$221,531
C O N S O L ID A T E D B A L A N C E S H E E T OF M c C A L L CO R PO RA TIO N
A N D T H E M c C A L L CO. D E C E M B E R 31.
1916.
1915.
1910.
1915.
Assets--S
■S
Liabilities—
$
S
Machinery & plant.
292.925
297,554 First preferred stock 1,200,200 1,290,700
Invest, in other cos.
2,500
2,500 Second pref. stock.. 954,600
954,600
Cash_______________
82,110
53,975 Common stock......... 4,250,COO 4,250,000
Notes A accts. roc.. 241.650
217,433 Time loans..............
20,000
40,000
M at’lAsupp. (cost). 223,628
215,736 Accounts payable__
51,466
52,630
Deferred charges . .
13,524 Rescrv.,contlng.,Ac. 321,676- 320,043
12.981
Sink, fund bank bal.
150
166
Do 1st prof. s. f .
74
37,581
Subscr. list, adv.conDo 2d pref. s. f . .
6,335
6,335
tracts, trade-marks
36,432
37,217
Do O ther______
and good-will____ 6,179,890 6,254,897 Surplus........................ *189,068
66,678
T o ta l...................... 7,035,852 7,055,785

T o ta l...................... 7,035,852 7,055,785

• ! 4 fter. adding 814,398 for sundry adjustment:, and deducting S 37.500
sinking fund reserve to retire first pref. stock.— V . 104, p . 1049.

Pittsburgh Plate Glass Co.

Y e a r e n d i n g D e c . 31 191G.)
Chairman W . L. Clause, Pittsburgh, Feb. 19, wrote in sub.:
(R e p o r t f o r F i s c a l

Sales,&c.— Our total sales for year amounted to 831,580 ,256 . Earnings were
$ 6 ,8 8 6 ,1 8 9 . The usual dividends, 12% on the preferred stock and 1% %
quarterly on the common stock were paid during tile year, and the sum o f
8915,958 was charged for depreciation, leaving a balance of 3 4 ,3 8 1 ,2 3 1 ,
added to surplus account. Additions and improvements were mado at
a cost of $ 9 12 ,50 3, so that after deducting depreciation thero was a small
decrease in investment account. The earnings remaining after deducting
dividends, depreciation and reserves, are represented principally by the
increase of about $ 2 ,500,000 in quick assets, and the liquidation of all bills
payablo, amounting to $1,950,000 in 1915.
Patents.— During the year several additional patents o f considerable
importance were granted on processes developed within the organization.
Tho natural gas property o f tho company was o f unusual value, owing
to tho high price o f coal
Tho window glass plants havo shown a com ­
mendable improvement. The paint department had the most profitable
year on record, .and tho manufacturing profit on paints and other com ­
modities produced by our subsidiary companies was unusually large.
Our Belgian plate glass factory is still intact, although, o f course, not
operating.
Proposed Stock Increase.— The proposed increase in tho capitalization
to 8 2 5,000 ,000 is fully justified, and tho paym ent of a stock dividend
[of 10% , Ed.] on the common stock is a moderate additional return to the
stockholders.— (V . 103. p . 2243).
Compensation.— In additional to several material advances in workmen’s
wages, special compensation amounting to about 825 0 ,0 0 0 , was paid to
employees not included in such advances.
O P E R A TIO N S A N D F IS C A L R ESU L TS.
1916.
1915.
1914.
1913.
Total sales........................... S31,580,256 $22,8 2 5 ,0 7 5 $ 2 2,128 ,254 $ 2 2,770 ,594
Earnings for year_______
6,8 8 6 ,1 8 9
2,2 0 1 .3 4 4
2 ,4 0 4 ,0 2 0
2,4 5 5 ,2 9 8
D lv s. on pref. ( 1 2 % ) . . .
18,000
18,000
18,000
18,000
D ivs. on common ( 7 % ) .
1,571,000
1,570,137
1,569,456
1,569,456
Depreciation......................
915.958
542,106
665,315
770,081
Balanco, surplus.......... $4,381,231

871.101

8151 ,24 9

$97,761

B A LA N C E SH E ET D EC. 31.
Assets—
1916.
1915.
Liabilities—
1916.
1915.
Investment______ 20,114,107 20,107,562 Common stock..522.600,000 22,600,000
Treasury stock..
153,100
159,300 Preferred stock..
150,000
150,000
Plate glass, A c . . . 4,327,168 3,454,905 Accts. pay., A c .
912,458 2,889,191
Materials, A c . . . 2,272,599 2,303,332 Insurance reserve
122,937
110,649
Cash ......................
414,417
279,811 Sinking fund____
92,968
84,784
Bills A accts. rcc. 6,000,801 4,449,846 Surplus................ 10,008,413 5,627,181
Bonds In oth. cos.
604,550
697,050
T o ta l................33,886,775
— V . 103, p. 2243.

31,461,803

Total

.33,886,775 31,461,806

GEN ERA L INVESTMENT NEWS

RAILROADS, INCLUDING ELECTRIC ROADS,
Adamson.
(Wage) Law.— S ta tu s .—
See editorial columns in this issue.— V . 104, p. 1044, 162.
Alabama Great Southern RR.— S to ck O f f e r e d . — Spencer

Trask & Co. are offering G,000 shares (par value $50) of this
company’s ordinary stock at a price to yield over 7 % based
on last year’s distribution. Tho bankers report:
Regular dividend, havo been paid on this stock since 1911 at the rate of
5 % per annum, the present rate being tho regular 5 % with 2 % extra p. a.
Current earnings are at tho rate o f almost 1 9 % on tho ordinary stock.
Tins stock is but little known to the American public since prior to tho
war practically all of the outstanding amount not owned by tho Southern
R y. Co. was closely held by English investors.
Tho company owns one of those few railroads having outstanding more
stock por mile than bonds. Gross earnings per milo are in excess of such
high-grade systems as Louisville A Nashville, 111. Central. Sou. Pacific and
Atchison, and are 2 Vi times the gross oarnlngs per milo of tho Atlantic Coast
Line.
I he mileage operated extends from Chattanooga, T e n n ., through
Birmingham, A la ., the centre o f the steel industry of the South, to Meridian,
M is s ., a distance o f about 300 miles, of which about 2 0 % is already double­
tracked.
1 his mileage forms tho middle link of tho main lino of tho South­
ern Railway system between Cincinnati and New Orloans. com m only known
as tho Queen & Crescent R o u to ."— V . 104, p. 1044. 951.

American Cities Co.— N e w

P r e s i d e n t — R e p o r t .—

Francis T . Homer, of Bertron, Griscom & C o ., has been elected President
to succeed Hugh M cC loskey, resigned. Seo "A n n a u l R eports" above.

S u b s id ia r y C o m p a n y N o t e s O f f e r e d .—
See Birmingham R y ., Light & Power C o . above.— V . 104, p . 1047, 951.

Arkansas Valley Interurban Ry., Wichita, Kan.—
II. Rollins & Sons and Sweet, Causey,
Foster & Co. are offering at 98.5 and int., to yield 5 ^ % , the
unsold portion of $900,000 First Mortgage sinking fund 5 } 4 %
gold bonds. A circular shows:
B o n d s O ff e r e d . — E.

Th e bonds are dated D ec. 1 1916, duo D ec. 1 1936, but optional at 103
and Int. on D ec. 1 1919 or any Int. dato thereafter. In t. J. & D . In N . Y .
or Chicago. Continental & Commercial Trust & Savings B ank, Chicago,
trustee. C om pany pays normal Federal Income tax. D onom . § 1 ,0 0 0 ,
§500 and $100 c * . From 1919 a sinking fund o f 2 % o f bonds certified
is to purchaso or call bonds at 103 and interest.

Extracts from Letter o f Pres. George Theis Jr., W ichita, K an., D ec.15.
Organization.— Incorporated in K an . in 1909, owns and operates an Inter­
urban electric railroad from W ichita to N ew ton and Hutchinson, K an .
Capitalization—
Authorized.
Outstanding.
Preferred stock, 6 % cu m u la tiv e ........... ........
$1,5 0 0 ,0 0 0
$500,000
Com m on stock______________________________________ 2,10 0 ,0 0 0
1,303,000
l s t M .5 > i s , a lstlle n on all presont & futuroprop. 3 ,0 0 0 ,0 0 0
900,000
O f the additional bonds, $100,000 m ay bo issued for up to 5 0 % o f cash
cost o f additions, & c.; tho remaining $2,0 0 0 ,0 0 0 for 7 5 % o f such cost, pro­
vided net earns, aro 1 % times Int. on all bonds, incl. those to be certified.
Property.— The com pany owns and operates 5 7 .5 m iles, single track
equivalent: also operates under contract 5.3 miles o f line in W ichita and
Hutchinson. Tho road is constructed with 7 0 , 80 and 85-lb. rail and
(mainly) concrete bridges, and is on private right o f way except In corporate
lim its where long-term franchises aro enjoyed, tho m ost im portant extending
beyond tho year 2 000 . Tho gauge is Standard. Power is purchased from
the Kansas Gas & Electric C o.
Upon expenditure o f $140,000 for better­
m ents in 1917, tho bonded debt will represent less than 7 0 % o f property cost.
Territory.— In the rich and fertile valley o f the Arkansas K lver, extending
between cities o f great industrial activity and through farming sections
o f highest typo. Population served is estimated at 115,000.
Earnings.— For calendar year 1916 gross earnings were $271,107: net,
after taxes, $ 122 ,01 9: int. on $900 ,00 0 bonds, $49,500 : surplus, $72,519 .
Management.— The management and ownership is vested in responsible
local m en.— V . 104, p . 5 58, 162.

Augusta Southern RR.— C h a n g e

i n C o n t r o l. —

See Georgia & Florida R R . below.— V . 80, p . 2456.

Birmingham (Ala.) Ry., Light & Power Co.— N o t e s
H. Rollins & Sons are offering, at 100 and int.,
to yield 6 % , $1,200,000 6% notes. To be dated April 1
1917, due April 1 1919. Tho bankers report:

O f f e r e d . — E.

The notes are callablo, all or part, on 30 days’ notice, ad 101 and Int. to
April 1 1918, and 100.5 and Int. thereafter. In t. A . & O . in N ew Y ork.
D onom . $1,000 c * .
Authorized. Oulsland'g.
Authorized. Oulsland'g.
$
$
Capitaliza'n.
$
S
873,000
Prof. 6 % cum . 3 ,5 0 0 ,0 0 0 3 ,500,000 First M tg o . 5s 1,250,000
Com m on s t k . 3 ,9 0 0 ,0 0 0 3 ,900,000 6 % notes, due
April l 1919
Gen. M . 4 K s . 10,000,000 8 ,720,000
(tills
issue). 2 ,0 0 0 ,0 0 0 1
,200,000
_________________________
__________
R ef. & ext. 6 s . 25,0 0 0 ,0 0 0 4 ,7 3 4 ,0 0 0
The remaining $890,000 notes aro reserved for future extensions, &c.
Tho company will not increase the amount o f bonds outstanding except to
refund these notes, nor create any new mortgage unless theso notes shall
rank equally with rospect to tho lien; nor create any other direct indebted­
ness during tho life o f these notes, excopt for current operating purposos,
without two-thirds consent of holders of the notes.
Earnings for the Twelve Months ended Jan. 31.
1916.
1917.
I
1917.
Gross e a r n s ..$ 3 ,008,454 $3,439,867 Inc. applicable to note i n t . .$ 4 7 9 ,3 9 8
72,000
N et,after taxes. 1,034,114 1 ,1 9 9 ,4 8 8 1N ote I n te r e s t......................
In t. on bonds o u t________
7 2 0 ,0 9 0 1Surplus______________________ 407,398
Tho street railway system comprises 154 miles single track equivalent.
A s o f Jan. 31 1917 the company was serving 19,330 metered electric light
and power customers and 13,362 metered gas customers.
Birmingham, tho centre o f tho iron and steel industries o f the South, has
increased in population from 38,415 in 1900 to 132,685 in 1910, tho entire
business field of the company having a present estimated population In
excess of 175,000.
,,
[Controlled by American Cities C o . See “ Reports. ]— V . 104, p . 862.

Boston & Maine RR . — N e w P l a n .— The new plan of
reorganization submitted by leading leasod-line interests,
headed by B. A. Kimball, President of the Concord & Mon­
treal, has not yet come to hand, but it is understood will be
issued within a few days, having already received tho ap­
proval of tho directors of tho Boston & Maine, Concord &
Montreal, Fitchburg and Boston & Lowell. The share­
holders of tho C. & M . will vote March 27 on adopting the
plan and on requesting the New Hampshire Legislature for
authority to carry it out.
As reported by local newspapers, tho plan provides for
(1) The merger of tho B. & M . either under its own or a new
charter with its leading leased lines— see list under First Prof,
stock below. (2) The assumption of the funded debts of tho
B. & M . and the merged leased lines. (3) The carrying out
of the various sub-leases (Northern N. H ., Connecticut &
Passumpsic, &c.) and other contract obligations. (4) Ac­
quisition of Hampden RR. free and clear. (5) An assessment
of $30 per share on the B. & M . common stock — against 40%
proposed last year—and $15 on its pref. stock for which new
pref. stock will be given. (6) The underwriting by a syndi­
cate for a commission of $750,000 of the assessments aggre­
gating $12,324,000 and also $12,500,000 5 % bonds.
Proposed $96,8 5 6 ,8 0 0 N ew Capital Slock and Application of Same.
(1) First Pref. Stock, cumulative at rates specified below and
having preference in liquidation over tho dividends and par
value of any other class o f stock_______________________________ $47,872 ,300
(а) T o bo issued $ for $ and with samo dividend rato
for stock of merged leased lines, v iz.: Fitchburg
R R . C o . 5 % . $ 1 8,860 ,000 : Boston & Lowell R R .
C o. 8 % , $7,1 1 7 ,5 0 0 : Concord & M ontreal R R .
7 % , $ 7,91 7 ,1 0 0 : Connecticut River R R . C o. 1 0 % ,
$ 3,233,300: Lowell & Andover R R . 1 0 % , $93,700;
Lowell & Andover R R . 8 % , $531,300; M anches­
ter & Lawrence 1 0 % , $1,0 0 0 ,0 0 0 : ICennebunk &
Kennebunkport R R . A )A % . $ 6 5 ,0 0 0 ____________ $38,817,900
(б) 5 % stock, Issuable along with $ 1,400,000 “ Pre­
ferred” 5 % stock for acquisition and settlement
of all litigation as to Hampden R R _______________
1,660,000
(c) 6 % stock, to bo sold for cash-----------------------------7,394,400
(2) Convertible 6 % Cumulative Preferred Slock, with preference
as to dividends over “ Preferred” and common stock. All
lssuablo for cash__________________________________________________
4 ,929,600
(3) Preferred Stock (a) as 5 % stock, $1,40 0 ,0 0 0 , in part pay­
ment for Hampden R R .; (b) as 6 % stock, $ 3 ,1 4 9 ,8 0 0 , re­
placing present 6 % non-cum . pref. and having same preferenco over common as that stock now h a s --------------------------- 4,5 4 9 ,8 0 0
(4) Common Stock, to present stockholders of B . & M . or undorH. writing syndicate on terms below stated____________________ 3 9 ,505,100
SKTho $ 1 2 ,324 ,000 of stock to be issued for cash, namely $ 7 ,394,000 First
Pref. and $4,9 2 9 ,6 0 0 Convertible P ref., will bo offered for subscription at
par to tho common stockholders o f tho Boston Sc M aino R R . (a) each com­
mon stockholder being entitled to subscribe for $30 par valuo of the new
first pref. and convertible pref. stock in tho proportion of $18 of first pref.
and $12 o f convertible prof, for each sharo of stock owned by him In the old
corporation; (6) each preferred stockholder to bo ontltlod to subscribe for




[Vol . 104.

THE CHRONICLE

11 4 4

$15 par valuo of tho now first pref. and convertible prof, stock in tho pro­
portion of $9 o f first pref. and $6 of convertible pref.
Stockholders so subscribing will get In cxchango par in new stock common
or “ preferred,” as the caso m ay be. I f not subscribing, thoy will receive
for each $100 common sharo $70 in now common and for each $100 pref.
sharo $85 now "preferred.” A purchase syndicate will assist tho stock­
holders in meeting tho assessments on certain terms.
J. I*. M organ & C o ., Kidder, Peabody & C o. and Lee, Higglnson & C o.
have agreed to form a purchaso syndicate for tho purpose o f underwriting
tho subscription to $12,324 ,000 of now stock to bo Issued for cash and the
$12,5 0 0 ,0 0 0 o f now bonds.
S t o c k h o ld e r s w h o d is s e n t fr o m t h o p la n o f r e o r g a n iz a t io n m a y h a v o t h e ir
s t o c k v a l u e d a n d r e c e i v e t h e v a l u o t h e r o f I n c a s h , w h i c h t h e neAV c o r p o r a ­
tio n a grees t o p a y .

Tho neAV corporation will, as above stated, issue $12,5 0 0 ,0 0 0 now 5 %
bonds, and Aviil also assume the $ 9 6,702 ,000 outstanding bonds o f tho old
corporation and o f tho several subsidiary companies, viz.: Boston & M aine
R R ., $ 13,338 ,000 : Fitchburg R R . C orp., $ 24,580 ,000 ; Boston & LoAvell R R .,
$ 6 ,5 2 8 ,0 0 0 ; Concord & Montreal R R . , $ 7,223,000; Connecticut River R R ..
$2,25 9 ,0 0 0 ; Manchester & LaAvrenco I tR ., $274,000; total, $ 9 6 ,7 0 2 ,0 0 0 .
The noAv corporation will issue $ 1 2 ,500 ,000 o f 5 % bonds.
T h e n e w m o n e y p r o v i d e d ( a b o u t $24,830,000) w i l l b o a p p l i e d a s foltO A V s:
( a ) $ 1 2,324 ,000 f r o m s a l e o f s t o c k t o p a r t p a y m e n t o f t h o p u r c h a s e p r i c e
o f th e o ld c o r p o r a t io n , t o p a y in g th e u n fu n d e d d e b t , t o
t o t h e c o n s o lid a t io n s , t o u n d e n v r it in g c o m m is s io n s , &
$ 1 2 ,5 0 0 ,0 0 0 5 % b o n d s , t o f u n d i n g t h o p r e s e n t f l o a t i n g
p o r a t io n a n d t h e s u b s id ia r y c o m p a n ie s a n d p r o v id in g
t io n s a n d im p r o v e m e n t s .
.

e x p e n s e s in c id e n ta l
c.
(6 ) P r o c e e d s o f
d e b t o f th o o ld c o r­
fo r n e c e s s a r y a d d i­

Compare plan of Feb. 11 1916 in V . 102, p. 711.— V . 104, p. 1044, 862.

California Ry. & Power Co., Inc . — A m e n d e d P l a n f o r
R e o r g a n iz a t io n o f U n i te d R a il r o a d s o f S a n F r a n c i s c o . — Presi­
dent M . B. Starring in circular dated at New York, Marcli 15
1917, says in substance:
B y roason o f tho m aturity o f certain o f its underlying obligations, which
aro now in process o f foreclosure, a reorganization o f United Railroads or
San Francisco has become unavoidable. Since your meeting on O ct. 3 1916
an amended plan for the United Railroads has boon proposed.
T h o am ended

p la n

c o n t e m p la t e s t h a t :

(1) Approxim ately $2,0 0 0 ,0 0 0 o f tho amount necessary to pay said
underlying obligations shall be contributed by the holders o f the 4 % bonds
o f United Railroads o f San Francisco by a funding o f the interest payable In
respect thereof during a period o f two years. Thoroby your company Is to
bo relieved from tho necessity o f purchasing $ 2 ,500,000 o f securities out o f
tho $ 5 ,560,600 provided to bo purchased by it under tho original plan.
(2) Tho California R y. & PoAver C o. shall purchaso at par $ 3 ,0 0 0 ,0 0 0 o f
M arket Street R y. C o. 5 % bonds; said $3,OO0,OOO o f bonds so to bo pur­
chased aro to bo part o f an Issuo o f $ 1 0 ,098 ,000 then outstanding, Avhich is
to bccomo, by tho disposition o f underlying liens, a first lion on all tho prop­
erty ombracod in tho mortgago securing tho sam e. W ith tho moneys thus
saved and contributed, togothcr Avith moneys taken from its earnings, the
operating company will bo enabled to pay o ff its said underlying obligations.
For additional protection to tho M arket Streot R y. C o. 5 % bonds, as
well as to prevont a recurrence o f tho presont condition at tho timo o f ma­
turity o f said bonds Sept. 1 1924, it is contemplated that tho iioav mortgago
shall contain provisions for the application o f tho surplus net earnings o f
tho operating company to tho purchase o f said bonds to such am ount as in
tho judgment o f its board o f directors m ay bo necessary to roduco tho prin­
cipal o f said bonds at tho timo o f their m aturity to an amount Avhich shall
reasonably assure tho ability o f tho operating company to retire tho sam o.
Tho amended plan contomplatos among Its essential features that tho
holders o f tho 4 % bonds o f the United Railroads, o f A v h ic h there aro out­
standing $23,5 0 0 ,0 0 0 , are to receive:
N oav 6 % 20-year bonds__________________ ___________ 58 2 -3 % or $ 1 3 ,7 8 6 ,0 0 0
N ow first preferred sto ck ------------------------------------------- 8 1 -3 % or $ 1 ,9 5 8 ,0 0 0
N oav common stock___________________________________ 3 3 %
or 6 7 ,756,000
In addition in now 6 % bonds to fund 2 y r s intorost. 8 %
or $1,8 8 0 ,0 0 0
A s part consideration for tho purchase o f tho aforesaid $ 3 ,0 0 0 ,0 0 0 o f
M arket Streot R y . C o. 5 % bonds, tho amondod plan contemplates tho issue
for distribution in respect o f tho junior securities o f United Railroads o f
San Francisco, tho greater part o f Avhich aro OAvned by this company o f the
folloAving now securities, v iz.: Second prof, stock, $ 6 ,0 0 0 ,0 0 0 , and common
stock, $6,24 4 ,0 0 0 . The junior securities in question are: (a) 5 % gold notes
o f $1,00 0 ,0 0 0 . (6) 7 % gold notes o f $ 1 ,9 2 5 ,OOO, (c) First Prof, stock, $ 5 ,­
0 00,000 , (d) 2d pref. stock, $20,0 0 0 ,0 0 0 , (c) com m on-stock, $17,9 4 8 ,0 0 0 .
Tho plan contemplates further such adjustm ent o f inter-company indebted­
nesses as shall operato as a comploto settlem ent bptAveon tho holders or
junior securities and (or) their subsidiaries and United Railroads or San
Francisco. The full amended plan has not as yet been subm itted in its
final form , but copies Aviil be on filo for inspection as soon as received.
On O ct. 1 1916 United Railroads o f San Francisco defaulted In tho pay­
m ent o f interest on its 4 % bonds; tho period o f graco Aviil oxpiro on M arch 31
1917. A spocial meoting o f our stockholders has therefore boon called [for
M arch 291 to consider tho situation and act on tho amendod plan approved
b y your directors.— V . 104, p . 951.

Cape Girardeau Northern RR.— R e o r g a n i z a t i o n . —
Replying to an inquiry from the “ Chronicle,” as to the accuracy of a
statement published on Feb. 24 (pago 763). tho attorney for the receiver.
John W . Iris too, statos that tho property "h a s not been sold but Will bo
sold In foreclosure proceedings and reorganized. — v . 104, p. tb.5.

Carolina Clinchfield & Ohio Ry — B o n d s O f f e r e d . —
Blair & Co. aro offering, at 97K and int., yielding about 6 % ,
a portion of tho $6,000,000 5% Elkliorn First Mtgo. gold
notes issued to refund $5,500,000 Elkhorn Extension First
Mtge. 5% notes maturing May 1 1917, and for betterments
and improvements. Compare V. 104, p. 1044.
Central Argentine Ry., Ltd.— C o n v e r tib le N o t e s O f f e r e d .
— Tho bankers named below are offering by adv. on another
pago, at par and int., yielding 6 % , this company’s total
authorized issue of $15,000,000 10-yoar 6 % Convertible gold
notes, dated Feb. 1 1917, due Fob. 1 1927. Int. F. & A.
The bankers making tho offering aro J. P . M organ & C o ., K u h n , Loob &
C o National C ity C o ., Guaranty Trust C o. of N . Y . , Leo, Hlgginson &
C o. and W m . A Read & C o. Donom $ 1 ,0 0 0 c.
Tho notes are convertible in N . Y . or London, upon notlco, at any timo
after Jan. 3 1 1 9 1 8 , until and Incl. tho dato o f maturity (or, If called for earlier
redemption, until and incl. tho redemption dato) Into Central Argontlne
R y . L t. Consolidated ordinary shares at par. Tho conversion privilege
is to bo submitted for ratification at tho shareholders’ meeting in O ct. noxt,
falling Avhich ratification tho notes are to bo red. on Jan. 1 1918 at 102 & int.
Both principal and interest aro payablo (without deduction for British or
Argentine taxes) in U . S. gold coin at offlco o f J. P. M organ & C o ., N . Y .
or, at $4 85 to the pound, London County & W cstminseer Bank in London,
q'hey aro redeemable In whole but not in part upon 6 months notlco at
102 and int. on Feb. 1 1922, or on any interest dato thereafter.
S u m m a r y o f L e t t e r b y S ir J o s e p h W h i t e T o d d , B a r t ., C h rn n . o f B o a r d .
Company.— T h o p r o p e r ty co m p rise s 3 ,3 0 5 m iles o f trac.c co n n e c tin g
B u e n o s A ires Avith th o In te rio r, s e rv in g th o m o st de n se ly p o p u la te d s e c t io n
a n d p rin c ip a l citie s o r th o A rge n tin e R e p u b lic ,
l h o business Is c o n d u c te d
u n d e r a p e rp e tu a l co n ce ss io n a n d an a m e n d e d c o n tr a c t Avith th o G o v e r n ­
m e n t w h ereb y th e ra lh v ay is e n title d t o ratos th a t Aviil p r o v id o a net earning
poAver o f 6 .8 0 % o n th o ca p ita l in v e stm e n t iioav o v e r $250 ,00 0,00 0.
Finances.— -The proceeds of tho notes aro to be used to rottro LLOOO.uuu
sterling notes at presont outstanding. Th e
>tal o b>1£ » t > ° ■
including the $15,000 ,000 notes aggregate $90,(559,527, wliilo thero aro
OAitstandlng threo classes of dividend-paying stock aggregating 3 1 8 8 ,­
055 114
'l'lio indebtedness other than this issuo of notes represents a
total of about $22,890 per mllo of road operated. Tho $15,000 ,000 notes
represents a further $4,540 per rnilo, whllo tho Junior securities represent
a 'during0tho°lS°years ended Juno 30 1916 tho not Incomp averaged oyer
four times tho fixed charges. During tills period dividends averaging
5.6% per annum wero paid on tho ordinary stock, of which thei equivalent
of $136 ,98 8,00 0 is noiv outstanding. The railroad serves a territory which
is primarily agricultural. During tho fiscal year 1915-16 thp Incomo repre­
sented approximately: Agricultural products, 2 6 .5 % ; animal products.

Ma r . 24 1917.)

