Full text of Commercial and Financial Chronicle : March 31, 1917, Vol. 104, No. 2701

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Bank & Quotation Section
Railway Earnings Section

Railway & Industrial Section
Bankers’ Convention Section

VOL. 104

SATURDAY, MARCH 31 1917

PUBLISHED WEEKLY.

iffor Six M ouths.................................................................................................

6 00

European Subscription (including postage).................................................. 13 0 0
European Subscription six months (including postage)..........................
7 60
Annual Subscription in London (including postage)............................... £ 2 1 4 8 .
Six Months Subscription in London (including postage)........................ £ 1 11 o,
Canadian Subscription (including postage) ................................................. $ 11 6 0
S u b s cr ip tio n in c lu d e s fo ll o w i n g S u p p lem e n ts —

B ank and quotation (monthly) |R ailw a y an d I ndustrial (3 tim es yearly)
R a il w a y E arnings (m onthly)
electric R a ilw ay (3 times yearly)
S t a t e and c it y (semi-annually) |B an kers ’ C onvention (yearly)

Terms of Advertising— Per Inch Space
'.Transient matter per inch space (14 agate l i n e s ) ....................................... * 4 2 0
( Tw o Months
(8 tim es)............................. 2 2 0 0
Standing Business
Business Cards
Months (13
0
Standing
Lards
<' sThree
ix Monthg
(26 tim
tim es)..............................
es)............................. 2
69
0 0
00
L Tw elve Months (52 tim es)............................. 87
C hicago O ffice — 39 South L a Salle Street, Telephone Majestic 7396.
L on d o n O ffice —E dwards & Sm ith, 1 Drapers’ Gardens, E. C.
W I L L I A M B . D A N A C O M P A N Y , P u b lis h e r * ,
F r o n t , P in o a n d P c p o y s t o r S t s ., N e w Y o r k .
Published every Saturday morning by W IL L IA M B . D A N A C O M P A N Y .
Jaoob Seibert Jr., President and Tress.; George 8. Dana and Arnold O . Dana,
Vice-Presidents: Arnold O . Dana, Sec. Addresses of all. Office of the Com pany.

CLEARING HOUSE RETU N S.
The following tabic, made up by telegraph, A c., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been 35,248,655,605, against 35,503,369,614 last week and $4,225,790,248
the corresponding week last year.
Clearings— Returns by Telegraph.
Week ending March 31.

1917.

1916.

Now York____________________________
Chicago______________________________
Philadelphia ...............................................
Boston____________________ _____ _____
Kansas City____________________ ______
St. Louis_____________________________
San Francisco___________________ _____
Pittsburgh____________________________
De.rolt________________________________
B ‘‘Imoro____________________ _________
’ ow Orleans__________________________

52,490,782,937
400,479,131
251,092,768
178,372,521
101,863,875
95,283,529
60,599,712
62,072,874
41,220,775
32,058,963
28,788,333

52,045,536,296
282,905,720
171,107,114
170,644,794
66,083,627
73,074,915
43,376,400
46,382,336
28,540,584
30,959,306
21.795,725

+ 22.1
+ 41.5
+ 47.1
+ 4.5
+ 54.1
+ 30.4
+ 39.7
+ 33.8
+ 44.4
+ 3.5
+ 32.1

Elovcn cities, 5 days............................
Other cities, 5 days..... .............................

53,749,215,418
597,941,273

52,980,406,883
455,982,418

+ 25.8
+ 31.1

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

54,349,150,691
869,498,974

S3,436,449,301
789,340,947

+ 26.6
+ 10.1

Per
Cent.

Total all cities for week........................ 55,248,655,665
54,225,790,248
+ 24.2
The full details for the week covered by the above will be given noxt Saturday
Wo cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence in tiie above the last day of the week has to be in
all cases estimated, as we go to press Friday night.
Detailed figures for the week ending March 24 follow
Week ending March 24.
1910.

$
$
New York........... 3,259,237,817 2,651,819,063
332,622.50C 200,195,477
Philadelphia____
02,097,804
81,806,183
Pittsburgh...........
30,413,253
38,713,051
Baltimore______
B uffalo................
12,330,720
16,110,834
Washington. .
8,360,692
9,540,557
Albany______
5,028,442
4,547,120
Rochester
5,715,131
4,495,015
Scranton .............
3,077,029
2,990,012
Syracuso..............
3,301,949
2,639,021
Reading...............
2,212,007
2,024,041
Wilmington----2,870,135
2,046,987
Wilkes-Barre-----1,902,633
1,544,507
3,614,087
Wheeling_______
2,688,626
2,380,230
Lancaster___- - 1,699,215
2,014,504
Trenton________
2,073,741
1,001,882
York ....................
915,216
E r lo ......................
1,456,092
1,143,122
Binghamton____
831,300
724,700
Grcensburg_____
725,000
705,476
Chester................
1,174,456
870,153
Altoona...............
650,984
525,000
Montclair...........
328,390
408,206
Total Middle. 3,776,275,531 3,007,858,416
Boston..................
213,770,039 201,523,340
Providence — - 9,589,300
8,155,300
8,601,057
7,224,098
Hartford........... ..
4,024,234
3,484,582
New Haven------3,654,031
3,709,142
Springfield...........
2,200,000
2,058,5' '
Portland_______
3,403,250
3,618,500
Worcester______
1,695,331
1,797,519
Fall River______
1,850,000
1,326,314
New Bedford__
900,000
932,200
Holyoko................
1,014,604
850,033
Lowell .............
Bangor..................
547,648
575.000
Tot. Now Eng.
251,881,046 235,227,928

Inc. or
Dec.

1915.

1914.

%
$
S
+ 22.5 1,655,914.400 1,705,730,902
+ 62.9
133,977,958
142,424,338
+ 31.7
47,209,031
52,957,411
+ 6.3
31,780,055
34,900,092
+ 30.7
8,020,217
9,387,373
+ 14.1
7,060,999
7,235,778
+ 10.6
5,472,278
5,605,954
3,733,338
+ 27.1
3.716,172
2,901,311
+ 2.9
3,426,393
2,286,964
2,530,104
+ 25.1
+ 9.3
1,641,785
1 ,9 0 0 ,0 0 0
1,596,445
+ 8.5
1,881,704
+ 23.2
1,415,131
1,397,882
+ 34.4
1,751,970
2,110,416
+ 40.1
1,572,579
1,757,590
— 2.8
1'782,098
1,726,410
+ 0.2
819,075
804 847
+ 27.4
851,807
+ 15.2
510,200
+ 2.8
587,134
723,’631
+ 34.0
505,526
— 4.7
482,247
516,379
+ 24.4
324,659
365.128
+ 25.5 1,912.929,327 2,043,290.773
+ 6.1
140,736,063
146,724 007
+ 17.6
6,416,900
+ 19.1
5,903,411
+ 32.7
3,081,330
— 1.5
2,635,938
+ 6.9
1,643.575
1,853,122
— 5.9
2,489,428
— 5.7
1,164.389
+ 39.5
1.035,333
— 3.5
0,86,993
+ 19.3
604,531
+ 5.0
349,399
388,782
+ 7.1
100,807,290 172,701,632
Note.— For Canadian clearings see "Commercial and Miscellaneous News




Inc. or
Dec.

1917.

1916.

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

S
3 5 3 , 8 7 9 , 12C
3 1 .5 8 2 .2 5 C
3 3 , 178.00C
3 6 ,0 1 1 ,6 0 9
1 7 ,2 4 3 ,4 2 2
8 ,4 7 7 ,0 9 9
7 .7 2 3 .4 0 C
8 ,0 0 8 ,8 7 7
3 ,5 2 1 ,2 0 1
3 ,3 8 2 , 54C
2 ,6 3 7 ,9 3 2
1 .75 7 .7 2 C
1 ,4 3 0 , 19S
1 .2 3 7 .6 8 C
6 5 0 .0 0 C
1 ,5 7 6 ,7 9 2
1 ,1 5 2 ,9 9 5
7 7 7 ,8 6 4
1 ,1 0 4 ,1 0 3
3 .4 0 3 .0 0 C
2 .3 2 1 .3 6 C
5 4 8 ,1 2 3
8 8 7 ,0 0 !]
6 9 1 ,9 6 6
6 0 8 ,0 6 6
6 0 3 ,4 7 1
5 2 5 ,0 0 0
2 8 6 ,0 4 9
9 8 7 ,1 0 1
5 9 1 ,6 1 5
3 3 2 ,9 1 3
2 2 5 ,0 0 0
9 7 ,7 9 7

Tot.Mid .West

0 9 9 ,5 2 0 .3 0 4

5 2 7 ,4 4 1 ,3 4 6

+ 3 2 .6

4 0 4 ,8 3 8 ,6 8 5

4 3 0 ,8 2 6 ,4 1 5

San Francisco__
Los Angeles..
Seattle_____
Portland___
Salt Lake C lty ..
Spokane________
Tacom a..............
Oakland..............
Sacramento____
San Diego_____
Stockton _______
Fresno_________
San Jose..............
North Yakima..
Pasadena............
R e n o __________
Long Beach____
Total Paciflo..

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

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

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

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

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

Terms of Subscription— Payable in Advance
gtot One Year ........................................................................................... ................ $10 0 0

NO. 2701
Week ending March 24.

Clearings at—

1917.

Electric Railway Section
State and City Section

Chicago_______
Cincinnati_____
Cleveland.........
Detroit________
Milwaukee____
Indianapolis___
Columbus_____
Toledo................
Peoria________
Grand Rapids..
D ayton_______
Evansville_____
Springfield, 111.
Fort Wayne___
Lexington_____
Youngstown___
Rockford...........
Bloomington__
Quincy________
Akron_________
Canton................
Decatur_______
Springfield, O ..
South Bend____
Mansfield_____
Danville________
Jackson .............
Jacksonville, 111
Lansing................

I.lma ............

Owncsboro . .
Ann Arbor___
Adrian............

Kansas City___
Minneapolis___
Omaha................
St. Paul..............
Denver................
St. Joseph..........
Dos Moines........
Sioux City..........
W ichita_______
Lincoln _______
Davenport........
T o p e k a _______
Cedar Rapids..
Colorado Springs.
Pueblo..............
Fargo................
Duluth..............
W aterloo..........
Helena________
F rem ont_____
Hastings_____
Billings____
Aberdeen_____
T ot. Otli. W est.

%
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+

2 7 .6
2.3.1
7 0 .7
4 8 .9
3 7 .4
4 1 .5
1 5 .6
3 3 .3
1 3 .6
2 5 .2
3 3 .C
3 5 .7
2 4 .8
3 7 .C
3 0 .8
9 0 .8
3 4 .2
3 7 .8
+ 9 .1
+ 9 7 .2
+ 3 1 .5
+ 4 5 .1
+ 11.0
+ 2 7 .0
+ 6 5 .2
— 1 0 .9
+ 9 0 .3
+ 1 0 .6
— 3 .8
+ 2 3 .7
+ 8 9 .2
+ 4 4 .4
+ 3 6 .4

1915.

1914.

S
2 1 4 .7 5 9 .5 5 C
2 5 ,1 2 6 ,0 5 0
2 6 ,9 8 4 ,9 0 1
2 2 ,3 2 8 ,3 5 £
1 3 ,8 7 9 ,1 0 5
6 ,6 4 4 ,4 3 !)
6 ,2 1 6 ,20C
4 ,8 2 0 ,6 6 4
2 ,6 9 8 ,8 9 4
2 ,9 0 7 ,4 9 4
1 ,8 1 2 ,4 6 7
1 ,0 1 1 ,1 4 3
1 ,0 7 9 ,4 7 5
1 ,2 5 7 ,8 2 1
6 0 8 ,3 6 !)
1 ,3 17 .33 C
1 ,1 5 4 ,8 2 4
6 37 .80 C
8 5 5 ,1 7 1
1 ,9 2 7 ,0 0 0
2 ,0 0 0 ,0 0 0
4 0 8 ,7 2 5
6 4 0 ,28C
’ 5 3 2 ,3 7 1
5 4 7 ,6 9 8
5 8 2 ,8 5 7
4 5 0 ,0 0 0
2 7 4 ,7 3 4
4 1 2 ,7 8 3
3 7 9 ,1 0 2
2 8 1 ,4 2 2
1 7 4 ,6 4 5
6 6 ,9 9 0

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

1 9 1 ,5 8 4 ,8 8 2

1 2 8 ,8 9 8 ,5 9 2

+ 4 8 .6

1 0 5 ,5 6 2 ,7 3 3

1 0 8 ,1 0 5 ,5 2 5

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

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

+ 5 3 .4
+ 1 0 .6
+ 2 9 .2
— 4 .2
+ 5 1 .0
+ 5 8 .6
+ 2 3 .9

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

5,258,366
4,906,407
3,437,727
2,058,864
2,714,225
2,521,870
710,643
506,926
1,626,000
4,165,353
2,310,148
1,518,504
531,941
467,221
873,847
607.654
258,806,419

4,477.469
4,218,823
2,723,145
1,762,033
1,724,984.
1,920,404
750,345
383.147
1,901,043
4,577,315
2,573,447
1,143,428
426,512:
266.148
684,8971
746,860
193,258,580

+ 17.4
+ 16.3
+ 26.2
+ 16.8
+ 57.4
+ 31.3
— 5.3
+ 32.3
— 14.5
— 9.0

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

3,012,910
3,183,857
1,933,013
1,427,648
1,180,693
1,301,269
568,179
58^,926
1,Rtt,769
,523,115
,025,102
875,533
301,189
156,123
384,366
T
463,207
161,574,676

3,431,947
3,273,672
1,834,348
1,601,551
1,458,278
1,568,408
487,103
545,669
376,854
2,751,491
1,557,382
918,130
367,515
135,000
319,962
458,907
139,103,308

+
+
+
+

3^8.
l9.tr
7,5+,
27.« ,
18.6'
+ 33’.,9

St. Louis.............
121,752,265
89,521,726 + 36.0
08,169,974
76,285,238
New Orleans____
33,029,623:
23,021,901 + 43.5
18,220,032
16,911,705
Louisville.............
18,279,287!
16,971,390 + 13.6
10,265,878
12,962,641
Houston________
10,980,061
10,220,187
+ 7 .4
7,784,413
8,000,000
G a lv e s to n ...........
4,715,831
4,385,721
+ 7.5
4,035,522
2,936,000
R ich m o n d ______
22,605,183)
16,734,513 + 35.1
7,534,824
8,587,737
Fort W orth_____
11,835,391
8,647,549, + 36.9
0,454,266
0,880,338
M em phis........... ..
9,661,223
7,246,765 + 33.3
8.510,677
7,613,834
Atlanta ................
22.345,129
15,553,454 + 43.71
11.774.505
14,072,278
Savannah _____
4,658,981
5,518,964 — 15.6
4.804,276,
4,028,423
Nashville______
8,442,948
6,880,247, + 22.7
5,450,394
5,931,700
Norfolk ................
4,991,615
4,421,754 + 12.9
3,883,305
3,860,025
Birm ingham ___
3,784,501
2,605,541! + 44.9
1,933,902'
3,174,594
Augusta________
1,988,561
1,213,334 + 63.9
1,544,630
2,511,472
M o b ile .........
1,160,783
961,372 + 20.7
1.015,823
1,264,532
K n oxville..._____
2,517,385
2,042,899 + 23.3
1,610,370,
1 J24.S45
Little R o c k _____
3,272,156
2,419,844 + 35.3
1,917,1411f
2,032,869
Chattanooga____
3,473.301
2,623.965 + 32.4
2,099,328
2,073,442
Charleston______
2,475,422
2,183,539 + 13.4
2,450,990.
2,063,947
O klahom a...........
6,728,179
3.251,415 + 106.9
2,147.480
1,563,200
M a c o n __ _____ _
1.161,888
3,302,558 — 64.8
2,577,521)
3,669,063
A u s tin ......... ........
5,200,000
+ 6.1
4,900,000
4,310,505,'
3,331,501
Vicksburg...........
169,506
184,113
— 7.9
183,236,
243,835
Jackson ................
513.071
532,154
— 3.6
423,082,
445,624
T u ls a ....................
6,705,918
3.007,723 + 122.9
l,403,08l|
1,835,778
Muskogee______
1,524,134
1.140.437 + 33.7
572,566,
881,730
D a lla s ............... ..
11,329.087
7,310,144 + 55.0
................1
Total Southern 325,301,432 246,809.209 + 31 8 182,156,6341 193,834,938
Total a ll.......... 5,503,369,614 4 ,339,494,077 ” +2<L8 2.933,869.315 3 087,862^591
Outside N . Y . 2,244,131,797 1,687,675,014 + 33.0 1,277,953,885'1, 322,131,689

1186
TH E F IN A N C IA L

THE CHRONICLE
S IT U A T IO N .

It seems impossible to regard the action which the
Federal Reserve Bank of New York has just taken to
force State banks to pay checks at par as anything
but high-handed and arbitrary. It appears that
the New York Federal Reserve Bank has sent out
a letter to the State banking institutions which have
failed to join the Federal Reserve collection system
(inaugurated July 10 1910), notifying them that in
its next monthly par list of the system, to be issued
April 1, it would advise member banks that it will
hereafter receive for collection checks on all banks'
and trust companies in the district, whether members
of the system or not. The letter points out that the
New York Federal Reserve Bank is now handling
checks drawn on 935 banks in the New York Dis
trict out of a total of 1,049 national banks, State
banks and trust companies in the district. Of the
424 non-member banks, it is asserted, the Reserve
bank is collecting checks on 310 banks, leaving
“only 114 non-member banks in the district, all
located in the State of New York, on which checks
are not as yet being collected by us, of which your
good institution is one.”
The object of the present step is to bring these
114 recalcitrant non-member State banks to terms.
The letter goes on to say that “ in justice to the 16,000
member and non-member banks in this and other dis
tricts, checks upon which we are collecting at par,
and most of which are using the system directly or
indirectly for the collection of their out-of-town items,
we now feel that it is necessary for us to undertake
to collect checks on all banks and trust companies
in this district.” The non-member banks are then
addressed as follows: “ We arc therefore writing to
you again to ask if you will not remit to us at par
on the day of receipt for your own checks which we
may send you and thereby co-operate with us in our
effort to provide a direct, economical and scientific
country-wide check collection system as required by
the Federal Reserve Act and by the direction of
the Federal Reserve Board. As you doubtless
realize, your good institution is enabled through any
of our member banks to take advantage, if it
desires, of the reduced cost and time of collecting
which the Federal Reserve collection system has
effected.”
We have not been able to obtain a copy of the letter
ourselves (being told when applying to the Reserve
Bank for a copy that the letter would not be given
out until April 1), but it was printed in last Satur
day’s issue of the “ Wall Street Journal,” and the
foregoing excerpts are taken from that reproduction
of the letter, the letter in full being given on a sub
sequent page—page 1214—along with the comments
and observations of the news writer who obtained
it. These observations possess especial significance
as this particular writer’s utterances bearing on the
policy and purposes of the Federal Reserve banks
have often in the past been inspired and it seems safe
therefore to consider what he says on this occasion
as reflecting the views of the Reserve Bank itself.
After stating that the new plan will have a farreaching effect in enlarging the sphere of par check
collection, the writer goes on to assert that “it [the
plan] is calculated to exert much the same influence
to bring State banks into the system as the imposition
of a Federal tax of 10% on State bank circulation
when the National banking system was first formed.”



fVoL. 104.

But the 10% tax on State bank circulation was
imposed by Act of Congress, while the present step
of the Federal Reserve Bank is taken without any
legislative authority whatever. It may be highly
desirable that checks everywhere shall be collected
at par—and it is easy to perceive many obvious bene
fits in such a system—but the action of the Reserve
Bank is apart from the merits of the proposition and
if penalties are to be imposed upon the banks outsid
the system it is for Congress to say so and not for the
Federal Reserve Bank to usurp the legislative au
thority. Visiting punishment upon outside banks
which refuse to yield adherence to the Reserve col
lection system is manifest!}' action of an important
kind and should not be undertaken without express
authority of law, which is entirely absent in this in
stance. Most assuredly action which is calculated
to have the same effect upon outside banks as the
10% tax has had upon State bank circulation is the
prerogative of Congress and not that of the Federal
Reserve Board or the Federal Reserve Bank.
The writer in the “ Wall Street Journal” goes on
to say that the weapon which the New York Federal
Reserve Bank will employ is nothing more than the
presentation of checks for payment at the counter of
those State banks which have so far refused to remit
at par, or in New York funds, on the day of receipt
for items sent to them for collection. After April 1,
it is stated, the items will be forwarded by express,
anti arrangements are said to have been made for the
protesting of any dishonored checks at local notary
publics. By the physical presentation of distant
checks for payment at the counter of the banks
themselves the Reserve Bank, it is argued, is knock
ing from under the State banks the main prop of
their contentions, since in that position the Reserve
Bank is perfectly within its rights to demand one
hundred cents on the dollar. The State banks, it is
pointed out, have been in the habit of deducting
exchange on checks coming from a distant point,
but when the checks are brought to their very counter
they must forego the former exchange charge or else
have their own checks go to protest. And they have
no legal redress in the matter, it is confidently de
clared. “ Naturally this course means,” the writer
observes, “a certain expense to the Federal Reserve
Bank, but it is quite prepared to stand that expense
in view of the more important results.”
In other words, the Federal Reserve Bank itself
assumes the expense of remitting to New York and
which is the basis of the exchange charge. It does
this with the view of coercing the State banks into
making payment at par notwithstanding that they
are not members of the Federal Reserve system or
participants in its par collection plan. The matter
assumes additional importance as utterance is given
to the belief that “ the step now being taken by the
New York Federal Reserve Bank will be the fore
runner of similar action in other Federal Reserve
districts which will ultimately fo rce all State hanks
in the country into the par check collection system .”
Thus the high-handed nature of the proceeding is
clearly revealed. What the State banks will be up
against as a result of this onslaught of the Reserve
Bank is disclosed in the closing paragraph of the
writer’s comment, reading as follows:
“ What the Federal Reserve people have in mind
is to force the State banks to remit in New York
funds. They admit that it will be awkward some
times for the State banks to pay these checks with

Mar . 31 1917.]

THE CHRONICLE

cash, as they usually do not carry much cash in their
vaults. But it is contended that it is not a bona fide
claim that the State banks cannot remit New York
funds. They all carry New York balances which
they can build up with checks they receive. But
since these State banks take the stand they do, the
only recourse open to the Federal institution is to
demand cash over their counter.”

1187

by the fact that in the membership of the American
Bankers’ Association there are 14,431 country banks
and only 1,830 reserve city banks. The Reserve
Bank authorities cannot afford to ride rough-shod
over such a body of institutions. In any event the
Reserve banks are not the law-making body, and
however desirable a universal par collection system
may be, it is not their province to go beyond the pro
visions of the statute in the attempt to carry the
plan into effect. Congress ought to be allowed to
settle the question.

It is difficult to understand why the Federal Re
serve Board, acting through the Federal Reserve
banks, should be so bent on depriving the smaller
institutions throughout the country of their income
from exchange charges. Such charges when not
The same criticism is to be made with reference to
excessive are perfectly legitimate and moreover are
expressly sanctioned by the Federal Reserve Act. the action of the Reserve Board in advising or in
Section 16 of that Act, while providing that every structing member banks to take care of vouchers
Federal Reserve bank must receive on deposit at covering purchases for army supplies, but which
par from member banks or from Federal Reserve could not be cashed by the Treasury, because the
banks, checks and drafts drawn upon any of its de late session of Congress adjourned without passing
positors, also provides that this is not to be “con the General Deficiency Appropriation Bill. The
strued as prohibiting a member bank from charging object is good in itself, but the method for obtaining
its actual expense incurred in collecting and remitting it is in the highest degree reprehensible. It is right
funds, or for exchange sold to its patrons.” Ob that neither the Treasury nor any Government
viously there is expense connected with remitting official should be allowed to pay out any money
funds to New York and the Federal Reserve Bank’s without Congressional authority, for there must be
willingness to absorb this charge in the effort to checks and safeguards against the misuse of Govern
turn the tables on obstreperous State banks docs not ment funds, but inasmuch as it is illegal for the
alter the fact. As to who should bear this expense, Treasury to cash vouchers for the payment of which
that is another matter. For ourselves we have no no provision has been made by the law-making
hesitation in saying that the contention that the body, it is certainly most questionable to ask the banks
depositor rather than the collection bank should to take such vouchers under their sheltering care.
stand the expense appeals strongly to us. The
Obviously, banks should not become a party to
Federal Reserve Bank, however, waives this point illegal proceedings any more than the Treasury.
when it voluntarily assumes the expense.
To be sure, in this instance the operation is a per
The question is of general concern, inasmuch as fectly safe one, since it is inconceivable that Congress
action of the Reserve Board concerning exchange will not vote the money to take up these unpaid
charges is breeding a spirit of discontent on the part vouchers, but that is not the point. Loose methods
of the country banks throughout the United States, for dealing with the funds of banking institutions
and this must operate to the detriment of the Re should never be tolerated, for they are calculated
serve system. It ought to be the policy of the to undermine the integrity and stability of the in
Reserve people to remove this feeling of discontent. stitutions. The risk in this instance may be infini
There are many vexatious features connected with tesimal. In another instance, it may involve real
the problem, but we do not believe it is insoluble hazard, for when once a body of men begin to coun
if it is tackled in good earnest. The Committee of tenance transactions that are touched with invalidity,
Twenty-Five of the American Bankers’ Association there is no telling how far they may ultimately
appointed last year for the special purpose of dealing depart from the straight and correct path.
with the subject, offers a plan which seems to be
The case was clearly one where a private individual
perfectly fair and perfectly feasible for dealing alone was competent to come to the rescue. Such
with the matter. This Committee sought the views an one in the use of his private funds is accountable
of the officers of every bank in America through a to no one except himself and can afford to take risks
questionaire. 1 he inquiries showed that more than which a Government official or a banking institution
75% of the banks opposed the Federal Reserve is clearly forbidden to take. Mr. J. P. Morgan was
clearing and collection plan. That does not mean, appealed to, as had been his father so many times in
of course, that the Reserve Board’s collection system the past, on similar occasions, and promptly took
should be abandoned. It does mean that the cause steps to provide the needful money, agreeing, more
of the dissatisfaction should be removed if possible. over, to make the advances wholly free from interest
The Committee of Twenty-Five proposes that charge. The contractors needed their money and
Section 16 of the Reserve Act be amended so as to the military authorities needed the supplies which the
give banks the right to make a reasonable charge for contractors are furnishing, and an additional call to
service and expense incurred in covering by remit action was the fact that imminent peril would be in
tance or otherwise, checks and drafts, presented volved in allowing the military operations of the
through a Federal Reserve bank, this charge in no Government to be interrupted at this critical period
case to exceed 10 cents per $100, or fraction thereof. of the country’s history.
This would prevent excessive or extortionate charges,
It was right and proper that Mr. Morgan should
and would at the same time placate the country be appealed to, and that he should promptly respond,
banks.
but it was far from right that the intervention and
The Reserve Board may think it can afford to aid of the banks in the Reserve system should be
ignore the country banks, but they arc the back solicited. Edward D. Page of the Merchants As
bone of the national banking system and the fact sociation made the appeal to Mr. Morgan and in
ought to be recognized in dealing with them on this announcing the success of the effort and praising
or other matters. The part they play is illustrated Mr. Morgan for his action in coming so promptly



1188

THE CHRONICLE

to the rescue, took occasion to point out that Mr.
Morgan’s advance of SI,000,000 had been made
“ upon security that no banker would look at for
a minute.”
Yet the Reserve Board advised the
banks that they “could take the note of the firm or
contractor, with the voucher attached, as collateral
security”—security which Mr. Page before he knew
of the action of the Reserve Board had declared “no
banker would look at for a minute.” The Reserve
Board went further and announced that such notes
would “be eligible for rediscount by the Federal
Reserve banks at the fifteen day rate or at the regular
commercial paper rates, according to maturities.”
However well-meant such action, it is not calcu
lated to promote confidence in the management of
the Federal Reserve system. The Reserve banks
should never loan on paper as to the validity of
which the slightest question can be raised. It
remains to be said that Mr. J. P. Morgan kept
clearly in mind the possibility of loss on the transac
tion; he announced that should there be any loss, he
would assume it personally. The Reserve Board on its
part did not bother with considerations of that kind.
While Congress will convene in emergency session
on Monday, it will be Tuesday, or possibly Wednes
day, before the President will be able to place his
statement regarding the international situation
before both Houses. Every effort is being made by
the House leaders, both Democrats and Republicans,
to arrange for prompt and united action on the
appropriation bills and other legislation that is so
urgently desired. If present plans carry, President
Wilson will confine himself to laying before both
Houses a comprehensive report of the depredations
committed by the German submarines and to ex
plaining the acute situation in which, in turn, our
country has been placed. ' It is believed that the
President already has reached a clear understanding
with the leaders in Congress as to the action to be
taken, which, in brief, will, it is expected, be the
adoption of a joint resolution declaring that in view
of the submarine destruction of American lives and
property, a state of war has existed since such de
struction began.
There have been reports that Germany at the last
moment could be depended upon to take such action
as would permit a resumption of diplomatic rela
tions— in other words, would agree to the withdrawal
of the sink-at-sight submarine policy and instruct
its U-boat commanders to resume cruiser warfare.
Hopes in this direction, however, were shattered by
the speech of the German Chancellor, Dr. von Bethmann-Hollweg, in the Reichstag on Thursday. This
speech, obviously intended for American consump
tion, was pacific in tone, declaring that Germany
never had the slightest intention of attacking the
United States of America and does not have such
intention now. It never desired war with the United
States and does not desire it to-day. But the Chan
cellor declared that the submarine policy would not
be altered. “How did these things develop?” asked
the speaker, referring to the President’s call for
an extra session of Congress, in order to decide the
question of war or peace between the American and
German nations. Answering his own question
he said: “ More than once we told the United
States that we made unrestricted use of the sub
marine weapon expecting that England could be
made to observe in her policy of blockade the laws




[Vol. 104.

of humanity and international agreement. This
blockade policy— this I expressly recall—has been
called ‘illegal and indefensible’ (the Imperial Chan
cellor here used the English words) by President
Wilson and Secretary of State Lansing. Our ex
pectations which we maintained during eight months
have been disappointed completely. England not
only did not give up the illegal and indefensible
policy of blockade but uninterruptedly intensified it.
England together with her allies arrogantly rejected
the peace offers made by us and our allies and pro
claimed her war aims, which aim at our annihilation
and that of our allies. Then we took unrestricted
submarine warfare into our hands; then we had to
for our defense. If the American nation considers
this a cause for which to declare war aginst the
German nation, with which it has lived in peace for
more than one hundred years, if this action warrants
an increase of bloodshed, we shall not have to bear
the responsibility for it. The German nation, which
feels neither hatred nor hostility against the United
States of America, shall also bear and overcome this.”
The Chancellor’s speech does not appear to have
exerted any influence on the Administration at
Washington. Its object apparently was to line up
the pacifist elements in this country against the
President. The Chancellor did not in any way sug
gest concessions to the United States, let alone any
abandonment of the submarine frightfulness. It is
understood that the pacifist element will fight to its
full power to prevent a declaration of war, but the
President is assured of sufficient support to carry
matters through. Filibustering to prevent a definite
vote will not avail. The Swiss Parliament on Thurs
day decided by a vote of 88 to 22 that Switzerland
should make no move in behalf of peace at the present
time. The vote was taken after hearing majority
and minority reports of a commission appointed to
consider the advisability of such a peace move.
Advices from Berlin indicate that the Socialists are
demanding an end of the war, but there is no informa
tion suggesting any substantial uprising against the
Government. There appears more encouragement to
look first to Austria-Hungary as a possible theatre of
revolt. A neutral diplomat who arrived at Berne,
Switzerland, on Friday from Vienna, asserted that
Austria was almost feverishly anxious to retain
friendly relations with the United States, but is even
more desirous and determined to support Germany.
The continuance of friendly relations between
Washington and Vienna depends almost entirely, he
believes, upon the outcome of the crisis between
Germany and the United States. According to this
diplomatist, if America and Germany go to war,
Austria will follow the lead of her ally; but if peace
is preserved, Vienna hopes to avoid a break with the
United States. The economic situation in Austria,
as described by the traveler, is very bad and getting
steadily worse, although perhaps not worse than that
of Germany. The possibility of American participa
tion in the war was dismissed as a minor matter by the
Prussian Minister of War, in an interview with the
Berlin correspondent of the Budapest “Azesti,”
according to a Berlin dispatch to Reuters by way of
Amsterdam. The Minister said that he did not
know whether the American fleet will support tho
British fleet, but that there could be no probability
of an American army on the Continent in the near
future.

Ma b . 31 1917.]

THE CHRONICLE

Our State Department’s note rejecting the German
Government’s proposal that the Prussian-American
treaties of 1799 and 1828 be reaffirmed and amplified
was published early in the week. It informs Ger
many that further “engagements” would be useless.
The note virtually accuses Germany of regarding
treaties as scraps of paper and states that our Gov
ernment is seriously considering whether or not Ger
many’s “flagrant violations” have not already abro
gated the treaties. There is to be no general intern
ment of German citizens or German reservists in this
country in the event of war between the United States
and Germany, according to the present plans of the
Government. Both the War Department and the
Department of Justice will be on guard and ready to
deal summarily with any outbreaks inspired by Ger
m any. But a general round-up of Germans is re
garded as both impracticable and impolitic. The
Government will interfere with the liberty of no one
unless there is good reason to suspect him of dis
loyalty.
As to the military operations of the week there
has been material additional progress made by both
the British and French troops on the Western front.
At the same time there has existed a noticeable slow
ing down of the offensive and there is reason to be
lieve that the so-called Hindenburg new line of defense
has been reached by the retreating German troops.
On the other hand, British observers at the front
assert that there are definite signs behind the German
lines that the Teutons are uncertain of their ability
to hold their new positions. This view is based on
reports of numerous fires, of a series of explosions
and preparations reported to be in progress on the
part of the Germans for flooding operations of the
same general character as those adopted in their
retreat to their present line. A wireless dispatch
from Berlin yesterday conceded further withdrawal
on the Peronne-Feres road, although asserting that
British and French attacks otherwise have been re
pulsed. The British and French are bringing up
their heavy guns to attack the Hindenburg line. In
other directions the Entente troops appear to be
making progress. Advices via London, dated Thurs
day, declare that the entire divisional staff of the
53rd Turkish division in Palestine has been captured
by the British, who have defeated a Turkish army
of 20,000 men, capturing at the same time 900 men,
including a general.
On the seas, losses of merchant vessels with an
aggregate tonnage in excess of 420,000 tons have
taken place between March 1 and March 27th, ac
cording to a statement by Admiral Beresford in the
House of Lords. The speaker said that with warmer
days and calmer weather losses would increase and
that the public ought to have the facts brought home
to them. The number of vessels destroyed in March
was given by him as 255. He expressed the opinion
that capture of submarines by the British were not at
all equivalent to the new submarines the Germans
were launching. He also believed the Germans had
more men and more food than had been imagined in
England. The losses of British, allied and neutral
vessels in February, he said, had been 281 vessels
with an aggregate of more than 500,000 tons, thus
indicating an average daily loss of tonnage in March
substantially less than in February.
There have been numerous rumors that Field
Marshal von Hindenburg was planning a campaign




1189

against Petrograd designed to take advantage of the
unsettled conditions that necessarily must exist in
a huge country whose government virtually without
warning has been overthrown. No military action
of importance, Berlin says, however, will be possible
for some time on the Russian front from the Baltic
to the Carpathians, owing to the setting in of the
spring thaw; hence there seems no substantial basis
for the reports of the intention of the Germans to
attempt to force their way from the Riga region
toward Petrograd. In Rumania fighting continues in
the Uzul valley regions. Here the Germans have
captured from the Russians a strongly entrenched
ridge and have held it despite numerous counter
attacks. It is reported'that the Kaiser is suffering
from diabetes in its incipient stage.
The British Treasury surprised the London market
early in the week by announcing £50,000,000 as the
amount of the first issue of new Treasury bills for
which tenders would be invited. There had previ
ously been varying estimates current of the amount,
nearly all averaging about £15,000,000 and few as
high as £20,000,000. The actual figure is explained
by the fact that the Easter holidays, which begin at
the end of next week, will prevent any offering dur
ing the week following. Treasury bills outstanding
on Saturday last amounted to £521,810,000, repre
senting a reduction for the week of £25,726,000.
Up to last Tuesday the British Government had re
ceived £776,277,000 of war money from the Bank of
England. It is evident that the British Chancellor
once again has embarked upon a plan of short-term
borrowing, the main purpose of the recent long-term
loan having been to fund the outstanding float
ing indebtedness as well as to combine the pre
ceding war issues into a single loan. The ten
ders to the new Treasury bills were filed at the
Bank of England yesterday. No definite result
was announced, though there is, of course, no reason
to doubt that the full amount offered by the Govern
ment was taken. The system of tenders in floating the
loan is not as a rule favored in London. It will not,
in the first place, be likely to secure large subscrip
tions from the non-professional classes, who are
unable to accurately judge money conditions and on
that account prefer the fixed-rate system. From
the Government standpoint, however, it is consid
ered desirable that the general public should be con
cerned more especially with long-dated securities
instead of short Treasury obligations. It is estimated
that the Treasury bills were placed on an average of
4}1
/ 2 % for three months, 4 % % for six months maturi
ties and about 5% for full year bills.
Dealings in the new British war loan were formally
inaugurated on the London Stock Exchange on Mon
day, the first price being 95%. After touching 94%,
Monday’s final figure was 95. Fluctuations were
not far from the last-named figure during the re
mainder of the week, last evening’s final figure being
94%. A more cheerful feeling has been displayed
in Russian issues on the London market, reflecting
the favorable character of the news from Petrograd.
Copper shares ruled firm, Rio Tintos leading under
the favoring influence of the company’s annual re
port for the year ending Dec. 31, which showed net
revenue of £2,198,000 against £1,292,260 in 1915.
The company’s production during 1916, the report
says, was marketed quickly at high prices. The
revenue of the United Kingdom for the week, as re

1190

THE CHRONICLE

[Vol . 104.

ported on Wednesday, was £23,598,000. The pro 1profound disturbance in French commerce. I have
ceeds from war loans and other borrowings during taken up the subject with my Government, which
the week were £94,199,000. The expenditure was informed me that the measures taken were the inevit
£98,010,000. Latest estimates place the budget sur able consequences of those adopted by England.
plus for the fiscal year ending March 31 at about All merchandise which will receive the benefit of a
£75,000,000. A parcel of Russian three-months, relaxation of the restrictions will be consigned to
credit bills was placed at 4 9-16%. A new South groups which will look after their distribution. This
Australian loan of £1,400,000 has been announced at gives a certain satisfaction to commerce, which
the British centre. The bonds will bear interest at naturally will suffer from the restrictions, against
53^%, be issued at 97 and be redeemable at par be which we cannot protest in view of the reasons which
tween 1922 and 1927, the proceeds to be applied to have dictated the measure.”
The Credit Foncier new issue of 600,000,000 francs
the payment of existing indebtedness. Some sec
tions of the English financial markets are displaying 53d2% bonds, offered at 280 francs 40 centimes for a
hesitation awaiting the budget next month, which it 300 franc bond, closed on Monday. The subscrip
is feared will embrace further onerous taxation pro tions exceeded 4,000,000,000 francs (8800,000,000),
posals. English banks have arranged to give special according to cable dispatches from Paris.
credit facilities to farmers for the purchase of seed
Very little of a business character is coming forward,
and fertilizer. They are charging 5% for a maximum
of nine months when backed by a Government guar either directly or indirectly, by cable from Germany.
anty. It is understood that plans have been revived Dispatches by way of Amsterdam state that wheat
for the formation of a British Trade Bank. London has become so scarce in the Fatherland that begin
bankers are considering the advisability of a further ning to-morrow (Sunday) the bread ration is to be
curtailment of their business hours, a proposal to this diminished one-quarter. The announcement is said
effect having been made as a result of the further to have spread surprise and consternation throughout
heavy enlistments for the army. The London Stock Germany. The potato ration also, beginning to
Exchange and the commercial exchanges will be morrow, will be 5 pounds weekly and the meat ration
closed on Good Friday, Holy Saturday and Easter will be increased by 250 grams weekly. Large stocks
of cattle in Germany are being slaughtered, owing to
Monday.
the shortage in fodder, it is said. The Cologne
On the Paris Bourse little business is passing. “ Volks-Zeitung” prints a semi-official statement,
Chief interest is in shipping and copper shares. which contains the following: “It should not be con
Credits for the second half of the year were voted cealed that this new restriction means a great
by the Chamber of Deputies on Friday of last week. sacrifice, and can only be borne by a people who for
The period for the compulsory declaration of incomes the sake of the highest aims will bear even a heavy
has been extended to the end of May. The French burden and who have a firm confidence that their
moratorium again has been extended for ninety days. patient endurance will be rewarded before long by a
The French Government has prohibited importations glorious peace.”
of all articles of foreign origin. Exceptions are to be
A commission has been ordered, which is con
made only at the discretion of the Minister of Finance. trolled by the military, to force the agrarians to sur
As many articles which could not be made in France render all grains beyond the amounts allotted them
already have been purchased in the United States, in under the ration system. These will be transferred
some instances regardless of price, the new decree as soon as possible to Government warehouses.
may, it is believed, result in the closing of many Unthreshed grain must be threshed immediately,
French business hopses in America as well as con the authorities agreeing to furnish machines, horses
siderable embarrassment to French exporters to the and labor where the lack of these is given as an excuse
United States. The decree is dated March 22. It for not complying with the order. All stocks which
forbids importation into France or Algeria of all the holders endeavor to conceal may be confiscated.
articles of foreign origin or shipment. It does not The reason for the new law is the well known fact
apply to imports for Government account nor to that great numbers of agrarians have refrained from
goods proved to have been shipped direct to France turning over to the common stock for general use
or Algeria before the publication of the decree. the full amount of their produce, thus insuring for
Neither does it apply to goods declared for warehous themselves more ample supplies, or supplies they may
ing before its publication. Exceptions may be be able to sell direct to consumers in evasion of maxi
granted by the Minister of Finance either generally mum prices. Or they may feed their cattle on which
or for limited quantities on recommendation of a greater profits arc obtainable than from grain or
committee consisting of 21 officials from the minis potatoes. This condition, it is explained, arises from
tries and the Paris Chamber of Commerce, which the fact that the authorities in the country districts
will draw up and submit for the approval of the arc drawn from the agrarian classes and are not dis
Minister of Commerce proposals for general excep posed to exercise undue severity against their friends
tions in the case of certain goods and will designate or neighbors.
amounts of certain articles to be admitted quarterly.
The new Russian Government is starting off with
A schedule of distribution of such amounts along
industrial and commercial enterprises also will be the idea of making taxation so far as is possible stand
drawn up in accordance with indispensable require the burden of the war. Its new financial program,
ments. Import applications will be subject to a which will undertake to remedy the deficiencies ot
tax to be fixed later by decree in order to cover the past administration, was outlined on Thursday
working expenses. Arthur David-Minet, President by M. Tercsehtenko, Minister of Finance. “The
of the Chamber of Commerce of Paris, is quoted in country is full of capital” the Minister said, “which
a dispatch from that centre as follows: “The new has grown out of the increased industrial activity
decree, following a similar British decree, has caused since the beginning of the war. My plan is to insti-




M ar 31 1917.]

THE CHRONICLE

tute immediately a new system of taxes based on war
profits. Since 1915 all industrial enterprises of the
country have shown most remarkable increases in
earnings and have issued millions of new shares. It
is only proper that the Government should have a
more adequate share in these profits.” The Minister
said it was not the intention of the new Government
to make the new revenue so burdensome to manu
facturers that it would discourage their productivity.
There was, he said, a point at which the Government
could reap a proper revenue without depriving manu
facturers of the fair profit to which they were en
titled. The most important question facing the
country was provisioning and transportation. “ We
already have begun to reorganize transportation and
are considering a co-operative system originated in the
Duma from the country producer to the city con
sumer by means of co-operative stores under Govern
ment supervision. Tremendous stores of provisions
in the interior already have been started toward the
cities.”
Official rates continue to be quoted at 5% in
Paris, Berlin, Vienna and Copenhagen; 5 ^ % in
London, Italy, Portugal and Norway; 6% in Petrograd and 4}^% in Switzerland, Holland and Spain.
The private bank rate in London has remained at
4/^% for sixty and ninety-day bills. No reports have
been received by cable of open-market rates at other
European centres, so far as we have been able to
learn. Money on call in London receded to 33^2%
early in the week, but closed at 3% % , which was the
quotation a week ago.
The Bank of England's statement reflected the large
fiscal year-end Government disbursements. It re
corded a further gain in its gold item for the week of
£46,835. Note circulation was increased £465,000;
hence total reserves were reduced £418,000, although
the proportion of reserve to liabilities again advanced,
this time to 19.02%, against 18% a week ago and
28.75% last year. Public deposits registered the
large decrease of £17,966,000. Other deposits, how
ever, were increased £5,321,000. Government secur
ities decreased £48,000. Loans (other securities)
decreased £12,210,000. The English Bank’s gold
holdings now stand at £54,009,039, against £56,
661,364 in 1916 and £53,868,251 the year previous.
Reserves aggregate £34,100,000.
This compares
with £41,534,064 one year ago and £37,144,786 in
1915. Loans amount to £139,610,000, as against
£88,350,161 in 1916 and £140,003,581 the preceding
year. The Bank reports as of March 24, the amount
of currency notes outstanding as £129,203,151, com
paring with £130,082,099 last week. The amount
of gold held for the redemption of such notes is still
£28,500,000. Our special correspondent is no longer
able to give details by cable of the gold movement
into and out of the Bank for the Bank week, inasmuch
as the Bank has discontinued such reports. We
append a tabular statement of comparisons:
B AN K OF EN G LAND ’S COM PARATIVE ST A T E M E N T .
1917.
1916.
1915.
1914.
1913.
Mar. 28.
Mar. 29.
Mar. 31.
April 1.
April 2.
£
£
£
£
£
Circulation........... - - 38,289.000 33,577,300 35,173,465 29,495,605
29,025,020
Public deposits.. - - 49,945,000 57,063,783 113,690,199 27,668,062 21,088,938
Other deposits. - - ..129,647,000 87,362,302 89,713,596 39,818,947 40,373,009
Gov’t securities.. . . 24,003,000 32,838,046 44,606,158 11,151,189 13,032,727
Other securities.. ..139,610,000 88,350,161 140,003,581 40,686,372 41,092,134
Reserve notes & coin 34,160,000 41,534,064 37,144,786 27,909,023 25,728.959
Coin and bullion__ 64,009,039 56,661,364 53,868,251 39,014,628 36,303,979
Proportion of reserve
28.75%
19.02%
to liabilities... . .
18.26%
41.43%
41.85%
Bonk rate.............. 6%
5M %
6%
3%
6%




1191

The Bank of France announces an additional gain
in gold of 15,620,000 francs, thus bringing the total
holdings in vault and abroad to 5,200,096,350 francs,
which compares with 5,006,299,297 francs (all in
vault) a year ago and 4,250,965,643 francs in 1915.
Silver holdings were reduced 1,794,000 francs. Note
circulation was increased 9,051,000 francs. General
deposits registered an expansion of 55,972,000 francs,
while bills discounted showed the substantial in
crease of 106,873,000 francs, and Treasury deposits
of 113,852,000 francs. The Bank’s advances de
clined 17,025,000 francs. Comparisons of the various
items with the statement for the previous week and
the corresponding dates in 1916 and 1915 are as
follows:
B AN K OF FRANCE’S COM PARATIVE ST AT EM E N T .
Changes
---------------------------Status as of-------------------------for Week.
Mar. 29 1917.
Mar. 30 1916. April 1 1916
Cold Holdings—
Francs.
Francs.
Francs.
Francs.
In France..............
(?)
(?)
5,006.299,297 4,250,965,643
(?)
(?)
_____________
_____________
A b road......... ........
T o ta l.................... Inc. 15,620,000 5,200,096,350 5,006,299,297 4,250,965,643
1,794,000
263,383,000
361,415,739
378,005,870
Silver......... ............ Dec.
Bills discounted..Inc. 106,873,000
522,546,000
394,786,631
230,819,755
Advances-------------- Dec. 17,025,000 1,210,323,000 1,244,724,450
676,272,976
Note circulation..Inc.
9.051,000 18,459,831,000 14,952,116,100 11,272,773,376
Treasury deposlts.Inc.
113,852,000
173,698,000
79,185,732
73,966,036
General deposits..Inc.
55,972,000 2,540,637,000 2,043,241,993 2,379,976,580

The weekly statement of the Imperial Bank of
Germany, issued as of March 23, showed the follow
ing changes: Total coin and bullion increased
966.000 marks; gold increased 820,000 marks;
Treasury notes were expanded 13,069,000 marks;
notes of other banks increased 3,302,000 marks; bills
discounted registered a gain of 84,798,000,000 marks;
advances were reduced 342,000 marks; investments
declined 8,608,000 marks; other securities showed the
substantial expansion of 197,867,000 marks; notes in
circulation increased 60,471,000 marks; deposits in
creased 66,742,000 marks, while other liabilities re
corded a reduction of 65,757 ,.000 marks. The Bank’s
holdings of gold aggregate 2,529,937,000 marks,
which compares with 2,459,000,000 marks in 1916
and 2,337,520,000 marks the preceding year. Loans
and discounts total 8,783,367,000 marks, as against
5,897,000,000 marks a year ago and 6,876,640,000
marks in 1915. Note circulation now stands at
8.224.831.000 marks. At this date last year the
amount was 6,373,000,000 marks and in 1915
5.264.020.000 marks.
The local money position not alone is one of distinct
ease so far as the immediate future is concerned but
lenders are not disinclined to undertake distant com
mitments. Five-months loans, for instance, secured
by all-industrial collateral, have been reported this
week at 4% —a figure that does not suggest expecta
tion of impressive stringency in the near future. It
is not difficult to see, however, that the demands that
are in sight for the capital market are sufficiently
heavy to discourage the view that any easing off of
rates is probable. With Congress called in emerency session for Monday next, for the definite pur
pose either of declaring war or declaring that a state
of war has existed since certain American steamers
were sunk (it makes slight difference from the finan
cial viewpoint), there will at once develop a demand
by our own Government for funds. Our Treasury,
as is well known, already has authority to issue sub
stantial amounts of bonds and notes. But it is not
disposed to undertake war financing piecemeal. In
stead, it obviously isjthe Treasury policy to await the
development of the actual, specific conditions that
must be faced. Then a sufficient credit will be asked

1193

THE CHRONICLE

[Vol . 104.




Dallas.

from Congress, enabling the question of war finance c h a n g e d f r o m 2 3 4 % , t h e l o w 2 % a n d t h e r u l i n g 2 3 4 % .
to be dealt with on thoroughly broad and compre O n T h u r s d a y a n d F r i d a y t h e r a n g e w a s 2 3 4 @
hensive lines. Our own national finances unques 2 3 4 % > w i t h r e n e w a l s s t i l l a t 2 3 4 % - F i x e d m a t u r 
tionably will be given the right-of-way in financial i t i e s c o n t i n u e d e a s y a n d f u r t h e r d e c l i n e s w e r e
circles here. It is, indeed, not altogether improbable r e c o r d e d f o r t h e s h o r t e r p e r i o d s . S i x t y - d a y m o n e y
that there will be official connection established by i s n o w q u o t e d a t 3 3 4 % , a g a i n s t 3 3 4 @ 3 ^ 4 % ;
(u n c h a n g e d );
fo u r
Washington with the future financing of Allied Gov n i n e t y d a y s a t 3 3 4 @ 3 ^ 4 %
m
o
n
t
h
s
a
t
3
%
%
,
a
g
a
i
n
s
t
3
%
@
4
%
,
a
n
d
f
i
v
e
a
n
d
six
ernments in the event that we ourselves become, as
m
o
n
t
h
s
a
t
3
%
@
4
%
(
u
n
c
h
a
n
g
e
d
)
.
T
h
e
i
n
q
u
i
r
y
f
or
now seems so probable, full participants in the Euro
f
i
x
e
d
d
a
t
e
f
u
n
d
s
h
a
s
b
e
e
n
e
x
t
r
e
m
e
l
y
l
i
g
h
t
t
h
i
s
w
e
e
k.
pean struggle. Banking authorities agree that the
new situation created by the war will improve ma L a s t y e a r s i x t y - d a y f u n d s w e r e q u o t e d a t 2 3 4 @ 3 % ;
terially the popularity of British and French bonds n i n e t y d a y s a t 2 j 3 4 @ 3 % , a n d f o u r , f i v e a n d s i x
on this side of the Atlantic. “Heretofore we have m o n t h s a t 3 % . I n m e r c a n t i l e p a p e r q u o t a t i o n s
been friends,” one banker is quoted as saying; “now h a v e r e m a i n e d u n c h a n g e d , w i t h s i x t y a n d n i n e t y
d a y s ’ e n d o r s e d b ills r e c e iv a b le a n d s ix m o n t h s ’ n a m e s
we are brothers.”
In any event, it is obvious that there are to be cer o f c h o i c e c h a r a c t e r s t i l l q u o t e d a t 4 @ 4 ) 4 % a n d n a m e s
tain demands upon the shpply of capital right along n o t s o w e l l k n o w n a t 4 3 4 % - T h e v o l u m e o f t r a n s 
that will operate effectively against any important a c t i o n s w a s s m a l l , b e c a u s e o f t h e l i m i t e d c h a r a c t e r
long-time financing by our railroads or other large o f o f f e r i n g s . B a n k s ’ a n d b a n k e r s ’ a c c e p t a n c e s w e r e
corporations. These corporations must, as in the m o d e r a t e l y a c t i v e a t f r a c t i o n a l l y l o w e r q u o t a t i o n s .
immediate past, supply their financial needs through D e t a i l e d r a t e s f o l l o w :
-Spot Delivery---------------- Delivery
the agency of short-term notes. Recognizing this,
within
Thirty
Sixty
Ninety
Days.
30 Day
Days.
Days.
the New Haven road, through J. P. Morgan & Co. as
3© 2H
3% bid
3® 2V ,
Eligible bills of member banks............ . . 3@2J*
managers of the syndicate which underwrote the issue, Eligible
3 % bid
3Y@3
3H ® 3
bills of non-member banks.. — 3H @ 3
are offering $45,000,000 of one-year 5% notes at Ineligible bills______________________ ..3 ^ @ 3 > * 3 ^ @ 3 M 3> 4@ 3tf 4H bid
There have been no changes in the rates of the
99.04, thus yielding 6%. The Pennsylvania, with
its enviable credit, has considered it desirable to test Federal Reserve banks during the week, so far as
the bond market and has sold $60,000,000 of general our knowledge goes. Pervading rates for various
mortgage 4Y i % bonds to Kuhn, Loeb & Co., who will classes of paper at the different Reserve banks are
offer them for subscription in the near future. As a shown in the following:
DISCOUNT RATES OF FEDERAL RESERVE BAN KS.
means of providing funds to the Government, in order
to pass over requirements until permanent financing
8
s
2
is arranged, the Treasury Department has placed
CLASSES
§
£
S
S
fc
o
3
&
it
$50,000,000 certificates of indebtedness maturing DISCOUNTSOFA N D LOANS
§
3
c
<3 3
s
s
<o *3
o
within ninety days at 2% , with the Reserve banks.
si
3
M
S)
CQ 55
§
e
*
Of the total, the allotment to the Federal Bank at
Commercial Paper—
4
3 Y 3M
New York was $20,000,000. Chicago came next 1 to 15 "
3 Y 3H 3 Y 4
3M 3 Y 4
"
......... 3M 3
4
4
4
4Y> 4
4
4
4
4
4
4
with $5,000,000. The amount subscribed by all the
4
4
4
4
4Y, 4
434
4
4M 4
4
4
4
4H 4 Yi 4H 4 Y
4 Y 4M 4
4
4
4Yi 4
banks was $66,650,000, and the allotments were 61 to 90 "
■'
......... 4
Agricultural and
Paper—
made in the ratio of subscriptions by the several 91IAve-Stock
5
5
5
5
5
5K
4M 5
5
4M 5
days to 6 months maturity 5
Notes of Member
banks, as follows: New York, $20,000,000; Boston, Promissory
Banks—
$3,000,000; Philadelphia, $3,500,000; Cleveland, 1 to 15 days maturity-------- 3 Y 3 3H 3H 3M 3 Y 3M 3 X 4 4 3 Y
Acceptances—
$3,500,000; Richmond, $2,000,000; Atlanta, $1,500, 1Trade
3M . . .
3H 3Y, 3H 3M 3H 4
to 30 days maturity_____ 3K 3H 3Y> 3
3Y 3Y
3H 3K 3V4 3M 3bS 3MS 3M 334 334 4
000; Chicago, $5,000,000; St. Louis, $2,500,000; 61 to 90 •*
3 Y 3M
3 Y 3 Y 3H 3 Y 334 4
"
......... 3H 3 Y 3 Y 4
Minneapolis, $2,000,000; Kansas City, $2,500,000;
Commodity Paper—
3 Y 3M 4
3Y
3H 3H
to 30 days maturity-------- 4
3M
Dallas, $2,000,000, and San Francisco, $2,500,000; 311 to
3Y> 4>4
3Y 3Y 4
3H 3K
3Y,
60
"
"
......... 4
3M 434
. . . 3 Y 3Y> 4
3
Y
3M
.
.
.
3H
61 to 90
“
"
-------—
total, $50,000,000. In some instances contractors 61 days to 6 months maturity
have agreed to accept payment in Government notes OPEN M A R K E T DISCOUNT A N D PURCHASE RATES OF FED ER AL
RESERVE BANKS.
to be redeemed as soon as the Treasury is in funds.
B a n k e rs' A c c e p t a n c e s . — Authorized discount rnto lor nil Federal Reserve banka
It is understood that of the $50,000,000 in certifi minimum.
2 % ; maximum, 4 % .
cates placed with the Reserve banks, the sum of T r a d e A c c e p t a n c e s . — Bills with maturities of 90 days or less, purchased In open
market without member bank endorsement, by New Orleans branch of Atlanta
$25,000,000 in gold will to-day be paid over to the Federal Reserve Bank; 3fi to 4 % .
Commercial Paper.— Bills purchased In open market by Dallas Federal Resorve
Danish Government, thus closing the purchase of Bank;
3 to 6 % .
B ills o f E x c h a n g e . — Bills purchased In open market by Atlanta Federal Rcservo
the Danish West Indies by our own Government. Bank;
3 Y to 5 Y % .
ills W ith or Without M e m b e r B a n k E n d o r s e m e n t. — Bills with maturities of 90 days
This gold may possibly be left on deposit in New orBless
purchased In open market by St. Louis federal Rescrvo Bank, 2 to 4 % .
^
York, as supplies of the precious metal in Denmark * 15 days and under, 3 Y % ’> 16 to 30 days, 4 % .
Last Saturday’s statement of New York Clearing
already are said to be unwieldy. The City of New
York for the third time within a few weeks has come House members, which will be found in more com
into the market as a borrower, disposing of $10, plete form on a later page of this issue, was somewhat
000,000 corporate stock maturing June 19 anc less favorable in character, yesterday a decline
$5,000,000 revenue bills due June 5. The two in both aggregate and surplus reserves, due to some
previous borrowings referred to were on Feb. 27, extent to the preparations for placing the new French
$8,000,000 of city obligations, and on March 5, cor loan, as well as the temporary cessation of gold ar
porate stock and bills totalling $15,000,000. Thurs rivals. Loans were increased $23,380,000. Net de
day’s results are reported in our “State and City” mand deposits showed an expansion of $7,489,000
and net time deposits of $308,000. Reserves in
Department to-day on another page.
“own vaults” this week were reduced $5,176,000 to
Referring specifically to money rates, call loans $509,887,000, of which $449,827,000 is shown to be
this week again ranged between 2 and 234%. Mon specie. Last year the reserve in own vaults was
day, Tuesday and Wednesday the high was not $474,025,000, including $400,782,000 in specie. The

Mar . 31 1917.]

THE CHRONICLE

reserve in Federal Reserve vaults was likewise de
creased, $14,464,000, and now amounts to $206,810,
000, comparing with $176,317,000 a year ago. Re
serves in other depositories declined $37,000 to $57,
583,000, against $59,719,000 in 1916. Circulation
was increased $54,000. Aggregate reserves decreasec
$19,677,000 to $774,280,000, as against $710,061,000
last year. The reserve required increased $1,396,
610, in consequence of which the loss in surplus re
serves amounted to $21,073,610, thus bringing the
total of excess reserves to $142,765,360, in comparison
with $126,262,570, the amount on hand at the cor
responding period in 1916.

1193

Vienna exchange. There has been a complete shut
down by banks, trust companies and all dealers with
possibly one exception and rates are largely nominal.
The one exception is a German banking house,
where it is stated regular customers are being accom
modated, the firm still having a small balance in Ber
lin. It transacted a very limited business yesterday
however. This stoppage of business is not surprising
in view of the close approach of a formal state of
war and the complete absence of mail opportunities.
Wireless communication is so subject to delay that it
does not constitute a safe form of transfer at this
time, recent experience showing that it has frequently
taken two weeks to receive confirmation of the exe
The sterling exchange position continues arbitrary. cution of wireless orders. While the termination of
Quotations are maintained. There seems a general business has been sudden, it is by no means sur
tendency to await the action of Congress, in view of prising, since there has been a gradual reduction
the reports that the Administration is in favor of since early in March. Furthermore, in view of the
extending some form of official credit to the Entente acute situation between our own country and Ger
Powers. Should this be done the funds would many, all financial institutions identified with the
necessarily be held here for use in payment of pur German and Austrian exchanges have been conduc
chases of supplies. There would be no transfer ting their operations in such a way as to withdraw
abroad. The net result would, of course, be a check their balances from the countries concerned, fearing
upon the importations of gold and also upon the that in the event of war being declared the payment
public offering of foreign obligations for subscription of American funds might be suspended by Berlin
here. The week’s importations of gold have banks on Government order before drafts directed
amounted to $40,000,000, all from Canada. The by wireless could be presented. Two of the largest
exports have included $1,700,000 to Cuba, and $2, factors in Berlin and Vienna exchange closed their
665,000 to Spain.
books on this class of business on Tuesday, and have
since that date done nothing.
Referring to quotations in detail, sterling exchange
Otherwise the continental exchanges have experi
on Saturday in comparison with Friday of the week enced a dull and relatively uneventful week. Ex
previous, was quiet but steady at practically un isting uncertainties and a lack of definite information
changed levels; demand ruled at 4 75 9-16, cable as to immediate shipping prospects served to restrict
transfers at 4 76 7-16 and sixty days at 4 71 9-16. operations materially and trading was inactive and
On M onday the arrival of more gold from Canada, small in volume, while the bulk of whatever business
though without appreciable effect upon actual rates, is passing was confined chiefly to cable transfers. All
was regarded as a sustaining influence, as was also interests now await the action of the Administration
the continued ease in local money; demand bills at the special session of Congress to determine its
ranged between 4 7555 and 4 75 9-16, while cable policy in dealing with the impending war crisis.
transfers remained as heretofore at 4 75 7-16 and The keenest interest was displayed in the Bethmannsixty days at 4 71 9-16. Dealings in sterling pre
Ilollweg speech before the Reichstag on Thursday,
sented no new feature on Tuesday and rates were indefinite rumors, which were not confirmed, having
without change from 4 76 7-16 for cable transfers been circulated that it might suggest a modification in
and 4 71 9-16 for sixty days; demand was quoted at Germany’s U-boat policy and thus have an important
4 7555, against the previous range of 4 7555© bearing upon the United States’ decision in declaring
4 75 9-16. On' Wednesday firmness was again in actual warfare upon the Central Powers. The cabled
evidence as a result of additional gold importations- accounts of the speech which were received after
trading, however, was not active and quotations
business hours, failed to confirm the earlier rumors.
remained unchanged from the preceding day’s levels.
Reports of a proposed German drive at Petrograd
Quotations were little better than nominal on Thurs
caused weakness in Russian exchange. Lire con
day, business being almost completely at a standstill tinued to move irregularly, though well above last
pending the delivery of the speech of the German week’s low figures. Francs ruled firm, being favor
Chancellor before the Reichstag, which it was be ably affected by the unqualified success of the new
lieved would have an important effect in determining French loan. Reichsmarks continued to move
the Administration’s future course of action with within narrow limits, with the tone fairly steady,
regard to submarine outrages; demand was still until just before the close, when the quotation be
quoted at 4 7555, cable transfers at 4 76 7-16 and came entirely nominal. Demand bills on Berlin were
sixty days at 4 71 9-16. On Friday the market not quotable at the close, and cables were nominally
was quiet but steady, one influence being the arrival 72, against 693d* last week. Kronen, which moved
of $20,000,000 in gold. Closing quotations were
in sympathy with Berlin exchange, finished nomin
4 71 9-16 for sixty days, 4 7555 for demand and
ally at 12.00 for cables, compared with 11.25 a
4 76 7-16 for cable transfers. Commercial sight week ago. The sterling check rate on Paris closed
finished at 4 75 5-16, sixty days at 470 13-16, ninety
at 27.81%, against 27.82% the previous close. In
days at 4 68 9-16, documents for payment (sixty New York sight bills on the French centre finished
days) at 4 70 9-16 and seven-day, grain bills at at 5 8434}, against 5 84% ; cables at 5 83% , against
4 74 7-16.
Cotton and grain for payment closed 5 83% ; commercial sight at 5 85% , against 5 85% ,
at 4 75 5-16.
and commercial sixty-days at 5 90% , against 5 90%
The feature of the Continental exchanges has been on Friday of a week ago. Lire closed at 7 76 for
the virtual suspension of business in Berlin and bankers’ sight and 7 75% for cables, which compares



1194

THE CHRONICLE

[Vol. 104.

with 7 75 and 7 74 the week preceding. Rubles fin that Bethmann-Hollweg would propose the partial
abandonment of Germany’s ocean ruthlessness.
ished at 28.40. A week ago the close was 28.50.
The speech itself showed these rumors to be base
less.
The Chancellor returned to his familiar com
In the neutral exchanges dulness and inactivity
plaint
that England had not been made to stop her
were again in evidence, and here also operators
showed a disposition to hold off pending the outcome blockade of Germany. “ More than once,” he added,
of looked-for momentous developments. Spanish “ we told the United States that we withheld un
pesetas continued strong and higher, in response to restricted use of the submarine weapon in the expec
additional shipments of gold to that centre. Swiss tation that England could be made to observe, in her
exchange was firm, while Scandinavian rates, in some policy of blockade, the laws of humanity and inter
instances, recorded fractional advances. Guilders national agreements.” Therefore the ruthless sub
were fairly well maintained at levels previously cur marine warfare will continue. “ If the American
rent. Quotations at nearly all of these centres were nation considers this a cause for which to declare war
regarded as more or less nominal in character, owing against the German nation, with which it has lived
to the difficulties in mail transportation and trading in peace for more than one hundred years— if this
was once more limited almost solely to cable trans action warrants an increase of bloodshed— we shall
fers. Bankers’ sight on Amsterdam finished at 40 9-16, not have to bear the responsibility for it.”
It would not be easy to imagine anything much
against 4 0 ^ ; cables at 4 0 ^ against 40 9-16;
more
disingenuous than this. Our Government, if
commercial sight at 4034, against 4034 > and com
it
chose
to reply to the German Chancellor at all,
mercial sixty days at 40 1-16, against 40 1-16 last
week.
Swiss exchange closed at 5 04 for bankers’ wrould probably answer that we also have more than
sight and 5 03 for cables.
This compares with once told the German Government that disputes
5 04 and 5 03 on Friday of the previous week. Greek over violation of property rights in a declared block
exchange (which may still be regarded as neutral) ade arc something altogether different from disputes
continues to be quoted at 5 00 for sight bills. Copen over inhuman treatment or actual drowning of
hagen checks closed at 29.90, comparing with 29.60. American citizens, on American ships and in pursuit
Checks on Sweden finished at 29.60, against 29.60,
of their lawful business. It is true that the German
and checks on Norway closed at 28.90, in comparison
with 28.85 a week ago. Spanish pesetas finished Foreign Office, in its promise of May 4 1916, to
strong at 21.70, as against 21.35 the week preceding. abandon sinking of ships by its submarines without
warning, remarked that the German Government
The New York Clearing House banks, in their oper “ does not doubt that the Government of the United
ations with interior banking institutions, have gained States will now demand and insist that the British
8297,000 net in cash as a result of the currency move Government observe the rules of international law,”
ments for the week ending March 30. Their receipts and added that if such steps “ should not attain their
from the interior have aggregated $9,261,000, while
the shipments have reached $8,964,000. Adding the object,” “ the German Government would then be
Sub-Treasury and Federal Reserve operations and facing a new situation, in which it must reserve to
the gold imports and exports, which together oc itself complete liberty of decision.”
To that extraordinary declaration our State De
casioned a loss of $4,370,000, the combined result of
the flow of money into and out of the New York banks partment answered, as it did to similar hints by a
for the week appears to have been a loss of $4,073,000, blockaded European belligerent in 1812, that our
as follows:
Government “ cannot discuss with the German Gov
Net Change in
Into
Out of
ernment
. . . . those questions which are the subject
Week ending March 3 0 .
Bank Holdings.
Banks.
Banks.
of
diplomatic
exchanges between the United States
$8 ,964 ,00 0 Gain
$297,000
$9 ,261 ,00 0
Sub-Treasury and Fed. Reserve oper
and
any
other
country.” The Department refused
4
0
,550
,00
0
Loss
4,3
70,0
00
36 ,180 ,00 0
ations and gold imports & exports.
to recognize that the rights of American citizens on
S19,514,C00
Loss
$4,073
,00
0
$4
5,44
1,0
00
T o t a l ........................................................the sea can “ in any way or in the slightest degree be
The following table indicates the amount of bullion
made contingent on the conduct of any other govern
in the principal European banks:__________________
ment.” The Berlin Foreign Office was silenced;
March 30 1916.
March 29 1917.
it did not return to that part of its argument, even
Banks of
Total.
Silver.
Gold.
Total.
Silver.
Gold.
in its note of the 31st of last January. In short,
£
£
£
£
£
£
there is nothing whatever in the Chancellor’s speech
56,601,364
56,661,361
54,009,039
54,009,039
E n g la n d ..
F r a n c e a .. 130,138.352 10,535,320 140,673,072 200,251,960 14,456,640 214,708,600
of Thursday to alter the existing situation.
2,3 27,1 00 125,306,200
790,650 127,287,500 122,979,100
G crm an y. 126,496,850
5.1 39.0 00 167,519,000
147,614,000 11.952.000 159,566,000 162,410,000
Russia
Even his statement that if the United States goes
Aus-IIun.c 51.578.000 12.140.000 63.718.000 51.578.000 12.140.000 63 .718.000
S p a in ------ 53 .321 .00 0 29.792 .00 0 83.113 .00 0 37.313 .00 0 30.405 .00 0 67.748.000
45.737
.00
0
to
war because of the submarine attacks upon our
4.1
69.0
00
41.568.000
37
.609.000
2,8
2
6
,0
0
0
Ita ly .......... 34.783 .00 0
399,900 42,855,900
540,100 49,837 ,10 0 42.456.000
Netherl ’ds 49.297 .00 0
600,000 15.980.000
ships, “ we [meaning Germany] shall not have to bear
600,006 15.980.000 15.380.000
N a t .B e l.h 15.380.000
10,106,800
13,741,600 10,106,800
Swltz’land 13,741,600
8,9 36,0 00
8,9 36,0 00
the responsibility for it,” must be read in the light
10.632.000
Sweden . . 10.632.000
6.8 35.0 00
176,000
6.6 59.0 00
9.2 80.0 00
125,000
9.1 55.0 00
D enm ark.
4.0 11.0 00
4.0 11.0 00
6.8 95.0 00
of earlier utterances. In its note of last May tin's
6.8 95.0 00
N o r w a y ..
same Foreign Office declared that “ responsibility
T o t. week. 703,040,841 69,301 ,07 0 772,341,911 760,340,224 69,812,640 83 0,152,804
Prev.wcek 702,328,246 69,365,530 771,693,776 759,371,936 69,791,530 829,106,466
could not be borne before the forum of mankind and
a Gold holdings of the Bank of Franco this year are exclusive of £77,865.502
held abroad.
in history” if the submarine controversy “ were to
* The gold holdings of the Bank of Russia for both years In the abovo statement
have been revised by eliminating tho so-called gold balance held abroad,
take a turn seriously threatening maintenance of
c July 30 1914 in both years, h A ug. 6 1914 In both years.
peace between the two nations.” Most people know
exactly
how and by whose action it did take such a
GERMANY A N D THE UNITED STATES.
turn. The most charitable view of this week’s speech
What may have been the last official word on
by the Chancellor is that it is the best a reluctant
German-American relations before the President
advocate could make of a totally indefensible posi
addresses Congress, was contained in Thursday’s
tion, forced on the sober government authorities by
speech of the German Chancellor to the Reichstag.
a reckless and desperate military (clique.
It had been vaguely reported that this speech would
In the financial markets, as with the community
make definite, proposals towards averting war. In
at large, this has been a week of tense expectancy.
neutral European cities it had even been rumored



MAR. 31 1917.]