THE CHRONICLE

1145

ceeds of the salo thereby ordered, tho reorganization committeo reserves
tho right, in its discretion, to permit the deposit under tho plan of 1st M .
bonds bearing any of such serial numbers only upon such conditions as it
may impose. The committee may also adjust other indebtedness.
Reorganization Committee.— James N. Wallace, Chairman; Harry
Chicago Rock Island & Pacific Ry.— 2 n d I n s t a l l m e n t Bronncr, James N. Jarvio, W. doLancey Kountzo, B. Aymar Sands and
Clark
Williams, with tho C. E. Sigler, Secretary, 54 Wall St., N. Y . City.
C a lle d .— Notico is given by advertisement on another page
Statem ent by Receiver George W. Vallery, March 6 1917.
that the second installment of $10 per share on stock deposited
The statements contained in the plan as to estimated cash requirements
under tho plan must bo paid on or before April 3. (The as­ aro accurate, and tho cash to be provided under the plan is sufficient for
purposes thereof. I approve the plan and recommend its acceptance
sessment was made payable $10 per share M ar.3, $10 Apr. 3 tho
by the holders of the 1st M . bonds.
and $20 Juno 14.)
Tho plan is in effect the payment of indebtedness prior to tho bonds,
and, if consummated, will result in giving to the bondholders, who aro its
I n t e r e s t P a y m e n t s , & c .— Judge Charles M . Hough in tho real owners, tho control of tho property. 1 believe tho prospects for the
U. S. Dist. Court in N . Y . on Mar. 21 authorized Receiver future aro good, and that with tho owners in control and tho fixed interest
eliminated as per plan, tho property under normal conditions and
Joseph M . Dickinson to make the usual payments Apr. 1 on charges
with competent management will make a much better showing than is
account of the interest then maturing on tho company’s possible under any receivership.
gross earnings for the calendar year 1916 were $1,666,813. When
outstanding bonds, including 1st & Ref. bonds, Equipment thoTho
improvements aro mado for which cash is provided under the plan,
Trusts and Receiver’s Certificates, also on tho Chicago Rock thereby permitting the use of heavy power over tho entire line, the operating
will be materially reduced. In my opinion, the gross operating
Island Elevator Co. 5s and Little Rock Bridge Co. 1st M . 5s. expenses
expenses should not exceed 75% of the gross earnings, which, without
The roceiver was also authorized: (1) T o pay out o f the proceeds of $ l , figuring any increaso in gross earnings, leave net earnings of about $257,824
500,000 receiver’s certificates and from other funds in his hands tho S 1,494,- per annum after deducting taxes and rental of tracks and other income
000 Series O collateral trust gold bonds of 1902, duo M a y 1 1917.
(2) l o
charges, or more than twice the amount necessary for tho payment of full
ronow or extend the principal of S I . 100,000 Scries B receiver s e tfs . maturing 6% dividends upon the [81,910,0001 new pref. stock soon to be issued.
M a r . 16 and Apr. 1 1917. (3) T o renew or extend tho principal of tho $ 2 ,­
[Goo. i\ Johnson, President of the Virginia-Carolina R y., concurs
500,000 Central Trust Co. loan.
(4) T o renew or extend tho S I ,4 94,000 with Receiver Vallery as to tho probable net earnings when the contem­
Series A receiver’s certificates of Apr. 29 and 30 1916.
plated expenditures aro made, provided tho gross earnings continue as large
Tho aforesaid order Is entered without prejudice to tho rights of a com ­
as reported for tho calendar year 1916.]— V. 104, p. 951. 663.
mittee of Consolidated Indiana Coal Co. upon their intervening petition

8 .2 % ; mineral products, 1 .3 % ; forest products, 5 .2 % ; manufacturers
products, 2 2 .3 % ; passengers, baggage, <5cc., 3 6 .5 % .
See map and statement in tho “ Hallway & Industrial Section,” pages
2 2 , 24 and 2 5 .— V . 104. p. 256.

with respect to tho issuanco of tho several serios of receiver’s certificates.—
V . 104, p. 862, 451.

Commonwealth Power,Ry. &Lt. Co.— S u b -C o .S l k .I n c .—

See Cent. III. Light Co. under “ Industrials” below.— V. 104, p. 554, 451.

Chicago St. Paul Minneapolis & Omaha Ry.— E a r n s .

Eastern Power & Light Corporation.— E a r n in g s .—
6 M o s . end. Gross
Total N et
Interest, Pref.Divs. Com.Divs.
Balance,
D ec. 31. Earnings.
Income. Rents, A c . ( 3 j 4 % ) . ( 3 1 4 % ) .
Surplus.
Calendar
Total
Expenses Bond, A c .,
Preferred
Balance
1 9 1 6 .. .$ 1 1 ,2 8 7 ,045 $3,886,014 $ 1 ,502,363 $394 ,07 6 $649 ,48 4 $1,340,091
Year—
Income. A Taxes. Interest.
Dividends.
Sur. or D ef.
1 9 1 5 .. .
9,954,321 3 ,213,878 1 ,542,176 3 9 3,988 649,467
628,247
1916................ $472,194 $43,657 $187,337 (7%)$160,583
su r.$80,617
The fiscal year o f tho company lias boon changed from a year ending
1915................ 320,260
26,752
157,145 (6%) 141,000 def. 4 .632
Juno 30 to tho calendar year to correspond with tho year roccntly adopted
Consolidated Earnings o f Subsidiary Companies.
by tho I .-S . C . Commission.— V . 103, p. 1687.
Calendar
Gross
Total
Deductions Applic.to Bal. for
Years—
Earnings.
Income.
from Inc. Sub .Co .Slk. D epr. .etc
Cincinnati Findlay & Fort Wayne Ry .— R e c e i v e r .—
*364,735 S478.S02
1916 ........... ...$ 3 ,9 6 9 ,7 0 0 S I ,743,315 $ 1 ,1 9 9 ,7 7 8
Judge Hollister in tho U . S. District Court at Cincinnati on M arch 12
1915...............
3.412,658
1,554,619
1,166,300
*59,945 328,374
appointed J. B . Carothers receiver of tho road.— V . 103, p. 1301.
* Am ount applicable to stock o f sub. cos. not owned by the above cor­
Cities Service Co., N. Y .— E x tr a D iv id e n d . —
poration.— V . 100, p. 2085.
An extra dividend of ]A o f 1 % has been declared on tho common stock,
payable in stock, along with tho regular m onthly H o f 1 % on both tho pref.
Eastern Wisconsin Electric Co.— Bonds Offered.—
and common shares, all payablo M a y 1 to holders o f record A p r. 15. A
P a in o , W e b b e r & C o . a r o o ffe r in g a t 9 5 th is c o m p a n y ’s F ir s t
liko amount will be paid April 1.— V . 104, p. 951, 763.
Clarksburg-Northern RR.— S a le —

S ta tu s .—

T h e company was recently purchased at receiver’s salo by tho Citizens
Guaranty & Trust C o ., of Parkersburg, W . V a ., and W . Eichleay, of
Pittsburgh, for, it is said, $ 51,060 . Tho purchasers say: “ I f tho lino was
extended to cither Salem or Clarksburg, wliero it would connect w ith the
B . & O . H R ., it would go through a rich agricultural, oil, gas and coal
region and would bo self-sustaining immediately, and eventually qulto
valuable. If the company cannot interest someone in tho completion of tho
road, it will dismantle tho lino.” — V . 102, p. 1987.

Cleveland (Electric) Railway.— R e v is e d

E a r n in g s .—

Cal. Year—
1916.
1915. . I
1916.
1915
Gross receipts $9,597,300 S8,542,31.31Bond, & o., i n t .. $306,756 $284 ,79 2
Exponsos, & c . 7,044,433
5,991,714 Dividends (6 % ) 1,606,059 1,571,709
T a x e s ...............
579,423
4 8 8 ,064|B al., s u r p lu s ... $60,635 $206 ,03 4
Tho item of “ interest and taxes,” $2 ,4 9 2 ,2 3 8 , was reported in this col­
umn last week from the data furnished on page 5 of tho com pany's annual
report. Tho com pany, however, classes as “ interest” tho dividends paid
on its capital stock, hero shown separately. “ Exponsos, & c .,” as above in­
cludes amounts written off for obsoleto equipment, $384,000 in 1916 against
$2 0 9 ,0 0 0 in 1915.— V . 104, p. 1044.

Colorado Midland Ry.— R e o r g a n iz a t io n P l a n .— Tho First
Mtge. bondholders’ committee, James N. Wallace, Chair­
man, has prepared a plan of reorganization, dated March If
1917, under which additional doposits will be received on or
beforo April 18 at the Central Trust Co., 54 Wall St., N. Y.
City, or tho Swiss Bankverein, London, tho depositaries.
Digest of Statement by Reorganization Committee, Datdd at
,
...
N f.vf Y ? r,k ’ M arch 15 1917.
This committee, constituted by agreement of N o v . 15 1912, has care­
fully considered tlio situation o f the com pany and has received advice as to
its possibilitias in the future.
In view of tho poor earnings, largely due,
wo believe, to business conditions existing boforo and after tho outbreak
o f tho European war, and in view also o f tho litigation now in progress
to recover for the company certain o f its former treasury assets, wo had
doomed it advisable to delay reorganization in tho expectation that a bettor
showing might bo made and tho litigation determined. Tho ontry o f a
decreo for foreclosure salo on April 21 1917 makes it necessary that a plan
bo at onco submitted to tho bondholders if thoir intorests aro to bo protected.
W hilo tho committeo beiioves that tho ponding litigation Involvin''
among other tilings, tho ownership o f nearly ono-h&lf o f'th o s to c k o f the
Rio Grande Junction R y. C o ., if not advantageously s e tt? e d w ill Cltimatolv
bo decided in favor of tho M idland C o ., the now c o m o a n W s h ^ ld have
sufficient cash and credit to enable it adequately to protect itself bv making
necessary extensions in tho event o f an adveree election in Sfch Attention
Tho plan is not underwritten, but after April 18 H rw illbe p iS d b le to d c fe S l
mine whether a sufficient number o f the b o n d h o ld ers^ h a v ^ M ten t^ tho
plan to make it advisable to proceed with tho sam e, and if so whether a
syndicate is needed to flimit h any part of tho cash requirements
The
annexed plan, it is believed, provides tho cash needed for tho payment and
discharge o f claims in priority to the present bonds, tho making o f better­
ments and tho purchase of m otive power urgently needed and tho provision
o f working capital and an adequato cash reserve.

Plan of Rcorg.—Proposed New Capitaliz’n following Foreclosure

1. Preferred Stock, entitled In priority to tho common stock to
roccivo cumulative preferential dividends at tho rato o f 6 %
per annum, but no further dividends, and also to payment in
full at par and dividends in case o f liquidation or dissolution.
Also redeemable on notico at par and dividends. Total avail­
able for the purposes of tho reorganization, including $ 1,906,400
to bondholders making paym ent under tho plan_______________$1,9 1 0 000
2 . Common glock, total available for purposes o f tho roorganiz’n 9 600 000
For distribution to bondholders without p a y m e n t.. $953 ,20 0
’
To bondholders making payment undor tho plan___ 8,5 7 8 ,8 0 0
I' or reorg. purposes or treasury of new com pany____
6 8,000
$1,90 6 ,4 0 0 o f Estimated Cash Requirements.
Taxes, rentals and othor claims requiring settlement in reorganiz i ii.V’ ln,m i . , to betterments and improvements and cost of
additional m otivo power. &c
_
$ 1 089 384
Compensation to reorganization Y 6m ^U t~eY 111" I " 111111111
' 20!000
Reorganization expenses, incl. legal and miscell. expeases, or­
ganization .franchises and other taxes............................. ...................
150 000
W orking capital, syndicate commissions, reserves, contingencies
and miscellaneous.......... ....................... .................... ’ ............................
647,016
T o meet these cash requirements holders o f certificates of doposit for
1st M . bonds will be permitted to make paym ent of $200 as to each $ 1,000
o f their bonds ($100io n or' beforei April 18 1917 and $100 M a y 18 1917),
and rocoivo in addition to tho 1 0 % now common stock offered in exchango
for all deposited 1st M . bonds 2 0 % In new pref. and 9 0 % in now com . stock.
Table of Distribution—
Cash Payin't. N ew Pref. Stock. New Com. Stock.
$9 ,5 3 2 ,0 0 0 1st M . b o n d s .. - - - - - - - - - ................. .............. 1 0 % - $953,200
Also if paying 2 0 % in cash $1,90 6 ,4 0 0 2 0 % - $ 1,900,400 9 0 % - 8 ,5 7 8 ,8 0 0
T o ta l............................................$1,90 6 ,4 0 0
$1,90 0 ,4 0 0
$ 9 ,532,000
As tho foreclosure decreo exprossly reserves for futuro determination tho
right of 1st M . bonds. N os. 8,947 to 9 ,4 6 9 , both incl. to share in tho pro­




&

R e fu n d in g

duo M arch

M tg e.

1 1947.

5 %

g o ld

bon d s,

In t. M . &

S . in

d a ted

M a rch

1

1917,

M ilw a u k e e o r N . Y .

Tho bonds are callable at 105 and int. on or after M arch 1 1922. Denom
o f $500 and $1,000 c * . Trustee, Wisconsin Trust C o ., Milwaukee.
D ig e st o f L e tter o f Joseph H . B rew er, P resid en t o f th e C o m p a n y .
Organization.— Incorporated Feb. 21 1917 to take over the properties
o f the Sheboygan Electric C o ., tho Eastern W isconsin R y. & Light C o. and
the W isconsin Electric Iiy. AVill operate as ono unit doing electric-lighting,
power and street railway in Sheboygan and Fond du Lac, the gas in Fond
du Lac, tho street railway in Oshkosh, and about 70 miles o f interurban and
suburban lines serving Sheboygan, Fond du Lac and Oshkosh. Power is
also sold In Plym outh, Elkhart Lake and Sheboygan Falls. Combined
population over 100.000.
Capitalization—
Authorized. Issued.
First & R ef. M . 5 s_____________
$20,000 ,000 $998,000
Underlying bonds (to retire these new First & R ef.
M . bonds are reserved)_____________________________
3 ,084,000
7 % preferred stock_____________________________________
5 ,000,000 1,200,000
Com m on s t o c k ._______________
2 ,000,000
700,000
. Security.— A first mortgage upon the property in Oshkosh, including the
lines to Omro and Neenah (all bonds previously outstanding on this part
of tho property having been called for paym ent), and by a direct mortgage
on tho entire remaining property, subject to only $3,084,000 underlying
bonds. Additional bonds m ay be issued for 7 5 % of cost o f permanent addi­
tions and improvements when net earnings are 1 % times the interest charges
on all bonds and those proposed. A special fund payablo M . & 8. 1922 to
1931 incl., 1 % ; 1932 to 1941 incl., 1 y2 %\ 1942 to 1946 incl., 2 % p. a. of
bonds outstanding, will be used to retire bonds or for extensions etc.
Properties.— (1) Gas plant and 42 miles o f gas m ains in Fond du Lac,
(2) electric-distribution system and three electric-generating plants, com ­
bined capacity o f 6,500 h .p . in Sheboygan, Fond du Lac and Oshkosh:
(3) street railway and interurban lines over 100 miles of single track. T h e
greater part o f the interurban lines is laid chiefly w ith 70-lb. toe rails on
well-ballasted roadbed, and with tho exception o f that portion from Osh­
kosh to Neenah and within city lim its is located o n p r iv a to r ig h to fw a y .
(4) Additional 5,000 k .w . steam turbine unit is to be installed, and hightension transmission lines will bo built im m ediately.
(5) Hydro-electric
power sites on tho Wisconsin and W o lf Rivers, estimated development
over 20,000 h .p .
Territory.— Manufacturing centres located in rich agricultural section
and containing nearly 400 manufacturing establishments which have some
20,000 employees, producing an annual output valued at $ 5 0 ,000 ,000 .
Combined Statement o f Earnings for the 12 M onths ended Jan. 3 1 .
1917.
1916. J
1917.
Gross earnings
$958,633 $860,8091 Bond interest_______________ $204,100
N ot,aft.tax.& m ain. 411,222 346,4871 Balance ...............- ...................- 207,122
Franchises.— Operates business under indeterminate permits as provided
by W ise. P. U . Law , and is thus protected from com petition.
Management.— K elsey, Brewer & C o . o f Grand Rapids, M ic h ., managers
o f former Sheboygan Electric C o . and of W ise .-M in n . Light & Power C o .

Empire United Railways, Inc.— Payment on Notes.—

Holders of tho 1-year 6 % guaranteed
ture of Feb. 16 1915 with tho Bankers
called upon to present their notes and
$ 1.000 of notes from funds received from
p . 863, 361.

gold notos Issued under tho inden­
Trust C o ., N . Y . t as trustee, are
to receive a further $60.305 5 per
certain o f the guarantors.— V . 104,

Georgia & Florida Ry.— Receiver's Certificates.—

A s stated last week. Receiver W . R . Sullivan nas been authorized to issue
$500 ,00 0 1-year 6 % receivers’ certificates. W ith tho proceeds of $2 5 0 ,0 0 0
o f this issue it was arranged to take over tho control of tho Augusta So. R y .,
which we learn has been sold for cash by the Southern R y . C o. to the 1st
m tge. bondholders of the Georgia & Florida R y.
The remainder ($250,000) of the receiver’s certificates just authorized
have been used to retire $250,000 one-year 6 % receiver’s certificates ma­
turing M a y 25 1917. Tho new issue is a first lien on all the property of the
Georgia & Florida R y. (subject only to $212 ,00 0 o f M ilieu & Southwestern
1st 5s), and on the securities o f the Augusta Southern purchased from
Southern Railway C o. Compare V . 104, p. 1045.

Harrisburg Portsmouth Mt. Joy & Lane. RR.— Sale.—
Tho shareholders on M arch 23 approved the sale o f this property to the
Pennsylvania R R ., which com pany (V . 104, p. 1046) has approved the
purchase.— V . 104, p . 163.

Illinois Northern Utilities Co.— Consol. Results.—
5

M o s . ending
Gross
Net
Dec. 31—
Earnings. Earnings.
1 9 1 6 --------------------- $536,157 $227 ,63 8
— V . 103, p . 496.

Bond
In t., A c .
$123,054

Preferred
Dividends.
(1 H % ) $ 4 1 ,2 4 0

Balance,
Surplus.
$63,344

Kanawha Traction & Electric Co.— Merger.—
See M onongahela Valley Traction C o. below.— V . 103, p. 1032, 666.

Kansas City (Mo.) Railways.— Earnings.—
Cal. Years—
1916.
1915.
I
1916.
1915.
Gross earningsS7.266.512 $ 6 ,8 0 0 ,7 1 1 1N et after taxes$2,451,955 $ 2 ,1 6 9 ,4 5 0
— V . 104, p. 361.

[Vol . 104

THE CHRONICLE

1146
Lakeside & Marblehead RR.

— Bonds

Called.—

Three (33,000) First M tgo. 6 % Gold Bonds of 1892 havo boon called for
paym ent at par and in t. on April 1 at International Trust C o ., B oston.—
V . 98, p . 73.

Lehigh Valley Transit Co.

— Deposit Receipts Listed.—

The Philadelphia Stock Exchango has admitted to the unlisted depart­
m ent, deposit receipts for com . and pref. stock under tho purchase plan,
deposited at the agreed price, to tho amount of 83,070,800 pref. stock and
8 2 ,122,550 com . stock, constituting a majority of each class.
Tho Electric Bond & Share C o ., as purchaser, has until 90 days from tho
date o f the agreement, namely, Feb. 7 last, in which time to make payment
for tho stock. See V . 101, p . 764, 663.

Long Island S R . — Receivership'Denied

— Plan— Report.—

pref. stock, 35,000,000 6% non-cum. 2d prof, stock and $15,000,000 of
common stock, 75% paid. Tho timo for conversion [which expirod March
15] will not bo extended, as it was unnecessary to do so.”
Under tho aforosaid plan stockholders of record Feb. 1 1917 wero given
tho right to convert one-fourth of their $20,000,000 common stock, 75%
paid, into full-paid 6% pref. stock, one-half to be first preferred stock cumu­
lative from Apr. I 1917 and tho other half non-cunmlativo socond pref.
stock, upon payment of $25 a share on each share of common stock converted.
Tho following provision will bo printed on tho $2,500,000 first prof, stock
certificates to bo prosontly issued under tho conversion plan: Notico is
hereby given that tho stock represented by tills certificate bears dividends
cumulative from April 1 1917 only, and will rocoivo no dividends until all
accumulations of dividends up to April 1 1917 shall have boon paid or set
apart on tho $2,500,000 of 6% first pref. stock which bears dividends cum­
ulative from Jan. 1 1916, and after such accumulations of dividends shall
havo been paid or set apart, tho stock represented by this and other certifi­
cates similarly stamped will share pro rata in all future dividends with the
first preferred stock cumulative from Jan. 1 1916, and this certificate may
then bo exchanged for a first preferred stock certificate without this stamp.
— V. 103, p. 1119.

Justice Lehman in the Supreme Court at New York on M arch 20 denied
the application for an accounting and also for a receivership for tho Long
Island U R ., in the suit brought by Evans It. D ick , of Dick Bros. & C o .,
and other m inority stockholders, against the Pennsylvania H U ., as m a­
jority stockholders. See V . 102, p. 345, 1163.
It is understood that a
Rates.— A d v a n c e s i n F r e ig h t C h a r g e s S o u g h t .—
now suit is to bo brought by tho D ick interests to prevent tho exchango of
See editorial columns in this issuo.— V. 103, p. 321.
debenture bonds for Long Island R R . common stock proposed by tho
management o f tho road some timo ago.
Reading Transit & Light Co. — C o n s o li d a te d E a r n i n g s .—
President Rea, o f the Pennsylvania R R ., has announced that tho com any would not meet the demands o f tho minority stockholders o f tho C a l e n d a r
G ross
N e t , a fte r
O th e r
In terest
P f.D iv s .
B a la n c e ,
ong Island R R ., who are seeking more favorable terms before surrendering
Y e a r s— E a r n in g s.
T a xes.
In co m e.
A R e n t s . (6% ).
S u rp lu s.
thoir stock to tho Pennsylvania. Ho stated that tho Pennsylvania would 1916_____$2,621,599 $1,116,010 $8,995 $291,453 $42,000 $103,346
not guarantee tho debentures and that no further offer would bo m ade.
1915_____ 2,211,409 1,002,380
8,707
231,595 42,000,
49,101
See plan in detail, V . 104, p. 663.
C o n t r o lle d ’ b y th o E astern P o w e r & L ig h t C o r p .— V . 104, p . 6 64.
Tho results for the calendar year 1916 were published briefly last week
(page 1045). A full abstract v ill bo given in a subsequent issue. The
Republic Ry. <Sc Light Co.— N e w P resid en t. —
company did a heavier business during the 12 months than in any previous
H a rriso n W illia m s s u cce e d s O ren R o o t as P re s id e n t. M r . R o o t has also
year. 3,173,397 more passengers rode, and 691,505 more tons of freight
resigned as a d ir e c t o r .— V . 104, p . 8 64 , 6 64.
wero hauled than in tho year 1915.— V . 104, p . 1045.

£

Missouri Pacific Railway Co.

—Listed.—

San Antonio Fredericksburg & Northern Ry.— S a le .—

The Now York Stock Exchange has admitted to dealings the Central
Trust C o . certificates of deposit for (a) 5 % Trust bonds duo 1917, stamped
as to advanco of Sept. 1915, M arch and Sept. 1916 and Jan. 1917 Interest;
and (5) First Collateral M tg e . 5 % bonds, duo 1920, stamped as to advanco
o f Feb. and A u g. 1916 and Feb. 1917 Interest.— V . 104, p . 952, 853.

Monongahela Valley Traction Co.— Common Dividend
Rate Increased from 4 to 5 % . — Change in Par Value to $ 2 5 . —
5 % Pref. Stock to be Exchanged for New 6 % Pref. , 8 1 0 0 for $ 8 4 .
Tho April dividend on tho common stock has been increased from 8 1quarterly, to SI 25 quarterly per share. Tho outstanding stock is now
87,188,861 common and $2,78 7 ,1 5 0 5 % cum. preferred. A stock dividend
o f 6 % was paid in January last on tho common stock, with tho quarterly
1% in cash. Comparo V . 104, p. 452; V . 103, p. 2429; V . 102, p. 1346.
Tho stock, botii preferred and com m on, it is announced, will bo con­
verted into stock of tho par value o f $25, tho present par being $100.
The preferred stock also will bo converted into 6 % preferred stock, par
$25, on tho basis of $S4 par value of tho new stock for $100 par valuo of
tho present 5 % stock.
In other words, 100 shares of the 5 % stock of $100
par value each, are equivalent to 336 shares of tho new 6 % stock of tho par
valuo of $25 each.

Merger.—
com pan y
tio n

&

sh ares

A r r a n g e m e n ts h a v e b e e n c o m p le t e d b y w h ic h th o

w ill t a k e o v e r

E le c t r ic
of

com m on

C o .,

th e

th o

M o n o n g a h e la
stock ,

th a t co m p a n y

o f th o

r e c e iv in g

p re fe rre d

p a r v a lu e
to

p ro p e rty

la tte r

and

$ 2 5 , w h ic h

K anaw ha

p r a c t ic a lly

4 4 ,0 0 0
w ill b o

T rac­
4 4 ,0 0 0
of

its

d is tr ib u te d

sh ares

by

its p r e s e n t s t o c k h o ld e r s ,

S p e cial M a s te r J o se p h D . S ayers w ill o ffe r fo r sale a t p u b lic a u c tio n on
M a y 1 n e x t all this c o m p a n y ’s p r o p e r ty fre o o f all c la im s a n d lion s. U p set
p r ic o $ 1 2 5 ,0 0 0 .— V . 99, p . 1301.

Southern Ry.— Control

Ry.

o f A u g u sta Southern

S o ld .—

See G e o r g ia & F lo rid a R y . a b o v o .— V . 104, p . 1046, 8 64.

Toxas & Pacific Ry.— N e w

D irectors .—

J.
L . L a n ca ste r, J . I I . M c C I e m e n t, F in la y J . S liop a rd , S am uel S loan and
A lv in W . K rech h a v o been ele cte d d ir e c to r s to su cce e d R . M . G a llo w a y ,
H o w a rd G o u ld , E . J . P ea rson , H e n r y I c k c lh e im e r a n d S ow a rd P rosser,
re s ig n e d .— V . 104, p . 8 64, 4 53.

Toronto Hamilton & Buffalo Ry.— B on d

G u a ra n ty. —

Sou N o w Y o r k C e n tra l R R . a b o v o .— V . 103, p . 8 4 5 .

Trans-St. Mary’s Traction Co., Mich.— D e fa u lt .—
T h is c o m p a n y has
5 % 15-yoar b o n d s .
T o r o n t o , as tru s te o ,
C h ic a g o p a rtie s , it is

d e fa u lte d th o Jan . 1 1917 interest d u o o n its $15 0 ,0 0 0
A M ich ig a n p a p er s a y s; ‘ ‘ T h e N a tio n a l T ru st C o . o f
w ill ta k e p r o ce e d in g s t o fo re c lo s e th o m o rtg a g e , and
th o u g h t, aro n ow fig u rin g o n p u rch a sin g th o p r o p e r t y .

United RRs. of San Francisco.— A m e n d e d

Plan.,—

Seo C a lifo r n ia R y . & P o w e r C o . a b o v o .— V . 104, p . 1016, 766.

West Virginia Trac. & Elec. Co.— C on so l.

E a r n in g s. —

Calendar
Gross
N et, after
Other
In t. A
Balance,
Years— ■
Earnings.
Taxes.
Income. Rentals.
Surplus.
1 9 1 6 - .........................
$ 97 9 ,6 5 6
$ 48 0 ,1 3 0 $ 9,1 89
$ 31 4 ,3 5 4 $ 155,311
1 9 1 5 .- ................................... 8 9 8 ,59 5 438 ,76 6
8 ,5 1 5
2 97,857
122,019
C o n tr o lle d b y th o E astern P o w e r & L ig h t C o .— V . 100, p . 2 087.

Tho property of tho Kanawha Traction & Electric C o. comprises (1) a
INDUSTRIAL AND MISCELLANEOUS.
street railway system with about 60 miles of track, embracing local linos
in the cities o f Parkersburg, W . V a ., and M arietta, O ., an intorurban rail­
way from Parkersburg to M arietta and M arietta through Lowell. O ., to
Aetna Explosives Co.— M e e t i n g A d j o u r n e d . — R e p o r t .—
Beverly, O ., also the bridgo across tho Ohio River between M arietta, O .,
This com pany’s annual meeting has been adjourned until April 5 so as to
and Williamstown, W . Va.
(2) now fire-proof electric generating plant
afford tho stockholders’ protective committee sufficient timo to Investigate
ultimate capacity at lease 12,500 k. v . a ., presont. capacity 6,2 5 0 k. v. a.
the affairs of tho com pany. Sec ‘ ' Reports” abovo."— V. 104, p . 1047, 953.
(3) lighting and power systems in Parkersburg, M arietta, Williamstown,
American Graphophone Co.— N e w C o n tr o l— N e w S to ck
Lowell and Beverly, except tho street lighting in M ariotta.— V . 104, p . 452.

New Orleans Texas & Mexico Ry.—Initial Income In­

terest.—

T h is

$ 1 5 ,1 8 0 ,0 0 0

com p an y
5 %

has

N o n -C u m .

6 m o n th s e n d in g D e c . 3 1

d e c la r e d

1

A
X%

in te r e s t

I n c o m e b o n d s , S e r ie s A , f o r

1 9 1 0 , p a y a b le A p r .

a n ty T ru s t C o ., N . Y . — V .

on

th o
th o

1 a t th e G u a r­

104, p . 863, 257.

New York Central RR.— Guaranty Decision.—

A lb e r t

IT.

H a r r is , V i c e - P r e s . a n d G e n e r a l C o u n s e l, w r it e s in s u b s t a n c e :

In regard to tho proceeding brought in tho Supreme Court of Ohio by
James l’ollitz and Clarenco II. Venner to reviow tho ordor of tho P. U . Com ­
mission of that State authorizing the New York Central to join with tho
Canadian Pacific, tho Michigan Central and tho Canada Southern in guar­
anteeing .$2,000,000 of the Consol. M tgo. bonds of tho Toronto Hamilton
& Buffalo R y., I beg to say that tho Ohio Court has hold that, wnlle tho
N ew York Central m ay guarantee such of tho Toronto Hamilton & Buffalo
bonds as it m ay itself own or acquire, it is not permitted, under tho Ohio
la w , to make a joint guaranty with tho other proprietary companies.— V.
104, p. 952, 764.

Omaha

&

Council Bluffs Street Ry.

— Earnings.—

Cal.
Gross
Net (after
Other
Rentals, P f.D iv. Common Balance
Year. Earnings.
Taxes). Income. I n t ., Ac. ( 5 % ) . Dividends. Surplus.
1916.33,253,327 $1,131,501 814,840 $636,205 $200,000 b $2 00,0003110,136
1915. 2,996,079 1,098,777 12,919 631,350 200,000 a21 2,50 0
67,845
a 4 H % ; b 4 % .— V . 102, p. 1060.

Pacific Gas

& Electric Co.— Bonds Sold.— Applic.toList.

The $ 3 ,0 6 0 ,0 0 0 G en. & Ref. M tgo. 5s offered by bankers in Jan. last hav­
ing all been sold, application has been mado to list tho same on tho N . Y .
Stock Exchange.— V . 104, p . 664, 257.

Pennsylvania-Betroit RR.—Incorporated to Build a 52Mile Extension into Detroit for the Pennsylvania RR. Co.—

This company was incorporated in Michigan on Fob. 27 with an author­
ized capital stock o f $5,0 0 0 ,0 0 0 , par 8100, and will build as a subsidiary
. o f tho Pennsylvania R R . C o. a 52-milo road extending from tho OhioM ichlgan State lino northward through Monroo and VVayno counties into
D etroit. Pres., R . E . M cC a rty , D etroit; Vice-Pros., G eo. L. Peck, P itts­
burgh; Sec., S. II. Church, Pittsburgh. Principal office o f tho now com ­
pany is to be in D etroit.

—

I s s u e . — Tho du Pont family having acquired virtual control
through largo purchases of tho capital stock, Francis S. Whit­
ten, Vice-President of Laird & Co. of Wilmington, has been
elected President to succeed Philip T. Dodge, tho latter be­
coming Chairman of the board.
T o provide for tho further development of tho rapidly growing business,
tho holdors of tho present $ 2 ,627,790 common and $ 2 ,500,600 7 % non-cum.
prof, stock of record on M ar. 24 aro offered tho right to subscribe at par
($100 a sharo), at tho office in tho Woolworth B ld g.. N . Y . , until 3 p. m .
Apr. 4, for 25,038 95-100 shares ($2,563,895) of additional common stock,
in amounts equa,l to 5 0 % of the par valuo of tho shates now neld by thorn,
respectively. Subscription warrants will bo issued within a few days.
Subscriptions aro payable 2 0 % at onco and 8 0 % by 3 p. m . Aprd 16 1917,
after which date the new certificates will bo issued.
Tho now issue has boon underwritten by a syndicate hauled by Laird Sc
C o. of W ilm ington, M ontgom ery. Clothior & Tyler and Bertron, Griscom
& C o. of New York and Philadelphia, and by Bloron & C o. of Philadelphia.

R e p o r t . — Seo

“Annual Reports” abovo.— V. 102, p. 1890.
American Malting Co.— E x c h a n g e o f S to c k . —
Tho Guaranty Trust C o. of N . Y . is delivering this com pany’s common
and pref. stock In oxchango for Its certificates of deposit representing pref.
and com . stock of tho American M a lt C o .— V . 104, p. 953, 766.

American Smelting & Refining Co.— P l a n O p e r a t i v e —
D e p o s i t s — I n s u r a n c e P o l i c y . — About 80% of the 5 % Series
“B ” cum. pref. stock of tho Amor. Smoltors Securities Co.,
having boon deposited’ under tho oxchango agreement of
Dec. 20 1916, tho company has declared tho plan operative.
Temporary or definitive 1st M . 5 % bonds of tho Refining C o. will bo
delivered to depositors at tho Central Trust C o. of N . Y ., depositary, on or
before Juno 30 1917, or as soon as tho bonds shall bo ready for delivery.
Deposits aro still being received at tho Central Trust C o ., N . Y ., subject
to the approval of tho com pany.

Pres. Daniel Guggenheim in letters to employees on
March 7 announced that tho company, entirely at its own
expense, will insuro the lives of its employees as follows:

.—

In tho caso o f tho salaried employees, after ono year’s sorvico, a year’s
salary with a maximum lim it of $10,000 in tho case of those receiving a
Pennsylvania RR.—Line to Detroit. Purchase
Seo Ponnsylvania-Detroit R R . and Harrisburg Portsmouth A lt . Joy & larger salary, and to daily wage employees after ono year s service, if mar­
' ried $1,000 and if single $500, with 10% additional added for each year
Lancaster R R . abovo.— V . 104, p . 1046, 948.
: of sorvico up to fivo years, so that after tho tivo years next ensuing tho
■ indemnity for married men will bo $1,500 and for single men 3750. Tho
Peoria & Pekin Union Ry. Earnings
company will sot aside cortain sums from month to month until a fund
Calendar
Gross
N et, after
Other
Interest, Balance,
Total
is created sufficient to enable tho company itself to carry tho indem nity.
Years— Earnings.
Taxes.
Income. Rents, A c. Surplus.
Surplus.
— V . 104, p . 1040. 561.
1916_____ $1,011,871
$147,758 $218,549 $275,119 $91,188 *3421,380
1915..........
895,797 104.851
225,493 223,446
106,907
372,051
American Sugar Refining Co.— N e w D i r e c t o r .—
* After deducting redemption of debenture bonds, $50,000 , and adding
N athan C . Kingsbury, Vice-Fresidont o f tho American Telephone &
miscellaneous items (not), 3 8 ,1 4 1 .— V . 93, p. 1260.
' Telegraph C o ., has been elected a director to succeed Henry C . M o tt,
i resigned.— V . i0 4 . p . 1041, 561.
Philadelphia Rapid Transit Co. Bonds Listed
Tho Philadelphia Stock Exchange has admitted to list an additional
American Surety Co.— Dividend Increased.—
$497,400 Extended Voting Trust certificates, dated Fob. 20 1916, making
A quarterly dividend of lj- 2 % has been declared on the stock, payable
tho total amount listed to dato $ 2 4 ,2 2 7 ,3 5 0 .— V . 104, p. 765, 452.

—

.—

—

.—

— Conver­

Portland (Ore.) Railway, Light & Power Co.

sion of Stock— New Cash.—
on

M arch

E . W . C la r k &

C o ., P h ila d e lp h ia ,

22 w rote:

“ The conversion [under plan of Feb. 10] was vorysatisfactory. As a re­
sult of this conversion there will bo outstanding $5,00 0 ,0 0 0 of 6 % cum . first




Mar. 31 to holders of record Alar. 24. This compares with 1)4% regular
and 1% extra in Dec. last.— V. 103, p. 2344.

American Tube & Stamping Co.— Bonds Called.—
Ton ($10,000) First Mtgo. 5% 3 0 -yoar gold bonds of 1902 havo boon
called for payment at 105 and int. on April l at Equltablo Trust Co., N. Y .
— V. 103, p. 2430.

Mar . 24 1917.|

Anaconda Copper Mining Co.— P r o d u c e r s ' O f f e r o f C o p ­
p e r a t H a l f P r i c e f o r A r m y a n d N a v y U s e .—
Sco editorial columns In this issue.— V . 104, p . 953, 805.

Atlantic Steel Co.— E x tr a

D i v i d e n d .—•

A n extra dividend of 1 % has been declared on the common stock In addi­
tion to the regular quarterly 1 '/$ % , both payable April 2 to holders of record
M ar. 22. A like amount was paid in Jan. last.— V . 104, p. 1047, 066.

Barnaby Manufacturing Co.— L iq u id a t io n

S a l e .—

The various properties o f tho com pany will bo offered at auction (liqui­
dation sale) on M arch 27, 28 and 29 1917.— V . 97, p. 6 6 8 .

Bay Counties Power Co.— B o n d s

C a lle d .—

Tho Union Trust C o ., San Francisco, on April 1 will rodoom 135 ($1 3 5 ,­
000) Second M tgo. 6 % bonds o f 1901, duo 1931 at 105 and ln t.— V .7 6 ,p .4 8 1 .

Booth Fisheries Co., Chicago.— E a r n in g s — P u r c h a s e .—

Calendar
N et
Bond, & c., Deprec., P f . Dies.
Balance,
Years—
Profits.
Interest.
A c.
(7 % ).
Surplus.
1 9 1 6 ............. ................ $1 ,6 5 9 ,2 9 5 $378 ,91 9 $274,024
$214,270 $792 ,08 2
1915
_________ 1,042,770
386.779
307,334
180,005
168,652
Tho report will bo cited fully another week.
A s to the Initial dividend o f 2 % , paid M arch 1917 on tho So,000,000
ommon stock (paid out o f 1916 earnings).
__
This company is reported to havo purchased flvo s.ardino packing plants
o f tho Lub'jck Sardine C o. for about $500,000. Tho plants are on tho
north M aino coast.— -V. 104, p. 455.

Buttcrick Co.— E a r n in g s . — F o r c a le n d a r y e a r s :
Cal Year—
N et Profits. Dividends Paid.
Bal.,Sur.
1 9 1 6 ...................... .$ 4 1 0 ,3 0 6
(2 0 3 3 2 9 ,5 6 2
$80,744
1 9 1 5 ____________ 458.139
( 3 % ) 439,116
18,723
Tho company owns $882,400 of $1,00 0 ,0 0 0 stock of tho
— V . 103. p. 1890.

Rida’cay Co.
loss ,$105,452
loss 149,511
ltidgw ay C o.

Butte & Superior Mining Co., N. Y .— E a r n i n g s .—
— 3 M r s . end. Dec. 31----------12 M as. end. Dec. 31—
Period Covered—
1916.
1915.
1916.
1915.
N o tv a l. (zinc concent.). $2,445,878 $ 3 ,614,570 $11,394 ,529 $10,913 ,362
N e tv a l. (lead con cent.).
396,279
240,054
1,097,023
910,816
M etal tnv. & quotations
650,000
3 33,760
650,000
535.270
Miscellaneous in c o m e ..
22,357
18,265
81,314
51,600
Total not value_______ $3,514,513
Operating costs, tax.,& c. 1,205,445

$4 ,2 0 8 ,6 4 9 $13,222 ,865 $12,411 ,048
1,112.819
4 ,348,926
3 ,285,093

P r o fits --------------------------- $ 2 ,309,068 $3,09 3 ,8 0 0
$8,873,939 89,125.950
Tho averago price used In estimating returns on spelter for tho Doc. 31
1916 quarter is 9.7548c. per lb ., against 14.3595c. per II). for the corre­
sponding quarter in 1915.— V. 104, p. 86.5.

Calumet

&

Arizona Mining Co.— E a r n i n g s .—

1916.
1915.
$
$
Gross e a r n s ..20,49 5 .4 3 0 11 ,6 4 7 ,4 1 5
Other incom e.
92,510
36 ,3 0 8
Total in com e.20,58 7 ,9 4 0 11,683,724
— V . 104, p . 364.

„

C a l. Y e a r s —

I

1916.
$
E x p ..taxe s,& c. 9,4 3 2 ,9 3 5
Dividends . . . 5 ,777,296
ISurplus_______ 5,377,709

1915.
$
6,229,843
2 ,0 0 6 ,5 5 7
3 ,447.324

Cambria Steel Co.— E a r n i n g s . —
Calendar Years—
1916.
N ot incom e______________ $27,511 ,794
Depreciation, & c _______
1,821,103

1915.
$ 8 ,326,672
1,251,524

1914.
$ 3 ,115,932
637,837

1913.
$ 7 ,787,970
1,099.440

B ala n ce------------------------ $25,690,691 $7,07 5 ,1 4 8 $ 2 ,478,095 $ 6 ,788,530
Fixed chges. under C am ­
bria Iron C o. lease .
$506 ,33 8
$671 ,61 0
$517,105
$453 ,58 0
D ividends------------- ( 6 Vl % ) 3 ,037.500 (6 )2,700,000 (5)2,250,000 (6)2 ,7 0 0 ,0 0 0
Balanco__________ su r.$22,056 ,853 S r$3,703,538 D f.$ 2 8 9 ,0 1 0 3 r$ 3 ,5 3 4 ,950
— V. 104, p. 6 6 6 .

Canadian General Electric Co.— C o n s o l.

E a r n i n g s .—

Cal. Year—
1916.
19151916.
1915.
Gross profits.$ 2 ,225,912 $ 1 ,219,514 Prof. divs. (7%)..$140,000 $140,000
Doprcehi, & c . 1,040,491
dl(i,223 C om . divs. (8 % ) . 639,844 558,022
ln t . ch arges.. ----------- - 38,912 Balance, surplus. 405,577
6 6 ,3 5 7
Total surplus Dec. 31 1916, $1,112 ,6 9 6 ; total reserve, $ 3 ,5 0 0 .0 0 0 .—
V . 103, p. 2157.

Carriage Factories, Ltd., Montreal.
Nov. 30
Net
Bond
Year—
Profits.
Interest.
1915-16............... $33,455 $29,310
30,000
1914-15------------ 297,239.

1147

THE CHRONICLE

Dividends
Paid
.
(3 H~%~)$42’ 028

■ E a r n in g s, A c .—
Balance,
Surplus.
$4,145
225,202

Total
Surplus.
*$315,979
352,391

1
U
O
iA
XT
♦After deducting business
war tax, O
$40,658!—V.
102, p. 802.
Central Foundry Co.— I n i t i a l P r e f . D iv id e n d .—

An initial quarterly dividend of 2 % lias been declared on tho 1st pref.
stock, payable April 15 to holders o f record M a rch 31. Sco V .lO l.p . 767, 365

Central Illinois Light Co .—

S to ck I n c r e a s e .

extensions, A c.
V\ e are Informed that tho Increase doos not foreshadow
any merger o f other properties.— V . iq q , p> 4 7 7 .

Chevrolet Motor Co.— I n i t i a l D iv id e n d . — An initial dividond of 13% has been declared on the $38,000,000 stock, pay­
able May 1 to holders of record April 20.— V. 104, p. 949.
Chile Copper Co. N e w S e c u r i ti e s , A c . — Tho stockhold­
ers will vote April 10 on authorizing tho proposed now bond
issuo (of which $.35,000,000 havo boon underwritten by a syn­
dicate formed by Eugono Moyer Jr.& Co.), and also the stock
into which tlio bonds are to bo convertible.
t„\ now,".*!,'?,1? pf R e s o lu tio n s T o Be A cted O n April 16 1917.
nno to * n V n n n n o n 0 'liio f
‘ ? ? r? ase ,,f
capital stock from $11 0 ,0 0 0 .flnn «r^ 2l22?V
f sa ci increase to bo common stock, and tho
reservation o f stock for conversion o f
000 000 now bonds
ffi i’ ro.M.sodauthorizatioa o f $ 100 .00 0.00 0 bonds .payable A,,ril 1 1932.
i t cl . -1h2J E S S * kh f 'f 0
sa,e o f $35,0 0 0 ,0 0 0 o f said bonds bearing 6 %
JEeS^f),«£eAr!iSiai ) laSo o jfip h ° f company at 1 1 0 % .and int. upon any int.
nf
convertible Into common stock at rato o f $ 3 5
nno noo .J L
a,so t,1<3 proposed reservation o f $ 6 5 ,­
30 lss,10.il and disposed o f in tlio future upon terms
proposed trust agreement, such rosorvod bonds to
bear such rates o f interest and to bo redeemable and convertible, if at all,

s s r s { a a M a iir a s s

1 & “ uS < K t " b o 1p i W r ' ? “ j 9 2 f j .
° ola “ ond> ° r
(d) Th e proposed offer to tho stockholders o f record April 24 1917 o f the
privilege o f subscribing for their pro rata sharo of the said $ 3 5 , 0 0 0 ,0 0 0 bonds
at par and Int., such price being payablo In two installments, viz., 5 0 %
upon subscription and 5 0 % and ln t. on M a y 20 1918.
(e) Authorizing an agreement, dated M arch 9 1917, with tho Guaranty
Trust C o. o f N . 3 ., Eugene M eyer, Jr., & C o ., and Guggenheim Bros, for
tlio underwriting of tho bonds for a commission o f 6 % oil said $ 3 5 , 0 0 0 ,0 0 0

Report by Fred Ilellmann, Formerly Company’s General Manager in South
America and N ow Its Consulting M ining Engineer. Dec. 28 1916.
Tons Ore in Sight Value Additional Est. Total Tons.
Value.
1 .8 9 %
106,100,000 3 3 9 ,0 0 0 ,0 0 0 1 .9 1 %
Oxidized ore_____ 232,9 0 0 ,0 0 0
M ixed ore----------- 7 3 ,1 0 0 ,0 0 0 2 .9 8 %
77,90 0 .0 0 0 151,000 ,000 2 .9 8 %
Sulphide ore------- 4 8 ,7 0 0 ,0 0 0 2 .3 6 %
161,300 ,000 2 1 0 ,0 0 0 ,0 0 0 1 .8 4 %
T o t a l -----------..3 5 4 ,7 0 0 .0 0 0 2 .1 8 %
345,3 0 0 .0 0 0 7 0 0 ,0 0 0 ,0 0 0 2 .1 2 %
Tlie “ ore In sight,” M r . Ilellm ann states, all lios within the boro hole, n e t ,
without allowing for any extension of tho ore either laterally or in depth
boyond the boro holas, while the additional probable ore is an estimate
based within reasonable limits on tho slope of the known ore bodies for a
moderate distance, only 10 0 feet, for instance, to tho west of the most
westerly of the north and south lines o f boro holes.
The prosent 10.000-ton plant Is altogether too sm all and immediate steps
should bo taken to incroaso plant capacity to 2 7.000 tons of ore per day.
Even then more than 34 years would be required to exhaust the oxidized
ore alone, while thero would still remain 3 8 1 ,0 0 0 ,0 0 0 tons averaging
2 .3 2 % copper.
Purposes of New Issue.— Tho proceeds o f the $3 5 ,0 0 0 ,0 0 0 now bonds
will be applied toward increasing the capacity of tho plant to 27,000 tons
per day, and for other capital purposes, and to retire the floating debt of
the Chile Copper Co. and Chile Exploration C o. (excepting bills of exchange)
incurred in bringing the property to its present statn o f developm ent.
These bonds whl be secured by the pledge of tho entire capital stock o f the
Chile Exploration C o. (subject only to the existing lien of o ir 3 1 5 ,0 0 0 ,0 0 0
7 % Convertible bonds).
That com pany's property contains, as above
estimated, 3 5 4.709 .000 tons of proven commercial ore, with extractable
contents o f 6 ,801.534 tons metallic coop 3 .\
Production.— The present plant is no w pro luring at the rate o f over
6 ,5 0 0 ,0 0 0 pounds o f refined copper per month. This production w ill
gradually increase until by Novem ber it should reach about 10.00 0 .0 0 0
pounds per m onth. The plant began operation M a y 18 1915, showing:
Pounds o f
Cost f.o .b . Plant Total Cost
N et Profits
Conner
Yards per Pound per Pound Before DeductProauccd.
of Copper.
Delivered.
ing Interest.
1915 (7 H m o s .)_____ 10,944,824
16.34c.
18.55c.
$ 3 0 ,4 6 9
11.76c.
15.65c.
4 .1 0 2 ,2 0 3
1916 (12 m o s .)_____ 4 1 ,305,476
1017 (2 m o ;.) ............. 13,812,000
9.64c.
13.24c.
1 .7 2 3 .0 0 0
Tho foregoing figure? are subject to slight change? whoa the f inal reports
for copper sale? for the months of D ec., Jan. and Fob. ate receivol.
Th e process of ore treatment has been proven, as anticipated, a com plete
commercial success. M ining and treatment cott, h >wovor, while constantly
decreasing, i » still high, duo to the comparatively sm ill production. Trans­
portation and insurance costs are also excessively high, being approximately
2 cents per pound above normal costs prior to the war.
Your engineers estimate that with the propose 1 addition to the plan t,
27,009 ton- of ore can bo delivered to it daily: t b it tho averago of this ore
from tho oxidized ore body will bo 1 .9 1 % copper: that an average extrac­
tion of 8 8 % can be obtd nod , and that 3 0 0 ,0 0 0 .0 0 0 lbs. of refined copper
can be produced annually and delivered in Europe or the United States
at an average cost o f approximately 6 c. per pound.
W ith profits of 8 c.
per pound, thi-> wo il i m om total profits o f 318 ,0 0 0 ,0 0 0 , or with profits of
10c. per pound, $ 3 0,000 ,000 .
For ton yoars prior to the European war the
average price per pound of copper was 1 5.4?.; since A u g. 1 1914 the price
has averaged 2 2 V\ ?•
Convertibility.— i'lio v-iluo of the right to convert tho new bonds at any
time into f to .k at $35 of bonds for $25 stock m ay be shown b y tho follow ­
ing figures of estimated earning? par share at varying rate? o f profit per
pound of copper.
W ith the increase of 17,000 tons in tho capacity o f the
plant, and .a resulting production of 3 0 0 ,000 ,000 lbs. o f coppor per annum ,
the. earnings per share, assuming not more than 5 ,4 0 0 ,0 0 0 .sharos of stock
are then outstanding, which, however, allows for tho convention o f tho $ 1 5 ,­
000,000 7 % bonds duo 1923 and tho proposed issue of $ 3 5 ,0 0 0 ,0 0 0 due 1932,
would be as follows:
(1) On Proposed Capacity of
-With Profits per Pound of-------300.000 ,000 Lbs. Y'rly—
6 c.
8 c.
10 c .
1 2 c.
T o t. prof, per a . would be 3 IS,0 0 0 ,0 0 0 $ 2 1 ,9 0 0 ,0 0 3 $3 0 ,0 0 0 ,0 0 0 $38,0 0 0 ,0 0 0
Profits per share per ann. on
5 ,400.000 share?___________
$3 33
$4 44
$5 56
$ 6 67
A s Against Present Capacity
of 110,000,000 Lbs. Y'rly—
Earnings per share on 4 ,4 0 0 ,­
0 0 0 shares (allowing for
conversion of present b is .)
SI 50
$2 00
$2 50
$3 00
The shareholders sh mid appreciate chat with the proposed increase o f
plant capacity to 27,000 ton.? per day. the earning power of tho com pany
will be vastly increased. Hecau.se of the size of the ore bodies to be treated,
it is in tho minds of your managers that it will be advisable ultim ately to
increase tho plant capacity to 50,000 or 60,0 0 0 tons per d a y .— V. 104, p.
1047, 954.

Colorado Fuel & Iron Co.— M r .

R o c k e fe ll e r 's I n d u s t r i a l

P la n .— A

booklet lias been issued containing a complete copy
tho plan of employees’ representation— or “ industrial
constitution”— and the agreement between tho company
and its emploj^ees, adopted at tho coal and iron mines
the Colorado Fuel & Iron Co.

of

of

In order that the scope and purpose o f the plan m ay be the more clearly
understood, there are also included an article entitled “ Labor and C apital—
Partners,” reprinted from tho “ Atlan tic M o n th ly ” for Jan. 1916, and two
addresses delivered by John D . Rockefeller Jr., while in Colorado In O ct.
1915.— V . 104, p . 562. 365.

Columbia Gas & Electric Co.— D i v i d e n d

P o lic y .

—

An official statement says: “ A t tho meeting of directors on Afarch 19 the
question of an initial dividend on the capital stoex was discussed, and it
was decided that tho dividend policy o f the company would 1)3 determined
at the next meeting o f the board, to bo held in April, after the annual
meeting of stockholders.” — V. 104, p. 1039, 562.

Computing-Tabulating-Recording Co.— N e w

D ir e c to r .

J. S. Coffin has been elected a director to succeed Ansel Opponhoim.
— V . 104, p. 954.

Corn Products Refining Co.— A c c u m u l a t e d

D iv id e n d s .

—

A dividend of 5 % has b o n declared on tho S2 9.82 6.86 7 pref. stock on
account or accumulations along w 'th the regular quarterly I X % . both pay­
able Api'il 16 to holders of record April 4 . This leaves about 9 1 -6 %
accumulated. In Jan. last a like amount was paid.— -V. 104. p. 950.

Consolidation Coal Co., Balt.— E a r n i n g s — D i r e c t o r .—

Calendar
Gross
Net (after
Interest A
Dividends
Balance,
Year
E arnim s
Taxes, A c .) . Sink.Eds.
(6 % ).
Surplus.
1916............$ 1 7 ,312 ,366 $ 6 ,205,435 $ 2 ,129,879 S I ,500,781
$2,574,774
1915---------- 15.617,988
4,0 0 4 ,7 9 8
1,469,118 1,500.000
1.035,680
Frank Altschul, of hazard Frores, has boon elected a director to succeed
J. E . W atson, retired.— V . 101, p. 767, 365.

Cramp & Sons Ship & Engine Building Co.— C o n tr a c t.

This company has been awarded a contract for tho construction o f two
vessels for the United States Government at a cost of $6,00 0 ,0 0 0 each, to
be built on a 10% profit basis, to net the company about $ 1 ,2 0 0 ,0 0 0 .—
V . 104, I). 865. 365.