THE CHRONICLE

There has been relatively little, however, of exeiting
public discussion and mass meeting oratory. Atten
tion has seemed, in fact, to be almost wholly con
verged on what the President will say to Congress
next week and what response Congress will make.
The importance of these impending events over
shadows even the most interesting intervening occur
rences.
Yet there have been incidents of considerable im
portance, both as reflecting the sentiments of the
day in regard to German-American relations and as
indicating what the future course of events may be.
On Sunday the President’s executive order was
issued for the enlisting of 26,000 more men in the
navy, raising its personnel to 87,000, in addition to
the 6,500 enlisted men obtained since the Act to
enlarge the navy was passed last August. On Sun
day, also, the National Guard of nine Eastern States
and the District of Columbia was called out for pur
poses of “ police protection” — this obviously referring
to the guarding of cities and public works from pos
sible vandalism or conspiracy. Simultaneously, the
military departments into which the United States
is divided for army commands were increased from
four to six, through sub-dividing the present single
Eastern department into three departments. Several
transfers of department commanders were made,
notably the moving of Major-General Bell from the
Western to the Eastern Department, and of MajorGeneral W ood, now commanding the Eastern D e
partment, to the Southeastern.
The prompt and public-spirited action of the cop
per producers, guaranteeing to furnish in the coming
year 20,000,000 pounds of copper for the navy and
25,510,000 pounds for the army at a uniform price
of 16.6739 cents per pound, as against an open mar
ket price nearly double that figure, has been followed
by discussion of similar action in the steel trade. The
evidence appears to be that both industries are able
to meet with reasonable promptness all Govern
mental demands; which in the case of the steel trade
would naturally have to do primarily with new ships.
No steps could be taken in the direction of a-large
loan until Congress itself should have assembled;
but there appears to have been a good deal of in
formal sounding of the market in the Government’s
behalf. The placing of $50,000,000 three-months’
notes at 2% with the Federal Reserve banks was
merely an interim operation to meet certain matur
ing payments (such as the purchase of the Danish
West Indies), appropriations for which, under the
General Deficiency Bill, had been blocked in the
closing days of the late Congress by the Senate ob
structionists.
All of these Governmental activities have been
carried out with commendable absence of excitement
or display, such as might easily have accompanied
them. The impression given has been of machinery
for defensive preparations working steadily and
quietly, even if the full inauguration of its task may
have been much delayed. Some other incidents of
the day cannot be regarded with equal satisfaction.
That wild rumors of conspiracies and spy activities
would circulate at such a time, the experience of the
present European belligerents at the beginning of
this war made altogether probable. But the form
thus far taken in our own case has not been very
creditable to the common sense of the people who
repeated the rumors or the newspapers which re
printed them.




1195

In this class belonged the story that thousands of
German-American “ reservists” were crossing the
border into Mexico, presumably with a view to action
against the United States. The report from El Paso
— long a fountain of extravagant rumor— that a
million dollars or more in gold had been shipped
across the border into Mexico for supposedly sinister
purposes, belonged in the same category. The first
of these stories was disposed of this week by the
Government’s official statement that only 81 German
citizens had crossed into Mexico since February 3,
and that 34 of these had returned. The story of
wholesale gold shipments is similar in kind; its
authors appeared to be ignorant of the fact that such
exports must be officially declared to United States
Government officers at the border.
A still more regrettable form which passing ex
travagances have taken, was in such episodes as the
loose talk about the “ poisoning” of Red Cross ban
dages, or Mayor Mitchel’s angry declaration that a
State Senator who happened to oppose his policy re
garding fortification of Rockaway Point, was “ working
in the interests of Germany” — this, when the contro
versy was a legitimate matter of dispute. Vastly more
creditable, under such conditions, was the official
statement from the War Department at Washington
on Monday that “ everybody who conducts himself
in accordance with American law will be free from
official molestation, both now and in the future;”
that no purpose is entertained of interning even such
German-Americans as may happen to be reservists,
and that while the closest watch is being kept by the
Secret Service against actual conspiracy, the Govern
ment has no intention of losing its head in a “ spy
fever.” What the opposite policy, or even public
expectation of it, might involve in a population con
taining two to three millions of German-born citizens,
it is not difficult to imagine.
What mood among the people at large will follow
the events of next week at Washington, it would,
perhaps, be premature to predict. It may easily
turn out to be the case that the extravagances in talk
or discussion, during the fortnight past, have merely
arisen from the nervous excitement created by an
impending event which still remains uncertain. If
war is declared, it should hardly be necessary to urge
the paramount necessity for sober and self-restrained
conduct by our public men and by the public itself.
The world is on the verge of very great events, in
Europe as in this country. In so far as the American
nation and people are to have a part in such events,
it behooves them to comport themselves with the
dignity becoming a great nation and an historic
episode.
IN THE EYES OF THE WORLD.
The United States is about to assume an attitude
that is big with destiny to the nation and to the world.
Assuming that we are to go to war with a great Euro
pean Power, may we not attempt to discover the
subtle changes such an act will produce in this Re
public ?
We came into existence as a nation for a very defi
nite purpose— to embody the principles of liberty 'in
a form of government that would guaranty the in
alienable rights of man. We denied the divine right
of kings, declared that there could be no righteous
rule among men save through the consent of the gov
erned. In a new land, with a continent to expand in,
the traditions of feudalism and force soon became

1196

THE CHRONICLE

memories, growing dimmer every decade in unim
peded endeavor.
And so we came to assume in the eyes of the world
the embodiment of an ideal— a government where
liberty of speech, worship and toil could not be de
nied, and where compulsion could only result as
consent was free. The minority had rights which
the majority was bound to respect. All power not
delegated was reserved to the States and to the peo
ple. The States were indestructible; the union
(though tested by the throes, of civil war) became
indissoluble. We grew great and rich and strong
through the industrious life of the people, content to
remain in isolation, separated by wide oceans from
decaying monarchies and international rivalries that
were born of and succored by a force outside the
people. And we wrote into our Constitution, so
sure were we of the natural perpetuity of the nation
and its institutions under freedom and independence,
that no appropriation for a standing army should be
made for a period extending beyond two years.
Universal military training was never a tenet of our
national policy. A large standing army was consid
ered a menace to a republic. And thousands came
from the Old World to our shores as to an asylum
where the individual might grow and act, might earn
and possess, released from the domination of a gov
ernment of force, which could compel him to bear
arms, to train through years, for service in any war
which an autocratic government might institute.
We came to hold slaves in growing numbers, from a
black and inferior race, afterward freed through strug
gle, but this form of slavery— to fight in a cause not
decreed by the people at the behest of a power out
side the people— we never had, or tolerated.
Liberty and independence came, therefore, to have,
to other men in other lands, a fixed and definite
meaning. Our conception of national duty was in
tensive, not excursive. We looked within, not with
out. We felt that in the citizen, not the soldier,
was crystallized our dream of human happiness. If
this citizen could be elevated by education and in
dustry into the highest type of man, no other duty
remained, no other aim was worthy, no higher good
could come. Our only mission in the world was
example. We had no more right to compel a sub
ject-citizen of another country to believe and to act
contrary to his conscience, his conception of freedom,
his interests, than we had to bind our own citizens to
a rule outside their own creation. Thus, for more
than a century and a third, we pursued the even
tenor of our way, proud that in this conception of
human liberty we were enlightening the world.
And we were! Republics to the south of us came
into being, modeled on our principles and policies.
And one,Brazil, went so far as to write into her con
stitution that the nation should never wage a war of
aggression. Can it be doubted that aggression as
thus used, far away from European embroilments,
included a recognition of that form of overreaching
compulsion which imposes, by force, ideas and ideals
on other nations and peoples? And from this light
and leading there grew up a close feeling of kinship.
For, say what you will, no attitude which the United
States assumes toward Old World systems, no farreaching undertaking it may now essay, but must
theoretically encumber, if it does not involve, these
Central and South American republics. In a recent
decision, in the main, they have not seen fit to follow
us, though they are now, several of them, grown




[Vol. 104.

great in development and trade, and are possessed of
capable statesmen. If we forsake a traditional
policy, observed by them as by us, will we forfeit
thereby an allegiance that is not only desirable from
the motive of commercial interests, but for the higher
one of natural international unity and common na
tional ideals ?
If, now, we enter into a war overseas, and invade
the old realm of government-by-force from which we
escaped, what will be the effect upon our own people
and nation, and what upon the peoples of the earth,
now struggling to be free, or restive under the yoke
of monarchy or imperialism? Will they continue to
look, as of yore, with longing eyes to the United
States, as the palladium of liberty, where free men
make the only government and laws which they are
bound to obey, who keep their Government strong
by support, and by preventing it from assuming a
power by which it may oppress? And what is to be
our Cause ?
It will not have escaped the attention of close
readers of the public press that the Cause for which
we shall enter the war, if we do, has undergone a rapid
change from specific objects to the overwhelmingly
inclusive one expressed by the terms “ for humanity’s
sake.” Infringements of international law and of
treaty obligations, talked of in the first instance,
have become obscured, from the fact that when we
look at our present contemplated conduct we shall
probably break the moral obligation of waiting one
year before opening hostilities which we were engaged
in embodying into peace treaties with the various
nations at the time the European war began. The
freedom of the seas, as a doctrine denied by no na
tion, is seen to be untenable as an accomplishment,
since we have not the power to compel it, and would
oblige us to go to war with both groups of belliger
ents, since even the Entente countires have resorted
to interferences with neutral trade which are not
sanctioned by international law. Much is said of the
dishonor of non-resistance to ruthlessness, but it is
being realized, as we stand on the brink of combat,
that we must employ methods of warfare ourselves
that may become, must at least tend to become, ruth
less. The integrity of the small States of the world,
noble as the mission may be, cannot possibly be ac
complished at this time by an exertion of force by us
and must await the conclusion of the war and a peace
treaty dominated by the nations that for two years
and a half have been fighting or preparing to fight.
Nor can the noble utterance “ peace without vic
tory” be brought about by our entrance into the war,
unless this nation pleads for peace soon after enter
ing the conflict, and is then heard and heeded by na
tions sworn to carry the war to its end, and that end
the utter defeat of the foe. So that the cause must
by known as “ for humanity’s sake,” certainly in
clusive, though nebulous; and if it means anything
definite in relation to liberty and government it means
just what we have tried through all our history to
embody in our type of citizenship and our traditional
opposition to a government of force. Probably the
best definition is visioned in the phrase “ democracy
against imperialism.” And here the difficulty and
the anomaly begin to unfold.
Claiming that promises have been broken, shocked
into action by barbarous methods of modern warfare,
shall we compel our citizens, by a universal military
service act to enter this war— to strike softly, or
to hit hard, to suffer from poisonous gases but never

Mar . 31 1917.]

THE CHRONICLE

to use them, to sink ships by the use of the submaiine
but always to rescue crew and passengers to the last
man first, to break all interfering blockades but never
to declare one— in a word, to pussyfoot across the
stage in the last months of this gigantic and bloody
war— or are we going to fight for humanity and for
humane methods of warfare by the use of every means
of modern warfare known, and any secret means we
may be able to possess, that victory and our own
safety demand, once we are well into the conflict,
though these means be inhumane? In the minds of
trained military men there is no doubt on any of
these questions. They will not conduct a war, even
for humanity’s sake, on any nameable humanitarian
plane. They will blow up a trench as often and as
secretly as necessary. They will load the biggest
guns and -fire “ when ready.” They will use the
submarines we are now building in the only way in
which they can be successfully used— by surprise
attack. And since these things belong to the science
of war, they should do so! And just here is the divid
ing line between the civilian dream of peace, of uni
versal democracies based on the consent of the gov
erned, of a government existent without the element
of force, as represented by militarism and universal
service at arms, all hitherto embodied in the example
of the Republic of the United States of America, and
that other ideal of freedom based on governments of
force, as represented by the monarchical and impe
rialistic nations of the Old World, nations that are
aggressive for territory, nations that possess and ac
quire as a policy dependencies and colonies, nations
that keep a huge standing army which as long as it
is loyal to the government prevents the people from
changing its form to that of a democracy.
And what do we now behold? A despotism, a
constitutional or limited monarchy, and a republic
with a large standing army, a republic under the du
ress of immediate invasion, united in a common in
terest to fight to the last for the overthrow of a form
of militarism wonderfully efficient, though it be
through sheer “ ruthlessness.” M ay we not pause to
ask here, is there no significance to the fact that the
Russian revolution became what is known as “ blood
less” because the army was with it? And since the
army struck no blow, it merely effaced itself, and thus
demonstrated, if the Republic of Russia is to follow,
that a standing army is a menace to liberty and
democracy. But to return. Into this company the
United States is now to go— to conquer, in the in
terest of peace, in behalf of humanity and humane
methods of warfare, and thus aid in annihilating for
ever that heinous thing called “ Prussianism,” which
is also compulsory military service, and the utmost
efficiency in perpetual military preparedness, coupled
with a conduct of war, when war comes, to win—
though it kill all the enemy and ravage all lands.
This entrance for us may be well or it may be ill; it
may servo to bring about disarmament and universal
peace, or it may sow the seeds of hate for a hundred
years to come that will spring up in other sanguinary
wars when this one is dead; its object may be ra
tionally possible or it may not, since a people must
be utterly extinguished else they may grow up to
fight again. As regards the foe, our antagonism
therefore must become more abstract than concrete.
In our own behalf, we are not now concerned about
Germany, but about the United States. If war is
declared, it is needless to say we shall support the
Government. Our own views in such a crisis are




1197

not sacred to us in the presence of the will of our
countrymen. But may we not ask, one to another,
before that fateful final word is spoken, are we not
by this act transforming the glorious Republic that
was, into the powerful Republic that is, and is to be?
— similar, but not the same,free in consent but bound
by force, no longer alone a high and mighty example,
but a driving enginery in the midst of foreign strife,
no longer a moveless light that shines in the midst of
turmoil, but a burning torch that beckons in the fore
front of battle?
M ay we not pause, upon the very brink, before it
is too late, and ask, are we not sacrificing by this
act the model we have been so laboriously fashioning
for nearly a century and a half? Can we longer
stand before the world as the exemplar of that form
of government which exists, prospers and conquers
by virtue of liberty and love, rather than power and
compulsion? We repeat again, that millions feeling
the iron of military service and despotic rule have
become citizens of this Republic that their sons might
not be conscripted to engage in war to compel other
nations and other men’s sons in a cause they could
not create and oft-times could not condone. Where
now will the oppressed g o ? To South America? If
it were the merely selfish interest of immigration to
develop our lands, to enlarge our commerce and
wealth, we are building a wall of swords to shut them
out. Is there true glory in turning the tide of battle,
if that could and should be, at this late hour? What
do the other neutrals, republics and monarchies alike,
think, as they still stand steadfast upon their firm
resolve? They who have been injured more than
have we? Is it thus that human brotherhood is
brought about; is it thus that “ humanity” is defined,
established, elevated, throughout the earth?
It was said of old that we could not survive with
out the cohesion of force, without an ever stronger
and more centralized government, that we would die
from within, by the sheer centrifugal influence of
liberal laws and humane principles of freedom and
individualism. And yet we have withstood every
assault from within. Shall we now gird up strength
to go forth to compel a state of humanitarianism in
the earth, and join with limited monarchies to de
stroy an imperialism that now fights in the last ditch
for existence, whether right or wrong, ourselves using
the same methods that are used to perpetuate that
form of rule? Can we do this and preserve that
democracy which we have exalted and which hitherto
has exalted us? It may be that this is our mission,
many deem it so who are loyal and wise, but must we
not admit that we are bringing into existence a new
republic that is unlike the old?
But whatever be our course, shall we not in mind
and thought, in heart and hand, stick to the old
path, keep to the old faith— there is glory and there
is safety. Thus shall we keep the pledge with the
new republics to the south of us. Thus shall we ex-ist unchanged in the eyes of the world. The revolu
tion of Russia proves that Old World peoples are
restive under autocratic rule. Some of them, let
this fact stir our consciousness at this time, cannot
change the form of government while the war en
dures. It is this fact that should deter our entrance
into the conflict by the use of force armed and
equipped to compel victory. We have shattered, or
will have shattered, our influence for disarmament
complete and unconditional, if we carry the proposed
course to the bitter end.

1 1 98

THE CHRONICLE

ASSEMBLING OF THE N E W CONGRESS— ITS
LIN E OF POLICY.
Ordinarily the special session of a legislative body
is confined to the objects named in the call. In the
present extraordinary session of a new Congress the
course of legislation will largely depend on the pro
gram outlined by the President in his forthcoming
message. There was, however, so much unfinished
business at the expiration of the last Congress affect
ing the fiscal affairs of the nation that to complete
this alone will require a session extending well into
the summer. Revenue bills affecting the army and
navy must be reintroduced, follow the usual course
through committees, and, as will be recalled, several
of these embody provisions over which there is much
controversy. The overshadowing issue is that of
war. And this, taken in connection with revenue
measures, regular and contingent, has so many col
lateral phases that legislation under the language of
the proclamation “ grave questions of national
policy” will, most likely, attain a wide range. The
importance of the session to the future of the country
cannot be overestimated.
One of the unfortunate circumstances attending all
our law-making at the present time is that the shadow
of a great war manifests itself first in surcharging
all tax measures with an emergency pressure which
tends inevitably toward haste, excesses and inequal
ity. Though the urgent need for the appropriation
may and should disappear, yet the tax remains.
Whatever may be done in the interest of the policies
of “ preparedness” and “ war,” now in the forefront
through the very nature of the issues, tends to be
continuous. It becomes very difficult, therefore, to
lay measures equitably. Necessity is the mother of
invention, and invention cannot wait for deliberation
over ways and means. Nevertheless, nothing is
more vital to the wellbeing of a people and to the
industrial life of a nation than the laying of taxes.
Revenue measures originate in the lower branch of
Congress because that is felt to be closer to the citi
zens. Speaking generally, they should be enacted
in a spirit of calm, be carefully related to the national
income, and, it is unnecessary to add, be made to
bear equally on all the people. This cannot well be
done in times of excitement under the panic-pressure
of national danger, either real or imagined, and when
there is a feeling abroad in the land that “ this is
no time to count the cost” of expenditures proposed
to be made.
Yet we should not lose sight at the present time
of the fact that it is the business of the country
that sustains any and every taxing system. And
this must have its natural free exercise and full func
tioning to produce the largest revenues. We express
a hope that the coming session of the Congress will
introduce as little interference as possible. Our
industries must support us, whatever be the state of
the nation. Despite uneven development, unequal
burdens and certain temporary surface irregularities,
the underlying fact is that our resources are enor
mous and as yet untested by extremity. We have
nothing to fear on this score. Violent expedients
which disrupt and disorder need not be adopted.
These defeat the very ends sought. We must work
in order to pay. And since the future is sought to
be safeguarded, though the method adopted be a
resort to the last extremity of nations, there is no
valid reason, we think, why the future may not be




[Vol. 104.

levied upon in part for its own protection, rather
than to make burdens of the present onerous and
insupportable. And if this policy, large and free,
be adopted, the so-called “ mobilization” of our
industrial and financial forces may be kept at a
minimum.
At least, we feel the agencies of peace and those of
war should be kept separate as far as possible. For
it is in this manner that each will reach the highest
degree of efficiency under our republican form of
government. It is our belief that this should be the
guiding principle, as it is the greatest problem, before
the coming Congress. The collateral subjects at
tending revenue legislation, to which we have alluded,
our farming, railroad, manufacturing and banking
interests, should be left free to function in the ordi
nary way, save where it is imperative that their
temporary use shall be partially given over to the
use of the Government. Laws should not be
enacted under the pressure of war need which serve
to change their essential character and operation.
Voluntary service proffered by patriotism appears
even at this early date to leave little to be desired.
Aside from this, our farming interests will respond
naturally to the demands of consumption at any
given time. Laws intended to control production
and to designate crops and define acreage can never
forestall the seasons, and may therefore result in
disaster instead of benefit. Our independent bank
ing system will fulfill all the exigencies of the occasion
if left to its own inherent strength and to the natural
service of its separate free units. In manufacturing
a vast body of our industries may continue their
course uninterrupted because unrelated directly to
the needs of possible war. And so close is the rela
tion of all the iron and steel industries to the general
growth of the country that it must be recognized
that a thousand dependent businesses may be '
seriously impeded by the necessary taking over of a
large plant. Our railroads, it may be said, need
only the cordial and rightful support of Congress
and the people to sufficiently expand to meet any
emergency. The danger is that enthusiasts blinded
to all else save the one issue will levy such tribute
and lay such burdens by a compulsory service not
in accord with natural power and growth that the very
end sought to be obtained will be defeated, namely:
the support of the Government to the full extent of all
possible production, exchange and distribution.
Nor can the present be regarded as a proper time
for introducing reforms into the administration of our
civil, social and industrial life. Here, also, there is
danger from unnatural pressure. Here there may
be opportunity for selfish interests. Here we may
quickly, unnoticeably and enduringly centralize the
Government and abridge the rights of the States
and of the citizen. Economy, efficiency and speed
may all be accomplished by placing war, if it shall
come, upon a purely war basis. The extreme
resorts of European nations, with their heavy original
debts, their incredible expenses, their huge life losses
and their limited territories and pent populations,
are not necessary of adoption by us, at least at this
time. Let us remember that we must live after the
war as well as through it. The income of the people
will best be available to pay all interest charges
incurred if “ business” be left free to function in the
old way. It is thought by some that the Adminis
tration will endeavor to strike a happy medium
between direct taxes and bonds. And, though the

Ma r . 31 1917.]

THE CHRONICLE

former possess more of the {Dower to interfere with
business than the latter, either may be made to do
so when coupled with policies of control and regu
lation .
To give point to these remarks, let us adduce a
single illustration affecting our credit power as a
people, than which nothing is more vital in any
crisis. A hint was made some time ago in the press,
unauthoritative as we believe, that in a possible
“ mobilization ’ of the financial power of the nation
it might become necessary to adopt some measure
which would force the State banks into the Federal
Reserve system. While the thought, even, is to be
deprecated, the act would defeat its purpose, and
curtail rather than enlarge community credit which
is primal and upon which all depends. It is a vivid
illustration of the evil of putting industries dependent
for their very life on peaceful conditions upon a
war basis.
this Congress, members of which are now assem
bling at Washington, many of them for the first
time, will be memorable in our history. It should
have courage, but it should take care. War may
stretch its bloody trail across the land, but there
are millions ol homes where the sunlight of endeavor,
the lure of ideals, the stirrings of ambition, will yet
endure.
To secure these will not lessen patriotism,
will not diminish national strength, but will preserve
them— as the best support for any need which the
lowering future may hold.
G O V E R N M E N T COM PET IT IO N I N

THE

M A R K E T IN G B U S IN E S S .

As the acuteness which produced the rioting over
the food supply about a month ago has gradually
lessened, the flood of bills for putting the city or the
State into the complex and difficult work of supplying
food seems to have ceased; the bills may be lying
about somewhere in legislatures, but little is heard of
them. I hey are crude, hasty, and offered under a
vague notion that a present trouble has appeared,
and it is somebody’s affair to do something about.it
Perhaps there is no expectation that any of the bills
offered will go to enactment, and perhaps there is
no desire that they shall; they serve to show that the
legislators were not unmoved by the trouble and
wanted to prove good intentions.
There is one objection to an attempted entry of
government into the marketing business which has
not been so prominently mentioned as it should be,
namely, the injustice it would work, or threaten to
work, to private persons already in the food trade.
Such persons are legitimately in business, having in
vested their means and their experience in it, and
they are paying rent for their premises and taxes to
both city and State. For the city or the State to
rush into a competition which must be beyond their
power to meet (because the intervention could not
help consumers unless it were drastic enough to
amount to that) would work a double wrong upon
these traders, by diverting to unintended uses the
money they have contributed to the public fund as
taxpayers, and by using the money thus diverted to
injure their business and impair their ability to pay
more taxes and take care of themselves in the
wrestle of living.
The sharpest exigency of intolerable prices for
vegetables soon relaxed somewhat, and we have not
reached the condition of a famine-stricken city in
which starvation must be averted first, and adjust




1199

ments must be considered afterwards. Small com
binations of individual consumers into “ buying clubs,”
although not unknown before, received a sudden
impetus in the past month, and these clubs claim to
have made a practical cut for their members of some
15 to 20% on the most common food necessaries,
doing this by the simple process of going behind the
retailer to the wholesaler. In doing this they are
hard upon the retailer, yet this process differs from
the proposed statutory intervention in two important
particulars: it is the rightful action of individuals
for their own relief to which they are entitled if they
can get it lawfully, and neither uses the law-making
power nor the funds of taxpayers; next, it is on an
inconsiderable scale, comparatively speaking, and is,
therefore, gradual. In this it is like all movements
towards consumers’ co-operation; it will displace,
and temporarily harm, existing traders, but so grad
ually that they have notice and time to adapt them
selves to it.
One bill for State intervention deserves mention
because of its drastic character and also because it is
a good example of the obscurity, almost reaching in
coherence, in much matter which is hastily flung into
legislatures. This bill came up in Indiana, and is
ostensibly to prevent the wasting of grown crops by
not harvesting them. The meaning obtainable from
its bunglingly-phrased principal section appears to be
that if any person buys, or agrees to buy, a piece of
real estate of either the owner or tenant thereof, and,
as a condition in the contract, promises “ to pick, dig,
harvest, collect or remove any grain, vegetable, fruit,
or any other edible product of such real estate or
shrub, plant, or tree thereon,” and if such person, by
not doing so, causes any edible product to become
unfit for human consumption, he shall be liable to a
fine of double the agreed price of the real estate and
also to imprisonment up to six months. Whoever
buys crops with land might be trusted to take care
of his property without threat from law, and a law
to prevent waste in private kitchens would be ad
dressed to a more real evil, albeit no less impracti
cable to enforce. Incidentally, we may note that if
willful destruction or waste of food, by its owner, for
the purpose of getting a larger gain by sale of the
remainder through heightened scarcity, is on a scale
large enough to be a noticeable evil, this Indiana
proposition would not apply to it.
Another bill, in the Pennsylvania Legislature, and
said to have come from an association of retail
grocers in Philadelphia, constitutes three present
State officials a Board of Food Control, and goes to
the extraordinary length of providing that when any
person owning or controlling “ a supply” of any
article of food “ is offering or holding same for sale
at a price which includes more than twice the approxi
mate customary profit upon such sales or is refusing
to sell said article of food at any price whatever,”
the Board “ shall” seize the food, paying the owner
or holder the cost price plus a percentage representing
the usual and customary cost of doing business to
him and “ an approximate usual and customary
profit” ; then the article shall be immediately re-sold
“ at a price representing the fair market value,” but
not under the amount paid for it.
Keenly interested concern ought to be felt every
where about this season’s crops, and every effort
should be put forth to do all that man can do towards
what we used to boast of as “ bumper” yields. A
circular lately issued by the Federal Reserve Bank o f

1200

THE CHRONICLE

[Vol . 104.

Richmond notes that “ the community of interest that some of the Chinese cotton has been passed
which has always existed in the crop-raising districts upon favorably by a competent American investi
of this country between the bankers and the farmers gator. The cost of the raw cotton is very low as
has become country-wide,” and cites some figures compared with American and other varieties, the
showing the falling off in the principal crops in 191(3 cheaper qualities being usually available at from
as compared with 1915 and with a five-years’ aver 2 to 3 cents per pound.
The manufacture of the staple in China, however,
age. A bulletin by the Secretary of Agriculture
is
in its infancy, and this leads the “ Review” to re
urges special efforts, this year, and in so doing makes
mark
“ the day is far distant, if it ever dawns, when
several excellent practical points. Farmers are ad
China
is likely to provide sufficient manufactured
vised to carefully test seeds before planting, because
cotton
goods to meet her own demand, especially
seed stocks are somewhat low and it is particularly
when
it
is considered that population is somewhere
important now to lessen the danger of blight by dis
between
350,000,000 and 400,000,000 and cotton
eased seed, losses thereby having been large in
potatoes and the cereals. Preservation of matured material is used for the national dress.” Obstacles
crops is also urged; canning, preserving, and drying tending to hamper development of the cotton manu
should not be long delayed, and drying (for soup facturing industry, moreover, have been the im
stocks) of carrots, potatoes, celery and sweet corn munity enjoyed by imported goods from certain
can addjUargely to the total of available foods. charges levied on the native article and the great
Several talks on farming by Mr. Howard Elliott, in difficulty, if not impossibility, of producing the
China, however, has made a
the autumn of 1913, might profitably be recalled to finer counts of yarn.
good
start,
it
is
claimed,
toward supplying some
mind, in which he contrasted Rhode Island with
of
her
needs
for
cotton
goods
and factors favor the
Belgium as Belgium had been, and Connecticut with
extension
of
the
industry.
At
present it is esti
Denmark. Belgium had about 90% of her land area
mated
that
there
are
about
1,000,000
spindles and
in farms and 83.5% of that farm area was improved,
4,000
looms
in
operation,
the
counts
of
yarn manu
while Rhode Island had about G6% of her area in
factured
being
practically
confined
to
those
running
farms but had only 40% of that improved, having let
from
10s.
to
20s.,
although
some
success
is
reported
her agriculture gradually decline. Denmark, he
said, has 34% of her population “ agricultural” and in spinning 32s.
When in full operation the annual production of
60% living in rural communities, while in Connecti
the
mills is between 200,000,000 and 225,000,000
cut only 10% arc agricultural and rural; enough land
pounds
of yarn and 25,000,000 to 50,000,000 yards
in Connecticut has gone back to wildness since 1850
of
cloth.
Labor and other costs of manufacture
to support the present population of the State, and
are
very
low,
but manufacturers are seriously handi
yet the land now in tillage would feed three times that
population if properly cultivated, “ soil mining” being capped by the fact that they receive very slight
protection through the tariff and their product is
turned into “ soil farming.”
subject
to heavier inland taxation than the imported
The Lehigh Valley Railway proposes to put on its
article.
For example, the imported article can be
line a “ potato special” train of cars in which the best
sent
to
any
part of the interior by a single additional
methods of treating seed and all which the potato
payment
of
half the original import duty, and from
grower ought to know and do will be taught by talk
one treaty port to another absolutely free of tax. •
and by object lessons. The Eastern States Agricul
tural and Industrial Exposition, which is undertaking On the other hand, the local article has to pay
to wake New England to the wisdom (if not the real likin (tax) if sent from one treaty port to another,
necessity) of again growing its own food, announces and if shipped far inland is subject to tax at an
unknown number of barriers. This disadvantage
that a considerable sum has been raised for its work,
whose underlying idea is “ to organize the manufac (a decided anomaly), however, is not expected to
continue much longer, and with its removal develop
turers and business men of New England into a co
ment of the industry should follow.
operative movement with the farmer.”
Evidence accumulates of constant efforts to
All this stirring is timely and in the right direction.
wards the modernization or occidcntalization ol
Adversity is a thorough teacher, though a stern and
China. This, according to reliable advices to the
unpleasant one. Very much awakening and very
Far Eastern Bureau of this city, is especially no
much improvement in energy and methods of work
ticeable in measures before the Chinese parliament
are suitable for this rather over-favored country of
at Peking revising the country’s civil and criminal
ours.
______________________
codes and methods of procedure. It is particularly
desired to remove any cause for American or Euro
COTTON P R O D U C T IO N I N C H I N A .
pean
criticism and in line therewith a bill has been
China as a cotton producer and manufacturer
introduced
having in view the prohibiting of execu
is the subject of quite extended comment in a
recent issue of the “ Far Eastern Review,” pub tions by shooting and of punishment by illegal,
The
lished in Shanghai and much of the information unauthorized, cruel or unusual means.
is authority for the
is of more than ordinary interest. As regards the Bureau’s correspondent
production of cotton in the country, it is tacitly statement that:
China’s own ideas regarding “ the certainty
admitted that there is no accurate knowledge, but
the opinion is expressed that the annual yield is rather than the severity of punishment” have under
somewhere between 750,000 and 1,000,000 tons, gone material change for the better during the last
ten or fifteen years. It is not merely that China
or from 3,000,000 to 4,000,000 bales of 500 lbs.
desires to meet the wishes of the treaty powers, to
each, and it is stated, furthermore, that the culti her own advantage, but a very great many Chinese,
vation of the staple can be extended almost indefi especially those influencing the acts of the govern
nitely as the demand increases. Formerly the staple ment, no longer cling to old notions regarding'3the
was very short but the introduction of new seed propriety or justification of methods of punishment
has’’ resulted in improvement and it is remarked such as those which formed the theme for James



mar.

31 1917.]

THE CHRONICLE

Payne’s novel, “ By Proxy.” Many European and
American visitors of distinction who have seen
China personally and with the vision derived
from previous years in close association with public
thought in many parts of the world, have ex
pressed while in China the belief that nothing has
been more hurtful to Chinese interests than the
bad impression made by instances of cruelty
capitalized in “ By Proxy” and other books more
or less widely read in America and in Europe.
The attitude of President Li and of most of the
republican leaders toward the monarchists shows
conclusively that the days of summary decapita
tions are past and that the morning of modern
jurisprudence dawned with the revival of the R e
public.
Among other things that are receiving earnest
consideration and attention at the moment in China
and that will serve to bring the nation more in unison
with the progressive countries of the world are the
extension of railway and telegraph, establishment of
postal savings banks, improvement of the water
ways and postal system, and last, but not least,
the removal of the walls of the City of Canton.

im p o r ta n t

1201

in

th e

d ep a rtm en t a t
arm y

arm y

s e r v ic e ,

C h a r le s t o n ,

to

cau sed

com m an d

m u ch

o f

th e

s p e c u la t io n

c ir c le s , it is s a id , b e c a u s e o f t h e f a c t t h a t n o

tio n

w as

g iv e n ,

and

S ecreta ry

u pon

th e

ch an ge.

com m en t
even

a fte r

th e

s u b -d iv is io n

o f

W ar

T h e

order

B aker

E a ste rn

goes

new

am ong

e x p la n a 

d e c lin e d

to

D e p a rtm e n t,

in to

e ffe c t,

w ill

be

r e g a r d e d , i t is s t a t e d , a s t h e m o s t i m p o r t a n t o f t h e s ix a r m y
d ep a rtm en ts,

becau se

o f

its

great

e c o n o m ic

d e v e lo p m e n t.

W h y M a jo r -G e n e r a l B e ll, G e n e r a l W o o d ’s im m e d ia te ju n io r ,
s h o u ld

be

g iv e n

m en ts

w as

a ls o

Som e

s u r p r is e

th e
th e

w as

m ost
cau se

im p o r ta n t
o f

lik e w is e

m u ch

expressed

B r ig a d ie r -G e n e r a l E d w a r d s fr o m
N o rth e a ste rn

o f

D e p a rtm e n t,

th e

arm y

com m en t
ov er

th e

s u r p r is e .

tr a n s fe r

th e C a n a l Z o n e

w ith

d ep a rt

and

to

h ea d q u a rters

o f

th e n ew

at

B oston ,

b e c a u s e o f th e fa c t t h a t it w a s th o u g h t t h a t G e n e r a l E d w a r d s
h a d m a d e a s t u d y o f th e d e fe n s e s o f th e P a n a m a

C anal and

w o u ld

k n o w le d g e

in

h avo

th e

th a t

been

even t o f a

G en eral

w ere

G en eral
and

th a t

o p tio n
m en t

to

had

ta k in g

“ or

th e

expert

a tta ck

u pon

n ot

e v id e n t o n

no

S ecreta ry

of

m ake

had

a llo w e d

W ood

to

h o s tile

W ood

tra n s fe r b e c a m e
gram s

a b le

o f

th e

be

m ade

W ar

im p o r ta n t

C a n a l.

w hen

p u b lic .

gave

th o
on e

T h e

T h ey
o f

sh ow
h is

G en eral

M a n ila

h is

o ffic ia l te le 
th a t

tra n s fe r

W ood

S o u th e a ste rn
at

fa ct

r e g a r d in g

tw o

k n o w le d g e

B aker
of

th e

h is

c o n s u lte d

2 6 th

p r e v io u s

com m an d

m ore

been

u se o f

th e

D ep a rt

or

H a w a ii.”

G e n e r a l W o o d r e c e iv e d n o t ific a t io n o f h is t r a n s fe r la s t S a t u r 
day

in

th e

fo llo w in g

te le g r a m

s ig n e d

b y

A d ju t a n t-G e n e r a l

M c C a in :

TWO

N E W D E PA R T M E N T S CREATED I N A R M Y G E N . W O OD T R A N S F E R R E D SO U T H .

A n

u n ex p ected

d ep a rtm en ts
now
at

o f

s h iftin g

th e

d e p a rtm en ts,

W a s h in g to n

bu t

fo u r

M arch

e m b r a c in g th o N e w

W est

V ir g in ia ,

o f

been

M a r y la n d ,

N ew

O rle a n s

d iv id e d

H .
and

in to

th re e

d e p a r tm e n ts , w h ic h

p a rts,

havo

been

S o u th e a ste rn D e p a rtm e n ts .

and

been

S ta tes

W estern .

D e p a rtm e n t,
Jersey,

o f C o lu m 

S ou th

C a ro lin a ,

A la b a m a

and

M is 

and

th o

Is la n d

of

k e y s a d ja c e n t t h e r e t o , lia s

th u s

m a k in g

c a lle d

th o

tw o

now

arm y

N o rth e a sto rn

and

A s a r e s u lt o f th o a d d it io n o f th e

tw o n o w d e p a r tm e n ts , th o s h iftin g o f s o m e o f th o c o m m a n d e r s
has

a ls o

been

c o m m a n d in g

m ado.
th o

M a jo r -G e n e r a l

E a ste rn

G o v e r n o r ’s I s la n d , N o w

to

th o co m m a n d

e a s te r n , w ith
G en oral

J.

com m an d
ceed

of one

F r a n k lin B e ll
o f

th o

has

W estern

M a jo r -G e n e r a l

been

Y ork

C ity ,

o f th o n ow

w ith

W ood ,

has boon

tra n s fe rre d

d e p a rtm e n ts, th o

W ood
M a y

tr a n s fe rr e d

boon

ordered

D e p a rtm e n t
in

1.

fro m

o f

com m an d
M a jo r

S o u th 
M a jo r -

r e lie v e d

th e

o f

now

h e a d q u a rters

h e a d q u a r te r s a t C h a r le s to n , S . C ., a n d

p a r tm e n t, e ffe c tiv e
has

L eon ard

D e p a rtm e n t,

at

o f

arm y

th e

h is

to

su c

E a ste rn

D e

G e n e ra l H u n te r L ig g e tt

com m an d

Tho President has ordered the division o f present Eastern Department
into three parts, and has designated General Edwards to command North
eastern Department, headquarters Boston: General J. Franklin Bell, East
ern Department, headquarters Governors Island; Southeastern Depart
ment, headquarters Charleston, S. C. Secretary o f War directs you be
given your option as to taking tho latter department or tho more important
one at Manila or Hawaii.
M cCAIN .
G e n e ra l W o o d ’s r e p ly , sen t th e n e x t d a y , S u n d a y , th e 2 5 th ,
s a id :
M a rch 25
A d ju t a n t- G e n e r a l ,

Acknowledge receipt o f your confidential and personal telegram, March
24, Informing that Eastern Department is to be divided into three parts,
and tendering me command at Charleston or command at Manila or
Hawaii. I prefer Charleston.
WOOD.

o f

th e

t a k e c lia r g o o f t h o W e s t e r n D e p a r t m e n t .

P h ilip p in e s

to

B r ig a d io r -G o n e r a l

U .

S . S e n a to r J o h n

W ood .

H is

as

yet

been

ch osen .

M a jo r -G o n o r a l

John

J.

sta te m e n t w as

as

C o m m itte e , o n

s ix ty

b y o ffic e r s o f th e N e w
m en,

in c lu d in g

M a jo r -G e n e r a l
w as

th o

G overn or
W ood ,
s u b je c t

C lu b

Y ork

th o
o f

la s t M o n d a y

e v e n in g ,
to a b o u t

W h itm a n ,
tra n s fe r
fe rv e n t

o f

H o is q u o t e d b y t h e “ S u n ” a s h a v i n g s a id :

II.

B a rry

is

t o r o m a in in c o m m a n d o f t h o C e n t r a l D e p a r t m e n t .
T h o a d d it io n o f tw o
arm y

is s a id

to

havo

now

d e p a r t m e n t s in t h o U n it e d S t a t e s

been

recom m en d ed

b y

th o

A rm y

C o lle g e D iv is io n o f t h o G e n e r a l S t a ff a s th e fir s t s t e p
p r e p a r a tio n s

fo r

d e fe n s e

in

T h o o b je c t o f th e c r e a t io n

th o

W ar

tow a rd

p r e s e n t n a tio n a l e m e r g e n c y .

o f th e tw o n ow

d e p a r t m e n t s , i t is

s a id , w a s to d is tr ib u te a m o n g th re e c o m m a n d e r s th e w o r k o f
m o b iliz a tio n
in c lu d e d
th e

in

g rea test

E a sto rn

th e

num ber

D e p a rtm e n t

in a t o ly

presen t

th o m o s t th ic k ly

8 0 %

o f th o

of

1 5 0 ,0 0 0

W ith

4 4 0 ,0 0 0

stron g th

of

N a t io n a l

D e p a rtm e n t,

S ta tes, a n d

m u st

th o

com o.

th o

sen t to

a p p r o x i-

th o

M e x ica n

to

a

s in g le

d e p a rtm en ta l

M itc h e l
W ood

b y

in

o r g a n iz a tio n

to

u n d er

t a k e , b e c a u s e o f th o la r g o n u m b e r o f s u p p ly p r o b le m s in v o lv e d .

w as a

Y o r k C ity a n d S ta te .

Gen. Wood is the man above all others who can speak with authority
on this question of national defense. His has been the principal voice of
warning, pointing out the dangers of the past and the way o f protection
for our country in the future.
I feel It necessary to express tho deep and heartfelt regret of the people
of this city over the tremendous loss wo feel in the detail o f Gen. Wood to
another post. Wo need him here in New York City. It is my personal
opinion— I have no right to set it up against the national authorities—
that wo need him here now, and we are going to continuo to need him more
than any other part o f the United States can possibly need him in the
days to come.
I wish with all my heart that tho national Government could find a way
to leavo him hero and that ho might continuo to raise his voice hero in the
causo o f national preparedness. It is a splendid thing to have a force
like this among us. Although he is present, I hope he will forgive me for
saying that I regard him as one of the bravest, finest, most upstanding
men that America can show in all her citizenship to-day.

N A T I O N A L A S S E M B L Y OF P A N A M A PA S S E S
NEGOTIABLE IN S T R U M E N T S L A W .
A

u n ifo rm

ap p roved on

la w

in P a n a m a o n

n e g o tia b le in s tru m e n ts w a s

th e 1 2 th in s t. b y th e N a tio n a l A s s e m b ly o f th a t

c o u n t r y , a c c o r d in g t o a d v ic e s r e c e iv e d a t W a s h in g to n b y
T h o
th o

tr a n s fe r

E a sto rn

o f

M a jo r -G o n o r a l

D e p a rtm e n t,




W ood

g e n e r a lly

fro m

to

M a y or

a u th o r iz e d

bo

fo r

ou t

presen t

o f

m a x im u m

c a lle d

w h ic h

a d d itio n

groat

G u ard,

T h o

m o b iliz a tio n

gu ardsm on

m en,

w h ic h

fro m

w h a to v o r v o lu n te e r s m ig h t b o s u m m o n e d , th o ta s k w o u ld
to o

th o

s o ld ie r s

d ir e cte d

border.

E a ste rn

p o p u la te d

G en .

M it c h e l, w h o a s s e rte d th a t th e tr a n s fe r o f G e n . W o o d

t o w h ic h h o w a s c h o s o n in F e b r u a r y u p o n t h o d e a t h o f M a j o r T h om as

M a y or

rem arks

“ tr e m e n d o u s lo s s ” to th e p e o p le o f N e w

M a jo r -G e n e r a l

26

N a t io n a l G u a r d

P e r s h in g is t o r e m a in in c h a r g e o f t h o S o u t h e r n D e p a r t m e n t |

G en era l F u n sto n , a n d

m em 

M arch

fo llo w s :

A t a d in n e r a t th e U n iv e r s it y
g iv e n

C h a r le s to n

n ot

A ffa irs

Tho transfer of Major-General Leonard W ood to the comparatively un
important division of the Southeast is most disheartening, coming as It does
at a time when patriotic citizens everywhere are trying to make the military
establishment effective. The promotion o f Dr. Grayson was without
excuse, but it was not o f sufficient importance to greatly affect the naval
service. General W ood’s detachment, however, at this time is a matter
of tho greatest military importance. No man has done so much during
tho last two years to stimulate patriotic endeavor. Morevoer, he knows
tills department better than any officer on the activo list and his rank
entitles him to retain it. Ultimately those responsible for weakening our
military organization at such a time as this will havo to explain the reasons
for doing this.

orn D e p a rtm e n t.
has

W eek s o f M a ssa ch u se tts, a

is s u e d a s t a t e m e n t s e v e r e ly c r it ic is in g t h e t r a n s fe r o f G e n e r a l

and

I lis su cce sso r a s C o m m a n d e r a t th o C a n a l

W .

b e r o f th e S e n a te M ilit a r y

C la r e n c e I t . E d w a r d s is t o t a k e c h a r g e o f t h o n e w N o r t h e a s t 

Zon o

1917.

W a s h in g to n , D . C . :

A rk a n sa s, th e co a st

G a lv e s to n

t h o is la n d s a n d

tw o

have

Y ork , N ow

F lo r id a ,
in

o f

U n it e d

D is tr ic t

and

arm y

D e p a rtm en t

th ere

th o

th o

R oots

th e

c r e a tio n

E a ste rn

N orth

G e o r g ia ,

post o f L ogan

R i c o , w it h

th o o ld

V ir g in ia ,

T en n essee,

d e fe n s e s

o f

o f

W ar

H o ro to fo ro

E n g la n d S ta te s , N o w

b ia ,

P orto

th o

th o

s e c tio n s ,

in s t.

D e la w a r e ,

th o

25.

b y

th o E a s te r n , C e n tr a l, S o u th e r n

P e n n s y lv a n ia ,

K en tu ck y ,

com m a n d ers

S ta tes, a n d

or

th e o rd e r o f th e 2 5 th

s is s ip p i,

th e

an n ou n ced

D e p a rtm e n ts,

a r m y , n a m o ly
B y

U n it e d

w as

on

o f

24 1917.

W a s h in g to n , M a r c h
M a j o r - G e n e r a l L e o n a r d W o o d , G o v er n o r s I s l a n d , N . Y . :

com m an d

c o n s id e r e d

th o

of

m ost

P r e s id e n t
A u r e lio

of

th o

I n t e r n a t io n a l

H ig h

C o m m is s io n

G u a r d ia , M in is te r o f F in a n c e o f P a n a m a .

th e

fro m

progressed

RETROSPECT OF 1916.
In publishing on Jan. 6 our review of the calendar
year 1916, we printed the monthly narratives only
for the first two months. In the issue for Jan. 13 we
gave the narratives for two months more; on Jan. 20
we gave the summary for M ay; on Jan. 27 that for
the month of June; on Feb. 3 that for July; on
Feb. 10 that for the month of August; on Feb. 17
that for September; on Feb. 24 that for October; on
March 3 that for November; and to-day we complete
the series by adding the narrative for the month of
December.
•
M O N T H OF D E C E M B E R

Current
in

an

or

le s s

la r g o .
gave
th e

Events . —

e v e n tfu l

m ore

a ll

T h e

D ecem b er

year.

b e in g ,

G overn m en t

year,

of

th e

e v e n tfu l

w as

began

to

a c t io n

of

th e

lo o m

fo r

th is

ou t

p r ice

G erm a n

to

stre tch

C h a n c e llo r w e n t o n

su ccesses h a d
th e

lo n g

and

been

restored
she

to

of

has

com e

fo r

pow ers

in

had

S ta tes

had

w e ll a s H is

been

th e

A fte r
“ G od

H o lin e s s

ta k en

th e

th o

a c q u a in tin g

h is

G orm an

tr ie s t o b r in g t h o G e r m a n p r o p o s it io n
e n e m ie s

o f

th e

fo r th c o m in g ,

or

d e v e lo p m e n ts
on

M on d a y ,

o f

th e

C e n tra l
at

le a s t

w ere
D ec.

P ow ers.
an

of

th o

to th e a tte n tio n o f th o

A n

in k lin g

in d ic a tio n

im p e n d in g ,

n eu tra l c o u n 

w ill

bo

th o

cam o

o f

th a t

in

w hat

b y

w as

w o u ld

bo

“ th e

m ost

r e m a r k a b le

s in c o

th o

o u t b r e a k o f th o w a r a n d o f w o r ld -w id e h is to r ic a l im p o r t a n c e .”
It

w as

a ll

th e

had

sta ted ,

been

c e llo r
th o

as

of

th e

sum m oned

von

and

to

B e r lin

o f a ll t h o

d is c u s s e d

p a r e d — h a r d ly

w it h

a ctu a l n a tu re
speech

any
of

of

v ie w

of

ta ry

s itu a t io n ,

peaco
on

in

r e s e r v a t io n

peace

if h e r a d v a n c e s

fo u r

C e n tra l

g a r ia )

G erm an

th o

th a t

fro n t,

th a t C h a n 
r e c e iv e d

G erm an

w h ic h

It

of

th e

he

E m 

w o u ld

app eared

th a t

stren g th

of

her

th e
end

tim e

s h o u ld

c o n t in u e

th e

d e t e r m in e d
to

en ter

g iv in g

be

n o tico

r e je c t e d ,

th o

T u rk e y a n d B u l

w ar

C h a n c e llo r ’s s p e e c h

to

w as

a

v ic to r io u s

n ot

th a t

of

s ta te s m a n w h o p le a d e d th e ca u s e o f a d e fe a te d c o u n t r y .
th e

c o n t r a r j ',

th e

m a t e r ia l a d v a n t a g e s

rested
in g

w ith

no

to

w eakness

th e

sam e
and

ren ew ed

t im e

m an

th a t,

to

p ie r ce

I t a lia n

tim e

s e r io u s .

to

her

T h o

ju d g e .

th o

had

been

now

th o

W e

w orst

a s its o b je c t

fro n t,

w h ile

to

th e

p a r a ly z e

p roved

in v a in .

m a t e r ia l

th a n

c a u tio n s
A n d

it

have

w h ile

resou n d ed ,

had

been

on

ou t

th o

w h ile

w it h

fo rm o r ly .
ta k en

and

on

R u s s ia n s

a ll

m en

e ffe c tiv e

I ta lia n
C a rso

la u n c h e d

15

pre

b a s is

d iv e r s io n s .

th o

troop s

d r u m -fir o

a g a in s t

th e

bu rg

th e

t ile

c a p ita l

of

th o tro o p s
s ib le

strok es
our

B u ch a re st,

h ith e r to

does
of

o f w estern
lo a d in g

t h a t in c o m p e t i t i o n

w hat

den bu rg

w h o le

not

th e

e c o n o m ic

w as

w it h

M ilit a r y

at

th o

needs have

and

u n p a r a lle le d

w it h a ll th e A llie s

c o n s id e r e d

rest.

sw ord

W a lla c h ia

tim e

la id .

fir m

g e n iu s

m ado

pos

A n d

llin -

im p o s s ib le .

T h e ir

tra n sp o rt

has

begun.

In

s p ito

o f

h a v e liv e d o n o u r o w n s u p p lie s , b u t n o w
q u e s tio n .
equal

of

b e fo r e

us,

is

a

n ot

now

been
and
p la n

and
T h at

fa ith fu lly

our

fo rtre ss,

as

th e

in

b a ttle

under

B u lg a r ia n

fla g s .

O ur

to

con q u er

th e

fo r p ea ce .




w h o lo

la n d ,

our

w ith o u t
our

G erm a n

w it h

o f a n g u is h

b y

its
th e

h e r o ic

m ercy .

ca m p

deeds

in

to

T h o

w o r ld ,

fir s t

and

B u t n o t c o n fu s e d

w h ic h
arm s,
a s c r ib o d

th en

T h e

it

at

day

n o tifie d

co n ten ts

w ith

of

of

th e

th o sta te m e n t:
upon

read y

a llie s

our

fo r

w as

is

at

w ay

fig h tin g

fo r

in

tra n s

th o

sam e

of

bo

to

a

th a t

w ith
in

a b n orm al
of

c o n v u ls e

oxch an go

days,

(th o

v a lu e

on

12, an d

th o

tre
to

a

th a t

1914,

w hen

m o r n in g ,

event

of

“ h is 

w o r ld

m ado

w as

now

lo w

proposal

r is e m a d o

fu r th e r

r e ic h s m a r k

of 4

th a t

th o

peace

th e

m ark s

D ec.

b o in g

th o

b a s is w h e n

G erm an

as

a g a in s t

0 5 %

A u s tr ia n

k ron en

at

c e n ts ),

th e

of

th o

G erm an

v a lu e

9 5 .2 8

th o

ra tes

so th a t

p eaco

rotu rn

T u esd ay

w hat

th o

th o

c o n d it io n s

know n
to

a

A u gust

O n

w as

be ready

su ccess w as

r e a liz a t io n

in v o lv e d

r e a c t io n , a n d

th e

D ec.

crow n ed

w o u ld

w as
of

b e in g

in tim a tio n

p o s s ib ilit y

cen ts

and
par

N o

m ere

A u s tr ia n

74

e ig n

G overn m en t

b a d ly

at

th o

b e g in n in g

n ou n cem en t

(re fe rre d
R eserve

F ed era l

p u r c h a s in g

w a r n in g

in v e s to r s

v e stm en ts
In

th o

in

th o

w ar

on

1 3 .2 5

fo re ig n

a g a in s t

s e c u r it ie s
a

of

of

th e

fo re ig n

m om ber

T reasu ry

.

w ith

dem and

th o
fo r

of

banks
and

read y

c o lla p s e

th a t

p ro

b ills ,

to o

k in d .

trem en d ou s

u rgen cy

s u ffe r e d
th o

N ovom bor)

m a k in g

any

th eory

fo r

th e

G overn m en t

th e

in 
,

in

p r ic e s

e n d in g

our

of

c e r e a ls

T h o M a y o p t i o n f o r w h e a t in C h ic a g o d r o p p e d

and

s u ffe r e d

D ec.

severe

at

and

con ts

15

th o

d r o p p in g
Sugar

M a y

fro m

cen ts

7

o p tio n

9 3 %

on

p r ic e s

c r ie s

fir m n e s s o n

th e s u p p o s itio n

had

to
fo r

con ts

D ec.
a ls o
been

SI 94

O th e r

on

g r a in s

corn ,

fo r

on

D ec.

11

12, a n d

D ec.

lo

fe ll

o ff.

r u lin g

C o ffe e

b e c a u s e o f th e c u t t in g o ff o f th e G e rm a n m a r k e ts , d e v e lo p e d

d esp era te

w h ic h

D ec.

SI 5 3 % .

p r ice s ,

b y a s s e v e r a tio n s , w e

han d,

to

T u r k is h
a

oth er

SI 8 2 %

dow n

D e c. 7 , to 89

cen ts.

th e

and

c o lla p s e ,

C h ic a g o ,

88

11
got

to

us

on

r e s u lt o f

c a u tio n in g

on

in s ta n c e ,
to u c h in g

h a v in g

as a

o u r n a r r a tiv e

g e n e r a lly

D ec.

9 5 %

in

th e p r ic e s o f fo r 

th ese

th o m o n th

w as

w o u ld a b a to .

a ls o

to

m a rk ets

T h is
th o

of

r is e in

h ere,

B oa rd

fo re ig n

g r a in

occu rred .

im m e d ia te

s e c u r it ie s

12,

have

th o

S im i

sam e

n eu tra l p ow ers

a d v o n t.

w h ic h

u pw ard

D ec.

w ho

th o

are

b e g in n in g

its

s u c c e e d in g

E m p ir e

fir m ly

been

G erm an y

th e

sh arp
on

on

is

th o

proceed

her

fro m

th o

and

$1 7 8 %

but

a ls o

G erm a n y.

becam e

fro m

in e x h a u s tib lo

A u s tr o -H u n g a r ia n ,

e n e m ie s

of

th o

be

had

appear

im a g in e d ,

w it h

E m p ir e ,

b roth ers

c o u ld

s u b m a r in e s .
in te n d e d

a d v e r s a r ie s

d is c ip lin e d

u n ite d

te ste d

on

e n o m io s

th em

fir m ly
is

ev en ts

added

w h ic h

p u rsu es

b e s ie g e d

g ig a n tic

great

are

fa m in e ,

resou rces.
and

th ose

im p o r ta n c e

sp octro

one

T o

w e

had

W e

m a rk ets

1 0 .9 8 c e n t s D e c . 1 2 .
A n o th e r e ffe c t w a s a n

a g a in s t

s c a r c it y ,

ta k en

S p a in ,

n ote.

c e n t s ( t h o v a l u e o f t h is w h e n a t p a r is 2 0 .2 0 c e n t s ) , a s a g a i n s t

fo r

o u r s a f e t y is b e y o n d

of

O th e r n e u tra l S ta te s ,

w it h

w o u ld

la u n c h in g

m o r n in g

fo u n d a tio n s

v i c t u a ls , o il a n d o t h e r g o o d s fe ll in t o o u r h a n d s in R u m a n ia .

th e

a ffa ir s

o f q u o tin g

th e

o f g r a in ,

and

oth er w ord s,

th e

w h ic h

th o

T h e

oxch an go

B y

G rea t sto ck s

fo rw a rd

can

m ig h t

th a t

s in c e

q u oted

progress.

o p e r a tio n s

sam e

been

h os

of

b e fo r e

a

w as

th e

bu t

s t a r t le

G erm an

progress

of

in it ia t e d

im p o rta n ce ”

bo,

and

H in d o n -

th e

a c t io n

c o n flic t

12,

to r ic a l

cau sed

e a s te r n fr o n tie r o f T r a n s y lv a n ia , F ie ld M a r s h a l v o n
ca p tu red

D ec.

fro n t

m ost

th e

great

“ T h e

of

in te re s ts

In

fo llo w s :

arm s,

p r e v a ile d

th o

record s.

reserves

T h e

a g a in s t

Som m e
th e

la r g e r

had

C on 

w estern

and

term s u p o n

now

sta te

su rm ou n ted .

had

th o

fit t e d

n orm al

to

P ow ers

N o t o n l y d o o s it s t a n d , b u t in s p it e o f t h o R u m a n ia n
is

dow n

been

boon
s a id :

la y

th e

to

th o

B r ita in

th is

to

ch an ges

tin u in g ,

it

C h a n c e llo r

to

to

as

m endous

in te n d e d

C e n tra l

had

g iv e n

s u ffic ie n t

b y

th e

A ll th e c o m m e r c ia l a n d a ll t h e fin a n c ia l m a r k o t s r o s p o n d o d
in s ta n tly

th e

up

m o r n in g

th is e f fe c t

T h e tex t o f th e n o te a d d ressed
to

as

to

sta n d s.

c a m p a ig n ,

G erm an

th o

r e a d in g

a fte r

S o fia .

h e r a llie s

G rea t

ov ertu res

had

w estern

and

ar

in a u g u r a te d

B u t a ll t h e s e e f fo r t s h a d
of

w illin g n e s s
r o ll

to

u n a sh am ed.

C h a n c e llo r

w ar

th e S o m m e

s itu a t io n

b etra y 

and

m om ent

The most terrific war experienced In history has been racing for tho
last, two years and a half over a large part of the world—a catastrophe
which thousands of yoars of common civilization was unable to prevent,
and which injures tho most precious achievements of humanity. Our
aims are not to shatter nor annihilate our adversaries. In spite of our
consciousness of our military and economic strength and our readiness to
continue the war (which has been forced upon us) to the bitter end. If
necessary, at the samo time, prompted by tho deslro to avoid further
bloodshed and make an end to the atrocities of war, tho four allied Powers
proposo to ontor forthwith into peace negotiations. Tho propositions which
they bring forward for such negotiations, and whch have for their object
a guaranty of the existence, of the honor and liberty of ovolution for their
nations, are, according to their firm belief, an appropriate basis for tho
establishment of a lasting peaco. The four allied Powers have been obliged
to take up arncs to defend justice and the liberty of national ovolution.
Tho glorious deeds of our armies have In no way altered their purposo.
We always maintained the firm belief that our own rights and justified
claims in no way control tho rights of theso nations. The spiritual and
material progress which were the pride of Europe at tho beginning of tho
twentieth century are threatened with ruin. Germany and her allies,
Austria-Hungary, Bulgaria and Turkey, gavo proof of their unconquerable
strength in till.-, struggle. They gained gigantic advantages over adver
saries superior in number and war material. Our lines stand unshaken
against ovor-repoated attempts made by armies. The last attack in tho
Balkans has boon rapidly and victoriously overcome. The most recent
events have demonstrated that further continuance of the war will not
result in breaking the resistance of our lorces, and tho wholo situation
with regard to our troops Justifies our expectation of further successes.
If, in spito of this offer of peace and reconciliation, tho struggle should
go on, the four allied Rowers are resolved to continue to a victorious end,
but they disclaim responsibility for this before humanity and history. Tho
Imperial Government through the good offices of your Excellency, asks
tho Government of (hero was inserted the namo of tho neutral Rower
addressed In each instanco) to bring this communication to tho knowledge
of the Government of (hero were Inserted tho names of tho belligerents)."

a ll

arm s

th o s e o f G e r m a n y ’s a llie s .

o ffe n s iv e

had

it w a s

a

On

th a t

co n test a t

p r o c la im

G erm a n

a tta ck s

th e

B u t

on
th o

c o n c e iv e d

th e r e fo r e ,

en tered

great

th o F re n ch

w ho

u n p a r a lle le d

en d ea vors.

had

th o

A u s tr ia -H u n g a r y .
a

a

G erm a n y

peace

R u m a n ia

a ttem p t

F or

of

of an

p o s i t io n s in t h o E a s t a n d

th o

B r it is h

th a t

fo r

upon

th a t

G orm an
A t

w as

h is c o u n t r y , a n d

om bark

gued

it

in

m ili

fo r la u n c h in g

had

w illin g n e s s

sam e

in

and

gen eral

fa v o r a b le

her

th e

fro m

G erm an y,

R u m a n ia

c ir c u m s t a n c e s

th a t
to

w o r ld — fo r

q u ic k ly

(G e r m a n y , A u s tr ia ,

“ r e s o lv e d

T h e

th o

at

to

P ow ers

w ere

e n d .”

part

an n ou n co

n e g o t ia t io n s ,

th a t

th o

o v e r w h e lm in g

th e se

to

of

C h a n c e llo r

in

deem ed

and

and

s u b je c ts

t h o u g h t th o o c c a s io n

p r o p o s a ls

w it h o u t

th e

th is

G erm a n

o f h e r a c h ie v e m e n ts
sh e

te le g r a p h

at

E v e n th e n h a r d ly a n y o n e w a s p r e 

in

v ie w

w hat

th ose

h a d d u r in g M o n d a y

occu rren ce.

th o

a n n ou n cem en t,

even

b y

th em

one

th e

th is

F ed era l S ta tes

b r i n g u p in t h e R e ic h s t a g .

th e

of

R e ic h s ta g ,

B e th m a n n -I I o llw e g

M in is t e r s

p ir e

c o n fir m a t o r y

m em bers

to

s t r a in ,

d is p a tch e s

1 1 , s a y in g t h a t th o fo llo w in g d a y ’s s ittin g

R e ic h s ta g

G erm a n y

m is s io n

m om en tou s

B e r lin

fo a r

to

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

h earers

a n d w e a re r e a d y fo r p e a c o .”

o ffic e s

tow a rd

th e
T h at

S ta tes.

C h a n c e llo r c o n c lu d e d

w ith o u t

good

r e lig io u s

it,

th e r e p r e s e n t a t iv e s o f t h e

P op o,

t io n s , a n d

th o

th a t

be

w h ic h

C e n tra l P o w e rs.

n e c t io n w it h h e r a llie s , w a s r o a d y t o e n t e r in t o p e a c o n e g o t ia 
w a s a s k in g

c o u ld
in

and

beyon d

s im u lt a n e o u s ly

b y

n o to , th e

con 

m oral

p e a c e .”

lo o k in g

S w it z e r la n d

E m peror

peaco

s tr u g g le

c o n s id e r s

t h o s e h o s t ilo

asked

and

p rocedu re

a c t io n

th e

and,

tow a rd

w ere

b e fo r o
D u r in g

G erm an

H ow

deep,

n a tio n

p o w ers, th rou g h
w h ic h

T h e

h e r r e s p o n s ib ility

a fte r

n ow

p e a c e .”

b e fo r o h u m a n ity .

a

fo r

a lw a y s r e a d y

fo r

th e w a r th e

“ In
h is

our

fig h t

th a t G e r m a n y ’s m ilit a r y

th ou g h t:

o ffic ia l a c t io n

C h a n c e llo r

th o

hand

say

G erm an y

c o n t in u e
and

C h a n c e llo r h a d t r a n s m it t e d a n o t e

r ig h t s o f G e r m a n y
th e

s in g le

E m p eror

a ll t h e h o s t ile

n eu tra l

a

tow a rd s

th e

th e G e rm a n
to

b y

v ic to r io u s ly .

d u ty

h u m a n ity ,

our

to

th u s

fu tu re , a n d

p e o p le , a n d

s a fe g u a r d

fo u g h t

sense

fre e

earn est years o f

m oved

w e

o u r s e lv e s

n o t m a d e h er d e a f to

G o d , b e fo r e h e r o w n
had

and

d e fe n d
its

as

G erm a n
in

to

in V ie n n a , C o n s t a n t in o p le a n d

w h ic h

G erm an y,

d e c is io n ,

read y

n a t io n ’s e x is te n c e , fo r

s t a r t lin g a n d , fo r

th a t

fir m

a lw a y s

our

la r

abou t

s ig n ific a n c e

th e

fo r

p r o c la im in g

m on th

ta lk e d

s u d d e n ly

w o rld -v v id o

s u b je c t
u n lo o k e d

b o ld ly

an

w it h

p rogress,

U n it e d

d e v e lo p m e n ts ,

th o

event

to

w h o lly

in

proved

P ea ce

th rou g h

s p e c ia l

p r o m in e n c e
tim e

[Vol . 104.