Denver Union Water Co.— H e a r i n g A d v a n c e d . —
Distillers Securities Corp.— D i v i d e n d R a te R e d u c e d f r o m

See Denver In “ State & C ity ” D ept, on subsequent pages.— V . 103, p.1213

6 % to 2 % — D i r e c t o r s . — The directors on Thursday declared
a dividend at the rate of 2 % per annum on tho $32,282,180
outstanding capital stock, payable Y i of
quarterly
Digest of Statement by Pres. Daniel Guggenheim, N. Y., Mar. 17 1917. April, July and Oct. 18 1917 and Jan. 18 1918, to holders
Ore.— 1
T he properties have developed to an extraordinary dogreo since record April, July and Oct. 2 1917 and Jan. 2 1918, respect
April, 1913, when tho first bonds were sold. A t that timo tho ore in tho
Chuqulcaraata deposit was estimated at 95 ,6 5 7 ,0 0 0 tons containing 2 .4 1 %
copper, whereas the prosont proven ore reserves aro 3 5 4 , 0 0 0 ,0 0 0 tons, with
additional “ probable ore” of 3 4 6 ,000 ,000 tons.




1%

1903-05.
4 % yly.

1906.
4X

Previous Dividend Record (Per Cent.)
1907. 1908-12. 1913-15. Ju ly' 16.
5X
2 % yly.
None
114

Oct. ’ 16.
114

on
of

Jan. '1 7 .
114

A n

o ffic ia l

[Vol . 104

THE CHRONICLE

1148
sta te m e n t

says

in

su b tsa n ee:

A t the annual meeting held M arch 23, by unanimous vote of 263,484
shares, tho annual report was approved. Tho stockholders thus confirmed
the policy of tho management, which considers It for tho best Interest of the
company to continue to purchase from time to time tho outstanding bonds
to tho extent that tho net earnings and surplus of the com pany will, with
duo regard of the right of tho stockholders to receive from time to time a
portion of the net oarnlng3 In tho shapo of dividends, comfortably justified.
Since the present management took hold. It has already acquired $ 4 ,033,000
of Its bonds. N otwithstanding tho unparalleled and abnormal high price
o f corn— being about twice tho normal prlco— the net Income o f the com­
pany beginning Jan. 1 1917, M arch est., is on a basis of over 8 % on Its stk.
In viow of tho heavy discount at which tho bonds are selling and the
great saving In interest that will bo effectod, the management regards It as
a conservative business to continue purchasing bonds, though In doing so
tho dividend be reduced for tho time being. B y purchasing tho bonds,
which aro selling at a substantial discount and which bear 5 % interest,
tho company Is effecting not only a great saving In lntorest paym ents, but
Is constantly decreasing tho liability of tho company which aro charged on
the assets ahead o f tho stock. All of tho alcohol plants of the company aro
running to full capacity.
John K . Hodges has been elected a director to succeed A . I I . Ilodges.—
V . 104, p. 1048, 955.

Dominion Steel Corp., Ltd.— D iv id e n d

R e s u m e d .—

A quarterly dividend of 1% has been declared on the $ 3 7 ,0 9 7 ,700_com­
mon stock, payable April 16 to holders of record M arch 31. This is the
first payment on this stock since Jan. 1914, when 1 % was paid. Tne regu­
lar quarterly 14£ % on the prof, was also declared payable M a y 1 to holders
o f record April lo .— V . 103, p. 581.

(Wm. B.) Durgin Co.— B o n d s

C a lle d .—

Ten ($10,000) First M tg e . 5 % gold bonds o f 1904 have been called for
paym ent on April 1 at par at M echanics' N a t ’l Bank, Concord, N . II.

East Coast Transportation Co.— B o n d s

C a lle d . —

Tw o hundred and four First M tg e . 5 % gold bonds o f 1915 on steamer
‘ ‘ W m . O 'B rien” have beon callod for paym ent at par and int. on April 1
at Union Trust C o ., Pittsburgh.

Eastern Steamship Corporation.— T e n d e r s — R e s u lt s . —
The bondholders' committee (Philip Stockton, Galen L. Stono and W . P.
C u rtis), representing the 1st M tg e . 5 % gold bonds o f 1902, duo M a y 1 1927,
o f tho Eastern Steamship C o. (old namo) will purchase $700 ,00 0 o f abovomentioned bonds. Offers will bo received by Old Colony Trust C o ., Bos­
ton, until M arch 29.
Results for the six months to Jan. 1 1917 show net Income o f $337 ,00 0,
against $38,000 deficit for tho corresponding 1915 period. This amount
contrasts with $309 ,00 0 not Income for the entlro year 1915.— V . 104, p.
4 55, 75.

Electric Bond & Share Co.— S u b .

C o . B o n d s .—

See Idaho Power C o. below.— V . 104, p . 9 55, 75.

Electric Storage BatteryNetCo., Phila.Other

Calendar
Gross
Year—
Sales.
1916.......................... $ 2 ,069,978
1915.......................... 1,770,188
— V . 103, p . 667.

Earnings.
S I ,318,796
1,188,618

Income.
$263,257
172,130

- E a r n i n g s .—
Divs. Paid, lialance,
(4 % ).
Surplus.
$649,964 $932,089
649,964
710,784

Elkhorn Coal Corp.—Option on Stock.—•

It is currently roported that an option on a majority of tho com pany’s
capital stock at 40 a sharo has been acquired by some large interest. One
report has it that tho option is hold by tho Umtod States Stool C orp., but
that company declines to confirm or deny tho story. Anothor report sug­
gests that M r . Rockefeller, who, it is understood, recontly increased his
investment in the Consolidation Coal C o ., to a m ajority interest, is the
holder of tho option.— V . 103. p. 668.

Fresno Canal & Irriga. Co.— Reorg. Co.—Bonds Offered.
Fresno Canal & Land Corp .—Bonds Offered.— Blankon-

See Fresno Canal & Land Corp. below.— V . 104, p . 260.

horn-Hunter Co., Los Angeles, aro offering at 96 and int.,
yielding over 5 ^ % > 3600,000 (total auth., $1,000,000)
10-year First Mtge. 5% gold bonds, dated Feb. 1 1917, of
bis company, organized Jan. 8 1917 as a reorganization of
bo Fresno Canal & Irrigation Co., operating since 1871.

General Cigar Co., Inc.— Acquisition.—

This company (formerly known as United Cigar M frs. C o.) has taken over
tho property, & c., of Llchenstcln Bros. C o ., which latter company has filed
a certificate of voluntary dissolution with the Secretary o f State at A lbany.
— V . 104, p . 866, 767.

(B. F.) Goodrich Co.— Reduction in

Capital Stock.—

T h e shareholders on M arch 14 ratified tho proposed reduction in tho
authorized capital stock from $ 8 7 ,300 ,000 to $86,4 0 0 ,0 0 0 (par $100) by
reducing the authorized preferred stock from $ 2 7,300 ,000 to $26,4 0 0 ,0 0 0 .—
V . 104, p . 955. 857.

Hale & Kilburn Co.— Renewal of Notes.—

W o learn that this com pany’s $650 ,00 0 5 % 3-ycar notes which fall due
on April 1 next are being renewed pending the development o f a permanent
financing scheme.— V . 104, p . 1019.

Harrison Bros. & Co., Inc., Phila.— Sale— Dividend.—

Tho stockholders voted M arch 15 1917 to sell the entire assets, & c ., to
tho E . I. du Font do Nemours & C o. on basis already announced. A now
Pennsylvania corporation to bo known as "H arrisons, I n c .,” will tako
over tho property.
Tho old company has declared a liquidating dividend o f $1 16 2-3 per
share on tho pref. stock as a final dividond covering Feb. and M arch.
- V . 104, p . 4 50. 168.

Harrisons, Inc .— Successor Company.— 13
See Harrison Bros. & C o ., In c ., above.
Hawaiian Commercial & Sugar Co.— Extra Dividend.—
A n extra dividend o f 50 cents ( 2 % ) per sharo has been declared on the

stock (par $25), along with tho usual m onthly 25 cents ( 1 % ) per sharo,
both payable April 5 to holders o f record M arch 23. A n extra dividond of
$1 ( 4 % ) per sharo was paid in December last.— V . 103, p. 1891.

Idaho Power Co

&

.— Bonds Offered.— Harris, Forbes Co.,
N . Y .; Harris, Forbes & Co., Inc., Boston; the Harris Trust
& Savings Bank, Chicago, and Coffin & Burr, Boston, aro
offering at 93H and int., to yield about 5.45%, 84,500,000
First Mortgage 30-year 5 % gold bonds, dated Jan. 2 1917,
duo Jan. 1 1947. Int. J. & J. See also adv. pages.
Th e bonds are callablo at 105 & int. on any int. date on or after Jan. 1
1922. Denom . $1,000 c *. Trustees, Bankers T r. C o. and F . 1. K ent, N .Y .
D ig e s t o f L e t t e r o f V .- P r e s . G e o . E. C l a f l i n , B o i s e , I d a h o , M a r . 16 1917.
The Company.— Operates without competition, serves with electric light
and power the Snako River plains, extending about 250 miles across South­
ern Idaho and into Eastern Oregon and embracing a population estimated
at 150,000. Tho territory served includes tho cities of Boise, Pocatello
and Twin Falls and practically every other important community in South­
ern Idaho, notably N am pa, Caldwell, W elser, Blackfoot, Payotto, Good­
ing and M ountain Homo, Idaho, and Ontario, Ore.
pJTho soil is remarkably fertile under irrigation. There is also considerable
dry farming along with numerous manufacturing Industries.
Outstanding Capitalization upon Completion of Present Financing.
Stock ($300,000 Ls pref. 7 % cum. and $400 ,00 0 2d pref.
7 % non-cum .)___________________________________________________ $15,700 ,000
First Mortgago 5s, duo Jan. 1 1947 (present Issue)......................... 4,500,000
The company also has outstanding $4 ,5 3 6 ,0 0 0 o f notes payablo, all o
which, as well as all o f the stocks, are owned by tho National Securities Corp




In order to provide in part for tho future financial requirements, tho
authorized amount of First M ortgago bonds has been made '$100,000,000.
Additional First M ortgago Bonds m ay be issued only in accordance with
tho conservative restrictions of tho mortgage as hereinafter outlined.
Properties.— Tho Snake River falls nearly 2,500 ft. in its 400 miles of
winding courso between tho upper and lower plants o f tho com pany. Five
hydro-electric developments aro owned at various points on tho river.
Four aro inter-connected by a transmission system . Tw o additional hydro­
electric plants aro on the M alad and Payette Rivers, tributaries o f tho
Snake. Tho company also operates under leases two other hydro-electric
plants, ono tho property of tho Boise irrigation project. Also buys tho
output of another plant which It has an option to purchase.
Tho plants now owned have an installed generating capacity o f about
3 2,000 h .p .; tho plants leased 3,700 h .p ., while tho plant whose output is
purchased 3 ,300 h .p . Transmission lines, aggregating 933 miles, to 57
sub-stations. Tho favorable conditions, created by storage of water, inako
it unnecessary to maintain steam rcservo plants.
These Bonds.— A first mortgage on all the property, rights and franchises.
O f tho escrow bonds, $ 4 ,000,000 m ay bo issued against tho property as it
existed N o v . 1 1916 when net earnings aro twlco tho interest on all bonds,
including tlioso proposed. The remaining escrow bonds m ay only bo issued
to 8 0 % o f tho cost o f improvements, & c., when net earnings aro twlco
tho bond interest as above.
Sinking and Improvement Fund.— The company shall create a fund for
acquisitions, extensions (not basis for bond Issue), etc., and retirement of
this issue by annual paym ents, viz.: (a) Jan. 1 1921 to 1926 incl., A %
o f all 1st M . bonds outstanding; (6) 1927 to 1932 incl., 1 % , and (c) 1933
to 1946 lncl., 1 4 4 % .
Earnings for the Year ended Jan. 31 1917.
Grass earnings____________ $1,137,4251 Annual Int. on 1st 5s............. $225,000
N e t, after taxes and maint.
558,224 (B a la n c e _____________________ 333,224
Franchises.— Tho company owns municipal franchises entitling it to
operate in 29 municipalities in Idaho and Oregon. O f these, three (includ­
ing a Boise franchise) aro without time lim it. Tho franchises in seven
municipalities oxpiro variously prior to Jan. 1 1947, but all tho remainder
aro for terms oxtending beyond that date.
Franchises in gonoral aro satis­
factory and free from burdensome restrictions.
[Incorporated M a y 6 1916 and now owns in fee and operates properties
formerly owned by tho following companies (all now out o f existence and
their securities canceled): Idaho-Oregon Light & Rower C o .; Idaho l i y ..
Light & Rower C o .; Idaho Rower & Light C o .; Southern Idaho W ater
Rower C o .; Great Shoshone & Tw in Falls W ater Rower C o ., and Electric
Investm ent C o . Idaho Rower C o . also owns all capital stock except direc­
tors’ shares o f Boiso Valloy Traction C o ., Ontario W ater C o . and Jerome
W ater-W orks C o . Tho entire capital stock o f Idaho Rower C o ., oxeopt
directors’ shares, is owned by N ational Securities Corporation, which In turn
is controlled through a substantial stock ownership by tho Electric Bond &
Share C o.l

Illinois Pipe Line Co., Findlay, O.

B a l. S h eet D e c .

31.

1916.
1915.
1916.
1915.
Liabilities—
$6
5
A.ssets 1
3
§
Pipe lino property 18,618,150 18,905,254 Capital stock____20,000,000 20,000,000
466,451
181,715
Cash A accts. rec. 2,037,482 4,461,301 Accounts payable.
...........
3,000,000
Material & suppl’s
176,061
149,987 Unmatured dlv'd.
Surplus..................
365,242
334,827
T o t a l ..................20,831,693 23,516,542
— V . 102, I). 1900.

T o ta l..................20,831,693 23,516,542

Indiana Pipe Lino Co.— N e w

D ir e c to r .—

R ay A . M iller has been elected a director to succeed Georgo E . Pifor,
rosigned.— V . 104, p . 667.

International Mercantile Marine Co.— E x c h .

o f S to c k .

Holders o f outstanding stock trust certificates for prof, stock m ay now
exchango tlioir certificates at tho agency o f tho voting trustees, 51 Newark
S t ., Hoboken, N . J ., for definitive stock o f tho com pany.— V . 104, p. 1049.

International Nickel Co.— A d v a n c e

in

P r i c e s .—

This company has Increased the price of nickel from 35 to 45 cents a
pound on tho averago, this advance applying to consumers not under con­
tract.— V . 104, p . 359.

International Paper Co.— A b o u t 90% o f P r e f .

A s s e n t s .—

About 9 0 % of tho prof, stock is reported to have been deposited under
tho plan for tho immediate discharge of tho approximate by 33 44% of ac­
cumulated dividends (V . 104, p . 563).
.
Friends of the plan calculate that at the expiration of tho next six yoars
any pref. stockholder who accepts the proposed settlement should have
received therefrom tho equivalent of about 3 4 4 4 % in cash, whereas ho who
rejects tho offer, it is asserted, can hardly expect to recetvo as much as 5 %
yearly on account o f the accumulations, plus such intorcst os ho m ay derive
from investing tho same. Tho aforesaid 3443 % is arrived at by adding
to the 14% to bo paid in prof, stock, valued in tho calculation at 85, or
1 1 .9 0 % , (1) the 6 % yearly dividends payable on this 14% pref. stock for
the 6 years, or 5 .0 4 % : (2) the 7 4 3 % receivable forthwith in cash and the
cash value, namely 5 .4 % of tho 12% given in common stock, figuring tho
same at tho market price of 4 5 % , making together 1 2 .9 % ; (3) lntorest at
6 % on this 1 2 .9 % , supposing tho same to be invested at onco at that rate,
or a total of 4 .6 4 % for tho six-year period, making in tho aggregate, as
stated, the 3 4 4 3 % -— V . 104, p . 1049, 955.

Intertype Corporation.— S u p r e m e

C o u r t D e c i s i o n .—

The Supremo Court on M arch 19 upheld tho decision o f tho U . S. Fedoral
Court at New York by dismissing the linotype patont Infringement suits
brought by tho Mergonthaler Linotypo C o. against tho International Type­
setting M achine C o. (old co ., see V. 100, p. 233) and tho Intertype C or­
poration (successor).— V . 103, p . 2240.

Ipswich (Mass.) Mills.— 100%

S to ck D i v i d e n d .

—

A stock dividend of 100% has been declared on tho $750,000 common
stock, payablo April 1 to holders o f record M arch 14. Tho outstanding
common stock will be Increased from $750,000 to $1,500,000 ($2,000,000
com m on and $750,000 preferred authorized).— V . 99, p. 1677.

Island Creek Coal Co.— E x tr a

D i v i d e n d .—

A n extra dividend of $1 per sharo has beon declared on tho common stock,
in addition to tho regular quarterly 50 cents per sharo on tho com m on, and
$1 50 per share on the pref. stock, all payablo April 2 to holders of record
M arch 24. A liko amount was paid in January last.— V . 103, p. 2346.

Kellogg Switchboard & Supply Co.— B a l. S h eet D e c . 31.

1916.
1915.
1916.
1915.
S
s
Liabilities—
$
.5
A s s e ts —
Capital s t o c k --------- 3,000,000 2,000,000
Plant, real estate,
52,803
35,663
530,419
536,010 Payroll & accr. taxes
machinery, Ac—
1,000,000 Trade and mlscell’s
Patents A goodwill. 900,000
.
accounts not duo. 120,289
75,728
Inventories_________ 2,222,503 1,602,150
Special reserves, re­
Notes A accts. rcc’lo
serve for excessive
and investments..1,430,984 1,313,663
cost of lnven’y, Ac. 600.000 _ 266,697
Cash_____ ______
68,242
72,396
............... 1,390,405 2,153,739
Miscellaneous............
5,409
7,608 Surplus
T o ta l......... ............ 5.163,557 4,531,827
— V . 104, p. 564, 260.

T o ta l...................... 5,103,557 4.531,827
__

Kennecott Copper Corporation.— P u r c h a s e
U ta h C o p p e r C o — N o t e s .— It

of

A d d i­

was announced
on Mar. 21 that the company had bought in tho open markot
in the last few months (for sums understood to aggregate
about $20,000,000) an additional 200,000 shares of $10 each
of the Utah Copper Co. This purchaso, together with the
404,504 shares acquired last year from tho Guggenheim Ex­
ploration Co. (V. 101, p. 1812), makes tho company’s total
holdings about 604,000 shares out of a total of 1,624,490
shares ($16,244,900) of Utah Copper Co., virtual control.
Approximately $16,000,000 of tho cost of tho 200,000 shares
tms been raised bv the sale of a similar amount of 6% serial
t io n a l S to ck i n

Ma r .

2 4 1917.]

THE CHRONICLE

notes through J. P. Morgan & Co. These notes will bo paid
off in lots of $4,000,000 each at six-month intervals, payment
to be made with cash received from the sale of copper. The
remainder of the purchase money, about $4,000,000, was
taken from tlio ICennecott treasury.
The interest on tho notes is payable each six months from April 21.
Th e transaction adds greatly to tho Kennecott Corporation’s income, as
the Utah Company is distributing $14 annually, or $8 ,4 0 0 ,0 0 0 on tho K onnecott’s holdings. Tho Kennecott dividend is at presont $6 a year, or
$16,7 1 9 ,7 0 2 on tho stock in tho hands of tho public.
President Stephen Birch is quoted as saying that tho purchase doos not
Indicate an actual merger of tho companies. Ownership of tho Utah stock,
ho said, had been deemed advantageous by tho management becauso o f tho
big incomo it would turn into the Kouuocott treasury.— V . 104, p. 955, 168.

Keystone Telephone Co.— E x le n . o f V o t. T r u s t . — L e a s e .—

Assents o f over 5 0 % of tho common stock have assured an extension of
the common stock voting trust from Feb. 1 1917 to Feb. 1 1922.
The
proposal to lease certain conduits in Philadelphia to the Phi la. Electric C o.
is still under consideration by the Pennsylvania P. S. Commission, but a
hearing on the matter is expected shortly. Compare V . 104, p . o64.

Keystone Tire & Rubber Co.— D i v i d e n d s .—

Tho directors on M arch 16 declared a quarterly dividend o f 2 % with an
additional 1-3 o f 1 % on tho prof, stock, and a regular quarter y dividend of
3 % on tho common stock, all payable April 2 to stockholders o f record
M arch 23. A liko amount was paid in January last.— V . 103, p . 2347.

Knox Hat

Co.,

Inc. — N e w

D i r e c t o r s .—•

Frank Callahan, Robert I. Barr and Robert J. M acFarland have boon
elected directors to replace William B . Thom pson, Thom as Cochran and
Francis M . Sutton.— V. 104, p. 867.

(S. S.) Kresge Co . —

C o m m o n D i v i d e n d .—

I ’res. S. S. Kresgo at the annual meeting on M a r. 9 stated that tho direc­
tors deem it advisable to increase tho common dividend from 3 % to 4 %
per annum. N o dofinito action, however, was taken, tho m atter boing
lo ft for tho directors to decide at their mooting in M a y .— V . 104, p. 1049, 761.

■ Earnings.—

La Belle Iron Works, Wheeling, W. Va

Cal. Year—
1910.
1915.
Net earnings____ $0,434,318 31,281,493
253,758
Exhaust, of naln’ls
200,214
Contingencies,&c.
200,185
Invcnt'y res., &c. 1,000,000
Bond diset., &c._
270,151
— V. 103, p. 2082.

Cal. Year—
1910.
1915.
S250.000
Depreciation-------- 5500,000
Bond interest-----209,100
99,800
l’ ref. dividends (13)1,289,002 (4)390,610
______
Common divs___(1%)99,154
Balance, surplus. .52,000,440
S2S1.258

Laurentide Co., Ltd .— Dividend

Increased.—

A quarterly dividend of 2 M> % has been declared on ttie stock, payable
April 2 to holders o f record M arch 27. T h is compares with 8 % per annum
2 % quarterly,
sinco
------1912. V . 103, p. 2077.
'
'

Lee Rubber & Tire Co.— Dividends'

-Officers.

An official of tlio company is quoted as saying that as far e.s ho was con­
cerned ho felt tlie policy o f tlio board should lie to accumulate substantial
surplus account to pay o ff floating debt, said to bo about $1,0 0 0 ,0 0 0 ,
before dividend declarations should bo resumed upon stock. Tho com­
pany’s credit is first rate, and that if additional money were necessary for
the conduct o f tlio increasing business it would havo no difficulty in bor­
rowing very satisfactorily from banks.
Vice-President John J. W atson Jr. has been elected President to succeed
A . A . Garthwaito, who replaces M r. Watson as Vice-President, and H . C
C olem a n as Treasurer. Ilonry Hopkins Jr. was ro-electod Secretary.
— V . 104, p. 9 55, 366.

Lehigh Coal & Navigation Co.—Listed.—

Tho Philadelphia Stock Exchango has admitted to list $829,000 ConsolM tg o . 4 X
A % bonds, Series " A , ” being part of $4,00 0 ,0 0 0 bonds covered In
com pany’s application dated Juno 15 1914, to bo listed on official notlco of
issuance, making tho total amount listed at this date $ 1 5 ,5 0 7 ,0 0 0 .— V. 104,
p. 1049, 955.

Lima Locomotive Corporation.— Orders,

&c .—

W hile there has been no official statement issued with regard to recent
profits, it is learned in usually well-informed quarters that earnings are still
running at a substantial rate. The company, it is stated, is booked for
tho remainder of this year and well into 1918, some interests estimating
that the business will show a balance for the common stock in tho current
fiscal year of perhaps 15 or 2 0 % .— V . 104, p . 76

McCrory Stores Corporation.— Earnings.—

Cal. Years—
1916.
__lOl^S^______
1916.
_____
1915.
„
,
Sales__________ $6,787,117 $5,613,988 Gen. e x p .,In t.,
C ost of s a le s .. 4 ,634,713 3,801,235
doprcc., & c.$1,73 0 ,3 5 6 $ 1 ,460,556
334,648
301,154
I’ f. dlvs. (7 % )
87,500
*51.042 B a l., surplus* Includes dividends at tho rate of % per annum on tho $1,250,000 pref.
stock from Juno 1 1915 (date of incorporation) to D ec. 31 1915 (4.08 1 -3 % )
— V . 104, p . 768, 168.

May Department Stores Co., N. Y.— C o n s o l. E a r n i n g s .—

Jan. 31
N et
Total
Interest, P f.D ivs. Com .D iv. Balance.
Years—
Bales.
Income. D ep r.,& c. ( 7 % ) .
( 2 M % ) . Surplus.
1 9 1 6 -1 7 .-$ 3 0 ,3 4 7 ,4 8 2 $3 ,4 4 5 ,0 5 8 $412,707 $512,531 $412 ,50 0 $2,107 320
1915-1G -- 23,30 9 ,8 0 2 2 ,1 8 7 ,0 6 5 456,523 534,187 412 500
783 855
— V . 103, p . 1985.

Mergenthaler Linotype Co.— S u it

D i s m i s s e d .—

Seo Intertypo Corporation abovo (successor co.) and International
Typesetting M achine C o. in V . 100, p. 2 3 3 .— V . 103, p . 1892.

Merrimack Mfg. Co., Boston.— B a la n c e S h e e t.—

Dec. 30 TO. Dec. 31 ’ 15.
Assets__
1$
S
n oa l est. & m ack. $3,090,108 $3,707,011
Cash & ace’ ts rec.
78,131) 2,001,204
Lawrcnco & C o ___
958,239/
C lo t h ......................
380,149)
C o tto n .................... 1,029,307) 1,810,500
M erchandise.........
3 49,414)
T o ta l---------------$7,097,412 $7,548,811
— V. 87, p. 290.

Liabilities—
Dec. 30 TO. Dec. 31 T 5 .
Common stock-..S2.750,000 $2,750,000
Preferred sto ck -.. 1,050,000 1,050,000
Notcs&acc’ts pay. 1,543,529 2,391,582
Res’vc against deprec. of stk.,&c.
100.000
Profit and lo s s ... 1,053,883
757,229
T o t a l.............. -S7,097,412 $7,548,811

Midwest Refining Co.— Officers.— Trustees.—

It is stated that Treasurer T . A . Dines has bccomo a Vice-President and
II. A . Jones replaces him as Treasurer.
Joint Evans, President o f International Trust C o. o f Denver; Henry S.
Osier and Raymond 1',. Jonos havo been appointed voting trustees for the
stock under an agreement dated Jan. 1 1917.— V . 104, p. 1043.

Mississippi River Power Co., Keokuk, Iowa.— Earns.—

Calendar Cross
Net
i ni. arKi Amort, of Int. for
Balance,
Yc(I r~Z.l'— n VrX^ - J'ia.U}'in9SkSink- Fund. D isc., A c. Develop't.
Surplus.
1 9 1 6 - - S 1 ,737,547 $ 1 ,376,152 $ 1 ,406,394 $23,217 C r.$151,125 $97,660
1 9 1 5 .- Ql , 6 5 1 ,26jj2 1,326,868
1,412,679
24,103
C r.151,125
41,211

Monmouth Public Service Co.— B o n d s

C a lle d .—

Tw o hundred tw enty-nine First & Refunding 5 % m tgo. coupon gold
bonds o f 1904 o f M onm outh Gas & Electric C o. (old namo) havo boon called
for paym ent April 1 at 105 and int. at Stato Bank o f Chicago.

Morris & Co., Chicago.— Acquisition.—

Tlio Now
9 5 % of t lio _____
soil their holdings
tho property.— V. 104, p. 254.




1149

National Biscuit Co.— N e w

O ffic er s .

—

Vice-President R . E . Tomlinson has been elected President to succeed
the late A . W . Green, and W illiam H . M oore has been elected Chairman o f
tho board. W alter Ii. M arvis succeeds M r . Tomlinson as Vice-President,
l i . E . Tom linson, Paul M oore, H . M . H anna Jr., Edward F . Low and
James M cL ean havo been oloctod directors to succeed A . W . Green, J. B .
Vrodonburgh and J. W . Ogden, deceased; and S. A . Sears and H . M .
Hanna S r., resigned.— V . 104, p. 956, 949.

National Fuel Gas Co.—

S to ck I n c r e a s e . — The stock­
holders will vote April 26 on increasing the auth. capital
stock from $16,000,000 to S32,000,000.
Tho purposo o f the increase is not made public.— V . 102, p . 1891.

National Securities Corp.— S u b . C o . B o n d s . —
Now York & Richmond Gas Co.— E a r n i n g s . —

See Idaho Power C o . under “ Industrials” below.— V . 103, p . 1215.

Cal. Years—
1910.
1915.
Cal. Years—
1916.
1915.
Gross e a rn in g s...
$452,516 $394,376 Interest...................
377,221
$77,082
Oper. exp., & c . . .
272,722 230,914 D iv id e n d s ________ (3)45,000 (1)15,000
N et earnings-------179,794
157,462 Balance, surplus..
357.573
$05,380
Capital stock outstanding D ec. 31 1910, $1,500,000, and 1st M . bonds, $1,500,000.— V . 103, p. 849.

N. Y. & Richmond Gas & Electric Co.— N e w

M o rtg a g e.

A public hearing will bo held /March 29 on this com pany’s application to
mako a new First & Refunding M tg o . o f $ 3 ,0 0 0 ,0 0 0 , of which authorized
amount it is desired to issue at present $2,2 1 4 ,0 0 0 , to bear 5 % int. Tho
proceeds will apply to tho redemption o f the $ 1 ,500,000 bonds now out­
standing under the old mortgage and to reimburse tho company for capital
expenditures, & c.— V . 103, p . 849.

North American Co.— E a r n i n g s — N e w

O ffic e r s .

—

Cal. Year—
1916.
1915.
)
1916.
1915.
Gross ea rn s..$ 2 ,3 0 4 ,3 2 9 $1,952,503 D lv s. ( 6 % ) . . $ 1 ,489,665 $1,48 9 ,6 6 5
N et in co m o .. 2,161,917
1 ,8 0 4 ,7 7 7 1B a l., surplus. $672,252
$315,112
George U . Sheldon has been made Chairm an o f tho Board, a new
offico. Henry H . Pierce was chosen Vico-Pres. to succeed M r . Sheldon.
James D . M ortim er remains President.— V . 104, p . 956.

Northern States Power Co.— C o m b in e d

E a rn in g s .

—

Consolidated Statement Years ending Dec. 31 (.including Subsidiary Cos.).
Calendar
Gross
N et, after Bond, & c., Pref.Div. Com.Div. Balance,
Year—
Darnings.
Taxes. Int. (N et).
(7 % )
( 4 34 % ) Surplus.
1 9 1 6 ............$6,087,153 $ 3 ,341,657 $ 1 ,593,128 $740,236 $283,813 S724.479
1915 ............ 5,121,827 2,866,634
1,507,940 587,069
771,625
Tlio total surplus D ec. 31 1916, after deducting $415,000 depreciation,
$130,000 debt discount and expense amortized and $1,104 miscellaneous net
adjustments, was $ 992 ,42 8.
Tho pref. stock has increased during tho year from $ 8 ,386,700 to $ 1 2 ,1 5 2 ,­
000 as of D ec. 31 1916, and since has further increased to $12,309 ,900 by
sales from tho treasury.— V . 104, p. 253, 169.

Ohio Citie3 Gas Co.-

— N e w C a s h , & c . — Referring to the
right of tho common shareholders to subscribe at par for the
balanco ($904,575) of the $10,000,000 common stock (V. 104,
p. 1049), Pres. B. G. Dawes reports:
The company is not in need o f funds for the operation o f its business,
but it is the belief o f the directors th at the proceeds of tho sale o f this stock
can be profitably used a t this tim e in the completion o f tho purchase o f
properties now under consideration: but, failing to so invest tho funds, the
monoy m ay be used toward tho advance paym ent o f tho redeemable 6 %
Sorlal Gold N o te s, issued in connection w ith the purchase o f tho Oklahoma
properties. Tho authorized capital stock consists o f $10,000 ,000 cum.
pror., o f which $9,021,000 is issued and appropriated; and $10,000,000
common, $ 9 ,035,425 being issued and appropriated, leaving $964,575 o f
common stock yet to be Issued. Comparo V . 104, p . 1049, 367.

Ohio Oil Co.— 300%

S h e e t. — An

S tock D iv id e n d R e s c i n d e d .— B a la n c e

official statement says:

Acting upon tho opinion o f the Attorney-General o f O hio, holding that
tho capital stock o f an Ohio corporation cannot be increased b y raising the
par valuo o f tho shares, tho Secretary o f State o f Ohio lias refused to file a
certificate o f tho action o f the stockholders o f this com pany at their meeting
on Jan. 31 1917, in voting an increase in tho capital stock from $15,000 ,000
to $ 6 0 ,000 ,000 in this manner. For this reason the action o f the stockhold­
ers aforesaid is ineffective and the directors cannot declare a stock dividend
o f $75 a share.
The directors have not determined what further action, if any, will be
taken in tho m atter. Tho stockholders will ho duly notified should any
action bo taken.
1916.
1916.
1915.
1915.
S
S
Assets__
Liabilities—
S
S
Prodiie’g prop. 15,5 f 5,290 14,903,291 Capital stock . 15,000,000 15,000,000
Non-prod. prop. 1,406,842
1,206,899 A c c’ts payable
926,296
909,587
M a t 'l & indsel
(25,875,923 Surplus_______ 66.846.921 6 5 .811,743
Cash ,bonds& 6 5 ,8 5 1 ,0 8 5 /
bills rec’lo .
(39,735,217
T o ta l_______82 ,7 7 3 .2 1 8 81,72 1 ,3 3 0
— V . 104, p . 956,868 .

T o t a l............ 82,77 3 ,2 1 8 8 1 .721,330

Ohio Seamless Tube Co. (Shelby, O.)—

P r e f . S to c k .—
Beck & Perdue, Cleveland, recommending this company’s
pref. stock, write in substance:
Organized originally in 1908 to manufacture seamless tubing and has
sinco built three large additions to its plant and is now completing another.
This will bo roady within a few weeks, doubling the capacity. Has business
in sight to run day and night. Produces nothing pertaining to war materials.
Tho earnings sinco organization havo been phenomenal, being now about
seven or eight times tho requirements o f tho pref. stock.
Tho company was ro-capitalized (under laws of Ohio] in N o v . 1916 for
$ 9 ,000,000 and has issued $ 1 ,720,000 pref. and $ 6 ,880,000 common stock
(par $100 ). Tho preferred stock Is 7 % cumulative; divs. Q .-J .; redeem­
able by lot at any int. date at $105 and int. There are no bonds or other
liabilities. Tho stock was issued to the stockholders Jan. 1 1917 at a ratio
o f flvo for one— one share pref. and four shares common.
W e can furnish a limited number o f shares of preferred at par— $100 per
share; $105 is tho prevailing asked price. W o are offering some o f the
common at $60 per share ; some has sold as high as $80.
(Tho old com pany, capital $1,0 0 0 ,0 0 0 , was reported in 1916 to have
annual capacity o f 24,000 tons o f cold drawn tubes J4 to 6 in.— Ed.]

Onomea Sugar Co., Honolulu, Hawaii.— E a r n i n g s . —

Calendar Year—
1916.
1915.
1914.
1913.
N et p r o f i t . . . ....................
$840,413
$813,870
$426,329
$167,716
Dividends paid_______ ( 5 5 % ) 8 ‘2 5,000 (30)450,000 (18)270,000 (12)180,000
Balanco, sur. or def____ su r.$15 ,413 su r.$363,870su r.$1 56,329 def.$12,284
— V . 103, p. 2159.

Ontario Power Co. of Niagara Falls.— E a r n i n g s . —

Calendar
Gross
N et
Other
Interest
Balance,
Years—
Darnings.
Earnings.
Income.
Charges.
Surplus.
1916.......................$1,759,711 $1,41 7 ,3 2 2
$140,162 $1 ,0 0 8 ,7 8 6 $548,698
1915--------- ---------- 1,606,950
1.198,610
149,224
9 7 4,288
373,546
Tho total receipts for power sold in 1916 increased $411 ,88 2, and surplus
after all charges, $175 ,15 2.
A s to now 5 % secured notes recently sold see V . 104, p . 457, 77.

Penn-Mary Coal Co.— B o n d s

C a lle d .

—

Sixty-six ($66,000) I s t M . 5 % bonds o f 1909 havo been called for payment
at 101 and interest on Apr. 1 at tho Girard Trust C o ., trustee, Philadelphia.
— V . 89. p . 475.

For Other Investment News, see pages 1168 and 1169.

1150

(Voi,. 104 .

THE CHRONICLE

Hjkptrr

is

a m i jpoxxtmjetttg.

UNITED STATES STEEL CORPORATION
FIFTEENTH ANNUAL REPORT— FOR THE YEAR ENDED DECEMBER 31 1916.

O ffic e o f

51

U n i te d

N ew ark

S ta tes S teel C o r p o r a t i o n ,
S tr e e t,

H oboken ,

N ew

J ersey,
M arch

20 1917.

T o th e S to c k h o ld e r s :

The Board of Directors submits herewith a combined report of the operations and affairs of the United States Steel
Corporation and Subsidiary Companies for the fiscal year which ended December 31 191G, together with a statement of the
condition of the finances and property at the close of that year.
INCOME ACCOUNT FOR THE YEAR 1910.
The total earnings of all properties after deducting all exponscs incident to operations, including thoso for ordinary repairs and mainte­
nance (approximately S 6 5 .0 0 0 .0 0 0 ), employees compensation under m erit plan, and allowance for accrued Federal taxes payablo In
1917, but exclusive o f charge for interest on outstanding bonds, mortgages and purchase money obligations o f tho subsidiary com ­
panies, amounted to .................... ............................ ......... .................................................................. ........................................................................................................... S 3 42.997.092 44
Less, Interest on outstanding bonds, mortgages and purchase money obligations o f tho subsidiary companies_______________________________
9,4 2 2 ,9 1 4 94
Balance o f Earnings in the year 1916_____________________________________________________________________________________________________ $333 ,57 4,17 7 5 9
Less, Charges and Allowances for Depreciation applied as follows, v iz .:
T o Depreciation and Extraordinary Replacement Funds and Sinking Funds on Bonds of Subsidiary Com panies_______ $32,762 ,072 38
T o Sinking Funds on Bonds o f U . S. Steel C orporation______________________________________________________________________
6 ,7 8 5 ,5 4 0 27

-----------------

39,547,612 65

N e t Incomo in tho year 1916............................................- ..............................................................- ...........................................................................................-$ 2 9 4 ,0 2 6 ,5 6 4 85
Deduct—
Interest on U . S. Steel Corporation Bonds outstanding, v iz.:
F ifty -Y e a r 5 per cent Gold B on d s__________________________
T o n -S ixty-Y ear 5 per cent G old B onds_____________________

.$12,4 8 7 ,2 5 2 90
. 9 ,1 1 5 ,6 0 0 00
$2 1 ,6 0 2 ,8 5 2 90

Premium paid on Bonds redeemed, v iz .:
On Subsidiary Com panies’ B onds____________________________
On U . S. Steel Corporation B onds___________________________

$146,277 11
, 870,673 57
1,016,950 68
2 2 ,619,803 58
124,969 11

Add— N et Balanco o f sundry charges and credits, including adjustm ents o f various accounts
B a la n c e ____________________________________________________________________________________________
D ividends for the year 1916 on U . S. Steel Corporation Stocks, v iz.:
Preferred, 7 per cent_____________________________________________________________________________
C om m on /R egu lar, 5 per cent____________________________________________________________________
lE x tra , 3 % per cont____________________________________________________________________

$271 ,53 1,73 0 3 8
$25,219 ,677 00
. 2 5 ,415,125 00
. 19,061,343 75
6 9 .696,145 7 5

Surplus N et Income for tho year 1916____________________________________________________

$201 ,83 5,58 4 63

UNDIVIDED SURPLUS OF U. S. STEEL CORPORATION AND SUBSIDIARY COMPANIES.
( S in c e A p r i l

1 1901.)

Surplus or W orking C apital provided in organization___________________________________________________________________________________________ $ 2 5 ,000 ,000 00
Balanco o f Surplus accumulated by all companies from April 1 1901 to December 31 1915, exclusive o f subsidiary com ­
panies’ inter-company profits in inventories, per Annual Report for year 1915_________________________________________ $155 ,02 5,32 8 74
Surplus N e t Income for tho year 1916, as abovo_____________________________________________________________________________ 201,835 ,584 63
Less, Appropriated from tho foregoing balance In tho year 1916 for permanent Pension F u n d______________________________

$356 ,86 0,91 3 37
500.000 00
----------------------------- 356,360 ,913 37

T otal Undivided Surplus, December 31 1916, exclusive of Profits earned by Subsidiary companies on Inter-company sales o f products
on hand in Inventories (see note below )___________________________________________________________________________________________________ $381 ,36 0,91 3 37
N ote.— A n amount of tho Surplus o f Subsidiary Companies to the extent o f $ 3 5 ,935 ,434 52, representing Profits accrued on sales o f materials and
products to other subsidiary companies which are on hand In latter’s Inventories December 31 1916, is deducted from tho amount of Inventories Included
under Current Assets in Consolidated General Balanco Shoot, on a subsequent page.

COMPARATIVE INCOME ACCOUNT FOR THE FISCAL YEARS ENDING DECEMBER 31 191G AND 1915.

E A R N I N G S — Beforo charging interest on Bonds and M ortgages of Subsidiary Companies—
First Quarter_______________________________________________________________________________________
Second Quarter____________________________________________________________________________________
Third Quarter.......................................................... ..................................................................................................
Fourth Quarter____________________________________________________________________________________

$ 6 3,110 ,720
83 ,5 0 1 ,0 6 5
8 8 ,159,733
108,225,573

+ Increase.
— Decrease.

1915.

1916.
27
24
30
63

$ 1 5,082 ,369
30,53 6 .4 6 7
41 ,0 5 0 ,4 3 2
5 3 ,580.796

36
71
47
79

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

91
53
83
84

T otal for year_______________________________________________________ _______ _________________
Less, Interest on outstanding Bonds and M ortgages o f tho Subsidiary Com panies____________

$ 342 ,99 7,09 2 44
9,422,914 94

$140 ,25 0,06 6 33
9,8 5 4 ,0 5 4 69

+ $ 2 0 2 ,7 4 7 ,0 2 6 11
— 431,139 7 5

Balance o f Earnings__________________________________________________________________________
Less, Charges and Allowances for Depreciation applied as follows, viz.:
T o Depreciation and Extraordinary Replacement Funds and Sinking Funds on Bonds
of Subsidiary Com panies_____________________________________________________________________
T o Sinking Funds on U. S. Steel Corporation B onds___________,___ _______ __________________

$ 333 ,57 4,17 7 50

$130,396,011 64

+ $ 2 0 3 ,1 7 8 ,1 6 5 8 6

32 .7 6 2 ,0 7 2 38
6.7 8 5 .5 4 0 27

2 5 ,962,164 59
6,465,884 26

+ 6 ,799,907 7 9
+ 3 1 9 ,6 5 6 01

N et Income in the year______________________________________________________________________
Deduct— Interest on U . S. Steel Corporation Bonds outstanding_________________________________
Premium paid on Bonds redeemed, v iz.:
On Subsidiary Com panies’ B onds______________________________________________________
On U . S. Steel Corporation B onds_____________________________________________________

$ 294 ,02 6,56 4 85
2 1 ,6 0 2 ,8 5 2 90

$97,967 ,962 79
2 1 ,928,633 74

+ $ 1 9 6 ,0 5 8 ,6 0 2 06
— 325,780 84

146,277 11
870,673 57

107,210 28
8 64,100 00

+ 3 9 ,0 6 6 83
+ 6 ,5 7 3 57

B ala n ce____________________________ ________________ ;_______________________________
A dd— N ot Balanco of sundry charges and credits, Including adjustm ents o f various accou n ts._

S271,406,761 27
124,969 11

$75,0 6 8 ,0 1 8 77
765,813 94

+ $ 1 9 6 ,3 3 8 ,7 4 2 5 0
— 640,844 83

B ala n ce____________ ______ ___________________________________________________________
Dividends on U . S. Steel Corporation Stocks, viz.:
Preferred, 7 % ______________________________________________________________________________________
/ 1916, Regular 5 % ; Extra 3 M % \
Com m on\1915, 114%
I ____________ ________________________________________

$271 ,53 1,73 0 38

$75,8 3 3 ,8 3 2 71

+ $ 1 9 5 ,6 9 7 ,8 9 7 67

2 5 ,219,677 00

2 5 ,219,677 00

Surplus N e t Income for tho year______________________________________________

44 ,4 7 6 ,4 6 8 75
$201 ,83 5,58 4 63

6,353,781 25

+ 3 8 ,1 2 2 ,6 8 7 50

$44,260 ,374 46 1 4-$157,575 ,210 17

MAINTENANCE, RENEWALS AND EXTRAORDINARY REPLACEMENTS.
The expenditures made by all companies during the year 191G for maintenance and renewals, including tho relining of
blast furnaces, and for extraordinary replacements, in comparison with expenditures for the sanio purposes during the pre­
ceding year, wero as follows:




M a r . 24

1 9 1 7 .]

THE

C H R O N IC L E

1 1 5 1

1916.
1915.
Ordinary Maintenance and Repairs--------------------------------------- ------------- ------------------ ---------------S63.313.553 01 $39,877,484 44
Extraordinary Replacements--------------------------. -------------------------------------------------------------------- 6.079,074 13!
3,489,159 01

$23,436,068 57
2.589,915 12

%
58.77
74.23

T otal.....................................- ......................................................................................................$69,392,627 14■ $43,366,643 45

$26,025,983 69

60.01

T h e

e n tir e

am ount

of

th e fo r e g o in g

r e p la c e m e n t fu n d s re s e r v e d

fro m

e x p e n d it u r e s w a s

e a r n in g s .

A

su m m ary

ch arged

s h o w in g

to

e x p e n se s a n d t o d e p r e c ia t io n a n d

cu rren t opera

th e

p a r t ic u la r s

In crea se.

o f th e

p r in c ip a l e x p e n d it u r e s

in

191 6 fo r

r e p l a c e m e n t a n d b e t t e r m e n t , c o m p r e h e n d e d in t h e a b o v e t o t a l o u t l a y f o r e x t r a o r d in a r y r e p la c e m e n t s , is g i v e n o n s u b s e q u e n t
p a g e s o f th is [p a m p h le t ] r e p o r t .
T h e

fo llo w in g

ta b le

s h o w s t h e a m o u n t o f t h e e x p e n d it u r e s m a d e d u r in g

th e y e a r fo r a b o v e p u rp o se s o n

th e r e s p e c t iv e

g r o u p s o f o p e r a tin g p r o p e r tie s :

E X P E N D IT U R E S D U R IN G

EXPENDED

O r d in a r y M a i n ­
te n a n c e a n d R e ­
p a i r s , i n c lu d in g
B la s t F u r n a c e
R e l i n in g s .

ON

Manufacturing Properties
„ ,
._
,
Total, except Blast Furnace Rclining and Renewals.............
uiast Furnace Rclining and Renewals------------------------------Coal and Coko Properties t ----------------------------------------------------Iron Ore Properties---------------------------------------------------------------Transportation Properties
Railroads--------------- ------------------------------------------------------Steamships and Docks---------------------------------------------------Miscellaneous Properties.................- ................................................

THE

YEAR

E x tr a o r d in a r y
R e p la c e m e n t s .*

1916.
T o ta l
E x p e n d it u r e s
in

T o ta l.

31
06
50
10

$4,149,629 18

13,029,902 47
714,491 13
583,990 44

1,201,815 74
221,914 06
0,151 76

14,231,718 21
936,405 19
590,142 20

Total expended in 1916----- — ------------- -------- ------Total expended in 1915------------------ --- ----------------

$03,313,553 01
39,877,484 44

$6,079,074 13
3,489,159 01

$69,392,627 14

Increase _______________________________________

$23,436,068 57

$2,589,915 12

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

$40,908,842
1,772,849
5,118,160
1,125,317

I n c r e a s e in

1916.

1915.

$45,118,471
1,772,849
5,479,356
1,263,684

361,195 56
138,367 83

49
06
06
93

$26,768,115
1,243,832
3,296,295
770,942

57
10
04
99

$18,350,355
529,016
2,183,061
492,741

10,169,837 53
719,087 36
398,532 86

92
96
02
94

4,061.880 68
217,317 83
191.609 34

$43,366,643 45
_________

$26,025,983 69

* Thcso expenditures were paid from funds provided from earnings to cover requirements of the character included herein.
t The ordinary maintenance and repair expenditures account of the coal and coke properties includo outlays for maintenance and renewal of mine
timbering and underground mine tracks.
D E P R E C IA T IO N

A N D

E X T R A O R D IN A R Y

T h o a llo w a n c e s m a d e d u r in g th e y e a r 1 9 1 0 fr o m
o f th e se fu n d s ;

th o in c o m o r e c e iv e d b y

th o s u b jo in e d

F U N D S .

e a r n in g s a n d th r o u g h c h a r g e s to c u r r e n t o p e r a t in g e x p e n s e s fo r a c c o u n t

th o fu n d s fro m

th o c h a r g e s m a d e t h e r e to d u r in g th e y e a r , t o g e th e r w ith
in

R E P L A C E M E N T

oth er sou rces;

a ls o th e tr a n s fe rs a n d p a y m e n t s m a d e th e r e fr o m

th o b a la n c e s t o c r e d it o f th e fu n d s a t D e c e m b e r 3 1

and

1916, are sh ow n

ta b le .

( B a la n ce s s h o w n a t c lo s e o f y e a r d o n o t in c lu d e d e p r e c ia t i o n f u n d s rese r v e d f r o m I n c o m e , iv h ich h a v e b e e n t r a n s fe r r e d to T r u s te e s o f B o n d S in k in g F u n d s a n d u s e d
o r to b e u s e d i n r e ti r in g b o n d s .)

C R E D IT S

FUNDS

TO F U N D S

S et A s i d e d u r ­
in g 1916 f r o m
In co m e and
b y C h a r g e s to
C u rren t
E xp en ses.

B a la n c e s
D e c . 31

1915.

O th er
In com e
and
C r e d its ,
in c lu d in g
S a lv a g e.

B a la n c e s to
C r e d it o f
Funds
D e c . 31

P a ym en ts fr o m
an d C h arges
to F u n d s
i n 1916.

T o ta l.

1916.

Applicable for Sinking Fund on U. S. Steel Corporation
$3,475,477 35 $6,785,540 27
$10.261.017 62 a$6,678.608
Depreciation and Extraordinary Replacement Funds, in­
cluding amounts o f same to bo applied to Sinking Funds
on Bonds o f Subsidiary Companies________ _________ 115,022,240 35 32,762,072 38 143,525 06 147,927,837 79 b21,282.351
6,652,989 25 3,488,062 48
Blast Furnace Rclining and Renewal Funds_______________
10,141,051 73 c l , 772,849
Total . ________ ________________ _______ _____ $125,150,706 95 $43,035,675 13 $143,525 06 $168,329,907 14 $29,733,809

32

$3,582,409 30
1

98 126.645,485 81
06
8,368,202 67
36 $138,596,097 78

a Amount transferred to Trustees o f Bond Sinking Funds_____________________________________________
$6,678,608 32
b This total covers tho following, viz.:
Amount transferred to Trustees o f Bond Sinking Funds_______________________
$1,991,072 27
Expenditures mado in 1916 for extraordinary replacem ents....................................
6,079,074 13
Amounts charged o ff and credited 1 roperty Account for investment In improvements and equipment dismantled
and retired______________________________________________________________________________________________
5.116,665 37
Amount charged o ff and credited Property for depiction In investment In minerals______________________________
8.095.540 21
- 21,282,351 98
c Expenditures mado during tho year for relinings and renewals at blast furnaces.
- 1,772,849 06
$29,733,809 36

S U M M A R Y

O F

D E P R E C IA T IO N

P R O V ID E D

F R O M

T h o a g g r e g a t e a m o u n t o f c h a r g e s t o a n d a llo w a n c e s fr o m
d e te r io r a t io n

a r is in g f r o m

w ear and

G R O S S

E A R N IN G S

F O R

T H E

Y E A R

1916.

g r o s s e a r n in g s d u r in g t h e y e a r t o c o v e r e x h a u s tio n o f m in e r a ls ,

te a r o f im p r o v e m e n ts , a n d fo r o b s o le s c e n c e , w a s a s fo llo w s :

Outlays for repairs and renowals (other than blast furnace relinings and renewals) charged to current operating expenses and deducted
boforo stating earnings................................................................ ..............................................................................................................................$61,540,703 95
Allowances for blast furnace relinings and renowals charged to current operating expenses and deducted before stating Earnings__________ 3,488,062 48
Allowances mado from Earnings and Income ior exhaustion of minerals and for depreciation and replacement funds (includes depletion
and depreciation allowances used for bond sinking funds)____________________________ _______________________________________
_ 39,547,612 65
Total for year 1916.......................................................- ....................................................................................................................................$104,576,379 08
'1 otal for preceding year____________________ ■*------------------------------------------------------------------------------------------------------------------------ 72,957 987 88
831.618,391 20
T R U S T E E S

O F

B O N D

S IN K IN G

F U N D S .

T h e T r u s t e e s ’ t r a n s a c t io n s fo r a c c o u n t o f th o B o n d S in k in g F u n d s o f t h o U n it e d S ta te s S te e l C o r p o r a t io n a n d S u b s id ia r y
C o m p a n ie s fo r th o y e a r , a n d

th o c o n d it io n

FUNDS.
in

o f th o fu n d s o n

C a sh
R es o u r c e s
H ands oj
T r u s te e s
D e c . 31

1915.

II. S. Steel Corporation Bonds-------------------------Subsidiary Companies’ Bonds----------------------------Total_______ ______ ________________ _____




D ecom b or 31

1 9 1 6 , a ro s h o w n in th e fo llo w in g ta b le :

IN S T A L L M E N T S
R E C E IV E D .

BONDS REDEEM ED
A N D OTHER P A Y M E N T S

P r o v id e d
fro m
D ep re c ia tio n
F u nds.

P r o v id e d
fro m
In com e
A cco u n t and
G en era l
R esou rces.

T o ta l.

Par
V a lu e
of
B on d s.

$524,768 25!$6.678,0O8 32 $870,673 57 $8,074,050 14 $6,582,000 00
623,459 01; 1,991.072 27 1,249,136 12 3,863,667 40 3,059,000 00

N et
P r e m iu m
P a id
on
B onds
R ed eem ed .

$870,673 57
142,316 02

in

C a sh
R esou rces
H ands o f
T r u s te e s
D e c . 31

1916.

$621,376 57
662,351 38

$1,148,227 26 $8,669,680 59 $2,119,809 69 $11,937,717 54 $9,641,000 00 $1,012,989 59 $1,283,727 95

[Vol. 104.