THE CHRONICLE

1202

th a t th ese G e rm a n

vory

lo w

m a rk ets a n d

th e m a r k e ts g e n e r a lly o f th e C e n tr a l P o w e r s w o u ld n o w

a g a in

'I a ii, 31 1917.]

THE CHRONICLE

bo opened up and a h eavy
sequ en ce.
th e o ry
now

C otton ,

th a t th o

becom e

tr ie s h a d
tw o

been

and

th o

it b e c a m e

U n ite d
had
on

w o u ld

e n g in e e r e d

th e

m ark et

D ec.

fro m

11

be

(b e fo r e

w id e

th e

w as

an

regard

to

m id d lin g

recovery

1 8 .6 0

to

1 8 .3 5

cen ts.

In

g r e a t tu m b le
evoryon o
d e fin ite

in

had

t io n

w as
of

on

T h o

th o

had

th oy

tic e

overtu res
th o

fo r

th o

w ar
in

to

v ote

G orm an

s id e r e d

th a t

a

p o r io d

b r io f

a

a n oth er

s a c r ific e s
th e

w as

of

a

L iq u id a 
p r ice s

b y

fe lt ,

n ot

ever

E n te n to
th o

15

on

bu t

w o u ld

p r o p o s a ls

of

G erm a n y

th o

reso

a d o p to d
th o

O n

an

ord er

D u m a,

to

D ec.
of

upon

b y

a

th o

n ot

a ls o

D um a

o n ly

be

in v o lv e
of

It

m o r e ly

th o

th o

danger

d e p lo r a b lo

c o n s id e r e d

a fte r a

onom y

con 

th a t

a

d e c is iv o v ic t o r y

and

a fte r

d o fin ito

o f t h o a s p ir a t io n s w h ic h

ren dered

s a y in g

th o

w it h

v ic to r y

In

passed

u n a n im o u s

c o n d it io n s ,

G erm an y.

and

th o

o ffe r a s

th a t h o
on

w as

th a t

in to

F ra n co

th e

a

tra p

w o u ld
w ar.

P r e m io r ,

ask

O n

and

fo r

M .

B r ia n d ,

in
th e

d e c la r e d

in c r e a s e d

D eo.

13

th e

in

th e

pow er

m in d

F ren ch

C h am ber

o f

to

carry

D e p u tie s ,

b y a v o t o o f 3 1 4 t o 1 6 5 , a d o p t e d a r e s o lu tio n o f c o n fid e n c e
in t h o G o v e r n m e n t a f t e r a s p o o c li b y M . B r ia n d in w h ic h
h o w a r n e d F r a n c o t o b e w a r o o f its o n o m ie s .
S o n n in o ,

th e

Ita lia n

F o r e ig n

M in is t e r ,

In

I ta ly B a r o n

a p p e a lo d

to

th o

D e p u t ie s o f a ll p a r tie s n o t to p o r m it t h o m o v e o f t h e C e n t r a l
P ow ers
s a id )
to

(in

to

r o fr a in

to

rash

th o

th o

w ord s

“ p o is o n
fro m

or

of

u n tim o ly

gorm

P r e m io r

t h o m in d s
“ p la y in g

o f

of

and

D o p u t ie s

of

p e o p le ,”

F ran ce,
and

th e o n o m y ’s g a m e ”

on

w h ic h

C h am ber

of

th o o rd e r o f th o d a y

D oc.

18

ho

th em

g iv in g

m ig h t

w ay

im p la n t

T h o

s u s ta in e d

“ pu ro a n d

as

u rged

by

d is c o u r a g e m e n t.

b y

v o tin g

B r ia n d

th o

m a n ife s ta tio n s

d iv is io n

th o

Ita lia n
M in is t r y

s im p le ”

b y

a v ote

o f 2 7 6 t o 4 0 , im p ly in g c o n fid e n c e in th o G o v e r n m e n t.
T h o

w lio lo

D a v id
as

L lo y d

P r im o

w as

w o r ld ,

h ow over,

G eorge,

M in is t e r

r e c o g n iz e d ,

w ho

of

a w a ito d

had

G rea t

w o u ld

bo

ju s t

th o

su cceed ed M r

B r ita in ,

c o n c lu s iv e

and
and

bo

r e p ly

d o fin ito

rem ark s

M in is te r )

la y e d

in it ia l

sovoral d ays

P r e m ie r , a n d
p ro v e d to b o
fia n c o

to

m g

and

th a t

la id

w o u ld

by

th ero

th o ro

th o

d id

w o u ld

a

w ere

p e r s o n a l illn e s s

de

of

e ffe c t,

bo

th a t

have

to

co n fo rm

P r e m ie r ,
th a t

bo an

to

M r.

r e s titu tio n ,
So

b e fo r o

th o

p o a c o n e g o tia tio n s w it h

to

fo rm o r

w o u ld

accord

th o

as’ to

G e o r g o ’s
th e

th o

G er

u n d orsta n d r e q u ir e m e n ts

A s q u it h ,

r e p a r a tio n
th oro

E n 

and

and

s h o u ld

agree

gu aran 

bo

no

m is -

G e o rg o e m p h a s iz e d th o s ta te m e n t b y s a y in g
lia v o

effectual

n o t c lo s e

s id e r e d

in

th o ro w o u ld

r e p e titio n .

r e p a r a tio n a n d
ho

s a id ,

m eant

s h o u ld

ta k o , M r . L lo y d
th a t

P r im o

of

e n te r in to

G orm an y

a g a in s t

accou n t

and

h o r a llie s

dow n

th a t
tees

on

as

it

d id n o t c o m o u n til D e c . 1 9 .
H is u t t e r a n c e s
ju s t w h a t h a d b e e n e x p e c te d .
IIo bad o d o-

G erm an y

ten te P ow ers
m any

speech

A s q u it h

w hoso

M r . L lo y d

of

to

“ complete

bo

g u a r a n te e s .”

th e d o o r a g a in s t

w it h

th oso

fa v o r a b le

A p p a r e n t ly , h o w e v e r ,

th e

o ffe r in g

r e q u ir e m e n ts ,

fe a tu re ,

as

it

full

r e s t it u t io n ,
o f term s

and

seom ed

th is

to

th a t

w as

le a v o

con 

a

w ay

o p o n fo r th o a c t u a l c a r r y in g o n o f n e g o tia tio n s
T h is , a s s ta t e d , w a s o n
day

th oro

cam o

v e lo p m e n t.
had

d ir e cte d

n o to

a s k in g

o b jo c ts
w o u ld

th oy
bo

com m on

a

It

in
to

v ie w

and

1 9 . ‘ 'L a t e

w h o lly

th o n e x t

u n ex p ected

th a t P r e s id e n t W o o d r o w

S ecreta ry

of

S ta te

c o u n tr ie s
and

c o n c lu d e

g r o u n d c o u ld




now

b e llig e r e n t

had

read y

t o t a lly

tr a n s p ir e d

th o
th o

T u esd ay, D ec.

th o

peace,

n o t b o fo u n d

to
to

sond
sta te

term s
in

upon

order

upon

an
th o

to

w h ic h

de

W ils o n

id e n t ic a l
a im s

w h ic h
see

if

and
th ey
som o

th o b e llig o r -

in

n ot

been

o f

in te r 

p rom p ted

b y

a

th ese o v e rtu re s , b u t

h is m in d

fo r a

h is s u g g e s t io n

q u e s tio n
w it h

v ie w .”
to

w ar

lo n g

tim e .

H e

u n til th e s e o v e r 

of peace

oth er

H is

and

m ay

p r o p o s a ls

requ est

c a ll o u t

m ig h t

w o u ld

be

ren ew al

fro m

o f

be

w as

a ll

or

th e

ow n

a sserted

an y

th a t

b e llig e r e n t s

p e o p le

th e

o f

a

to

and

n ow

arran ge

s im ila r

c o n flic t

to

com pare

“ th e

o b je c ts

b oth

s id e s

th e

of

w h ic h

h ave

in

in g e n e r a l

w o r ld .

p r iv ile g e s

at

g u a ra n te e

th o sa m e, as sta te d

and

r ig h t s

on

e a r ly

th o term s

th e

as

m a k e it p o s s ib le fr a n k ly

th e

m ake

an d

have

an

n a tio n s

s a tis fa c to r y

k in d lin g

best be

w h ic h

“ th a t

th e

c o n c lu d e d ,

deem ed

P r e s id e n t

th e ir

to

in

now

th e

a g a in s t
s io n

th e

or

w ar.

E a ch

w eak

o f

an

is

B e fo re

s id e

p e o p le s

of

pow er

c o n s id e r

t h a t fin a l s t e p

term s

fir s t,

to

w h ic h

p a in s to

sta te

can

bo

s e t t le

w ill

o f

th e

th a t th e

n ot

at

lib e r t y

to

be
pre
su s

fo r m a tio n

o f

a

ta k e n , h o w e v e r, ea ch
is s u e s

c e r ta in ly

n a tio n s

to

a lto g e th e r ju s tifie d
fo r c o m p a r is o n

aggres

w o u ld

m u ltip ly in g

th o

th e

in

u lt im a t e

w h ic h

a ll d e s ir e a n d

th o

p resen t

th e

in d e 

th e p o lit ic a l a n d c o m 

w h ic h

T h e

n ote

s u g g e s t ;”

bu t

s u g g e s tin g

an

took

th e w a r s h o u ld

G o v e r n m e n t o f th e U n it e d

o f v ie w s a s t o

th oso

of

s a fe g u a r d

in v o lv e d .”

term s u p o n

c o n c lu d e d , th e p e o p le a n d
“ are

secu re

p e o p le s ,

le a g u e s

a m id

p e n d e n c e , t h o t e r r it o r ia l in t e g r it y a n d
m e r cia l fr e e d o m

E a ch

r iv a l

to

and

a g a in s t

k in d .

m ore

p o w e r fu l

m ade

n a tio n s

o f

rea d y

bo

th is , a n d

an y

an y

to

in s u r e p e a c e a n d ju s t ic e t h r o u g h o u t t h e

n ecessary,

upon

o th er

o f

b a la n c e

each

its e lf

o f w a r lik e

fo rm a tio n

le a g u e o f n a t io n s t o
it

a ll

in te rfe r e n c e

th e

bu t

w is h e s

w ith

recu rren ce

u n c e r ta in

p ic io n s ;

p r iv ile g e s o f t h e g r e a t a n d

E a ch

a lo n g

s e lfis h

je a lo u s
serve

at

fu tu r e ,

th o

“ P r e s id e n t

im m e d ia te

be

S ta tes
fe e ls

o p p o r tu n ity

th o te r m s w h ic h m u s t p r e c e d e

a rra n g em en ts

fo r

in w h ic h

th o

peace

of

th e

w o rld

t h e n e u t r a l n a t io n s , a s w e ll a s

th o s o a t w a r , a r e r e a d y t o p la y th e ir fu ll r e s p o n s ib le p a r t .”
T h o

P r e s id e n t’s

a p p r o v a l.
w it h

a c t io n

d id

It w a s resen ted

th e

E n te n te

m ove

w as

P ow ers

a ls o

at

T h e

su pposed
den ce.

m a rk ets,

c o m in g
T h e

c o lla p s e ;

b y

th e se

t im e

w it h

u n q u a lifie d

pow ers

v ie w e d

t h e m s e lv e s .

w it h

s u s p ic io n

th e in te re s t o f G e r m a n y

h ow ever,

one

peace

m ark et

g r a in

m eet

th o s e w h o s e s y m p a th ie s w e re

and

th e

of

stock

th e

n ot

b y

q u a r te r s a s b e in g in

and

a ll,

w it h

a g a in

m a rk ets,

th e

fe ll

her

d is c o u n te d

th e

u tm ost

in to a s ta te

w h ic h

had

in

and

c o n fi
o f u tter

s h a r p ly

recov

e r e d , a g a in b r o k e b a d ly ; a n d , m o s t s ig n ific a n t o f a ll, fo r e ig n
e x ch a n g o ra tes a t
sh arp
D ec.

21.

T h e

recovery
had

p rosp ects

w heat
its

of

m ark et

d is tr u s t

p eace

m o r n in g o f D e o .
to

on

B e r lin

th e r e ic h s m a r k

at one

g e t t in g

had

cau se

a

of

e x p e r ie n c e d

th e

a c c o r d in g ly

G erm an

seem ed

to

sh arp

u pw ard

m ade

a

as 75 % o.

c o n s id e r a b le

E n te n te g ro u p

m ove,

and

th e

v a n is h .

O n

th e

19 th e fir s t e ffe c t o f L lo y d
fu r th e r

tim e

a s h ig h

a s o n e m e m b e r a fte r a n o th e r o f th e

d e c la r e d

w as

th is c e n t r e

fu r t h e r r is e ,

G e o r g e ’s sp e e ch

spu rt

in

p r ic e ,

or

at

le a s t th a t w a s th e e ffe c t a s th e e a r ly p a r t o f th e s p e e c h c a m e
over

th e

w ir e s

and

it

app eared

th a t

M r.

L lo y d

G eorge

in 

s is t e d t h a t c o m p le t e r e s t it u t io n , fu ll r e p a r a t io n a n d e ffe c t u a l
g u a ra n te e s
q u is ite

a g a in s t

to

fu rth e r

u ttera n ces

t h o p o s it io n o f a ll t h o E n t e n t e P o w e r s .
(a n d

to

S ta tes

a llie s .

D e p u tie s

th e

fu t u r e a s t h e r ig h t s a n d

m an y

o f

in s tin c ts .

a n d s m a ll S t a t e s a s s e c u r e a g a in s t a g g r e s s io n o r d e n ia l in t h e

F ren ch

w h ic h

th o

T h o

term s

im p o rta n t

IIou so

been

in t h is w a r a r e v ir t u a lly

T h o

w ith

in

sta tesm en

r e fu s in g

G er

in te n tio n

in d e p e n d e n t ly a n s w e r e d , e x c e p t t h a t h is p r o 

sought

its

t h e m .”

n o g o tia -

th e

had

o ffe r in g

th o fu tu r e , a s w o u ld

in

den ou n ced

had

c o n n e c tio n

w h ic h

a g a in s t

p eace

an y

an

b y

o v e r th o G o r m a n s a t V o r d u n w a s h e ld a s th e F r e n c h

an sw er,
m an

id e n tic a l w it h

C o u n c il

e n to r , u n d e r e x is tin g

. t io n s

day

E in p ir o

be

w h ic h

m en ts

w ar

th o

an y

d is c la im e d

s u g g e s tio n

d e la y e d

end

o c c a s io n

a g a in

break

hum ane

w a r s u c h a n a v o w a l o f th e ir r e s p e c t iv e v ie w s a s to

doom s

1 9 th o C o u n c il o f th o R u s s ia n
th o

have

sam e

w o r ld .

D u m a

h is

tu re s h a d b e e n

u n le s s

th a t

ren ew al

p o o p lo .

b o p o s s ib lo o n ly
pow er

and

d e c la r in g a g a in s t y ie ld 

w o u ld

a

in

fig h t.

seem ed

R u s s ia n

s a y in g

and

ju s 

ju s tifie d
th e

th a t

th o co n tra ry

w o u ld

h o r r e s p o n s ib le f o r t h o w o r ld w a r a n d fo r t h o h o r r o r s a c c o m 
p a n y in g it .

sta te

m a k e r e s titu tio n

never

th e

o f

v a n q u is h e d

G erm an

w o u ld

peace

th o

and

bo

c o u n t r ie s

in

m oreover,

h u m a n ity

w o u ld

r e s o lu tio n

w ar
of

w o u ld

and

of

C e n tra l

c o n fid e n c e

r e n e w in g

ov ertu res,

m ilita r y

th e ir

re

la tte r ,

th e

w as

D ec.

c a lm ,

fla t t e r in g
T h ese

her

sh e

a

a
of

to a d m it d e fe a t, to

p rem a tu re
of

w ith

G orm a n y

o f

th a t

b lo o d y

r e n u n c ia t io n

in e v ita b le

P ow ers.

cau se,

th oy

th e

passed

r e q u ir e d

la s t in g p o a c o
over

p r ice

th o

in

to

th e

th o

th e s e ttle m e n t

w ith

d e s ir e t o p la y a p a r t in c o n n e c t io n w it h

and

to u c h in g

arran ge

person s

v e n in g in t h o p e a c e o v e r t u r e s o f G e r m a n y , a n d t o o k o c c a s io n

in

had

a ll

e x p r e s s ly

c o n s id e r e d

12 th e ro w a s

d e c lin e

P r e s id e n t

b y

T h o
com e

in tim a tio n

T h e

d e s ir e d

con cern s

15

th o

lo s t

cau se

u n til

O n

in g

o f

to

e a r n e s tly

p o s a l “ a ls o

w as

a d v a n ta g es

th e ir
th e

a ll

E u rop e.

th o

w as

so

w ho

w eek,

p ro sp e ct.

n ot m eet

c o n s id e r in g

u n a n im o u s
to

in

E n te n te

th a t

assu ran ces

o f

th o

b e lie v e .

co tto n

fir s t

and

m om ent

r e m a in e d

opposed

peace

d id

of

a c c o r d in g ly

o ffe r

in

th ose

e n t c o u n t r ie s m ig h t g e t t o g e t h e r a n d

d e s ir e s

a

G orm a n y w as prep ared
and

D ec.

bo

s c a le

th o

fig h tin g

s e n tim e n t

lu te ly

spot

th e

m ig h t

m ilit a r y

su ccess

p o s s ib ility

P u b lic

o f

nover

d is c o n tin u in g
no

peace

part

w ore

and

of co tto n
th a n

1 1 ),

p u b lic

n e g o tia tio n s )

th ero

w ith

tre m e n d o u s

th o

u ltim a te

th a t

(D o c .

m ade

to

by

d im e n s io n s .

n o tw ith s ta n d in g
P ow ers,

lo o k in g

th a t

G orm an
on

b e fo r e

O n D ec.

on

m ark et

preced ed

th e p r ic e s o f t h e in d u s t r ia l s h a r e s fo r w h ic h

a

huge

c e p t io n

and

stock

been

n a tu ro

w as

cen ts,

th o

cou n 

w hat

peace
1.

T e u to n ic

p r e v io u s

in k lin g

u p la n d

w o u ld

w as

a ffe c te d

th e re

th e

cu t o ff,

w as

la r g e r

th e

on

th e s ta p le fo r o v e r

1 9 1 6 y ie ld

c o n s id e r a b ly

1 8 c e n t s , a g a in s t 2 0 .3 0 c o n t s D e c .
a

of

C en su s

depressed

open ,

th e

th e d a y

th e

been

w it h

te n d e n cy ,

advan ce

g r e a t r is e h a d

had

G erm a n y

dropped

of

m a n ife s t th a t

S ta tes

co tto n

th e

c u lm in a te d

report

as

a d ea rth

h ow ever,

g in n in g

r is in g

in a s m u c h

s u ffe r in g fr o m

H oro,

a

m a r k e ts , p r e v io u s ly

bu yers,

a s e r io u s b r e a k , w h ic h
w hen

d e m a n d fo r c o ffe e s e t in a s a c o n 

e v in c e d

G erm a n

fre e

years.

too,

1 3 0 3

th e

r is e

of

C h ic a g o u p

r e p e titio n

E n te n to
7c.

to

w as

an

in d is p e n s a b le

g r o u p ’ s e n t e r in g

b r in g in g

th e

in to

M a y

o p tio n

53%

8 1 7 1 % , a s a g a in s t 8 1

le ft
of

th o

door

term s,

r a p id ity ,
O n

open

th e
a

to

p r ice

lo w

B e r lin
a g a in

p o in t

th o o th e r h a n d , o n

e ffe c t

of

ju m p e d

P r e s id e n t
up

S im ila r ly

to

d c c lin o d

to

M a y

8 8 c .,

19, d rop p ed

to

8 8 % c.

T h e M a y

50c. D ec.
53 % c.

21,

C otton

and

D ec.

reach ed

th e

2 0 .3 0 c . D e c .

1 and

d e fin it e

n ote

w it h

reach ed

D ec.

w o u ld
D eo.

corn

at

on

be
30

2 1 ; th e c lo s o

21.

th a t th e
th e

at

9

to

great

D eo.

n il,

w as

C h ic a g o ,

recovered

W hen,

sta tem en t

d ow n w a rd

b e in g

c lo s e

fo r

15, an d

59c.

its lo w

p r ice

a

15.

D eo.

7

and

p r io e

81 7 4 ]^ .

w h ic h
4

b y

had
D eo.

D eo. 30, h ow ever,
c lo s e d

p o in t D e c . 2 2 , w h e n

tou ch ed

1 6 .2 0 c .,

a
at

G e o r g e ’s sp e e ch

o p t io n fo r o a ts a t C h ic a g o g o t d o w n

a g a in s t

spot

m ake

55

w heat

D e o . 2 2 , a s it s e e m e d lik e ly

o p tio n

b e in g 9 3 c .

u p la n d

to

p lu n g e d

81

W ils o n ’s

81 68

th e

of

fo r

D eo.

h o w o v o r , th o id e a g a in e d g r o u n d t h a t L lo y d

prere

n e g o t ia t io n s ,

th is

D eo.

31

to
at

th e m id d lin g

c o m p a r in g

w ith

2 0 .4 5 c . N o v . 2 9 , a n d 2 0 .9 5 o .N o v .2 5 ,t h e

la tte r th o h ig h p o in t o f th e y e a r .

H e re th o in d ic a tio n s w e re

t h a t th o c r o p w o u ld n o t p r o v e s o s m a ll a s o r ig in a lly e x p e c t e d .
T h o c lo s o

D e c. 31 w as a t

r u le d a t 6 c . p e r y a r d
T h e

d e fin ite

G orm a n

o ffic ia l

overtu res

d id

th a t w a s th e d a y w h e n
A m ba ssa dor

17J ^ c.

P r in t c lo th s a t F a ll R iv e r

th ro u g h o u t th e m o n th .

W illia m

r e p ly
n ot

of

th e

com e

r o p ly

m an y

at

c u la te d

w as

a ll;

S h a rp

to

ta n ta m ou n t

th o

a m ic a b lo fe e lin g s .
s itio n s

of

la n g u a g e

provok e
peace

D eo.

P ow ers
30,

or

th e E n te n to P o w e rs h a n d ed
P .

at

B r ia n d o f F r a n c o , th e ir jo in t r e p ly
T h is

E n te n te

u n til

to

w as

a

P a ris ,

th rou gh

to
at

to

th e
le a s t

U . S

P r e m ie r

to th e G e rm a n p r o p o s a ls .
r e fu s a l

s tu d ie d ly

to

deal

w ith

o ffe n s iv e

resen tm en t ra th er th a n

te n d

to

and

G er
c a l

p rom ote

T h e n o te s p o k e o f “ th e p re te n d e d p r o p o 

w h ic h

w ere

a d d ressed

to

th em

on

b e h a lf o f

th e

enem y

U n it e d

G o v e rn m e n ts

S ta tes,

S p a in ,

th rou g h

p r o p o s a l,

la c k in g

a p p e a r t o b e le s s
F in a lly ,

in

an

express

w h a tev er,

it

w as

to

c o n s id e r

c e r e .”

In

b r ie f, th e

w it h

th e

u tm ost

r e b u ffe d .

b y

a ll

H o lla n d ,”
and

p r e c is io n ,

Japan,

S e r b ia ,

w ho

lib e r ty

of

n o t to la y

a

w ith o u t

th e

p roposal
G erm an

w h ic h

and

any

E n te n te

peace

of

is

em p ty

rebu k ed

fo r

w as

th e

an

and

fa ith fu l

to

p la n a to r y
t io n

on

D ec.

21.

th a t

w ere

on

abou t
w it h

A t

and

of

th e

ta k en

in c o n n e c t io n

E u rop ea n

a

w it h

b e llig e r e n t s

c o n c e r n in g

o f S ta te

w h ic h

p eace

L a n s in g

som ew h at
d e v e lo p e d

are

in

S e creta ry

term s

of

an

ex

s e n s a tio n a l

n earer

th e

e n title d

T h u rsd ay,
sta ted

verge

to

of

kn ow

w ar

o u r s e lv e s ,

e x a c tly

w hat

each

o r d e r th a t w e m a y r e g u la te o u r c o n d u c t

verge

o f w ar”

L a n s in g

w as

e v en ts

M r.

a ll

on

L a n s in g

d is p a tc h in g th e p e a c e n o te w a s

T h is r e fe r e n c e to

M r.

it.
th e

v ie w s

e m b o d y in g

d r a w in g

“ th e

a p p a r e n tly

th e

p ron ou n cem en t

w e

th e fu t u r e .”
been

d e fe n s e

th e e ffe c t o f in te n s ify in g th e d e m o r a liz a 

b e llig e r e n t s e e k s in
in

o f

to

S e creta ry

E x ch a n ge

h is

th e r e fo r e ,

in g

n ote

t h o u g h t in m in d

“ w o

and

had

S tock
In

th a t th e

b y

sta te m e n t

th e

B r ita in ,

R u s s ia

en g a g e m e n ts

d is tu r b in g k in d

p eace

ou t

r e m a r k , w h ic h

th is

th e ir a r m s s e p a r a t e ly .”

exch an ge

g iv in g

G rea t

th e

and

in

b e h a lf o f th e

R u m a n ia ,

“ u n ite d

in s in 
tre a te d

app eared

F ra n ce,

P o r tu g a l,

and

P r e s id e n t , is s u e d

a

th e co u n try
had

a

c a lle d

b e in g o r h a v 

s ta r tlin g
to

th e

e ffe c t,

W h ite

L a n s in g , a ft e r

h is

s u p p le m e n ta r y

and

H ouse

co n fe re n ce

sta tem en t

c o n s id e r in g

w h ic h

it

had

in c r e a s in g
w ere

an y

c o n s is te n tly

to

an y

T h e

r e p ly

d is p a tc h e s

its

pu rsu ed

p o lic y

in

he

th e

m ade

fa ce

p u b lic

he

n ow

w ord s
r e a liz e d

26

p eace

w ir e le s s

C e n tr a l P o w e r s — G e r m a n y , A u s tr ia -H u n g a r y , B u lg a r ia

and

b e llig e r e n t s

be

a

c o n fe re n ce

h e ld

o f

on

in

th e

im m e d ia te ly

in

ta s k o f p r e v e n t in g fu t u r e w a r s , s a id

d e le g a te s o f

a

n eu tra l

G o v e r n m e n t w a s r e c e iv e d

2 8 a n d w a s to
m e m o ir e ,
T h e

to

It took

port

and

n e u tr a ls

P r e s id e n t

n a tio n s o n

a ls o

W ils o n

a

P aul

cop y

fa ll

w as

R itte r ,

T h e

e ffo r ts

D e c. 24

to

S w itz e r la n d

c o in c id e n c e

o f an

a id e

V ie n n a .

a ll th e

in t e n t io n

b e llig 
to

th e

H ou se
at

th e ir c o n q u e s t

an n ou n ced

happened

s ix tie th

D ec.

sup

w a r rin g

n o te w a s fo rw a r d e d

of

b e in g

on

t h e S w is s F e d e r a l C o u n c il ,

M in is t e r
c o m p le t e d

T h e

be begun

at

sou n d

T h e

b y

to

its

th e W h ite

th e

M a c k e n s e n ’s

n o to

at

B u ch arest

c u r io u s

h is

a

d e liv e r e d

G erm a n s

of

in

in

th e fo r m

P e n fie ld

know n

th e n oarn ess o f p e a ce .

t h e b e llig e r e n t s o n

and

m ade

th e

T h e r e p ly o f th e

W a s h in g to n

A m bassador

G o v e r n m e n t o f S w it z e r la n d

eren ts

to

th e sa m e e ffe c t.

d e liv e r e d

at

a ll

c ity .

th e r e p ly , ca n

o n ly a fte r th e e n d o f th e p r e s e n t s tr u g g le .
A u s tr ia n

b e h a lf

on

to

b ir th d a y

D e c.

be

th rou g h

R u m a n ia ,
6,

w h ic h

G en eral

an d

D r.

W a s h in g to n .

of

on e

d a y s a ft e r th e d e c la r a t io n o f w a r b y R u m a n ia .

th e

b y

A u gu st

e x a c tly

a

von

h u n dred

A t th e sa m e

t im e t h e c a p t u r e o f P lo e c h t i, 3 6 m ile s n o r t h w e s t o f B u c h a r e s t ,
w as

a ls o

n ot

o f

an n ou n ced.

g re a ter

P lo e c h ti

T h is

im p o r ta n c e

b e in g

a

r a ilw a y

la s t

w as

th a n

c o n s id e r e d

th e

ju n c t io n

ta k in g

tow n

and

m u ch

been

needed

u n a b le

and

stores

W ith

to

o f

th o

p r iz e ,
d e stro y

o il,a s

ta k in g

c o m p le t e d

th e

a s s u m in g

to

or

th a t

d is a b le

w h ic h

th e

as

o il

if

cen tre

of

th e G erm a n s

R u m a n ia n s
w e lls ,

had

m a c h in e r y

th e a c c o u n ts w e re c o n flic tin g .

o f B u ch a re st th e

con q u est,

th e

equal

B u ch a re st,

th e

th e g r e a t o il d is tr ic t o f P r a h o v a V a lle y , g iv in g
a

o f

o f

T e u to n ic - fo r c e s

sta ted ,

o f

th e

v ir tu a lly

sou th ern

and

B u zou ,

s e c t io n

c o n g r a t u la t io n s

rep orted

to h a v e s a id :

p orta n t

b y

m o s t s o u n d ly

N o v . 24

a r m ie s
m a te

d r iv in g

fa te

T h e
A t

o f th e

to

fir s t

m ade
in to

a

s e n s a tio n a l

ana

a

p la n

w ith

fro n t.

and
w id e

of

care,
a fe w

s ig n a l

T u rtu k a i on
ir o c e o d e d

S

to

overru n

m p o r t a n t r a ilw a y

C o n sta n z a

in to

o f

w h ic h

and
days
and
th e

lin e

T h is

v on

m on th ,

d e fe a t in g

th e




th e

th e

F a lk e n h a y n ’s
w est,

a lo n g

o f

on

d o u b t.
back

A u g.

of
27.

R u m a n ia n s , w h o

te r rito r y ,

b e d iv e r te d
had

A lp s

proceed ed

th e
on

P ow ers n ow

r a il
m ost
su p

th e G e rm a n a rm 

over

th e

B la c k

to

bo

c a p tu r in g

10.

T h ey
u p

Sea

b r id g e

arm y

th e ir

fo u n d

a c c o m p lis h e d

R u s s o -R u m a n ia n

th e ir

and

to

th en
th e

th e

fo llo w in g

accou n t of

th o
ou t:

(D e e . 1 5 ) th e T e u to n ic fo rc e s

r a ilw a y

and

p e tr o le u m

on

th e

cen tre

F ie ld M a r s h a l v o n
o f E m p e r o r W illia m ,

ca p tu re

of

B u ch a re st,

is

“ B u ch a r e s t w a s o n e g o a l, b u t n o t th e

p o in t

in

c o n tr o lle d

W a lla c h ia

tw o -th ir d s

and

th a t

th e

T e u to n ic

o f th e R u m a n ia n

r a ilr o a d

lin e s ; fu r t h e r t h a t t h e B u z o u a n d J a lo m it a R iv e r s f o r m e d t h e
s e c o n d a n d t h ir d s t r a t e g ic a l lin e s in w h ic h w e r e s e o u r o d c o r n
and

o il

stores;

a ls o

th a t

th o

o p e r a tio n s

P la in in t h e m o u n t a in d is t r ic t s a n d o n

on

th o

W a lla o h ia n

th e D a n u b e h a d b een

c a r r ie d o u t w it h s u c h r a p id it y t h a t it h a d b e e n im p o s s ib le t o
e s t im a t e

th e

b ooty

secu red.

In

a

c a b le g r a m

fro m

L on don

u n d e r d a te o f D e o . 17 it w a s s ta te d th a t A d o lp h v o n B a to c ld ,
P r e s id e n t
r iv e d

of

at

th e

G erm a n

B u dapest

to

F ood

R e g u la tio n

a tte n d

th e

E x ch a n ge

T e le g r a p h

d e c la r in g

th a t

th e

C o.

B oa rd ,

had

A u s tr o -H u n g a r ia n

c o n fe r e n c e , a c c o r d in g t o a d is p a tc h fr o m
H err v o n

C openhagen

to

A u s tr o -G e r m a n s

had

s e iz e d

s ix ty

d is p a tc h

D eo.

(v ia

o f

16

to

w areh ou ses,
000

r e m a in e d
p a tch

in

to

Y ork

E n g la n d

th e

y et.

sh eep
th e

a sserted

ceased

b y

w h ile

th resh ed

2 .0 0 0 .

N ew

“ T im e s ”

S a y v ille ), it w a s s ta te d

1915 pu rch ased

been

th o

cu rren t
A t

and

th e

e x is t a s a n

th a t th e

1 ,0 0 0 ,0 0 0

and

g r a in

harvest

3 0 0 ,0 0 0

as

th e C e n 

fro m

b een fo u n d

yea r’s

le a s t

g oa ts

o c c u p ie d
th a t

had

th e

m illio n

tr a l P o w e r s s u ffic ie n t s u p p lie s u n til th e n e x t h a r v e s t .
w ir e le s s

ar
fo o d

B a to ck i w as q u o te d

b u s h e ls o f g r a in a n d m a iz e in R u m a n ia , in s u r in g t o

In

harvest

in t a c t in
had

n ot

head
p ig s ,

o f

it

te r r ito r y .

T h e

sam e

R u m a n ia n

arm y

had

a

B e r lin
th e

even

c a t t le ,

w as

sta ted ,

B e r lin

d is 

a p p a r e n t ly

in d e p e n d e n t f a c t o r , w h a t r e m a in e d

of

it b e in g n o w u n d e r th e c o n t r o l o f th e R u s s ia n s a n d th e F r e n c h .
T h e R u m a n ia n lo s s e s u p t o d a t e w e r e e s t im a t e d a t m o r e t h a n
3 0 0 .0 0 0 , in c lu d in g o v e r 1 5 0 ,0 0 0 p r is o n e r s .

A t th o b e g in n in g

o f th e m o n t h it w a s r e p o r t e d t h a t th e R u m a n ia n c a p it a l h a d
been

tra n s fe rre d

m ost

of

th e

to

Jassy,

M in is te r s ,

in

n orth ern

tog eth er

w ith

R u m a n ia ,

th e

and

P r e s id e n ts

th a t

of

th e

S e n a te a n d

C h a m b e r , h a d a r r iv e d a t t h e n e w

c a p it a l, w h e re

P a rlia m e n t

w o u ld

w as

th e

(o w in g

be

to

fu rth e r

s h o r tly

th e

con ven ed.

r a p id ity

of

an n ou n cem en t
C row n

C o u n c il

th e

It

lo n g ,

a d v a n c e ),

th a t

at

a

been

r e s o lv e d

cam e
it

n ot

G erm a n

had

m e e t in g
th a t

th e R u m a n ia n F o r e ig n O ffic e s h o u ld b e tr a n s p o r te d to P e t r o grad,

th e

o t h e r M in is t r ie s

a t K ie v .
sta ted

T u e lff

fo r

th o

p re s e n t b e in g

e s t a b lis h e d

T h e R u m a n ia n P a r lia m e n t, it w a s r e p o r t e d , w o u ld

m eet a t P e tro g ra d .
w as

in

von

a

A t th e b e g in n in g o f th e m o n t h , a ls o , it

w ir e le s s

T o c h e fe

d is p a tc h

fro m

B e r lin

u n d W o ld e n b a c h

had

th a t

been

G en eral

a p p o in te d

c h ie f o f “ th e m ilita r y a d m in is tr a tio n o f R u m a n ia .”

A

la r g e

p a r t o f R u m a n ia h a v in g fa lle n in t o t h e h a n d s o f t h e C o n t r a l
P ow ers,
been

an

a d m in is tr a tio n

e s t a b lis h e d .

T h e

fo r

th e

c u ltiv a tio n

con qu ered
of

d is tric ts

th o c o u n tr y

had

w o u ld

bo

c a r r ie d o u t a c c o r d in g t o t h e p r in c ip le s p r e v io u s ly e s t a b lis h e d ,
w h ic h

in

p art

corresp on d ed

to

th e

n e c e s s it ie s

of

R u m a n ia

a n d w e r e in p a r t o n a c c o u n t o f t h e n e c e s s it ie s o f t h e C e n t r a l
P ow ers

“ ou t o ff b y

E n g la n d

con tra ry

to

in t e r n a t io n a l la w .”

T h e F r e n c h m a d e s o m e fu r th e r th r u s ts a g a in s t th e G e r m a n s

m apped
w ith

D o b r u d ja

th o

th e

sou th ea stern

D an u be,
S ep t.

bu t

fr o m

been

R u m a n ia n

fro m

M acken sen

in

d a ted

u lti

K ro n sta d t, H erm a n n -

r e m a in d e r o f

r u n n in g

th o

lo n g e r

t h e B u lg a r ia n s w e r e
S ilis t r ia

F ie ld

D an u be

T r a n s y lv a n ia n

e v id e n tly
th o

th e

w ar

th e

H u n g a r ia n

in te r io r R u m a n ia

n avod a.

v on

th o

w ith

a c c o r d in g ly
on

o f

c a m p a ig n

t h e m s e lv e s t o

su ccesses

S ep t. 7

across

e x e cu ted

s o il, e ffe c t in g a ju n c 

fro m

in to

a ll

p o s s e s s io n

D o b r u d ja

W ith in

w in n in g

took

c a m p a ig n

in

w ere

stre tch

n o t a llo w

great

o p e r a tio n s

en tra n ce
dash

c r o s s in g

c a p ito l w a s n o

R u m a n ia n

a d v a n ta g es

G e rm a n s d id
m a in

th is

b r illia n t ly

G en eral

W a lla c h ia

o f a s e r ie s

th e m o m e n t w h en

a

R u m a n ia n

w ith

R u m a n ia n

o f

R u m a n ia ’s

th e

H u n gary

sta d t

ou t

th ro u g h

b e g in n in g

oou rse

set fo o t o n

a fte rw a r d

an d

F rom

fo rc e d

c u lm in a tio n

c o m m e n ta to r s a s b e in g

c o n c e iv e d

M acken sen

s h o r t ly

th e

m ilit a r y

s tr a te g ic a l fe a ts o f th e w a r .
on

th e

I t w a s p o in te d o u t th a t B u z o u w a s th e la s t im 

r a ilr o a d

th e

tu re

d ir e c t

th e o p e r a tio n s w e re e a r n e d

great

o ffe r in g

R u m a n ia n

It m ark ed

w h ic h

M a c k e n s e n , in r e s p o n d in g t o a t e le g r a m

of

and

fr o m
c u t t in g

R u s s ia n r e in fo r c e m e n ts a n d

l o c a t e d 7 0 m ile s n o r t h e a s t o f B u c h a r e s t .

b e fo re

s q u a r e m ile s .

v on

and

c o r r e s p o n d e n t w it h

th e

5 0 ,0 0 0

o f o p e r a tio n s a c c o u n te d

M arsh al

Sea

S o m e w h a t la t e r in t h e m o n t h
ca p tu red

how ever

th e

B u ch a rest

o f B u ch a rest g a v e

o f th e R u m a n ia n k in g d o m , e m b r a c in g t e r r it o r y o f m o r e th a n

am ong

A

d a s h w it h

fin a l o n e .”

,
W ils o n ’s

D ec.

p roposal

h is

th e

th a t

T h e

as

on

o f c o n s ta n tly

th a t

_
P r e s id e n t

to

n e u t r a lit y ,

of

T u rk ey— w as

B e r lin .

of

re g re tte d

c o n s tr u c tio n ,

p r o m p t ly

w as

fro m

in

and

oth er

th a t
th e y
w ere.
G e r m a n y r e p lie d
n ote.

ch an ge

d iffic u lt ie s ,”

open

o ff

B la c k

The advance of the Teutonic forces has been so rapid that tho military
staffs have been forced to change their bases at intervals of only a few
days to keep up with the troops, and to lay plans for settling In towns not
yet captured. A trip of 1,000 miles by automobile in this region, lust
completed by The Associated Press correspondent, showed how difficult it
was to move as quickly as the Invading forces.
The journey began at Livazeny, just within tho Hungarian frontier, with
Craiova as the first objective. Before the Transylvanian passes had been
traversed Craiova had been captured. Bombardment of Slavina began the
day after Craiova was reached. This bombardment was watched for a
time from Piatra, across the Alt River from Slavina. The Germans
believed the Rumanians would be able to hold for some time the almost
impregnable heights along the river, and the correspondent left to watch
other features of the advance, but it was necessary to return at top speed
to reach Slavina twenty-four hours after its evacuation and forty-oight
hours after witnessing the cannonading.
The next objective was Karakulu, but It had fallen, togethor with
Slatina, by tho time the correspondent could arrlvo, and even the head
quarters troops were moving.
Hastening northward toward Tanetesti,
one of tho seemingly Innumerable divisions of General von Falkenhayn
was found to havo passed already east of tho lino on which the Rumanians
late in November attempted to make a stand, only to lose 1,000 prisoners
and scores of guns.
Field Marshal von Mackensen’s troops, which crossed tho Danube, had
como in touch with General von Fallcenhayn's forces between ltochl de
Vede and Alexandria, southwest of Bucharest, before tho correspondent
could swing southward again, meeting everywhere th premature report
that Bucharest had fallen.
„
,
.
The advance, which often has averaged twenty or more miles a day, has
been possible mainly for two reasons. First, is the seeming demoralization
and lack of leadership o f the Rumanians, evidenced by tho capture of
entire staffs and large-sized units, with many guns and much material, by
Insignificant German detachments, which often amounted only to cavalry
patrols. Second, is the amazing offensive speed of the Gormans, which
was indicated by tho fact that tho correspondent frequently mot close
behind the front, pressing forward, troops which had been seen but a few
days previously miles behind In the Transylvanian passes.

say

in g t h a t h e “ d id n o t in t e n d t o in tim a t e t h a t th e G o v e r n m e n t
w as

ca p tu re

speed

w o u ld

w ere

w as

passages

w ere

p e o p le s

W ils o n ’s

s u g g e s tin g

p lie s in t o R u m a n ia .

q u a lific a t io n

ov ertu res

B e lg iu m ,

O n e in c id e n t o f a v e r y
P r e s id e n t

th e

c o n v e n ie n t lin e f o r s e n d in g

w o u ld

c o u n t r ie s

G erm an y

s t r ik in g

th ey

dow n

s h u ttin g

w ith

th e

and

M on ten eg ro,

th e ir

th u s

ie s b e fo r e B u c h a r e s t in a d is p a t c h , d a t e d D e c . 4 , o n t h e e v e o f

oth er

s a id

r a ilw a y ,

c o m m u n ic a t io n

o ffe r o f p e a c e th a n a w a r m a n o e u v r e .”

G o v e rn m e n ts

I t a ly ,

th e

th e
s a id

t h e I m p e r ia l G o v e r n m e n t o f a

jo in t r e p ly , w h ic h , it w a s s ta te d , w a s m a d e o n
A llie d

of

and

term s

con tem p t

M a n y

in te r m e d ia r y

and

su b sta n ce

an n ou n ced

“ r e fu s e

th e

S w it z e r la n d

th a t “ th e p u ttin g fo r w a r d
sh am

[Vol . 104.

THE CHRONICLE

1204

on

th e V e r d u n fr o n t a n d g a in e d s o m e n o w

b y .

T h e

p r is o n e r s

ta k e n

w ere

s a id

to

a d v a n ta g e s th e re 

num ber

m ore

th a n

1 1 .0 0 0 .

G e n e r a l J o ffr e w a s o n D e o . 18 r e lie v e d o f th e c o m 

m and

th e

F ren ch

G en eral

R ob ert

and

of

c o m m a n d e r -in -c h ie f.

a r m ie s

of

G eorge
T h e

th e

N orth

N iv e lle

F ren ch

w as

and

N o rth e a st,

m ade

G overn m en t

th e

new

d e c id e d

at

p ort of

t h e s a m e t im e t o r a is e G e n e r a l J o ffr e t o t h o d ig n it y o f M a r s h a l

T oh er-

o f

at
th e

next

c a p tu r in g

F ra n co

in

r e c o g n itio n

of

p o r t a n t C a b in e t ch a n g e s in
c o u n t r ie s .

T h e

new

h is

s e r v ic e s .

F ra n ce,

F ren oh

T h oro

a s w e ll a s in

C a b in e t

c o n ta in e d

w ere
th e
a

im 

oth er

s p e c ia l

mar.

W a r C o u n c il o f fiv e m e m b e r s , c o n s is tin g o f A r is tid e B r ia n d ,
P r o m ie r
o f

and

F o r e ig n

F in a n ce ;

T h om as,

M in is t e r ;

G en eral

R e a r-A d m ir a l

H u bert

L a ca ze,

M in is t e r

A le x a n d r e
L y a u tey ,

M in is t e r

of

of

N a t io n a l

p la c e

c o m p le t e ly
w as

of M r.

A s q u it h ,

r e o r g a n iz e d .

c o n s t it u t e d

fo r

T h is w a s m a d e u p

th e

th e

a ls o

b e tter

a

ready

been

M in is t e r

p la c e d

b y

of

under

th is

M in is t e r

M a r in e ,

W ar;

and

A lb e r t

In

G rea t

lin e r s

w as

of

W ar

C a b in e t

m ilita r y

a ffa ir s .

G eorgo; L ord

C u r-

of

th o

m ilita r y

and

c o n d it io n s a s t o

U nder
w as

In

th is

B a ron

M in is t e r

C h a n c e llo r

of

E x

A u s tr ia , a ls o , th e r o w a s a c h a n g e o f M in is t r y .

ch an ge

nam ed

C ou n t

O tto k a r

A u s tr o -H u n g a r ia n

B u r a in .

C ou n t

C z e r n in

F o r e ig n

C z e r n in

in

P r o m ie r s ta te d

n ot

th e

th e

th o

to

best

s u p p ly

p ie d

la n d

fo r

th o

P r e m ie r

tow a rd

s a id ,

R u s s ia

a fre e o u tle t o n

had

th a n

a

been

th ou sa n d

r e a c h in g

th o o p o n sea .

years,

sou th w a rd

T h is a g e -lo n g d r e a m ,

c h e r is h e d in t h o h e a r t s o f th o R u s s ia n p e o p le , w a s n o w
fo r

r e a liz a tio n .

th ey

w ore

R u s s ia n s

s h e d d in g

s h o u ld

b lo o d ,

and

o f th is a g r e e m e n t w a s n o w
G reeco
T h is
on

w as

w as

a

D ec.

been
du

on

F o u rn o t,

G reek
at

a

t in u e d ,

it

w a r n in g

stop p ed .

b y

G ro o lc

K in g
an

fo r c e d

to

c o m p ly .

s o ld ie r s
th o
o f
th e

cease.

It

w o u ld

A llie d

o f

w as

and

on

in

began

w as con 

b oth

and

s id o s

s o ld ie r s

re

o f

a ll

a

th a t
or

no

h ope

to

In

its

cou rses

at

m ea t,

im m e d ia te ly
th o

P ow ers
b lo c k a d e

im p r e s s in g p u b lic o p in io n .
S t. L a w ren ce

T ran s

L a m b e r t h a d b e e n s h e lle d a n d
I s lo o f W i g h t o n

N ov .

th o

E spagn o

fro m

th o F re n ch

B ordeau x.

fla g

at

th e

tim o

D eo.

G aboa rd

T h e

John

of

th e

L a m b ert

th e a lle g e d

her

com m an der,

John

T h om as

L a m b ert w as o f
on

bu y.

th o

G rea t

A c c o r d in g

tu rn ed
H avre

over
fo r

life b o a t s

to

th e

th e

d e liv e r y

tw e lv e

1903.

s u r v iv o r s ,

F ren ch

L in o ,

th ere.

T h o

bu t

T h e

L in e

vessel

agreed

had

on
on

h o u rs b e fo r e b e in g re s cu e d

b y

been

N ow
and

orew , w as

m ade

in

o f

M u n it io n s

fu lfillm e n t
tio n

in

know n

in

an

A m e r io a n

C on su l

at

M a lta .

K in g d o m ,

o f u n k n o w n n a tio n a lit y

on

crea ted
m in e

to

F ed era l

a tio n s .

T h e

resu m ed

on

of

th e

m eta l

r e a c h in g

p e r is h e d

w hen

th e

M e d ite r r a n e a n

on

A n n ou n com on t
su n k
to

b y

ram

a

m u le te e r s

tra n sp ort
vessel
D oc.
th a t

s h ip

w as

su n k

u n d ersea

e le v e n

b y

B r it is h

had

boon

b oa t,

w as

C h a r le s F r y a t t o f t h e

ox ecu ted

of

th o

C a le d o n ia ,

G orm a n y

crow
to

v ia

s u b m a r in e

of

in

th e

bu t

c o n s id e r e d

C a le d o n ia

c o n ta in e d

in

a

D oc. 13.

w as
t r ie d

b y

th o

in

th e

G erm an

C a le d o n ia

v a u lts

of

1904, and

m en t g ra n ted
lio r io s

th e
a

W e ls h

1 5 %

u n d er S ta te

m in o r s s t r ik o

G orm a n s fo r
F o r e ig n

an

arm ed

a

O ffic e
c r u is e r

th e su b 

L lo y d

G eorgo

G overn 

b r o u g h t th e c o lin

h is s p e e c h

D e o . 1 9 a n n o u n c e d t h a t t h o n o w m in is t r y h a d d e c id e d

to

o v o r ^ c o m p le te

had




con trol

of

a ll s h ip p in g ,

on

o f

fo r

th e

n o

per

o r n e g o tia 

cop p er

of

an y

a u th o r iz a tio n
or

s e ll

fro m

th e

sam e.

assu m ed

con 

o f

su gar an d

a s s ig n e d

to

m o n th ly

d eter

to

each

a c t io n

of

th e

p r e v io u s

g o ld

cen tre

in

im p o rta tio n s
th a n

tw o

b e fo r e ,

of

th e

m on th

th e se o p e r
had

th e

w eeks

to

be

r e c e ip t s

e x c e e d in g

O n

D eo.

e s t a b lis h e d ,
in

th is

it

th e

a m ou n t,

reserve,
and

th e

u n til

R u s s ia

g o ld ,

it

new

000

of

B ank

a

fe w

to

&

C o .,

s o ld

fo r
to

m on th s’

p u b lic

o ffe r in g
b y

head
on

th ere

in

th e

B a n k ’s

E n g la n d ,

F ran ce

fo r

th e
12

th e

pu rp ose

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p la c e

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1915 b y

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to

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u pon

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a ls o

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z o n , L o r d P r e s id e n t o f th o C o u n c il; A r th u r H e n d e r s o n , M in 
p o r tfo lio ,

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is te r w it h o u t

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th e

th o

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o f th e P r o m ie r , L lo y d

p o r tfo lio ;

in

B r it is h

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B r it a in , a s a lr e a d y s ta t e d , D a v id
m ie r in

1 3 05

THE CHRONICLE

31 1917.]

th e

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of

9 0 ,0 0 0 ,0 0 0 ,0 0 0

fra n c s .

T h e

F ren ch

resou rces

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1206

THE CHRONICLE

s a m e p e r io d w e r e p u t a p p r o x im a t e ly a t 6 3 ,7 0 0 ,0 0 0 ,0 0 0 fr a n c s
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to

r e p r e s e n t in g

t h e B r it is h g r a in a g e n t s , f o r t h e p u r c h a s e o f w h e a t in C a n a d a
and

th e

U n ite d

ta te

th e

N ew

Y ork

E xp ort

C o.

W h eat
b y

S ta tes,

bu t

c h ie fly

tr a n s a c tio n
w as

a

in

C an ada.

com p an y

o r g a n iz e d

w it h

a

T o

becam e

a

G o v e rn m e n t,

c o m m e r c ia l

th ro u g h

its

o f

fu n d s in

th e in te re s t o f th e G o v e r n m e n t a n d
th e ir

p r e v io u s

appeal

m on ey
had

in to

been

in

t h o fr e q u e n t o ffe r in g s in

of

sto ck s a n d

m a k in g

ch ase
fo r

bon d s.

pu rch ases

C a n a d ia n

d e b e n tu re

stock

W ar

L oan s.

b e in g

and

fo r

th e

pu rch ase

fin d

its

w ay

m ade

back

o f fin a n c in g

th e m o b iliz a t io n

lis t

or

F in a n c e

C anada

s h e lls

in v e s to rs

th o

exp ressed

fo r

and

D o m in io n

ou t
th e

oth er

w o u ld
th e ir

th a t

th o

th e

huge

of w ar

m u n itio n s
fo r

pu r

s a v in g s

pu rposes

s e c u r it ie s

o f

p la n , a n d

w a s p u b lis h e d

b y

on

T h e

19.

w as

tv a

and

C a n a d ia n

s propared

to

s e c u r it ie s

o r s o ld

t h e s p e c ia l t a x o f t w o s h illin g s in

th e A m e r ic a n
new

lis t

it

D o lla r S e c u r it ie s C o m m it t e e

w as

w ith d r a w n .

to

th o£ ,

know n

T h e

as

term

S ch em e

“ S ch om e

B ,

th e B r it is h

C a n a d ia n

and

G o v e rn m e n t, S ch em e B
c e r ta in

n eu tra l

a s A r g e n tin a , C h ili, N o r w a y ,
m ent

S ch em e

B

w as

s e c u r it ie s s u b je c t t o

e n la r g e d

& o.
so

U nder
as

to

A ”

s e c u r it ie s ,

th o

new

em brace

th e s p e c ia l in c o m e ta x a n d

T h e

L on don

“ T im e s ”

su ch

arran ge

a ll lis t s

of

18 h a d

th o

fo llo w in g t o s a y w it h r e g a r d to th e w ith d r a w a l o f S c h e m e A :

It is officially announced tnat tho Treasury has decided to wihdraw
Scheme A , under which securities may bo lout to tho Government, and
at tho same time to increase the attractions o f Scheme B , which will remain
in force. As wo have frequently anticipated, the power o f sale in respect
of deposited securities which was given under Scheme A only is to bo ex
tended to Scheme B in respect of all securities subject to tho penal tax,
securities the principal and interest o f which are payable in United States
dollars, and any other securities which the Treasury may wisn to purchaso
after application has been made to it.
One o f tho great defects o f Scheme A was that in the event of sale of the
deposited securities no guaranteed price would have been payable to the
lender, while criticism of the terms of Scheme B has been mainly directed
against the absence of the power o f sale. Under tho new arrangement
Schemo B embodies both advantages for nearly all securities. Depositors
under Scheme A should, therefore, now transfer to Scheme B, which they
havo the right to do. They will thus secure, in the event o f sale, a guaran
teed prico, appreciably higher, it should be noted, in many cases than the
current market quotation, together with a bonus of 5 % , instead o f 2 H % .
Thoy will also receive the annual payment of H % for a maximum period
of five years instead of two, and at tho same time they will retain their
powor o f selling the securities if they should desire to do so. The power of
salo is really a little wider than was that under Scheme A, which has now
been withdrawn. Under the old schemo the depositor was given the right
to request tho Treasury to sell his securities, or to release them, in con
sideration o f payment in New York in dollars at tho current price. Under




c lo s e d

fo r

to

several

13 rea ch ed

a h ig h e r le v e l

w ar

th e r a te
of

1 0 %

fo r

v a lu a tio n

of

w ent

2 0 % .

1 p er cen t, b u t

T h e

D ec.

13

th e

p eace

b e g in 

ra te

had

th e lo w e s t ra te s

f o r M e d ite r r a n e a n s h ip m e n ts a n d fr o m

t r a n s a t la n t ic

s h ip

to

an d

ca rg o e s— ra tes

cargo

In su ra n ce

and

m en

n ot

on

seem ed
com e

based

th e

to

on

la tte r

be

tota l

o n ly ,

c o n v in c e d

to n a u g h t a n d

as

th a t

t h a t , w it h

m a r in e s t o s e a w it h o r d e r s t o s in k a ll s h ip s .
T h e

trea ty

In d ie s

to

p r o v id in g

th o

U n ite d

fo r

th e

s a le

of

th e

S ta te s w a s r a tifie d

b y

D a n is h
K in g

o f D e n m a r k in t h e C a b in e t C o u n c il o n D e c . 2 2 .
fo llo w e d

th e

passage

b y

b oth

H ou ses

o f

th o

W est

C h r is t ia n

T h is a c t io n

D a n is h

m e n t o f th e b ill fo r th e r a t ific a t io n o f th e t r e a t y .

P a rlia 

E x ch a n ge

o f t h o r a t ific a t io n in s t r u m e n ts , it w a s a n n o u n c e d , w o u ld t a k e
p la c e in
T h e
o ff

W a s h in g t o n e a r ly in th e n e w

G erm a n

th o

year.

c o m m e r c ia l s u b m a r in e

m o u th

of

th e

W eser

on

of

secon d

s u c c e s s fu l c o m p le t io n

th e

m on th

ad van ces

in

c la s s e s ,

a ll

in

w ages

d ep a rtm en ts

th o

advan ces

of

in

T h is

rou n d

t r ip

of

m ark ed

th e

fe a tu re

th is

th o

com 

S ta tes.

c o n t in u e d
tra d e

m any

a r r iv e d

10.

m e r c ia l u n d e rs e a b o a t to th o U n it e d
G en eral

D e u ts c h la n d

D ec.

and

cases

b y

con cern s

ta k in g

th e

th is
o f

a ll

fo rm

of

b o n u s e s o r s p e c ia l a llo w a n c e s t o m e e t t h e h ig h c o s t o f liv in g .
In

th e

iro n

o w in g

to

tin u o u s
iro n

and

car

steel

s u p p lie s

o f

b a n k in g

and

cok e

c o n s id e r a b ly .

advan ced

tra d e

sh orta g es

th e

op era ted

C o n n e lls v ille

s t ill fu r t h e r

and

g ot

advan ced
up

to

832

to

84 50

860 a

fo r

to n

th e

G a lv a n iz e d

v a n c in g

sh eets

N ew

3 5 H e.

Y ork

7 .5 0 c .

to

N e g o t ia t io n s
to

w h ic h

bu t

a

la w

g ra n ted

th e

D a v is ,

th e
to

M is s o u r i

a

la tte r

F o llo w in g

to n

fe ll

fo r
it

d u r in g

to

a

b e fo r e

o f

O k la h o m a

&

of

m easu re
had

to

M a y

1

has

s c a le

le n o w n

r e lie v e

a u th o r iz e d
1917

th e

of

new

1.

T h e

ordor

o f

th e

fo u r

th o

con trov ersy
e ig h t-

S.

S u p rem o

C ou rt

b y

S ta tes,

John

to

29

caso

in

w h ic h

I n to r -S ta to
N o v .

20

as

an

C om 

“ a ll

th e

p r o v id in g

dem u rrage

th a t,

W .

o x p e d ito

u n c o n s titu tio n a l.

th o
on

in c r e a s e d

r a ilr o a d

th e r a ilw a y s

r a ilr o a d s r e c e n t ly

N o v .

c lo s e

of

R a ilr o a d

th a t

b y

w ith

s u b m itte d

G u lf

c h a r g e s ,”
em ergen cy

fr e ig h t c a r s h o r ta g e , th e C o m m is s io n
to

e s t a b lis h

p r o g r e s s iv e

w h ic h

at

recovered

A dam son

U n it e d

suspended

on

th e

ad

T in

th o

U .

m o t io n ,

t h e r a ilr o a d s

a

m on th

a fte r

bu t

th e

1

o f

T h o

h a v e b e e n file d

m ado

th e

1 3 .2 5 c . t o 9 .7 5 c .

c o m m itte o
Jan .

an n ou n cem en t

g ra d u a te d

got

b e g in n in g

2 9 H o.

7 .4 5 c .,

le a d e r s

n a u g h t.

C o m m is s io n

w as

th e

840 25,

to

e n a ctm en t

G en eral

th e

P itts b u r g h

h e a r t h , a g a in s t

at

F e d e r a l J u d g e H o o k h e ld t h e A d a m s o n la w
m erce

c o m p a r in g

a t th e b e g in n in g o f 1 9 1 5 .

d e c lin e d fr o m

th e

G o v e r n m e n t ’s

S o lic ito r

of

d e liv e r y

Y o r k a d v a n c e d e a r ly in t h o m o n t h

Y ork

s e ttle m e n t

cam e

con 

m ako

a n d e le c t r o ly t ic ,

th e c o n fe re n ce

in

th is

at

dropped

845
th en

b e tw een

r e s u lte d

hour

th e

fro m

8 c .,

b roth erh ood s a n d

th e

prom p t

open

fu r th e r

L ake

pou n d,

S p e lte r a t N e w

lo o k in g

89 50,

th o

s t ill

b oth

per

L ead at N ew

7 .2 5 c .

to

fu r n a c e s

o b ta in in g

M e t a l p r ice s , h o w e v e r , te n d e d s h a r p ly

d e c lin e d

to 841 5 0 .
fro m

fo r

advan ced

C op p er,

to

fo r

o n ly 8 1 9 fo r b o th

5 .5 0 c . t o 6 .2 5 c .

d ow n w a rd .

cok e

S te e l b ille t s

833

ir o n

o f

redu co

B essem er an d

and

th e

E v e n c o k e fo r fu tu r e d e liv e r y

ton .

b oth

fo rm e r

o f th e y e a r, a n d
fro m

per

fo r

to

u p

w it h 8 2 2 5 , t h o p r ic o in M a y .

o f

d iffic u lt y

and

dem u rrage

o f 81 a d a y .

m a in t a in

u n til

s c a le h ig h e r

th a n

o f th e a d ju s tm e n t o f th e d e m u rra g e ra te s w a s m a d o o n

a ll s e c u r it ie s

of D ec.

w as

w as

a c c e p t e d o n d e p o s it b y th e B r itis h T r e a s u r y a n d p a y a b le o n ly
in U . S . d o lla r s .

it

th o p r e v a ilin g fla t r a t e

c o m p r is in g m o b iliz e d

G overn m en t

w hen

and

o r ig in a lly u s e d t o d e s ig n a t e t h e A m e r ic a n s e c u r it ie s m o b iliz e d
b y

8

s h o u ld
pu rpose

pu rch ase u n der

w h ic h , if n o t lo a n e d

w ar,

m a r in e in s u r a n c e D e c .

t a r iffs w h ic h

A m e r ic a n

th e

o b ta in a b le w e re 1 5 %

A

b y

o f n o n -C a n a 

con serve

p o in te d

C anada

T reasu ry

w a s m a d e s u b je c t to

A

H e

in

o f

in to

th e B r itis h

S ch em e

s e c u r it ie s .

fu r th e r o rd e rs .

a d d it io n a l

D oc.

t o r e fr a in fr o m

C a n a d ia n s

o f

took

H e e x p r e s s e d th e h o p e th a t in s te a d

su ch

D o m in io n

A n

M in is te r

D o m in io n

e x p e n d itu r e

w h ic h

T h e

th e

G overn m en t
d ia n

J u ly .

to

a g a in

th e ir a v a ila b le

n o n -C a n a d ia n

m ade

con cern

over

a p p ly

c a p ita l

C a n a d ia n

F in a n c e ,

to u r g e C a n a d ia n in v e s to r s t o

th e

T h e c r e d it

T h e

o c c a s io n
p u ttin g

as

n o m in a l

tr a n s a c tio n .

M in is te r

fa c ili

know n

th e a g e n ts o f th e R o y a l W h e a t C o m m is s io n .

th u s

W a r -ris k

th e ir

e n tire ly

o f th e so rt.

a r e v o lv in g
th e

o f

g o in g

ad van ce

C a n a d ia n

arran ged

th e

bon d s

c r e d its

fu rth e r

m on th
s io n

w ar

r e lie v e d

I m p e r ia l c r e d it ,

in

a

s y n d ic a te

w ere

w as advan ced

th e b a n k s a p p lie d

a n oth er

s u p p le m e n te d

M oreover,

banks

th e

tu rn

8 5 0 ,0 0 0 ,0 0 0

th e

end

th e

h a lf a t

T h e
of

th e

th e

oth er

w ar

p e r ia l a u t h o r it ie s .
w as

o f

h e r h a lt-th e -w a r s c h e m e fru s tr a te d , s h e w o u ld s e n d h e r s u b 

d o u b le d

r e s e r v in g

18.

fo r

8 2 5 0 ,0 0 0 ,0 0 0

p roceeds

c a ll

D ec.

tim o d u r in g t h o p r e s e n t

I t a g a in te m p o r a r ily s u s p e n d e d o n N o v . 3 0 1 9 1 5 .

t h e r e to fo r e .

“ G a z e tt e .”

C anada

th e

b etw een

ap p rova l o f

s u b s c r ip tio n ,

p la c in g

o f

flo a t e d

th e

o f

t h a t th e E x c h a n g e w o u ld r e o p e n

t h a n a t a n y o t h e r t im e s in c e A u g . 1 9 1 4 , w h e n w it h

G o v e rn m e n t fo r th e p u rp ose

p r o v id e d

G o v e r n m e n t , w ith

a ccep t

to ta l

in

ov ertu res.

B e r lin ’s p e a c e p a r le y s w o u ld

G overn m en t

lo a n ,

1915.

and

th e

to

w as

w ar

ou tb re a k

m on th s.

s p ite

fo r th e fu t u r e .”

a

peace

w a r t h a t th e E x c h a n g e h a d c lo s e d ; its fir s t s u s p e n s io n w a s a t

t o t a l o f 4 ,4 8 0 ,0 0 0 ,0 0 0 fr a n c s

m ade

s h r in k a g e

th e

c o n t in u e d .

B r itis h

T h is

a c c o r d in g

fir s t

0 0 0 ,0 0 0 ,

th e

great

G e r m a n y ’s

propor

th e B a n k o f F r a n c e in A u g u s t o f 1 9 1 4 .
and

b y

am ount

T h e d e cre e w a s a c c o m p a n ie d b y a n o te
a

th o c lo s in g o f th e T o k io

th e

be

th e a p p r o p r ia tio n s a n d

a n x ie ty

o f

t h a t th is w a s th o th ir d

o n e -fo u r th

th e b a n k s a n d

m e n t io n e d ,

It w a s sta ted

accou n t

o c c a s io n e d

It w as an n ou n ced

been

C anada.

b y

stock s

w a s e x te n d e d fo r a fu r th e r p e r io d o f th re e

banks

in

o f

on

net

a d d it i o n a l c r e d it o f 8 5 0 ,0 0 0 ,0 0 0 w a s a r r a n g e d

p u rch ases

v a lu e s

o f th e

no

o n ly 1 ,3 4 0 ,0 0 0 ,0 0 0 o f

C a n a d ia n

to

1914

a n n u lle d .

D e c . 13 a n n ou n ced

E x ch an ge

n in g

h ave

Jan. 1 .

o f p a p e r h e ld b y
th e

fo r

been

t h e M in is t e r o f C o m m e r c e , s t a t in g t h a t th e r e r e m a in e d

u n p a id

T h e c a b le s o n
S tock

T h e

need

F r e n c h m o r a to r iu m

th e B a n k

8 ,9 0 0 ,0 0 0 ,0 0 0

w o u ld

e la p s e .

o f th e a p p a r e n t d is c re p a n c y b e tw e e n
th e r e c e ip t s w e

b y

t o t a l r e m a in in g

w o u ld

fro m

Scheme B, as now rovised, similar power is given to the depositor, but the
securities to be sold must first be offered to the Treasury. The object is,
of course, to enable the Treasury to retain the control of securities, should
it wish so to do, when the depositor desires to sell his holding. -^4 m

advan ced

a p p r o p r ia tio n s

fo r

th e

o f

fra n c s h a d

c a n c e lla t io n s

and

d e fic it

th e

t o t a l 7 0 0 ,0 0 0 ,0 0 0

t io n a t e ly
due

le ft

lo a n s

9 ,0 0 0 ,0 0 0 ,0 0 0 ,

[Vol. 104.

d ir e c te d

th e

F orm al an n ou n cem en t

r a ilr o a d s

c a n c e l a ll d e m u r r a g e s c h e d u le s th e n

to

r e c e n t ly

D eo.

im m e d ia te ly

s u b m itte d a n d

w h ic h th e C o m m is s io n h a d s u s p e n d e d o n a c c o u n t o f s h ip p e r s ’
p ro tests

a u th o r iz e d

th e

filin g

o f

new

s c h e d u le s a s

fo llo w s :

First making no change In tho presont effective form of the weather
rule or average agreement; second, providing for two days free time, ex
clusive of Sundays or legal holidays, and following rates of demurrage
after expiration or free time: SI for the first day, $2 for tho second day, S3
for the third day and $5 for the fourth and each succeeding day; third, pro
vided track storage charges shall remain in effect as at present except
where the demurrage rate is S3 per day or more; fourth, provided futber
that these provisions be embodied in tariffs taxed to expiro by limitation
May 1 1917; fifth, and provided that the carriers' demurrage schedule
suspended in orders of Nov. 15 and 29 1916 are contemporaneously can
celed upon notice of this Commission and to the general public by not less
than three days filing and pasting.
O n

D oc.