THE CHRONICLE

1152
R E D E E M E D

B O N D S

A N D

C A S H

R E S O U R C E S

H E L D

B Y

T R U S T E E S

O P

(A n a m o u n t e q u a l to th e a n n u a l in te re s t c h a r g e o n th e r e d e e m e d b o n d s h e ld b y
jn to

th e s in k in g fu n d s a s p a r t o f th e in s ta llm e n ts r e q u ir e d b y

B O N D

S IN K IN G

th e T ru s te e s a s b e lo w

th e r e s p e c t iv e in d e n tu r e s u n d e r w h ic h

F U N D S .

is c u r r e n t ly p a id

b o n d s a r e is s u e d .)

U . S . S te e l
S u b s id ia r y
C o r p o r a tio n B o n d s . C o m p a n ie s ’ B o n d s .

Total Redeemed Bonds at par, held by the Trustees on December 31 1915-------------------------------- 567,954,000 00
Redeemed In 1916 as abovo__________________________________________________________________ 6,582,000 00
L ess,

Canceled or retired during tho y e a r --------------------------------------------------------------------------------

574,536,000
00
----------------

Leaving Redeemed Bonds held by the Trustees o f Sinking Funds December 31 1916------------ 574,536,000 00
Add,

T o ta l.

523,701,000 00
3,059,000 00

591,655,000 00
9.641.000 00

826.760.000 00
2,656,000 00

5101,296,000 00
2.656.000 00

524.104.000 00

$98,640,000 00
1,283.727 95

Cash resources held by Trustees----------------------------- -------- ---------------- ---------------- -------- --------------------- --------

$99,923,727 95

Total Redeemed Bonds at par and Cash Resources held by Trustees of Bond Sinking Funds December 31 1916--------------------The foregoing total represents tho following:
Depreciation allowances set aside from Income Account and used or to bo used in tho retirement of bonds--------- $94,777,781 84
Deposits mado under terms o f trust deeds which do not represent depreciation allowances charged to or set
aside from Income Account--------------------------------------------------------------------------------------------------------------------- 5,145,946 11
899,923,727 95
C A P IT A L

S T O C K .

T h o a m o u n t o f o u ts ta n d in g c a p ita l s t o c k o f th o U n ite d S ta te s S te e l C o r p o r a t io n o n D e c e m b e r 3 1

1 9 1 6 , w a s th o sa m e a

a t t h e c lo s e o f t h e p r e c e d in g fis c a l y e a r , v i z .:

Common Stock_____________________________________________________________________________________________________________________ 8508,302,500 00
Preferred Stock.....................................- ......................................- ................. - -------- -------------------------------------- ------ ------------------ -------- ----------- - 360,281,100 00
.

B O N D E D ,

D E B E N T U R E

A N D

M O R T G A G E

D E B T .

The total bonded, debenture and mortgage dobt o f tho United States Steel Corporation and Subsidiary Companies outstanding on Janu­
ary 1 1916 was................. ..........................- - - ..............- ......................- ------------- --------------------- -------------------------- ---------------- ................... $616,568,851 26
No bonds were sold during tho year.
B o n d s a n d M o r tg a g e s xoere R e tir e d D u r i n g th e Y e a r a s f o l l o i c s , v i z .:

Clairton Steel Co. Issues, viz.:
„ nnn nn
Clairton Steel Co. Fivo Per Cent Mortgage; Bonds...................................- ------------- ------------------ ------------------ -------------St. Clair Furnace Co. First Mortgage B o n d s ..........................................................................................................................
St. Clair Steel Co. First Mortgage Bonds.........................................................................................................- .....................
Clairton Land^o.^First ^ o r t ( ^ e TB
o n
j ^
- - ^
- - - . ........."
A m e r ic a n Sheet &’ Tin Plate Co.— W. Dowees W ood Co. First M ortgage Bonds.

iJW’nnn no
JxA’XXX on
169.669 66

' 100® 0 00

II. C. Frick Coke Co. issues, viz.:
First Mortgage Bonds-------------- - - -------- -------------- - - - - - 7,— ............- ......... ............................................................................
Continental Coke Co. Purchaso M oney Mortgage Bonds. . . .
.................................................................................
Pittsburgh-Monongahela First Lien Purchaso Monoy Mortgago Bonds-------------------------------- - ......................................
Union R R . Co. Duqucsno Equipment Trust B o n d s . . ...............................................- ....................- ..........—..............- ............

1.12-999 00
37, UU
7 7 - non on
oqonnn CO

S1? 7’a9? nn
47,821 00

Pittsburgh Bessemer8* Lake Erio RR. Co. Greenville Equipment Trust Bonds. ------ . . . .
.....................
L e s s , Proportion account of minority Interest in stock o f P. B. & L. E. R R . Co. not owned-------------------

52,179 00
19,108 45

Sundry Real Estato Mortgages of various subsidiary companies.....................................................- ..........................................Bonds redeemed by Trustees o f Sinking Funds, viz.:
U. S. Steel Corporation 50-Year 5% B o n d s .................................................................................................... $4,955,000 00
U. S. Steel Corporation 10-60-Year 0% Bonds.......................................- .......................................................... 1.627,000 00
Sundry B on d sofS ubsid iar y Companies.............................................................................................................- 3,0oJ,U00 00

9,641,000 00

$12,965,287 45
.
15,500 00

Potter Oro Co. First Mortgago Bonds retired by that company (T. C . I. & R R . C o.’s proportion).

Net Decrease during tho year ending December 31 1916------------------------------------------------------------------------------------------------------------Bonded, Debenture and Mortgago Debt December 31 1916-T h e f o ll o w i n g is a s u m m a r y b y

g e n e r a l c la s s e s o f t h o

12,980,787 45

----------------------------- --------------------------------- -------- ---------------- $603,588,063 81
to ta l b o n d e d , d e b e n tu re a n d m o rtg a g o d e b t
L e s s R ed eem ed
T o ta l
a n d H e l d by
I n c lu d in g B o n d s
'T rustees o f
in
S in k in g F u n d s .
S in k in g F u n d s .

B a la n c e
O u ts ta n d in g .

856,390,000 00
18.146.000 00

$247,610,000 00
181,854,000 00

$74,536,000 00
17.155.000 00
6,949,000 00

$429,464 000
103,163 000
♦70,830,865
13,161

Total Subsidiary Companies’ Bonds...................... ............................................- ....................... . $198,111,026 74

$24,104,000 00

5174,007,026 74

Total Bonded and Debenture Dobt.................................................................................................$702,111,026 74
Sundry Real Estato Mortgages.............................................................................................................-

$98,640,000 00
_______________ _

$603,471,026 74
117,037 07
_______________

Grand Total Bonded, Debenture and Mortgago Debt-----------------------------------------------------$702,228,063 81

$98,640,000 00

$603,588,063 81

U. S. Steel Corporation 50-Year Five1Per Cent Bonds. --------------------------- - ............................... 5pnn nnn nnn nn
U. S. Steel Corporation 10-60-Year Five Per Cent Bonds................................................................. 200,000,000 00
Subsidiary Companies’ Bonds— Guaranteed by U. S. Steel C orporation.. ........................... - - 120,318,000 00
Subsidiary Companies’ Bonds— Not Guaranteed by U. S. Steel Corporation-------------------------- 77,779,865 50
Debenture Scrip, Illinois Steel Company---------------------- ------------------------------------- ---------------- -_______iJ .ib t z-i

^Includes only tho proportion o f bonds of P. B.
U. S. Steel Corporation.

00
00
50
24

L. E. R R . Co. outstanding account of tho majority interest in stock of that company owned by

&

BONDS AN D MORTGAGES PAID AN D R E TIR E D A PRIL 1 1901 TO DECEM BER 31 1916.
F rom

A p ril

1

1901

to

D ecem b er 31

1916

th e

am ount of bon d s

and

m o rtg a g e s

p a id

and

r e t ir e d

b y

a ll c o m p a n ie s

w as

a s fo llo w s :

Bonds and Mortgages paid and retired exclusive o f bonds retired with sinking funds specially provided from earnings or depreciation funds $41.769,007 67
Bonds redeemed with bond sinking funds provided from incomo.........- ..............................................................................................................- m i.s tn ./s i: 10
.$143,330,791 82
Total_____
BONDS AN D MORTGAGES ISSUED.
D u r in g th e s a m e p e r io d
fu n d s fo r n e w

th e re w e re is s u e d , s o ld a n d a s s u m e d b y

p r o p e r ty a n d c o n s tr u c tio n

w ork an d

s u b s id ia r y c o m p a n ie s , b o n d s a n d m o r tg a g e s to p r o v id e

fo r r e fu n d in g m a t u r in g b o n d s , a s fo llo w s :

For Pittsburgh-Monongahela coal purchaso---------------------------------------- - - ------------ -— -- ----------- .------- . - -----------— --..$17,673,000 00
By Union Steel Co. to provide funds for part payment o f cost o f completing construction work on its properties which
was under way when U. S. Steel Corporation acquired that company s stock.................................................................. 9 , 1 0 8 , 7 ^ 7J
By sundry subsidiary companies.................................................— ................................- ................................. - ..........................- - oJ.J'W .foi
.$116,189,480 28
985,000 00
Bonds°have also been”fssued'by subsidiary companies for funding unsecured indebtedness and for working capital to tho amount o f-----There wero°also issued and sold during tho period named (1901-1916) U. S. Steel Corporation 10-60-year 5 per cent bonds M follows.
For account construction and capital expenditures
..
----------------------------------------------------------------*an nnnnnn nn
For account purchaso of stock of Tennessee Coal, Iron & Railroad C o.............................- ................................................ 30,000,000 00
^ Q00 Q0
TREASU RY BONDS SUBJECT TO SALE.
T h ere

w ere

on

hand

at

th e

c lo s e

of

th o

c o m p a n ie s o f t h e p a r v a lu e o f $ 1 8 ,6 8 2 ,0 0 0 .

y e a r in

th o

T reasu ry,

a v a ila b le

fo r

T h o fo r e g o in g b o n d s w o r e is s u e d b y

c o n s t r u c t io n a n d f o r r e fu n d in g m a t u r in g b o n d s .

s a le ,

bon ds

and

d eb e n tu re s

o f s u b s id ia r y

s u b s id ia r y c o m p a n ie s to p r o v id e fu n d s lo r

T h e b o n d s h a v e b e e n p u rch a se d fro m

t h o s u b s id ia r y c o m p a m o s is s u in g tlio

s a m e b y t h e U . S . S te e l C o r p o r a t io n o r a r e h e ld in t h o tr e a s u r ie s o f th o s u b s id ia r y c o m p a n ie s , a n d , t h e r e fo r e , a r e n o t in c lu d e d
in t h e s c h e d u le o f o u t s t a n d in g b o n d s , n o r in

th e a s s e ts o f th o o r g a n iz a tio n a s s h o w n

by

th o G e n e r a l B a la n c e S h e e t.

T h e r e m a y a ls o b o is s u e d a t a n y t im e t o c o v e r c a p it a l o x p o n d it u r e s m a d e , U n io n S te e l C o . F ir s t M o r t g a g o a n d C o lla t e r a l
T ru st B on d s, to

t h e a m o u n t o f $ 3 6 2 ,0 0 0 .




Mar . 24 1917.]

THE CHRONICLE

1 1 53

IN V E N T O R IE S .

OF M ANUFACTURING AN D OPERATING M ATERIALS AND SUPPLIES AND SEM I-FINISHED A N D FINISHED PRODUCTS. INCLUD­
ING N ET ADVANCES ON CONTRACT W O R K , E TC.
T h e b o o k v a lu a t io n o f t h e in v e n t o r ie s o f t h e a b o v e c la s s e s o f a s s e ts f o r a ll t h e s u b s id ia r y c o m p a n ie s , a ft e r a llo w in g c r e d it
f o r r e s e r v e o f $ 1 3 ,5 2 4 ,7 9 4 f o r a m o u n t o f a c t u a l c o s t o r m a r k e t v a lu e o f in v e n t o r y s t o c k s in e x c e s s o f n o r m a l p r ic e s t h e r e fo r
e q u a lle d a t D e c e m b e r 3 1
o f p r e c e d in g y e a r .

1916

th e

sum

o f $ 1 8 1 ,9 0 1 ,0 0 4 , a n in c r e a s o o f $ 2 0 ,7 8 7 ,1 0 4 , in
.

c o m p a r is o n

w ith

th e

t o t a l a t c lo s e

P R O D U C T IO N .

OF RAW . SEMI-FINISHED AN D FINISHED PRODUCTS B Y SUBSIDIARY COMPANIES IN THE YEAR 1916 COM PARED W ITH THE
„ ,
Y EAR 1915.
P r o d u c ts —
IRON ORE M IN ED :
1916.
1915.
I n th e L a k e S u p e r i o r R e g io n —
T on s.
T on s.
Missabe R an ge..
. . ___________________________
x. ( ,zuy,ou4
Vermilion Range. _ _. _ _____________________________________
1,273,825
Gogebic Range____________________________________________________
1,277,419
Menominco Kango_______________________________________________
I n th e S o u th ern R e g io n —

T ota l---------

----- -----------------------------------------

---------

--------

LIMESTONE Q U A R R IE D ......................................
.........................
COAL M IN ED:
For use in tho manufacture of coko_______
For steam, gas and all other purposes. . . .

O?1Jilt Jzu

T ota l_________ . ______________
COKE M ANUFACTURED:
In Bee-Hive Ovens__
In By-I’roduet Ovens_____
T otal.......................
BLAST FURNACE PRODUCTION:
Pig Iron________

13,517,598
7,175

Ferro-Manganese and Silicon.
T ota l_____
STEEL INGOT PRODUCTION:
Bessoiner Ingots
Open-Hearth Ingots___ __

AKJt i Jwr

d

T o t a l ..____________ _________________ _____________ _______ ___
ROLLED AND OTHER FINISHED STEEL PRODUCTS FOR SALE:
Steel Rails (Heavy and Light Too and Girder).
________________
Blooms, Billets, Slabs, Sheet and Tinplato B ars.. _______ _____
Plates _______ ______ __ _
__________________________
Heavy Structural Shapes____________ _ _______
Tubing and Pipo_______________________________
Wire Rods_____________________________________”
Wire and Products o f W ire. . . _
Slieots (Black and Galvanized) and Tinplates..

T|TZ,1|O0«
726,082
2,118,366
919,280
261.036

---------------------- --------------------- ----------------1,338,892
.................................................- -------- --------------278,197

1,368,178
476,896

Anglo Splice Bars and All Other Rail Joints .
Spikes, Bolts, Nuts and Rivets____________________
Axles_____ .
Steel Car Wheels. .
Sundry Steel and Iron Products___
T otal__ _________ ____________

11fOOw

.

Spelter____ ___________________ .
Sulphate of iron____________________
Universal Portland C em ent_______

B a r r e ls .

.

C A P IT A L

B a rr e ls .

E X P E N D IT U R E S .

Th0 andCfo^Iadcmim?^ai^ox^on^ni?RC? 1' jf£ 16 ,b y a11 companies and chargeable to capital account, for the acquisition of additional property
and M o p m e n t
1
the net credit f r ° m ° r° mincs' stri»P lnL 1.680,648
.
42
iCSS'andTcTircdrittCn ° ff t0 Doproclatlon and Replacement Funds, for investment cost o f Improvements arid equipment dismantled* ’
5,
3.116,665 37
Balance of expenditures on capital account during tho year__________________________________________________________ _
359,563,983 05
Th0

classified by property groups as follows:
n il!la ^ ccl ^ lawlt’nt.he Sht;V. and J ‘ n I>Iat0 plant of American Sheet’* Tin Plato C o., Bridge
Tub,e Plant (,fG ary Tub0 Co. additions and improvements in the City of Gary,
^„!!iar
>ia„;0^,,n,<
Sr, ¥
J?ac°nt
to
the
foregoing
manufacturing
properties____
_______________
__
< .820,681 94
M in nPark
e s o ta(adjoining
o te e l j la ntlie
t, lJ
u lu tn
M in
n e s o tta’
a , Including
inelinlim r d
o v e lo n m o n t of
o f site
sifn a
n d ron
struct.lon o
n ff dwellings
H w dlinm i foUemployees at
«,<■ W
steel
,d\m4
bmo's?
development
and
construction"
MZJZZZZ.
oriah
Other^roportfra/oxclttsiv^of T eM M ^o<ChmL*Iiw &nRILaCo?rviz??ln0C*i*n* th° StW!l1>lant With a“ trUnk lines------------ ----------- - ~
2 ,681,505 27
Manufacturing Properties__
’
'
,
Coal and Coke Properties
330,175,68758
Iron Oro Properties..
2,354,90112
Transportation Properties__
, §A9,?2? 99
Miscellaneous Properties______
15,480,194 61
013,618 50
Tennessee Coal, Iron & RR. C o.’s Properties.
49 234,929 81
,974,105 67
° ar^’nId S tr u c t i^ l^ la n fo f Amer£K
a

Total expenditures during tho year for stripping and development work at mines and for additional logging and structural
erection equipment-------------------------------------------------------------------------------------------- _
sc> m a « iq
L e s s , Credit for expenditures of tills character absorbed during 1916 In operating expenses________________” 111111111
3,875il93
Net Credit in tho year 1916-

$65,711,222 69
dK
°

.....................................................................................................- ......................... ..................................

r
^ e x p e n d it u r e s in the year 1916 on property a c cou n t..............................................
L e s s , written o ff to Depreciation and Replacement Funds..........................................................

_ . "

- - - - - - - - - - - .............

1,030,574 27
«fi4 fisn fi4S 49
5 116 665 37

. . Balanco o f expenditures in tho year.................................................................
,-0
ao? n 10 IngaoxDend?M^/lfc»SH?no edT8lSCnR Prft1
i l ho dat0 o f organization o f United’ States Steel"Corporation)’ to j'a’n’u'ar'y‘ i'l917,'l'n’c’lud-’''
. ^ rfcj
oidlays for strbmino-1 ' Ci”
'XorP November 1 1907 only, for additional property and construction, and for net unabsorbed
.7 :ju
ouuays tor stripping and development work at minos, &c., equaled................ ................. ..................... ................................................... .$553,377 684*26
S U M M A R Y

O F

E X P E N D IT U R E S

M E N T

o r g a n is a tio n

tt8 q 3

ot

u . o.

O F

C A P IT A L

F O R

A D D IT IO N A L

O B L IG A T IO N S

F R O M

P R O P E R T Y
A P R IL

1

A N D
1901

£ n u m m a r y o f‘ th e ' p a y m o n t s w h i c h l ia v o b e e n m a d e b y
oS tt ee ee ll G
n oo rr aa tt iio
n )) ft oo rr tt hh oo n,nnvo
C oo rr p
on
abovo n
n .™
a mm
e dl niirnncoa
p u rposes, m
v i?
z . :•

T O

C O N S T R U C T IO N
D E C E M B E R

31

a ll c o m p a n ie s s in c e A p r il

A N D

F O R

P A Y ­

1916.
1 1901

(th o

d a te

of

^ 0nrAIfonds
dl2 .hiSi!i!b?t,oni in.c lud' n,g unabsorbed net expenditures for stripping and development work, & c., at minos___ $553,377,684r26
1 °r ir s
anU 101 lg gts discharged, exclusive o f bonds redeemed with Bond Sinking Fund moneys provided from earn.00*^0
For Bonds redeemed
^hiking Funds provided from depreciation allowances set"aside from earnings.................. I 10L56L78-1 15
1 or 1 urcliaso Money Obligations paid off, originally issued for acquirement of property______________________
_ .
39
,ir,r, ««■•! 82
«•>
p rop erty .......................................................
39,465,863
Less, Amount of securities included in this total of payments which wero originally Issued after April 1 1901 in fln a n c-'^ ^ ’ ^ ^ '^ ,° *’ *
ing property and construction expenditures also mado subsequent to that date________________________________
12,649,691 81
170,146,963 83
Total not payments on capital account.




-$723,524,648 0

[Vol. 104.

THE CHRONICLE

1154

Of the foregoing total expenditures and payments there have been financed by tho Issue and sale of securities tho following amounts, v iz ..
By U. S. Steel Corporation 10-60-Year 5% Bonds--------- ------------------------------------------------------------------------------------- ii r i s o S n og
By Bonds and Mortgages o f various subsidiary companies...............- ............................................. - ...............................................1 r ’ oSo
77
By Purchase Monoy Obligations issued-------------------------------------------------------------------------------------------------------------* <<
$142,528,655 05
L ? s s , Amount o f tho foregoing securities which have boon retired to Dec. 31 1916-...............................- ......... - ..........—
12,649,691 81 129,878,963 24
Balance of expenditures and payments— ..................... - ............... - ..........................- ................................... ............................................$593,645,684 85
This balance of capital expenditures has been paid with funds derived from tho following sources, to wit:
Bonds paid from depreciation allowances set aside from earnings and applied to bond sinking funds. . . . - - - - - - - - r , - - - - . V , '•>1 1’ 1’ ' ° 1 15
Expenditures paid from depreciation and replacement funds, and from surplus net income and formally written otf thereto by author
itv o f the Board o f Directors, tho Property Investment Account being correspondingly reduced, viz..
P a id f r o m
D e p r e c i a t io n a n d
R e p la c e m e n t F u n d s .

T.'rno^risrl fnr __

Paul
f r o m S u r p lu s
N et In com e.

Additional Property and Construction.....................- ------------- ----------------------------------------- ------- Sffi’9s f ’o77 3Q
5115’f t ? ’ 186 43
Paymout o f Capital Obligations. -------------------- ---------------------------------------------------------- --------- - 16.284,977 39
15,847,18b 48
.
S66.773.291 10
$163,694,423 55 230,467,714 65
Total of payments made from Funds and Surplus Net Income and charged off th e r e to ----- - - - - - -------,-------- - - - 8332,029,498 80
And tho funds foMJio payment of tho balance o f the outlays made for capital expenditures since April 1 1J01 have been advanced from
From^tiro U?s'anpropriated Vsince Jan. 1 1908) and specifically set aside to cover payment of capital expenditures made - - - - - - - - - ---- 55,000,000 00
From S p l i W a l a n c ^ at d Sc. 31 1916 to credit of Depreciation and Replacement Funds and Undivided Surplus of U. S. Steel
Corporation and Subsidiary Companies------------------------------------------------------------------------------------------------------------------------------ ------- * ’
T o t a l ______________________________________________________________________________________________________________

E M P L O Y E E S
T h e

averago

n u m b e r o f e m p lo y e e s in

th e

s e r v ic e

A N D

P A Y

_— .

R O L L S .

o f a ll c o m p a n ie s

d u r in g

th o

year

1 9 1 6 , in

c o m p a r is o n

1 9 1 5 , w a s a s fo llo w s :

w it h

E m p lo y e e s o f

.

140,875
19,485
9,668
18,240
2,858

.
252,668
.$263,385,502

191,126
$176,800,864

.
.

All employees, exclusive of General Administrative and Selling force-----------------------------------------Total employees, Including General Administrative and Selling force.....................................................

N u m ber

N u m b er.

Miscellaneous Properties-------------------------------------------------------------------------------------------------------T otal_____________________________________________________________________________________
Total salaries and wages paid-----------------------------------------------------------------------------------------

year

187,289
25,143
12,624
24,189
3,423

.
.

Manufacturing Properties....................................................................................................... - ................. .........
Coal and Coke Properties------------------------------------------------------------------------------------------------------------------Iron Ore Properties---------------------------------------------------------------------------------------------------------------------------Transportation Properties----------------------------------------------------------------------------------------------------------------

th o

1915.

1916.

A v e r a g e S a la ry o r W a g e p e r E m p lo y e e p e r D a y - —

—

82 92
$3 01

$3 29
$3 36

G E N E R A L .
T h o a c t iv e
of

th e y e a r

d e m a n d fo r iro n

1 9 1 6 , r e fe r r e d

to

a n d steel p r o d u c ts fo r b o th

c a p a c it ie s o f t h e m ills a n d , c o n s e q u e n t l y , p r ic e s a d v a n c e d
s id ia r y c o m p a n ie s a t D e c e m b e r 3 1
h is to ry

th o d o m e s t ic a n d e x p o r t tr a d e , w h ic h

in la s t y e a r ’s a n n u a l r e p o r t , c o n tin u e d

o f th o C o r p o r a tio n , a n d

1916

w as

th e ir r e q u ir e m e n ts fo r o p e r a t io n

and

th ro u g h o u t th o y e a r.

3 ,7 4 1 ,0 6 6

to n s , o r 4 7 .9

have

th irty

to s ix ty

b e e n u n u s u a lly g o o d .
D u r in g th e e n tir e y e a r

s u b s t a n t ia lly th e ir m a x im u m
as

to

an d

la b o r

s u p p ly

o f r o lle d

and

p r e v io u s y e a r .

and

exceeded

th e

T h e t o n n a g e o i u n fille d o r d e r s o t t h e s u b ­

p e r c e n t , th e u n fille d

to n n a g e a t c lo s e o i

in

D L o.

th e
lh e

th o

1 9 1 6 th o so v e ra l p r o d u c in g

b e lie f t h a t t h o o p e r a t io n

ot

th e

m ills a t t n e ir r u n

T h o e x p o r t s a le s w o r e f o r c a s h , a n d d o m e s t ic s a le s w e r e e it h e r

d a y te r m s in a c c o r d a n c e w it h th o c u s to m

o f th o tr a d o a s to v a r io u s c o m m o d it ie s .

C o lle c tio n s

4 1 a t,.

.
,
.
.
.
p r o p e r t ie s a n d p la n t s o f th o s u b s id ia r y c o m p a n ie s W ere o p e r a t e d

c a p a c it y , e x c e p t a s t h e y w e r e a t t im e s p r e v e n t e d b y r e a s o n o f th e u n u s u a l c o n d it io n s p r e v a ilin g

r a ilr o a d

t r a n s p o r ta tio n .

o t h e r fin is h e d

T h e

a t th o o p e n in g

dem ands

T h o b u lk o f th e to n n a g e c o v e r s th e n e e d s o f b u y e r s fo r d e fin it iv e c o n t r a c t w o r k o r

m a in te n a n c e , th u s e n c o u r a g in g

c a p a c it y w ill b o c o n t in u e d f o r a t le a s t t h o g r e a t e r p a r t o f 1 9 1 7 .
fo r ca sh or on

p r e v a ile d

1h ese

th o e n tir e y e a r .

1 1 ,5 4 7 ,2 8 6 t o n s o f r o lle d s te e l p r o d u c t s , th e h ig h e s t t o t a l o v e r r e c o r d e d

e x c e e d in g b y

c h a r a c t e r o f t h o o r d o r b o o k is e x c e l le n t .

d u r in g

p r o d u c tio n

p rod u cts
fo r

fo r

T h o

s a le

th o y e a r in

to

p r o d u c tio n

d u r in g

th e

y ea r ot

c o m p a r is o n

w ith

r e s u lts in

1915

b a s ic r a w

111 r e s p e c t

cu stom ers, ox ce e d e d , e x ce p t

and

s e m i-fin is h e d

o f cem en t,

th o

m a t e r ia ls

o u tp u t in

an y

w a s a s fo llo w s .

1916.
T on s.

Iron Oro M ined...............................- ..............................................................................................- ........................... ........33,355,169
C ° alFOT1usein making coko...........................................................................................- ............................. ................... 29’ hi! ’340
For steam, gas and other purposes.....................- ............................- ..................- ..............- ................................... 1
32,768,381
Coko Manufactured------------------------------------------ ------------------ -------- ------------------------------------------------------------- ’H9 >’474
Li mastone Quarried----- ------------------------ »--------------------------------------—
<7*007 ’ <••>n
Pig Iron, Ferro and Spiegel ------- - - - - - - .................................................................................................................." 9noir>K8q
Steel Ingots (Bessemer and Open Hearth). .................... ........ ........................................... ................................................. is arm 709
Rolled and Other Finished Steel Products for S a le .........................................................- ................................... .. 15,460,792
Universal Portland Cement...............................- ............................................................................................................... 10,425 600
T h e s h ip m e n t s o f a ll c la s s e s o f p r o d u c t s t o c u s t o m e r s d u r in g 1 9 1 6 , in c o m p a r is o n w it h t h o s h ip m e n t s d u r in g t h o p r e c e d in g
y e a r , w e r e a s fo llo w s :

1915.