6

A s s o c ia tio n
r a ilr o a d

pays

ca rs— fro m
w it h
new

it

th o

w as

had

each

day

4 5 c. to

a

s p e c ia l c a s e s

T h e
th o

c o m m itte e

I n te r -S ta te
r e p o r t in g

respon d

w it h

tu rn s fo r th e
tw o lv e
w it h

on

u so

no

o f

a n oth er
In

in ju s t ic e

w as

R a ilw a y

ra te — th e

ch arges.

a p p e a ls

C om m erce
o f

th e

c a le n d a r

tw e lv e

m o n th s

A m e r ic a n

ra te

a

r a ilr o a d ’s

s im u lt a n e o u s ly
order

to

a p p o in te d

th a t

th e

te r m in a l r a il
to

ta k o

care

t h a t m ig h t a r is e .

year

th o

th o
d ie m

b e c o m e e ffe c tiv e

r a te m ig h t w o r k

o f an y

per

th o

dem u rrage

road s,

in

to

th a t

th e

fo r

7 5 c .,

in c r e a s e d

p e r d ie m

an n ou n ced

in c r e a s e d

m on th s

e n d in g

th e C o m m is s io n

C o m m is s io n
r a ilr o a d s

year.

T h o

e n d in g

June 30.

on

so

ordored
as

to

order

a

m ake

it c o r 

c a lle d f o r r e 

D e o . 3 1 , in s te a d

T h e

ch an ge

o f th o

re p orts m u st b e

o r b e fo r e M a r c h

31

each

year.

file d

Mar . 31 1917.]

THE CHRONICLE

T h e d o m a n d s o f th e S w it c h m e n ’s U n io n o f N o r t h
fo r a n e ig h t h o u r d a y o n
b y

a

ten

A m e r ic a

h o u r b a s is o f p a y w a s d e n ie d

t h e F e d e r a l B o a r d o f A r b it r a t io n in its a w a r d file d o n

2 3 in t h e U . S . D is t r ic t C o u r t a t N e w
w ork d ay h ad
dem ands

been

th a t

te n h o u r s .

e ig h t

h ou rs

Y ork .

In y ie ld in g

or

le s s

s h a ll

T h e

D ec.

sta n d a rd

to th e e m p lo y e e s ’
c o n s titu te

a

d a y ’s

u rged

1207

C on gress

to

a d m in is tr a tiv e

C o m m is s io n a n d
o f p ow er,
op era te
fo r

in

o f m ilit a r y

r a ilw a y s .

on

of

th e

th e lo d g m e n t in

case

th e

a c t io n

a c t u p o n , d e a lt w it h

r e o r g a n iz a tio n

th e

T h e

W eb b

th e e n la r g e m e n t a n d

In te r -S ta te

n e c e s s ity ,

to

P r e s id e n t’s

b ill

to

C om m erce

th e h a n d s o f th e P r e s id e n t
ta k e

con trol an d

m essage

p e r m it

th e

a ls o

c a lle d

fo r m a tio n

of

co

w o r k th o B o a r d g r a n te d a n in c r e a s e , p r o v id in g c o m p e n s a t io n

o p e r a t iv e s e llin g a g e n c ie s a m o n g A m e r ic a n

on

p r o m o t io n o f fo r e ig n t r a d e ; t h e c o r r u p t p r a c t ic e s b ill, th e b ill

th e

hour

b a s is

on

w as

th e

th a t

cen ts an

h ou rs.
ra tes

B oa rd ;

th o

h ou ra
a

A

“ a lth o u g h

be

p a y
th e

47

fo r

th e

tim e

and

p a id

pro

ra ta .

o f

hour

cen ts

and

th o

a

per

h e lp e r s

e m p lo y e e s

and

fo re m e n

o f th e s w itc h m e n

50

w as th a t

in e x c e s s o f e i g h t h o u r s ;

h a lf o v e r

t im e , a n d

r u le d

T h e fin d in g s d e c la r e d t h a t

to

d a y,

fiv e

fo re m e n

an

fo r a ll t im e

m in im u m

o f

dem ands

cen ts

it h a s s e e m e d w is e

sta n d a rd

in cre a s e

dem and

p a id

d e n ie d
tim e

o f

p a id

th ir d

h a lf b o

B oa rd

th a t o v e r

A n

b y

h e lp e r s b o

t im e a n d

th o

n in e

fo rm e r

aw arded

w ore

th e

o f

aw ard

th e

an

e ig h t h o u r d a y

o v e r w h e lm in g

as

w e ig h t

o f

fo r

th e

prop osed

am endm ent

o f

th e

e x p orters fo r th e

o r g a n ic

la w

of

P orto

R i c o , a n d t h e b i ll , p a s s e d b y t h e S e n a t e a t t h e la s t s e s s io n o f
C o n g r e ss , p r o v id in g fo r
d u s tr ia l
w as

e d u c a tio n .

u rged

b y

A m e r ic a n

Sam uel

F e d e r a tio n

P r e s id e n t.

th e p r o m o t io n

T h e

It

had

en a ctm en t

G om p ers
of

and

L abor

been

o f v o c a tio n a l a n d

of

at

a

a

e x p ected

th e

C o m m itte e

c o n fe re n ce

th a t

in 

la s t-n a m e d

th e

b ill

o f

th e

w ith

th e

fo o d

s itu a t io n

th e

P r e s id e n t

w o u ld b e g iv e n a t t e n t io n in t h e m e s s a g e , b u t
m a d e n o m e n t io n o f th e s u b je c t.

t e s t im o n y s h o w s t h a t th o c o n d it io n s o f th e v a r io u s k in d s
o f r a ilw a y w o r k a r e s o d iff e r e n t t h a t o n l y t r ia l c a n d e t e r 

T h e m e m b e r s o f th e G o v e r n m e n t S h ip p in g B o a r d c r e a te d
u n d e r th e S h ip P u r c h a s e B ill w e r e n o m in a te d b y P r e s id e n t

m in e ju s t h o w

W ils o n

p r o h ib itiv e

fa r

cost

e ig h t h o u r

to

th o

roads

w o r k o f th e ir p a t r o n s .”
s a id th e d e c is io n , “ th a t
a b ly

even

p resen t,
o ig h t

s h ifts c a n
and

be w ork ed

undue

w it h o u t

d is tu r b a n c e

w ill n o t

hour

day

p ercen ta g e

bo

hour day

p o s s ib le

e ffe c tiv e

in

bo

to

th e

o f th o s w itc h in g

in g t h e fir s t y e a r .

th e

“ I t s e e m s to b e c le a r ly e s t a b lis h e d ,”
u n d e r e x is tin g c o n d itio n s a n d p r o b 

u n d e r c o n d i t io n s o f t r a ff i c le s s s t r e n u o u s

it

o f

m ako

case

o f

m ore

crew s, n ot m oro

th a n

th a n

W h i le t h e r e fo r e it is u r g e d

e s t a b lis h e d ,

th a n

th e

th e a c t u a l w o r k in g

its in t r o d u c t io n

a

s m a ll

1 0 %

du r

t h a t th e e ig h t

m u st b o

gradu a l ”

I t w a s p o i n t e d o u t in t h e f in d in g s t h a t w h il e t h e f u l l a m o u n t o f
in c r e a s o

asked

by

th e

m en

5 c o n t in cre a s e g r a n te d
in

any

gen eral

had

w as b y

s w itc h m e n ’s

5 ,6 3 0 s w itc h m e n a n d
cou n try .

th ir te e n

n ot

been

w as

in itia te d

th em ,

aw ard

fo r a

T h o

a ffe c te d

r o a d s in

d iffe r e n t p a r ts o f th e

term

th o

p r e v io u s

M arch ,

w hen

a

th ir ty

d ays’

22,

O r le a n s ,

n a m e ly

W illia m

D enm an

of

San

F ran 

o f s ix y e a r s ; B e r n a r d N . B a k e r o f B a lt im o r e ,

o f fiv e y e a r s ; J o h n A . D o n a ld

of N ew

Y ork

C ity ,

o f fo u r y e a rs; J a m e s B a rb e r W h ite , K a n sa s C ity ,

M o ., fo r a te rm
L a .,

o f th ree y e a rs, a n d

fo r

a

term

o f

tw o

T h eod ore B ren t o f N ew
years.

T h e

D e m o c r a tic

m em b ers o f th e B o a rd a re M e ssrs. D e n m a n , B a k e r a n d D o n 
a ld ,

w h ile

M r.

B a k e r w ith d r e w , h o w e v e r , th e

th e

R e p u b lic a n s

s u g g e s tio n m a d e b y
s h ip o f th e B o a r d .
T h e
as

to

F a rm
th e

and
F a rm

L oan

lo c a tio n

are

M essrs.

W h ite

and

S e creta ry M c A d o o

as to

on D ec. 27 an n ou n ced

th e

cou n try

o f

th e

in to

L and

L oan

to

its d e c is io n

B an k

ban ks.

d is tric ts

T h e

tw e lv e

L o a n b a n k s it d e c id e d s h o u ld b e lo c a t e d a t S p r in g fie ld ,

N ew

B a ltim o r e ,

M d .;

C o lu m b ia ,

S.

C .;

L o u is v ille ,

K y .;

O r le a n s , L a .; S t . L o u is , M o .; S t . P a u l, M in n .; O m a h a ,

N e b .;

W ic h ita ,

K a n s .;

H ou ston ,

T e x .;

B e r k e le y ,

C a l.,

and

n o t ic e o f th e ir d e m a n d s w a s s e r v e d b y th e S w it c h m e n ’s U n io n

S pokane, W ash .

on

t r y h a s b e e n d iv id e d a n d t h e b a n k in e a c h c a s e a r e s h o w n
th e fo llo w in g :

7

th o G e n e r a l M a n a g e r s ’ A s s o c ia t io n o f C h ic a g o .
th o

u n io n

and

th e

M an agers

agreed

u n d er th e

term s o f

to

C o n fe r e n c e

s u b m it
th e

th o

C o m m itte e

con trov ersy

N o w la n d s a c t .

o f th e u n io n o n th e A r b itr a tio n B o a r d
n o r s o f C h ic a g o , A s s is ta n t P r e s id e n t o f
T itu s ,

of

road s

C le v e la n d ,

w ere

rep resen ted

M in n e a p o lis ,

N ew
an

S t.

Y ork

t io n

th o
as

th o

th e
an

d e c is io n

o f

lly .

W .

of

th e

and

B oa rd

th e

and

B .

b y

a ll

recom m en d ed

at

th e

r e c o m m e n d a tio n s
w ere

e n a cted

h is

a w a r d in g

program

c lo s e

m ado

b e fo r e

of

at

th e

th e
th o

th o

in cre a s e

of

5

M essrs. P o tte r an d

th e

th a t

th e

to

C on gress on

of

r a ilr o a d

la s t

tim e ,

a d jo u r n m e n t

of

of

r u lin g
D ec. 5

le g is la t io n ,

s e s s io n .
tw o

th e e s t a b lis h m e n t o f t h e e ig h t -h o u r d a y
w o rk a n d w a g e s in tra m

o f
of

O f

th e

th o

s ix

p r o p o s a ls

C on gress,

n a m e ly

a s th e le g a l b a s is o f

s e r v ic o , a n d th e a u t h o r iz a t io n fo r th o

a p p o in t m e n t o f a c o m m is s io n t o o b s e r v e a n d r e p o r t u p o n th o
p r a c t ic a l r e s u lts o f th e w o r k in g o f th e e ig h t -h o u r d a y
P r e s id e n t u r g e d a c t io n

upon

a ll b u t o n e

m e n d a tio n s p r e v io u s ly o u tlin e d
ho now
w it h

deem ed

h is

th e re w a s n o

s u g g e s tio n

c o n s id e r a tio n

b y

th o

to

th a t C on gress

th e

In te r -S ta te

g iv e

of

th o

regard

c le a r , a n d

th ore

no

to
of

b y

th o P r e s id e n t s ta te d

th e

reason

b y

to

to

is in d i s 

t h o C o n g r e s s w it h

to d ra w

to

th a t

C o m m is s io n

th e g r o u n d r e fe r r e d

a r e c o m m e n d a t io n

is

ap p rova l

C o m m is s io n

n ecessary

C om m erce

t o s u c h a m a t t e r m ig h t s e e m
w lio n

do

In e x p la n a tio n o f th o a b a n 

s c o p o o f th o C o m m is s io n ’s a u t h o r it y
ju s tic o

to

a d d itio n a l e x p e n d i

b e ren d ered

I n te r -S ta te

a n in cre a s e o f ra te s o n
p u ta b ly

h a v in g

e x p licit

m eet su ch

r a ilr o a d s a s m a y

d o n m e n t o f th is r e c o m m e n d a t io n ,
pow er

le g is la t e

C om m erce

a d o p t io n o f th e e ig h t-h o u r d a y .
“ th e

o f th o o th e r re co m 

h im , th o o n e u p o n w h ic h

need

a n in c r e a s o in fr e ig h t r a te s t o
tu res b y

b y

T h e

in

q u e s tio n

o r its in c lin a tio n
dou b t

e it h o r .”

th e

to

do

o f

a

th rea ten ed

n a tio n -w id e

s t r ik e

su ch

as

c o n fro n te d

th o

c o u n t r y in t h o r a ilr o a d c o n t r o v e r s y t h e p r e v io u s A u g u s t , a n d
h o m s is t o d u p o n

th e p a s s a g e o f a n a m e n d m e n t to th o e x is tin g

le g is la t io n p r o v id in g f o r th o m e d ia t io n , c o n c ilia t io n a n d a r b i
t r a t io n

o f su ch

th e m e th o d s
fu ll p u b lic

c o n tr o v e r s ie s

la w fu lly

“ th o o o u n try
lo n g e r

as

o f a c c o m m o d a t io n

in v e s tig a tio n

s h a ll b e in s t it u t e d
m ay

so

bo

and

of

a t t e m p t e d .”
to

now

p r o v id e d

b e fo r e

T h e

s h o u ld

p r o fo u n d

p r o v id e

th a t

fa il,

d is p u te

a

o r lo c k o u t

d o c la r o d

n ot con sen t to

in d u s t r ia l

case

su ch

a s t r ik o

P r e s id e n t

“ in

s h o u ld

m e r it s o f e v e r y

c o m p le te d

can n ot and

exposed

th e

to

r e m a in

d is tu r b a n c e s

fo r

th a t
any
la c k

o f a d d itio n a l m e a n s o f a r b itr a tio n a n d c o n c ilia t io n w h ic h th o
C on gress ca n

e a s ily a n d p r o m p t ly

s u p p ly .”

T h e oth er su g

g e s t io n s b e a r in g o n th e r a ilr o a d p r o b le m s w h ic h th o P r e s id e n t




tw e lv e

d is tric ts in to

w h ic h

th e co u n 
in

Land Bank at Columbia, S. C.
District No. 4— Ohio, Indiana, Kentucky and Tennessee. Land Bank
at Louisville, Ky.
District No. 6— Alabama, Mississippi and Lousiana. Land Bank at
New Orleans, La.
District No. 6— Illinois, Missouri and Arkansas. Land Bank at St.
Louis, M o.
District No. 7— Michigan, Wisconsin, Minnesota and North Dakota.
Land Bank at St. Paul, Minn.
District No. 8— Iowa, Nebraska, South Dakota and Wyoming. Land
Bank at Omaha, Neb.
District No. 9— Oklahoma, Kansas, Colorado and New Mexico. Land
Bank at Wichita, Kan.
District No. 10— The State of Texas. Land Bank at Houston.
District No. 11— California, Nevada, Utah and Arizona. Land Bank
at Berkeley Cal.
District No. 12— Washington, Oregon, Montana and Idaho. Land Bank
at Spokane Wash.
T h e
serve

F ed era l
B an k

R eserve

o f

N ew

co rre sp on d en ts
don ,
In

E n g .,

and

g r a n tin g

B oa rd

Y ork

to

a g en ts,

under

a u th o r iz e d

th e

th e

term s

p e r m is s io n

to

a u th o r iz e d
a p p o in t

b oth

p o s s ib le .

in

e s t a b lis h

E n g la n d

O th e r
in

o f

th e

E n g la n d

T h e

u pon

th e

F ed era l

N ew

le ctio n

Y ork

ch arges,

e x te n d in g

its

th e

o f

o f

E n g la n d ,

F ed era l
th is

o f

H ouse

A ct.

th o

B oa rd

t o m a in 

m ado

lis t .

t h e r e g u la t io n

w o u ld

w as

sta ted ,

it

w it h

th e

T h e

if

changes
1

w ill

th ey

in

its

1917,

B a lt im o r e

r e q u ir in g t h e

B ank

th a t

Y ork

Jan .

th a t

S ta tes

c o n d it io n s

N ew

e ffe c tiv e

d is c re tio n a r y

H o u s e r e p e a le d

and

B an k

becom e

L on 

Y ork

ban ks,

R e

fo r e ig n
o f

agen cy

r e la tio n s h ip

term s

C le a r in g

its

R eserve

th e U n it e d

R eserve

R eserve

to

in

agen cy

sam e

F ed era l

on e

th e B a n k o f E n g la n d s o

an d

F ed era l

m ig h t p a r t ic ip a t e
govern
d e s ir e .

th e

th e

as

th e F ed era l R e se rv e B a n k o f N e w

o p e r a tio n s
be

B an k

o f

ta in a c c o u n t s e ith e r fo r o r w ith

so
c o l

g r e a tly
C le a r in g

c o m p u ls o r y c o l

le ctio n o f e x ch a n g e ch a rg e s o n o u t o f to w n c h e ck s a n d d r a fts .
T h e m a tter o f
b e g in n in g J a n .

ch a r g in g
1 1917.

exch an ge

T h e N . Y . S tock E x ch an ge

w as

le ft

d is c r e tio n a r y ,

a m e n d e d it s r e g u la t io n s

regard 

in g c o m m is s io n s o n t r a n s a c t io n s in f o r e ig n a n d d o m e s t ic s h o r t
te rm

n o tes a n d

c o m m is s io n
m em bers
o f

bon d s.

o f

b y

fo r e ig n

A s

a

o n e -e ig h th

m em bers

c o u n tr ie s

fo r

or

r e s u lt o f

o f

1 %

b u y in g

n otes

th o

ch an ge

p r e v io u s ly
or

o f

s e llin g

th e fix e d

ch arged
bon d s

c o r p o r a tio n s

non 

or

n o tes

h a v in g

fiv e

y e a r s o r le s s t o r u n w ill n o lo n g e r b e e x a c t e d .

A m on g

t h e r e c o m m e n d a t io n s w h ic h h e r e n e w e d , t h o P r e s id e n t la id
p a r t ic u la r s tr e ss u p o n th o n e c e s s it y o f p r o v e n t in g a r e c u r r e n c e

T h e

District No. 1— Maine, New Hampshire, Vermont. Massachusetts,
Uhode island, Connecticut, New York and New Jersey. Land Bank at
Springfield, Mass

p a y m e n t o f o v o r t im o p r o r a ta in 

P r e s id e n t W ils o n ’s a n n u a l m e s s a g e
to

W .

h o w e v e r , d is s e n te d

t h e r a t e o f t im o a n d a h a lf.

d e v o te d ’ c h ie fly

reach

I lo w r y

c h a ir m a n

s ig n e d

T itu s ,

to

C o n c ilia 

J e r e m ia h

C h a r le s

m ade

w as

of
th o

T .

E v a n s , r e p r e s e n t in g th e r a ilr o a d s , d is s e n t e d fr o m
t h a t e ig h t h o u r s o r le s s c o n s t it u t e a d a y .
w as

o f

and

P ro f.

and

r a il

M an ager

M e d ia t io n

w as

aw ard

th o

to

th e

P otter,

M an ager

M a r ie

a r b itr a to r s

C on n ors

o f

F .

t h o fa ilu r o o f th e s e fo u r

H ow ry

T h e

u n io n ;

E .

G en eral

U n iv e r s it y

Judgo

h ou r, an d

S te.

B oa rd

oth er

B oa rd .

stea d o f a t

S.

Y ork

a r b itr a to r s ; M e s s rs .
fro m

S a u lt

a r b itra tio n

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

th e
by

G en eral

A s s is ta n t

R a ilw a y

w ere J a m es B . C o n 
th o u n io n a n d W . A .

o f

B oa rd

th e

W ith

th e

W a s h in g to n .

A r b it r a t io n

cen ts

&

U .

N ew

th o

to

Y ork ,

C e n tr a l.

nam ed
o f

P aul

N ew

agreem en t

Jenks
o f

o f

on

A s s is ta n t

M in n e a p o lis
E vans,

V ic o -P r e s id e n t

to

T h e

O n A u g.

o f

a

th e C h a ir m a n 

B oa rd

F a rm

B re n t.

n e x t m o n t h , o w in g

o f

d iv is io n

th e

M a s s .;
th o p a r t o f th e s w itc h 

D ec.

fo r a term

th e

aw ard.

T h o m o v e m e n t fo r h ig h e r w a g e s o n
m en

g iv e n

fa r t h e la r g e s t in c r e a s o g iv e n

on

c is c o , fo r a te r m

Railroad Events and Slock Exchange M a tters . —
E x ch a n ge

th e

m on th

p r ic e s — in

fa c t,

o f

a

o f

D ecem b er

c o m p le t e

w as

c o lla p s e

O n th e S to ck

on e

in

o f

d e c lin in g

q u o ta tio n s .

T h e

s u c c e s s iv e s t e p s in t h e d e c lin e w e r e ( 1 ) t h e a p p e a r a n c e in t h e
d a ily

p a p ers

m ent

th a t

T u esd ay

a

to

be m ado on

in

s p e c ia l

b y

th e

G eorgo
th e

th a t d a y

s e s s io n

p eace
on

m o r n in g ,

c o m m u n ic a t io n
fo r

p r o p o s a ls

T u esd ay,

E n te n te

P ow ers

o f

D ec.

12,

to

th e G e rm a n

th a t

p u rpose,

th e m s e lv e s ;

D ec.

th e

in s is t

im m e d ia te ly
th e

p r e c lu d e

a

w illin g n e s s

G erm a n y

w it h in

regard ed

fa v o r a b ly ,

o f

th e

sh arp

speech

th o u g h

u pon

c o n s id e r

th e c o n d it io n s la id

u pon

recovery

to

in

so

m u ch

so

stock

m ark et

on

th e

th a t

w h ilo

d id

o f

and

w as

L lo y d

d e c la r in g

term s

oth er

o f

“ c o m p le t e

dow n

th e

p r ice s ,

w as

fo llo w e d

speech

t io n , fu ll r e p a r a t io n a n d e ffe c t u a l g u a r a n te e s ,”
to

an n ou n ce

R e ic h s ta g , c o n v e n e d

(2 )

1 9 , w h ic h ,

w o u ld

of

“ h is to r ic a l im p o r t a n c e ”

th a t

r e s titu 
n o t seem

peace

fro m

th e r e fo r e w a s

th e

fir s t

to

b r in g

hand

a

e ffe c t

abou t

r e la p s e

a
in

p r ice s
th e

and

d oor

a

fu r th e r

w as

s lu m p

s t ill o p e n

occu rred

to

B e r lin

m e n t o f te rm s ; (3 ) th e b lo w
th e

L lo y d

W ils o n

G eorge

had

p eace

ta k en

T h is

it

app eared

m ake

a

d e fin ite

step s

la tte r

o f

in d u s t r ia l

a d v a n ta g es
m u s t lo s e
regard

fro m

in te n d e d

sh ares

th a t

th e w a r, an d

flu e n c e s

p r ic e .
w as

proceed ed ,
c o n fu s io n

th e
and

a

of

a c c e le r a t e d

d e p r e s s io n — s p e a k in g

reach ed

on

S e creta ry
S ta tes

T h u rsd ay,
of

S ta te

its e lf b e in g

r e c e iv in g

had

of

an d

lo s s

w it h

as

th ese

th e

th e

d ep th

w h o le — w a s

sta tem en ts

r e fe r e n c e

to

T h e

as a

in 

d e c lin e

added

pace.

th e m a rk e t

th e v e rg e

a ll

orders

som e

s p e c ia l

o f peace

o v e r w it h o u t m u c h

r e s u lt

s c a le ,

21,

L a n s in g
on

in 

th e y

c o n c lu s io n

d ow n w a rd

o f

D ec.

a

stop

th e

th e

th em

as

tre m e n d o u s

e x e c u tio n

fu r th e r

ready

b e tte r th a n

had been

w it h

L iq u id a tio n

on

to

th e

w h ile p a s t , a n d a s a c o n s e q u e n c e

th e se a d v a n ta g e s , th re w

to

th a t
sta te

th a t P r e s id e n t

en cou raged

th a t p ea ce p rosp ects w ere n o w

h o ld e r s

th e

w hen

it tr a n s p ir e d

in d e p e n d e n t

b e e n a t a n y tim e f o r a lo n g

of

to

d e a lt to th e m a r k e t th e d a y a fte r

speech , w h en

m ov em en ts.

fe re n ce

[Vol. 104*

THE CHRONICLE

1208

to

m ade

th e

o f w a r in te n s ify in g

by

U n it e d
th e

n er

of E .

I. du

1 % % .

P o n t d e N em ou rs &

A m on g

D o m in io n
U ta h

C o p p e r , O ld

C op .

M in .

E a st B u tte

sh are,

p a y a b le

C r u c ib le

S teel C o .

Jan . 31
1 % %

ex tra

c o m .,

a lo n g

A m er.
p a y a b le

1913.

w ith

Z in c ,
F eb .

E . W . B lis s

to

1 % %

J u ly a n d O c t.

ren ew ed

an d

th a t p e a ce
d ic a t io n

v a lu e s

at

of

th o

(th e S to c k

ex ten t

had

S unday)

th e m o n th

29 at 8 6 % , an d
c lo s e

to

at

at

fro m

th e c o m m o n

th e

b e lie f g r e w
A s

an

in 

C o . d e c la r e d
on

D ec. 29

S a t u r d a y , D e c . 3 0 a r id

I n te r n a t io n a l M e r c a n t ile
th e p r e fe rr e d

t o 8 2 % , w it h
d e c lin in g fr o m

th e
4 8 %

d r o p p in g

c lo s e

D ee.

t o 2 2 w it h

Range for Month.

Dec. 20.

1.

Lowest.
101 % D ec.
81% D ec.
162% D ec.
J62 D e c.

47%
64%
102%
73%
*67%
54%
83%
50%
88%
120%
200%

89

32%

115
130
101

40%

131
108

55%
08%
04%
27%
142%

J40%
77%
103%
236

110%
61%
64%
106%
m%

"7%
xl25%
101%

J Quoted ex-dlvidend during the month and prior to this date,
* Bid and asked price: no sale.

R and

p a id

D ec.

1946, of

th e

C u dah y

W e s tin g h o u s o E le c . &
p a r $ 1 5 ,0 0 0 ,0 0 0

new

th e

at

new

o ffe r e d
A rrow
T h o

stock

O h io

C ar

C itie s

e n d in g

Jan .

a

S tock

M .

P a c k in g

m e e t in g
8 %

C o.

G as
1

th e

1st

C o.

cu m .

at

107

C o.

th e
and

118
135
59

112%
111%
5714
11214
10014
3614
150

x

4
6
1
6
4
4
2
8
4
7
6
1
6
1
7
4
8
8
11
4
4
4
7
6
9
7
6
4
4
4
2
11
9
7
4
8
6
4
2
6
4
4
7
2
4
7
1
7
6

Ex-dlvldend.

p la c e d

an

is su e

1921.

&

C o .,

o f

a

s u b s id ia r y

d iv . o f 2 4 % %




bon d s,

A n
due

s in c e

to

m ade

B e th le h e m

on

on

F eb .

p r e f. fro m
Sugar

%

C o.

m o n th ly

c o in .;

1 0 %

new

1 % %

p r e v io u s

fro m

In g e r s o ll-

A p r il 3 0 %

1 %

p a id

50c.

C orn

P rod u cts

W estern

R e f.

%

sh are

ex tra

T h o

U n io n

c o m . in a d d it io n t o 2 %

Company

am ount

p a id

a g a in s t 6 %
on

C h ic . &

qu a r.

w it h

th o

5 %

on

r e g u la r

ex tra

ex tra

a lo n g w it h

th is c o m p a r e d w it h

Juno,

W abash

th is c o m p a r in g w it h 2 %

d iv .

H a w a iia n

S e p t. $1 2 0

1 %

15

%

of

ex tra
P en n

s .- a . in a d d it i o n t o t h e s a m e
m a k in g

8 %

fo r

th e

year

R y . d e c la r e d a n in it ia l d i v . o f

s t o c k , p a y a b lo

S t. L . d e c la r e d

Jan .

p r e f. fro m

q u a r ., p a y a b le J a n . 1 9 1 7 .

p r e v io u s

1915.

“ A ”

a lo n g

p r e v io u s

de

1 % %

P a c . R R . d e c la r e d 2 %

a g a in p a id 4 %

th e

in

p r e f.

C o.

w it h

p a y a b le

in c r e a s e d

q u a r ., p a y a b le J a n . 15 1 9 1 7 ;

on

Jan. 29

1917.

P itts .

c o m ., p a y a b lo J a n .

in J a n . 1 9 1 6 .

C in .

15

1917,

N . Y . C h ic . &

S t. L .

r e s u m e d o n 2 d p r o f, b y d e c la r in g 2 % % , p a y a b le J a n . 2 1 9 1 7 ,
t h e fir s t d iv . o n

th is s t o c k

M on ey M arket . —
15%

th e

e a r ly

C a ll

p art

a ls o a s t iffe n in g in
due

to

th e
of

th e

flu x ,

h ow ever,

r e p le n is h e d
th a t on
2 %

@ 3 % .
of

serve

o f

and

q u ite

m on th

in

m on ey

H ou se

g o ld

fr o m

a c c o r d in g ly

1914.

u n e x p e c te d ly ,
(D e c .

th e r a te s fo r fix e d

C le a r in g

D ec. 29

4)

and

m a t u r it ie s .

h o ld in g s

s u r p lu s

re

ren ew ed

in 

ban ks.

W ith

abroad ,

reserves

w ero

a

to

th e re

w as

w as

T h is w a s

and
a

tou ch e d

th ere

retu rn

a g a ih

ease,

so

t h e r a n g e fo r c a ll lo a n s w a s n o h ig h e r t h a n

T h e

flu r r y

had

been

s u p p o s it io n
ou t

th e

d im in u tio n

serve

s in c e M a r c h

lo a n s ,

of

th e

q u e s tio n

L aw .

O ne

a ttra cte d
th a t

under

e ffe c t

a tt e n t io n

su ch
th e

of

o p e r a tio n

th e

in a s m u c h

ex trem e

h ig h

fig u r e s

of

th e

ra tes

as

th e

w o u ld

bo

F ed era l

w as

th a t

R e

th e

re

d is c o u n t p r iv ile g e s o f th e F e d e r a l R e s e r v e B a n k w e r e a v a ile d
o f fo r

th o

fir s t

tim e

b y

several o f

th e

banks

at

th is

cen tre.

T h e a g g r e g a te a m o u n t o f r e d is co u n ts

a p p lie d , fo r , h o w e v e r ,

w as n ot very

n orm a l m o n eta ry

la r g e a n d

d it io n s

w as

of

w eek

g o ld

th e s to c k
th £ e .
at

a fte r

T h e

in c re a s e d
d e p o s it

w it h

$ 1 6 2 ,0 5 9 ,0 0 0
to

p o s its

a g a in s t

th e

F ed era l
2

23

decreased
D ec.

q u oted

and
s t ill

d a y s to 6 m on th s.
q u oted

days

as

s in g le n a m e s .
at

fro m

and

c lo s e

annum

as

4 %

b ills

and

th o
a ll

fe a tu re

fo r

th e

w h ic h

r e fe r e n c e

to

th e

a n d A u s tr ia n
v is ib ly
to u c h in g

been

L oans

and

to

$ 3 ,3 4 4 ,

D ec.

30.

up

to

m ou th

D e

D ec.

2

$ 3 ,4 9 4 ,

t im e

lo a n s

fr o m

60

t h e s h o r t e r m a t u r it ie s

th e

lo n g e r

at

3 % @ 4 %

and

In

fo r

fo r

c h o io e

th o

in

6

60

at

and

m on th s

th en

.
fo r e ig n

w as

above,

m a t u r it ie s

w ere

th e

D ecem ber
m ade

on

fro m

q u oted

exch an ge

recovery,

G erm an

to

m ark s

k r o n e n u n d e r t h e id e a t h a t p e a c e w a s d r a w in g

n earer.
th e

has

d u r in g

$ 4 4 2 ,

G o ld

m a t u r it ie s

w e ll k n o w n

Foreign Exchange, Silver, & c .—
th e

2.

in c r e a s e d

4 % @ 4 % .

m arket

reserves,

w ero

$ 3 ,3 7 0 ,0 9 8 ,0 0 0

m oved

of
fo r

r e c e iv a b le

w as

$ 3 ,4 4 8 ,4 6 3 ,0 0 0

c lo s e d

N am es n ot so

and

s u r p lu s

30.

fro m

th en

D ec.

q u ic k

in c r e a s e d

$ 3 ,3 3 9 ,4 5 0 ,0 0 0

th o

paper

D ec.

D ec.

S o m e w h a t e a r lie r

h ig h

and

up

H ou se

on

s u r p lu s

B ank

th en

year

th o

w eek

red u ced

D ec. 9,

9,

per

30

in

tie d

C le a r in g

in flu x

lik e

th ir d

R eserve

fu r th e r

A t

4 %

D ec.

con 

in flu x

liq u id a tio n

th e

$ 3 8 9 ,5 9 3 ,0 0 0

w ere

D ec.

30.
at

th e

Y .
of

g o ld

$ 1 9 3 ,6 9 8 ,0 0 0

$ 3 ,3 3 0 ,4 9 9 ,0 0 0
D ec.

N .

huge

and

fu r th e r

$ 3 ,4 2 0 ,0 1 8 ,0 0 0

w ere

to

w ere

en orm ou s

r e le a s e fu n d s

p o in t

h o ld in g s ,

excep t

30,
D ec.

in v e s t m e n ts
D ec. 2

th e

ensued

to

th e

U nder

w eek

D ec.

of

lo w e s t

M on ey

each

6 1 0 ,0 0 0

reserves

th e

tre m e n d o u s

th e ir

recovery

$ 1 1 7 ,3 3 5 ,6 9 0 .

T h o

its p a r t s o r v e d

s u r p lu s

$ 4 1 ,0 0 1 ,3 1 0 .

to

th rou g h

w eek.

reach ed

n otew orth y

th e r e tu r n

abou t

m arket on

in s t it u t io n s
2

brou gh t

en d orsed

th e co m . sto ck

C orp .

a lo n g

b oth

U n . T e l. d e c la r e d

90

S te e l.

q u a r .),

M a lt

per

C o m m e r c ia l

6 %

in

to 1 % % , p a y 

to 1 % , p a y a b le F e b . 2 1 9 1 7 .

4 % % .

1 1917

1 % %

A m er.
o f 1 %

s y lv a n ia

1 %

in

W e s tin g h o u s o E le c . & M f g .

1913.

e x t r a in J a n . 1 9 1 6 .

on

stock .

q u a r .; th e

w e re p a id ,

th e

a cco u n t o f arrears

o f 3 0 c. p er sh are.

p a id .

1 %

p r e f. o n

w ere

P ie r c e -

o f $ 5 ,0 0 0 ,0 0 0

w a s d e c la r e d o n

c o m . s to c k h o ld e r s w e re

V ir g in ia -C a r o lin a C h e m . C o . d e c la r e d

of

B an kers
o f

S teel M fg . C o .
th o

1917.

th is s t o c k

w as

B a rrett
1917, and

e x t r a in c a s h a n d 4 7 % %

in c o m . w a s p a i d .

at

is su e w a s s o ld .

A rra n g e m e n ts w e re

1 % , p a y a b le J a n . 1 1 9 1 7 .

s u b s c r ib e a t p a r f o r

e x tra

th e
1 %

o n c o m ., p a y a b le F e b . 1 1 9 1 7 , b e in g t h e fir s t p a y m e n t

1 8 3 ,0 0 0

$ 6 2 5 ,0 0 0 s .- a . , b e g in n in g J u l y

o f th e A m e r . Iro n

s p e c ia l ca s h

2 0 %

2 % %

b e in g

J M ry . d e c la r e d

1 % % .

F eb .

th o e n tir e

A m er. C ar &

q u a r .,

1 %

a u t h o r iz a tio n
stock

t o g e th e r w it h

1 % %

I n t . P a p e r fu r th e r in cre a s e d q u a r . d iv . o n

w a s o v e r s u b s c r ib e d .

p r o f,

s a le o f t h e s t o c k
A

f.

ex tra ,

(in c r e a s e d

E x ch an ge.
s.

e n s u in g

con v .

P e n n -M d .

S teel

5 %

c o m . in a d d i

1917.

M f g . C o . s h a r e h o ld e r s w e ro o ffe r e d

s e r ia l n o t e s , m a t u r in g
and

on

c o m . s t o c k , s u b je c t t o

$ 1 0 ,0 0 0 ,0 0 0
M otor

100

$ 9 ,0 0 0 ,0 0 0

ex tra o n

C o . in c r e a s e d th e q u a r . d iv . o n c o m . fr o m

0 5 7 ,0 0 0

b e lo w

of

e x tra o n p re f.

qu a r.

100%

on

s in c e

w a s a ls o p a id th o p r e v io u s

c o m ., p a y a b le J a n . 2 ;

cash an d 2 0 %

stock

fa r

paym en t

88
16814
71
95

30%

1 % %
4 %

q u a r ., p a y a b le J a n . 1 5

p r e v io u s J u n e a n d S e p t, e x tra s o f 1 3 %

to

9 8 %

fir s t

A n g lo -F r e n c h b o n d s a t 9 5 o n c o m . a lo n g w it h 2 %

s t o c k a t p a r , b u t t h e o ffe r in g p r o v e d a fa ilu r e in a s m u c h a s th e
at

fro m

5 %

4
Dec. 13
Dec. 7
Dec. 7
Dec. 4
D ec. 7
Dec. 2
Dec. 7
D ec. 4
Dec. 4
Dec. 4
Dec. 5
Dec. 4
Dec. 2
Dec. 4
Dec. 18
D ec. 20

de

p a y a b le

d e c la r e d

c la r e d

N . Y . C e n t r a l R R . o f fe r e d t o s t o c k h o ld e r s 8 2 5 ,0 0 0 ,0 0 0 n e w
d e c lin e d

th o

p a id

H e rc u le s P o w d e r C o . p a id 5 % %

on

36
Dec.
D e c. 21
91
D ec.
D ec. 21
D e c. 21
9714 Dec.
183 D e c. 21 107% Dec.
64
Dec.
44
D ec. 21
J60% D ec. 21 7814 Dec.
10
D ec. 21
18% Dec.
J67% D ec. 21 94 D ec.
100% D ec. 21 119 Dec.
j50 D e c. 22 73 Dec.
104
D e c. 21 11714 Dec.
xl23% D ec. 29 12814 Dec.
J37 D e c. 21 57% Dec.
39
D e c. 21
6714 Dec.
31% D e c. 21 6314 Dec.
77% D ec. 21 10114 Dec.
52
D e c. 21
8114 Dec.
^489
D e c. 21 649
D ec.
75
D e c. 21 113
D ec.
23% D e c. 21 34% D ec.
J47% D e c. 21 70% D ec.
4 0 % D e c. 21
5814 D ec.
J83% D ec. 21 10014 Dec.
50% D ec. 21 8714 Dec.
190
D e c. 21 223
Dec.
j 160% D ec. 21 183 Dec.
Dec.
750
D e c. 6 750
40% D ec. 20 7014 D ec.
i l0 0
D e c. 21 175
D ec.
40% D ec. 21 72 D ec.
17
D e c. 29
24J4 Dec.
22
D e c. 21
48% Dec.
82% D e c. 26 110% D ec.
49
D ec.
38J4 D ec. 21
67% Dec.
39
D e c. 15
13% D ec. 21 10514 Dec.
J44 D e c. 21 76 Dec.
57
D e c. 21
70
D ec.
33% D ec. 21 5814 Dec.
60% D e c. 21 8514 Dec.
i 16
D ec. 21
6014 Dec.
60% D e c. 21 9 0 1 4 ,Dec.
100% D ec. 29 12114 tD ec.
194
D e c. 14 2 3 7 1 4 ,Dec.
04% D ec. 21 13814 Dec.
5514 D e c. 21
7014 Dec.
57
D e c. 21
7714 Dec.
100K D ec. 21 12714 D ec.
J04% D eo. 21 10314 Dec.

58
39
74

135
6614

D ec.
D ec.
D ec.
D e c.
D ec.
D eo.
D ec.
D ec.
D e c.
D e c.
D ec.
D ec.
D e c.

C o.

Highest.
106% Dec.

24
81
^84

86%
41%
45%
}82
J47%

6£

21
21
21
21
21
21
21
21
21
21
21
21
21
21
21
1
21

per

C o.

p r e f.,

e x tr a o n c o m ., p a y a b le J a n . 2 5

th e r ig h t t o

Prices in doll ars per share.
R a ilroad s—
103%
105%
Atch T op & Santa F e .
84
Baltimore & Ohio-----86 H
165%
xl68%
Canadian Paclllc-------J65
Chesapeake & O h i o ...
67 %
83 %
01%
Chicago M llw & St P .
34
E r ie ____ ______ ________
37 X
Great Northern p r e f..
117%
11714
135
Louisville & Nashville. *133
135 *132
104
New Y ork Central____
107 X
50%
N Y N II & Hartford.
58
134
Norfolk & W e s te r n ...
1395*
Northern Pacific-------111
10 9 %
56%
Pennsylvania (par $50)
56 %
101%
Reading Co (par $ 5 0 ).
111
Southern Pacific-------97
98 X
27%
Southern Railway____
31%
Union Pacific............... ..
x!47%
147%
In d u stria ls—
27
Allis-Chalm M fg v t c .
35
x84%
Preferred v t c ..........
89 X
j80
Amer Agrlcul C h e m ..
07%
jSO
American Beet Sugar.
103 %
46%
American C an -----------62
J64%
Amer Car & Foundry.
74
12
Amer Hide & Leath pf
17
American Locomotive.
89 %
f 76%
104 •
Amer Smelt & Refln’g
117%
66
Amer Steel Foundries.
j 60
Amer Sugar Refining.
xllOX
10814
xl23%
Amer Teleph & T eleg.
128%
]43%
Amer W oolen of M a ss.
54%
45
Amer W rit’g Paper p f.
67%
37%
A m Z . L & S (par $25)
58%
AnacondaCop (par $50)
81%
08%
Baldwin L ocom otive..
57%
77%
J525
Bethlehem Steel C orp.
620
86
Central Leather_______
lllO H
24%
Chile Copp (par $ 2 5 ) .
32%
Chino Cop (par $ 5 ) . .
69
J53%
44%
Colorado Fuel & Iron .
57 %
89
100
/S6
Continental C an_____
84%
61%
Crucible Steel of Amer
195
Cuban-Amer Sugar___ *216
230 *180
^167
General Electric_______
180
General M otors_______ *650
800
800 *600
50%
Goodrich (B F ) . ..........
69H
J125
Gulf States Steel tr ctfs
175
56%
Insp Con Cop(par$20)
70
17
Int Agrlc Corp v t c ___ *22
25
26
Inter M erc Marine___

o ffe r in g

1 0 %

1 % %

c lo s e d

on

(in c r e a s e d

100 %

1 0 %

1914.

g iv e n

an d

b e in g

ex tra

p a id

a ls o

o f 1 %

Dec.

C o.

e x tr a o n c o m . a lo n g w ith

a b le J a n . 31

Stock Fluctuations.

&

a ls o

D e c. 21

2 %

S m e lt.

S te e l F o u n d r ie s

com 

26.

Int Nickel (par$25)vtc
International P a p er..
Lackawanna Steel-----Maxwell M otors tr ctfs
National Lead.......... ..
Pittsb Coal ctfs of dep
Pressed Steel Car____
Railway Steel S prin g..
Republic Iron & Steel.
Studebaker Corp(The;
Texas C o ------------------U 8 Indus A lccb ol-----U S R u bber__________
U S Sm R & M (par$50)
United States S t e e l...
Western Union T e leg.

D od ge
A m er.

N ov .

d e c lin e s ,

S teel

C o n tin e n ta l Z in c d e c la r e d 5 0 c . p e r s h a re , p a y 

S teel

th e

w eak,

1 1 9 %

as

&

C a m b r ia S te e l C o . p a id

q u a r.

&

1917,

p o in t o f th e y e a r o n

1 0 6 % .

e s p e c ia lly

th e

near p rosp ect.

of

h ig h

100 %

d e c lin e

aw ay,

in

som e
its

w eek

next

m e lte d

of

reach ed

sh ares w ero

d u r in g

th e

E x ch a n g e n o t b e in g o p e n

b e in g

M a r in e

th e

a g a in

1 2 9 % , g ot dow n

D e c. 31

bu t

m ig h t , a ft e r a ll, b e

m o n , w h ic h
27

occu rred ,

a

P ow .

a b le J a n . 2 0 1 9 1 7 , a g a in s t $1 p e r s h a r e p a id th e p r e v io u s J u ly .

fir s t d iv . s in c e D e c .

r a lly

and

d e c la r e d

1 % %

100 %

O ld

M in e s ,

o n c o m ., p a y a b le F e b . 1 1 9 1 7 .

C o . p a id

q u a r .;

w as

n ou n ced

p r e v a ile d

Iron

A llis -C h a lm e r s M fg . C o . d e c la r e d 1 % %

1917.
t io n

G lo b e

a n in it ia l d iv . o f $ 1

R e p u b lic

L ead
1

U n it e d

o n a c c o u n t o f a r r e a r s a lo n g w it h 1 % %

qu a r.

v ie w s

1917.

o f A m er.

P h e lp s ,

soberer

C o .,

1917 on a cco u n t o f arrears.

q u a r .).

th e r e g u la r

C o . o f M a in e ,

C o n s o l. M in ., S m e lt. &

c la r e d a n in it ia l d iv . o f 1 % %

pro

22,

S m e lt.

G ra n b y

Jan .

O n

D ec.

D o m in io n

C o p . M in . d e c la r e d

v o u s fe e lin g a n d s e r v in g fu r th e r t o a g g r a v a t e t h e u n e a s in e s s .
F r id a y ,

&

C op per C o. and

C o.

C o ., a lo n g w it h

t h e c o p p e r c o m p a n ie s a g a in in c r e a s in g t h e ir

d iv s . w e r e C h in o

lo w

B a n k ers’
p o in t

of

dem and
th e

year

b ills
on

on

D ec.

12

B e r lin

a fte r

at 6 5 % ,

re-

Mar . 31 1917.]
covered

to

A u s tr ia n
at

7 5 %

3 0 .1 5
D ec.

on

30,

w ero

very

5 86 @ 5

n arrow ,

a ls o

b e in g 4 7 5 %
fig u r e s
tw o

of

w eeks

ex trem es

fo r

year,

G o ld

th o

e x c e e d in g

w as

ab ove,

exceeded

a

in

th o

new

fo r

at

h ig h

year.

OF M E N M E A N S C O N S C R IP T IO N OF C A P I T A L .

B an k ers’

[From tho Socialist newspaper, tho New York “ Call.” ]
Gentlemen o f tho railroad plutocracy. Kindly permit us to remark in
the most delicate manner in the world that you have been licked to a frazzle;
whipped, slugged over tho ropes and everlastingly lambasted by that un
patriotic bunch, tho Big Four Brothernoods of Railroad Trainmen.
And what tho Big Four trainmen did to you other workingmen can do
to your kind— provided always they only stand together.
You have called for “ public opinion” as the heathen priests of old called
on Baal- “ O Baal, hear us. O Baal, hear us.” But ho did not come
when you called him. Perhaps ho had gone on a journey. And we
Socialists mock you as the Hebrew prophet of old mocked the priests of
Baal.
Wo suspect there is no such god, or else he is blind, deaf and dumb. In
any case, he is indifferent to what has happened to you. At best ho is
but a bogyman with which you were accustomed to scare the children of
labor. But it didn’t work this time. It is getting played out as a scarocrow, and it loaves you between the devil of organized labor and the deep
sea of government ownership. You can take your choice between them,
but in either case labor will get what it demands if it only unites and
stands fast.
And, hark you, gentlemen. If you and your kind decide to plunge this
country into war, wo shall see to it, as far as we are able and can encourage
tho men of labor, that you pay for your pastime with your property. If
you decide to conscript their bodies, we shall do what wo can to urge them
to conscript your wealth. That’s only fair.
In the meantime, wo rejoice that the Big Four lias handed you yours
in this case; but, as it will stimulate your “ patriotism," there should be no
regrets on your part. Tho only thing you have to look for is that the
stimulant docs not push you too far— into the war, we mean— lest what
you have experienced in this preliminary skirmish be multiplied a thous
andfold, putting you beyond the possibility of ever “ coming back.”

th e

th e in te rv a l

th e h ig h e s t

day

each

(D e c .

w h ic h ,

th e

a g a in

of
28)

it w a s b e lie v e d ,

record ,

F or

d o lla r

b a n k e r s ’ s ig h t

one

m on th

h ow ever,
th e

in flu x

o f th o m e ta l a t a ll p o r ts o f th e U n it e d S ta te s r e a c h e d th o e x 
t r a o r d in a r y
9 7 3 ,7 1 9 .
m on th

and

m on th

fu r th e r

th e

h ig h

in d u c e d

L on don ,

th e

at 5 %

la r g o

@ 5 %

o f E n g la n d

bank

d is c o u n ts

4 % %

a g a in

of

su ch

fo r

b oth

to

at

5 % .

E u rop ean

c e n tr e s c o n tin u e d

6 %

in

in

L on don

60

back

c o n t in u e d
5 % %

A m e r ic a n

and

90

at

days

b e in g

at

T h o

at 5 %

P otrog ra d ;

fro m
h ig h

L on don

con 

b ills

(th e

w h ile

p r iv a te

tim e

q u oted

at

th e

at

P ortu g a l

and

at

fu n d s
as

one

ra tes

of

B an k

th e

4 % %

L on don

and

in

of

le a d in g

in P a r is , V ie n n a a n d

S w eden,

H o lla n d a n d S p a in .
S ilv e r
th e c lo s e w a s a t 3 6 % d .

ac
th e

ban k

ra te

O ffic ia l

fo re ig n
part

r u n n in g

d is c o u n ts

4 % .

I ta ly ,

and

of

on

e a r ly

w it h d r a w a ls

a fte r

G erm a n y
penhagen;

th o

r e m a in in g a t 6 % )

B e r lin

fe ll

flo t a t io n s
h ere

m arket

m in im u m

at

lo a n
ra te s

w it h d r a w a ls

O pen

B ank
at

now

m on ey

e s t im a t e

$ 1 0 0 ,0 0 0 ,0 0 0 .

tin u e d

e x p o r t s o f $ 2 7 ,

T h e F e d e r a l R e s e r v e B o a r d ’s a c t io n o f th e p r e v io u s

ch eck ed

cou n t

as

t o t a l o f $ 1 5 8 ,6 2 0 ,6 8 1 , o f f s e t b y

W H A T T H E S O C IA L IS T S T H R E A T E N — C O N SCR IPT IO N

3 0 .0 5 @

t h is p o in t in

O n

1 2 09

7 3 % .
c lo s e d

ran ge w as

e s t a b lis h in g ,

d a ily

to

im p o r ts r e a c h e d

$ 5 0 ,0 0 0 ,0 0 0 .

now

th e

m on th

a r r iv a ls

im p o r t s w e r e $ 3 3 ,0 0 0 ,0 0 0 ,
sta ted

1.

1 , b u t in

b ills

at

and

w ere

fra n cs

D ec.

th e

and
D ec.

8 4 %

s t e r lin g

w as

1 3 .2 5

im p r o v e d

8 4 %

In

30

to

2 9 .5 5 @ 2 9 .6 0

and 4 7 5 % .
th o

D ec.

1 0 .9 8

5 8 4 % @ 5

85.

th o

c lo s e

fro m

r u b le s

a g a in s t

P a r is

been

th e

T h e

up

3 0 , a g a in s t 5 8 4 % @ 5

had

as

21.

m oved

R u s s ia n

D ec.

ch eck s

D ec.

k ron en

1 1 .8 0 .

THE CHRONICLE

C o 

N orw ay;

S w it z e r la n d ,

ad van ced

to

3 7 d .;

L O A N TO U N I T E D

$ 5 0 ,0 0 0 ,0 0 0

BY
NO C O U N T IN G

HOU SE PA T R IO T ISM .

A

[From tho ‘ ‘Evening M ail” of March 24 1917.J
L e t u s n o t m a k e a c o u n tin g h o u s e o f A m e r ic a .

r e g a r d w ith p r id e a n d ju s t ify
T h is
n

n a tio n

peace

m u st

not

or w ar, as a

bo

b y

If w e are

its t r a d itio n s a n d

in te rp re te d

m oro

sen t.
in to

th o

its id e a ls .

w o r ld ,

e ith e r

d o lla r s ig n ; it m u s t n o t b e

g iv e n

ia s ta tu s , a s a m a tte r o f c o u r s o , w h ic h

to

even

C h in a w o u ld

re

N o t o n e p a t r io t ic A m e r ic a n w a n t s h is c o u n t r y p lu n g e d
E u r o p o ’s b lo o d y

a v o id

d o in g

so; b u t

ch asm
every

if t h e r e is a n y
p a tr io tic

h o n o r a b le

A m e r ic a n

w ay

w ill s t a n d

to
b y

t h o G o v e r n m e n t in its a s s e r t io n o f A m e r ic a n r ig h t s .
IIo

does

d e fe n s o

n ot

w ant

o f A m e r ic a n

h is to r y
r ig h t s

to

record ,

is l im i t e d

h ow ever,

to

h is

C iv il W a r .

T h o

th o

b lo o d .

p e o p le

r ig h t s

M a y

N o th in g

fo r

th ey

is

have

w h ic h

a lw a y s

th e ir

fo re fa th e r s

of

a

n a tio n

th a n

an y

If w o

m u st get

tru th

c le a r ly

b e fo r o

us,

a c c o r d in g ly .

T h e

m u st

m in d .

havo

in

T im e

and

as w e
of

W h en

in

peri

T h e r e th o fu tu r e
le t u s k e e p

o n to r it g u id o

to -m o r r o w

our

th is

cou rse

is t h o A m e r i c a

W a s h in g to n

w arn ed

a llia n c e s it w a s t h o A m e r ic a

w ere

had

n ot

sep a ra ted

th en

fro m

been

us

w e

a g a in s t

o f th e fu tu r e

a n n ih ila t e d

E u rop o

b y

a

g u lf

b y
so

in 

w id e

th a t it c o u ld n o t b o b r id g e d b y a n y n a t io n , h o w e v e r p o w e r fu l,
nor b y

any

o n ta n g lin g a llia n c e .

W a s h in g to n
g u lf

r e a liz e d ,

th a t sto o d

h ow over,

b etw een

E u rop o

th a t

and

it

w as

us.

A

a

n a r r o w in g

cen tu ry

has

a l

m o s t e lim in a t e d it , a n d a s it d is a p p e a r s it le a v e s o n A m e r ic a ’s
d o o r s t e p s p r o b le m s fu ll o f a n x io u s c o n c e r n
w e ll
It

as

of

cou n sel
th a n
c is io n
Is

W a s h in g t o n ’s
it

of

is

no

as to
it

to

its
bo

w a r n in g

lo n g e r a

im m e d ia te

e v e r b e fo r o

L in c o ln

th e n a tio n

as

o p p o r tu n ity .

g iv e s

possessed;

fo r

in

its

w ord

a

r e a lit y

it

of

p r o p h e tic

s ig n ific a n c e .

A m e r ic a

h is to ry

sta n d s a t

th e

never

b e fo r e

w a r n in g ;
to -d a y

th o

A m e r ic a

m om ent

of

de

th a t

h e r o ic

to

on

tr a d itio n s ,

W a s h in g to n

v is io n e d ,

lik e s h a c k le s f o r

th e v in d ic a t io n

w it h

y e a r s ; d e s ir 

o f its r ig h t s , h a v 

t h a t o u r p e o p lo , in

ra th er

tw e lv e

to

th e

F ed era l

h ou rs’

G o v e rn m e n t,

R eserve

n o tice .

over

and

th e

G overn m en t

in te r n a l r e v e n u e

T h e

A n

a d d itio n a l

W edn esday,

m ay

bo

o f

th e

th o

G overn m en t

d e p le te d

in

th e ir p a t r io t 

th o ir b lo o d ,

th a n

bu y

a c c o r d in g

th em

w it h

fa c in g
th e

o f

it

borrow ed

th e

m on ey

at
on

w as

G overn m en t

T h e

o f

th e

th a n

e x c e e d in g

of

on e

3 % ,

$ 3 0 0 ,0 0 0 ,0 0 0 ,
th o

a

w arra n t

W est

has

an d

and

been

th is

th e

in to

th e

an n ou n ced

sam e

m anner

n ecessary

th e

gen eral

b y

fu n d

t o $ 5 8 ,0 0 0 ,0 0 0 , a n d
on

fo r

S a tu rd a y
th a t

w hen

am ount

in

In d ie s .

to

of

in d e b te d n e s s

bear

in te r e s t

a u th o r iz e d

w e e k ’s is s u e

a u t h o r iz a t io n .

w as

m ade
in

o f $ 2 5 ,0 0 0 ,0 0 0

c e r tific a t e s

year

w as

b a la n c e s

a p p r o x im a t e ly

is s u e

D a n is h

is s u a n c e

lo n g e r

w ill

in

w hen

flo w

T h e t e m p o r a r y fin a n c in g

m anner
th e

a fu r th e r r e d u c t io n

paym en t

In

is

to

ru n

n ot

a

ra te

not

at

b y

C on gress

th e

fir s t

a d d it io n ,

to

up

be

S ecreta ry

to

m ade

M cA d oo

h a s a u t h o r it y t o is s u e $ 4 7 4 ,0 0 0 ,0 0 0 in b o n d s f o r v a r io u s p u r 
p o s e s , in c lu d in g

th o P a n a m a

C a n a l b o n d s, to

r e im b u r s e t h e

T r e a s u r y fo r th e a m o u n t p a id o u t o f o r d in a r y r e c e ip t s fo r th e
c o n s tr u c tio n o f th e C a n a l.
o f

$ 5 0 ,0 0 0 ,0 0 0

M cA d oo

is s u e d

fro m

th o

I n m a k in g k n o w n
F ed era l

th e fo llo w in g

R eserve

th e b o r r o w in g

B an ks,

sta tem en t o n

S ecreta ry

W edn esday:

In anticipation of tho payment of tho corporation and individual income
taxes due in Juno 1917. I havo determined to borrow at this time on ninetyday Treasury certificates of indebtedness $50,000,000. with interest at 2%
per annum. These certificates wero offered on the 27th of March to the
twelve Federal Reserve Banks, which are fiscal agents of tho Government.
Before 3 o ’clock to-day these banks subscribed for more than tho entire
issue.
This is extremely gratifying and shows not only a fine spirit on the part
of tho Reserve Banks, but is an additional demonstration of the usefulness
of the new Reserve system to the country. A statement of the allotments
to tile subscribing banks will bo given out as soon as the details are com
pleted.
It is passible that an additional issue of $50,000,000 of these temporary
certificates of indebtedness may bo issued before the end of the present
fiscal year. No statement can bo made about possible issues of Govern
ment bonds until further developments in the international situation.
T h e a llo tm e n t o f th e n o te s w a s m a d e p u b lic

b y

S ecreta ry

M c A d o o o n T h u r s d a y . T h o la r g e s t a m o u n t o f t h e is s u e ,n a m e ly
$ 2 0 ,0 0 0 ,0 0 0 , g o e s t o t h e F e d e r a l R e s e r v e B a n k o f N e w

F ed era l

R eserve

New York____
Boston________
Philadelphia__
Cleveland_____
Richmond_____
A tlanta_______
Chicago_______

to

th e ir

B anks

Jun e,
w ill

$ 5 0 ,0 0 0 ,0 0 0 ,

th is

c o n d it io n

u n til

retu rn s

b e fo r o t h o c lo s e o f t h e fis c a l y e a r .

C h ic a g o

d e fe n d

o f $ 5 0 ,0 0 0 ,0 0 0
th e

tw e n ty -fo u r

t id e
ta x

T reasu ry.

fo llo w s :

in g n o v ic t o r ie s o t h e r t h a n

is m , a re n o t r e a d y

h e lp

th a t

in g n o p u r p o s e s a s a n a t io n

th e ir

to

s ta n d in g a p a r t in its im p a r tia l d ig n it y

becom e

on

b y

w h ile t h e s e c o n d la r g e s t a llo t m e n t — $ 5 ,0 0 0 ,0 0 0 —

a n d s tr e rtg th , n e it h e r u n d e r t a k in g n o r a c c e p t in g a llia n c e s f o r
th o m o m e n t th a t m a y

28

in c o m e

it is
m ore

n a tio n a l d e s t in y .

p erp etu a ted

lo a n

ta k en

STATES GOVERNMENT

RESERVE B A N K S .

b o r r o w e d o n n in e t y -d a y T r e a s u r y c e r tific a t e s o f in d e b te d n e s s

under

g rea test

spoke.
d is ta n c e

v e n tio n ; w o

and

th e ir

s a c r ific e d

its

E u r o p e ’s c o n flic t

A m e r ic a

e n ta n g lin g fo r o ig n
ho

in to

w ith

oth e r w a y .

th a t

is n o t in b e g i n n i n g w a r b u t in e n d i n g o n e .

w h ic h

T h ere

E n g la n d , o r o u r

d e fe n d e d

n o v e r e n te r a w a r in

tru e r

lie s .

fo r

h is

to b e m e a s u r e d o u t o f b a n k in g -h o u s e c r e d it s .

A m e r ic a n

liv e s

M a rch

A m e r i c a n c o u r a g e is n o t m in t e d i n t o d o l la r s , n o r

is it s p a t r i o t i s m

w as

o f th e T re a su ry , re d u ce d
th a t

d o lla r s .

is n o r e c o r d o f t h a t k i n d in o u r t w o w a r s w i t h

n in e ty -d a y

2 % ,

g o in g t o w a r, lo t it b e w a r — s u c h a w a r a s A m e r ic a c a n a lw a y s

FEDERAL

T h e

tota l

B ank.

$20,000,000
3.000.
3.500.000
3.500.000
2.000.
1.500.000
5,000,000
am ount

of

T h e

a llo tm e n ts

St. Louis______
Minneapolis_
000
_
Kansas C ity__
Dallas________
000 Francisco..
San
upon

are

as

$2,500,000
2,000,000
2.500.000
2,000,000
2.500.000

T ota l_______

s u b s c r ip tio n s

Y ork ,

g o e s to th e

$50,000,000
w h ic h

th e

a llo t 

m e n t s w e r e b a s e d w a s $ 6 6 ,6 5 0 ,0 0 0 .

d o lla r s ?
A m e r ic a

w a n ts

no

bou gh t

r ig h t s

r ig h t s a s s h e h a s s h e w ill m a in t a in b y
if n e c e s s a r y — o f

her

ban k ers

o ffe r e d

to

fig h tin g

fo r

p e o p lo ;
oth er

h er.




bu t

n a tio n s

on

th o

ocean .

S u ch

th o c o u r a g e — th e liv e s ,

n ot

w it h

th e

so

th a t

th ey

d o lla r s
m ay

T h e

P h ila d e lp h ia

fo llo w in g

to

say

in

“ P ress”
c r it ic is m

o f y e sterd a y
of

S ecreta ry

(th e 3 0 th ) h a d
M c A d o o ’s

th e

a c t io n

of

her

in

do

her

In banking circles yesterday fresh criticLsm was made o f the action of
Secretary M cAdoo in borrowing $50,000,000 from the Reserve banks on
90-day notes bearing interest at the rate of 2 ° , . According to dispatches

b o r r o w in g

fro m

th e

R eserve

ban ks:

from Washington, Secretary M cAdoo may also borrow an additional
$50,000,000 in the same way before tho close o f the fiscal year. If this
action comes it will mean that $100,000,000 o f tho $900,000,000 total re
sources o f the Federal Reservo banks will be locked up in 90-day invest
ments, which must be carried by tho banks to maturity as tho low interest
rate makes it impossible for tho Reserve banks‘to resell the notes in the
market. One prominent banker said that he believed tho whole thing was
wrong, and that Congress never Intended that the Reserve banks should
be used by the Government as fiscal agents in a way which would lock up
their resources. Ho emphasized tho point that the Reserve banks were
planned to be reserve banks in fact, a place where the member banks could
always look for financial aid, and also to provide an elastic currency. The
investments should bo o f a most liquid character, and the bulk o f the invest
ments should be in short-term loans so that they will bo running o ff con
tinuously, thereby keeping the resources o f tho banks thoroughly liquid.
I f Secretary M cAdoo had issued his notes for periods o f 30, 60 and 90 days,
he would have been adhering strictly to the ideas o f the functions of a central
bank, and if the rate o f interest had been made 2*6 or 2*6 % the Reserve
banks would have beon ablo to dispose o f part o f their notes to other
investors.

T h e fir s t in s ta llm e n t o f

SU B SC R IPTIO N

BOOKS

TO

FRENCH

LOAN

g o ld

tw o -y e a r

n otes

o f

th e

IN T E R IM

R E C E I P T S OF

CHANGED

g o ld

on

th e

2 8 th

in s t.

J.

P .

M organ

&

C o .,

as

B ank

of

C ity ,

and

th e

s y n d ic a te

on

n o t b e c a lle d u p o n
been
w e

to

la te r

a d v is e d

n o tes
w as

on

b e in g

6 0 %

on

T h e

th a t

w ere

m en t

in

s u b s c r ib in g

o f

fu ll a n d

g ra d u a te d

th e

th e y

am ount

th e la r g e s u b s c r ip tio n s .

th e

s c a le ,

of

of

th o

PAYM ENT

ON

F IR S T

th ird

and

§ 1 5 ,0 0 0 ,0 0 0

in

fa v o r

o f

b y

W illia m

P . B o n b r ig h t &

Y ork

p u b lis h e d

r e fe r r e d

a llo t 

to

b y

C o .,

th e se

I n c .,

of

N ew

Y ork

ban k ers

to

th e

p u b lic

w h ic h

are

now

fo r th e

ready

fo r

fu ll

m ay

d e p o s it

th e m

w ith

C h a n d le r

&

C ity .

p a r t ic u la r s

of

1916, pages

th is

§ 5 ,0 0 0 ,0 0 0

1934 and

lo a n

in

1935.

t h e fir s t

C o ., I n c ., o f N e w

u s in

Y ork .

presen t

d ep a rtm en t o f

I t a lia n

th is c o u n t r y
E q u it a b le

lo a n ,

fo r

w h ic h

th ro u g h
T ru st

C o.

th e
of

S u b s c r ip t io n s t o t h is l o a n , w h ic h is e x e m p t f r o m
and

fu tu r e

1 9 3 1 , w ill b e

M a y

th e

(p e r p e tu a l)

th e s e c o lu m n s la s t w e e k , a n d

th e

exch an ge

c o n c e r n in g
5 %

I ta lia n

r e c e iv e d

b y

ta x es
th e

and

is

E q u it a b le

u n c o n v e r tib le
T ru st

C o.

up

31.

The prico o f issuance Is lire ninety (90), plus 5% interest on faco amount
from Jan. 1 1917 until date of purchase, for every lire one hundred (100)
of par value. Certificates will be issued to bearer and are in denominations
of lire 100, 200, 500, 1,000, 2,000, 4,000, 10,000 and 20,000 of par valuo.
On account o f tho violent fluctuations in lire exchange, quotations for
amounts in excess of lire 5,000 will only be given by telegraph or telephone.

FRENCH

in te r e s ts

b y

at hand

n a tio n a l

in

u n til

on

to

are

c o n s o lid a te d

s u b s c r ip tio n s a r e b e in g r e c e iv e d

a ll

.

in d u s t r ia l

(P E R P E T U A L ) L O A N .

fo r e ig n
N ew

T h e p ro ce e d s fro m

a r r a n g e d f o r in th is c o u n t r y in D e c e m b e r 1 9 1 5 b y a s y n d ic a t e
fo rm e d

of

c e r tific a t e s ,

r e c e ip t s

N ew

G overn m en t

OF § 1 5 ,0 0 0 ,0 0 0

F ren ch

in te r im

5%

to

a p p lie d

1096.

fin a l in s t a llm e n t o f § 5 ,0 0 0 ,0 0 0

c r e d it

3 -y e a r

R e p u b lic

a b o u t 6 .9 0 % , m a y e x ch a n g e th e m

A d d it io n a l p a r t ic u la r s

and

up

th e

§ 1 5 ,0 0 0 ,0 0 0

C R E D IT — F O U R T H C R E D IT
T h e

th e

I T A L I A N G O V E R N M E N T C O N S O L ID A T E D N A T I O N A L

to

F IN A L

b etw een

T h e e x c h a n g e m a y b e m a d e a t th e C o n tin e n ta l &

I n c .,

W e

a llo tm e n t

T h is

pages 1095 an d

1916

C h a n d le r . &

en graved

o u r is s u e o f N o v . 2 5

I n o u r is s u e o f la s t w e e k w e p u b lis h e d

a ll p a r t ic u la r s o f th is lo a n o n

in

th e

m ade

m in im u m
fo r.

and

d is p o s e d

w o u ld

a m ou n ts

b a la n c e

th e

s u b s c r ib e d

been

fo r

BE E X

a d v e r tis e d ,

th a t

h ave

LOAN M A Y

C E R T IF IC A T E S .

C o m m e r c ia l T r u s t & S a v in g s B a n k in C h ic a g o , o r th e h o ld e r s

OF

m an agers

a n n o u n c in g

a llo tm e n ts

th o se

a llo t e d
a

26

1 n ex t.

r e c e ip t s o f th o § 5 ,0 0 0 ,0 0 0 6 %

n e g o tia te d

y ie ld in g

perm an en t

ta k e a n y o f th e n o te s , a s th e lo a n h a d

o v e r s u b s c r ib e d .

are

100

M a rch

lo a n

C h ic a g o

at 9 7 K .

s y n d ic a t e w h ic h u n d e r w r o t e th e lo a n , s e n t le tte r s to m e m b e r s
o f

on

o f C h in a a n d t h e C o n t in e n t a l & C o m m e r c ia l T r u s t & S a v in g s

G o v e rn m e n t,

w h ic h w e re o p e n e d o n M a r c h 2 2 , w e re c lo s e d ,

C H IN A

FOR P E R M A N E N T

H o ld e r s o f th e in te r im
secu red

secu red co n 

F ren ch

m a tu red

o f t h e r e m a in in g § 5 ,0 0 0 ,0 0 0 m a t u r in g o n M a y

C o .,
S u b s c r ip t io n b o o k s t o t h e § 1 0 0 ,0 0 0 ,0 0 0 5 ^ %

w h ic h

t h a t s im ila r a r r a n g e m e n t s w ill b e m a d e t o m e e t t h e p a y m e n t

CLOSED— A L L O T M E N T S M A D E .

§ 1 0 0 ,0 0 0 ,0 0 0

§ 5 ,0 0 0 ,0 0 0 ,

M a r c h 1 , w a s p r o v i d e d f o r in t h e s a m e w a y , a n d i t is e x p e c t e d

d e liv e r y .

v e r t ib le

[Vol. 104.

THE CHRONICLE

1310

in N e w

Y ork ,

Y o r k fo r

t h e s a le o f t h o b o n d s w ill ,b e d e p o s i t e d

th e u se o f th e R o y a l I ta lia n

T reasu ry.

a n d B o n b r ig h t & C o . , t h e ir P a r is c o r r e s p o n d e n t s , w ill b e p a id
o n A p r il 2 , w h e n it b e c o m e s d u e , th e m o n e y r e q u ir e d fo r th e
paym en t o f

th e

sam e

b e in g a lr e a d y

s t a llm e n t o f § 5 ,0 0 0 ,0 0 0
§ 5 ,0 0 0 ,0 0 0 o n

M a rch

p u b lis h e d

us

b y

on

w a s p a id

1.

C o .,

fo u rth

I n c .,

th a t

c r e d it

o f

T h ese

m erch a n ts
th e ir

d r a fts

w h ic h

are

6

1915,

had

fo r

page

th e

to

A

D e fe n s e

a rra n g em en ts

paym en t
in

banks

o f

raw

th is

fo r

T h e
b y

m a t e r ia ls

cou n try
F ren ch

an

b y

th o

banks

a ccep ta n ces

year.

A s

in

th e

th e

are

ta k en

t o t a l c r e d it

case

of

C r e d it a rra n g e d fo r b y

th e

u p

r u n n in g

In

T reasu ry

under

b y

th e

fo r

a

proceed s

p e r io d

F ren ch

P . B o n b r ig h t &

o f

o f one

I n d u s tr ia l

C o ., I n c ., in

th e p le d g e o f F r e n c h

n otes.

s p e a k in g o f th e s e c r e d it s , th e b a n k e r s s a y t h a t t h e y a re

“ p a r t ic u la r ly

in te re s tin g

as

b e in g

in

lin o

w it h

s u g g e s tio n s

m a d e in v a r io u s q u a r t e r s t h a t t h e U n it e d S t a t e s s h o u ld s h o w
its

g r a titu d e

d ays b y

now

fo r

fin a n c ia l a s s is ta n c e

c o n t r ib u tin g la r g e ly

fro m

to

F ra n ce

in

e a r lie r

th e fin a n c in g o f F r e n c h

w a r e x p e n d it u r e s .”

A R G E N T IN E
SECOND
T h e

R AISES

§ 5 ,0 0 0 ,0 0 0 , w h ic h
w it h

a

LOAN

OF

IN S TA LL M E N T

A r g e n tin e

s y n d ic a te

G overn m en t
is in

TO

§ 5 ,0 0 0 ,0 0 0

OF O N E -Y E A R
has

th e fo r m

com posed

arran ged

PAY

NOTES.

fo r

a

lo a n

of

o f o n e -y e a r d is c o u n t n o te s ,

of J.

P . M organ

&

C o .,

K u h n ,

L o e b & C o ., th e G u a r a n ty T r u s t C o ., th e N a tio n a l C it y C o .,
H a r r is , F o r b e s &
Y ork .

T h o

p aym en t
on

A p r il

cou n try

of

1916

T ru st C o . of N ew
M a rch

part
b y

L e e , H ig g in s o n & C o . , a ll o f N e w

o f th e lo a n

§ 5 ,0 0 0 ,0 0 0

1, b e in g
in

C o ., a n d

pu rpose

a

Y ork

o n e -y e a r
of

a

p u b lic ly , b u t w ill b e

s o ld

p r o v id e

d is c o u n t

to in

fu n d s

n otes

lo a n

headed

a n d r e fe r r e d

b a s is t o y ie ld a b o u t 5 % % .




is t o

§ 1 5 ,0 0 0 ,0 0 0

s y n d ic a te

11 1 9 1 6 , p a g e 9 9 4 .

b y

p la c e d
th e

fo r

th e

m a t u r in g
in

th is

G u a ra n ty

th e s e c o lu m n s o n

T h e n e w n o t e s w ill n o t b e o ffe r e d
to

th e

R e a lm

“ G a ze tte ”

in v e s to r s o v e r

th e co u n te r o n

ta x

of 2s.

tim e o f t h e n e w

th re e m o n th s a fte r

§ 5 0 ,0 0 0 ,0 0 0

W illia m

O c t o b e r la s t, th e d r a fts a re s e cu re d b y
G overn m en t

o f

L on don

in c o m e

d raw

h a n d le d b y b a n k s a n d b r o k e r a g e h o u s e s d e a lin g in c o m m e r c ia l
T h e

THE

is s u e d

REALM

b y

th e

R E G U LAT IO N S.

B r itis h

(S e c u r it ie s )

T reasu ry

R e g u la tio n s

under

of

th e

Jan u ary,

o f

M arch

5.

T h e

new

lis t

in c lu d e s

p r e v i o u s ly a p p e a r e d in lis ts o f s e c u r it ie s s u b je c t t o t h o s p e c ia l

and

a c c e p t a n c e , a n d a r e in t u r n d is c o u n t e d a t fa v o r a b le r a t e s a n d

p ap er.

OF

order

g o v e r n i n g f o r e i g n , C o l o n i a l a n d I n d ia n s e c u r it ie s , a p p e a r e d in

a

F ren ch

arran gem en t

th e s e d r a fts a re a c c e p t e d , p a y a b le

re n e w a l d r a fts ,

secon d

3 1 9 U n it e d S t a t e s a n d C a n a d ia n s e c u r it ie s , a ll o f w h ic h h a v e

F ra n ce.

A m e r ic a n

L IS T OF S E C U R IT IE S R E Q U I S I T IO N E D U N D E R
DEFENSE

secon d

1514.

c o m p le t e d

pu rch ased

exp ort

on

NEW

fir s t in 

th e

th e 2 8 th in s t. b y W illia m P . B o n b r ig h t

th e y

a r t ic le s

fo r

T h e

1 and

§ 1 5 ,0 0 0 ,0 0 0 .

c r e d its

m a n u fa c tu r e d

h an d.

F eb .

T h o p a r t ic u la r s o f th is c r e d it w e r e

N o v .

It w as an n ou n ced on
&

on

on

a

in

th e p o u n d .

A

n o tic e

g iv e n

ou t at

th e

lis t fu r t h e r s a id :

All securities specified in the list, which are held in this country (England)
or hold abroad by persons resident in this country, must (subject to tho
exceptions contained in tho Regulations and the Order) bo delivered to tho
American Dollar Securities Committee, 19 Old Jowry, E. C., not later than
April 5 noxt. In cases in which it is more convenient to holders to make
delivery in Now York special arrangements for delivery there will bo made
upon application to the American Dollar Securities Committeo.
Tho Order does not apply to securities deposited with tho Treasury under
Schemes A and 11 before Jan. 27 1917. The schedule of tho Order shows tho
rates at which compensation will bo calculated for tho securities requisi
tioned. These rates are based on the sterling equivalent at tho exchange
of the day of the New York quotations o f the respective securities on Mon
day, March 5, with an addition of three weeks’ interest ovor and above that
already accrued. The compensation will bo paid within seven days after
the delivery of the securities, and will be of the samo amount, whatever
may bo tho date of delivery.
Private owners of securities should arrango wherever possible to make dolivery through a banker or member of the Stock Exchange, to whom com
mission will be paid by the Treasury.
T h o f o l l o w i n g is t h e n e w lis t :

FIRST SCHEDULE.
Securities to which Regulation 7C Is Applied, Whether the Securities Aro
Actually in the United Kingdom or Not.
Rate of ComRate of Com
Security—
pensatlon*
pensation *
Security—

Baltimore & Ohio R R .—
£
£
Pitts. Juno. «fc M iddle D lv . 1st
Alabama Great Southern R R .—
3*6s, 1925. - ..................................... 97*6
1st Con3d. M . 5s. 19 43--------------- 104*6
4 % non-cum. preferred s t o c k ... 76*1
Gen. M . 5s, Sterling, 1927--------- 9 9 %
Common stock-------------------------79*1
Ala. Midland R y . 1st 5s, 1928------- 111*6
Am er. Thread C o. 1st 4s, 1919------- 104*6 Beech Creek R R . 1st 4s, 1936______ 100*6
2d M . 5s, 1936...........
106*6
Armour & C o. 1st Real Estate 4*6s,
4 % guaranteed stock------ 45*1 ex-Apr.
1939_________________
99*6
Bell Telephone C o. of Canada—
A tch. Topeka & Santa Fe R y .—
1st 5s, 1925...........
105*6
Calif.-A rlz. Lines 1 s t * Ref. 4*6s,
1 9 6 2 . . . - ...........
1 0 0 *6 (9 7 *6 % ) Brooklyn Rapid Transit C o.—
1st Refunding M . 4s, 2 0 0 2 ________ 79*6
E ast Okla. D lv . 1st 4s, 1928------- 100*6
1st M . 5s, 1945................
107*6
Transcontinental Short Line 1st
6 -Year 5 % Gold N otes, 1918-------15*6
4a, 1958— .......................................... 95*6
Convertible 5s, 1917..........................106*6 Bklyn. Union E l. R R . 1st 5s. 19 5 0 .1 0 5
,
5 % non-cum. preferred s to c k .-.1 0 4 * 6 Buffalo Itoch. & p u ts. R y —
Gen. M . 5s, 1937.................................} H * 6
Common stock........................ - - - - - JO'
Consd. M . 4*63. 1957....................... 109*6
Atlanta K n oxv. & N or. 1st 5s, 1946 112*1
Burl. Cedar R ap. * N or. R y —
Atlantic Coast Line R R .—
Consd. 1st M . 5s, 1934...........
107*6
1st Consd. M . 4s, 1 9 5 2 .. . . . ------ 97
G en. Unified M . 4>6s, 1 9 6 4 . . . . 98*6 Butte El. & Pow. C o. 1st 5s, 1 95 1.. 105*6
I,. & N . Coll. Trust 43, 1952---- 88*6 Canada Southern R y . Consd. Guar.
5s, 1962, Series " A ” ..........................110*6
Unified M . 4s, 1959......................... 97*6

THE CHRONICLE

Ma e . 31 1917.]
Rale of Cornpensation*
£
Car. Clinch. & O. Ry. 1st 53 , 1938. 94%
Carthago & Adirondack B it. 1st 4s,
1981.......................................................94%
Central of Georgia lty. 1st 5s, 1945.114%
Consd. M . 5s, 1945....................... .100%
Central Pacific lty.—
Through Short Line 1st 4s, 1954. 8 8 %
Mortgage 3% s, 1929..............
95%
Central UR. & Banking Co. of
Georgia Coll. 'l'r. 5s, 1937---------- 103%
Chicago Hurl. & Quincy B R .—
Gen. M . 4s, 1958.- - ...................... 99
Illinois Dlv. 4s, 1919---------------- 100%
Illinois Dlv: 3% s, 1949......... ..
90
Nebraska Ext. M . S. F. 4s, 1927-104%
Chicago A Erie RR. 1st 5s, 1 9 8 2 ... 115%
Chicago Great Western U R . 1st
4s, 1959 ............................................ 74%
Chicago Ind. & Loulsv . R y.—
Refunding M . 6 s , 1947................. 121
Refunding M . 5s, 1947...................105%
Chicago Lake Shore & Eastern Ry.
1st 4% s, 1909......................
97%
Chicago Mllw. A Puget Sound Ry.
1 st Is, 1949____00% (94% ex-Apr.t)
Chicago Mllw. & St. Paul lty.—
Gen. A Ref. M . 4% s, 2014, Series
“ A ” __________________________ 101 %
General M . 4%S, 1989----------------100%
Chic. & L. Sup. Dlv. 1st 5s, 1921 108%
Chic. A Mo. Rlv. Dlv. 1st 5s, '20 111%
Chic. A Pac. West. Dlv. 1st 5s,
1921.....................
107%
DubuqUODlv. 1st 0s, 1920---------- 111%
La Crosse & Davenport Dlv. 1st
5s, 1919...............- ....................... 107
Wise. A Minn. Dlv. 1st 5s, 1921.108%
Wise. Val. Div. 1st M . S. F. 0s,
1920................................................ 111%
Preferred stock...............................125%
80%
Common stock......... ...............
Chicago & North Western lty.—
Gen. M . 3%B, 1987........... 87% (80f)
Gen. M . 4s, 1987............
98%
S. F. Debenture 5s, 1933......... -.1 1 0
7% non-cum. pref. stock. 170% ex-Apr.
Common stock----------- 122% ex-Apr.
Chicago St. L. & New Orl. ItR.—
Memphis Dlv. 1st 4s, 1951---------- 93%
Chicago Rock 1st. A Pacific Ry.—
Gen. M . 4s, 1988............................. 93%
1st and Ref. M . 4s, 1934.............. 78%
Cldc. St. Paul A Minneap. Ry. 1st
M . fls, 1918..............
123%
Chic. St. P. Minn. A Omaha Ry.—
Consols 0 % , 1930........................... 123
Debenture 5s, 1930--------------------- 105%
Consols 3% 3, 1930..........
96%
7% non-cum. pref. stock------------ 132%
Chicago Telephone Co. 1st 5s, 1923 108
Chicago & Western Indiana ItR.—
Cons 1. M . 4s, 1952-------------------- 77%
Gen. M . 6 s, 1932.................
111%
Clove. Cine. Chic. & St. L. Ry.—
Gen. M . 4s, 1993............................ 82
Cairo Vincennes & Chicago Ry.
1st 4s, 1939............
88%
Debenture 4% s, 1931.................... 90%
St. L. Dlv. 1st Coll. Tr. 4s, 1990- 87
Cleve. Lorain & Wheel. Ry.—
Consd. Refdg. 4% s, 1930............ 103%
Consd. 1st M . 5s, 1933--------------114%
Clcv. A Marietta Ry. 1st 4% s, '35.100%
Cleveland A Pittsburgh R R .—
.
Gen. M . S. F. 4% s, 1942, Ser. A . 108%
Gen. M . S. F. 4% s, 1942, Ser. H .109%
Gen. M . S. F .3 % s , 1942, Ser. U . 94%
Gen. M . S. F. 3 % s, 1948, Ser. C . 94%
Gen. M . 8 . F. 3% s, 1950, Ser. D . 93%
Regular guaranteed 7% stock____ 87%
Colo. A Sou. Ry. 1st 4s, 1929......... 95%
Ref. A Ext. M . 4% s, 1935_______ 89%
Consolidated Gas Co. of Baltimore
Gen. M . 4% s, 1 9 5 4 ......................100%
Consolidated Gas Co. of New York
6 % Convertible Debenture, 1920 122%
Consolidated Gas, El. Lt. A Power
Co. (of Baltimore) Gen. M . 4% s,
1935............. ....................... - ............ 98 %
Cuban-Amer. Sugar Co. Coll. Trust
0 s, 1918..............
108%
Cumberland Tel. A Tel. Co. 1st A
Gen. M . 5s, 1937-......... - .......... --100
Delaware A Hudson Co. 1st Lien
Equip. S. F. 4% s, 1922.................100%
1st A Ref. 4s, 1943........
101%
Denver A Rio Grande RR.-r1st Consd. M . 4s, 1936.................. 85%
Improvement M . 5s, 1928........... 8 8 %
Dos Plaines Val. Ry. 1st 4% s, 1947 105%
Detroit A Mackinac Ry. 1st Lien
4s. 1995..............
80%
Detroit Term. A T un . Ist4% s, '61. 97%
Dill. So. 8 h. A Atl. 1st 5s, 1937------ 99%
Duluth St. lty. Co. 1st 5s, 1930 .-.1 03%
East Tenn. Va. A Ga. Ry. 1st 5s,
1930..........
-111%
Consd. M . 5s, 1950......................... 113%
Eastman Kodak Co. 6 % cum. pref.
stock------------------------- 120% ex-April
Elgin Joliet A East.Ry.1st 5s, 1941 109%
Erie ItR —
Gen. M . Conv. 4s, 1953, Ser. A . . 68
Pcnna. Coal Coll. Tr. 4s, 1951. 9 4 %
Erlo R y.— 1st Cons. M . 7s, 1 9 20 .1ll2%
Erie A Pittsburgh RR.—
Special guar, stock,- ,0 5 % ex-March
Common guar, stock..05% ox-Mareh
Florida East Coast Ry. 1st 4% s,
1959........... ........................................ 100
Glia Valley Globe A Nor. R y. 1st
5s, 1924.------------- -----------------------100%
Grand Rapids A Ind. Ry. 1st Ext.
M . 4% s, 1941,..............
--10 5%
Groat Northern Ry. (U. S. A.) 1st
A Ref. M . 4 % s , 1901, Ser. A ___ 105
Capital stock (preferred)...............118%
Hocking Valley Ry. 1st Consd. M .
4 % s, 1999........
95%
Illinois Central Itlt.—
Refunding M . 4s, 1955.................. 97
1st M . 3% s. 1 9 5 1 - - - - - - .............. 89%
Extended 1st 3% s, 19.>1 _ - - - — 8 * 1
Cairo Bridge Co. 1st 4s, 1 950 --- 94%
Illinois Central RR. A Chicago St.
Louts A New Orleans RR.
1st Refunding M . 5s, 1903............ 107
Illinois Central RR. Loulsv. Dlv.
A Term. 1st 3% s, 1953................ 81%
St. L. Dlv. A Term. 1st 3% 8, '51 81
Leased Lino 4% stock.....................81
Capital stock.............................
100%
Ingersoll-Rand Co. 1st 5s, 1935____ 108%
Security—




Security—

_Rate o f C orn * pensatlon*
£

Ingersoll-Rand Co. 6% cum. p r c f - - lll%
Internat. A Great Nor. RR. 1st Os,
105%
1919.......
Interborough Rapid Transit Co. 1st
A Ref. M. 5s, 1900...........
103%
Jamestown Franklin A Clearfield
RR. 1st 4s, 1 959---.................
95%
Kansas City Fort Scott A Memphis
Ry. Consd. Os, 1928.....................117%
Kan. City Sou. 1st 3s, 1950............ 73
Ref. A Iinpt. M. 5s, 1950_______ 93%
Lackawanna Steel 1st Conv. 5s, '23 107%
1st Consd. M . “ A” Conv. 5s, '50-100%
Lake Erie A West. R R. 1st 5s, 1937 103%
2d M. 5s, 1941_________________ 85%
Lake Shore A Mich. Sou. Ry. 1st
3%s, 1997----------------------Lehigh Valley Coal Co. 1st 5s, 1933 112%
1st M. 4s, 1933------------------------ 101
Lehigh Val. Ry— lst4 % s, 1910 -.100%
Gen. Consd. M. 4s, 2003............ 90
Gen. Consd. M. 4%s, 2003--------107%
Liggett A Myers Tobacco Co. 7%
Debentures, 1944.-...................136%
5% Debenture, 1 9 5 1 ..-............... 100%
7% cum. pref. stock--123% ex-April
Long Dock Co. Consd. 1st Os, 1935-130%
Long Island RR. Consd. 5s, 1931-r 111 %
Debenture 5s, 1934.......................101%
Gen. M. 4s, 1938-------------90%
Lorillard (I».) Co. 7% deb., 1944,-130%
5% Debenture, 1951__________ 100%
7% cum. pref. s t o c k ...119% ex-April
Louisville A Nashville R R.—
1st Coll. Trust 5s, 1931............... 112%
Gen. M. S. F. 6s, 1930_________ 120%
Atlanta Knox. A Cine. Div. M.
4s, 1955.--................................ 93%
N. O. A Mobile Dlv. 1st Os, 1930 120%
Capital stock--------------------------- 131%
Lynn A Boston RR. 1st 5s, 1924___104%
Manhattan Ry. Consd. (now 1st)
Mort. 4s, 1990...........
90%
7% guar, capital stock.131% ex-April
Mich. Central RR. Ist3% s, 1952.. 87%
Debenture 4s, 1929...................... 95
Mllw. Lake Shore A West. Ry.—
1st Os, 1921.................
112%
Ext. A Impt. S. F.5s, 1929--------110%
Mllw. Sparta A North Western RIt.
ls tM .G td .4 s , 1947 ...........
97
Minn. St. Paul A S. S. M. Ry.—
7% non-cum. pref. stock. 128% ex-Apr.
Common stock----------- 111% ex-April
Mobile A Birm. RR. pr. I. 5s, 1945.110%
Mobile A Ohio Itlt., Montgomery
Div. 1st 5s, 1947...........................104
Mohawk A Malone Ry. 1st 4s, 1991 98
Morris A Essex RIt. guar, s to c k ... 84%
Nash. Chat. A St. L. R y. 1st Consd.
M. 5s, 1928___________________ H3%
Nashv. Florence A Sheffield Ry.
1st 5s, 1937..................... ........ H0%
National Tube Co. 1st 5s, 1952------ 109%
New York Air Brako Co. 1st Conv.
6 s, 1928_____
112
N. Y. C. A II. R. RR. Ref. A Imp.
M. 4%s, 2013, Series A ............... 105
Debenture 4s, 1942..........- .......... 93%
Consolidation M . 4s, 1998--------- 91%
Mich. Cent. Coll. Tr. 3%s, 1998. 80%
Lake Shore Coll. Tr. 3%s, 1998
(non-assented)_______________ 80%
New York Central Lines Equip
ment Trust Cfts., 4% %—
1918 ............................................ 100%
1919 ___
100%
1920 .........
106%
1921 .................
100%
1922 .....
-106%
1923 ............................................ 105%
1924 .......
105%
1925 ..........................................-105%
1920.............. - .............................-105%
1927................................................ 105%
1928......................
105
N. Y. Central RIt., capital stock.. 100%
N. Y. Chicago A St. Louis RR.—
1st 4s, 1937...........
.100
Debenture 4s, 1931...................... 83%
New York (City of)—
4% , 1959 ...................................... 100%
4% % , 1930-60_________________100%
4 % % , I960 _________________ 107%
4 % % , 1963 ...................................112%
4 % % , 1957 ...........................-..-1 1 4 %
N. Y. Connecting R R. 1st 4%s,
1953, Series “ A” ........................... 103%
N. Y. Gas A Elec. Light, Heat A
Power Co. 1st 5s, 1948............... 108%
Purchase Money M. 4s, 1949_____89%
N. Y. Lake Erie A Western Ry. 1st
Consd. M . Funded Coupon 7s,
1920...........
112%
N. Y. N. II. A Hartford R R.—
Non-conv. dob. 4s, 1955.............. 71%
Non-cum. deb. 4s, 1950.....
71%
N. Y. Out. A W. Ry. Ref. 1st M.
4s, 1992...... ........... - ..................... 83
N Y. A Putnam R R. 1st Consd.
M. Is, 1993.................................... 96%
N Y. Westchester A Boston Ry.
1st 4%s, 1946.............................. 71%
Norfolk A Western RIt.—
Gen. M. 0s, 1931...........................120%
Impt. A Ext. M. 6s, 1934--------- 120%
New River RIt. Dlv. 1st 0s, 1932 120%
Norfolk A Western R y .-—
Convertible 4%s, 1938-------------- 131%
Convertible 4s, 1932------------------132%
Pocahontas Coal A Coko Co.
Purchase Money 1st 4s, 1941.. 04%
1st Consd. 4s, 1990------------------- 99%
Divisional 1st Lien A Gen. Mort.
4s, 1944.......... - ......................... 90%
4% non-cum. adj. pref. stock— 90%
Common stock_________134 ex-March
Northern Pacific Ry.—
Ref. A Imp. 4%s, 2047...............103%
St. Paul-Dninth Div. M. 4s, 1990 97%
Common stock________
108%
Ore. A Calif. R R. 1st 5s, 1927......... 100%
Ore. RR. A Nav. Co. Consd. 4s, '40 97%
Ore. Short Lino Ry. 1st Os, 1922___112%
Consd. 1st 5s, 1940........ - ........... 113%
Pacific Tel. A Tel. Co. 1st Coll. Tr.
S. F. 5s, 1937.............
.100%
Pennsylvania Company—
tu
Coll. Tr. (15-25-yrs.) Gold Ctfs.
4% , 1921-31............................101 ‘
Tr. Ctfs. gtd. 3 % % , '37. Ser. A . 91%

Security—
Ptnnsyl. Co. icon.)

1311
Rale of Cornpensation.*
£

Tr. Cfts. gtd. 3 % % , '41, Ser. B . 89%
Tr. Ctfs. gtd. 3% %, '42, Ser. C . 90%
Tr. Ctfs. gtd. 3% % , '41, Ser. D . 90%
Tr. Ctfs. gtd. 4% , 1952, Ser. E . 98%
Pennsylvania Railroad—
Consd. M. 4s, 1943..................... -105%
Capital stock----------------------------- 50%
Pcrkiomen RR. 2d 5s, 1918----------- 106
Phila. A Erlo RR. Gen. 0s, 1920..-111%
Philadelphia A Reading R R.—
Impt. Mort. 4s, 1947---------------- 103%
Pitts. Cine. Chic. A St. L. R y .—
Consd. M . 4%S, 1940, Ser. A . ..1 0 8 %
Consd. M . 4% s, 1942, Ser. B _ --1 0 8 %
Consd. M . 4 % s , 1912, Ser. C ---1 0 8 %
Consd. M . 4s, 1945, Ser. D --------102
Consd. M . 3% s, 1949, Ser. E ...1 0 0 %
90%
Consd. M . 4s, 1953, Ser. F _____ 101%
Consd. M . 4s, 1957, Ser. G _____ 102
Consd. M . 4s, I960, Ser. I I _____ 101
Consd. M . 4% s, 1903, Ser. I ____ 106%
Consd. M . 4 % s, 1904, Ser. J ____ 107%
Pitts. Fort W ayne A Chicago R y .—
Regular guar, stock____103% ex-April
Special guar, stock_____ 151% ex-April
Reading Com pany—
Jersey Central Coll. T r. 4s, 1951.100%
4% non-cum . 1st pref. stock____43%
4 % non-cum. 2d p re f--4 4 % ex-April
Com m on stock___________________ 98%
Rio Grande June. R y . 1st 5s, 1939- 93%
St. Louis Bridge C o. 1st 7s, 1929.-124%
St. Louis Iron M t. A Sou. R R .
Gen. Consd. R y . A Land Grant
M . 5s, 1931...................................... 108%
St. Louis M erchants’ Bridge Term .
R y . 1st 5s, 1930..............
107%
St. Louis S. W . R y. 1st 4s, 1989_____ 82%
St. Paul Minneap. A M anitoba IUt.
1st Consd. 0s, 1933______________125%
1st Consd. 4s, 1 9 3 3 --................-.1 0 2 %
M ontana Extension 4s, 1937_____ 99%
Consd. M . 4% s, 1933___________ 108
Pacific Ext. Sterling 4s, 1 9 4 0 ..9 7 % %
Seloto Valley A New Eng. R R . 1st
43, 1989____________________
Seaboard Air Lino R y . 1st 4s, 1950- 83%
70%
Refunding 4s, 1959........
South A North Alabama R R .—
Consd. M ort. 5s, 1 9 3 0 ...................112%
Gen. Consd. G td. M . 5s, 1963.-108%
Southern Pacific C o. San Francisco
Terminal 1st 4s, 1950____________ 91%
Com m on stock__________ 97% ex-April
Southern Railway—
D evel. A Gen. M . 4s, 1956______ 75%
East Tenn. Reorg. Lien 5s, 1938.105%
Memphis D lv. 1st 5s, 1996_____ 105%
St. Louis D lv . 1st 4s, 1951............ 82%

Security—

Rate of Cornpensation.
£

Swift A Co. 1st 5s, 1944.................. 107
Terminal RR. Assn, of St. Louis
1st Consd. 5s, 1944...................... 107%
Gen. M. Ref. 4s, 1953.................. 91%
1st M. 4%s, 1939. .............. --.107%
Texas A Pacific Ry. Consd. 1st M.
5s, 2000......................... .............. 106%
Toledo A Ohio Central Ry. Western
Dlv. 1st 5s, 1935.................... --.1 0 5 %
Toledo St. L. A West. RIt. Prior
Lien 3%s, 1925.........
86%
Toledo Walhonding Valley A Ohio
RR. 1st 4%s, 1931, Ser. A........ .105%
1st 4%s, 1933, Ser. B...... ........... 105%
1st 4s, 1942, Ser. C____________ 97%
Union Pacific RR.—
4% non-cum. pref. stock-86% ex-April
Common stock.............. 142% ex-April
United Fruit Co.—
4-Year 5% Notes, 1918________ 106%
4 % % bonds, 1925______
-102%
Sink. Fund Gold Deb. 4%s, 1923 102%
United New Jersey RR. A Canal
Co. Gen. M. 4s, 1944................... 104
Gen. M . 4s, 1923............ - ........... 104%
Gen. M. 4s, 1 9 2 9 -....................... 104%
United States Steel Corporation—
7% Cum. Preferred Stock______ 124%
Common stock...........116% ex-March
Vandalia RR.—
Consd. M . 4s, 1955, Ser. A........... 96%
Consd. M. 4s, 1957, Series B------97%
Virginian Ry. 1st 5s, 1902............... 105%
Wabash RR. 1st 5s, 1939............... 111%
1st Lien A Equip. 5s, 1921______ 105%
Washington Term. Co. 1st 4s, 1945 99%
1st 3%s, 1945............................. 88
Western Electric Co. 1st 5s, 1922.-107%
Western N. Y. A Pa. Ry. 1st 5s, '37 109%
Gen. M. 4s, 1943______________ 91%
Western Penna. RR. Consd. 4s, '28 103%
Western Union Telegraph Co.—
Coll. Trust 50-Year 5s, 1938------ 105%
Funding A Real Estate 50-Year
4 %s, 1950...... ........... - ............. 99%
West
Shore RR. 1st 4s, 2361--------- 93%
97
West Virginia A Pitts. RR. 1st 4s,
1990_________
93%
Wheeling A Lake Erie RR., WnecllngDiv. 1st 5s, 1928______
103%
Wllmar A Sioux Falls Ry. 1st 5s,
1938...... ......................... - ..............114%
Winston-Salem Southbound Ry.
1st 4s, 1900_________
91%
Wisconsin Central Ry. 1st 4s, 1949. 91%
Superior A Duluth Dlv. A Term.
1st 4s, 1936................................ 91%

t For registered bonds payable quarterly.
* Am ount payable in the case of Bearer Bonds for each $500 or £100
as tho case m ay be, of the nominal amount o f the security, and in the case
of shares o f stock for each five shares. Tho compensation for registered
bonds which can bo converted into bearer bonds will bo at rates 5 shillings
below tho respective rates specified in tho schedule, and the compensation
for registered bonds which cannot bo converted into bearer bonds will be
at rates £ 1 below the respective rates specified in the schedule.

The first list of securities requisitioned by the British
Treasury under the Defense of the Realm regulations issued
in January was published in the “ Chronicle” of March 17,
page 1001. Tho schedule setting out tho provisions under
which securities may be excepted is the same in the present
instance as that issued at the time of the announcement of
tho earlier list of securities.

THE I N D I A N WAR LOAN TO M E E T I N D I A ' S CONTRI
BUTION TO GREAT B RI T AI N .
In our issue of March 17 (page 988) we referred to the ac
ceptance by the British Government of India’s offer of a con
tribution of £100,000,000 ($500,000,000) to Great Britain
to defray tho expenses of the war. The money is evidently
to be raised by tho placing of an Indian War Loan, and the
London Stock Exchange Weekly Official Intelligence re
cently gave the following details regarding the obligations
offered by the Government of India in making this War Loan.
Tho Government o f India announces the following Issues. The whole of
tho cash subscriptions will be given to his M ajesty’s Government for the
prosecution of the war. Applications will be received from M arch 15 to
Juno 15 1917 by tho Comptroller o f Currency, Calcutta; by any Provincial
Accountant-General or Comptroller; by the Banks of Bengal, Bom bay or
M adras, at their head offices and branches; and at Government District
Treasuries. A commission of one^eighth per cent will bo allowed to recog
nized bankers and brokers on allotments in respect of cash applications
bearing their stam p.
5 % War Loan, 1929-47.— Issue price 95, payablo at the option o f the
subscriber either in full on application or by installments, viz., 15% on
application and 20 % on the 15th day of tho first, second, third and fourth
months after that in which tho application is m ade. lie-paym ent at par
on A u g. 15 1947, subject to tho right of the Government o f India to redeem
tho loan or any part of it at par on or after A u g. 15 1929, on three months
notice. Sinking Fund: A sum equal to 1 % % of the loan will bo set aside
annually to form part of the fund to bo used for sinking fund purchases
whenever tho market price falls below Issue price.
Conversion Rights: Subscribers to the 5% W ar Loan, 1929-47, will have
tho right for every Rs. 100 subscribed, to convert Ils.150 o f existing securi
ties o f tho Government of India on tho following terms:
Amount of War Loan 1929-47 to
be received in exchange for each
Rs. 100 o f existing security.
Existing Security of the Government o f India—
Rs.
4% Conversion Loan, 1916___________________
92
3 % % Rupee Paper____________________________
76
3% Rupee Paper______________________________
65
Conversion rights m ay be exercised rom N o v . 1 1917 to Jan. 1 5 ll9 1 8 .
Conversion warrants will be negotiable

1212

THE CHRONICLE

fVoL. 104

5
Yi% War Bonds, 1920 and 1922.— Issue price, par, payablo at the option
m oney, but none that can coin gold pieces, and when tho gold standard
o f the subscriber either in full on application or 2 0 % on application and 2 0 %
was established, several years ago, the Diaz Government coined $15,000 ,000
on the 15th o f tho first, second, third and fourth months after that in which
in gold pieces, using tho m ints of tho United States for that purpose. Tho
the application is mado. Re-paym ent at par: W ar Bonds, 1920, on A u g. 15
work is done at cost, as a courtesy to tho M exican Governm ent.
1920: W a r Bonds, 1922, on A u g. 15 1922. Exemption from income tax;
Rafael N ieto, Sub-Secretary o f Finance in the Mexican Government, lias
Interest on 5'A % W ar Bonds, 1920 nad 1922, wijl bo free o f Indian income
been in N ow York for several days arranging for the purchase by New York,
tax, but not of supor-tax if otlierwi.se payable by tho holder.
banks o f bullion received by tho Government from mining companies and
Post Office Five-Year Cash Certificates.— Particulars aro given in the state
other firms in paym ent for import and export taxes. M exico’s total
ment mentioned below.
revenuo from this source will reach $100,000,000 this year. Tho Treasury
A fuller statement regarding theso loans can bo obtained on application
D epartm ent of tho United States, on request o f Secretary Lansing, who
to tho Financial Secretary, India Office, S. W .
negotiated with Ram on do Negri, Charge d ’Affaires o f tho Mexican E m 
W ith reference to tho Treasury announcement on Jan. 30 last permitting
bassy here, lias ordered tho Philadelphia M in t to begin work on dies,
the sale o f foreign, Indian and colonial securities abroad upon'certain
samples o f which aro furnished by M exico.
conditions, provided that tho proceeds are remitted to this country and
M exico possesses botli in and out o f circulation a total o f about $ 1 5 ,0 0 0 ,
retained hero, tho Lords Commissioners o f his M a je sty ’s Treasury now
000 in gold coin and $ 5 0 ,000 ,000 in silver money. Tho former amount is
announce that, with a view to facilitating subscriptioas to tho forthcoming
confined to what is known as tho “ ha lf hidalgo” and “ hidalgos.” Tho
Indian W a r Loan, tho condition that tho proceeds o f such sales shall bo
hidalgos resemble our fivo-dollar gold piece and is worth that amount in
remitted hero will be waived in regard to sales in India, provided that such
our m oney, while tho half-hidalgo is the equivalent o f $2 50 in American
proceeds are subscribed to tho Indian W ar Loan.
money. M uch o f tho $50,0 0 0 ,0 0 0 in silver coin has been hoarded, some of
The Certificates required by the notice o f Jan. 30 m ay therefore for
it has found its way to China, where M exican silver is used as a basis o f
this purpose bo varied as follows:
exchango. M uch o f this is now coming back, as the M exican silver peso
(1) For cable communications.
is appreciating in value and mining companies which need tho metallic
currency for their pay-rolls aro getting back large quantities from tho
Form of Certificate.
Far E ast.
I (or we) hereby certify that tho securities referred to in this telegram (or
Mexican Currency Totals $115 ,00 0,00 0.
cable) have remained sinco Sept. 30 1914 in physical possession in the
W ith tho coinage o f $15,000 ,000 in new gold coin and $ 3 0 ,0 0 0 ,0 0 0 in
United Kingdom , have not sinco the outbreak o f war been in enemy owner
now
silver
money,
tho total amount of metallic currency in M exico will be
ship, and havo not been included in any order issued by the Treasury m ak
approximately $ 1 1 5 ,0 0 0 ,0 0 0 .. The plethora o f new coin will havo a ten
ing them subject to the Defense of the Realm Regulations of Jan. 24 1917,
dency to bring out into circulation much o f the hoarded money, and the
and I (or we) undertake that, in the event of these negotiations resulting in
consequent effect on business transactions and tho volum e of exchange
the sale o f any such securities, tho whole amount of tho proceeds of such
can readily bo imagined.
sales will be subscribed to the forthcoming Indain W ar Loan.
There is absolutely no paper money in circulation in M exico to-day,
S ig n e d ........................ ......................................
which accounts incidentally for tho splendid success that has attended tho
A d d r e s s _____________________ ___________
decision o f tho Government to establish the finances o f the country again
(Letters confirming any telegrams or cables must bo accompanied by
on a metallic basis. Since the paper monoy became extinct, two months
duplicates o f tho Certificates.)
ago, largely because it was worthless, the Government o f M exico lias boon
(2) For remittance o f Securities.
paying its troops and employees partly in gold and silver coin, and American
Form of Certificate.
money has been accepted, too. Tho Government paid tho other part of
I (or we) hereby certify that tho undermentioned securities which have
its obligations to employees in interest-bearing Government bonds. Theso
remained in physical possession in tho United Kingdom sinco Sept. 30 1914
bonds
were at first not regarded as o f much value, but with tho return
have not since tho outbreak of war been in enemy ownership and havo not
o f public confidence in the Governm ent, tho coinage o f more gold and
been included in any order issued by the Treasury making thorn subject
silver coin, they are now frequently used as a borrowing asset by individuals.
to the Defense of tho Realm Regulations of Jan. 24 1917, aro being for
To Pay O ff Debt by Bonds.
warded to (here state tho destination of the securities), wiiero they have
M exico intends to pay o ff its internal debt partially by these bonds,
been sold, and I (or wo) undertake that tho whole amount of the proceeds
reserving as much coin as possible for gradual payments o f external obliga
o f such sales will be subscribed to the forthcoming Indian W ar Loan.
tions and accumulated interest. The bonds are, however, not being used
(Here set out tho securities.)
as
a circulating medium.
S ig n e d ____________ ______________________
Gold and silver pieces very much like our own. but o f different values,
A d d r e s s _________________________________
are now in circulation throughout M exico. Tho use o f a standard m oney,
'file Lords Commissioners of his M a jesty ’s Treasury also announce that
really tho kind M exico has always had in times o f peace, has done a great
they havo been givon general permission for tho sale in India of Foreign,
deal to tranquiiizo M exico and to reopen the channels of internal trade
colonial and Indian securities at present held in India by persons resident
and
external commerce.
in tho United Kingdom provided that the proceeds o f such sales are sub
Reports from American consuls throughout M exico tell of tho general
scribed to tho Indian W ar Loan. Cables from tho United K ingdom to
resumption
of mining and other business operations. And altogether tho
India giving instructions for such sales will bo passed by tho cable censor
M exican situation has revealed to officials o f the Washington Government
provided that a definite instruction so to apply tho proceeds is included
a gratifying improvement, justifying, indeed, the policy o f patience and
in the cable.
____________________ __________
friendship pursued by the United States Government toward its neighbor
across the Rio Grande.

COMPARATIVE FIGURES OF CONDITION OF
C A N A D I A N B ANKS .

In the following wo compare tho condition of the Canadian
banks, under the last two monthly statements, with tho re
turn for June 30 1914:
ASSETS.
Feb. 28 1917. Jan. 31 1917. June 30 1914.
Gold and subsidiary coinIn C anada_____ ______________
E lse w h e re ____________________
T o t a l _______________________
Dominion notes_________________
Deposit with M in ’er o f Finance
for security o f note circulation
Deposit in central gold reserves
D ue from banks________________
Loans and discounts____________
Bonds, securities, & c___________
Call and short loans in C anada.
Call and short loans elsewhere
than in Canada_______________
_______________
Other assets___

' S

4 4 ,235,223
22,89 8 ,5 0 9

4 4 ,231,952
24,889,495

28,948,841
17,160,111

67,13 3 ,7 3 2
142,272,399

69,121.447
143,499,253

4 6 ,108,952
92,114,482

6 ,863,949
3 0 ,050,000
149,587,085
927,650,507
345,518 .737
78,786,535

6,864,046
32.050,000
164.901,324
917,823 ,469
288,301 ,612
7 9 ,737.064

6,667,568
3,050,000
123,608,936
925,681,966
102,344,120
67,401,484

162,344,556
76,289,647

155,747,476
75,470,464

137,120,167
71,209,738

T o t a l .............................................. 1,986.497,147 1.933,516.155 1,575.307,413
L IA B IL IT IE S .
S
$
$
183,806,600
183,860.660
192,866,606
Capital authorized.........................
Capital subscribed.........................
112,053,506
112,042,466
115,434,666
Capital paid up............. ..................
111,591,574
111,545,874
114,811,775
Reserve fund..................................... 113,351,648
113,337,875
113,368,898
C irc u la tio n .......................
138,257,295
133,358,187
99,138,029
Government deposits----------------7 1 ,712,382
55,041,991
4 4 ,453,738
Dem and deposits----------------------- 586.830 ,469
593,543 ,129
4 5 8,067 ,832
Tim e deposits----------------880,456 ,637
864,103 ,344
663,650 ,230
3 2 ,615,257
21,050,619
32,426,404
D ue to banks.......................
Bills payable------------------9,072,041
9 ,159,525
20,096,365
Other liabilities------------2 2 ,224,309
14.720,311
12,656,085
.votal, not including capital— —■
— ----------— ■— — — .— . -------------------------or reserve fund............... ...1 ,7 4 1 ,1 6 8 ,3 9 0 1,691.037,106 1,330,48S,683
N ote.— Owing to tho omission o f the conts in the official reports, the
footings In the abovo do not exactly agree with the totals given.

$20,000,000 OF M E X I C A N GOLD TO BE COINED I N

THE UN I TE D STATES.
Information regarding the proposal of tho United States
to mint $20,000,000 of gold for the de facto Government of
Mexico, tho bullion to be furnished by tho latter, was con
tained in a special dispatch printed in the “ Evening Post”
of last night (tho 30th), received from its Washington
correspondent, David Lawrence. Wo quote the same here
with:
Tho United States Government lias granted the request o f the do facto
Government o f M exico for the coinage in tho Philadelphia M in t o f $ 2 0 ,
000,000 in gold piecos, the bullion being furnished by M exico.
This step is significant of a decided change for tho hotter in tho economic
situation in M exico. Tho United States has often m inted money before
for foreign countries. M exico lias a factory that can turn out silver




MEXICO CONSIDERING RESUMPTION OF I NTE RE ST
PA YMENTS.
With regard to tho plans of the do facto Government of
Mexico to meet its bond obligations the New York “ Times”
of tho 26th printed the following dispatch from Mexico
City:
i t is officially announced here that M exico is preparing to meet bond
obligations in the near future.
It is declared that a hill has been prepared
to bo sent to the next Congress asking authorization to resume paym ents
o f tho interest on tho foreign debt, which were suspended three years ago
during the H uerta regime. High financial authorities say that tho bill
will bo passed, and tho general belief is there is r.o disposition to avoid tho
payment o f just obligations.
It is believed tlie resumption o f paym ent
o f interest on tho debt will serve to strengthen the relations o f M exico with
Franco, England, tho United States and other countries holding M exican
bonds.
The following statement was given by a high official when questioned
about this m atter:
" A s soon as tho next Congress opens its sessions the necessary steps will
bo taken to provide paym ents on tho debt considered legitim ate.”

T. W. LAMONT ON F I N A N C I A L PREPAREDNESS OF
OF THE UNI TED STATES.
“A rallying of the banking and investment resources of tho
country such as nover has been dreamed of” is predicted by
Thomas W . Lamont of tho firm of J. P. Morgan & Co., with
tho entrance of the United States into war. Mr. Lamont
mado this statement in an address delivered in Chicago to
the Mid-day Club on the 23rd inst., his subject being
“America Financially Prepared.”
Discussing tho manner in which the United States can best
serve the cause and assist in bringing about an early termina
tion of tho war, Mr. Lamont said:
Tho host answer is that by tho head of tho Rcservo Board, Govornor
Harding. IIo would have tho Federal Governm ent, in one form or anotlior,
grant to the Allies a sufficient credit hero to enablo them to prosocuto their
military operations with vigor and success. Tho amount of such credit
might be $ 1 ,0 0 0 ,0 0 0 ,0 0 0 ; it might in time far exceed that sum .
In any event, it should bo sufficient to furnish tho Allies all tho food and
supplies that thoy require.
It m ay tako somo timo for America to assist
actively in a military way, but in economic and financial measures this
nation can render assistance this very m oment. T h at is just tho sort of
co-operation wldch, from our knowledge o f tho foreign situation and from
what tho Allied Governments havo told us, will prove o f most immediate
and effective value to tho common causo.
In any step that tho Federal Treasury m ay take it knows that it can
count upon tho most completo support of bankers and o f all our pcoplo from
every part of the country.
If tho treasury should decide to issue a G ov

m ar.

THE CHRONICLE

31 1917.]

eminent obligation to-morrow for $ 1 ,0 0 0 ,0 0 0 ,0 0 0 , tho whole sum would
bo ready and waiting for it, oven before it was ready to receive it.
O f America’s exports for 1916, totalling almost $ 5 ,0 0 0 ,0 0 0 ,0 0 0 , approx
imately $ 4 ,0 0 0 ,0 0 0 ,0 0 0 were sold to England, Franco, Russia and their
possessions. In the two years previous these samo countries purchased
from America $.4,500,000,000 of goods, making total purchases for the three
years of approximately $ 7 ,5 0 0 ,0 0 0 ,0 0 0 .
In tho samo period we have granted credit to these countries o f something
less than $ 2 ,0 0 0 ,0 0 0 ,0 0 0 . These figures servo to show how from a purely
business point of viow, tho trade of these countries has been o f enormous
value to America and would more than warrant extension of continued
credit, upon an increasing scale, even if tho Entonto nations had not been
fighting our battles for us, as I believe they have, oven if wo woro not about
to cast our lot in with them.
Fortunately, in a financial way our country is in a stato of complete pre
paredness. Thero is no sign of panic and no possibility of one. Tho com
m unity has passed through all the apprehension of impending war without
a tremor. A s a solid and unshakable basis wo have an enormous stock of
gold. Those same Allied Nations which have in tho last three years bought
from America almost $ 7 ,5 0 0 ,0 0 0 ,0 0 0 of our foodstuffs, raw materials and
manufactured goods have in tho same period shipped us in gold over
$ 1 ,2 0 0 ,0 0 0 ,0 0 0 , bringing America’s stock o f tho precious metal up to a
figure unprecedented for any country, namely $ 3 ,1 5 0 ,0 0 0 ,0 0 0 . O f this
amount moro than $500 ,00 0,00 0 Is in tho hands of the Federal Reserve
banks alone.

L IFE IN S U R A N C E

P O L I C I E S O F J. P .
II. P . D A V IS O N .

MORGAN

AND

Henry P. Davison, a partner in the banking firm of J. P.
Morgan & Co., lias taken out an additional SI,000,000 of
lifo policies, thus bringing his life insurance up to $2,000,000.
Harold Pierce, a general agent in Philadelphia for tho Now
York Lifo Insurance Co., who had written the $2,500,000
insurance policy on the lifo of J. P. Morgan, referred to in
our issuo of March 10, has also written Mr. Davison’s life
insurance. The risk on Mr. Davison’s lifo will be distributed
among several insurance companies, as was done in tho case
of Mr. Morgan’s policy; the latter was said to bo tho largest
over written in this country. In Mr. Morgan’s caso the risk
was distributed as follows:
New York Lifo Insurance C o ., $250 ,00 0; M utual Life, $250 ,00 0; Equitablo Life, $200 ,00 0; M etropolitan Life, $200 ,00 0; Prudential Life, $ 1 0 0 ,0 0 0 ;
Pennsylvania M utual Lifo. $100 ,00 0; Aetna Lifo, $ 1 00 ,00 0; Union Central.
$ 1 00 ,00 0; M utual Benefit Life, $ 1 00 ,00 0; Travelers’ Lifo, $75,000 ; Con
necticut M utual Life, $ 6 0,000 ; Fidelity M utual Lifo, $ 5 0 ,0 0 0 ;Phoonix
M utual Lifo, $50,000 ; Massachusetts M utual Life, $50,000 ; Provident Lifo
& Trust C o ., $50,000 ; Connecticut General Lifo, $35,000 ; Hom e Life, $ 35,
000 and Berkshire Lifo, $30,000 .

It is said in insurance circles that large lifo insurance
policies aro being taken out by wealthy men nowadays
because they afford a protection against a depletion of estates
through taxes in event of war, as well as constituting an
offset to tho inheritance tax their estates will be called upon
to pay at thoir death to both the State and Federal Govern
ments. A further reason for the taking out of largo insurance
policies is that they provide ready cash from which thoir
estatos could bo settled without the necessity of disturbing
any investments.
J.

P.

MORGAN

AND

A SS IS T

FEDERAL
ARM Y

RESERVE BOARD

TO

F IN A N C IN G .

1213

placed in a difficult position. One man has $250,000 tied up in goods
which ho has delivered but for which he cannot get his pay. A requisition
for flour sent by Colonel Carson to another contractor was returned with
tho following written across its face; “ W e will do no more business with
tho Government until it pays its b ills ." Inquiry into this caso showed
that tho contractor had upward of $ 2 0 ,0 0 0 due him and that ho had boon
unable to obtain advances from the banks upon the vouchers which the
Government furnished. A s flour is handled on a very small commission,
tho contractor was in a difficult situation.
This Instance was typical of m any. In some instances contractors were
threatened with actual ruin. M r . Pago’s com m ittee endeavored to have
tho vouchors so drawn as to mako them acceptable for loans by banks, but
found that tho statute prevented. Am endm ent of the law by Congress
seemed to afford tho only method o f relief.
After talking tho matter over with Colonel Carson, who told him that It
was almost Impossible for him to purchase vegetables for the arm y, owing to
his inability to guarantee prompt paym ent, and that certain supplios could
not bo obtained under the circumstances at any price, M r . Page said: “ I
think I can get tho money to tide over this difficulty. I will try, anyw ay.
How much do you need?”
Colonel Carson found that about $400,000 was overdue and that about
$600,000 moro would bo required for tho purchase o f supplies up to April 2 0 .
M r . Page then went to the Morgan office and said to W illiam II. Porter,
ono of the partners, whom he knew personally: “ Porter, I have come to
borrow $ 1 ,0 0 0 ,0 0 0 , without Interest, for an indefinite term, upon security
that is legally no good.”
M r . Porter was somewhat taken aback until ho
heard M r . Page’s explanation of tho situation. Ho then said: “ W e m ust
talk with M r. M organ about this. I think he will be interested." They
went to M r . M organ’s office and laid tho situation before him . “ I think
that wo ought to advance this m o n e y ," M r . M organ said at the end of
twenty minutes. “ It is something that I want to do. A s it is not, strictly
speaking, a business transaction, we shall charge no interest on the m oney,
and if there is any loss I will assume it m y se lf." Tho result was the follow 
ing letter addressed to Colonel Carson:
Colonel./. M . Carson. Depot Quartermaster, United Slates A rm y, U . S. A rm y
Building, 31 Whitehall Street, New York City:
Dear Sir.— M r . Edward D . Page, Chairman of the N ew Y o rk Advisory
Com m ittee of the Chamber of Commerce of the United States on the
Purchase o f W ar Supplies, has brought to our attention tho situation growing
out of the failuro of passage of the Arm y Deficiency Bill at tho last session
of Congress under which contractors and sellers to your depot are very
much inconvenienced, and In cases injured by not being able to receive
payment for their goods and services.
During the continuation of such situation we will be glad to advance
money to such persons and parties up to $ 1 ,0 0 0 ,0 0 0 without interest on
tho following arrangement:
Such contractor as shall be approved and to whom money is duo will
apply to us for a loan for tho amount duo, and will give us his promissory
note payablo threo months after date, without interest, accompanied by
a voucher on Public Form N o . 330, approved by tho Comptroller of tho
Treasury on April 29 1914, and properly signed by the contractor and the
Quartermaster.
It Is our understanding also that tho contractor will furnish an order upon
your depot to deliver to us the Government check when Issued.
W o quite understand that tho account itself cannot be assigned by
reason of tho provisions o f the law, and in view o f the nature of tho transac
tion, in which wo are desirous of being helpful, wo hope that the depot will
do whatever it can to seo that theso accounts aro liquidated as promptly
as posslblo.
Very truly yours,
(Signed) J. P. M O R G A N & C O .

Commenting upon tho transaction, Mr. Page said:
Tho D epot Quartermaster was forced to suspend paym ent duo on
vouchers for merchandise inspected and accepted by tho Government on
M arch 8 . Ever since then, the hardships thus Imposed upon contractors
supplying tho W ar Department with merchandise, and the consequent im 
pairment of Government credit, have been matters of great concern to our
Advisory Com m ittee. Contractors wore dishonoring tho requisitions o f
tho Government by refusing to deliver some of tho most necessary supplies
for tho troops, on the ground that they could not get their pay. Purchases,
when possible, had to bo mado upon exorbitant term s, and tho news was
spreading among merchants and deterring them from making offerings.
Immediate efforts were mado to obtain the consent of the W ar and
Treasury Departments to an alteration in the form of tho voucher, so as to
make it negotiable, and therefore collateral available for bank loans. Theso
Steps met with no success, owing to the restrictions imposed by statute.
M eantim o the active capital of manufacturers and merchants was being
tied up In perfectly valid, but uncollectible, claims on tho United States
Troasury, and which, being untransferable, could not legally bo made
security for a bank loan.
W o found that only two forms of relief were available through the slow
process o f law— tho passing of tho Deficiency B ill, which had failed in the
last Congress, or else an amendment to tho statute, governing tho transfer
ability of vouchers. Either of theso methods must necessarily await the
organization of the new Congress.
Those unhappy difficulties multiplied by every day o f waiting necessarily
grew worso from day to day.
It occurred to me that In a similar emergency years ago the late J. Pierpont M organ had aided tho Treasury by carrying for several months tho
officers’ pay vouchers with his private funds. On Friday afternoon I
procured an interview with W illiam II. Porter, o f tho M organ firm , and
stated tho case, which was at once brought to J. P . M organ’s attention.
M r . M organ immediately visualized the situation, saw the personal hard
ships involved and the difficulties which oven a suggestion of slow pay
would place In tho way of future Government purchases. In less than
twenty minutes tho firm had agreed that it was a patriotic duty to mako
tho advances asked for— $ 1 ,0 0 0 ,0 0 0 without interest, and upon security that
no banker would look at for a minute; M r . M organ assuming tho risk
personally.
I regard this as a most happy and generous solution of somo of the diffi
culties under which tho Quartermaster’s office is laboring.

After J. 1’ . Morgan & Co. had consented to assist tho
Government in paying for needed army supplies by advancing
$1,000,000 on security declined by banks to which it had been
offered, tho Federal Reserve Board mado known that the
Reserve banks had been directed by it to discount Govern
ment vouchers received by member banks from clients in
payment for army quartermaster supplios. Tho action of
,1. P. Morgan & Co. in agreeing to carry $1,000,000 in War
Department obligations for contractors, without an interest
charge on tho money, was arranged at tho solicitation of
Edward D. Pago, Chairman of tho Now York Committee
appointed by tho Chamber of Commerce of tho United States
to co-oporato with tho Depot Quartermaster of tho War
Department, Col. J. M . Carson Jr., in tho supplies for the
United States Army, and the arrangement, it is stated, was
mado without formal reference to tho War Department.
Army officials stated on tho 27th inst. that tho result was to
savo those contractors who took advantage of tho offer tho
The Federal Reserve Board, in its letter to the Reserve
tegular discount rates of intorest which the banks would
banks directing them to accept for discount army vouchers,
charge in handling Government paper. Tho failuro of Con
said:
gress at tho lato session to passl tho Army Appropriation and
W o aro 111 receipt of a letter from H on. W . P . G . Harding, Governor of
Urgent Deficiency bills, thus leaving tho Government with tho Federal Reservo Board at W ashington, under date of M arch 21 1917.
tho
body o f which wo quote in full for your information as requested:
out funds to provido for the supplies and tho difficulties met
Tho Board has been advised by the Secretary of W ar that, owing to the
in trying to mako other arrangements led to an appeal to failuro of Congress at its last session to pass the General Deficiency Appro
J. P. Morgan & Co. to extend its services in the matter. A priation B ill, no funds aro available for tho paym ent o f m any obligations
statement issued on Monday by Mr. Page (who is a director which have been contracted b y the W ar Departm ent, as evidenced by
official ’ ‘ publ c vouchers "for “ purchases and services other than personal.”
of the Merchants’ Association) explaining why tho firm had N o doubt is entertained that Congress at tho approaching extra session
been approached, said:
will prom ptly enact tills appropriation bill, so that the necessary money
On M arch 6 tho Government was compelled to stop payment for supplies,
becauso of tho exhaustion of Its funds, owing to tho failuro o f Congress to
pass tho Arm y Appropriation and the Urgy Deficiency bills.
As tho vouchers given by the Government aro in a form which does not
permit thorn to bo used as security for loans, tho successful bidders were




will bo avallablo. In the meanwhile it Is earnestly desired that holders of
those vouchers be enabled to realize upon them at as sm all a cost as possible
and you aro requested to send your member banks a copy of this letter.
Tho Board understands from tho W ar Department that each voucher will
havo a rider attached as follows:

1214

THE CHRONICLE

This account Is not payable at this date by reason o f the fact that no
funds aro now available, owing to the failure o f Congress to pass tho
General Deficiency measure. This Is the original voucher and payment
will bo made when funds aro available, only on presentation thereof. N o
other voucher will bo Issued covering this transaction except on conclusive
proof o f tho loss of tho original.”
Y our member banks, In giving accommodation to holders o f Government
claims as evidenced by these vouchers, could take tho note o f tho firm or
contractor with tho voucher attached as collateral security. Tho Board
holds that such notes will bo eligible for rediscount by Federal Iteservo
banks at tho fifteen-day rate, or at tho regular commercial paper rates
according to maturities.

RESERVE
IN

C O LLE C T IO N
CASE

OF A L L

SYSTEM
N.

Y.

TO

BE

ENFORCED

co-operato with us in our effort to provide a direct, economical and scientific
country-wide check collection system as required by tho Federal Reserve
Act and by tho directions o f the Federal Reserve Board. A s you doubtless
realize, your good institution is enabled through any of our member banks
to take advantage, if it desires, of tho reduced cost and time o f collecting
which the Federal Reserve collection system has effected.
Tho next m onthly par list of tho system will bo issued on April 1, and In it
we shall advise our member banks that wo will receive for collection checks
on all banks and trust companies in this D istrict, whether members o f tho
system or not. W e aro enclosing herewith a card similar to that which lias
been signed by other Stato institutions and wo trust that you will feel willing
to sign it and return it to us on or before April 1, in order that wo m ay not be
obliged to collect by other methods any checks wo m ay receive drawn upon
you

IN S T IT U T IO N S .

The intention of the Federal Reserve Bank of New York
to compel State banks not already availing of the Reservo
check collection system to join in the plan on April 1 is
indicated in a circular issued by the Bank. The latter states
that there are only 114 non-member banks in the District
on which checks are not yet collected by tho Rescrvo Bank,
and it adds that in its monthly par list to be issued April 1, it
will advise member banks that it will receive for collection
checks on a ll banks and trust companies in the District,
w h e t h e r m e m b e r s o f th e s y s t e m o r n o t .
The “ Wall Street
Journal” of the 24th in commenting upon the action of tho
Reserve Bank says:
On April 1 the New York Federal Reserve Bank will put into effect a
plan which will have a far-reaching effect in enlarging tho sphero of par
check collections.
It is calculated to exert much tho same influence to
bring Stato banks into tho system as tho imposition o f a Fedoral tax of
1 0 % on Stato bank circulation when tho national banking system was
first formed.
1 ho weapon which tho Federal Institution will employ is nothing more
than tho presentation of checks for payment at tho counter of those Stato
banks which have so far refused to remit at par, or in Now York funds, on
tho day of receipt for items sent to them for collection. Tho items will
be sont after April 1 by express, and arrangements have been mado for tho
protesting o f any dishonored checks at local notary publics. B ut so great
has been tho outcry among tho dissenting banks at this procedure that
tho plan bids fair to raise quite a furor in the ranks of tho State institutions.
It is believed that tho step now being taken by tho N ew York Federal
Resorvo Bank will bo the forerunner of similar action in other Federal
Reservo districts which will ultimately forco all Stato banks in the country
into tho par check collection system . Already all Stato institutions in the
N ew England District belong to tho Boston Federal Reservo collection
system .
Somo State banks have already appreciated the inevitable and have
joined within tho last few days. But thero aro still a number who aro
actively opposing what they consider coercion on tho part of tho Federal
authorities to drive them into tho system and force them to give up a certain
source o f rovenuo from exchange charges, which they have been enjoying
for years past. These banks aro appealing to tho Stato Superintendent
o f Banks to save them, as they call it, from tho “ steam roller” tactics of
tho iederal Reserve Board. They aro also rallying around tho standard of
tho President o f tho Association of Stato Banks, E . C . M cD ougal o f Buffalo,
who Is championing their cause.
tt However, it would seem that tho Stato banks in question have little
“ come b a c k ." Tho controversy with the Federal Reservo authorities,
in which tho latter havo been endeavoring by all persuasivo means to bring
about universal par check collections, has finally resolved itself into tho
Federal Resorvo Bank making physical presentation of distant checks for
payment at tho counter o f tho banks themselves and thus knocking from
under them tho main prop o f their contentions.
In that position tho
Federal Reserve Bank is perfectly within its rights to demand one hundred
cents on tho dollar on a check presented for paym ent. The Stato banks
havo been in the habit of deducting exchange on checks coming from a
distant point, and of courso they feel sore when thoy find that theso checks
will now be brought to their very counter. They will havo to forego the
former exchange chargo or elso have their own checks go to protest. And
they have no legal redress in tho matter
Naturally this course means a certain oxpenso to tho Federal Reserve
Bank. B ut it is quito prepared to stand that oxpenso in view o f tho more
important results. After April 1, checks on all banks in this Stato will be
In tho par list.
Beaten as they are at the last ditch, tho protesting Stato banks aro
looking around for somo means whereby thoy can retaliate upon tho Federal
systom . Ono o f tho proposals put forward is that tho Stato Banking D e 
partment withdraw tho privilege extended to national banks making them
Reserve depositories for tho State institutions. I f they do not tako some
action liko this, it is claimed, the Federal Reserve authorities will ultimately
wreck tho State banks o f New York.
W h at tho Federal Reservo people havo in m ind is to forco tho Stato banks
to remit in N ew York funds. Thoy admit that it will bo awkward some
times for the Stato banks to pay theso checks with cash, as they usually
do not carry much cash in their vaults. B ut it is contended that it is not
a bona fido claim that the State banks cannot remit N ew York funds.
Thoy all carry New York balances which they can build up with checks
thoy receive. B ut since theso Stato banks tako tho stand they do, the
only recourse open to the Federal institution is to demand cash over their
counter.

The circular sent out by the New York Federal Reserve
Bank to the State institutions not already in the collection
system, making known its proposed action says:
Referring to our former communications in regard to tho Federal Iteservo
collection system , inaugurated July 16 1916, you will bo interested to know
that wo aro now handling checks drawn on 935 banks in this District out
o f a total o f 1,049 national banks, Stato banks and trust companies. O f
tho 424 non-member banks, we aro collecting checks on 310. There are,
therefore, only 114 non-member banks in tho D istrict, all located in the
Stato o f New Y o rk, on which checks aro not as yet being collected by us,
of which your good institution is one.
In justlco to the 16,000 member and non-member banks in this and
other districts, checks upon which wo aro collecting at par, and most of
which aro using tho systom directly or indirectly for tho collection o f their
out-of-town items, wo now feel that it is necessary for us to undertake to
collect checks on all banks and trust companies in this District.
W o aro,
therefore, writing to you again to ask if you will not remit to us at par on
tho day of receipt for your own checks which wo m ay send you and thereby




[Vol . 104.

SETTLEM ENT

OF D A I L Y

BANKS

B A L A N C E S OF N E W

THROUGH

YORK

RESERVE B A N K .

In addition to the two local banks, the Corn Exchange
Bank and the Liberty National Bank, which, wo stated last
week, now settle their daily balances at tho Clearing House
through the Federal Reserve Bank, sovoral other institutions
have mado similar clearing arrangements. Somo of those
which announced this week that they would clear through
the Resorvo Bank are the American Exchange National
Bank, the Seaboard National, the Market & Fulton National,
the Nassau National of Brooklyn and tho Broadway Trust
Co. Inasmuch as the Germania Bank and tho Pacific
Bank settle their balances through tho American Exchange
National Bank, it is pointed out that indirectly tho Reserve
Bank clears for those institutions.
Tm,m

RESERVE

BANK

GOVERNORS

TO F A C I L I T A T E

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

TO

ACT

ON

PROPOSAL

EXCHANGES.