1916.
T on s.
D o m e s t ic S h ip m e n ts —
■> nir,
onr,
___ 113,075,295
"
Finished
Products---------------------------------------------------------------------------------------------1
co/iqok
Rolled Steel‘ and‘ Other
F
Pig Iron, Ingots, Spiegel Ferro and Scrap-------------------------------------------------------------------------------------- 1,172,958
^ 172 ’958
___
Iron Oro, Coal and Coko.
160,483
Sundry Materials and By- Products___________________________________________________________________
....14,933,621
Total tons all kinds of materials, except Cement.................................................................... .....................
}n ’a a i’9$a
___ ----10,861,426
---Universal Portland Cement (Bbls.)-----------------------------------------------------------------------------------------------------

— In crea se or D ecrea se
T on s.
%

T on s.

9,331,363
543,193
1,004,323
103,869

3,743,932
18,308
168,635
56,614

3,950,873 36.0
2,684,S 13 32.8

10,982,748
8,176,583

E x p o r t S h ip m e n ts —
„ . ftA
___ 2,466,793
Rolled Steel and Other Finished Products.................................................................................................... ..........
Pig Iron, Ingots and Scrap--------------------------------------------------------------------------------------------------Sundry Materials and By-Products...............................................................................— ...................
___ 2,501,627
Total tons all kinds of materials------------------------ --------------------------------- --------------------- -------------- ----------2,501,627
Aggregate tonnago of Rolled Steel and Other Finished Products shipped to both Domestic and
and
___
15,542,088
Export Trade.................................................................................................................- ............................15^42,
1916.
TOTAL VALUE OF BUSINESS (Covering all of abovo tonnago)
..$702,801,167
D om estic.........................................................- ......................................- ............................- ...............................
Export______________________________________________________________________________________
..$853,264,457
...................................................................................................................................................................$853,264,457

40.1 Inc.
3.4 Dec.
16.8 Inc.
54.5 “
"

4.9 Inc.
116,269
45,608 58.3 Dec.
1,227 126.4 Inc.

2,350,524
78.244
971
2,429,739

71,888

3.0 Inc.

11,681,887

3,860,201

33.0 Inc.

1915.
$391,188,661
95,163 393

$311,612,506
55,299,897

79.7
58.1

$486,352 054

$366,912,403

75.4

In crea se.

% „

D u r in g 1 9 1 6 th r e e g e n e r a l a d v a n c o s o f a b o u t t e n p e r c e n t e a c h w e r e m a d e in t h e w a g e r a t e s o f n e a r ly a ll o f t h e e m p lo y e e s .
T h ese

a d v a n ce s w ere

a p p lie d

to

m ade

r e s p e c t iv e ly

on

F eb ru ary

th o r a te s o f w a g e s b e in g r e c e iv e d

a t th o

1 st, M a y

d a tes

1st a n d

D ecem bor

1 5 th .

T h o

th e a d v a n ce s b e ca m e e ffe c tiv e .

d iffe r e n t t im e s d u r in g th e y e a r w a s t o m a k o t h o r a t e s in e ffe c t a t c lo s e o f

p ercen ta g e

Ih o

o f each

in c r e a s e

r e s u lt o f th e s e a d v a n c e s a t

1916 a b ou t 33 por con t a b o v e

th o la t e s p r e v a ilin g

a t C^ T h e ° n u m b e r o f e m p l o y e e s i n t h e s e r v i c o o f t h o C o r p o r a t i o n a n d i t s s u b s i d i a r y c o m p a n i e s d u r i n g t h o y e a r r a n g e d f r o m
m o n th ly
fo r

a v e r a g e o f 2 3 2 ,5 4 0

t o 2 6 5 ,9 1 9 .

T h e average n u m ber an d

th o to ta l a m o u n t o f p a y r o ll, in c o m p a r is o n w it h

1916.

1 9 1 5 , W ero a s fo llo w s .

Tot a? anmunt1of pay ro?l
T h e
e n t a ile d

o p e r a tio n
th o

- 1111111111111111111 - 1- - - - - - - - - - - - - - - - - - - - - - -S263,38§ Isol

o f th e p r o p e r tie s o f th e s u b s id ia r y c o m p a n ie s

e x p e n d it u r e

o f la r g o

th e s e p u r p o s e s , in c o m p a r is o n




a m ou n ts

w it h

fo r

m a in te n a n c e ,

s im ila r e x p e n d it u r e s in

d u r in g

1915.
$170,800,804

th o y e a r a t s u b s ta n tia lly

c u r r e n tfr e p a ir s

and

e x tr a o r d in a r y

th e p r e c e d in g y e a r , w e ro a s fo llo w s :

In crea se.

$86,584’,638

th e ir m a x im u m

r e n e w a ls ,

m o

a

r e s u lts
%

49 3)

c a p a c ity

o u tla y s

lo r

Mail 24 1917.

THE CHRONICLE

_
.
.
.
1916.
1915.
....................................................................................... $63,313,553
Ordinary repairs and maintenance.......
Extraordinary replacements and general rehabilitation__________________________ __________ ______ __
6,079,074
T otal..................................................................................................... - ................................................. ........$69,392,627

1155
In crea se.

%

$39,877,484
3,489,159

523,436,069
2,589,915

58.8
74.2

$43,366,643

$26,025,984

60.0

T h e a g g r e g a te su m o f a ll c h a r g e s t o a n d a llo w a n c e s fr o m g r o s s ea rn in g s fo r t h e y e a r t o c o v e r e x h a u s t io n o f m in e r a ls a n d
d e te r io r a tio n a r isin g fr o m w e a r a n d te a r o f i m p r o v e m e n t s , a m o u n te d t o § 1 0 4 ,5 7 6 ,3 7 9 , in c o m p a r is o n w it h $ 7 2 ,9 5 7 ,9 8 8 in
1 9 1 5 , a n in c r e a se o f $ 3 1 ,6 1 8 ,3 9 1 , o r 4 3 .3 p e r c e n t .
T h e t o ta l c h a r g e s t o in c o m e a c c o u n t f o r th e y e a r fo r ta x e s le v ie d a g a in st th e C o r p o r a t io n a n d its s u b s id ia r y c o m p a n ie s ,
in c lu d in g in c o m e a n d o t h e r F e d e r a l ta x e s f o r 1 9 1 6 , a m o u n te d t o $ 2 6 ,5 9 9 ,7 2 0 , a n in c r e a s e o f $ 1 2 ,9 5 9 ,5 3 6 , c o m p a r e d w it h th e
c h a r g e fo r 1 9 1 5 .
O f th e t o t a l c h a r g e f o r t a x e s , $ 9 ,6 9 2 ,0 0 9 w a s fo r F e d e r a l in c o m e t a x , a n in c r e a s e o f $ 7 ,8 8 0 ,6 0 2 o v e r th e
a m o u n t fo r 1 9 1 5 .
D u r in g th e y e a r 1916 a t o t a l o f $ 1 2 ,9 9 3 ,0 5 6 o f b o n d s , m o r t g a g e s a n d p u r ch a s e m o n e y o b lig a t io n s o f th e C o r p o r a t io n
a n d its su b sid ia r ie s w a s p a id o f f .
O f th is t o t a l $ 9 ,6 4 1 ,0 0 0 w ere r e d e e m e d t h r o u g h th e s in k in g fu n d s o f th e m o r t g a g e s se c u r in g
th e b o n d s .
T h e r e w e r e a ls o p a id o f f d u r in g th e y e a r $ 1 ,1 5 7 ,2 0 3 o f m in in g r o y a lt y n o t e s o f th e s u b s id ia r y c o m p a n ie s w h ic h
h a d b e e n issu e d a n d s u b s t itu te d fo r p r e v io u s ly e x is tin g r o y a lt y o b lig a t io n s u n d e r m in in g c o n t r a c t s .
I n a d d it io n th e r e w e r e
p a id a n d d is c h a r g e d lia b ilit ie s o f $ 9 9 2 ,1 8 7 fo r s p e c ia l d e p o s it s o r lo a n s m a d e w it h o r t o s u b s id ia r y c o m p a n ie s .
N o n e w issu e o f b o n d s , m o r t g a g e s o r p u r ch a s e m o n e y o b lig a t io n s w e r e s o ld t o th e p u b lic d u r in g th e y e a r .
T h e e x p e n d itu r e s d u r in g th e y e a r o n c a p it a l a c c o u n t fo r a d d itio n s t o th e p r o p e r tie s a n d n e w c o n s t r u c t io n a n d fo r s t r ip p in g
a n d d e v e lo p m e n t w o r k a t m in e s , e q u a lle d th e n e t su m o f $ 5 9 ,5 6 3 ,9 8 3 .
T h e t o t a l e x p e n d it u r e s m a d e f o r th e se p u r p o s e s sin ce
t h e o r g a n iz a t io n o f t h e C o r p o r a t io n a g g r e g a te $ 5 5 3 ,3 7 7 ,6 8 4 . F o r 1 9 16 t h e y a r e c la s s ifie d g e n e r a lly a s fo llo w s :
For the properties located in the Gary. Indiana, District_____________________
__
For the Minnesota Steel Plant at Duluth, Including terminal railroads, development and construction of’ Morgan "Park.........................
(town site), and the construction o f now Cement Plant______ _
For Tennessee Coal, Iron & Railroad Company extensions______________ V
---------------------------------For all other properties, viz.:
_
a .n
Manufacturing properties______________________
Coal and Coke properties_________________
______ __
* 9 o r io n i
Iron Oro properties___________________ „
"
"
fi'fn’ yjR
'
Transportation properties________ .
sundry properties......................................... .. i n : : : i n i i i n : : : : i n : : : : : : : : : : : : : : : ; : i m n 1111 n n m i : 11: : : i - 1 6 i3 6 il
............................ ,
Less, the following Items:
$65,711,223
Not Credit account of development and stripping work at mines........................................ .......................................
ei 030 V 4
Credit for write-off to Depreciation and Replacement Funds of original cost of improvements and equipment"di"s’
" '
dismantled and i*ctlrcd________________________________
5 116 666
.................... —— Balance o f expenditures for the year................................................................................................................................. ........

S11 S2p coo.
’
'
„
177
1 974 106.

48.899,258

6,147,240
$59 563 983

rl lie D u lu t h , M i n n e s o t a , P la n t o f th e M in n e s o t a S te e l C o m p a n y w a s c o m p le t e d d u r in g th e e a r ly p a r t o f th e y e a r in
a c c o r d a n c e w it h o r ig in a l p la n s , a n d a ll d e p a r t m e n ts w e r e p la c e d in o p e r a t io n .
T h e o u t p u t o f th e p la n t in 1916 w a s 2 4 2 ,9 7 2
t o n s o f r o lle d ste e l p r o d u c t s o f v a r io u s c la s s e s , o r a b o u t t w o -t h ir d s th e r a t e d fu ll a n n u a l c a p a c it y o f th e p la n t .
T h e new
c e m e n t p la n t , c o n s t r u c t e d b y th e U n iv e r s a l P o r t la n d C e m e n t C o m p a n y , a n d a d jo in in g th e M in n e s o t a S teel P la n t , w a s a ls a
p u t i n t o o p e r a tio n d u r in g th e y e a r , p r o d u c in g 7 1 0 ,6 0 0 b a rr e ls o f c e m e n t in 19 16.
O t h e r im p o r t a n t a d d it io n s a n d b e t te r m e n t s f o r w h ic h la rg e o u t la y s w e r e m a d e b y th e s u b s id ia r y c o m p a n ie s durim r
th e y e a r a ro th e fo llo w in g :
O n a c c o u n t o f th e c o n s t r u c t io n o f n e w b y - p r o d u c t c o k e p la n t s a t C la ir to n a n d N e w C a s t le , P a .; a n d a t Y o u m rs to w n
C le v e la n d , a n d L o r a in , O h io ; e x p e n d it u r e s o f $ 3 ,6 9 5 ,5 5 4 w e r e m a d e d u r in g th e y e a r .
T h e s e fiv e p la n t s w h e n c o m p le t e d
w ill h a v o a n a g g r e g a te o f 1 ,4 8 8 o v e n s .
'
1
u
,.
j'!143 P it t s b u r g h D i s t r ic t , a t E d g a r T h o m s o n W o r k s , th e re h a s b e e n in s ta lle d a c e n t r a l p u m p in g s t a t io n a n d w a te r
d is tr ib u tin g s y s t e m ; a t O . H . p la n t N o . 3 o f H o m e s t e a d W o r k s , a 1 ,5 0 0 -to n h o t m e ta l m ix e r ; a t S c h o e n S te e l W h e e l W o r k s
a n a d d itio n a l u n it in c r e a s in g th e c a p a c i t y b y 1 5 0 ,0 0 0 w h e e ls p e r a n n u m ; a t C la ir to n W o r k s , th e in s ta lla tio n o f 2 a d d it io n a l
( ) . H . fu r n a c e s a n d a 1 ,2 0 0 -t o n h o t m e ta l m ix e r ; a t D o n o r a W o r k s , th e c o n s t r u c t io n o f a d u p le x in g steel p la n t , in c lu d in g
2 2 5 -t o n B e s s e m e r c o n v e r t e r s a n d a 3 0 0 -t o n h o t m e ta l m ix e r .
A d d it io n a l e x p e n d it u r e s w e r e a ls o m a d e a t th e D o n o r a z in c
s m e lte r p la n t f o r th o in s ta lla tio n o f m u r ia t ic a c id a n d z in c o x id e d e p a r t m e n ts , a n d th e fin is h in g u p o f th e fin a l c o n s t r u c tio n
o f th o sp e lte r p la n t .
T h o o u t p u t o f th e D o n o r a P la n t in 1916 w a s 2 2 ,8 0 0 to n s o f s p e lte r , 1 0 8 ,2 7 7 to n s o f su lp h u r ic a c id a n d
5 ,6 2 4 to n s o f m u r ia t ic a c id .
I n th e V a lle y D is t r ic t s , a t Y o u n g s t o w n , O h io , th e re w e r e c o m p le t e d 3 a d d it io n a l O . H . fu r n a c e s , a n d s u b s ta n tia l p ro g r e s s
w a s m a d e in th e c o n s t r u c t io n o f th e n e w M c D o n a l d m e r c h a n t b a r p la n t , w h ic h is to c o m p r is e 10 m ills o f v a r io u s t y p e s a n d
siz e s; a t l a r r e l l , P a ., 3 a d d it io n a l O . 11. fu r n a c e s w e r e in s ta lle d . A t E llw o o d C i t y , P a ., w o r k w a s a c t iv e ly p r o s e c u te d in
th e e n la r g e m e n t a n d e x te n s io n o f th e se a m le ss t u b e -p la n t o f S h e lb y S te e l T u b e C o m p a n y .
•ii n i
A J o v e la n d D i s t r ic t , a t th e C u y a h o g a W o r k s o f A m e r ic a n S te e l & W ir e C o m p a n y , th e re w a s c o m p le t e d a n e w r o d
m ill a n d th e re w e r e in s ta lle d a d d it io n a l w ir e d r a w in g b u ild in g s w it h e q u ip m e n t ; a n d w o r k is p r o g r e s s in g o n th e c o n s t r u c t io n
o f a n e w r o llin g m ill fo r h o t a n d c o ld r o lle d fla t s .
A t L o r a in , O h io , W o r k s o f T h e N a t io n a l T u b e C o m p a n y 4 n e w O . I I fu r ­
n a ce s w e r e c o m p le t e d , a n d w o r k is in p r o g r e s s o n th e c o n s t r u c t io n o f 2 a d d it io n a l fu r n a c e s a n d a n e w 4 0 -in c h b lo o m in g m ill
In th e C h ic a g o D is t r ic t , th e I n d ia n a S te e l C o m p a n y a t G a r y , m a d e s u b s t a n t ia l p ro g r e s s in th e c o n s t r u c t io n o f 4 new.
b la s t fu r n a c e s , a d u p le x in g ste e l p la n t , in c lu d in g 2 2 5 -t o n B e s s e m e r c o n v e r te r s a n d 2 t ilt in g o p e n h e a rth fu rn a c e s - a 4 0 -in c h
J d o o m m g m ill, 1 6 0 -in ch sh e a r e d p la te m ill, 3 m e r c h a n t m ills a n d n e w fo r g e d ste e l w h e e l p la n t ; a n d th e A m e r ic a n S h e e t &
niln
aP
t0r i r 0 ir -I ) o1l y I)™,ctie a lly c o m p le t e d th o c o n s t r u c t io n o f a n e w tin p la t e p la n t o f 2 4 h o t m ills .
A t th e S o u th C h ic a g o
v M 'h t ^ i i T m O nn LHiniran y TT)r? greSS w a s ,m a d o
th e in s ta lla tio n o f a d u p le x in g ste e l p la n t o f 2 2 5 -t o n B e s s e m e r con-,
v e r te rs a n d 2 10 0 -t o n til tin g O . H . fu r n a c e s ; a ls o in th e c o n s t r u c t io n o f a n e le c tr ic ste e l p la n t o f 2 2 0 -t o n fu r n a c e s , 1 t ilt in g
v o i r ' f A t S e t ^ W o rL ^ o f B H n o L ^ i 1 1^ ° r° St° r a g ° yarC\S a t 1118 p Ia n t w * re e x te n d e d a n d e q u ip m e n t im p r o v e d d u r in g th e
p la n t A t
10t W
* 1 lm ° ls k t c c l C o m p a n y a n o w b e n z o l r e c o v e r y d e p a r t m e n t w a s in s ta lle d a t th e b y - p r o d u c t c o k e
9„ f , ^ f Xi Caa i v e i0U tIayS f VCpe m a d ? -b y s u b s id ia r y c o a l c o m p a n ie s in o p e n in g n e w m in e s , c o n s o lid a t in g E x istin g m in e s to in crea se
o u t p u t a n d r e d u c e c o s t o f o p e r a t io n , a ls o f o r e q u ip p in g m in e s to o p e r a t e w it h e le c tr ic p o w e r .
+™lg i 'h't w 1’ - w Sld> sidiary r a ilr o a d c o m p a n ie s p u r c h a s e d o r c o n s t r u c t e d a d d it io n a l e q u ip m e n t c o n s is t in g o f 84
l o c o m o L v e s , 3 ,4 7 1 fr e ig h t ca r s a n d 3 4 r o a d c a r s o f v a r io u s k in d s , th o a g g r e g a te c o s t o f w h ic h w a s $ 6 9 0 8 177
1 h ero w e re p u r c h a s e d a n d p la c e d in c o m m is s io n d u r in g th e y e a r o n th e G r e a t L a k e s 2 1 2 ,7 0 0 -t o n ’c a p a c it y a n d 6 6 5 0 0 lo n o r e -c a r r y in g v e sse ls; a lso 1 s u p p ly b o a t .
T h o t o t a l c o s t o f th ese v e s s e ls , t o g e t h e r w ith p a y m e n ts m a d e in 1916 o n a c c o u n t
o l c o s t o f 4 a d d it io n a l 1 2 ,7 0 0 -to n ste a m e rs d e liv e r a b le in 1 9 1 7 , w a s $ 3 ,5 1 7 ,4 9 6 7
accou n t
lh c T o w a s c o m p le t e d b y th o D u lu t h & I r o n R a n g e R . R . C o m p a n y a n e w ste e l o r e d o c k a t T w o H a r b o r s , A lin n e s o ta
• i i ;,^ Y L C ° S0 ° . b i b th e a m o u n t u n o x p e n d e d o n a u th o r iz e d a p p r o p r ia tio n s f o r e x te n s io n s , a d d it io n s a n d b e t te r m e n t s
^ ‘ P P W o P - a t i o n s fo r 1917, w a s a p p r o x im a t e ly 8 1 3 7 ,0 0 0 ,0 0 0 .
I t is e s t im a t e d t h a t a“ u t s m 0 0 0 r
0 0 0 o l tills t o ta l w ill be o x p e n d e d in 1 9 1 7 . T h o s e a u th o r iz a t io n s c o v e r th e o u t la y s y e t t o b e m a d e to c o m p le t e th e im p o r ta n t

• 3 a S f o n s a s « ni!dr f ib ^ « in
° ° T ° 0t
c o m m o t i o n th e c lo s e o f th o y e a r , a ls o s e v
a im a u d it io n s , as w e i a s a w id e r a n g e o f m is c e lla n e o u s w o r k .
1 h e p r in c ip a l n e w e x te n s io n s a n d a d d it io n s a u th o r iz e d a n d n o t h e r e t o fo r e m e n t io n e d a ro th e fo llo w in g :
1 lie c o n t e m p la t e d c o n s t r u c t io n a t G a r y , I n d ia n a , o f a tu b e p la n t , th e p la n s f o r w h ic h h a v e n o t y e t b e e n fu lly d e v e lo p e d
w ill c o m p r is e b la s t fu r n a c e s a n d ste e l w o r k s as w e ll a s fin is h in g m ills . A t th e E d g a r T h o m s o n W o r k s o f C a rn e td e S teel
w i l l X m s S K ■a t ° F S ? X \ \ ^ r U SH rCi - n
" 7 ! ° ' t0
b Ia ? 1,u rn a eo Pla n t = a t D u q u e s n e W o r k s a n e w 1 2 -in c h b a r m ill
nl-in ts at* S h e n iii v o 'u J h i w l
V n 5 ° blllAe t a n d ,h a r m lU s a re t o b e r e c o n s t r u c t e d ; e x te n s io n s a re to b e m a d e to th e t in p la t e
p la n ts a t o n e n a n g o a n a i a m 11 \Y o r k s . A c o m p le t e c o m p le m e n t o f e q u ip m e n t is to b e p u t in s e r v ic e f o r u se in haulinir c o a l
o n r iv e r fr o m m in e s t o th e n e w b y - p r o d u c t c o k e p la n t a t C la ir t o n , a n d a p ip e lin e is t o b e in s ta lle d f o r c o n v e y in g g a s fr o m
th is p la n t t o ste e l p la n ts in th e I it ts b u r g h D i s t r ic t . T h e D u lu t h , M is s a b e & N o r t h e r n R a ilw a y C o m p a n y is c o n s t r u c t in g a t
D u lu t h , M in n e s o ta , f
9 r.° d o c k o f 3 8 4 p o c k e t s .
T h e r e h a v e b e e n o r d e r e d b y th e s u b s id ia r y r a ilw a y c o m p a n ie s
to r d e liv e r y to th e m in 1 9 1 7 , a d d it io n a l e q u ip m e n t a g g r e g a tin g 31 l o c o m o t iv e sa n d 3 ,1 9 5 ste e l c a r s .
"
’
I n J a n u a r y 1917 th e re w a s o ffe r e d to th o e m p lo y e e s o f th o U n it e d S ta te s S te e l C o r p o r a t io n a n d o f th e s u b s id ia r y c o m ­
p a n ie s th o p r iv ile g e o f s u b s c r ib in g f o r sh a re s o f C o m m o n S t o c k o f th e C o r p o r a t io n , a t th e p r ic e o f $ 1 0 7 p e r sh a re . S u b s c r ip ­
tio n s w e re r e c e iv e d fr o m 3 J ,0 7 2 e m p lo y e e s fo r a n a g g r e g a te o f 6 7 ,4 1 0 sh a r e s. T h e c o n d it io n s a t t a c h e d t o th e o ff e r a n d s u b ­
s c r ip t io n , a sid e fr o m th e fe a tu r e o l p r ic e , w e r o g e n e r a lly sim ila r to t h o s e u n d e r w h ic h s t o c k h a s b e e n h e r e t o fo r e o ffe r e d to
e m p lo y e e s .
T h e u su a l d is tr ib u tio n o f sp e c ia l c o m p e n s a t io n to e m p lo y e e s u n d e r p la n a d o p t e d in 19 03 w a s a ls o m a d e .




1156
T h e

T ru stees

o f

th e

U n it e d

r e tir e d e m p lo y e e s , th o s u m
th e

year

fVoL. 104

THE CHRONICLE

th ere

w ere

e m p lo y e e s s in c e

th o

3 ,0 1 3

S ta tes

S teel a n d

o f $ 7 1 1 ,1 3 0 3 3 .

C a r n e g ie

P e n s io n

F u n d

d is b u r s e d

P e n s io n s w e ro g r a n te d d u r in g

nam es

on

th e

in a u g u r a tio n

o f

th e p la n

p e n s io n

r o lls .

is 6 5 .3 3

T h e

averago

years, an d

ago

d u r in g

th o

year

1916,

in

1 9 1 6 t o 2 7 5 r e t ir in g e m p lo y e e s .
a t w h ic h

th e a v e ra g e

p e n s io n s h a v e

term

been

o f s e r v ic e r e n d e r e d

p e n s io n s

g ra n ted
b y

to

A t th o c lo s e o f
to

su ch

r e t ir in g

p e n s io n e r s

w a s 2 9 .9 3 y e a r s .

A ccid en t Prevention .—

T h e

to ta l

am ount expended

f o r s a f e t y w o r k w a s $ 8 4 8 ,0 8 0 , in c o m p a r is o n
in

1916, based on

w it h

b y

th e

in ju r ie s , t h r o u g h in s t a lla t io n

a p p o in t e d

c o m m itte e s .

A t

Voluntary A ccident R elief . —
w a s $ 2 ,5 9 3 ,9 6 0 .

o f s a fe ty

p r e s e n t 4 ,7 7 3

s u b s id ia r y

to.