At a meeting in Washington next week, April 4, tho Gov
ernors of the Federal Reserve banks aro to consider a proposal
for tho transfer of banking credits, which, it is stated, is dosigned to facilitate exchanges as well as to reduce tho exchange
cost. Tho New York “ Times” in its roport concerning the
forthcoming meeting says:
Governors o f tho twelve Federal Reserve banks, at a meeting to be hold
in W ashington on April 4 , will bo asked to approve a now plan for tho trans
fer o f banking credits which a committee o f the Governors has worked out,
and which contemplates an extension o f tho operations o f tho gold settle
ment fund. The purpose o f tho plan is to facilitate exchanges from ono
point to another, and at tho same time to reduco tho cost o f making long
distance paym ents. Under tho proposed scheme tho "flo a t ” o f tho Reserve
banks, by which is meant tho volume o f checks in tho course o f transmission
through tho mails, and which have not been charged to tho collecting bank,
less thoso items for which credit has not been given as rescrvo, will bo con
siderably reduced.
In brief, the proposed plan contemplates that a bank in San Francisco,
desiring to make a remittance to a bank in Now York, would draw a check
on tho Federal Reserve Bank o f San Francisco, and adviso it o f tho transfer
o f funds to New York. Tho San Francisco Reserve Bank, upon receipt
o f such notification, would advise tho New York Reserve Bank o f tho pro
jected paym ent, and at the same time deduct from tho account o f its m em 
ber bank in San Francisco tho amount o f tho chock. Tho moment this was
dono and the New York Reserve Bank advised o f tho transaction by tele
graph, tho New York Reservo Bank would piaco the money at tho disposal
o f tho Now York institution to which tho San Francisco bank desired to
make paym ent. Under this arrangement tho funds would bo mado
immediately available upon the receipt o f tho check, and fivo days’ interest
woidd bo saved. It has not yet been decided whether tho Resorvo banks
would charge the member banks for tho transfer, but it is assumed that thomember banks would chargo their customers for tho servico. Tho settle
ment of tho transfer o f funds from tho San Francisco bank to tho Now York
bank would bo made through tho gold settlement fund in Washington. A t
tho presont timo adjustments through this fund aro made weekly, but it is
proposed that after tho new system o f exchanges becomes effective theso
settlements should bo mado daily.
Operations o f tho gold settlement fund during tho year 1916 havo resulted
in tho settlement o f obligations totaling $ 5 ,533,966,000, while tho resulting
change in tho ownership o f tho gold was oidy $223 ,87 0,00 0, or scarcely
o v o r4 % o f tho total obligations, compared \yith 8 .1 4 % in 1915. Th ogrow tb
in tho volumo o f transactions has been rapid and steady, especially since
last July, when tho Federal Reservo banks began active check clearings and
collection operations.
Tho regulation covering tho operation o f tho gold sottlomont fund pro
vides that each Federal Reserve bank shall keep on doposit in tho fund at
least $ 1 ,0 0 0 ,0 0 0 , but actual operations havo led to tho upbuilding o f balances
o f many times that amount. Th e total for tho twolvo banks on D ec. 30
1916 was $169 ,74 0,00 0. Tho Federal Reserve Agents' fund, mado up o f
deposits from nino Federal Reserve Agents, totaled $ 102,580,000, so that tho
combined totals represented $272,320,000.
Officials o f the Federal Reservo Board say that tho expectation that tho
operations o f tho fund would make unnecessary, for tho most part, actual
shipments o f gold between tho Federal Raservo banks, had boon well justi
fied by experience extending over ninotocn m onths. N o axpenso for ship
ment o f gold in connection with tho fund’s operations has been incurred
other than tho charges on a small number o f shipments mado by banks
not located in cities having sub-treasuries.
Tho abnormal inflow o f gold from Europe into tho country at New York,
though destined in largo part for interior points whose exports had induced
tho gold m ovem ent, has influenced materially the trend o f tho sottlomonts.
Tho Federal Reserve Bank o f Now York has usually boon debtor at tho clear
ings and has parted with gold during tho year to tho amount of $ 2 22 ,14 7,
000, and since M a y 20 1915 to the amount of $303,430,000. This movement
has resulted in increased reserves held by other Federal Resorvo banks and
in increased holdings by the Federal Reserve Agents against Federal Re
serve notes outstanding. An analysis of tho figures for tho year shows that
o f the $222 ,14 7,00 0 o f gold which passed from tho Federal Resorvo Bank o f
Now York to tho other eleven reserve banks, $107 ,32 3,00 0 has been re
tained by them as increased reservo holdings and $67,369 ,000 has been
deposited with tho Federal Reserve Agents as security for Issues ofFcderal
Reserve notes outstanding.

M a r . 31 1917.]
BANKERS’

THE CHRONICLE

C O M M IT T E E

L E C T IO N

TO

URGE

M EASURES ON

R E M E D IA L

COL

Tho circular also sets out tho legislative sorvice, com
pleted through tho association, the service under way, and
the servico contemplated. The committeo of twonty-five
represents 14,431 country banks and 1,830 Reserve City
Banks.
F R A N C IS C O

RESERVE B A N K

TO B E

E ST A B L ISH E D .

It was reported on Thursday that the Federal Reserve
Board has decided to establish a branch of tho Federal
Reservo Bank of San Francisco. Seattle, Spokano, Port
land, Oregon, Los Angeles and other Pacific Coast cities are
under consideration for tho branch. A. C. Miller of tho
Roservo Board loft on Thursday for the coast to confer with
officials of tho San Francisco Bank to obtain their views as to
tho best location for tho branch. Mr. Miller is expected to
meet bankers from cities under consideration. Tho great
area served by tho San Francisco Bank, larger than that of
any other Reserve bank, is ono reason for tho Board’s
action. It is stated that the recent appointment of the
Philippine National Bank as correspondent in tho Orient
of tho San Francisco Bank has greatly expanded tho Reserve
Bank’s business.
C E N T R A L S T A T E B A N K E R S ' A S S O C IA T IO N SUGGESTS
IN C R E A SIN G F A R M

PR O D U C T IO N .

The sixth annual conference of Presidents and Secretaries
of Central States Bankers’ Associations was hold at tho La
Salle Hotel, Chicago March 21 and 22 1917. Andrew Smith,
Secretary of tho Indiana Bankers’ Association and President
of the Conference, presided, and tho Secretary was W . F.
Koysor, Secrotary of tho Missouri Bankers’ Association.
Tho keynote of tho Conferonco was co-operation and tho
members adjourned with- a thorough determination to co
operate with each other and with the American Bankers’
Association, and to resent with tho utmost force any dispo
sition to have a division of any naturo whatsoever through
organization of separate bodies. They appeared fully de
termined to stand by tho slogan, “ In union there is strength,”
realizing that much more can bo accomplished in this way
than through any form of divided effort. Tho following
resolutions woro unanimously adopted by tho conference:
Itcsoloed, T h at no higher duty is at this hour laid upon American citizens
than that o f increasing farm production in overy way possible in order
that this country m ay bo prepared with adequate produco,grain and livestock
during a timo whon tho nation m ay bo called upon to defend its pcoplo and
its Institutions. Ail idle lands should bo planted and greater caro exercised
in seed selection and cultivation to insure largo crops and without sacri
ficing soil fertility for succeeding harvests.
Uoiioving bankers have always been among tho most loyal and patriotic
citizens o f this country, tho Presidents and Secretaries o f Bankers’ Asso
ciations o f twolvo Central States, in conference assembled, hereby recom
mend that tho benefit o f citizens’ m ilitary training camps bo brought to
tho attention of bank officers and employees, to tho end that a largo enroll
ment m ay bo secured for tho training camps at this particular timo.

Tho details of tho conference woro arranged by R. L.
Crampton, Secretary Illinois Bankers’ Association, who
was presented at tho closing session with a pair of diamond
and gold cuff links. Beforo adjournment George II. Rich
ards, Secrotary of tho Minnesota Bankers’ Association,
was elected President and Harry E. Bagby, Secretary of tho
Oklahoma Bankers’ Association, was olected Secretary of
tho Conference for tho ensuing year. It was unanimously
voted to hold tho next annual Conference in Chicago.




IN

N A T IO N A L

UNDER

The committeo sent thousands of letters and other communications to
bankers and business people explaining tho facts, kept bankers and pub
lications supplied with information and conducted an energetic campaign
up to tho very closing hours o f tho 64th Congress.
The proposod amendment had every prospect of consideration and pas
sage before matters of supremo international importance intervened, ren
dering action thereon impossible.
Congross will convene April 16 1917.
[Tho dato was advanced last
week by tho President to April 2).
The efforts of the Com m ittee will bo
continued, and with tho loyal and united support o f all bankers, wo are
confident that this amendment can be secured, and tho way oponod for
tho development o f a j)Ian based upon sound, efficient and economical
lines.

OF S A N

E X P A N S IO N

CONGRESS.

The committee of twenty-five, co-operating with tho Com
mittee on Federal Legislation of the American Bankers’
Association, will continue its efforts to secure at tho special
session of Congress which convenes next week, the adoption
of the proposed amendment giving the banks in tho Federal
Reservo system tho right to malco a reasonable charge for tho
clearing and collection of checks. As indicated in our issuo
of Jan. 27 tho proposed legislation provides for a charge of
1 0 eonts per $100 or fraction thereof, based on tho total of
items presented at any one time. The circular which tho
association has sent out to overy bank in the country an
nouncing the intention to press tho legislation at tho coming
session says:

BRANCH

1315
MARCH

BAN K

RESOURCES

5 CALL.

Under tho last call of the Comptroller of tho Currency,
March 5, the resources of the National banks in Reserve
cities and Contral Reserve cities were 210 million dollars
larger than over beforo in their history. Announcement to
this effect is made by tho Comptroller in a statement, issued
on March 27, as follows:
The reports o f the national banks in the Central Reserve cities and Reserve
cities throughout the United States as of M arch 5 1917 just compiled, show
that on that date the resources of these banks were 2 1 0 million dollars larger
than ever beforo in their history, the previous high water mark having
been reached on N o v . 17 1916. Tho increase as compared with D ec. 27
1916 was 480 million dollars.
Tho roports have thus far been compiled for only about one-fifth o f the
country banks, or banks outside of the Reservo cities. I f the assets o f the
othor country banks have increased at the same rate as those thus far com 
piled, tho total increase in country bank resources will be approximately
250 million dollars, as compared with D ec. 27 1916. On this basis tho in
crease in the resources of all national banks in Central Reserve and Reserve
cities and country banks from D ec. 27 1916 to M arch 5 1917, will approxi
mate 730 million dollars, making the total assets of all national banks
M arch 5 1917 considerably in excess of sixteen billion dollars.
A s tho total resources of ail national banks on April 4 1913 amounted to
only 11,081 million dollars, the increase o f resources for the past four
years has amounted to approximately five billion dollars.
Tho tremendous growth and development o f our national banking sys
tem is bettor realized when we note that the resources o f these banks as
lato as September 1906 were only eight billion dollars. Their resources
therefore liavo more than doubled in tho past ten years.
I f wo again compare tho resources o f our national banks with the great
banks of issuo o f foreign countries, we find that the assets o f the national
banks o f tho United States now exceed by more than five billion dollars
tho combined resources, as shown by their latest reports of tho Bank of
England, the Bank o f France, tho Bank of Italy, tho Bank o f Spain, the
Bank o f Norw ay, tho Bank o f Sweden, the Swiss National Bank, the
National Bank o f D enm ark, tho Bank o f Japan, and the Reichsbank of
Germany.
Tho amount o f bonds of foreign governments and o f other foreign se
curities held by our national banks on M arch 5 1917 was approximately
338 million dollars, or but little more than 2% o f their total resources.
Tho increase, as compared with D ec. 27 1916, was 16 million dollars, and
as compared with N o v . 17 1916, was 40 million dollars.

OTTO

II.

IC AIIN

BECOMES A

U.

S. C I T I Z E N .

Otto H. Kalin, a member of the banking firm of Kuhn,
Loeb & Co., was admitted to citizenship by Judge Salmon
of tho Court of Common Pleas at Morristown, N . J., on
Wednesday. Mr. Kahn, who was born in Mannheim,
Germany, became a British subject some years ago. Mr.
Kahn indicated his intention of becoming a citizen of the
United States as early as 1901, when he applied for citizen
ship papers. A statement given out by Mr. Kahn this
week says with regard to his action:
Prior to tho war, I had determined to become an American citizen and
had initiated steps with that end in view. The advent o f tho war caused
mo to postpone the filing o f m y final application papers, as I feared that m y
action or m otives in giving up m y British nationality during the war m ight
bo misunderstood.
In viow, however, o f recent developments, I believe that there is no
longer room for any such misunderstanding and, moreover, I feel that these
developments have made it m y duty to now formally assume the obligations
and duties o f citizenship in the country in which I have worked and lived
these m any years and expect to live permanently, in which m y children
wero born and expect to live, and to which I am deeply attached.
I liavo therefore to-day completed the proceedings leading to naturaliza
tion as an American citizen.

W . J. B R Y A N

URGES CONGRESS A G A IN S T W A R .

In an appeal to Congress William J. Bryan urges that an
attempt bo made to obtain a suspension of Germany’s un
restricted submarine campaign through the application of the
so-called Bryan peace plan. His appeal, addressed to tho
Sonato and House of Representatives, was made public on
tho 29th inst. as follows:
Exercising tho citizens’ right o f petition, I appeal to you. The dispute
with Germany has passed beyond the domain of diplomacy, and some ad
vise settlement by tho sword. Tho metropolitan press, which tried to pre
vent tho rc-oloction of tho President, and failed, undismayed by a popular
verdict o f more than one-half million, now seeks to lash the country into
a fury, and urges the Government to take part in tho European conflict.
T o you, and to you only, is given constitutional authority to declare war
— war, which in tills case m ay mean the signing of the death-warrant of
thousands, oven millions, of your countrymen, and tho laying of grievous
burdens upon futuro generations. Before you take this blood upon your
hands, consider, I pray you, first, that tho wrongs which you would pun
ish, cruel and unjustifiable as they are, are not intended primarily against
tills country, but aro acts of desperation directed against other nations
with which tho offenders aro at war. Second, that our land is not threat
ened witli invasion, but that we are asked to go three thousands miles for
a chance to fight. Third, that we have not the excase for going to war that
tho European nations had. They had no machinery for peace. W o have
a peace plan offered by tills nation to the world, and now embodied in thirty
treaties with three-quarters of the population o f the globe. The plan has
tho endorsement o f the President, the commendation of the Senate, and the
approval of tho people at tho polls. It provides for investigation of all dis
putes by an international tribunal before resort to war.
Fortunately, these treaties compel as to employ tho plan with Great
Britain, France, Italy and Russia beforo boing to war with them . Ger
m any formally approved tho plan, although no treaty has yet been con
cluded with her. Shall wo repudiate our own plan the first time wo have
an opportunity to employ it?
If, as the President recently declared, the
American pooplo do not want war, is it not worth while to try the peace
plan before bringing upon tho people the horrors of war? Until an attem pt

THE CHRONICLE

1216

is mado and fails, no ono is able to say that it would bo impossible to secure
the suspension o f "ruthless” submarine warfare during the investigation for
which the plan provides. Shall we deny to ourselves the credit o f trying to
settle the dispute with tho treaty plan ?
And Is it not worth while to do our part in trying to avoid injury ? W ould
it not be better, as well as cheaper, for the Government to carry on its own
vessels such Americans as must go to Europe rather than engage in war to
vindicate tho right o f citizens to disregard all risks and ride upon belligerent
ships?
Is it not worth while to separate passengers from contraband cargoes, so
that tho captains of passenger ships can givo their entire attention to tho
safety o f tho passengers? Our nation is the world’s foremost advocate of
peaco. I f we go to war it should be for a cause which history will justify.
I f you reach the conclusion that nothing but war will satisfy tho nation’s
honor, is it too much to ask that by a referendum you consult the wishes of
those who must in case of war defend the nation's honor with their lives.
A s one who expects to live up to a citizens’ duties, if war comes, I plead
with you to use all honorable means to preserve peace before you tako the
responsibility of plunging our beloved land into this unprecedented strugglo,
begun without any sufficient cause and conducted by both sides in utter
disregard of the well settled rights of neutrals.

JE W IS H

S E N T IM E N T IN

U . S. P R O - A L L Y .

With a view to correcting the impression that the sym
pathies of Americans of Jewish faith are largely with Germany
and against the Allies, Oscar S. Straus, Chairman of the
Public Service Commission, has addressed a letter to Sir
Cecil Spring Rice, the British Ambassador and Jules J.
Jusserand, the French Ambassador in which ho says that
“ the sentiment of tho representative Jews of this country
with extremely rare exception, has from the outset been
overwhelmingly pro-ally.” His letter, as made public on
the 23rd inst. follows:
A number o f m y most esteemed friends o f the Jewish faith in this country
liavo been deoply concerned over what they are informed is a widely preva
lent impression in England and France as to the sympathies o f tho American
Jews. From expressions in tho periodical press o f those countries, as well
as from personal intercourse with prominent Englishmen and Frenchmen
o f high Intelligence, they have received tho impression that thero exists
on the other side o f tho Atlantic a somewhat general feeling that tho sym 
pathies o f the Am erican Jews in the war havo been in a preponderant degreo with Germ any and against tho Allies.
This impression, I feel confident in stating, is not only not correct, but is
tho opposite to tho truth. American Jews, irrespective of tho countries of
their origin or descent, havo as a rule reacted to the issues o f this gigantic
conflict, just as Americans in general have reacted to them .
T h ey havo
seen in it a strugglo between right and wrong; between tho spirit that defies
military m ight, and the spirit o f modern civilization; between the ideals of
democracy and freedom on the one hand, and those o f autocracy and social
regimentation on tho other.
T h at m any Jows in America— indeed, m any non-Jows— have found in
their traditional hatred of Russian despotism and oppression an obstaclo to
aligning themselves on the side o f tho Allies is true enough, while others havo
had their sympathies determined by the sentiment o f attachment to their
German Fatherland. It would havo been most remarkable had it been
otherwise. Tho astonishing thing is not that a considerable number have
been swayed by these feelings, but that in spite o f them tho sentiment of
the representative Jews of this country, with oxtremely rare exception, has
from tho outset been overwhelmingly pro-A lly.
T o prove this other than in a general way would, o f course, be difficult.
I can, however, say that not only m y own observation, but that of a largo
number o f friends whom I have questioned and who are in a position to
judge, is unmistakably clear to this effect. T o cite one piece o f evidence
out o f m any, I would mention that at a leading club, whose membership
consists almost entirely of Jews o f German origin, the pro-Ally sentiment
is so general as closely to approach unanimity.
Tho wholo situation m ay, I am sure, bo truthfully sum m ed up in the
statem ent that great as is the preponderance o f pro-A liy sentiment in tho
nation cs a whole, that preponderance among the Jews is equally as great,
if not oven greater.
N ow that tho magnificent uprising of democracy in Russia appears to
havo opened a now and glorious future for that country, with equal rights
for tho oppressed nationalities, Jewish sentiment in America in favor of the
Allied causo m ay bo safely counted upon to become almost unanimous.
O S C A R S. S T R A U S .

R A IL R O A D

S E C U R IT IE S

HELD

ABROAD.

[Vol . 104.

105 companies reported securities held abroad. His state
ment, dated March 26, presenting tho latest results of his
nquiry, is printed below:
T H E DELAAArA R E A N D H U D S O N C O M P A N Y
Office of the President.
32 Nassau Street, N ew York.
March 26 1917.
A t the time this inquiry was first undertaken, it was ascertained that
the securities held abroad on Jan. 31 1915 were o f a par value o f $ 2 ,7 0 4 ,
402,3 6 4 . This information was received from 144 railroad* companies
being all the roads in the United States over 100 miles in length, o f which
number 105 companies reported securities held abroad.
During tho period A u g. I 1916 to Jan. 31 1917 thero wero returned to
tho American markets securities o f tho par value o f $ 229 ,81 7,07 6, or 1 6 .2 3 %
for the six months.
During tho annual period ended . July 31 1916 thero were held abroad
securities o f tho par value of $1,415 ,6 2 8 ,5 6 3 , having a market value of
$1 ,1 1 0 ,0 9 9 ,0 9 0 , showing that thero were returned securities o f tho par
value o f $ 8 0 7 ,88 1,66 6, or 3 6 .3 3 % for the year.
During the semi-annual period ended July 31 1915 there were held abroad
securities o f tho par value of $ 2 ,223,510,229, having a market value of
$ 1 ,7 5 1 ,4 3 7 ,9 1 2 , showing that thero wero returned securities of tho par
value o f $ 480 ,89 2,13 5, or 1 7 .7 8 % for the six m onths.
Tliereforo, from tho dato tho first compilation was issued, showing securi
ties held abroad amounting to $2,704 ,4 0 2 ,3 6 4 , there havo been returned
to tho American markets securities having a par value o f $1,518 ,5 9 0 ,8 7 8 .
or 5 6 .1 5 % .
A classified summary o f tho replies, determined from data covering tho
six m onths period A ug. 1 1916 to Jan. 31 1917, Is attached. Tho statem ent
is on a comparative basis with the three previous compilations.
The stocks were identified by entries in the transfer books o f the issuing
companies. T o tho extent that they m ay bo carried in the names of
domestic bankers, brokers or institutions for foreign holders, the amount
would bo understated.
Tho bonds wero, in tho m ain, identified by tho slips filed by tho payee
under tho provisions of the Federal Income Tax Law. AVhero interest is
in default there would bo no income tax certificates in respect o f coupons
not paid, and to that extent tho amount would bo underestimated, except
as th o facts havo been determined by the issuing company from other
sour ces.
There are no quotations on th o American exchanges for securities ex
changeable for francs or pounds, an d it is not probablo thero would bo any
transactions in such securities in th is country. Thero have, however, been
several cases whereby tho issuing ro ad took up its securities hold in France.
Further, whore such bonds aro in de fa u lt, it m ay bo that there will bo issued
In placo thereof, when reorganization is carried through, bonds payable in
dollars, but tho amount of such bonds in default is not great.
Yours truly,
L . F . L O R E E , President.

We also give herewith the table showing the various classes
of securities held at tho four periods:
A M E R I C A N R A IL R O A D S E C U R IT IE S H E L D A B R O A D .
Jan. 31 1917. July 31 1916. July 31 1915. Jan. 31 1915.
Class of
$
Security—$
$
S
1’ referred Stock
91,006,300
163,129,850
204,3 9 4 ,4 0 0
120,597,750
Par value — .
117,863,303
93,816,715
Market value. .
6l.35S .0Z l
(*)
Second Preferred Stock—
5
,558,150
5,008,850
4 ,858,650
Par valuo___ .
4,645.100
2,115 15
2,060,256
(*)
1 ,72b,583
Market value. .
C om m on Stock573,880 ,393
5 1 1,437 ,356
336,7 6 1 .7 0 4
Par valuo___ . 285,729 ,919
31,2,225,958
2 3 b ,15b ,103
(*)
Market value.. . 18b,9 8 5 ,blS
N otes—
5 8 ,254,390
24,632,292
8 ,475,650
9,070,955
Par valuo___ .
7,966,438
2 2 ,57b,28b
(*)
Market value. .
6,Sbb.ZbO
Debenture Bonds—
187,508,310
160,288,700
74,796,900
Par value___ .
56,752,080
lb l,b b b ,5 9 3
5 3 ,71b ,158
. (*)
Market value. .
60,858,28b
Collateral Trust Bonds—
282,4 1 8 ,4 1 5
180,590,850
85,166,470
57,776,380
Par valuo___ .
136.1,22,186
51,600,785
66,526,602
(*)
Market value. .
M ortgage Bonds—
774,793 ,834 1,150,339,130 1,371.156,851
Par value___ . 672,969,224
962,081,613
628,183,797
(*)
Market value. . 55b, 787,810
Equipm ent Trust Bonds—
25,253,201
7,788,300
7,449,833
2 0 ,233,455
Par value___ .
7 ,0 /5 ,6 8 3
Market value. _
2b, 1,80.1,11
7,307,98b
(*>
Car Trusts—
836,000
49,000
29,000
Par valuo___ .
681,320
bSM O
29,060
Market value. .
Receivers’ Certificates—
998,000
2 , 2 0 1,0 0 0
958,000
958,000
Par value___ .
2,201,000
(*)
958,000
058,000
Market value. _

In his fourth compilation, just made public, dealing with
the holdings of American railroad securities abroad, L. F.
Loreo, President of the Delaware & Hudson Co., reports
that from Jan. 31 1915 to Jan. 31 1917 thero have been re
T otal—
turned to tho American markets securities having a par value
Par valuo___ .1 ,1 8 5 ,8 1 1 ,4 8 6 1,415,628,563 2 .223,510,229 2 ,704,402,364
of $1,518,590,878, or 56.15%. Mr. Loree’s inquiry was first
Market value. . 92b,5bZ,6b6 1,110,099,090 1,751,1,37,913
undertaken shortly after tho outbreak of tho war, following
* N o market value determined for first compilation.
tho disarrangement of foroign exchange, which threatened
wholesale liquidation of American securities held abroad.
On Jan. 31 1915 the initial dato for which his statistics were v R O T E S T A G A I N S T P R O P O S A L T O D O U B L E T R A N S F E R
T A X IN N E W YORK.
available, the amount of railroad securities hold abroad was
Vigorous protest against tho bill in the N oav York State
reported as $2,704,402,364. Mr. Loree’s second statement,
of date July 31 1915, showed that during the six months Legislature Avhich would increase tho transfer tax on stocks
Securities of a par value of $480,892,135 had been returned; from $2 to $4 a hundred shares is to be made by Stock Ex
his third statement, brought down to July 31 1916, an change and other organizations in New York City. At a
nounced the return during tho year of securities having a par meeting of the Governing Committee of tho Exchange on
value of $807,881,666, while the latest compilation shows the the 23rd inst. it Avas decided to appoint a committee to at
return during tho interval from Aug. 1 1916 to Jan. 31 1917 tend a hearing at Albany before a committeo of the Senato
of securities of a par value of $229,817,076. With the return and Assembly. This Avas scheduled for Tuesday last. The
in tho two years of total securities having a par value of hearing Avas, hoAvever, postponed until April 3. Tho bill
$1,518,590,878, tho holdings abroad on Jan. 31 1917 are was introduced in tho Senato on tho 21st inst by James A*
reduced to $1,185,811,486. Mr. Loreo’s information ivas A. Emerson, Chairman of tho Committee on Taxation, and
received from 144 railroad companies, being all the roads in ■a similar bill Avas introduced in the Assembly by Assembly
the United States over 100 miles in length, of Avhich nuinbo man Judson. Other organizations besides tho Stock Ex-




THE CHRONICLE

VIah . 31 1917.

change which will register a protest against the bill are the
Merchants’ Association, the Investment Bankers’ Associa
tion, the Partners’ Association, the Association of Employees
of the Wall Street District, the New York Curb Market
Association, the Real Estate Association, &c.
The Governing Committee of the Stock Exchange points
out that the returns to the State last year through the tax
on transfers of securities amounted to over $6,000,000; it
is contended that if the additional tax is imposed it will
operate to drive business from the State, and will accord
ingly defeat the purpose in view— namely to increase the
State’s revenue. The probability of the Fedoral Government
in the event of war imposing a tax of $2 on stock transfers is
also referred to by Exchange members in protesting against
the additional State tax, and they declare that the burden of
a $6 tax would be virtually prohibitive to floor traders. The
Association of Employees of the Wall Street District are
concerned in the measure because of the fact that its effect
on business would place in jeopardy the positions of “ tens of
thousands throughout New York State.”
The Consolidated Exchange issues the following statement
in the matter:
M. B. do Aguero, President of tho Consolidated Stock Exchange, ac
companied by W. T Marsh and AV. L. B. AVebster, members of the Legis
lative Committee, and counsel of the Exchange, will go to Albany next
Tuesday, April 3, to attend the hearing on the Emerson bill to increaso tho
stamp tax on sales of stock fromtwo cents to four cents per SI00 par value.
AVall Street interests feel that tho future welfare of the financial district
depends upon tho ability to defeat this inequitable and onerous tax. Whilo
it is true that tho same amount was paid in the aggregate while the United
States Government tax was in vogue, in 1915 and 1916, the Street knew
that it was temporary, as a definite date was fixed for its termination when
the tax was imposed.
Referring to tho fact that even under the present law room traders are
taxed from $3,000 to $50,000 per annum, President do Aguero said:
“The present method is crude to the greatest degree. Scientific taxation
is tho equal taxation of tho many in amounts that will not bo felt, not the
prohibitory and confiscatory taxation of tho few.”
“ W A L L S T R E E T ’ S B A C K Y A R D ."
Contributions are desired for the Avork that tho Bowling
Green Neighborhood Association is doing in tho tenements
of BoAvling Green village, called by some “ Wall Street’s
back yard.” This neighborhood right under the shadoAvs
of the high skyscrapers is bounded by tho Hudson River and
all that lies between almost over to Broadway as far north
as Liberty street. Most conspicuous of all the streets is
Washington street which begins at the Battery and extends
north. In this district thero aro twenty-seven nationalities,
Syrians, •Armenians, Greeks, Poles, Turks, Egyptians,
Slovaks, Serbians and others. The tenements house 8,000
men, Avomen and children and heretofore the neighborhood
has been known for its uncleanliness, lethargy and ignorance.
Two years ago several public spirited bankers in the great
Broadway institutions and in the Wall Street banking firms
formed the BoAvling Green Neighborhood Association.
These men have given their time and money to improving
conditions in tho lives and homes of these foreign immi
grants. Tho association is to this community, doctor,
dentist, nurse, playmate and adviser. The Avork is pur
sued systematically, tho nurses and interpreters visit each
home once in six weeks. -Everything possible is being done
for tho health and happiness of these poor people. Besides
a playground and a community centre there is a library,
boys and. girls clubs, supervised study rooms, a malnutri
tion campaign and special trips, hikes and fresh air outings
aro taken in the Summer timo. The mothers and their
babies come in for special attention. There aro over 3,000
children who noed care. The bankers have done all they
could to clean up the district and make the sanitary con
ditions of its tenements better but there remains much to
do and funds are urgently needed. Checks should should
bo sent to John R. Hall of Hallgarton & Co., Treasurer of
tho Association, or LoAvis C. Franklin, Vice-President of
the Guaranty Trust Co., this city, and chairman of tho
association’s finance committee.
S E N A T O R N O R R IS, W H O O P P O S E D 'A R M E D S H IP B IL L ,
ASKS

FOR

STATE

VOTE

ON

IIIS

RECALL.

Senator George W . Norris (Republican) of Nebraska, one
of the Senators avIio opposed the bill for the arming of mer
chant ships at the recent session of Congress, has addressed
a letter to Governor Keith Neville of Nobrasks, asking that,
in vieAv of tho criticism directed against him because of his
failure to indorso the proposed legislation, a special election
bo callod at Avhiclx tho question of his recall may bo submitted
to tho voters. His letter, Avritten under date of March 17,
is as folloAvs:




1217

M y Dear Governor:—On account of my opposition in the Senate to some
of tho legislation demanded by the President, particularly S8322, which
in substance, abdicated the constitutional prerogative of Congress to de
clare war and gave this power to the President, I have been severely
denounced and criticized not only in Nebraska, but all over the c untry.
Those charges have been published and republished by the newspapers
of the country with a venom and a unanimity which showa gigantic com
bination to conceal from the people of the United States the real issue in
volved and to push our country into the vortex of the terrible and senseless
war now being waged in Europe. It is charged not only that I am a
traitor to my country, but that I do not represent the people of Nebraska
fromwhomI hold my commission as a member of the United States Senate.
I have no desire to represent thepeople of Nebraska, either in the United
States Senate or elsewhere, if my official conduct is contrary to their wishes,
and, if I am misrepresenting them, tho remedy is a recall. Under the Con
stitution of the United States tho Legislature of Nebraska is powerless to
enact a law that would enable tho people of the State to recall a United
States Senator. I am, however, willing to waive this technicality and
whatever rights I may possess in this respect under tho Constitution.
I suggest, therefore, that you ask tho Legislature of Nebraska, now in
session, to pass a law providing for a special election at which the question
of my recall canbe submitted to thopeople of the State. If suchan election
is held, not later than May 1 1917, under a law that will properly provide
for tho punishment of illegal voting, I agree to abide by the result, and, if
the verdict is against me, I will at once placo in your hands my resignation
as a member of tho United States Senate from the State of Nebraska.
I am making this proposition in no spirit of enmity or ill-will. Neither
am I at all confident in my own mind as to what the result of such an elec
tion would be. Tho denunciation I have receivedat the hands of tho press
and tho condemnation of my course by organizations and individuals indi
cate to me that there is a strong probability that the course I havo pursued
is unsatisfactory to the people whom I represent, and it seems, therefore,
only fair that the matter should be submitted to them for decision. I will
not, however, even at the behest of a unanimous constituency, violate my
oath of office by voting in favor of a proposition that means the surrender
by Congress of its sole right to declare war, and the placing of that power
in tho hands of tho President. Our forefathers fought to take this power
away from the King. I will not vote to return it to him, even though he is
designated by a milder name. I am opposed to making a Czar or a Kaiser
out of tho President. If my refusal to do this is contrary to the wishes
of tho people of Nebraska, then I should be recalled and some one else
selected to fill tho place.
I am not unmindful, in making this proposition, that against me will be
the greatest combination of wealth and political power that was ever known
in tho history of our State. In such a contest tho expenditure of even
millions of dollars to control the election would be a small item and would
require but little exertion on the part of my opposition. I am, however,
so firmly convinced of the righteousness of my course that I believe, if the
intelligent and patriotic citizenship of tho country can only have a fair
opportunity to hear both sides of the question, all the money in Christen
dom and all tho political machinery that wealth can congregate will not
bo able to defeat tho principle of government for which our forefathers
fought and for which I stood in my opposition to the legislation demanded
by the Executive.
If I am wrong, then I not only ought to retire, but I desire to do so,
I havo no desire to hold public office if I am expected blindly to follow in
my official actions tho dictation of a newspaper combination, controlled
and influenced by stock jobbers of AVall Street, who desire to coin the life
blood of my fellow citizens into dollars for their own private benefit. I
much prefer to be a private citizen, rather than to be a rubber stamp even
for tho President of tho United States.
I have tho honor to remain, very truly yours,
G. AV. NORRIS.
SENATOR

STONE’S

DEFENSE

ARMED

S H IP

OF

H IS

A C T IO N

ON

B ILL.

Senator William J. Stone of Missouri, published a lengthy
statement in the St. Louis “ Republic” of the 10th inst.,
defending his action in tho armed ship matter, in Avhich he
said in part:
On the morning of the day the President addressed the joint session of
Congress, Feb. 26, I was called to the AArhite House for consultation with
the President.
The President and I discussed the subject with absolute frankness. I
told him that, in my opinion, it would be a serious blunder to take that
step (ask for tho law), and gave him my reasons—but evidently without
convincing him. I felt convinced that such a law, if enacted and enforced,
would lead inevitably to war, and I was opposed to plunging this country
into that “horror of horrors” without greater provocation than we had so
far experienced.
I parted from the President weightod with ominous apprehension, but
without any chatigo in my personal sentiments for him. * * *
I offered an amendment providing in substance and effect that no Ameri
can merchant ship armed or convoyed by the United States should be per
mitted to transport munitions of war destined for delivery to the armed
forcos of a belligerent government at war with another goverifment with
which tho United States is at peace.
Tho United States was then and still is at peace with all the powers at
war—oven with Germany. Diplomatic relations have been severed with
Germany, but the relations of the two governments are those of peace, not
of war. Practically all men, even the President, agree to that. Tho trans
portation of war supplies to tho Entente Powers by or through the aid of
any governmental agency would bo indisputably a most offensive, unnoutral act on our part and would in lawbe of itself an act of war.
To transport such supplies, directly or indirectly, through any public
agency of tho Government would be offensive in the highest degree not only
to Germany, but to all the other Central Powers, with whom our relations
of amity have not been broken or disturbed. This would be true, because
munitions so transported and delivered to the Allies would be used in com
mon against tho armed forces of all the opposing powers.
It was to guard against this situation that I proposed my amendment.
A fewhours later I took tho floor and delivered an address of practically
four hours in length, in which I discussed the constitutionality of the bill
and also discussed it as a matter of public policy. I felt it my duty in the
circumstances to make a complete exposition of my views and my attitude.
At tho close of my speech there remained nineteen to twenty hours of the
session beforo the hour of adjournment arrived.
I did not at any time, by an objection or otherwise, obstruct the legiti
mate consideration of tho bill or stand in the way of a vote upon it.
I was, and am still, opposed to plunging this country into this horri
ble war if wo can honorably keep out of it.
AVith the approval of tho British Government, the colonial governments
of Canada, Australia, New Zealand and South Africa prohibit the embarka-

THE CHRONICLE

1318

tlon of their non-combatant people on ships destined for Europe at this
time.
Our policy is to encourage that kind of foolhardiness, but tho British
Government takes better care of its own people.
Senator Stone’s retention as Chairman of the Foreign
Relations Committee of the Senate was approved without
a dissenting vote at a Democratic caucus on the 12th inst.
PE T IT IO N

OF

R A IL R O A D S

FOR

H IG H E R

F R E IG H T

RATES.

Preliminary steps to secure general advances in freight
rates by railroads in every section of the United States were
taken on the 28th inst. by virtually all the roads concerned
in an informal conference with the Inter-State Commerce
Commission. Definite announcement was then made that
the advance asked for Eastern railroads would be 15% on all
commodities except ore, bituminous coal and coke. On the
29th the Commission decided to permit increased rates on
coal and coke proposed by Eastern lines as a part of general
advances in freight rates to become effective without sus
pension. The increases are from 5 to 10 cents a ton on bitu
minous coal and from 10 to 65 cents on coke. In the case
of these rates shippers as well as railroad interests already
have been heard. Applications for the specific increases
were filed in advance of the petition of Eastern roads, look
ing to a genoral advance in freight rates. Applications for
increased rates on ore, the only other commodity excopted
from the general increase of 15% sought, are now pending
before the Commission. The increased coal rates apply
from West Virginia and Pennsylvania fields to tidewater,
the increase being 5 cents a ton from Pennsylvania fields
and 10 cents a ton from West Virginia fields, effective April 16
and April 1, respectively. The increases in coke rates vary
from 10 to 65 cents por ton, and apply from ovens in West
Virginia to blast furnaces in Virginia, effective April 1. No
announcement was mado as to the Commission’s decision
with respect to the proposed increase of 15 cents a ton on coal
from Pennsylvania fields to Lake ports.
Representatives of Western lines, while not stating specific
ally the percentage of increase desired, indicated this week
that they too, would ask for 15 % . Railroads of the Southwest
submitted figures showing that increases ranging between
18 and 21.4% were needed to meet additional costs of opera
tion already existing in the case of five lines. Representa
tives of all tho principal Southern railroads decided at a con
ference at Washington yesterday to ask the Commission
for permission to increase their freight rates from 10 to 15%.
Tho increases will apply to all commodities except coal, coke
and oil. Contrary to previous reports, it was stated this
week that no authority would be sought, under present
proceedings, to increase passenger fares. The petition of the
Eastern roads— the roads in the official classification territory
covering the section North of the Ohio and Potomac Rivers
and East of the Mississippi— to advance rates in genoral,
except as to bituminous coal, coke and iron ore, was
formally filed with the Commission on the 23rd, and the
Western roads at the same time notified the Commission
that they would likewise ask for a general increase in freight
rates. Tho formal petition filed on behalf of the Eastern
railroads follows:
Your petitioners on behalf of themselves and other carriers in official
classification territory represent that they are sustaining and are threatened
with enormous decreases in net operating Income duo to large Increases in
wages, lntho cost of fuel coal, in tho cost of othor materials and supplies
and equipment, and In taxes; and to increased cost of capital.
Nothing is more essential to the welfare of tho nation than that the rail
roads should bo in position to respond to tho fullest demands made upon
them, either by the general commorco of tho country, or in connection with
tho subject of national defenso, and it is absolutely essontlal to the adequate
preparation of the industrial and other resources of the country for the
present crisis that the transportation machino shall bo as efficient as is
humanly possible. That cannot bo done under tho present revenues and
rates of the carriers.
Your petitioners further represent that tho present huge increase in the
cost of railway operation has resulted and is resulting in inadequate net
earnings and surplus, that they are unable to secure sufficient money to
provide the facilities to handlo tho volume of traffic tendered to them and
that the threatened further depletion of net earnings and surplus must
seriously aggravate this condition.
Your petitioners further represent that substantial increases in freight
rates aro imperatively demanded by their financial condition and that tho
emergency requires that theso increases should be made in the most ex
peditious manner and with the least possible delay.
If advances in freight rates be proposed and filed with tho Commission in
compliance with its present rules governing tho publication of tariffs a
delay of from four to six months must necessarily ensue before such tariff
publication can be prepared and made effective.
Your petitioners aro advised that by virtuo of the powers conferred upon
the Commission by tho Sixth Section of tho Act to regulate commerce
"that the Commission may, in its discretion and for good causo shown,
allow changes upon less than the notice herein specified, or modify tho
requirements of this Section in respect to publishing, posting, and filing
of tariffs, either in particular instances or by a genoral order applicable to




[Vol . 104

special or peculiar circumstances or conditions” it is within tho power of tho
Commission to so amend its rules as to permit tho publication of flat
percentage advances to existing tariffs and that such supplementary tariffs
could with tho consent of the Commission bo published and mado effective
in loss than 30 days, thus affording the immediate relief which tho emer
gency demands.
Your petitioners recognize that such publication would necessarily affect
to a slight extent existing differentials as between rate groups and it would
bo their purpose if permitted to make such tariffs effective to amend them
as soon as possible by tariff publications, naming specific rates hi compliance
with tho usual rules and preserving existing differentials as they were
preserved under the order of tho Commission in tho 5% caso.
Wherefore, your petitioners respectfully request that this Commission in
pursuance of tho powers vested in it by tho aforesaid Section of tho Act to
rogulato commerce so amend its rules of tariff publication as to permit tho
carriers in official classification territory by brief supplements to existing
tariffs to mako a percentage advance in all class and commodity rates,
excepting bituminous coal, coke and ore, which can bo dealt with in accord
ance with the present rules and as to certain of which proceedings for ad
vances are now pending before tho Commission and that such advancos bo
permitted to become effective without suspension, and if possible, upon
less than thirty days’ notice.
The petition filed on behalf of the Eastern roads was signed
by Daniel Willard, President of the Baltimore & Ohio;
F. D. Underwood, President of the Erie RR.; Howard
Elliott, of the New York New Haven & Hartford RR.;
J. II. Ilustis, Receiver of the Boston & Maino RR.;
A. H. Smith, President of tho New York Central RR.;
Samuel Rea, President of the Pennsylvania RR.; E. E.
Loomis, President of the Lehigh Valley RR.; Carl R. Grey,
President of the Western Maryland RR., and J. J. Bernet,
President of the New York Chicago & St. Louis Co.
We referred last week to the argument presented by
President Rea of the Pennsylvania, and chief spokesman for
the railroad executives at the hearing before the Suspension
Board of the Inter-State Commerce Commission on Thursday
the 22nd, in petitioning for an advance in freight rates on
bituminous coal and other freight. We also gave Mr. Rea’s
summary of some of the items which would servo to increase
the road’s expenses in 1917 to the extent of over $29,000,000.
In a statement before the Commission on the 23rd, President
Willard of the Baltimore & Ohio, in explaining why tho roads
should be allowed a general increase in freight rates declared
that his road must spend $50,000,000 to be in shape to take
care of its growing traffic. The Baltimore “ Sun” says:
In thofaco of the necessity of this largo expenditure, said Mr. Willard, tho
Baltimore & Ohio was confronted with increased operating and mainte
nance exponses for 1917 which were SI 1,000,000 in excess of those of 1916.
lie said despite the fact that the Baltimore & Ohio’s grass earnings in 1916
were $160,000,000, tho greatest in its history, the company could pay only
a 5% dividend and could lay aside not more than $2,500,000 for the surplus
fund. If thopresent conditions continue, with noincreaso inrevenues, Mr.
Willard predicted the Baltimore & Ohio would not bo able to pay a dividend
next year.
President Willard, in referring to tho 5% Increaso in rates granted to
the carriers a little moro than two years ago, declared that more than 60%
of tho freight tonnago of the Baltimore & Ohio was not affected at all by
this increaso. Continuing, he said:
"If wo use tho same quantities of materials that wero used last year it will
cost us $5,500,000 moro. In addition, wo estimate that our coal bill this
year will very likely be between $2,000,000 and $3,000,000 moro than It was
a year ago. We estimate that the effect of the Adamson Law will increase
tho demands for the classes of men affected about $2,000,000 a year, and
othor increases which will bo necessary becauso of that and other reasons
will approximate $1,000,000. Therefore, we can sco clearly that our
expensas will be $11,000,000 more this year than thoy wero last year, and
unless wo can improvo our operation by spending loss money, using less
material, loss labor, or by other methods wo are not now able to foresee,
tho outcomo Is obvious—we cannot pay our dividends.
Tho railroads havo not been keeping up with their equipment purchases.
I know that in tho caso of the Baltimore & Ohio, wo have not purchased as
much equipment as we should properly to take care of the growing volumo
of business. Not only that, but wo aro not contemplating additional pur
chases at tho present time—and that is the most unfortunato part of it.
Two years ago we were able to buy, to illustrate tho chango, steel cars
around $900 a pieco. I made inquiries a fowweeks ago and found wo would
havo to pay $2,100 an increaso of over 100% . I doubt tho wisdom of tho
railroads buying or adding largely to their equipment at prices as thoy aro
now. That is because thoso who build cars aro busy doing othor things
that pay theso prices.
Indications that tho Western roads would apply for per
mission to raiso freight rates was had in a telegram received
by the Commission last week, signed by officials of more than
twenty roads, asking for a conference to consider steps
necessary to meet “ a financial situation requiring immediate
relief.” In reply the Commission sot last Tuesday as the
time for the conference. Tho telegram of the Western roads
was signed by officials of the following companies: Chicago
Milwaukee & St. Paul, Chicago Burlington & Qunicy
Chicago Great Western, Union Pacific, Atchison Topoka &
Santa Fe, Minneapolis St. Paul & Sault Sto. Mario, St.
Louis Southwestern, Chicago St. Paul Minneapolis & Omaha,
Chicago & Alton, Chicago & Northwestern, Chicago Rock
Island & Pacific, Northern Pacific, Kansas City Southern,
St. Louis & San Francisco, Minneapolis & St. Louis, Chicago
& Eastern Illinois, Elgin Joliet & Eastern, Illinois Central,
Kansas City, Mexico & Orient, Wabash, and Missour
Kansas & Texas.

Mar . 31 1917.]

THE CHRONICLE

1219

I recall that the President of tho United States in addressing the joint
It was then, as indicated above, that tho preliminary
session of Congress beforo the Adamson Lawwas enacted last summer, said
aotion toward securing general increases in freight rates was lie
would withdrawhis request that Congress should enact a lawauthorizing
taken. In addition to tho proceedings before tho Commission tho Commission to increaso rates, saying as he withdrew it that this Com
concerning inter-Stato rates, spokesmen for the railroads let mission already had that power.
It was announced from Washington on the 28th inst. that
it bo known that they were preparing to go before every
State railroad and public utilities commission in tho Union tho Eastern railroads are understood to have virtually
to ask for authority to increase their freight tariffs on intra abandoned their plan to have the proposed increase of 15%
state traffic. But one dissenting voice was raised at Tues go into effect without investigation by the Commission, and
day’s conference. A. E. Helm, representing the Public havo intimated that they will either withdraw the part of
Utilities Commission of Kansas, cited figures to uphold his their petition asking that the rates be permitted to become
contention that tho railroads’ emergency was not so pressing effective without suspension or will content themselves with
as it had been depicted and that net incomes of tho roads last a ruling to limit tho period of suspension to thirty days in
year wore tremendously greater than the year before. lie view of what they characterize as an emergency situation.
protested against tho authorization by tho Commission of Halo Holden, President of the Chicago Burlington & Quincy,
general increases without full investigation in advance. representing the Western group of roads, announced after
Numerous telegraphic protests against the proposed increases a conference on the 28th with Commissioner McCliord that
were received by tho Commission, Commissioner Clark Western roads would file their formal petition for increased
announcing that “ tho house was full of protests already.” rates next week. At the conclusion of the conference Mr.
Holden asked the Commission to indicate if it would enter
Twenty-five telegrams were received during the conference.
In the case of all railroads except those in tho South the tain such a petition. He made known that the petition
rquest for amendment of tho rides so as to permit a prompt would be filed without waiting formal decision on this point
general advanco in rates was based primarily on tho ground, by the Commission.
In coupling with increased wages paid under the Adamson
it is stated, that tho cost of labor, fuel, equipment and supplies
had rison to unexpected lovels, and that taxes also were much Law, increases in the cost of fuel, supplies, equipment, and
higher than last year. President Harrison of tho Southern vai'ious classes of labor, as reasons why a general advance
Railway, speaking for tho Southern lines, declared tho roads should bo authorized, officials think the railroads have added
of his section wero prosperous and would continue to make to tho complexities of the case and have taken a course which
money, oven under present conditions, but that without an will tend to lengthen the proceedings preliminaryto a decision.
advance in rates thoy “ coxdd not grow.” Tho prime need The Commission is understood to have been prepared for an
of Southern railroads, ho said, was capital, and this could application to advance rates sufficiently to reimburse the
not bo obtained with earning capacity curtailed as under roads for additional wages paid under tho Adamson
Law, but almost totally unprepared for petitions asking for
present conditions.
B. F. Bush, Receiver of tho Missouri Pacific, told tho a sweeping advance in all rates based on other grounds
Commission that unless thero was a general advanco in as woll.
A telegraphic protest against tho proposed advances in
freight rates authorized by tho Commerco Commission and
tho Stato commissions, thero was but one alternative— freight rates was forwarded to the Commission from Chicago
Government ownership. Mr. Bush said thero was a growing on tho 29th by tho National Livestock Shippers Protective
sontiment in tho Southwest in favor of granting tho railroads Leaguo. It asked that no increase bo granted until details
sufficient rates to enable them to make a reasonable return of tho requests of the railroads can bo digested and a full
on tho capital invested, keep up their equipment and plant hearing had on the subject. The protest asserts that “an
and mado additions essential to meet tho needs of increased increaso of 15%, as proposed, would lay such an embargo
business. President Iloldon of tho Chicago Burlington & on traffic in thousands of instances as to change the profit
Quincy, said that a 15% advanco for Western roads would able operation of business from one point to another and work
meet tho increased cost of operating duo to higher cost of a complete and disastrous revolution in the business interests
supplies and labor. George Stuart Patterson, representing of tho country.” The Leaguo includes in its membership
tho Eastern linos, declared that thero was no plan to advanco tho American National LivestockAssociation, tho National
rates unreasonably, and that all that tho railroads sought was Wool Growers, tho National Livestock Exchange, tho Na
fair treatment, expedited as rapidly as possiblo, to enable tional Meat Packers’ Association, the Southern Cattlemen’s
them to meet tremendous increases in operating costs. Association and tho Society of Equity.
What tho roads propose to do, representatives of both tho
Eastern and the Western lines declared, is to file supplemental
J U D G E L O V E T T 'S T E S T I M O N Y A T N E W L A N D S
tariffs to all existing rates, increasing them by a given per
IN Q U IR Y IN T O R A IL R O A D CONTROL.
centage. In this manner, proceedings could bo hastened
Wo referred last week to some of the testimony offered
and the roads would not face a burden of $300,000 to $400,000 by Robert S. Lovett, Chairman of the Executive Committee
for printing now specific tariffs. The printing of new tariffs of tho Union Pacific System on the subject of railroad regu
applying to all commodities also would entail a long period lation beforo tho Joint Congressional Committeo on Interof labor which would delay the effective date of tho increases, Stato Commerco. We give below additional facts as fur
it was said. It was admitted by representatives of all groups nished in tho daily bulletins issued by the Railway Execu
that in individual instances tho new supplemental tariff tives’ Advisory Committee, summarizing each day’s tes
might bo discriminatory or unreasonable. In such cases, timony:
it was said, tho roads would interpose no objection to having
Judge Lovett discussed at somo length (on tho 20th) the necessity of
tho discrimination or unreasonableness removed promptly providing adequate means for the prevention of combinations or con
spiracies tho purposo of which is to paralyze transportation.
by tho Commission.
“The right of every man to quit work whenever lie wants to cannot be
Somo of tho railroads, it is stated, notably tho Southern taken away,” lie said, "but a law can provide that ho shall not conspire
ith a group of others for tho purposo of suspending and paralyzing interand tho Norfolk & Western, have found the increased coal w
Stato and national commerco. I havo no doubt that Congress can frame
cost so onerous that thoy havo taken preliminary steps a law that will compel railroad managers and employees to submit their
toward acquiring and operating their own mines. President controversies to somo tribunal, to inquire into those cases and do justice.
"It would l)o easy to frame a law that would protect the rights and wel
Johnson said that tho Norfolk & Western had recently bought fare
of tho men as well as of tho companies, while providing means for
two coal mines, was negotiating for a third and probably tile i>eaceabIo settlement of such controversies. I do not advocate com
would leaso otliors in tho future so it could mine all its own pulsory arbitration of every labor controversy. I believe it would be wise
to limit it to those employments that are vital to tho public at large and,
coal. Tho Southern Ry, Mr. Harrison, announced, was with respect to railroads I should limit it to disputes with men in the train
preparing to mine its own coal. On behalf of tho Western sorvico.
“It is plainly tho duty of Congress, a duty that it seems to me has been
lines Mr. Iloldon sought to ascertain if tho Commission would
emphasized in an extraordinary manner by recent events, to prohibit
entertain a potition for a horizontal increaso in rates. Tho strikes; to perform this duty of a civilized Stato and provide means and
Commission did not indicato its attitudo on this point. Tho agencies for deciding these controversies in a peaceable manner In justice
Western lines, Mr. Holden said, would promptly file a formal to everybody, without destroying tho commerco of the country. The
present situation is a menace not merely to railroads, to railroad credit, to
potition similar to that now beforo tho Commission in the railroad investors, but to every industry."
Senator Cummins (on tho 21st) asked his (Judge Lovett’s) opinion of
case of tho Eastern roads, requesting a suspension of tho
Senator Underwood's proposal that tho Commission be given power to
rules to permit a general advanco.
fix all wages and salaries, as well as tho hours and conditions of labor
Commissioner Clements inquired if authority should not from tho highest officer of the corporation to tholowest employee. Judge
bo sought of Congress, rather than tho Commission, to Lovett replied that ho would have no objection to that, but he believed
it would put more work on tho Commission than is necessary and for tho
increaso rates, inasmuch as Congress had enacted tho Adam sam
o reason that ho believed it would be a mistake to make it the duty of
son Law, increasing tho labor cost to tho roads, and had tho Commission to fix all rates. He thought tho authority should bo
appointed a Commission to obsorvo its effecUon tho finances confined to tho adjustment or settlement of disputes when they arise.
“Undoubtedly,” ho said, "Congress has power to fix or authorize the
of tho roads. In roply Mr. Johnson said:
Commission to fix rates because tho rates of common carriers have from



1330

THE CHRONICLE

[V ol . 104

beensubject tobefixedby law. but the right to fix wages what can bo done. Now, I think to put tho Commission in a position
where they could say that you ought to give tho first mortgage certain
lias never been regarded as a proper legislative power until the Supereme securities
and you ought togivothe second mortgago certain securities and
Court tho other day held that Congress has the same power to fix wages ought to give
preferred stock certain securities and common stock certain
as to fix rates.” IIo felt that whatever might bo tho power of Congress securities, would
not only result in an impossible condition in many cases
to fix wages, it would have the power to establish a tribunal to settle con and prolong and delay
the reorganization, but I think it would bo ot very
troversies just as tho Inter-State Commerco Commission settles rate con doubtful constitutionality.
holders of bonds aro entitled, in the ab
troversies. and just as a court settles a controversy between two individuals sence of agreement on theirTho
to foreclose and take tho propcity at
with respect to a piece of land. He recognized, he said, that tho Commis foreclosure sale if they aro notpart,
paid
that is a right that nobody can take
sion, upon application to increase rates, would have a right to say whether away from them and any law thatand
attempts to authorize the Inter-Stato
or not tho increase should be granted and to inquire into the expenditures Commerce Commission tocompel the
holder of a first mortgageto concede
of tho roads and said that when the railroads were urged last summer to something to the holder of a second m
ortgage, bond or to stock would, l
voluntarily agreo to "tho mis-called eight-hour proposition they were
think,
be
unconstitutional.”
„
afraid that if they did they would be charged with extravagance on an
Mr. Esch asked tho witness if he favored pooling. “I do not, was tile
application for an increaso in rates.
“I am opposed to any form of it. It would tend to unreasonably
Senator Newlands asked Judge Lovett’s opinion about a section in his reply. com
petition. I believe in competition in railroad service, but not
proposed bill which would limit railroad dividends to 5% on tho capital restrict
com
petition
in rates. That is impossible without discriminations and
stock, half of tho surplus above that amount to bo paid into a guaranty
,,
fund for future dividends in the case of a slackening of business, the other rebates.”
Judgo
Lovett’s
views on tho subject of government ownership were
half to be paid into an accident and insurance fund. Iiis plan also pro elicited by questions
by
R
epresentatives
Sim
s
and
Ham
ilton.
Represen
vided that no reduction of rates should be ordered by any governmental tative Sims first asked his opinion of a plan for a national railroad
corpora
agency which would make it reasonably probable that such 5% dividends tion by which tho Government would guarantee tho bonds of tho railroads
could not bo earned. Senator Newlands said ho would now increase tho and bo represented on tho directorate. Judgo Lovett replied that such a
proposed dividend rato to 6 or 7%.
would mean tho elimination of all competition and that competition
judgo Lovett said it would be a very great mistake to attempt to limit plan
in service and facilities is necessary for proper railroad development. Ho
dividends. "From all my connection with railroads and with rate making said
that
if tho timo ever comes when tho Government’s credit must be
I havo never yet known a rato to bo made with reference to dividends or tho
to provide railroad facilities, the Government ought to own them.
financial requirements of tho company. Some railroads with a given sys used
Ho was opposed, however, to using tho Government’s credit for any busi
tem of rates would earn a great deal and others would become bankrupt • n
ess that can bo conducted by private capital. Tho Government has
Tho conditions on roads vary so that it is impossible to fix rates with refer com
and unrestricted right of regulation, ho said, and with reasonable
ence to dividends or tho financial needs of a company. You have to fix andploto
proper regulation it is possible to get all tho railroad facilities and a l
rates with reference to the traffic and needs of the public. Any attempt the capital
that is needed for transportation purposes.
to base rates on tho value of the railroads or on tho needs of tho railroads
plan of consolidation, ho said, would eliminate all of the economics
for revenue would bo disastrous. Your question, suggesting that a fund ofThe
private
ow
nership which result from tho struggling of railroad manage
bo created to continue dividends in lean years, would mean, 1 suppose, ments to provide
tho best facilities they can at the rates thay can get.
that all tho railroads of the United States would bo pooled, because you
Representative Sims said his personal feeling is that all public utility
would havo to take care of the weak roads as well as the strong. Some service
be done at the cost of performing the service without any
roads are lean all tho time. I believe more peoplo aro served by the lean profit wshould
hatever, but that if private ownership can give a service just as
roads than by tho fat ones.”
good
and
at
the
same time make a profit upon the investment the Govern
Senator Cummins (on the 22nd) asked Judgo Lovetts opinion as to a
is not hurt by private ownership.
plan for a consolidation of railroads into regional groups or systems, each ment
ebody has got to pay for the railroads,” replied Judge Lovett.
made up of a numbor of strong and weak roads. “Assuming, ho said, “If“Som
Government takes them it has got to pay for them. My conten
“that at any given time the roads carrying 80% of tho traffic havo sufficient tiontho
is
that
the railroads through private management can give tho public
revenues under existing rates, and that tho roads carrying 20% of the better service
at lower rates and still make a profit, than the Government
traffic need $50,000,000 more than they aro receiving, the question that is can and pay interest
on tho bonds issued to securo tho necessary capital.”
uppermost in my mind is how to give to these weak roads without giving
Representative Hamilton then asked thowitness to make a general state
to tho roads that do not need any moro, $200,000,000.”
m
ent
of
h
is
view
s
in
relation
to tho subject of Government ownership.
"I do not know of any way in which it can bo done,” replied Judge
“I think that where tho Government has unrestricted power of regula
Lovett, “unless you romovo one restriction. Tho Impossible factor in the tion,”
said
Judgo
Lovott,
“it
would be a waste of Government credit and
problem which you prosont is the statement that what is desired is to give Government energy to takeover
business that canboconducted by private
these roads that constitute 20% tho revenue that they need without giving ownership. It seems to me anaunnecessary
strain on tho Government’s
tho other roads rovonuo they do not need. You aro assuming that tho credit. I believe that Government ownership
autocratic Govern
earnings from a railroad company must absolutely be limited to a certain ment where no political considerations enter intoinit,an
may be efficient. In
per cent. I do not understand that that is an accepted theory in our rail this country I believe if wehave Government ownership
there would bo an
road regulation. If the railroads that aro carrying 80% of the traffic of immense pressureuponevery Congressman and every Senator
improved
tho country aro so situated, oven though they aro earning a return upon facilities for his Stato and for his district. There would bofor
competition
their property, that without unreasonable charges the rates can bo so among different sections for improved railroads and stations and
extensions
adjusted that they earn a little more than these other roads, I see no reason and there would be a great waste of public money and of public credit in
why it should not bo done if the traffic can stand it without prejudice or providing facilities that would not bo justified. I believe tliero would bo
injury. There are some roads and always will be some roads that cannot
increase in the number of jobs, that thero would bo a vast number of
under any system of rates that can bo devised, earn enough money topro an
positions filled at the expense of tho public by voters and Influential
vide tho facilities that they ought to furnish. Those roads are simply useless
which would add enormously to tho expense of operation and main
insolvent. It was a mistake to build them and owners will have to loso citizens
tenance. This evil might bo considerably lessened by disfranchising the
their monoy."
em
ployees,
but I do not believe that will bo done in this country, because
Ho saidthat, personally, liodid not see how theplan of consolidatingtho
strong and weak roads could bo adopted short of Government ownership, tho railroad employees aro so numerous and so well organized politically
they could succeed in resisting any such effort.
saying that a road that is so situated that it can make 25% under rates that
"I beliove that tho financial operation of the roads would prove a failure
that would cause a competing lino to starve should not bo required to give and
that
in time the Government's credit would bo impaired. It has been
up its position and bear tho burden of the unwisely constructed lino.
that the Government would get monoy at 3%. Tho Government
Mr. Adamson (Vice-Chairman of the Commission, who presided on tho stated
ould not do anything of thesort.Government bonds aroso valuablebecause
22nd in tho absence of Senator Newlands, Chairmanl asked Judgo Lovett w
aro so fow of them and the Government’s credit is so high because
to oxplain tho fundamental reason for tho shortage of freight cars at tho thero
it
is not strained. But when tho Government issued bonds to pay for all
present time. Ho replied that tho European war has dislocated all business tho
railroads
of the United States the supply of Government securities
and transportation, has destroyed shipping and diverted shipping to un would bo so abundant
that the Government would havo to pay about the
usual lines of traffic, tho export business has enormously increased simul same rate for monoy that
other peoplo pay and its credit would not be
taneously with an extraordinary reduction in ocean transportation and that
as good because it would bounder thogreater strain.
a great congestion of cars at ports loaded with export business has resulted, nearly
“I
bclievo
that
by
elim
inating
competition tho individual initiative would
lie also mentioned tho system by which long periods of freo time are al bo very greatly impaired and I beliove
on the whole that if tho Government
lowed shippers to unload their freight at tho ports and theabuseof the re w
ould
tie
saved
from
bankruptcy
tho rates would havo to lie increased and
consignment privilege. The closing of the Panama Canal also addedto that in the course of timo the general
level
of transportation rates would be
tho traffic of tho railroads by causing tho Eastern movement of a great deal
of freight that formerly moved short distances to the Pacific Coast ports i very much higher than it is now.”
and thence by water. As a result thocars of thoWestern roads have moved
to tho East and most of them havo not returned. The Union Pacific in P R O P O S A L S O F C O M M E R C E C O M M I S S I O N F O R R E 
many cases had asked other roads to handle competitive traffic in order
V IS IO N OF T R A N S C O N T IN E N T A L R A T E S .
that it might uso its own equipment to servo shipments from towns de
Proposals looking to the permanent solution of tho trans
pending solely on it for transportation, and other roads had done tho same
continental and so-called inter-mountain rate cases have
thing.
,
After Representative Sims had put in the record (on the 23rd) a largo been placed before all tho railroads concerned by tho Inter
number of figures, showing the earnings of prosperous roads during recent
years, Alfred P. Thom, counsel for tho Railway Executives’ Advisory Com state Commerco Commission. The tentative plans pro
mittee, filed a statement showing that for tho year ending June 30 1913 vide for the abolition of preferential rates in oxistenco for
the averago return on tho stock of all railroads in tho country was 5.94%.
for 1914 it was 4.06% and for 1915 it was 3.44%. Taking 21 solccted many years on numerous articles of westbound transconti
roads, tho annual average return on stocks for the period 1911 to 1915 was nental freight to Pacific Coast ports. The roads aro givon
8-65%. For all other roads than tho 21 it was 2.64% .
until April 2 to submit proposed changes in the plan. The
Judgo Lovett said ho did not believe that the big banks of tho country
havo secured a dominant hold on tho railroads through reorganization. case will be argued before the Commission April 3 and 4, and
“I think tho railroads aro by this time far and away moro independent of will then be taken under advisement for final decision.
bank control or any other control, than that of tho principal officers, than Along with tho announcement of tho Commission’s proposals
they over havo boon in tho history of tho country,” ho asserted.
Representative Esch asked whothcr he believed it would bo wise to give it is stated that existing rates on a wide range of commodities
tho Inter-Stato Commerco Commission certain powers with reference to from Eastern cities to Pacific Coast ports are found un
receiverships.
Judgo Lovett replied: "I do not see that any advantage would be gained reasonably low and adjustment would bo effected under the
by giving tho Inter-Stato Commerco Commission any duties with respect plan contemplated by raising through rates and prescribing
to recoiverships, but if you mean with reference to reorganization and tho proportional rates to intermediate points. Present through
issuing of securities and carrying out a plan of reorganization, I think that, rates on a long list of other articles, including brass, bronze, or
as wo aro all committed to Government regulation of securities, tho InterStato Commerco Commission should bo given exclusive jurisdiction to pass copper goods, electrical goods, certain iron products, pulp
upon tho issuo of securities in connection with a reorganization plan just wood lumber, wheat, rice, tea, and tobacco, aro found to bo
as they should bo given excluslvo jurisdiction to regulate tho issue of rail
road securities for any purposo. They must also necessarily consider reasonable, and adjustment of rates to intermediate points
tho plan of reorganization in passing upon the issuo of securities. Tho would bo by reducing the prosont rates where they exceed
plan of reorganization involves a very largo question of finance and of rela through rates.
tive value and it is not a question as to what someone would liko to do, but

tim e im m em oria l




Mae . 31 1917.]