Law s

d u r in g

en a cted

th e

b y

1906; and

year

th o n u m b e r o f fa ta l

b y

th e e m p lo y e e s

th e m s e lv e s t h r o u g h

d u ly

c o m m itte e s .

p a s t y e a r , 8 8 p e r c e n t o f th o s a m e w a s p a id

th e s e v e r a l S ta te s in

e ffo r ts

of

w h ic h

th e

th o

b y

d ir e c tly

s u b s id ia r y

to

b y

t h e in ju r e d

th e p r o v is io n s

c o m p a n ie s a re o p e r a tin g ,

th e C o r p o r a tio n

h a v e b e e n p r o m p t ly a c c e p te d

p r io r to

or

th e e n a ctm e n t

th e s u b s id ia r y c o m p a n ie s m e r e ly

d u r in g t h e y e a r f o r s a n it a r y w o r k in a n d a b o u t t h e m in e s a n d m ills w a s $ 1 ,4 0 2 ,7 9 8 ,
th e p r o v io u s y e a r .

w a te r s u p p ly a n d d rin k in g w a te r s y s te m s fo r th o u so o f e m p lo y e e s .
s h o w e r s a n d 1 0 ,6 6 2 lo c k e r s .
C o r p o r a tio n

and

th o

T h o

sum

o f $ 3 2 2 ,5 9 5 w a s e x p e n d e d f o r p r o t e c t i o n

s u m m e r th e a r e a o f g a r d e n s m a in t a in e d b y e m p lo y e e s o n

of

D u r in g th e y e a r th e r e w e r e in s t a lle d a n a d d it io n a l 3 1 3

s u b s id ia r y

c o m p a n ie s

tow a rd

th e im p ro v e m e n t

of

w e lfa r e o f e m p lo y e e s a n d th e ir fa m ilie s , r e fo r r e d t o in p r e v io u s y e a r ’s a n n u a l r e p o r t , h a v e b o o n c o n t in u e d .
a r e m a in t a in e d

th e

th e v o lu n t a r y r e lie f p la n , r e g a r d le s s o f le g a l lia b ilit y , h a d b e e n p r e v io u s ly in a u g u r a t e d

a n e x p e n d it u r e o f $ 9 5 3 ,0 5 6 in

T h e

d u r in g

n u m b e r o f fa t a l a c c id o n t s

T h e s e p a y m e n t s w e r o m a d e e ith e r in a c c o r d a n c e w it h

T h e s e c o m p e n s a t io n la w s w h ic h

'T h e a m o u n t e x p e n d e d

W elfare W ork .—

s a fe ty

A c c id e n t R e lie f P la n , w h ic h w a s in t r o d u c e d

e s t a b lis h e d th e p r in c ip le s u p o n w h ic h
b y th o C o r p o r a tio n .
in c o m p a r is o n w it h

c o m p a n ie s

T h e

T h e e ffo r ts o f th e c o m p a n ie s to s a fe g u a r d e m p lo y e e s

d e v ic e s , fa c ilit ie s , e t c ., a r o a s s is te d

ta k in g ca r e o f th e m .

u n d e r th e C o r p o r a t io n ’s V o lu n t a r y

Sanitation .—

th o

T h e t o t a l a m o u n t d is b u r s e d b y a ll t h e c o m p a n ie s d u r in g 1 9 1 6 in c o n n e c t io n w it h w o r k a c c id o n t s

o f th e W o r k m e n ’s C o m p e n s a t io n
o f th e la w s r e fe r r e d

1906.

e m p lo y e e s a re s e r v in g o n

O f th o a m o u n t d is b u r s e d

e m p lo y e e s o r t h e ir fa m ilie s o r in

,

and

th e p r e v io u s y e a r .

t h e n u m b e r o f a c c id e n t s p e r 1 0 0 e m p lo y e e s , w a s 4 4 .4 6 p e r c e n t le s s t h a n in

a n d s e r io u s a c c id e n t s c o m b in e d w a s 3 1 .6 0 p e r c e n t le s s t h a n in
fro m

C o r p o r a tio n

$ 6 0 8 ,6 4 4 e x p e n d e d in

th o c o m p a n ie s ’ la n d s c o v e r e d n e a r ly

1 ,0 0 0 a c r e s .

th e

m a t o r ia l

D u r in g th o la s t
A t p re se n t th e re

1 7 c lu b s f o r e m p lo y e e s w it h a m e m b e r s h ip o f 5 ,2 4 2 ; a ls o 1 3 7 p la y g r o u n d s , 1 2 5 a t h le t ic p a r k s a n d 8 s w im m in g

p o o ls , a ll o f w h ic h h a v e e it h e r b e e n c o n s t r u c t e d b y
t e r ia lly a s s is te d .
G r a te fu l a p p r e c ia tio n

th e s u b s id ia r y c o m p a n ie s o r in

is e x p r e s s e d f o r t h e l o y a l a n d

e ffic ie n t s e r v ic e s

d u r in g

th o c o n s tr u c tio n

o f w h ic h

th o y e a r o f th o o ffic e r s

th ey h a v o m a ­

and

e m p lo y e e s o f

th e C o r p o r a t io n a n d o f th e s o v e r a l s u b s id ia r y c o m p a n ie s .
B y

O rd e r o f th e B o a r d o f D ir e c t o r s ,
______________________________________

P R O P E R T Y

IN V E S T M E N T

E L B E R T

H .

Chairman.

G A R Y ,

A C C O U N T .

DECEM BER 31 1910.
Balance of this account as o f December 31 1915, per Annual Report_____________________________________________________________ $1,036,946,331 00
Sundry adjustments during 1916 In the foregoing balanco___________________________ _____________________________________________
2,095 33
Net Expenditures during 1916 for Additional Property and Construction_________________________________________________________
60,594,557 32
$1,697,542,983 85

Charged off in year 1916 to tho following accounts, viz.:
T o Bond Sinking Funds___________________________________
T o Depreciation Funds (account Mineral Depletion)______

L ess,

$139,854 89
8,095,540 21
-------------------

8.235,395 10
$1,689,307,588 75

Expenditures for Stripping and Development at Mines and Investment In Structural Erection and Logging Plants, viz.:
Balanco at December 31 1915________________________________________________________________________________ $20,099,085 48
Expended during tho year 1916__________________________________________________________________$2,844,619 45
L e s s , Charged off In 1916 to operating expensos_________________________________________________ 3,875,193 72
Net Credit In tho year 1916________________________________________________________________________
Balance o f Property Investment Account, December 31 1916, per Consolidated General Balanco Sheot.
A P P R O P R IA T E D

Amount
and
Amount
but

of
In
of
In

S U R P L U S

T O

C O V E R

C A P IT A L

1,030,574 27
------------------

E X P E N D IT U R E S .

DECEM BER 31 1916.
appropriations made from Surplus Not Incomo prior to January 1 1908, applied In payment of capital expenditures,
tho Consolidated Gonoral Balanco Shoot formally written off to credit of tho Property Investment Account__________ $163,694,423 55
appropriations made from Surplus Not Incomo since January 1 1908, applied In payment of same class of expenditures,
tho Consolidated General Balanco Sheot carried In tho account "Appropriated Surplus to cover Capital Expenditures”
55,000,000 00

T otal............................................................................................................................................................................................................... I
U N IT E D

19.068,511 21

.....................$1,708,376,099 96

S T A T E S

S T E E L
A N D

C O R P O R A T IO N
L O SS

A N D

A C C O U N T

S U B S ID IA R Y

F O R

Y E A R

C O M P A N IE S

E N D IN G

C O N D E N S E D

D E C E M B E R

31

$218,694.423 55

G E N E R A L

P R O F IT

1916.

GROSS RECEIPTS— Gross Sales and Earnings (soo a previous pago)______________________________________________________________ $1,231,473,779 47
Operating Charges, viz.:
Manufacturing and Producing Cost and Operating Expenses, including ordinary maintenance and repairs and pro­
visional charges by subsidiary companies for depreciation____________________________________________________ $843,263,542 07
Administrative, Selling and General Expenses, employees’ compensation under merit plan and Pension payments
(not Including gonoral oxponses o f transportation companies)________________________________________________ 24,458,377 08
26,599,720 90
Taxos (Including allowaneo for accrued Fedoral taxes, payable in 1917)___________________________________________
Commercial Discounts and Interest_____________________________________________________________________________
6,202,650 47
$900,524,290 52
Amount Included in tho abovo charges for provisional allowances for depreciation hero deducted for purpurposo o f showing tho same in separato Item o f chargo, as seo below_____________________________________ 32,762,072 38

L ess,

867,762,218 14

B alan ce....................................................................................................................................................................................................... $363,711,661 33
Sundry Not Manufacturing and Operating Gains and Losses, including Idlo plant expenses, Royalties recolvod, adjust­
ments in Inventory valuations, &c_______________________________________________________________________________ $4,566,576 97
Rentals received____________________________________________________________________________________________________
163,569 62
— ---------------4.730,146 59
Total Net Manufacturing, Producing and Operating Incomo before deducting provisional charges for depreciation_________________ $308,441,707 92
OTHER INCOM E.
Net Profits o f properties owned, but whose operations (gross revenuo, cost of product, expenses, &c.) aro not classified In
. this statement__________________________________________________________________________________________________
$512,311 69
Incomo from sundry investments and interest on doposlts, &c_________________________________________________________
5,922,147 80
•-----------------------

6,434,459 49

Total ...................................................................................................................................................................................................................$374,876,167 41
L e s s the following adjustments and charges, viz.:
Reserved for amount of actual cost or market valuo In oxcoss of normal prices of inventory stocks on hand at closo of
year and for other contingent reserves______________________________________________________________________ $15,624,794 09
Net Balance of Profits earned by subsidiary companies on sales made and service rendered account of materials on
hand at closo of year In purchasing companies’ Inventories, and which profits havo not yet been realized In cash
from the standpoint of a combined statomont of tho business of tho U. S. Steel Corporation and subsidiary com­
panies............................................................................. ......................................................................................................... 15,825,711 13
Interest charges of subsidiary companies on their securities hold as Investments for combined Insurance funds of all
subsidiary companies, this lntorcst bolng taken up as direct credits thereto___________________________________
428,569 75
— ------------------- 31,879,074 97
Total Earnings In tho year 1916 per Incomo Account on a provious pago.




.$342,997,092 44

m ar.

1157

THE CHRONICLE

24 1917.]

IN TEREST CHARGES OF SUBSIDIARY COMPANIES.
On Bonds and Mortgages.................. ....................... ............... — ........................................... ............. ........... .............................
On Purchaso Money Obligations and Special Deposits or Loans______________________________________________________

$9,384,568 56
38,346 38

9,422,914 94

Balance of Earnings o f the several companies for the year before deducting provisional charges for depreciation_____________________ $333,574,177 50
L e s s , Charges and Allowances for Depreciation, viz.:
By Subsidiary Companies_____________ _______________ _________________________________________________________ $32,762,072 38
By U. S. Steol Corporation..........................................................................................................................................................
6,785,540 27
----------------------- 39,547,612 65
Net Income In tho year 1916.......................................... _......... ................................. - ......................................... ......................................$294,026,564 85

CONSOLIDATED GENERAL BALANCE SHEET, DECEMBER 31 1916
ASSETS.

Property A ccou n t—

P roperties Owned and Operated bp the Several C om panies —
Balance of this account as of December 31 1916, por details on a provlous page.................................. ................. ..............................$1,708,376,099 96
Depreciation and Replacement Fund Balancos at December 31 1916:
Balances In various Funds per tablo on a provlous page----------------------------------------------------------------------------$138,596,097 78
General depreciation appropriated from Income and applied as follows:
Invested In redeemed bonds held by Trustees o f Sinking Funds, but not treated as assets, and In cash
as below, per tablo on a previous p ago...................................................................... ................. .............. 94,777,781 84
Invested In retired bonds redeemed with Sinking Funds..............................................................................
2,378,553 69
235,752,433 31

L ess,

$1,472,623,666 65

Advanced Mining Royalties—
Paym ents for Advanced M ining Royalties........ ................................................................................
L e s s , Fund roserved from Surplus to cover possible failure to roallzo all of tho foregoing............ ......................

$25 ,6 7 8 ,0 8 7 25
7 ,0 0 0 ,0 0 0 00

Mining R o y a ltie s— In

respect o f which non-intorost bearing notes o f tho subsidiary companies have been Issued— See C ontra_______
D eferred C h arge s (Applying to futuro operations o f tho properties)—
M ine exploration expenses and other charges............................. .............................................................................................................
$612 ,27 0 31
Discount on subsidiary companies’ bonds sold (N e t)................................................................................ ...........................................
1 ,005,792 33

Investments—
Outside Real Estate and Investm ents In sundry securities. Including Real Estato M ortgages and Land Sales Contracts__________
Sinking and R eserve Fund A sse ts—
Cash rosourcos hold b y Trustees account of Bond Sinking F u n d s ................................. ....................... ........................................
$1,2 8 3 ,7 2 7 95
(In addition Trustees hold $98 ,6 4 0 ,0 0 0 o f redeemed bonds, which aro not treated as an asset.)
Contingent Fund and Miscellaneous A s s e t s ....................................................... ..................... - ............ ............................. ..................
5 ,8 0 3 ,5 4 9 74
Deposits with Trustees o f M ortgages, including funds to mootbonds of subsidiary companiesmaturing in 1 9 1 7 ..
5 ,1 8 9 ,9 4 0 00
Insurance and Depreciation Fund Assets, and purchased bonds availablo for futuro bond sinking fund require­
m ents, v iz .:

18,678,087 25
24,925,557 33

1,618,062 64
3,548,202 81

Securities at cost_______________________ ______ ________________ ______ ________ _______ $55,729,353 39
C a sh ................................................................................................................................................... 10,249,065 31
L e s s , Am ount o f forogolng reprosontod b y obligations of Subsidiary Companies Issued

$ 6 5 ,978 ,418 70

for capital expenditures m ado_________________________________________________________ 17,772,112 00
--------------------------

4 8 ,2 0 6 ,3 0 6 70

Current Assets—
Inventories, loss credit for Reserve and for amount o f Inventory values representing Profits earned by Subsidiary
Companies on Inter-Company sales o f products on hand In Inventories December 31 1916. (See note be­
low and table on a previous page)_______________________________ _____ _______ ________ ________________ $181,901,004
Accounts Receivable____________ _______ ____________________________ ______________ _______________ ___________ 83,441,821
Bills Receivable______________________________________________________________ ________________________________
5,146,805
Agents’ Balances................ ............................. ............................. ............................................... ................... .......................
1,059,102
Sundry Marketable Securities.......................................... ............... ....................................... ......................... ......... ............ 40,337,583
Time Bank Deposits and Secured Demand L o a n s .................................................. ......................................................... 40,869,794
Cash (in hand and on deposit with Banks, Bankers and Trust Companies, subject to cheque)............................... 148,394,761

60,483,524 39

67
11
91
53
43
20
44

501,150,873 29

$2,083,027,974 36

Capital Stock of U. S. Steel Corporation—
LIABILITIES.
Common............... ................. .............. ................................................ ................................................... $508,302,500 00
Preforrod......................................................... ........................... ................................... ......... ................ 360,281,100 00
$868,583,600 00
Capital Stocks of Subsidiary Companies Not Held by U. S. Steel Corporation (Par Value )......................... ..................... .
505,042 50
Bonded and Debenture Debt Outstanding (For detailed statement see previous pages)—
United States Steel Corporation 50-Year 5% Bonds______
S247 610 000 00
United States Steel Corporation 10-60-Year 5% Bonds_________ IIIIIIIIIIIIIIIIIIIII.il.1.1.IIIIIIIIH 181,854,000 00
Subsidiary Companies’ Bonds, guaranteed by U. S. Steel Corporation......................................................... ^lold&LOOO 00
Subsidiary Companies Bonds, not guaranteed by U. S. Steel Corporation.................................................. 70,844,026 74
Cap!taJr° b,lKatL°,l? of Subsidiary Companies Authorized or Created for Capital Expenditures Made (Held
In Treasury Subject to Sale, but not included In Assets or Liabilities—see previous pages)............................. $19,044,000 00
B£arinKNotes—Maturing over a period of 37 years, substituted for previously
oxlstlng mining royalty obligations Guaranteed by U. 8 . Steol Corporation (soo contra)________________________________
Mortgages and Purchase-Money Obligations of Subsidiary Companies—
Mortgages-------- ------ ------- ---------- --------*117 037 07
Purchaso Money Obligations Issued in acquirement of'fIyah'Prrmnrtv
....... ....................... .................
i4 R«4 i 03
Mining Royalty Notes (Interest Bearing-Guaranteed bFu s! S t c l f e 6 r‘a'ti8 n) 11111111111111111111111111
636:fl0 76
Current LiabilitiesCurrent Accounts Payable and Pay-Rolls..... ...................
$ 4 1 065 936 27
Accrued Taxes, not yet duo, Including Tax reserves............
............... ...
22 171 540 47
Accrued Interest, Unprosonted Coupons and Unclaimed Dividends
‘ ’ .......................
8 150 965 49
Preferred Stock Dividend No. 63, payablo February 27 1917....... .
....... ......... . . .
6,304,919 25
Common Stock Dividend No. 49, payablo March 30 1917________
___________
15,249,075 00

603,471,026 74

24, 925,557 33

902,289 46

92,942,436 48
Total Capital and Current Liabilities_________________________________________ __________________________ $1,591,329 952 61
Sundry Reserve Funds—
MIscollaneous
Operating Funds............... .................................. ........................................$34,363,058
Pension vw?ind
Fund.........
....
v a nnn nnn48
insurance Funds.......... : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : 1 6 :9 7 4 :8 5 8 0 0
- gg 337 108 48
^PPTn5J^?nHt,inSl!>rr?Gl,,.^5° .Cover Capital Expenditures (seo statement on a previous page)—
Invested In Property Account—Additions and Construction.................................................................................... ......
65,000,000 00
Und(’
V™tC
tal surplus
qnfShV^nm
vhinH-iin
, ? 1organization
®*1 Corporation and Subsidiary Companies—
(japitai
provided
__
_
§ 0 5 000 000 00
Balance of Surplus accumulated by all companies from"April’ 11901 to"December 31 1916 1per table on a previous ’ ’
p a g0 ..............................— _________________ - ............................................. ..........................
356,360,913 37
TotalSurplusoxdu^^^Profitsearned by Subsidiary Companies on Inter-Company sales of products on hand
1“ inventories December 31 1916 (see note below).......... .............................. ............... .......... ......... ........................... 381,360,913 37
$2,083,027 974 36
N o te . — That part of tho Surplus of Subsidiary Companies representing Profits accrued on sales of materials and products to other subsidiary
companies and on hand In latter s Inventories is, in this balance sheet, deducted from tho amount of Inventories included under Current Assets.

We havo audited the above Balance Sheet, and certify that in our opinion it is properly drawn up so as to show
the true financial position of the United States Steel Corporation and Subsidiary Companies on December 31 1916.
Now York, March 8 1917.




PRICE, WATERHOUSE & CO.,

A u d ito rs.

1158

THE CHRONICLE
J.

I. C A S E T H R E S H I N G

M A C H IN E

(Incorporated)

[VOL. 104.
COM PANY

1916 ANNUAL REPORT.
Racine, W isconsin, M arch 1 5 1 9 1 7 .
To the Stockholders o f the J. I . Case Threshing M achine Co.:
T h e
th e

B oa rd

fo llo w in g

of

D ir e c to r s

report

on

s u b m its ,

th e

r e s u lts

fo r
of

y e a r e n d in g D e c e m b e r 3 1

1916, and on

of

d a te:

th e

C om pa n y

at

th a t

you r

th o

in fo r m a tio n ,

b u s in e s s

fo r

th e

th e fin a n c ia l p o s itio n

IN C O M E A C C O U N T FOR

1916.

Profit from sale of manufactured product and Income from
other sourcas, after deducting all operating expenses and
ascertained losses, but before deducting Intorast Charges,
Rond Discount applicable to the year and provision for
Depreciation on Plant and other Propertias............... .............. $2,658,997 13
Deduct:
Interest on Bonds and N otes, and proportion
of Bond Discount applicable to the yoar___ $737,388 95
Provision for Depreciation on Plant and other
Properties................................................................... 273,886 77
1 ,011,275 72
N et Profits and Incomo for tho yoar available for Dividends
and carried to Surplus as shown by the Balance Sheet___ $1,647,721 41
SA L E S .
G ross

s a le s f o r

256 71.
in

year reach ed

th e

am ount

o f $ 1 3 ,0 4 7 ,­

T h e f a c t t h a t t h e y w e r e s o m o w h a t le s s in

fo rm e r

th e

th e

years

p r o d u c tio n

C anada.

is l a r g e ly

due

o f c e r e a ls ,

A n o th e r

b oth

im p o r ta n t

to

a

in

1916 th a n

s u b s t a n t ia l fa llin g
th e

fa c to r

U n it e d
in

o ff

in

S ta tes a n d

in

lo w e r in g

th e

s a le s

v o lu m e th e p a s t y e a r w a s th e s h o r ta g e o f p r o d u c t w ith w h ic h
to s u p p ly th e s p r in g tr a d e ;
d iffic u lt y
th e

e x p e r ie n c e d

p rod u ct.

m ark et

fo r

In

th e

in

order

th is s h o r t a g e w a s d u e t o th e g r e a t

s e c u r in g r a w
to

c a ll

C o m p a n y ’s

m a t e r ia l e n t e r in g in t o

a tte n tio n

m a c h in e r y ,

illu s t r a t e t h e f a llin g o f f in c r o p s f o r

a g a in

and

to

th e

w id e

in c id e n ta lly

to

1 9 1 6 , s o m e s t a t is t ic s a r o

h e r e p r e s e n te d c o n c e r n in g th o c h ie f g r a in c r o p s o f t h o U n it e d
S ta tes

and

C anada,

as

p u b lis h e d

by

th e

D e p a rtm e n t

of

A g ric u ltu re :

Crops
United States
C o r n _____ ; _________ __________
Per aero_____________________
W h e a t________ ______ __________
Per acre_____________________
O ats__________________ ______
Per acre_____________________
B arley_________________________
Per acre_______ ______________
R y e ___________________________
Per acre_____________________
Rico___________________________
Per acre_____________________

--------Production in Bushels-------Year 1915.
Year 1916.
.2 ,9 9 4 ,7 9 3 ,0 0 0
28.2
.1 ,0 2 5 ,8 0 1 ,0 0 0
.
17.0
. 1,549,030,000
.
3 7.8
- 228,851 .000
.
3 2.0
.
54,050,000
17.3
2 8 .947,000
36.1

Together................................ .5 ,8 8 1 ,4 7 2 ,0 0 0

Decrease■
%

2 ,5 8 3 .2 4 1 ,0 0 0
24.4
639,886 ,000
12.1
1,251,992,000
30.1
180,927,000
2 3.6
4 7 ,383,000
15.3
41.982,000
47.8

13.74

45.03
(Increase)

4,745 ,4 1 1 ,0 0 0

19.32

37.62
19.17
20.96
12.34

CaiiaciS

W h e a t ...,............................. .
Per acre_____________________
O ats___________________________ .
Per acre_____________________
B arley_________________________ .
Per acre_____________________

436,746 ,600
523,684 ,400
6 0 ,699,100

2 2 0 ,367 ,000
17.1
361.174 ,000
35.7
4 1 ,318,000
25.0

49.55
31.03
31.92

.1 ,0 2 1 ,1 3 0 .1 0 0

622.859 ,000

39.01

Total United States and1
.0 ,9 0 2 ,6 0 2 ,1 0 0

5,368 ,2 7 0 ,0 0 0

22.23

The handling of these crops by no means represents the
entire field open for marketing tho Company’s product,
which is maintaining its leadership in all lines.
F I N A N C I A L P O S IT IO N .

In reports of previous years we have referred to the im­
practicability of estimating profits for tho year or for any
part of the year in advance, as well as to the difficulty of
attempting to furnish monthly statements of earnings. Tho
active manufacturing season occurs during tho winter and
spring months, while tho active delivery season for our
principal product comes in the summer and early fall. As
the Company does not consider goods sold until they have
actually been delivered and settled for in cash or by note,
the manufacturing and selling expense accounts increase
during the first half of the year entirely out of proportion to
the growth in the volume of sales for the same period. It
will therefore be readily understood by our Stockholders
that monthly statements of earnings would liavo a tendency
to mislead rather than to convoy useful information. In
this connection it should also be pointed out that several
unavoidable causes make it impossible to publish the annual
statement before March, the principal one being the audit
of the books by public accountants.
The progress of the Company since the issue of its Bonds
at the beginning of the year 1914 is shown clearly by a com­
parison of the Balance Sheet at December 31 1913, with the
one herewith submitted. The following brief summary will
illustrate such progress:
R E S U L T S B E T W E E N D E C E M B E R 31 1913 A N D D E C E M B E R 31 1916
(The business of the years 1914, 1915 and 1916.)
Current Assets liquidated_______________________ $2,680,861 32
Surplus increased________________________________ 1,194,743 84
Reserves increased______________________________ 1,351,335 28
Additions to Plant and Equipm ent____________ $701,766
Additions to Branch Houses____________________
382,256
Additions to Patents, Designs and Devices___
10,720
Investment and Miscellaneous Assets increased
317,154
Debt decreased__________________________________ 3 ,815,042




75
16
73
06
74

Earnings for thejperiod of 3 years after making current
provision for depreciation and other necessary reserves,
amounted to $7,199,269 73, out of which tho Company paid
interest and discount charges incidental to its bonded and
other indebtedness of $2,653,025 89, and Preferred Stock
Dividends of $2,551,500, and made special appropriations
to Reserves of $800,000, leaving tho net addition to Surplus
shown above of $1,194,743 84.
B A L A N C E S H E E T D E C E M B E R 31 1916.

The Company’s Balance Sheet at December 31 1916
follows:
ASSETS.
Properties—
Real Estate, Buildings Plant
and Equipment; Balanco at
January 1 1916_____________ $10,439 ,420 69
N ot Additions during year___
324,770 22
--------------------------$10,764 ,190 91
Patents, Designs, Devices, &c.:
Balanco at January 1 1916- $ 1 ,036,026 90
N et Additions during year___
8 1 2 1 2 — 1,036,839 02
— ----------------------$11,801 ,029 93:
Current Assets—
Inventories of Raw and Worked Materials
Supplies and Finished Stocks o f Agricultural
M achinery, Autom obiles, & c., on hand:
A t Factories_____ _____________ $ 5 ,803,964 14
A t Branches, Sub-Agencies,
& c ..............................................
4,0 7 7 ,3 7 3 40
-------------------------- $ 9 ,8§1,337 54
Customers’ Installment N otes
Receivable, for Agricultural
M achinery, & c., including
Interest Accrued thereon--* $ 1 4 ,1 6 2 ,7 8 7 75
Less— Commission Certificates
ou tstanding_________________
1,395,958 55
-------------------------- 12,766,829 20
Miscellaneous Accounts Receivable tine by
397,641 29
Dealers, & c_________________________
Investment in and Advances to Compagnlo
Case do France, S. A .................................
362,387 47
Roal Estate and Properties acquired undor
Foreclosure and held for salo_______________
202,369 85
Funds accumulated and retained in Europo.
1,281,375 00
Cash in banks and on hand____________ ______ _
821,630 28
------------------------- 2 5 ,713,570 63:
Deferred Charges to Future Operations—
Bond Discount and Expenses, less proportion
written o ff___________________________________
$522,589 53
Selling and Publicity Expenses on account of
1917 Season, Uninatured Advertising, Pre­
paid Interest and Insurance Premiums, &c.
110,676 21
------------------------663,265 74
$ 38,177,866 30
*O f which N otes of a face value of $11,500 ,000 are pledged as Collateral'
Security to tho First M ortgago 6 % Serial Gold Bonds outstanding at this
date.
|M|
N ote.— Foreign Assets are stated on tho basis of normal Exchange R ates,
tho Contingent Reserve being considered to bo sufficient to provide for
any shrinkage therein.
L I A B I L IT I E S .
Capital Stock—
Authorized:
___
7 % Cum ulative Preferred Stock— 200,000
Shares of $100 00 each____________________ $20,000 000 00
Com m on Stock— 200,000 Shares of $100 00
e a c h ...................................................................... - 2 0 ,0 0 0 ,0 0 0 00
$40 ,000,000 0 0
Issued and Fully Paid:
7 % Cumulative Preferred Stock— 121,500
Shares of $100 00 each____________________ $12,150 000 00
Com m on Stock— 83,000 Sharos o f $100 00

oarli

_____ - _____ ___

OioUl) UUU UU

...............
...............................$20,450 000 00>
First Mortgage 6 % Serial Gold Bonds dated February1 1 1914—
Authorized and Issued____________ _______ _____^R'RRR’RRR SR
Loss— Redeemed and Canceled_______________ 3 ,000,000 00
------------------------9,000,000 00'
Current Liabilities—
$750,000 00
•
Bills Payable.......... .......................................................
Accounts Payable—
Audited Vouchors----------------$ *92,380 50
Dealers, & c _ _ ______________
225,245 l 9 - —1,017,625 69
Intorest, Taxes, W ages and Royalties Accrued
282,850 96
------------------------2 ,050.476 65Surplus and Reserves—
Reserve for Contingent Losses
and future Collection E x­
penses:
Balanco at January 1 1 916 . - $ 1 ,200,000 00
A d d itio n a l A p prop riation
__
during tho year from
Surplus
- ___________
300,000 00
n
...............
............................... $1,590.000 00
Reservo for Depreciation and
Accruing Renewals:
__
Balanco at January 1 1 9 1 6 -$881,384 36
A d d— Further Provision out
of Earnings for the y e a r ..
273,886 77
$1,155,2