THE CHRONICLE

1221

(a) That proposed rates to or from tho moro distant points aro necessi
It is stated that as active water competition no longor exists
tated by conditions which have been created by tho applicant carrier, are
through the Panama Canal, no adequate reason henco is less than reasonable, and are sub-normal.
(b) That such rates yield revenue in excess of the actual cost of handling
found for the very low rates to tho Coast terminals. The
Commission proposes, however, that the suggested rate tho traffic upon which they are to apply, thereby adding something to the
net revenue and avoiding any increased burdenupon intermediate points.
changes be so drawn as to be capable of readjustment to
These requirements were prescribed by tho Commission in tho Mississippi
meet tho expectod re-entry of the steamship lines into Valley and Southeastern Fourth Soction cases. Transcontinental lines
coast-to-coast traffic by way of tho Panama Canal after the believo they are fair requirements and they should be expected to meet
thorn.
war. Should tho Commission’s findings bo made perma
Suggestion 2:
Rolicf shall bo granted tho carriers to meet not only actual sea compe
nent, intermediate points, it is stated, will bo given rates
tition but also potential competition which lias been previously manifested
from Eastern centres as low as rates to the Coast, if not an
d tho facilities for which are still in existence, although dormant at the
lower. Prom other centres in tho Middle West and along time of tho application of the hearing thereon.
Suggestion 3:
tho Missouri River the rates to intermediate points, such as
Tho actual movement of a commodity by water shall determine whether
Reno, Salt Lake City, Spokane and other inland cities, it is susceptible to sea competition.
Suggestion 4:
would be less than the rates to the Coast. Under tho Com
Rates between Atlantic or Gulf ports and Pacific jiorts shall bo authorized
mission’s proposal this result could, as already stated, be
which are tho practical equivalent of the rates by sea, taking into account
attained in two ways: First, by increasing through rates from tho relative cost and disabilities, that is, accomplishing a fair equalization
the East to Pacific ports on a number of articles on which of the rates, tho rates at intermediate points to be considered separately
the present rate is found to bo unreasonably low, and, and without relation to the terminal adjustment.
Suggestion 5:
second, by realigning rates to intermediate points on many
Rates between interior points of origin in Eastern defined territories and
articles on which tho present through rate is found to bo Pacific Coast terminals shall bo whatever is determined necessary to enable
reasonable. In either event, adoption of the tentative carriers to obtain or hold a fair proportion of the traffic, taking into con
sideration:
findings would result in a sweeping revision of tariffs from
(a)
The rates from principal points of origin via sea routes to destina
the East, tho Middlo West and Missouri Itivor points to tion ports;
(bl Tne additional charges incident to water transportation;
towns and cities in Arizona, New Mexico, Nevada, Utah,
(c) A fair allowance for tho intangible difference, if any, due to superior
Wyoming, Idaho, Colorado and Montana and to all towns service;
(d) Competition of carriers from other points of origin.
and cities in California, Oregon and Washington, except on
The rates at intermediate points to bo considered separately and without
certain commodities to port cities in the three States last relation
to the terminal adjustment.
named. Although not directly stated in tho Commission’s
findings, tho European war is said to be the direct cause of
On Nov. 14 last the cancellation of proposed general in
tho proposed change, inasmuch as it has resulted in tho vir creases in freight rates by transcontinental railroads on
tual cessation of all coast-to-coast water traffic, leaving traffic from and to the Pacific Coast and tho inter-mountain
the transcontinental roads without competition.
territory and the East was authorized by the Commission.
Although the railroads are not directly invited to file now At the same time notice was given of a compromise between
tariffs in lino with tho Commission’s findings, tho door is left carriers and shippers for a maximum increase of 10 cents
open for them to do so, and specific suggestions as to tho per 100 pounds on carload shipments and 25 cents per 100
maximum rates which should bo proposed are contained in pounds on less than carload traffic to coast points. The
an oullino of differentials between Atlantic seaports and proposed increases amounted in somo instances to several
inland Eastern cities. To establish an equitable scalo of hundred per cent. In December (tho 4th) the Government
readjusted rates, it is suggested to tho carriers that tho ter won an appeal from a decision of the Federal Court for the
ritory west of tho Missouri River, be divided into four zones Northern District of California perpetually enjoining en
of 600, 950, 1,300 and 1,050 miles and that a scalo of rates forcement of two orders of the Commission growing out of
bo applied gradually increasing, according to distance. the inter-mountain rate case. The question involved was
The effect would be so far-reaching that officials consider whether the district court had jurisdiction to entertain
that tho case easily takes rank with tho 5 % cases decided an amended petition of the appellees, and enjoin the orders
two years ago and at that time characterized as tho most of tho Commission, entered after full hearing on tho appli
important which had come before tho Commission for de cation of the carriers who had complied with the order,
termination. In its statement the Commission says:
and also whether the majority opinion and judgment of the
Tho prosont situation as to water competition is beyond disputo. There district court were in contravention of the holding in the
is no competitive necessity by reason of water sorvico between tho two inter-mountain rate cases. The Supreme Court reversed
coasts which warrants tho rail carriers in maintaining lower rates under
prosont circumstances to tho Pacific Coast than are normal or reasonable or tho decision of the district court.
As a result of the findings of the Supreme Court inland
less than to intermediate points.
Tt is obvious, however, that some of tho rail rates which apply on articles cities of the Pacific slope lost their fight against the Com
particularly .adapted to water transportation, and which originate in largo mission’s order granting lower transcontinental railroad
volume on or near tho two seaboards, should lie maintained at a lovel freight rates to San Francisco, Oakland, Portland, Seattle
lower than present necessity requires, or that provision should bo made and other coast cities. The decision of tho Court, which
for their prompt reduction when the water competition again becomes
was unanimous, dissolved an injunction against tho enforce
actlvo and controlling.
Tho uncertainty as to tho length of time during which present conditions ment of an order of the California court which contended
will continuo Is so great and tho differences between tho Coast rates and
the interior rates so marked that wo do not feel justified in authorizing that tho inland cities were entitled to classification as coast
tlieso carriers to continue during this indefinite period a relation of rates terminals and that water transportation through tho Panama
which we believo in many respects was justified during tiio period when Canal, tho basis of the lower rates to the Coast, had ceased.
water competition between tho coasts was activo.
Our concern is with tho following issues: Aro tho lower rates to tho Coast Tho cities and towns affected numbered 182, including
cities necessitated under prosont conditions? Aro they in all instances Sacramento, Stockton, San Jose and Santa Clara.
necessitated under normal conditions or such conditions as existed for tho
first year aftor tho opening of tho Panama Canal? Are they less than nor
mal or fairly reasonable? Aro the rates to intermediate points unduly A D V A N C E S I N I R O N A N D S T E E L E X P O R T R A T E S
discriminatory?
A N D IN T E R -S T A T E C O M M E R C E C O M M IS S IO N .
While no direct decision on these points is stated, the
Tho advances in export rates on iron and steel articles,
Commission’s findings, according to the “Journal of Com
billots, pig iron and other materials, so as to make tho export
merce,” assert:
Tlio rates on many of tlieso Commodities to tho Coast cities in tho past rato equal to tho domestic rate, were found by the Inter
have been influenced by tho rates afforded by the water lines. Tlieso State Commerce Commission, in a recent decision, as not
water rates have been variable. Under these circumstances some of tho justified as a whole; the carriers, however, were authorized
rail rates to tho Coast points are In tho nature of tilings subject to varia
tion. The essential justification for lower rates to a more distant point to apply present domestic rates on export traffic from Pitts
than to an intermediate point is the existence of depressed rates at tho moro burgh to the Atlantic seaboard, provided Chicago, Cincinnati
distant point, which rates tho carrier is powerless to affect and failure to and other points in Central Freight Association Territory are
meet which would prevent the rail carriers from participating in tho traffic
given rates to the seaboard properly adjusted with reference
to the more distant point.
The necessity as to some of tlieso rates lias existed in tho past and may thereto. Accordingly, increased freight rates on iron and
again exist. While there is good reason for a certain variation in tho rates steel from Chicago, Pittsburgh and other points in the East
to the Coast point, there is no necessity or justification for such variation
in tho rates to points so far inland that they are not affected by combination to Pacific Coast terminals for export were authorized by tho
to the Coast. Tho rates to the greater part of this intermediate territory Commission on Feb. 27. The increases authorized are from
should not now bo niado to depend upon or vary with the Coast rates.
30 cents, tho present rate, to 40 cents from Chicago, and from
Tho plan for tho regulation of tho transcontinental rates
42 to 45 cents from Pittsburgh. Tho rates will become
submitted by tho railroads to the Inter-State Commerco
effective April 2, and apply to shipments destined for Japan,
Commission is wo learn from tilt: “Journal of Commerco,”
China and Manila. With the authorization of these in
briefly as follows:
creases, tho rates on iron and steel from producing points to
Suggestion 1:
tho Orient by way of Pacific ports will be approximately
Carriers shall bo required to show:




12 cents higher per hundred pounds than the rates by way
of New York. In its decision of Feb. 27 the Commission
said:
The quicker service, reduced war risks and lower Insurance rates tend,
however, to equalize the rate disadvantage. Chicago, with the proposed
rate of 40 cents, would get a through rate to the Orient via the Pacific
Coast ports of $1 30, or 5 cents less than Pittsburgh would pay via the
Pacific Coast ports.
*
Little, if any, diversion of this traffic from Pacific Coast
ports to Atlantic ports is anticipated by the Commission
because of the increased rate.
The advances in export rates on iron and steel by roads
in the Central Freight Association and Trunk Line
Territories was authorized in May of last year, and the new
rates were to have gone into effect on Oct. 1 last. The
differentials in favor of export shipments had been in effect
since 1903, when special export rates, lower than the rates
charged on domestic shipments, were made in order to further
the export business. These export rates are about 66 2-3%
of the domestic rates. With a rehearing, after protests had
been entered by the shippers against the new export rates,
the Inter-State Commerce Commission suspended the
schedules until Jan. 29. In the meantime a further suspen
sion was ordered by tho Commission until June 29, and it
was expected that the export rates would continue into effect
until that time. On Jan. 22, however, the Commission, as
noted above, handed down its decision permitting the rail
roads, on five day’s notice, to make the domestic rate apply
on export business. The Commission in its decision of
that date said:
Wo hold that tho carriers have not justified, as a wholo, tho proposed
cancellation of their export rates to tho seaboard and tho substitution of
their domestic rates instead, but tho rates from Pittsburgh and tho rolated
points may be allowed to go into effect, provided rates for export traffic
are published from Chicago which aro related to the Pittsburgh rates as
100 is to 60, and from Cincinnati which aro related to the Pittsburgh rates
as 87 is to 60. Similar adjustment should bo mado with respect to other
producing points west of Pittsburgh which aro not given rates based on
differentials over Pittsburgh. Such rates may bo mado effective upon
fivo days’ notice to tho Commission. Respondents will be expected to
call our attention to the new tariffs when filed, whereupon tho orders of
suspension will bo vacated in caso tho new tariffs conform to the requiromonts here laid down.
The Commission further set out:
Whilo tho shippers would, of course, prefer to see tho export rates con
tinued, thero appears to bo no great objection to tho application of domestic
rates during the existence of present conditions. What opposition thero is
seems to bo duo in some measure to tho fear that tho shippers may experi
ence some difficulty in having the export rates restored when, immediately
upon the cessation of hostitilies, the foreign competition will probably
mako itself manifest.
Iron and steel aro commodities that move from Pittsburgh in large
volume, and thero appears to have been no demand for a reduction of tho
rates on classes and commodities gonerally from that point to tho seaboard.
This basis, which was used in 1901 on domestic iron and steel traffic, was
also used in 1903 on export traffic. Tho situation described remains to-day
as regards both tho domestic and export rates.
At present tho parties aro principally interested in tho rates on billets,
and wo will take themas representative. Tho current export and domestic,
or proposed export, rates thereon from Chicago, Cincinnati and Pittsburgh
to New York, the differentials tho two former points pay and would pay
over Pittsburgh, and the amounts of tho Increases aro shown below in
table No. 1. The figures in table No. 2 are obtained by taking tho domestic
rato from Pittsburgh as a base and adjusting tho domestic rates from tho
two other points under tho Chicago-Now York percentage scalo, as sug
gested by one of tho protestants:
----- Chicago--------Cincinnati ---- Pittsburgh
Differential
Differential
Table No . 1.
Over
Rate.
Rate.
Over
[Rates per long ton. |Rate.
S2 76
$ 1 82
$ 2 50
S4 58
Domestic________.85 26
1 84
1
22
3
06
1
68
.
3
52
Export_________
Increaso_______-SI 74
Table No . 2.
Domestic________,S4 60
Export_______ --. 3 52

60

82

SI 52

$0

Si 84
1 68

$4 00
3 06

$1 24
1 22

$0

SO92
76
1 84

$2

$0 92
SO02
SO 16
$0 94
Increase_______ .$ 1 08
Sinco tho same method is employed in making rates on domestic as on
export traffic, thero would not bo any chango in tho relationship should tho
present domestic rates become applicable, but only in tho absoluto amount
of the differentials over Pittsburgh. Respondents and the Pittsburgh
interests object to tho consideration of tho question of relationship in this
proceeding. They contend that that issue has not boon fully and fairly
tried, and that it could only havo beon raised by specific allegations upon
formal complaint. Our position is that tho lawrequires that wo bo satisfied
of tho "propriety” of proposed rates before wo can permit them to become
effective.
Commissioners Clements and Hall dissented from the
decision of Jan. 22. The former in his dissenting opinion
said:
Both tho domestic and export rates on tho traffic hero involved were
increased in 1914 in tho so-called Five Per Cent Case. By its present action
tho Commission approves a further increase of tho export rates to tho basis
of tho increased domestic rates.
If It be truo that thero is no justification for export rates less than domes
tic, and equalization of tho two is justified, I beliovo that, under tho con
ditions of greatly increased earnings by tho carriers sinco 1914, such equali
zation might justly bo brought about on a basis somewhat lower than tho
present domestic rates. It seems to mo that before taking tho domestic
rates as tho measure for uplifting tho export rates their reasonableness,
under present conditions, might well bo inquired into and determined. I
am unablo, therefore, to concur in the Commission’s disposition of this caso.




V ol . 104

THE CHRONICLE

1222

A R G E N T IN A 'S

EMBARGO

ON

W H EAT

AN D

FLOUR.

Announcement came from Buenos Airos on the 27th inst.
of the placing of an embargo by Argentina on exports of
wheat and flour, effective on the 28th. Cable advices to
Washington state that poor crop prospects and limited stocks
have brought about the embargo. The drought in Argen
tina, it is said, has severely damaged all crops, but wheat
has suffered most. In a special Mexican cable from Buenos
Aires, the New York “ Herald” of the 28th had tho following
to say regarding the decree:
Tho decree has caused consternation in Brazil, which is about 300,000
tons short.
_
Tho "Rrensa” declares to-day that 150,000 tons of wheat aro available
for oxport after tho wants of local consumption aro fully mot.
Tho Minister of Agriculture in an interview said the local consumption
of wheat amounts to 1,200,000 tons, besides 600,000 tons which aro needed
for seed. As tho aggregate production and tho wheat in stock aro only
slightly moro than 1,800,000 tons, the prohibition of exports was an im
perative necessity. Moreover, several of the warring countries had pur
chased sinco tho beginning of tho year more Argentine wheat than over
before. Thus the exports for January amounted to 195,679 tons, against
47,627 in January 1916. Finally, tho Minister said, tho acreago of wheat
will undoubtedly bo increased and consequently a larger quantity will bo
necessary for seed.
According to tho official report, the exports of wheat from Jan/H to
March 22 amounted to 486,800 tons of wheat and 5,010 tons of flour,
against 536,847 and 21,863, respectively, for tho same period for 1916.
It is understood that tho Ministers of tiireo European Rowers called at tho
Ministry of Foreign Affairs and asked that tho decroo bo postponed.
Tho decree probably affects Brazil more than any other country. Brazil
imported from Argentina 409,616 tons of wheat in 1916, but has taken only
70.000 sinco Jan. 1. Thus she will havo a deficit of about 340.000 tons.
Tho situation thero is tho more serious, as it is unlikely Brazil could import
from tho United States. Therefore, it is believed, tho Minister from Brazil
will attempt to obtain a modification of the decree.
A later cable (on the 29th) from Buenos Aires to tho same
paper said:
It is asserted hero (Buenos Aires) that thero have been 200,000 tons of
wheat contracted for to be exported. Tho prohibition of exports by the
Argentine Government, it is said, would impair commercial relations with
soveral European countries. Tho Ministers of Great Britain, Franco and
Italy sent yesterday long messages to their Governments. It is bolioved
they asked iastructions about tho prohibition of exports.
According to the official report, tho production of 1916 was 1,911,000
tons, against 4,700,000 tons in 1915. Available for stock wero 761,000
tons, after deducting estimates for local consumption and seed. But as
500.000 tons already havo been exported, thero remain only 261,000 tons.
A special dispatch to tho “Rrensa” from Rio Janeiro says that most of
tho prominent importers declare that tho result of the moasuro will bo tho
loss of tlie Brazilian market for Argentine wheat and flour, as Brazil is now
awaro of the necessity of fostering wheat production in its southern States,
until now neglected, besides strengthening interchange with the United
States and Canada.
The situation confronting Argentina as a result of tho
failure of tho crops is detailed in a dispatch recoived at tho
Trade and Commerce Department at Ottawa, from its rep
resentative at Valparaiso, Chile. The Now York “ Times”
in a dispatch from Ottawa quotes him as saying:
Tho crops whichhadsucceeded insurvivingtho terrible drought havo been
cleaned up by an invading army of locusts, tho like of which was never
known.
"La Epoca” reports that rapid and energetic interventionof tho Argentine
Government is imperative in order to avoid general disaster.
From Buenos Aires, Entro Rios, Santa Fe, Cordoba and San Luis comes
tho alarming nows of thousands of homes threatened with misery.
To tho north of tho Rrovince of Buenos Aires agriculturists havo been
tho victims of tho drought, the piaguo of locusts, and a host of minor
scourges which follow in their train. Hero tho farmers havo sown wheat
and havo failed. Continuing tho struggle, they have planted maizo and
lost; repeated the operation, and the crops havo dried up or been oaten by
locusts.
South of Santa Fo, after tho almost total loss of tho wheat and flax, tho
disaster has beon crowned with tho total loss of tho maize. Dead stock,
such as implements, furnituro and plant, aro being sold to provide neces
saries for tho coming winter, but no one will buy horses becauso of tho ina
bility to provide food. Owing to tho custom of paying farm rents on tho
basis of a percentageon crops, tho landowners also aro inthe general vortex.
Tho south of Cordoba lias been especially afflicted by tho drought, tho
like of which has never been known thero. Tho crops aro reported to bo
wholly and completely lost in tho entiro zono. A veritablo panic is raging
in Rio Cuarto, where tho starving cattlo cannot bo sold at any price.
Tho trade winds havo carried thosandstorms inland, convertingmiles and
miles of fertile lands into hopeless wastes. Hero, to quoto tho words of
another correspondent, “tho mortality is enormous and the misery in
describable."
Another report from Buenos Aires states that over 50% of tho entiro
maizo crop of Argentina is considered irretrievably lost.
B R IT IS H BR E A D A N D

FLO UR R E S T R IC T IO N S .

Lord Devonport, the British Food Comptroller, has is
sued now regulations regarding bread and flour.
One order, which went into effoet as regards millers on
March 12 and as regards vendors of bread on March 26
makes it compulsory to use in making flour an admixture
of other cereals in addition to wheat of not less than 5 % nor
moro than 15%. This admixture will, it is said, no doubt
chango considerably the appearaneo and taste of tho bread
heretofore used. The order, as issued by tho Food Comp
troller, was given in the “Journal of Commorco” and wo
quoto tho latter part as follows:
(3)
(a) Except under thoauthorityof the FoodComptrollertheroshall, af
ter March 12 1917 bomixed witha wheatenflour not morothan 15% andnot
less than 5% of flour obtainedfromrico, barley, maizo, maizosomolina, oats,
ryo, or beans, or any other cereal for tho time being authorized by tho Food

Comptroller, (b) T h e mixturo shall bo mado either by addition to tho
wheaton flour after it has been milled, or b y milling tho permitted cereals
with wheat, or partly In ono way and partly in the other w ay. In any
case rice shall bo milled to a 9 5 % extraction, maize semolina to a 7 0 %
extraction, and maizo and barely to a 6 0 % extraction, (c) Tho mixture
shall bo mado by tho miller beforo selling or otherwiso disposing o f his
flour.
(4) Imported flour shall bo dealt with only in manner prescribed by tho
Food Comptroller from timo to time.
(5) Except under tho authority o f tho Food Comptroller, no person
shall, after M arch 26 1917 sell or offer for salo or manufacture bread or any
other article o f food for which wheaten flour is used unless tho wheaton
flour used therein is flour which has been manufactured and otherwiso
dealt with as required by this order.
(6) For tho purposo o f any statuto wheaten flour which has been mixed
with flour obtained from rico, barley, m aize, maizo semolina, oats, ryo,
beans in manner provided b y this order, or has been otherwiso mixed in
manner authorized by tho Food C om ptroller, and docs not contain any
other Ingredient, shall bo deemed to be exclusively composed o f wheaten
flour.
_____

benefited by tho fixing o f prices o f foodstuffs and other necessary com
modities, it Is claimed by the Federal Commissioners that large savings
havo been effected without subjecting tho trading com m unity to any m a
terial hardship or denying them profits in the same ratio as they received
prior to tho w ar.”

N O T E OF U. S. D E C L I N I N G G E R M A N Y ' S R E Q U E S T TO
E X T E N D P R U S S IA N -A M E R IC A N TREATIES.
It

w as

GREAT B R IT A IN
m a x im u m

FIX ES

P R IC E

in

FOR M I L K .

p r ice

of

m ilk

th e

c o m in g

s u m m e r h a s b e e n fix e d

b y

a re ce n t o rd e r o f th e F o o d

G r e a t B r ita in

C om p 

t r o lle r a t 6 ^ d . p e r I m p e r ia l g a llo n
fa r m e r

o b ta in e d

in

th e P ress B u rea u

th e

su m m er

a b o v e th e p r ic e w h ic h th o

of

1 9 1 .1 .

of L on don on M arch

A

d is p a tc h

fro m

or

e x ten d

T h o

I t appears from Information which has reached tho M inistry of Food
that farmers in some cases are under a misapprehension regarding tho sum 
mer prices o f milk as rixod by the recent order o f tho Food Com ptroller.
It Is therefore desirable to explain that tho maximum price o f milk sold
wholesale in tho coming summer will usually bo 6 H d . per Imperial gallon
above tho price which tho farmer obtained in tho summer or 1913. This
will bo the maximum price for milk delivered on the premises or at the
railway station of tho buyer under a contract to supply a minimum quantity.
In tho caso o f milk sold under other conditions tho farmer m ay not charge
more than 5 t$ d . per gallon above tho price in tho summer o f 1913.
It is a summary offense against the Defence o f tho Realm Regulations to
charge or ask a higher price than the maximum permissible undor tho Price
o f M ilk Orders.

A U S T R A L IA 'S
P r ic e

fix in g

PRICE F I X I N G R EG U LA TIO N S
T H E RESUL T S.

m e a s u r e s in

th o

caso

n e ce s s a ry c o m m o d itie s a d o p te d
r e s u lte d
to

an y

in

la r g o

s a v in g s

m a t e r ia l

w ith o u t

h a r d s h ip

or

o f

fo o d s tu ffs a n d

in A u s t r a l i a a r e s a id
s u b je c tin g

d e n y in g

th em

s a m e r a t io a s w a s r e c e iv e d p r io r t o th e w a r .
com es

fro m

bou rn e
o f

in

T rad e

M r.

rep ort

and

A u s tr a lia
“ G lo b o ”

C a n a d ia n

a

to
o f

R oss’

C om m erce

com b a t
th o

T rad o

s u b m itte d

1 2 th

rep ort

in

th e

liv in g

p r in te d

th e

th e

tra d esm en

p r o fit s

R oss

C a n a d ia n

r e g a r d in g
h ig h

in s t,
th e

th e

o th or

to h a v e

in

th e

T h is s ta te m e n t

C o m m is s io n e r
to

th e

AND

a c t io n

cost.

o f

M e l

D ep a rtm en t
ta k en

T h o

fo llo w in g

in

T oron to

r e la tiv e

to

m a tter:

O ttaw a, M arch 11.— A detailed report from Canadian Trado Com m is
sioner Ross o f Melbourne to the Department o f Trade and Commerce on
the practical working out of the Australian legislation to regulate the cost
o f foodstuffs and othor necessaries o f life to tho Australian consumer is of
special interest to consumers in Canada by reason of the contrast with
what has so far been dono hero.
In Canada tho high cost of living regulations wore put Into effect three
months ago. and thus far practically all that has been accomplished, ac
cording to tho statement o f tho Minister of Labor issued on Friday last, is
the collection of an immense amount of data on production costs and soiling
prices, without any actual cutting down o f costs to tho consumer through
definite Government action.
In Australia, according to M r. Ross’ report, practical action was taken
last July to enforce tho price-fixing regulations o f tho Commonwealth
Government. A Commissioner was appointed at tho capital o f each
Australian State to admlnistor tho regulations, and to work In co-opera
tion with a Federal Commissioner having general supervision, undor the
Federal Government, o f the whole scheme. Tho State Commissioners
conduct tho local Inquiries as to the cost of raw matorial. tho average cost
o f distribution, existing wages, freight and all other factors which govern
tho actual cost of production and distribution. Tho Commissioner thon
recommends a price, wholesale and retail, at which such article is to be
sold in tho State, allowing local changes for necessary costs o f transporta
tion.
Tho procedure Is practically tho same both for goods of homo produc
tion and for imported articles. Tho importer Is expected to produce his
original Invoices and to satisfy tho Commissioner as to all tho factors
governing the price of tho article In question.
Tho prlco determination arrived at Is tho maximum legal charge for the
article specified: but this docs not prevent tho article being sold at a lower
wholesale or retail prico. Provision Is mado also under tho regulations
for tho control of passenger and coastal freight rates, and such public
utilities as lighting.
In tho case of foodstuffs and other commodities o f Australian production,
no permit to export is given until all Australian requirements have been
fulfilled. After that tho surplus Is made available for export at whatever
rates prevail in Great Britain, where tho surplus is shipped.
In tho practical working out o f these regulations tho retail price of
butter has boon fixed at 36 cents per pound throughout tho Com m on
wealth. T o distribute equitably the responsibility of fulfilling local re
quirements, a committee of representatives of tho butter Industry has been
formed in each Stato to see that every butter factory distributes Its fair
quota to local requirements. Permission to export can be secured by a
factory only when it has satisfied tho Commonwealth Government it has
contributed its quota.
In tho caso of flour, rotall prices for hundred-pound bags have been fixed
at $3.45 In Queensland and $2.96 in South Australia.
Prices havo boon fixed also on such commodities as bread, bacon, bis
cuits, cheeso, cocoa, jam , milk, meats, oatm eal, plum puddings, rico, tin
plates and soaps. An investigation Is now proceeding with tho object of
fixing maximum prices on boots and shoes, hides, skins and leather.
M r . Ross says in regard to tho results of tho system : “ Although it is too
early to Indicate definitely tho extent In which Australian consumers havo




know n

on

th e

th e

p rop osal
r e p ly
o f

“ is

“ to

due”

and
b y

a ls o

th e

th e

S ta tes

S ecreta ry

th e re p e a te d

1828,

r e v is e d

2 4 th

a d v is e s

o f

th a t

o f

t r e a t ie s o f
to

th e

S ta te

o f

th e

G erm a n y

L a n s in g

G erm a n y

T r e a tie s

1 8 2 8 .”

w ith

o f

S ecreta ry

U n it e d

m o d e r n iz e

1799

c o m p ly

v io la tio n s b y

a r t ic le s

T rea ty

in s t.

G e r m a n y ’s r e q u e s t to

P r u s s ia n -A m e r ica n

r e fu s a l o f th e U n it e d

and

1828.

G e rm a n y ’s

sta tes

in

h is

o f th e T r e a ty
1785

and

L a n s in g

1799
in

h is

th a t:

This Government is seriously considering whether or not the treaty o f
1828 and tho revised articles o f the Treaties o f 1785 and 1799 havo not been
in effect abrogated by tho German Governm ent’s flagrant violations of their
provisions, for it would be manifestly unjust and Inequitable to require
ono party to an agreement to observe Its stipulations and to permit the
other party to disregard them . It would appear that tho m utuality of the
undertaking has been destroyed by the conduct o f the German authorities.
T h e

2 7 s a id :

m ade

S ta te s h a d fo r m a lly r e fu s e d

n ote

T h e

1223

THE CHRONICLE

Ma r . 31 1917.]

m an y

r e p ly

o f

th e

U n it e d

S ta tes

w as

is a c t i n g

in a n

m a n y in

S ta tes.

T h e f o ll o w i n g is t h e t e x t o f t h e

p u b lic o n

M on d a y ,

P aul

R itte r ,

G er

S w is s M in is t e r w h o
th e U n ite d

D r.

to

L a n s in g

as m ade

th ro u g h

t r a n s m it t e d

S ecreta ry

r e p ly

b y

o ffic ia l c a p a c it y

th e

th e

fo r G er

2 5 th :

Tho Secretary of Stato to tho M inister of Switzerland In charge o f Ger
man interests In America.
Department o f State.
Washington, March 20 1917.
Sir: — I bog to ackowledgo the receipt o f your note o f Feb. 10 presenting
the proposals o f tho Gorman Government for an interpretative and sup
plementary agreement as to Article 23 o f tho Treaty o f 1799.
After duo consideration, I have to inform you that the Government of the
United States is not disposed to look with favor upon tho proposed agree
m ent to alter or supplement the meaning o f Article 23 o f this treaty.
Tho position o f the Government o f the United States, which m ight under
othor conditions bo different. Is due to tho repeated violations by G er
m any o f the Treaty o f 1828, and tho articles of tho Treaties o f 1785 and
1799 revised by tho T reaty o f 1828. It is not necessary to narrato in detail
these violations, for the attention o f tho German Government has been
called to tho circumstances o f each instance of violation, but I m ay here
refer to certain o f them briefly and In general terms.
Since tho sinking o f the American ship W illiam P . Frye for tho carriage
o f contraband, there havo been perpetrated b y the German naval forces
similar unwarranted attacks upon and destruction o f numerous American
vessels for tho reason, as alleged, that they were engaged In transportation
o f articles o f contraband, notwithstanding and In disregard o f Article
13 o f the T reaty of 1799 that "n o such articles (of contraband) carried In tho
vessels or by the subjects or citizens o f either party to the enemies o f tho
other shall bo deemed contraband so as to induce confiscation or con
demnation and a loss o f property to individuals." And that In the case
* * * of a vessel stopped for articles o f contraband, " I f the master o f
tho vessel stopped will deliver out tho goods supposed to be o f contraband
nature, ho shall bo admitted to do it, and tho vessel shall not in that case
bo carried Into any port or further detained, but shall bo allowed to proceed
on her vo y a g e."
In addition to the sinking o f American vessels, foreign merchant vessels
carrying American citizens and American property have been sunk by Ger
man submarines without warning and without any adequate security for the
safety o f the persons on board or compensation for the destruction of
tho property by such action, notwithstanding the solemn engagements o f
Article 15 of tho Treaty o f 1799, that “ all persons belonging to any vessels
o f war, public or private, who shall molest or Insult In any manner what
ever tho people, vessel or effects o f the other party, shall be responsible
in their persons and property for damages and interests, sufficient security
for which shall bo given by all commanders o f private armed vessels before
they are com m issioned," and notwithstanding the further stipulation o f
Article 12 o f the Treaty o f 1785 that “ the free Intercourse and commerce
o f the subjects or citizens of the party remaining neutral with the bellgerent powers shall not be interrupted."
Disregarding theso obligations, the German Governm ent has proclaimed
certain zones o f the high seas In which It declared without reservation that
all ships. Including those of neutrals, will be sunk, and In those zones Ger
man submarines have In fact. In accordance with this declaration, ruth
lessly sunk merchant vessels and jeopardized or destroyed the lives of
American citizens on board.
M oreover, since the severance of relations between the United States and
Germany certain American citizens In Germany have been prevented from
removing from tho country. W hile this is not a violation o f the terms of
tho treaties mentioned. It Is a disregard of the reciprocal liberty of in
tercourse between the two countries In times o f peace and cannot be taken
otherwise than as an indication o f the purpose on the part of the German
Government to disregard, in the event or war, the similar liberty o f action
provided for in Article 23 of the Treaty o f 1799— the very article which
It is now proposed to Interpret and supplement almost wholly In tho In
terests of tho largo number of German subjects residing in the United States
and enjoying' In their persons or property tho protection o f the United
States Government.
This article provides In effect that merchants o f either country residing
in the other shall be allowed a stated timo in which to remain to settle all
their affairs and to “ depart freely, carrying off ail their effects without
molestation or hindrance.” and women and children, artisans and certain
others m ay continue their respective employments and shall not be molested
in their persons or propert. It is now proposed by the Imperial Govern
ment to enlarge the scope o f this article so as to grant to German subjects
and German property remaining in the United States in time of war the
same treatment in many respects as that enjoyed by neutral subjects and
neutral proporty In tho United States.
In view of the clear violations by the German authorities o f the plain
terms of tho treaties In question, solemnly concluded on the mutual under
standing that tho obligations thereunder would be faithfully kept; In view
further of tho disregard of tho canons o f International courtesy and the
com ity of nations In the treatment o f innocent American citizens In Ger
m any, tho Government o f the United States cannot perceive any advantage
which would flow from further engagements, even though they were

merely declaratory o f international law, entered into with tho Imporial
German Government in regard to. tho meaning of any articles o f these
treaties or as supplementary to them.
In these circumstances, therefore, the Government of tho United States
declines to enter into the special protocol proposed by the Imperial Govern
m ent.
I feel constrained, in view of the circumstances, to add that this Govern
ment is seriously considering whether or not the Treaty o f 1828 and tho
revised articles o f tho Treaties of 1785 and 1799 have not been in effect
abrogated by the German Governm ent’s flagrant violations of their pro
visions, for it would be manifestly unjust and inequitable to require ono
party to an agreement to observe Its stipulations and to permit the other
party to disregard them.
It would appear that the m utuality o f the undertaking has beon destroyed
by the conduct of the German authorities.
Accept, & c.,
R O B E R T L A N S IN G .
T h e

G erm a n

regard ed

b y

N a t io n a ls
o f

have

been

n ote,

o ffic ia ls

of

case

e ith e r

w ar,

have

a ls o
as

p u b lic

p r a c t ic a lly

cou n try
been

e n title d

m ade

fre e

th e

p i-o p o s in g

r e s id e n t
fro m

t o r e m a in

on

in

th e

2 5 th ,

a

new

o th er

in te rn m e n t;

in d e fin it e ly , a n d

w as

trea ty .

w o u ld ,

m ost

in

w o u ld

t h o s e s e e k in g

that tho American staff o f the Commission can no longer servo with advan
tage in Belgium . Although a verbal protniso has been m ade that
tho members o f the Commission would bo permitted to leave if they desire,
tho German Governm ent’s observance o f its other undertakings has not
been such that the Departm ent would feel warranted in accepting responsi
bility for leaving these American citizens in German occupied territory.
This Government has approved tho proposals o f tho Netherlands Govern
m ent to send into Belgium a certain number o f Netherlands subjects to
carry on tho work thus far performed b y the American staff.
A d v ic e s c a m e fr o m T h e H a g u e v ia L o n d o n o n th e 2 8 th in s t.
to

th e

e ffe c t

“ fro m

an

of

th e

A m e r ic a n

fo u r

w eeks,

la w s

have

been

a p p ly in g

fre e

to

fro m

n e u tr a ls

a ll

m erch a n t

s e q u e s tr a tio n

a ls o ,

w h ile

v e s s e ls ,

except

co n tra cts

and

under

p a ten ts

w o u ld n o t h a v e b e e n c a n c e le d , s u s p e n d e d o r d e c la r e d v o id .
T h e

sta tu s

a ffe c te d
w ill

th is

cou n try

th e r e fu s a l to r e a ffir m

th e o ld

gen eral

p e r s e c u tio n s .

b y

be

no

o f

G erm an s

s e r io u s p r o je c t n o w
m ild

in te r n m e n t
in m in d

sy stem

b y

w ith in

c e r ta in

lim it s

le a v e .

U nder

th is

C anada
T h e

have

a c tiv itie s

ta in ty

p la n

been
o f

or

is s a i d t o

r e m a in

in

C a n a d ia n

in

w h ic h

n ot

h e ld

t r e a t ie s a n d

e s p e c ia lly

6 ,0 0 0

ou t

of

p e r m it t e d

8 0 ,0 0 0

a lr e a d y

d is c o v e re d

has n ot shaken

t h o t r e a t ie s m a y b e c o n s id e r e d a b r o g a t e d
w ill d e p e n d
S e n a te

w h eth er

th e

upon

to

G erm a n s

and

th e

th e

S ta te

a p p rova l

is

W h eth er

th r o u g h G e r m a n y ’s

D e p a r t m e n t ’s v ie w

e s s e n t ia l.

D e p a r tm e n t a lo n e c a n

cer

th e o ffic ia l b e 

lie f t h a t t h e m a jo r i t y o f G e r m a n s w ill r e m a in lo y a l.

w h eth er

m ost
o f th e

in te rn e d .

p lo tte r s

th a t m o r e a re to fo llo w

a c t io n

be

th ere

T h e

b o th e a d o p tio n

T h ere

reach

su ch

a

is

q u a r a n tin e ”

w ere

w o u ld

W H ITLOCK

AND

TO L E A V E
T h e

S ta te

th e 2 4 th

as

W ils o n ,

W h it lo c k ,

fo r

th e

m ade

fro m
to

W h it lo c k w a s a t th e s a m e tim e in s tr u c te d
d ep a rtu re
R e lie f

in

of

th e

B e lg iu m .

t o r e m a in o n
go

to

th e

T h e

a n n o u n c in g

know n

“ th e

in d ic a tin g

G erm a n

th e

at
th o

C o m m is s io n

w ho

B e lg ia n

B e lg ia n

th e

of

its

In

e v e n t , it is f e l t t h a t t h e A m e r i c a n

C o m m is s io n
T h e

can

no

sta tem en t

lo n g e r

serve

w it h

of

th e
s ta ff

a d v a n ta g e

in

fo llo w s :

B y dircotion o f tho President, tho M inister .it Brussels has been instructed
to withdraw from Belgium with foreign diplomatic and Consular officers
and take up his official residence at H avre.
After consultation with the Commission for Relief in Belgium , M r .
W hitlock has also been instructed
to arrange
for tho departure
o f tho American members o f the Com m ission. This step, the seriousnes
of which is fully appreciated by the G overnm ent, was taken only after
careful consideration and full consultation with all tho interests involved.
W hen diplomatic relations with Germ any were broken off tho normal
procedure would have been to withdraw the M inister at Brussels and tho
members o f tho Relief Commission. Both this Government and tho C om 
mission felt a heavy moral responsibility for tho millions o f innocent civil
ians behind tho German lines, and it was decided that tho work o f the
Commission m ust bo kept going, despito all difficulties, until continued
American participation became impossible.
For over two years it has been the single-minded purpose o f this Govern
ment and the Commission to see that these ten millions o f civilians were
fed, and, with this end in view, the Americans concerned have submitted
to restrictions forced on them by the German authorities which, under
ordinary conditions, would never have been tolerated.
Im m ediately after the break in relations the Gorman authorities in
Brussels withdrew from M r. Whitlock tho diplomatic privileges and im
munities which ho had up to that time enjoyed. H is courier service to The
Hague was stopped. Ho was denied the privilege o f communicating with
tho Departm ent o f State in cipher, and later even in plain language. ’ The
members o f the Relief Commission were placed under great restrictions of
m ovements and communications, which hampered the efficient performance
o f their task.
In spite o f all tlieso difficulties, the Government and tho Commission
were determined to keep the work going till tho last possiblo moment.
N o w , howover, a more serious difficulty has arisen. In tho courso o f the
last ten days several o f tho Com m ission’s ships have been attacked without
warning by German submarines, in flagrant violation o f the solemn engage
ments o f the German Government. Protests addressed by this Govern
ment to Berlin through the intermediary o f the Spanish Government have
not been answered.
The German Govornmont’s disregard o f its written undertakings causes
grave concern as to the future o f the relief work. In any event, it is felt




G erm a n

fo r

R e lie f

in

B e lg iu m

to

su b

be

to

preven t

m ilita r y

in fo r m a tio n

fro m

e x p la in e d

b y

th e

S ta te

D ep a rtm en t

at

th e 2 9 th as a p ro p e r co u rse a g re e d u p o n w h e n

in v ite d

to

r e m a in

W h it lo c k

d e ta in e d

It

been

is s t a t e d

A m e r ic a n s

w ere

in

and
n ot

r e c e iv e d

th a t

in

B e lg iu m .
oth er

T h e

rep orts

th a t

d ip lo m a tic

o ffic e r s

a ls o

c r e d ite d ,

to

as

assu ran ces,

th e c o n tr a r y .

In

it

w as

its e x p la n a 

a lth o u g h

R otterd a m ,

rem oved

headed

fro m

by

th e

a c tiv e

H erb ert

C .

fie ld ,

H oover,

T h e p r e s s d is p a tc h e s

T h e H a g u e o n M a r c h 2 5 (v ia L o n d o n ) s ta te d th a t a t th e
L e g a tio n

in s tr u c tio n s
in

th e re

th e

A s s o c ia te d

P ross

corresp on d en t

th e

fo r

th e

m o r n in g

w ith d r a w a l

n ew spapers

of

th o

in T h e

A m e r ic a n s ,

H ague,

w as

p r in te d

tru e.

T h e

d is p a tch e s a d d e d :

W hen informed that tho orders had been issued members o f tho Legation
expressed regret that American participation in tho relief work in Belgium
had thus come to an end.
It was stated with some emphasis that there
was no reason whatever w hy tho German Government should wish to
interfere with tho departure o f tho relief workers. Furthermore, tho hope
was expressed that there would be no overhasty rush to get out o f Belgium ,
in order that the current affairs o f tho Commission m ight be properly
settled:
T o a question concerning tho route the Americans would talco, It was said
that in the case o f tho relief workers it would probably bo by way of Switzer
land and Spain, as the chances for them to get homo from Holland were
small.
A c c o r d in g to a d v ic e s fr o m

w r itte n

r e lie f w o r k .
th o

fu tu re

th e

sta tes

grave

B e lg iu m .”

th e

a c t io n

cau ses
any

to

G overn 

D ep a rtm en t

M in is te r a n d

d is r e g a r d
as

fo r

h a s c o n t in u e d

S ta te

reason s fo r

con cern

M r.

to a rra n g e fo r th e

th e

th o

G o v e rn m e n t’s

of

t o a id r e lie f w o r k , w ill

c a p ita l o f

is s u e d

B r u s s e ls

u n d e r t a k in g s

of

on

B e lg iu m .

th e

W h it lo c k ,

t h e w it h d r a w a l o f
in

of

te r r ito r y c h ie fly

te m p o r a i* y

sta te m e n t

r e lie f w o r k e r s
th a t

m em bers

M in is t e r

B e lg ia n

H avre,

m en t.

A m e r ic a n

in fo r m e d

th e

m e t w it h s o lic it o u s in q u ir ie s a s t o w h e t h e r t h o n e w s r e g a r d in g

w ith d r a w a l
M in is t e r

order

B ran d

G erm an

COM MISSION

W a s h in g to n

A m e r ic a n

been

th a t

o ffic ia ls a n d r e lie f w o r k e r s

w ill c o n t i n u e t o d i r e c t t h o r e li e f w o r k .

d e c is io n .

BELGIUM .

at

C o m m is s io n

had

There appears to bo some misapprehension as to tho delay in the with"
drawal of American members of tho Commission for Roliof in Belgium.
Shortly after tho break in relations with Germany negotiations were insti
tuted with a view to providing for tho continuation of tho relief work.
Tho Gorman authorities in Belgium invited tho American members to
remain and gave written assurances that they might leave whenever they
desired to give up the work.
In view of the fact that these men are in tho
fighting zone, however, it was stipulated that thoy should, upon relinquish
ing their work, remain for a period of two or three weeks in some German
city on their way to Switzerland, in order to provent tho transmission of
any fresh information.
This condition was accepted by tho Belief Com
mission.
It is not anticipated that the American diplomatic or consular officers
will be detained during this period, as written assurances havo been received
through the Spanish Government that they will bo permitted to proceed
directly to Switzerland.

to

dou bt

in s t . th o is s u a n c e o f in s t r u c t io n s , a t th e in s t a n c e o f

P r e s id e n t
B ran d

D e p a rtm en t

RELIEF

a sk A m e r ic a n

w as

sta te d , h a v e

fro m

M IN ISTER

P ress
sou rce”

t o r y a n n o u n c e m e n t th e S t a t e D e p a r t m e n t s a id :

to

G e r m a n s m u s t r e g is te r a n d

u n le s s

o n ly

is

A s s o c ia te d
a u th e n tic

T h e s u b je c t io n o f th e r e lie f w o r k e r s t o a “ n e w s

W a s h in g to n o n
th ey

in c lu d in g

in

le a k in g o u t .

M in is t e r

s p e c ific a lly

th e

m it t o a p e r io d o f “ n e w s q u a r a n tin e ” , th e tim e n o t t o e x c e e d

t o le a v e w o u ld h a v e b e e n fr e e t o d o s o w it h a ll th e ir p r o p e r t y .
p rop erty ,

th a t

a b s o lu te ly

G o v e r n m e n t w o u ld

E n em y
w o u ld

[Vol. 104.

THE CHRONICLE

1 2 2 4

L on don on

th o 2 5 th th o L o n d o n

o f fic e o f th e A m e r ic a n C o m m is s io n f o r R e lie f in B e lg iu m
an agreem en t w as reach ed
u n d e r w h ic h

som e

t im e a g o w it h

th e A m e r ic a n r e lie f w o r k e r s w e r e

says

th o G e rm a n s
to

b e a llo w e d

t o le a v e b y w a y o f S w it z e r la n d w h e n e v e r it w a s d e c id e d t h a t
it w a s

im p o s s ib le

fo r

th em

to

r e m a in

lo n g e r in

th o o c c u p ie d

te r rito r y .

G R E A T B R I T A I N 'S E X T E N S I O N OF D A N G E R Z O N E I N
NORTH

SEA.

A n n o u n c e m e n t o f th o e x te n s io n
in

th e N o r th

th o

S e a , w a s r e c e iv e d

23rd

in s t.

L on don .

T h e

fro m

in

c a b lo

N ow

W a s h in g to n

s a fe ty

and

D a n is h

1 3 , a re a g a in
zone

sta tes

a r e a s , e x p r e s s ly

D u tch

are

S e a .”

It

a d v ic e s

Y ork

th o S ta to

fro m

“ T im e s ”

th a t

“ by

p r o v id e d

coa sts

o f th o B r itis h d a n g e r z o n e

by

in

a ls o

a

lit t le

in
th o

a

s p e c ia l

new

P ago

th e

A d m ir a lty

fu r th e r

th o

d ecroo

decreo

w estern

w estw a rd

at

d is p a tc h

fo r n e u tr a l s h ip p in g

m ad e d an gerou s, an d

m oved

D e p a rtm e n t on

A m ba ssa d or

c e r ta in
o ff
of

th e

F eb.

lim it s o f th e

in to

th o

N o rth

says:

In tho opinion of officials hero 1 Washington] the British decree aims to
put up the bars against any more German commerco destroyers like the
M oew e, and means a very stringent blockade o f German North Sea ports.
Tho German action is evidently intondod to closo tho W hite Sea and the
I’ ort o f Archangel, and is thus a now menaco to American shipping.
T h e
by

th e

an n ou n cem en t
B r it is h

o f

th e

A d m ir a lty

new

read s

danger
as

zon e

as

g iv e n

ou t

fo llo w s :

A s from April 1 1917 tho dangerous area will comprlso all the waters
except Danish and Netherlands territorial waters lying to tho southward
and eastward of a lino commencing threo miles from tho coast o f Jutland
on the parallel o f latitude 5G degrees north and passing through tho fol
lowing positions:
1. Latitude 56 degrees north, longitudo 6 dogreos east.
2 . Latitude 54 degrees 45 minutes north, longitudo 4 degrees 20 minutes
east.
3. Latitude 53 degrees 23 minutes north, longitude 5 degrees 1 minute
east.

Ma r . 31 1917.]

1225

THE CHRONICLE

4.
Latitude 53 degrees 25 minutos north, longitude 5 degrees 5 'A m inenemies, is that it was the German Government which assisted the auto
utes east, and thouce to the eastward, following the lim it of Netherlands
cratic reactionary policy in Russia against all tho movements o f liberty.
territorial waters.
One year ago I declared here in tho Reichstag that this asseveration was
directly contrary to the facts.
•
W o a ls o q u o t e fr o m
th e “ T im e s ” th e fo llo w in g :
"W h e n Russia in 1905 b y the Japanese war and the resulting revolution
The North Sea danger area, as first established by the A d m iralty an
had
been
involved
in
distress,
it
was
tho
German
Emperor
who, on account
nouncement of Jan. 27, extended in a cone-llko shape from Flamborough
of personal relations o f friendship, urgently advised tho Russian Emperor
Head on the British coast to the territorial waters of Denmark and H olland,
to oppose no longer the justified wishes of his nation for reforms. Emperor
and included all the waters off tho North Sea coast o f Germ any.
Nicholas preferred other roads. In Russia, had attention been concen
On Feb. 13 tho Adm iralty, by a now decree, materially lessened the dantrated on internal reconstruction, there would not have been room for the
gor area by cutting off tho western portion and leaving an irregularly shaped
restless
policy of expansion which finally led to this war, and which has
zono off tho Danish, D utch and German coasts. The western limit of this
changed the old regime so much that now it is hard even to do justice to
now zone was so located as to leave a safety lane between tho British and
natural, human pity for tho downfallen house o f the rulers.
German danger areas. A t tho samo time tho danger limits along the
“ N obody can tell how things shall develop, but our attitude toward
D utch and Danish coasts wore moved out so as to leave wider sea ways for
Russian events is clearly outlined. W e shall follow the principle that we
neutral shipping.
never meddle with the internal problems of other countries. It is now
O ff tho coast of Denmark is a great sand shoal known as Horn Reef,
maliciously reported that Germ any wants to annihilate the hardly con
which extends outsido o f Danish territorial waters. The original British
quered freedom of the Russian nation, and that tho German Emperor
danger area extended to within three miles of tho coast hero. On account
wants to re-establish the rule of the Czar over his enslaved subjects. All
o f tho projection o f Horn R eef vessels had to pass outsido tho three-mile
these are merely lies and slander, as I here expressly state.
limit into tho danger area. Tho decreo o f Feb. 13 mapped out a diamond
“ How tho Russian nation wants to construct its home is only the business
shaped safety strip around this reef. Tho samo decreo widened the strip
o f the Russian nation, and we shall not meddle with it. Th e only thing
of safe waters off tho D utch coast eastward from tho Torscheiling Lightship.
that
wo hope is that in Russia foundations m ay develop which will make
Tho changes now to bo made in tho danger area include tho wiping out of
her tho strong and firm bulwark of peace.”
these safety areas and leaving only tho Dutch and Danish territorial waters
available for neutral shipping to the oast and south o f tho sea limits of the
zono.
Tho shift of tho western limit of the danger area ten minutes westward
along tho parallel o f 54 degrees 45 minutes to 4 degreos 20 minutes cast will
not close tho safety channel left between tho British and Gorman danger
areas. Tho eastern boundary of tho German submarine zone around
England runs along 4 degrees or longitude northward to 56 degreos north
latitude, thence to a point marked by tho intersection o f 56 degrees north
latitude with 5 degrees east longitude, and thonco northward along tho
meridian of 5 degrees east longitude to Udsire Lightship on the Norwegian
coast. Thus thero is still a distance of 20 minutos o f longitude between
tho eastern boundcry o f tho German danger area and the western limit of
tho British danger area.
Tho changes now made by tho Adm iralty are evidently intended to
tighten the net which tho British N avy is endeavoring to cast about this
corner o f tho Nortli Sea to prevent German U boats, sea raiders, and other
war vessels omerging from their bases at Em den, Wilhelmshavon, Breinerhaven, Cuxhavon, and Brunsbutto into tho North Sea.
Announcement of tho modification o f tho British danger area comes
simultaneously with tho German official report of tho safe return o f the
commerce raidor M oew o. Tho British danger area o f Jan. 27 was estab
lished after It became known that tho raider had found its way into the
Atlantic. It was hoped then to bar her return, as she was believed to have
made her exit from German waters by sailing closo to tho coast of Schleswig
and Denmark.
____________

I M P E R I A L C H A N C E L L O R D IS C O U R S E S O N G E R M A N Y ’ S
RELATION S W I T H U N IT E D STATES A N D R U S S IA.
T h e

d e c la r a t io n

in te n tio n
does

of

n ot

th a t

“ G erm an y

a tta c k in g

have

su ch

th o

in t e n tio n

B o th m a n n -H o llw e g ,

th o

w as

m ade

a g a in s t
it

cau se

H o

th is

fo r

U n ite d

by

th o

“ it

S ta tes

fo r

*

it.”

S ta tes,

A m e r ic a
th a t

w o

th o

m ado

b y

D r.

von
in

a

if

never

“ th o

s h a ll

C o n ce r n in g

d e s ir e d

does

n ot

A m e r ic a n

s u b m a r in e

n ot

lia v o

G erm an

w ar

d e s ir e
n a tio n

w a r fa r e ]

to

bear

r e la tio n s

th e
w it h

t h e C h a n c e ll o r , w h o s e s p e e c h is r e p o r t e d

N ow s

A gen cy

(th e

G erm an

o ffic ia l

new s

s a id :

W ithin tho next few days tho directors of tho Amorican nation will be
convened by President W ilson for an extraordinary sossion o f Congress
in order to decldo tho question of war or peace between tho American and
Gorman nations.
Germ any nover had tho slightest intention of attacking tho United States
of America and does not have such intention now. It nevor desired war
against tho United States o f America and does not desire it to-day.
How did tiicso tilings dovolop? M ore than once wo told tho United States
that wo made unrestricted use o f tho submarine weapon, oxpocting that
England could bo mado to observe, in her policy of blockade, tho laws of
humanity and international agreements. This blockade policy— this I
expressly recall has been called “ illegal and indofonsiblo" (tho Imperial
Chancellor hero used tho English words) by President Wilson and Secretary
of State Lansing. Our expectations, whicli wo maintained during eight
months, havo been disappointed completely. England not only did not
givo up illegal and indefensiblo policy of biockado, but uninterruptedly
intensified it. England, together with her allies, arrogantly rejected tho
peace offers made by us and our allies and proclaimed her war aims, which
aim at our annihilation and that o f our allies.
Then we took unrestricted submarine warfare into our hands; then wo
had to for our defonso. I f the American nation considers this a causo for
which to dcclaro war against tho German nation with which it has lived
in peaco for moro than one hundred years, if tills action warrants an in
crease of bloodshed, wo shall not havo to bear tho responsibility for it.
Tho Gorman nation, which feels neither hatred nor hostility against tho
United States of America, shall also bear and ovorcomo this.
T h o
d a ily
to

I m p e r ia l C h a n c e llo r , a c c o r d in g
p a p ers

G e r m a n y ’s

r e c a lle d
in

fro m

th o

fo rm e r

onded

w ith

th o

O versea s

a ttitu d e

h on ored

tim e s .
th o

H o

d ea th

tow a rd

fr ie n d s h ip
s a id ,
o f

to

N ew s
recen t

e v en ts

b etw een

h ow ever,

A le x a n d e r

th o d is p a tc h

A g e n c y , a ls o

II.

th e

th a t
W e

in

R u s s ia

tw o
th is

to

th e

r e fe r r e d
and

c o u n t r ie s
fr ie n d s h ip

q u ote

fu rth e r

th o p re s s a c c o u n t s o f th o d is p a t c h a s fo llo w s :

Emperor Nicholas had moro and moro drifted into the Entente’s wake
and into pan-Slavic currents, ho said, and had finally become a partisan
o f tho war party, omnipotent under tho Russian autocratic regime.
" T h u s ," said tho Chancellor, “ in tho fateful days o f July 1914 tho Rus
sian Emperor declined to listen to tho appeal mado b y tho German Emporor.
One o f tho legendary reports, disseminated with especial emphasis by our




to

as

C h in e s e r e la t io n s , t h e d is p a t c h e s r e p o r t

s a y in g :

Our relations with China had always been o f the most friendly nature,
and, if these relatious have actually been terminated b y the Chinese G o v 
ernment, I need not tell you that this is not by tho free resolve o f the Chinese
Government, but that it has acted under pressure o f our enemies.
Financial difficulties which could not be mastered during the war by
China also played a fair part in it. Our enemies’ object also Ls to destroy
our trade in China and to appropriate without labor what has been estab
lished thero during m any years b y German efficiency and German industry.
Tho result o f tho war (as I confidently hope) will give us the opportunity
to rebuild what has been destroyed, and to rebuild it at the expense of our
enemies. Then our friendly relations with China will rovive, provided that
China will preserve until then the necessary force of resistance against the
greed and egotism o f her present protectors.
A c c o r d in g to th e N e w
corresp on d en t
s u b m a r in e

a ls o

Y o r k “ T im e s ,”

q u otes

A v a r fa r e

F e b r u a r y .”

in

th e

M arch

R e u t e r ’s A m s te r d a m

C h a n c e llo r
has

T h e sa m e d is p a tc h

been

as

as

s a y in g :

s u c c e s s fu l

“ T h e
as

in

says:

Referring to domestic affairs, tho Chancellor said that tho da y’s speeches
had not convinced him that a reform o f tho Prussian franchise could be
begun now. It would be a very serious matter to decide such a question
while millions o f men were in the trenches.
Tho Chancellor concluded by expressing the confidence that the unity
o f tho German people, who were without differences, would make them
invincible.

G E R M A N Y ’ S N E W D A N G E R ZONE.

and

C h a n c e llo r ,

and

r e fe r e n c e

C h a n c e llo r

s lig h t e s t

A m e r ic a ,

T h e fu r th e r s ta te m e n t

u n r e s t r ic t e d

*

of

Im p e r ia l

[G e r m a n y ]

o f

a sserted

*

w as

th o 2 9 th .

[G e r m a n y ’s

O versea

b u r e a u ),

th a t

a ls o

w ar,

r e s p o n s ib ility
th o

h im

U n it e d

t o -d a y .”

c o n s id e r s
a

b y

th o

had

S ta tes

n o w ,”

G erm a n

s p e e c h in t h o R e i c h s t a g o n

never

U n it e d

W ith
th e

A
on

R e u te r

d is p a tc h

m u n ic a te d
h is

to

th e

G overn m en t

th o A r c tic
sou th

of

te r rito r y ,

is

B e r lin

th e

C h r is t ia n ia ,

th a t th e

N o r w e g ia n

r e c e iv e d

G erm a n

G overn m en t

m a k in g k n o w n

th a t

at

L on don

M in is t e r h a d
an

order

“ in fu t u r e

com 
fro m

th e p a rt o f

O ce a n ly in g e a s t o f 2 4 d e g re e s e a s t lo n g itu d e a n d
75

S h ip s w ill b e
fro m
b y

fro m

th e 2 3 d , a n n o u n ce d

degrees
to

be

n orth

m e t w it h
on

th e

A d m ir a lty

la t it u d e ,

regarded

a ll w e a p o n s .”

2 5 th
as

gave

e x c e p tin g

d an gerou s

th e

A

fo r

a ll

w ir e le s s

o ffic ia l

N o r w e g ia n
n a v ig a tio n .
to

S a y v ille

sta tem en t

is s u e d

fo llo w s :

Foreign Governments havo been informed that in future in the district
of tho northern Arctic Ocean east of the 24th degree o f eastern longitude
and south of the 75th degree o f northern latitude, with tho exception of
Norwegian territorial waters, all ocean traffic forthwith will be opposed
with all arms.
Neutral ships plying this district do so at their own risk, but provision
Ls mado that neutral ships that are already on voyages to ports in this
barred zono or that desire to leave such ports will not be attacked without
special warning until April 5.
T h e

L on don

d is p a tc h e s

say:

The effect o f the German declaration is to extend tho barred zone to the
waters giving access to the northern Russian ports. Tho zone indicated ex
tends from the northern part of N orw ay eastward to tho north of the Rus
sian and Siberian coast. A t the timo o f the German declaration o f unre
stricted submarine warfare tho Russian northern ports, through which in
tho summer months Russian war supplies are imported from the United
States and England, were icebound. The Issuance o f the declaration at this
time evidently Ls due to tho approach of tho season o f navigation in these
waters.
T h e

N ew

r e g a r d in g

Y ork

“ T im e s ”

G e r m a n y ’s

new

of

th e

23d

p r in te d

th e

fo llo w in g

b lo c k a d e :

Information o f Berlin’s purpose to establish a submarine blockade of the
Arctic Coast o f Russia came in press advices from Christiania via London,
which stated that the German M inister had notified the Norwegian G ov
ernment that tho German Government had issued an order establishing
as an area within which U-boats would attack all shipping without warning
all that portion of tho Arctic Ocean lying oast of 24 degrees east longitude
and south o f 75 degrees north latitude, except Norwegian territory.
Tho 24th degree o f longitude runs duo north from Hammerfest, N orw ay.
From tho Norwegian coast to the intersection o f the 24th degree o f longitude
and the 75th parallel o f latitude is 240 sea miles. From this intersection
point eastward along the 75th parallel of latitude to the intersection with
Cape Speedwell and Adm iralty Peninsula, on the coast of N ova Zembla,
is 660 miles. It is thus apparent that tho German Government intends
to mark off not less than 15.840 square miles o f tho Arctic Ocean in an effort
to prevent ships reaching Russia and in particular to shut off shipments
o f munitions and foodstuffs to Archangel just as tho winter ice Is breaking
up so as to permit open navigation.
The distance from the Faroe and Shetland Islands, on the northern edge
o f tho German submarine zone around England, to the 24th degree o f longi
tude, which marks the western limit o f tho Arctic submarine zone o f the
Germans, is 800 miles. It is no further than it is from the Faroes to Fastnet and Bishop’s Rock, near which German submarines have been sinking
m any ships since Feb. 1.

1226

V IC E -C H A N C E L L O R I I E L F F E R I C H O N G E R M A N
S A C R IF IC E S .
V ic e -C h a n c e llo r
th e

a c t io n

m an ded

o f

s a c r ific e s ,”

[Vol . 104

THE CHRONICLE

of

H e lffe r ic h

th e

G erm an s

th em
is

and

q u oted

c e iv e d a t A m s te r d a m

o f
in

G erm an y
fu lfillin g

w a r n in g

in
on

a

B e r lin

o f

in

th e

c o m m e n d in g
e x a c tio n s

fu rth e r

d is p a tc h

de

“ u n a v o id a b le

to

R o u te rs,

re

th e 2 2 n d in s t ., a s s a y in g :

Adaptation o f our economic lifo to war was accelerated and strengthened
by the auxiliary civilian service law. Every man and woman has had to
fulfill to the utm ost the duty demanded from us by tho fateful hour, without
sentimental consideration either for our enemies or for ourselves. Victory
m ust bo gained at homo as well as on the field o f battlo. W ith our eyes
open, we must make unavoidable sacrifices.
T h e collapse o f a number o f industries on account o f tho war has resulted
in the loss o f valuable economic assets. W ith a view to a second recon
struction o f our economic fabric, measures already have been taken for the
transition period after tho war, inrespect o f production and distribution
o f raw materials.
Fortunately, our fears regarding the possible effects o f a restricted supply
o f foodstuffs and the severe burden placed on labor were unfounded.
M oreover, reports from the Imperial Health Board show that the general
state o f health has been surprisingly good. Tho death rato among children
has decreased further, whilo Infant m ortality is lower than in tim e of
peace.
Th e people are deserving o f admiration for their patriotism in enduring
the last difficult weeks as they have. Tho words “ hold o n " have become
a reality. I am firmly convinced we shall hold on still further. Tho main
thing now is to produco from tho soil everything possiblo for food. Tho
statem ent o f Premier Lloyd George and tho President o f tho Board of
Agriculture that tho plow was thoir hope, and that tho strugglo m ust be
fought out in the fields o f England proves tho importance Groat Britain
attaches to the submarine war and tho cares which besot our bitterest
onemics. This means that importation is small and will be restricted
still further by our submarines. In this way tho stocks in Groat Britain
will bo diminished further.
Tho bad international harvest is not accidental. It Is duo to tho scarcity
o f saltpetre, and tho world's next harvest will be bad, owing to tho same
reason. Germany now has tho lowest grain prices in tho world. It is due
to our firm ly fixed policy since tho beginning o f tho war. Present conditions
will continue to prevail after the conclusion o f poaco, so that no progressive
decroaso in prices will occur in other countries. Furthermore, we shall all
receive no grain from abroad, and m ust tako precautions that none bo
exported.
Our industries have fulfilled all expectations. Tho railways havo worked
splendidly. Tho war boards havo proved thomsolvcs equal to thoir gigantic
tasks. M uch o f what has been found by those boards to bo useful can be
employed In poaco tim e. The criticism has been made that we did not
start our economic mobilization in tim o, but none o f you could have con
ceived the possibility either o f such a radical overthrowing o f international
laws by Great Britain and her reckless measures against neutrals or such
powers o f resistance on tho part o f G erm any. A s regards tho rebuilding
o f our mercantile fleet, negotiations aro proceeding with shipowners on tho
subject. In spite o f tho Paris conforonco, wo shall ronow economic relations
with foreign countries after tho war.
Tho war cry for the troops is, “ Beat the en em y,” and for us, “ H old o n .”
This shall be the token o f victory.

E F F E C T I V E N E S S OF B R I T I S H B L O C K A D E A G A I N S T
G E R M A N Y — LOSSES B Y S U B M A R I N E S .
T h e e ffe c tiv e n e s s o f th e B r itis h b lo c k a d e a g a in s t G e r m a n y
and

th o d iffic u lt ie s o f e n fo r c in g

th e

B r itis h

W .

B e lla irs

H ou se
and

o f

it w o r e r a is e d

C om m on s

W illia m

A .

S.

on

th o

in a d e b a t e in

2 7 th

b y

I le w in s , U n io n is t

C a r ly o n
m em bers.

A n a c c o u n t o f t h e d e b a t e is s o t o u t a s f o l l o w s in t h e d e s p a t c h e s

Lord Robert Cecil, M inister o f Blockade, assured tho members of the
House that the closest co-operation existed between tho Adm iralty and his
departm ent, Admiral Sir Dudley do Chair, formerly in command of the
blockading squadron in tho North Sea, having been appointed to advise
him as to the views o f the Adm iralty and tho Adm iralty as to tho views
o f the Foreign Office.
Lord Robert, in reviewing all tho steps that had been adopted In con
nection with tho blockade, emphaszied the valuo o f rationing by an agree
m ent with somebody in a noutral country as moro smooth and effective
than compulsory rationing. H e said tho systom o f letters o f assurance
which had been arranged with the United States had been enormously
important In smoothing over difficulties with that country, enabling the
Government to know exactly What was going on concerning exports from
the United States to neutrals and permitting tho United States without
unfairness or injustice to regulate supplies to these neutrals. In his Judg
m ent tho measures adopted had succeeded completely in stopping over
seas Importations into onomy countries.
Lord Robert then produced a number o f figures which ho contended
proved there was no leakage. H e stUl felt, however, that everything
necessary had not been done to complete tho blockade o f Germ any. There
was the question o f the homo product o f border neutrals, which was a most
difficult subject, n o had arrived at the conclusion that tho only way to
deal with this mattor was by securing'agreemonts_withinoutrals to stop or
diminish such trade.
Tho Blockade M inister went at great length into tho difficulties sur
rounding any attempt to compel noutral countries to sever all trade rela
tions with Germany. The technical and military positions o f those coun
tries had to be considered ho said. Concerning D enm ark, Lord Robert
said tho Government believed tho agreements with Denm ark had been
honestly carriod out and that there was^no reason to m odify the present
blockade policy as affecting that country.
Lord Robert concluded by saying that it would not bo practicable to
transfer tho administration o f tho blockado to the Adm iralty. Ho had
nover claimed that miracles could be achieved with tho blockade, but ho
believed there was a very great shortage of food In Germ any and a con
siderable shortage of other things as a result o f tho blockade.
I cannot disregard or disbelievo repeated, well-authenticated statements
o f food riots.” said the Blockade M inister, “ as indicating profound discon
tent on tho part o f the German population with tho prevailing conditions.
I believe tho war will only be won on tho battlofield but when we come to the
final battlo the effect o f tho blockado will count greatly.”
Sir Edward Carson, First Lord o f the Adm iralty, characterized tho de
mand that tho blockado should bo left to tho navy, as suggested in the Houso
o f Lords b y Admiral Lord Charles Berosford. ' retired, as absurd. Tho




Cabinet had laid down tho policy, and tho Foreign Office by negotiations
and tho navy by action had to carry out that policy. Sir Edward added
that the adoption of a doctrine for tho seizure of overy neutral ship and its
cargo would mean that Great Britain should go to war with everybody.
Tho Adm iralty, Sir Edward continued, was satisfied with its relations
with the Foreign Office, and the present policy o f the Cabinet was the only
possiblo policy, having regard for tho complications that would ensuo if
tho Government adopted a moro aggressive attitude toward friendly neu
trals. Tho First Sea Lord had told him . Sir Edward said, that ho was
aware o f no other system than tho existing ono of blockading Germany
through a neutral countries. Tho Adm iralty Departm ent was in thorough
agreement and was working harmoniously with tho Minister o f Blockade
and he believed everything possible was being done.
John Dillon, N ationalist, complained o f tho greatly increased stringency
o f the censorship during the last six m onths. The newspapers, ho charged,
were being directed how to influence the opinions o f thoir readers and had
received orders to suppress certain news.
Tho Government had extracted a page from Bism ark’s book in its deal
ings with the press, M r . Dillon continued. In stead o f greater publicity
concerning submarine loses, as had been promised by Sir Edward Carson,
tho country was getting far less information. Tho policy of tho Govern
ment was to suppress tho truth and circulate falsehoods. It had suppressed
the truth about Russia, and with regard to the Salonkl expedition its policy
was stark madness.
“ In G od's nam e,” exclaimed M r . D illon, "solve this groat Greek ques
tion one way or another.”
Sir George C ave. Secretary o f Stato for tho H om e D epartm ent, in de
fending the censorship from M r . D illon’s charges, said he declined to believe
that tho British press would submit to being coerced in such a manner. H e
could say without fear o f contradiction that suppressed statements were
those that either were wholly untrue or tho publication o f which would be
prejudicial to tho conduct o f tho war or Groat Britain’s relations with her
allies.
The question of losses inflicted by submarines, said Sir George, was not
tho concern o f tho censorship but o f tho Adm iralty alone, and he was
satisfied that Sir Edward Carson was giving out all tho information that
he could with safety without injuring tho allied causo by disclosing infor
mation to tho Teutonic Allies.
In

t lio

H ou se

B e r o s fo r d ,
m u ch

pow er

expressed
B r itis h

lo w s

over

th e

L ords

n ot

th e

fro m

th e

at

p ross

th o

sam o

th o

to

th a t

a ll

G erm an s

th o

on

th a t

n a vy

o p in io n

w ero

m a r in e s

o f

c o m p la in in g

th o

L ord

O ffic o

d o t r im o n t

ca p tu res

e q u iv a le n t
w ore

day

F o r e ig n

o f
to

o f

C h a r le s
had

th o

s u b m a r in e s
th o

la u n c h in g .

b y

num ber

W e

too

la tte r ,
th e

of

q u ote

sub

as

fo l

d is p a tc h e s :

n o said that the loss o f 225 merchant vossels, amounting to moro than
42 0 ,0 0 0 tons, thus far in M arch, had resulted from war measures o f the
Central Powers, who ho believed had moro mon and more food than had
been Imagined in England. W ith longer days and calmer woathor the
losses, he argued, would increase, and the public ought to havo tho facts
brought home to it.
Tho losses o f British, allied, and neutral vossels for Fobruary, ho put at
281, with an aggregate tonnage of more than 5 00,000 .
Baron H ylton, replying for the Government to a question concerning
supplies reaching Teutonic allied countries, admittod that largo amounts
o f products had reached them from Holland and Denm ark. Since the
middle o f 1916. however, there had been great reductions In such exports.
Baron H ylton said it m ust bo remembered that both Holland and Donmark were soverign States, which, as neutrals, had their rights as well as
tho belligerents, and that it was for tho rights of neutrals that Great-Britain
went to war. He asserted that tho W a r Cabinet after a careful considera
tion of tho blockade policy was satisfied that it was proceeding along correct
lines and that the policy was being efficiently carried out.
Baron Em m ott paid a tribute to Lord Robert Cecil, tho Blockado M inis
ter, for his vigorous and vigilant policy in this mattor while still retaining
friendly relations with neutrals. It was untrue and mischiovous, Baron
E m m ott added, to say that tho Danish Governomnt was pro-German.
“ I f we won this war by a policy o f necessity knows no law s.” Baron
E m m ott concluded, “ wo should become Prussianized in tho procoss and
tho German spirit would be victorious, although Gormany suffered d e fe a t."
The Marquis of Lansdowne said that had the Government brushed away
the entire procedure that had boon followed. Instead o f having kopt neu
trals in good humor, he bollovod the country would havo had some of the
noutrals at war with Great Britain.

PROTEST OF D U T C H G O V E R N M E N T TO G R E A T
B R I T A I N A G A I N S T D E T A I N E D VESSELS.
T h e

D u tch

G overn m en t

has

a g a in s t th o fu r th e r d e t e n t io n
D u tch

s h ip s

D u tch

G o v e rn m e n t.

aro

s a id

to

o f th em
in

lo a d e d

be

w it h

part o f

F a lm o u t h .

fo o d s tu ffs

S om o

a r e c la im e d

th o

to

M a n y

o f

th o

th o

in

i t is s t a t e d , fe a r s t h a t u l t i m a t e l y

th a t
and

30%

b y
of

G rea t

D u tch

s u p p lie s t o

B r ita in ,

ton n a g e

E n g la n d .

G roa t

and

B r itia n

fe r t iliz e r s

s t o a m s h ip s

th e

lo a d e d

d e ta in e d

e m p lo y e d
to

in

an

th o

fle e t .

S ix

w it h

g r a in

G o v e rn m e n t,
s h ip s m a y

is r e p o r t e d

A c c o r d in g

fo r

q u e s tio n

o ig h t o r m o r o

T h o D u tch

w h ic h

bo

aro

in

L in o

H a lifa x a n d

v e s s e ls

w h i c h is s o r e ly n e e d e d in H o l l a n d .

c o n fis c a te d

to

I I o lla n d -A m e r ic a

b o h e ld
of

p rotested

in B r it is h p o r t s o f a n u m b e r o f

as

bo

in s is t in g

c a r r y in g

goods

u n o ffic ia l r e p o r t

r e c e iv e d a t W a s h in g t o n o n t h o 2 8 th , th e d e t a in e d v e s s e ls h a v e
been

c o n fis c a t e d

w h ic h

w as

w h ic h

s o ld

to

v e s s e ls

are
ly in g

G erm an

at

sunk

and

G o v e rn m e n t.

g iv o n

oh

of

gavo

th a t

th o
and

b y

th e

flo o t

M arch

T h o

rep ort,

a

g r a in

house

on

m any

o f th e

v e s s e ls

of

D a rtm o u th

c o n d it io n a l

h e ld

in

g r a in -ca rr y in g
fo r

w h ic h

assu ran ces

fo r

th o
s a fe

S e v e n o f th is fle e t , a s n o t e d
3,

im m e d ia te ly

b a d ly

ou t

a t th o N e th e rla n d s L e g a tio n

th o u g h t

th o w a r z o n o .

w ero

one

is

F a lm o u t h

c o lu m n s
and

been

G o v e r n m e n t th o g r a in

p art

G overn m en t

th ese

F eb . 22

It
a

p a ssa ge th rou g h
in

B r itis h

n o t b e c o n fir m e d

W a s h in g to n .

E n g la n d

th e
havo

th e D u tc h

v e s s e ls , c o u ld
at

b y

s a id

dam aged.

s a ile d

fro m

F a lm o u th

t o r p e d o e d , s ix o f
T h o

G orm an

th em

on

b e in g

G ovorn m on t

Ma r . 31 1917.]
in

e x p la in in g

p e r m is s io n
th e

w h y

had

v e s s e ls ,

s h ip s w e r e
m ent

th ey

if

th ey

fo r

to

a llo w

s a ile d

F eb . 22
to

s a il o n

to

do

so

s a ile d

at

th e

v e s s e ls
17

in d ic a te d

F eb .

22

F eb .

d e stroy ed
fo r

th e

m id n ig h t

E n g la n d ,

M arch

an

on

b y

w ere

H o lla n d

“ u n q u e s tio n a b le

on

b y

v e s s e ls

g iv e n

d e ta in e d

s a id ,

agreed

th e

been

th e

or

passage

w it h

ro u te .

and

n o tifie d
W h en

1 0 -1 1 .

r e la tiv e

G erm a n y

o f

T h e

th e

s h ip o w n e r s , s a id

th ere

w as

n o

th e w a te rs
A t

th o

to

to

be

no

th o

n ot

th a t

tra v ersed

t im e it

G o v e r n m e n t in fo r e ig n

c o u n t r ie s h a v e r e c e iv e d

th a t

in s tr u c tio n s r e q u e s tin g

th e m

s a fe ty

on

th e ir in t e n t io n

reach ed

o f

G orm an

bo

a ll

G erm a n y

th a t

w o u ld

w h a tev er

sta te m e n t, “ th a t

g ra n ted

th e

fo r

F eb .

s u b m a r in e s

r e c e iv e

w a s in s is t e d

g u a ra n te e

danger

o ffic ia l

c o u ld

c e r ta in t y

sam e

cou rse

th e

s a fe ty

22,

as

engaged

in

of

s a fe s a n d

bo

th o

g iv e n

in d ic a te d

w it h

respect

m in e s .”

I t is s t a t e d
is te r in
to

b y

th e

th a t

th o

th ou g h t

a

v ig o r o u s

lo s s

sta ted ,

can n ot

th o

to

th a t

th o
w ith

if r e la tio n s

th e

w ere

th o

v e s s e ls , it
w ill

G erm an y

b r e a k in g
is n o w

d o

n o

th e ft o f s to ck s

b y

G erm an

troop s:

th e

th a t P r e m ie r R ib o t , w h o

now

F ren ch

is a ls o

C a b in e t, c o n c lu d e s

th e G o v e r n m e n t ’s r e p r e s e n ta tiv e s in

F o r e ig n

h is

M in 

in s tr u c tio n s

n e u tr a l c o u n t r ie s b y

it

r e s p o n s ib le

is r e p r e s e n t e d

lo s s e s ,

w h ile

dam age

severed

it

th a t

or

b e in g

e ffe c te d

paper

H ague

th a n

in

w h ic h

good

th e

fa it h

o p e r a tio n s c o n c e r n in g

G erm a n s

s e iz e d

in

v io la tio n

nego

of

T h e

C o n v e n t io n .

G R E A T B R I T A I N A N D I T A L Y TO SET CLO CK S A H E A D .

n o tify in g
fo r

as

th e

fe e lin g ,

trem en d ou s

w o u ld

h o s tilitie s

and

tia b le

b e lio v o d

p r o b a b ly

h o ld s

p o in t

m oro

G erm a n y,

H o lla n d

recen t

b etw een

n earer

D u tch

in v o lv e d .

th a t

r e la tio n s

step

G overn m en t

p rotest

com p a re

abou t

o f

G overn m en t

m o n e ta ry

th a t

brou gh t a

N e th e r la n d s

B e r lin

is

is

w ere

d e s t r u c t io n

th e

m ake

it

it

H o lla n d

th e fo llo w in g

p r o t e s t a g a in s t t h e p illa g in g

s a y in g t h a t F r a n c e , a s w e ll a s h e r a llie s , w ill n o t r e c o g n iz e a s
v a lid

A lth o u g h
and

th e

to

According to evidence in tho possession o f tho military authorities in the
region taken from the enem y, notably at Peronne, where a branch of the
Bank o f France was pillaged and the safes broken in, m uch negotiable paper
has been stolen by the retreating German troops. I would be obliged if
you would call to the attention o f the Government to which you are ac
credited these wrongs to private property, against which the Government of
the Republic makes the m ost energetic protest. Y o u will also ask them to
caution their banks and their nationals against all operations concerning
papers which might be undertaken b y German subjects, directly or by
intermediaries, without furnishing serious proof o f their former ownership.

t h o w ir e le s s o r d e r .

th a t o u ts id e

w o u ld

I n a d d it io n t o th e a b o v e , th e r e p r e s e n ta tiv e s o f th e F r e n c h

a g a in

v e s s e ls d e c id e d

of

The civilized world can only revolt against this conduct on the part o f a
nation which wanted to Impose its culture on It, bu t which reveals itself
once again as quite close to barbarism still, and, in a rage o f disappointed
am bition, tramples on the m ost sacred rights o f hum anity.

o ffic ia l s ta te 

c o n d it io n

D u tch

w ord

th a t

passage

G erm a n y
on

o n ly

T h e

16.

F eb .

G erm a n

r e a s o n s .”

sa fe

sta te d

s a fe

t h e s h ip s w e r e t o s a il o n F e b . 2 2 G e r m a n y e x p r e s s ly in fo r m e d

u n c o n d itio n a l

1227

THE CHRONICLE

bo

brou gh t

A c c o r d in g
been

U n it e d

a

c a b le

fr o m

an n ou n ced

K in g d o m

w ill b o

to

T h o
th a t

n orm al

I ta lia n

a ll

p e r io d

tim e

L on don

th a t

s h a ll

S ep t.

b e tw een

be

on

M arch

c lo c k s
on e

it

has

th rou g h ou t

24

th e

h ou r a t tw o

o ’c lo c k

T h o c lo c k s a re t o b e m o v e d b a c k

on

G o v e rn m e n t,

c lo c k s

a ll

se t fo rw a r d

in t h e m o r n in g o f A p r il 8 .
a g a in

com m en ced .

S P A IN A S S U M E S W A R R ISK IN SU RA N CE.

to

o ffic ia lly

17.

it

is

m oved

A p r il 7 a n d

s a id ,

has

fo r w a r d

is s u e d

on e

a

d ecree

hour

fo r

th e

S ep t. 3 0 .

T h e S p a n is h G o v e r n m e n t , u n d e r a d e c r e e d a t e d M a r c h 2 4 ,
ta k es

ov er

a ll

m a r it im e

w ar

r is k s .

S t a t e fu r n is h e s in s u r a n c e u p t o

8 0 %

a g a in s t

o f

th o

ca p tu ro

ages, or a n y
s a ilin g
oth er
a ls o

th o

ex ten d ed

to

th o

fo r

th o

th o

cargoes,

th o

decree

m a x im u m

fla g

or

a c c id e n t s ,

S p a n is h

crow s

in s u ra n ce

o f

m e r c h a n d is e

p orts.

T h o

S p a n is h

m on ey,

w reck 
b y

under

an y

p r o te c tio n

s h ip s .

is

E ig h t y -fiv e

i t is s a i d , w il l b e

p a id

b y

th o G o v o r n m o n t w it h in e ig h t d a y s a ft e r v e r ific a t io n , a n d th e
r e m a in d e r u p o n

th o ow n e r o f

o r a r r a n g in g

con stru ct

to

a

th e lo s t o r

s e iz e d

v e s s e l r e p la c in g

s h ip

th e

ono

lo s t

or

ord or to

avert a

M a d r id

v ia

L on don

im p o rta tio n

o f

G overn m en t

M arch

fro z e n

on

a

m eat

num ber

and
o f

fo r

to fo o d

to a d is p a tc h fro m

2 3 , has arran ged

fo r

th e fre o

e m b a r k a tio n

in d u s t r ia l

b y

e n t e r p r is e s .

th e
T h e

G o v e r n m e n t ’s p la n , a c c o r d in g t o t h e d is p a t c h , in t h u s t a k in g
c o n t r o l o f c e r ta in
m e r c a n tile

b u s in e s s e s , is t o

abu ses, an d

to

b r in g

w ago

abou t

a

c a m p a ig n

needed

to

a

w ir e le s s

a t B e r lin

b y

Japan

in

th o

fro m

to

press.

a g a in s t

th o

F ren ch

G overn m en t

c o u n tr ie s h a v o b e e n c a lle d u p o n t o p r e s e n t t o th o
te s t a g a in s t “ a c ts o f b a r b a ris m a n d

w it h

a

p o p u la t io n

c a b le g r a m

it

th a t

he

g a r ia n
L aw ,

fr o m
had

A m bassador

r e c e iv e d

w as

sunk

s u b m a r in e .
L aw

on

in

la tte r

n eu tra l
a p ro

d e v a s ta tio n o n th o p a r t o f

T h e

A u s tr ia n

m a r in e s h a v e b e e n
a tta ck

on

h eard

th e

on

s e r io u s

p roof

o f

m ig h t b e

th e ir

u n d erta k en

in te r m e d ia r ie s ,
fo rm e r

b y

G erm an

w it h o u t

o w n e r s h ip .”

T h o

sub

fu r n is h in g
tox t

o f

th e

n o t e , w h ic h is s i g n e d b y P r o m i e r R i b o t , is a s f o l l o w s :

Tho Government of tho Republic is now gathering tho elements o f pro
test which It Intends sending to neutral Governments against acts o f bar
barism and devastation committed by tho Germans In French territory
which they aro ovacuating while retreating. A t this tim e I ask you to
mako known to tho Government to, which you aro accredited that wo In
tend to denounco beforo universal Judgment tho unqualifiable acts In
dulged In b y tho German authorities. N o m otlvo demanded b y military
necessities can justify tho systematic devastation o f public monuments
artistic and historical, as well as public property, accompanied by vio
lence against porsons; cities and villages In their entirety havo boon pillaged,
burned and destroyed; privato homes stripped or all furnituro, which tho
enemy has carried off; fruit trees havo been torn up or rendered useless
for future production; streams and wells havo been poisoned. Tho in
habitants, relatively few In number, who havo not been removed have been
left with a minimum o f rations, while tho enemy seized stocks supplied by
tho neutral rovictualing commission which wero destined for tho civil
population.
Y o u will point out that this concerns not acts destined to hinder tho op
erations o f our armies, but o f devastation having no connection with this
object and having for Its purpose tho ruin for years to come o f ono o f tho
most fertllo regions o f Franco.




on

th e

a d v is in g

A u s tro -H u n 

sch oon er

L ym an

m ile s

M.

sou th w est

F ob .

17,

th e

o f

th e

s in k in g

fr o m

and

I m m e d ia t e ly

D ep a rtm en t

set

a fir e

b y

a

bom b

p u t

ab oa rd

s u b m a r in e w it h o u t fla g .”
w arded
w h ic h

th ree

a fte r

r e c e iv e d

ho had

r e c e iv e d

o f

th e o th e r fro m

th e

ash

rep orts

D eck

s c o p e , stern

vessel

b y

to

th o

S ta te

fro m

th e

Ita lia n

an

fro m
“ w as

A u s tr ia n

F eb .

14 fo r

D e p a rtm e n t,

tw o

of

M in is t e r o f M a r in e

th e B r itis h C o n s u l a t C a g lia r i, S a r d in ia ,
w a s la n d e d .

vessel an d

s u b m a r in e :

c o lo r .

th e

th e

th e s e c o lu m n s

C o n s u l T r e d w e ll o n

d is p a tc h e s

th e

th a t n on e h a v e re p orted

v e s s e l.

M . L a w , a s r e p o r t e d in

S ta te

o f

t h e f a c t t h a t a ll A u s tr ia n s u b 

C o n s u l-G e n e r a l T r e d w e ll a t R o m e s ta tin g t h a t th e L a w

th e s in k in g o f th e

b y

V ie n n a
th e

12, sev en ty

d is a v o w a l

A m e r ic a n

to

t h e ir b a n k s “ a g a in s t a ll o p e r a t io n s c o n 

at

fr o m

A m e r ic a n

F ob .

is b a s e d , i t is s t a t e d , o n

b o ask ed

or

is

o f C a p e S p a r t iv e n t o , I t a ly , w a s n o t d e s tr o y e d b y a n A u s tr ia n

and

p a p e r s w h ic h

is r e p o r t e d

M a ca o

R i v e r , s e v e n t y m ile s

P e n fie ld

assu ran ces

G o v e rn m e n t th a t th e
w h ic h

w h e re th e L a w ’s cre w

d ir e o tly

o f

A U S T R I A D I S A V O W S S I N K I N G OF T H E L Y M A N M .
LAW.

T h o n o t e a ls o d ir e c ts t h a t th e n e u tr a l G o v e r n m e n ts

je c ts ,

o f M a ca o

I s la n d

N ew

pu rch ase

o f a b o u t 8 0 ,0 0 0 .

t h e G o r m a n s ” in t h e t e r r it o r y e v a c u a t e d b y t h e m in N o r t h e r n

c e r n in g

O versea s

in s t. th e

W it h s o m o n e ig h b o r in g s m a ll is la n d s M a c a o fo r m s a p r o v in c e

F ra n co.

c a u tio n

I s la n d

T h e

th e

1 9 th

s o u t h e a s t o f C a n t o n a n d t h ir t y - f iv e m ile s w e s t o f H o n g k o n g .

th e

r e fo r m s .

F R E N C H PR O TEST TO N E U T R A L S A G A I N S T A C T S OF
D E V AS TA TIO N CO M M ITTED B Y G E R M AN Y.
o f

fro m

th e

P o rtu g a l o f th e

P ortu g u ese

s in k in g o f th e L y m a n

R e p re s e n ta tiv e s

m essage

S a y v ille o n

w e s t s id e o f th e e n tr a n c e t o th o C a n t o n

a

th r e a te n e d g e n e r a l s tr ik e , d u e

on

A gen cy

T h e S ta te D e p a r t m e n t a t W a s h in g t o n o n F e b . 2 8 r e c e iv e d

S P A N I S H G O V E R N M E N T TO T A K E OVER
IN D U STR IES .
In

A c c o r d in g

b u y in g

s e iz e d .

s h o r t a g e , t h o S p a n is h C a b in e t , a c c o r d in g

P U R C H A S E OF I S L A N D OF M A C A O B Y J A P A N .

th o

v a lu e

th o r e s u lt o f th o w a r , s u s ta in e d

S p a n is h

d e s tin e d

por cen t o f

s e iz u r e

lo s s d u o a s

undor
fla g

or

U nder
o f

S u b m a r in e
b la c k .

tu rre t.

T h e

gave

le n g th

W ith

I t is n o w

d is p a tc h

th e fo llo w in g
40

can n on

s a id

c o n fir m e d
d e s c r ip tio n

m eters.
o f

75.

P a in t e d
O ne

p e r i

t h a t th e s u b m a r in e w a s

a s s o r te d t o h a v e b e e n o n e b e lo n g in g t o th e A u s tr ia n G o v e r n 
m en t
w as

becau se

th e

th o u g h t to

m u ch

as

it is n o w

th e

r e g io n

h avo

in

w h ic h

c o n ta in e d

s u b m a r in e

no

show ed

no

th e

L aw

G erm an
m arks

w as

d estroy ed

U -b o a ts .
o f

In a s

id e n tific a tio n ,

a s s u m e d , i t is s t a t e d t h a t s h e m u s t h a v e b e e n G e r 

m a n o r p o s s ib ly T u r k is h .

T h e L a w w a s o w n e d b y th e M a r i

t im e T r a n s p o r t a t io n C o . o f th is c it y , a n d its d e s t r u c t io n w a s
r e fe r r e d
on

F eb .

to

b y

26

as

P r e s id e n t W ils o n
d is c lo s in g

“ a

in

h is

ad d ress

r u th le s s n e s s

o f

to

C on gress

m eth od

w h ic h

d e s e r v e s g r e a t c o n d e m n a t io n .”

A G R E E M E N T THROUGH W H I C H C H I N A A N D J A P A N
SE T T L E C H E N C I I I A T U N D I S P U T E .
K n o w le d g e o f th e te rm s
it

is

sta te d ,

C h e n c h ia tu n

th ere

has

d is p u te ,

o f

been
w h ic h

an

agreem en t

e ffe c te d
had

th e
at

th r o u g h w h ic h ,

s e ttle m e n t

on e

tim e

o f

th e

s e r io u s ly

1228
th rea ten ed

th e

r e c e iv e d

W a s h in g to n

at

r e la tio n s

b etw een
on

F eb .

C h in a
21,

t h e s a m e w e r e g iv e n a s f o llo w s in

and

and

Japan,

th e

th e N e w

w as

p r o v is io n s

Y ork

of

“ T im e s :”

1. China promises that Japan shall have the right of leasing land in M a n 
churia and Inner Mongolia and other preferential rights in the above re
gion.
2. Japan is allowed to establish police stations at certain fixed localities
in Manchuria and Inner M ongolia.
3 . In case of necessity, at other special localities in tho above mentioned
region, Japan is entitled to ask permission from China to establish polico
stations.
4 . Besides the engagement o f Lieut. Gen. Aoki as military adviser,
China is asked to engage several more military advisers from Japan.
5. The policing rights and the engagement o f military instructors are
for the present to be postponed until a suitable time.
6. M ilitary officials involved in the troublo shall bo punished.
7 . China to express regret to Japan.
8. China to pay compensation for tho Japanese soldiers killed or wounded.
T h e

“ T im e s ”

Your Honor. I am an officer o f tho Germ any N avy and if I should have to
disclose tho name o f tho gentleman in this hoaring I m ight bo tried for
treason when I wont homo to G erm any.
I wish you would not oblige mo
to answer that question.
T h e

q u e s tio n

th a t it w o u ld
id e n t it y
b y

o f

th e

E m bassy

fo r

th e

s p r in g
w as

th e

sum m oned

to

a r is e n

h an ds.

O n

th e

H e

th e

OF

fro m

end

o f th o

FLANDERS

PROM ISED

O .

BY

th e in d e p e n d e n c e

B eth m a n n

o f F la n d e rs

H o lh v e g ,

d e p u ta tio n

th e

r e p r e s e n t in g

th o

v is it e d h im , w e r e c r e d it e d
d is p a tc h

fro m

th a t th e

B e r lin

a L on don

w ay

of

p r o m is e d

I m p e r ia l

of

b y

P a rty

von
to

w o u ld

bo

It

on

is

th e

a

w h ic h

c a b le o f th e 3 r d

A m sterd a m .

F la n d e r s

D r.

C h a n c e llo r ,

A c t iv is t -F le m is h

b y

b y

in d e p e n d e n c e

w as

G erm a n

to a

sta ted

b a s is o f

F le m is h la n g u a g e a n d c iv iliz a t io n .

T h e I m p e r ia l C h a n c e llo r

is s a id

th a t

th e
to

to

have

a p p rova l

t o ld
of

th e

th o

d e p u ta tio n

G erm an

th e

m ovem en t had

E m peror.

lie

is

rep orted

have added:

Measures aro under way which aim at giving tho Flemish nation the
opportunity hitherto denied it— free cultural apd economic development—
thereby laying the foundation of tho independence which it hopes to gain,
but which it can hardly attain by its own strength. Tho united efforts
of tho German authorities and the Flemish peoplo will succeed in attaining
tho desired result.

th e

at

A sk ed

w ho

SEA M E N

SENTENCED

THE

FOR

SINKING

w h ic h ,

as

n oted

in

th ese

c o lu m n s

on

F eb .

3,

sunk

at

her

ta in

J.

w e re a c q u itte d , h o w e v e r , o n

R .

to

s in k

K la t t e n h o ff,

L u bken ,

c h ie f

o ffic e r ;

E d w ard

Jan sen ,

th e

s h ip .

m a ster

G eorge

c h ie f

of

T h e

th e

e n g in e e r ;

A ll a re

je c t .

G erm an s

S everal o f

s e r v is t s .

T h ey

d e fe n s e

argu ed

m a tin g , it

th e

m o tio n

a

is

s a id ,

w e re in d ic te d

on

s h o u ld

is s a i d ,

fo r

it

th a t

th e

th a t

T h e d e fe n s e o ffe r e d
a

ex cep t Jan sen ,
m en,

m en
th ey

w ho

Jonas

W a tten b u rg ,

is

are

a

D a n is h

G erm an

6.

n ot

o n ly

t r ia l,

w h ic h

w as

sub

naval

re

C o u n se l fo r th e

be

p u n is h e d ,

c a r r y in g

ou t

in ti

orders.

n o te s t im o n y , b u t a fte r c o n v ic tio n

new

m ade

d e n ie d .

C ou rt

o f $ 2 0 0 ,0 0 0 w a s f ile d

at

B oston

S te a m s h ip
w orth y
ery

th a t

E m ba ssy

th e

a ls o

U n ite d

A .

on

p e titio n

fo r

D is tr ic t

C ou rt

dam aged,

he

G overn m en t

in

e la t io n s
a in
ven

orders

o w in g

w as

at

b y

B oston

com m an der,
th o
on

v e s s e l in
F eb.

p r e v e n t its

event

th e

of w ar

to




b e fo r e

U n it e d

asked

th o

G erm a n
of

u se

17.
b y

b etw een

th o

S ta tes
nam e

d a m a g in g
th o

th e

cou rt:

of

of
th e

th e

sea

m a c h in 

A s ta te m e n t to th e
of

a

d u r in g

G erm an
of

a

T h e
th e
it

S ta tes

vessel

U n it e d
and

took

C ap

h e a r in g

th e U n it e d

s e v e r in g
and

L lo y d

m a k in g

orders

o f th e v e s s e l’s m a c h in e r y

w hen

answ er

on Jan. 31.

her

1, th re e d a y s

fo r

N o r tli

expenso

dam aged

s a le o f

to

th e

th e

th e

b r o u g h t o u t in t h e t e s t im o n y

th e

b etw een

P o la c k

b y

K r o n p r in z e s s in C e c ilie ,w h o s e

P o la c k ,

s a id ,

T h o d e s t r u c t io n
F eb .

21

L lo y d

w ho

of

th e

13.

at

N a tio n a l

C e c ilie

C h erb ou rg

in

N ovem ber

M o .,

and

in s titu te d

th e

w h ic h

r o p a ir o f

o f

lib e lla n t s

C o.

aro
B an k

on

$ 2 ,

th o

of

th o

N orth

G u a ra n ty

T ru st

th e

Y ork .

N ow

T h o

Y ork

fo r

E u rop ean

w ar

r o fu g e

and

in

B ar

N a t io n a l

C ity

recovery

board

v e s s e l,

a g a in s t

took

T ru st

th e

dom andod

dam aged

p reson t

n o n -d e liv e r y

th e vessel h a d

s ix

th o u g h t

b otw eon

of N ow

She

fo r

abou t

w as

fro m

th e

1914.

s h ip

dam age

ju r is d ic t io n

th o

bou n d

G u a ra n ty

th o

th o

th o

C ity

p r o c e e d in g s

becau se

C om pa n y

w hen

th o

o f $ 2 0 0 ,0 0 0 f ile d b y

under

w as

h e a r in g
th o

H e

w o rth

s h ip ,

S tu a rt

th e

e x a m in e d

s e r v ie o .

w as

bon d

T h o

S te a m s h ip
th e

and

ou t

fo r

M a r s h a l.

and

fo r

c o n d it io n

m a in te n a n c e

L lo y d

th a t

rea d y

T h e

had

M a r

th e

ash ore.

t e s t ifie d

ho

S te a m s h ip

o n ly

its

S ta tes

P ly m o u th

vessel

presen t

n ot

fo r

of

$ 2 ,3 0 0 ,0 0 0

o f

a

la r g o

fo r

L on don

s h ip m e n t
and

P a ris

ban k ers.

Judge
t r ic t

Jam es

C ou rt

s a le

of

w as

S ta tes

d ip lo m a tic

G erm an y.
o ffic ia l,

m a c h in e r y ,

M .

M o rto n ,

B oston

on

J r .,

th e

K r o n p r in z e s s in

of

3rd

th e

U n ito d

in s t.

bo

p o n d in g

C e c ilie w o u ld

ordered

t h e a s s e s s m e n t o f d a m a g e s in

s u its b r o u g h t b y
T ru st C o.

a

B oston

te r m in e
th e

and

a ttorn ey ,
th o

bon d

of

th e

M arsh al
fo r

m ade

th e
of

a lle g e d

vessel

r e p r e s e n t in g

ban ks.
th e

T h e

vessel

covered

it

b y

a ll

w o u ld

w h ile in

th e

M a r c h 2 1 d e c lin e d

th o

s t e a m s h ip

im p o s s ib le

B an k

G erm an

N o rtli

took

L lo y d

T h e N ow

th o

assessor
r e fu s e d
th e

U n it e d

had

file d

of

w h ic h

fo r

th o

to

o b ta in
w h ic h

banks

w ore

in fo r m e d

o b ta in

a

a

dam ages

$ 7 5 ,0 0 0 ,

com pan y
to

de

order

of

en d ea vored
bon d

to

to

vessel

fu ll c la im

cu stod y .

th e

$ 2 ,3 0 0 ,0 0 0

Judgo

m o t io n

G u a ra n ty

M o rto n

on

b y a tto r n e y s fo r

T ru st

C o . to r e q u ir e

C o . to p a y m a in te n a n c e e x p e n s e s o f

C e c ilie fr o m

e x c lu s iv e

G erm an

co sts.

and

L lo y d

th o N a tio n a l

th o ca re a n d m a in te n a n c e o f th e

M a r s h a l’s

K r o n p r in z e s s in

M it c h e ll

to

to ta k e a c t io n o n

th e N a tio n a l C it y
th o N o rth

a

dam ages

th e
bo

ow n ers

an

a ls o

cu stod y

of
th e

filin g

b o n d , b u t a g reed to p a y fo r
vessel

th e

ow n ers

no

R ob ert G . D odge,

a p p o in t e d
M o rto n

fro m

th e

C o u n se l fo r

th a t

been

Judgo

u n til

$ 2 ,3 0 0 ,0 0 ,

b y

cou rt

has

dam age.

r e le a s e

S ta tes

th e G u a r a n ty

D is 

th a t

C ity

B ank

S ta tes

an n ou n ced

F e b .3 , w h en U . S .

p o s s e s s io n

C o.

w as

to

M arch

r e q u ir e d

to

3,

M arsh al
w hen

assum ed

Y o r k b a n k s h a v e b e e n r e q u ir e d to p a y

e x p e n s e s , a m o u n tin g to $ 6 0 0 a d a y fr o m

th e

th ese
th ose

F e b . 3 to M a r c h 3 .

G erm a n y.

p la c e o n J a n .
o f

at

th o

e n title d .

in t h o U n it e d S t a t e s D is t r ic t

cover

b y her crew

o ffic ia l

C h a r le s

and

to

vessel w as

ta in
a

F eb .

t h e s t e a m s h ip

w as dam aged

e ffe c t

31

on

C om pa n y

its

cou rt

th o

th e

$ 3 ,0 0 0 ,0 0 0 .

b y

p o s s e s s io n

D IS A B L IN G OF ICRONPRINZESSIN CECILIE.
bon d

in

and

G erm a n

th ey

A

m ake

N orth

C a p 

Johann

S c h w a r tin g , m a c h in 

M arch

w ere

w ere

o ffic e r ;

H e in r ic h

a s s is ta n t e n g in e e r , a n d J o h a n n W ilh e lm
is t.

th ir d

su rveyor,

crew

dam age

one cou n t

m en

L ie b e n fe ls ;

S u n k e l,

and

p o s s e s s io n

w ill t a k e

o f g o ld

T h ey

C a p t a in

w as

S ta tos

it

S . C ., o n M a r c h 9 , a n d w e re s e n te n ce d

c o n s p ir a c y

p h y s ic a l

T h o

U n it o d

s a id

dam ages

c h a r g in g

d is a b le d .

w hen

a ls o

B an k

of $500 each .

bo

and

H o

la w s b y a ju r y in t h e U n it e d S t a t e s D i s t r i c t C o u r t a t F lo r e n c e ,

a y e a r in th e A t la n t a F e d e r a l P e n it e n t ia r y , a n d t o p a y a fin e

to

is
an

its r e c e ip t

m a c h in e r y .

t h o v e s s e l in a n a v ig a b le s t r e a m

to servo

took

te le g r a m
th a t u p o n

r e p a ir

H arbor,

th e n e x t d a y

open

agreed

know n

th e

P o la c k

to

m o o r in g s o f f C h a r le s t o n , N . C ., w e r e f o u n d g u ilt y o f s in k in g
in v io la t io n o f th e n a v ig a t io n

vessel w ere

th e

A t

e v e r y th in g

C a p t a in

$ 1 1 0 ,0 0 0

vessel

brok o

an

been

w ith

h is c h ie f o ffic e r

P ete rso n

w as,

sen d.

stop p e d

in s tr u c tio n s .
to

h is
s h ip

to

bu t

cost

to

th o

w as

A r k .,

w ill

th a t

K r o n p r in z e s s in

E ig h t o ffic e r s a n d m e n o f th e G e r m a n fre ig h te r L io b e n fe ls ,

he

w ith

o f

it

C om pa n y

LIEBENPELS.

“ T e ll

w as

becam e

th e

h is

w as
th a t

fa ll in t o h o s t ile

d is a b lin g

w h ic h

ho

w arn ed

th a t

G erm a n

GERMAN

It

m a r in e

on

ta k in g

tr o u b le

arran ged

S p r in g s ,

in 

G orm a n

as

s a id

5 0 0 ,0 0 0

bu t

to

of

w as

th o

a ls o

he

th o

o ffic e s
ho

1 7 th ,

m on th s
th e

H ot

it h a d

G erm an

a

fo u n d

th e

w h ere

“ P eterson ”

M it c h e ll

th o

B oston

w as

th a t

S u ssex,

G erm a n y

b e a llo w e d

B oston :

becau se

J.

M u rp h y ,

and

h e s e n t th is te le g r a m

B ie r a n s

m a c h in e r y

p u ttin g

lie

te le g r a m

fo r

w as

in te r v ie w

sh al J oh n

to

code

“ N o b o d y .”

th e

and

a

ho

e n g in e s o f th e

to

in

of

Y ork

w h ere

in a s m u c h

S ta tes

c h ie f e n g in e e r fo r

sta rted

stea m er

N ow

C o .,

th a t

B oston

Q u e s tio n e d
t e s t ifie d

rep resen ted

h im

p ap ers.

to

th o

th o

ho

tim e .

P o la c k

o f

d e c id in g

to re v e a l th o

Y o r k , w h e r e h e h a d a n o th e r in te r v ie w

u n d erstood
A d v ic e s t o th e e ffe c t t h a t t h e a id o f G e r m a n y in e s t a b lis h 

s a id

n o m ean s to

w h om

K .”

sw ered

GERMANY.

he

to

U n it e d

s h ip ’s

and

over at N ew
m en

th o

retu rn ed

28

s in k in g

t o ld

M o rto n

th is

S te a m s h ip

w h o

w ho

r e c e ip t

Jan .

B oston

b etw een

c h ie f o ffic e r
u pon

fro m

L lo y d

at

C a p t a in

th e

m an

and

d estroy

S ig m u n d

INDEPENDENCE

a

G overn m en t
had

Judge

th e C a p ta in

o ffic ia l

a fte r

G erm an

tro d u ce d

pressed,

lib e lla n t s

s h o r t ly

N orth

to

n ot

cou n sel

la s t
he

w as

n o t b o n ecessa ry fo r

th e v essel w a s b y

added:

Advices from Tokio state that it was officially explained there that
hitherto Japan's policy toward China had been devoted to tho extension of
political rights, to the neglect of economic activities, the result of which
had been the augmentation of anti-Japanese feeling among tho Chinese.
It was said further that heretofore there had been circumstances which
rendered Japan’s economic activity in China difficult, if not impossible,
owing to the scarcity of funds, but that now Japan was competently
equipped financially and her economic interests in China would be ad
vanced in harmony with the extension of her political rights.

in g

[Vol . 104.

THE CHRONICLE

C ap-

w ho

had

m ade

th o

T h e

e ffo r ts

v ie w e d

th e

g r a n tin g
C e c ilie
break

th e

dam ages

fo r
of

of

d e c is io n

fa ilu r e

th e

w ar

to
to

N orth

G erm an

of

U .

th e
th e

a
to

L lo y d

C ir c u it

lib e lla n t s

d e liv e r

(re fe r r e d

S.

of

th o

s h ip m e n t
in

th ese

L in o
C ou rt

of

to
of

have

re

A p p e a ls

K r o n p r in z e s s in
g o ld

c o lu m n s

at
on

th o

ou t

Jan.

20)

h a v e p r o v e d s u c c e s s fu l, th o U . S . S u p r e m e C o u r t o n M a r .

12

THE CHRONICLE

Mar . 31 1917.]

h a v in g g r a n te d th e ir p e t itio n fo r a w r it o f c e r tio r a r i t o r e v ie w
th e d e c is io n

o f th e lo w e r C o u r t .

T h e r u lin g o f th e S u p r e m e

C o u r t , it is s a id , a u t o m a t ic a lly p r e v e n t s p o s s ib le a u c t io n s a le
o f th e v e s s e l p e n d in g th e o u t c o m e

E X P L A N A T IO N
OF
A n

OF G R E A T B R I T A I N

B EL G IA N

e x p la n a tio n

G overn m en t
B e lg iu m

fo r

o f

and
th e

o f th e a p p e a l.

R E LIEF

th e

th e

agreem en t

A m e r ic a n

u n lo a d in g a n d

OF D E T E N T IO N

CARGOES.
b e tw een

C o m m is s io n

p la c in g

in

th e
fo r

B r itis h

R e lie f

in

w a reh ou ses o f th e

c a r g o e s o f B e lg ia n r e lie f s h ip s h e ld in t h e p o r t s o f t h e U n it e d
K in g d o m

becau se

con d u cts,

fo r

o f in a b ility

th em

w as

to

o b ta in

fu r n is h e d

fro m

on

th e

G erm a n y

5 th

in s t.

In taking this step China was in hope that Germany might. In order to
preserve the existing friendly relations between these two nations, deem it
advisable to so modify its policy as to meet the wishes of the Chinese Gov
ernment. T o tho regret o f the Chinese Government, since the protest of
China was made, fully a month ago, the unrestricted submarine warfare
has not been abandoned, but, on the contrary, many more vessels of dif
ferent nations had been sunk, causing the loss of many Chinese lives and a
great deal o f Chinese property.
On March 10 the Imperial German Government made its formal reply,
stating, to the great disappointment o f the Chinese Government, that the
German Government could not abandon Its new submarine policy. In
these circumstances the Chinese Government has no recourse but to sever
from this day on the diplomatic relations with Germany in order to mani
fest our respect for the sanctity of international law and our due regard for
the lives and property of our citizens.

s a fe

b y

S ir

13 2 9

T h e

C h in e s e

M a u r ic e d e B u n s e n , A s s is ta n t U n d e r S e c r e ta r y fo r E n g la n d ’s

o f

F o r e ig n A ffa ir s .

“ m easu res fo r

W e q u o te w h a t h e h a d t o s a y b e lo w :

L e g a tio n

is

s a id

to

h ave

r e c e iv e d

w ith

th e

p r o c la m a tio n a m e s s a g e s a y in g th a t th e v a r io u s d e p a r tm e n ts
th e

C h in e s e

G overn m en t
th e

had

been

o f

G erm a n

p r o te c tio n

in s tr u c te d
r e s id e n t s

to

d e v is e

in

C h in a

When the German war zone was declared there were In British waters a n d t a k e o t h e r n e c e s s a r y s t e p s i n c o n f o r m i t y w i t h t h e e s t a b 
and on the high seas a large number o f relief ships which had sailed from
American ports under German safe conducts absolutely guaranteeing them l i s h e d p r i n c i p l e s o f i n t e r n a t i o n a l l a w . ”
against attack. There were also in British ports several ships loaded with
A w ir e le s s f r o m B e r lin t o S a y v ille o n t h e 2 3 r d in s t . s t a t e d
foodstuffs bought in tho United Kingdom for which safe conducts also had t h a t a l t h o u g h o f f i c i a l n e w s w a s s t i l l l a c k i n g i n r e g a r d t o
been promised under the general arrangement between the Germans and
press re p orts
th a t
C h in a
h ad
brok en
o f f r e la tio n s
w it h
the Commission.
Tn declaring the war zone Germany explicitly cancelled all her safe G e r m a n y , t h e G e r m a n p r e s s h a d f i n a l l y a c c e p t e d t h e r u p 
conducts, giving only a few hours for tho relief ships then In United Kingdom t u r e a s a f a c t .
R e g r e t is s a id t o b e e x p r e s s e d g e n e r a lly t h a t
ports to clear for Rotterdam
It was impossible to got them away in time.
It was also impossible to communicate with tho ships on the high seas, as C h i n a h a d y i e l d e d t o p r e s s u r e , b e l i e v e d t o h a v e b e e n e x 
they were not provided with wireless.
erted
b y
th e
E n te n te .
T h e
“ F r a n k fu r te r
Z e itu n g ”
is
Since then the Germans have alleged that they accorded to those and to
q u o t e d a s fo llo w s :
other neutral ships a further period o f grace. Nobody over heard of this
These 400,000,000 Chinese do not hate us. Just as they do not love us,
until the Germans announced that tho period had expired. All that the
Commission or tho world knew was that the Gormans had opened their because thoy do not know us. England will attempt to stir them to hatred,
but
we may rely on the common sense of the Chinese.
submarine campaign by sinking two Belgian relief ships.
A d v ic e s u n d e r d a t e o f th e 1 6 th in s t . fr o m P e k in g s ta te d
There has thus been a steady accumulation o f relief ships in the United
Kingdom ports. Their cargoes have been deteriorating, valuable anchor t h a t a f t e r a n n o u n c i n g t h e s e v e r a n c e o f d i p l o m a t i c r e l a t i o n s
age has been taken up and tho wholo o f this tonnage, which Is urgently
required to take additional relief cargoes from American ports, has been b e t w e e n C h i n a a n d G e r m a n y , F o r e i g n M i n i s t e r W u T i n g held in suspense for a month.
fa n g c a lle d a m e e t in g o f th e M in is t e r s o f th e E n te n te n a 
The Commission immediately opened negotiations with the Germans t i o n s , a n d l a t e r a m e e t i n g o f t h e M i n i s t e r s o f n e u t r a l c o u n 
through tho Spanish, Dutch and Swiss Governments, and the Entente
H e
p resen ted
a
m em ora n d u m
at
b oth
m e e tin g s ,
Governments strongly supported their representations. The only reply t r i e s .
which the Germans vouchsafed regarding tho ships in tho ports of the r e q u e s t i n g s u s p e n s i o n o f p a y m e n t s o f i n d e m n i t y f o r t h e
United Kingdom Is that they will reserve any question as to tho giving B o x e r u p r i s i n g , c o n s e n t t o a n i n c r e a s e o f i m p o r t d u t i e s a n d
Of guarantees for such ships until they have received a detailed list of their
names and o f the ports where they now are. This request was received m o d i f i c a t i o n o f C h i n a ’ s u n d e r t a k i n g s w h i c h w o u l d p e r m i t
virtually simultaneously with tho sinking o f Dutch liners in the English h e r t o s t a t i o n t r o o p s a t T i e n - t s i n , a l o n g t h e T i e n - t s i n - P e k i n g
Channel.
R a ilw a y a n d in t h e L e g a t io n q u a r t e r , a s a p r o t e c t io n a g a in s t
ITis Majesty’s Government have replied that, In view o f that occurrence,
T h e D u tch
L e g a tio n
is s a id t o b e p r o t e c t i n g
to give any such information to the Germans before tho latter havo guaran G e r m a n s .
teed absolute immunity to all these ships would be to lay them open to G e r m a n i n t e r e s t s a n d g u a r d i n g t h e G e r m a n L e g a t i o n i n
attack and invito treachery.
C h in a .
D e n m a r k is l o o k in g a f t e r C h in e s e in t e r e s t s in G e r 
Tn view o f the evident Intention of Germany to hold up this tonnage for
tho longest possible period, and in viow o f tho urgent nood o f these ships m a n y .
to take further cargoes to the starving populations in Belgium and Northern
O n t h e 1 9 th in s t . it w a s m a d e k n o w n t h a t C h in e s e t r o o p s
France, his Majesty’s Government havo agreed with tho Commission to o c c u p i e d w i t h o u t o p p o s i t i o n t h e G e r m a n c o n c e s s i o n s a t
discharge these cargoes in tho United Kiingdom and provide storage for
R e p o r t s t h a t P r e s id e n t L i H u a n g
them until the Gormans either havo given the necossary guarantees to T i e n - t s i n a n d H a n k o w .
relief ships from the United Kingdom ports passing Rotterdam or have H u n g t a k e s t h e a t t i t u d e t h a t i t w o u l d n o t b e w i s e f o r C h i n a
shown even more clearly than at present that they do not intend to give
to jo in th e E n te n te P o w e r s a g a in s t G e r m a n y a t th e p re s e n t
such guarantees.
.
T h e d is p a tc h a d d e d :
Meanwhile a regular supply of foodstuffs for Be'gtum and Northern t i m e c a m e f r o m P e k i n g o n t h e 2 5 t h .
Franco will go on in ships passing under Gorman safe conducts from Ameri
The President said that he regretted tho action taken by the Cabinet
can ports to Rotto-dam. Tho position thorofore is as follows: TIis in breaking off relations with the German Empire and said that he trusts
Majesty’s Government havo respected and will respect tho proporty of the
the severance of relations will prove sufficient as far as China is concerned.
Commission in these cargoes. Ail that they have done Is to provide
In discussing the revolution in Russia, the executive declared that in his
storage room for foodstuffs which the Gormans are apparently anxious to opinion the developments there are decidedly to the advantage of Ger
hinder reaching Belgium and Northern Franco.
many. lie thinks that the German retirement on the west front is pre
On the other hand, the Germans have already twice broken their safe liminary to a big thrust by the German armies.
conduces and destroyed proporty o f tho Commission. By this act o f
In view of these circumstances, the President said, China will avoid a
faithlessness they have struck one blow at tho work o f relief. They now union with the Entente Allies.
invito his Majesty’s Government to assist them in dostroving moro relief
ships by informing them where tho ships aro and consequently how thev
C h in e s e n a v a l o ffic e r s a t S h a n g h a i a r e s a id t o h a v e f o u n d
pan best bo attacked when they set sail. To satisfy tho German demands
would be to become accomplices in their crime.
b o m b s w it h p e r c u s s io n c a p s a n d t im e fu s e s fix e d u n d e r t h e
m a c h in e r y o f th e G o r m a n s te a m e r s D e ik e R ic k m e r s , S ik ia n g

C H IN A 'S

P R O C L A M A T IO N
R E LA T IO N S

T h o

tex t

of

th e

S EV ER IN G

W IT H

p r o c la m a tio n ,

is s u e d

b y

of

d ip lo m a tic

th o

C h in e s e

r e la tio n s

w it h

L e g a tio n

at

b r e a k in g o f f o f r e la tio n s w it h
in

th ese

c o lu m n s

p r o c la m a tio n

th o

M arch

17.

th e

th e

P r e s id e n t

severan ce o n

of

w as

W a s h in g to n

la s t

G erm a n y

C h in a w a s n o t e d

b y

is s u a n c e

B R IT IS H

o f

A

report

in to

th e

of

th a t

th e

G erm an

a c c o m p a n y in g

r e p ly

m a r in e w a r fa r e p r o t e s t w a s u n s a t is fa c t o r y .
p r o c la m a tio n

as

m ade

p u b lic

b y

th e

to

C h in a ’s

T h o

C h in e s e

th e
su b

te x t o f th e

L e g a tio n

fo l

lo w s :

Since tho beginning of tho European war China has steadfastly main
tained neutrality.* Quito unexpectedly on Feb. 2 the Chinese Government
received a communication from tho Imperial German Government with
regard to its new policy of unrestricted submarine warfare, causing it to bo
known that from the said date navigation for neutral vossels in certain
defined zones would be exposed to danger.
As tho loss to China, both in life and in property, arising from the de
struction o f merchantmen by submarines, had already been considerable,
and as the new policy was bound to causo greater loss to China, tho Chinese
Government, out of her respect for tho sanctity o f international law and
for the sake o f giving necessary protection to tho lives and property of
Chlneso citizens, made a vigorous protest to tho Imperial German G ov
ernment, declaring that unless Gormany abandoned her now policy China
would bo compelled to break off diplomatic relations with her.




a

w ere

C o m m itte e

a d m in is tr a tio n

p o rts

e x p la in e d

h is

th o

T h e

p a ssp orts

it

NEUTRAL

B r it is h

n o te

o f

it

is

14 b y

sta te d ,

t h e C h in e s e

had

been

d is 

m is s in g .

C O M M I T T E E ’S REPORT O N

th e ir

A

and

p a rts

T h e

a n d a ls o a ll t h e G e r m a n C o n s u ls in t h e c o u n t r y w o r e h a n d e d
1 4 th .

C h in a

p u b lic

w eek.

11

th o

to

m ade

M arch

on

M in is t e r

th e

and

m a c h in e r y ,

M arch

G erm a n y,

F o llo w in g

m a n tle d ,

T h e

s ta ff,

p a ssp orts

G erm a n

b y

a n d A lb e n g a , w h ic h w e r e s e iz e d o n M a r c h
a u th o r itie s .

GERMANY.

C h in a , L i Y u a n g -H u n g , a n n o u n c in g
14

D IPLO M AT IC

of

SEARCH

OF

CARGOES.
r e c e n t ly

th e

a p p o in t e d

B r itis h

to

in q u ir e

O r d e r -in -C o u n c il

of

1 9 1 5 u n d e r w h ic h n e u tr a l v e s s e ls a r e b r o u g h t in to
fo r

e x a m in a tio n

C o m m itte e

c o n s is te d

w as

of

m ade

L ord

p u b lic

P eel

F eb .

15.

(C h a ir m a n ),

on

S ir

K e n n e t h A n d e r s o n , B . A . C o h e n , K . C ., K . W a lla c e E lm s lie ,
and

A lm e r ic

w h eth er a n y
sued

in

P a g e t, M .

P .

A s

a

r e s u lt o f its

a v o id a b le d e la y is c a u s e d

d e a lin g w it h

s h ip s a n d

cargoes

b y

th e

in q u ir y

as

to

m eth od s p u r

b r o u g h t in to

B r it is h

p o r ts u n d e r th e O rd e r, a n d in fu r th e r a n c e o f th e in s tr u c tio n s
t o it to m a k e s u c h g e n e r a l r e c o m m e n d a t io n s a s it m ig h t th in k
fit

fo r

im p r o v in g

su ch

m e th o d s,

th e

C o m m itte e

an n ou n ces

its m a in c o n c lu s io n a s fo llo w s :

We have been unable to discover that, consistently with the effective
exercise of belligerent rights, there is any avoidable delay caused by the
existing methods of dealing with ships and cargoas brought into port under
the Order-in-Council of March 11 1915, and we do not offer any suggestions
for tho improvements of those methods.
T h e

C o m m itte e

p resen ts a n

e x p la n a tio n

o f th e m a c h in e r y

p u t in fo r c e b y G r e a t B r it a in c o n c e r n in g t h e s e a r c h o f n e u tr a l

1230
v e s s e ls ,
regard

and

THE CHRONICLE
th e

L on don

“ T im e s ”

p r in ts

th e

fo llo w in g

w ith

to its r e p o r t:

The Order-in-Council was mado to prevent commodities o f any kind from
reaching or leaving Germany, provided that this should bo dono “ without
risk to neutral ships, or to neutral or non-combatant life, and in strict
observance of tho dictates of humanity.” The Committee admits that
it would bo impossible to carry it into effect without causing some delay
to vessels, but they say:
“ It may not bo unfair to suggest that when complaints of delay have
been mado they arise rather from objections to the provisions of tho Orderin-Council * * * than to tho machinery by which those provisions
aro enforced.”
'
They add that although tho existence and proceedings o f the Committee
have been advertised in tho press o f this country and o f neutral countries
"no specific cases of delay have been brought before us by complainants.”
M e th o d s o f D e a li n g

W ith S h ip s a n d C a rg o es .

The Committee deal at somo length with tho process o f examination from
the moment when vessels are intercepted on the high seas by tho patrolling
squadrons. In normal weather “ visit at sea” occupies about three hours.
When it is decided to send a ship to port she is dispatched under an armed
guard to the most convenient harbor, which is called the port of detention.
On her arrival there she is visited by the Customs officers, who examine the
manifest, bills o f lading, and other documents, and prepare an analysis of
the whole cargo. Tho analysis o f tho cargo is forwarded in tho caso of
westward-bound ships to the Admiralty, tho Foreign Offico, and tho Board
of Customs, generally by telegram: and in tho caso of eastward-bound ships,
it is also sent to the War Intelligence Department, invariably by telegram.
In tho War Trado Intelligence Department every kind of information
which can assist in disclosing the real destination and ownership of car
goes, gathered from various sources, o f which telegrams, wireless mes
sages, confidential reports, and intercepted letters form part, has been
indexed, collated, and focused. A separate file or dossier is kept for
individual ships and traders, while selected members of tho staff mako a
special study o f all facts relating to particular commodities or groups of
commodities. The Department Is thus ready to prepare a report relevant
to each item in the list as soon as it receives the detailed analysis of the
cargo. As a general rulo it is thus able to supply a report on a Customs
telegram received in the morning by 3 o ’clock tho same day. Even in
exceptional cases a delay o f 24 hours is rarely exceeded. Tho report of
tho Department on cargoes eastward bound Is then put before tho Contra
band Committee, whose duty It is either to place tho goods In tho I’rizo
Court If there is reasonable ground for concluding that thoy are of enomy
ownership or destination, or to secure their release at the earliest possible
moment.
The Contraband Committee have also to determine whether tho cargo
is covered by any agreements designed to lessen tho inconvenience arising
from the exercise o f belligerent rights, such as undertakings from neutral
shipowners or consignees for tho return o f the goods to this country in
consideration o f tho ship’s being allowed to proceed without discharging
here; or undertakings by traders that goods shall not reach tho enemy, or
that thoy are not o f enemy origin.
T h e E n e m y E x p o r t s C o m m itte e .

In the case of westward-boimd ships seizuro depends upon the origin
rather than tho destination o f the goods, and tho decision on this question
rests with the Enemy Exports Committee, whose labors aro simplified by
tho use o f certificates o f origin and licenses which give freo passago to the
bulk o f west-bound traffic. I f it is decided to release a ship instructions
are sent by telegram either to tho Board o f Customs or to the naval authori
ties. If, on tho other hand, it is decided that tho cargo is to bo seized
instructions aro given to the Admiralty Marshal, for whom the Customs
officers at tho various ports aro agents. The Admiralty Marshal then
instructs his agents and at tho same time communicates with the Admiralty
Committee for Diversion o f Ships in War Timo, who decide upon a port of
discharge. In all subsequent proceedings tho Procurator-General’s De
partment and tho Prize Court are alone concerned. Tho Department has
access to the material in tho War Intelligence Department, and Is thus In a
position to carry inquiry beyond the point to which It was takon by the
Contraband Committeo. On these final proceedings the Committee in
the Order-in-Council say:
If, in the courso o f preparing tho caso, the Procurator-General is satisfied
that ho is not likely to succeed ultimately, the Court will release tho goods
upon his application. Wo would point out that any undue delay can bo
controlled by an application,on tho part o f tho claimant, to the Court, and
that such applications have been very few. On tho other hand, applica
tions by claimants for postponement of trial have been numerous.
With regard to tho Prize Court itself, we find that It Is well able to deal
with all, and more than all, tho cases ready for trial. Not only aro there
no arrears, but tho Court disposes o f its business by sitting three or four
days a week.
This system, the Committeo find, works smoothly in practice. A ruling
consideration throughout has been tho desire to lmposo on neutral shipping
as little inconvenience as Is consistent with tho interception o f tho enemy’s
sea-borne commerce, and it has been apparent to the Committee that tho
officials concerned have kept that object steadily in view.
The Committee commends to neutrals an expansion of tho system of
agreements. They say that the geographical position o f such countries as
Holland and Denmark, Norway and Sweden, makos the task o f discriminat
ing botweon cargoes o f onomy and o f neutral destination full of difficulties.
As a result o f agreements vessels are detained, either on the high seas or in
port, only for a time sufficient to establish their credentials; thoy aro not
called upon to discharge any cargo, and thus tholr own timo is saved and tho
congestion o f shipping in the ports is diminished.
Z I M H E R M A N N ’S

E X P L A N A T IO N

OF

DR.

R IT T E R 'S

O F F E R TO U N I T E D S T A T E S C O N C E R N I N G G E R M A N Y .
R e g a r d in g
S w is s

M in is t e r ,

n e g o t ia t io n s
e ig n

th e

a c t io n
in

s e e k in g

b etw een

S e creta ry

la s t m o n th
to

b r in g

th o U n ite d

Z im m e r m a n n ,

o f

D r.

P aul

abou t

S ta tes a n d

a c c o r d in g

to

a

R itte r ,

th o

r e o p e n in g

of

G erm a n y, F or
a

B e r lin

d is 

p a t c h t o R e u t e r ’s , r e c e iv e d a t A m s t e r d a m o n th e 1 st in s t ., s a id :

Tho facts aro as follows: On Feb. 8, through the Swiss Foderal Council,
we received a telegram from the Swiss Minister at Washington, to whom,
after the rupture, our interests in America were entrusted. The telegram
was as follows:
In America tho wish exists to avoid war should the Gorman Government
show an Inclination to nogotlato about tho blockade. The Minister is
ready to pursue the matter further.
Every speaker here has expressly emphasized that a broach with America
was regrettable, and It would undoubtedly bo still more regrettable If it
camo to war between Germany and tho United States, botweon whom there
are ancient friendly relations and no political antagonism. Economically
we are drawn to each other, and should really be conomic allies. Thus it




[Vol. 104

is comprehensible that the Imperial Government desires to ondeavor to
avoid everything which might intensify tho conflict. For theso reasons
wo examined the suggestions which reached us from tho Swiss Minister.
F u rth er

a d v ic e s

m a n n ’s r e c it a l o f
to

c o n t in u e

G erm an y

th rou g h

it w a s e a s y

F o r e ig n

S ecreta ry

c ir c u m s ta n c e s r o la tiv o

n e g o t ia t io n s

r e c e iv e d fr o m

to a v o id

c o n c e r n in g

th o

th e

b etw een

S w is s

th o

L e g a tio n

to

U n it e d
at

u n d ersta n d

e v e r y th in g

th a t th o

w h ic h

and
w ere

A ft e r s a y in g

G ov ern m en t en d ea vorod

m ig h t c a u s o w a r w ith

S ta te s , D r . Z im m e r m a n n

a ttem p t

S ta tes

W a s h in g to n

B e r lin u n d e r d a te o f th e 2 d in s t.

to

Z im m e r -

th o

w as q u oted

th e U n it e d

a s s a y in g :

We examined the suggestion from the Swiss Minister from tho standpoint
of these considerations. From tho very outset wo wero absolutely certain
that submarine warfare ought to be limited in no case and in no manner
by concession on our part. Obviously our wish to come to an understand
ing with America can bo accomplished only in tho event that it is possible
without conflict with our declaration of barred zones, which we aro firmly
decided to maintain against our enemies under all circumstances.
It was only after long consideration that wo decided to use our sharpest
weapon. You know, of courso, of our negotiations with America and of our
honest and sincero peace offer, and tho jeering rebuke by our onemles. To
our attempt at reconciliation our adversaries opposed their will to annihilate
us, and thus nothing was left us but to take up tho last and best weapon.
After we took this decision obviously no backward stop was possible. We
regret that neutrals have to suffer by it, but wo cannot help that.
From tho standpoint of theso considerations I said in my answer to
America merely that Germany now as before was ready to negotiate on
condition that establishment of the barred zones against our onemles be
not impaired. We oidy hinted at our readiness to enter Into more detailed
negotiations with America in regard to tho admission of passenger ships.
Tho Swiss Ministor at Washington transmitted our communication, and
thereupon received from M r. Lansing a noto in vory polite terms. M r.
Lansing said ho was authorized by President Wilson to say that tho Govern
ment of tho United States would very gladly and willingly negotiate with
Germany, if Germany canceled her decision of Jan. 31. This being abso
lutely Impossible, tho negotiations had to bo considered as a falluro before
thoy really had boon begun.
G E R M A N Y ' S P E R I O D O F G R A C E FO R S H I P S E X P I R E D

1.

MARCH
A n n ou n cem en t
p e r io d
on

b y

th o

G erm an

A d m ir a lty

th a t

th e

fin a l

o f g r a c e u n d e r its r e c e n t s u b m a r in e e d ic t h a d e x p ir e d

M arch

1 w as m ado know n

th o 2 n d , w h ic h q u o t e d

in

d is p a tc h e s fr o m

L on don on

th o a n n o u n c e m e n t a s fo llo w s :

On March 1 expired tho final period of graco allotted for sailing ships In
the Atlantic. From this dato no special warning will bo given to any boats
by submarines.
D r . Z im m e r m a n , th o G e rm a n F o r e ig n S e c r e ta r y , w a s q u o t e d
as

s a y in g

th a t

ho

c o n s id e r e d

s t e a m s h ip

b etw een D e n m a rk a n d N o rw a y

c o m m u n ic a t io n

u n o b je c t io n a b le , a n d a d d e d :

We proclaimed tho commerce barrier against our enomies, but did not
say that we would prevent communication between neutrals. If vessels
go from Denmark to Norway and there transfer foodstuffs to English
steamers, then wo hope such vessels will bo sunk by our submarines If they
onter our commerco barrier.
Communication from Denmark to Aberdeen will bo taken at a vessel’s
own risk. I hopo they, too, will bo caught by tho submarines.
H e is f u r t h e r s a id t o h a v e p r o m is e d a s t a t e m e n t s o o n w h io h
w o u ld

c o n v in c e

a ll s k e p tic s

th a t

G erm a n y

w as

s e r io u s w it h

r e g a r d to h e r c o m m e r c e b a r r ie r a g a in s t E n g la n d a n d w a s n o t
in c lin e d

to

GERMAN

A

le s s e n

it

b y

c o n c e s s io n s .

C O M M E N T S ON A R M IN G
S U B M A R IN E W AR .

OF

SH IPS

s t a te m e n t t o th o o ffe o t th a t “ a s fa r a s th e U n it o d S ta te s

is c o n c e r n e d , w o h a v e s p o k o n o u r la s t w o r d a n d
is

AND

in

P r e s id e n t

m ado

b y

W ils o n ’s

G erm an

h a n d ,”

F o r e ig n

is

S ecreta ry

rep orted

A m sterd a m ,

fu r th e r q u o t o d

on

th o

9 th

have

Z im m o r m a n n

r e s e n t a t iv e o f a B u d a p e s t n o w s p a p e r .
fro m

th o d e c is io n

to

A c c o r d in g

in s t ., D r .

to

been
a

rep 

to a d v ic e s

Z im m o r m a n n

w as

in t h o D u t c h n e w s p a p e r s a s f o llo w s :

Wo aro determined to carry through tho submarlno war to tho end. Tho
results of unrestricted submarine war thus far havo been very satisfactory.
As to poaco, I may say that despito tho refusal of our peaco offer, Ger
many still stands by tho words o f tho Imporlal Chancellor and Is prepared
to place herself at tho head of an alliauco of States for tho maintonanco of
tho world’s peaco.
As to European neutrals, I boliovo thoro will bo no chango In their present
relations with us In tho courso of tho war. Neutral ship owners should give
up tholr trado with England. Thoy havo made enough monoy and can
afford to bear tho loss of English trado.
T h o N ow

Y o r k “ T im e s ” o f th o 1 0 th a ls o g a v e th o fo llo w in g

w h ic h w a s c r e d it e d b y

th e B u d a p e s t “ V ila g ”

to D r . Z im m e r 

m ann:

Our relations with tho neutrals aro good and presumably will romain so.
Tho neutrals havo had occasion to notice during tho wholo war Germany's
extraordinary patience. If Germany was not compelled to conduct the
U-boat war sho would nover havo sought to restrict neutral shipping. But
tho rejection of our honest poaco offer loft no other courso for us.
If tho neutrals aro convinced, as I hopo thoy aro, that Germany will
conduct this U-boat war without foar or favor, thoy will find that thoy will
servo themselves best if thoir shipping stays at homo. Thoy will havo good
uso for It after tho war.
It is liko this: England has already lost a groat part of her tonnage. Ger
many has no timo to roplonisli hers, as her shipbuilding yards aro busy with
work for tho navy. A largo part of tho world's commerco will, therefore,
go to neutral shipping after tho war. Thoy should save their tonnago as
much as possiblo and proparo for tho situation after tho war.
It

is

le a r n e d

th a t C o u n t v o n

th ro u g h

an

E x ch a n ge

T e le g r a p h

d is p a tc h

B e r n s to r ff, th o fo rm o r G o rm a n A m b a s s a d o r

to

th o U n ite d

in te r v ie w
B e r lin

S ta te s , w h o a r r iv e d

g ra n ted

to

th e

“ T a g e b la t t ,”

“ T h a t

in te r r o g a te d

depends

s in k a n A m e r ic a n
w e

can

a v o id

“ G erm a n y
a b oa rd ?”

u pon

as

corresp on d en t

to

w h eth er

ou r

U -b o a t

ho

of

th e

th ou g h t

w a r fa r e .

s h ip , w e s h a ll g e t w a r .

it .”

“ A n d

s in k s

if,”

B r itis h

C ou n t

von

T h e n o te th e n ta k e s u p th e p r o p o s a l to c u t o ff c o m m e r c ia l

in B e r lin la s t w e e k , in a n

C openhagen

th e re w o u ld b e w a r b e tw e e n G e r m a n y a n d th e U n it e d S ta te s ,
r e p lie d :

1231

THE CHRONICLE

Ma e . 31 1917.]

ask ed

s h ip s

If n ot,
th e

w ith

If

co rre sp o n d e n t,

A m e r ic a n

B o r n s t o r ff r e p lie d :

w e

I suppose

“ T h a t

c it iz e n s

is

n ot

r e la tio n s

w it h

A m e r ic a n

n o te

th e

b e llig e r e n t

to

n a tio n s ,

A u s tr ia -H u n g a r y

D is c u s s in g
(a

th e

s u b m a r in e

w ir e le s s

fro m

s itu a tio n ,

B e r lin o n

th e

O versea s

N ew s

th e 1 1 th in s t. r e p o r t e d ),

th e E n te n te a b o u t th o h e a v y

lo s s e s o f s u b m a r in e s ,”

say

in g :

Even if the losses of German submarines becomo greater than they really
are, even then tho Increaso In tho number o f submarines, which is continu
ous and uninterrupted, would still be several times greater than such losses.

C R EW S OF A R M E D A M E R IC A N M E R C H A N T M E N
S U B J E C T TO F A T E O F C A P T A I N F R Y A T T .
w a r n in g
w h o

th a t

th e

v en tu re

to

crow s

fir e

o f

arm ed

u pon

s ta te o f w a r e x is ts b e t w e e n

m erch a n t

s u b m a r in e s b e fo r e

a

th e U n ite d S ta te s ,

o f C a p t a in

t o h a v e b e e n p r in te d in th e M u n ic h
D is p a t c h e s fr o m

A m e r ic a n

G erm an

G erm a n y a n d

m u s t e x p e c t to m e e t th e fa to

F r y a t t , is r e p o r t e d

“ N e u e s te N a c h r ic h t e n .”

B e r n e , S w it z e r la n d , o n M a r c h

15 q u o te d

th e

p a p e r a s s a y in g :

We assume that President Wilson realizes tho fato to which ho is sub
jecting ids artillerymon. According to the German prize laws it is unneu
tral support o f tho enemy if a neutral ship takas part in hostilities. If such
a ship opposos tho Prizo Court then It must bo treated as an enemy ship.
Tho prizo rules specify as to the crows o f such ships. If, without being
attached to tho forces o f the enemy, thay take part in hostilities or make
forciblo resistance, thoy may be troatod according to tho usages o f war.
If President Wilson, knowing theso provisions o f international law, pro
ceeds to arm American merchantmen, he must assume responsibility for
tho ovontuality that American soamon will meet tho fato of Captain Fryatt.
T h e C a p ta in
a tt

o f

th o

F r y a t t r e fe r r e d

G rea t

E a ste rn

to

R y .

w a s C a p t a in

C h a r le s F r y 

s te a m e r B r u s s e ls ,

c a p tu r e d b y G e rm a n d e s tr o y e r s in J u n o 1 9 1 6 .

w h ic h

w as

H e w a s ta k en

b e fo r e a G e r m a n n a v a l c o u r t m a r t ia l o n J u ly 2 7 , w h e r e t e s t i
m on y
in

w as

p resen ted

com m an d

te m p ted
ten ce d

to

o f

th o

ram

to sh ow
B r it is h

th a t o n

M arch

28

1 9 1 5 , w h ilo

s t e a m s h ip W r e x h a m , h e h a d a t 

th e G erm a n

s u b m a r in e U -3 3 .

H o

w a s sen

to d e a t h a n d th o e x e c u tio n b y s h o o tin g w a s c a r r ie d o u t

o n J u ly 2 7 .

R E F U S A L O F U N I T E D S T A T E S TO J O I N I N M E X I C O ' S
P R O P O S A L TO S T O P W A R OR I N T E R D I C T T R A D E .
T h o
r e p ly
th o

S ta te
of

D ep a rtm en t m a d e

th e

U n it e d

in v ite

te r m in a te th o w a r “ e ith e r b y
th e m s e lv e s

of

th e

good

n e u tr a l c o u n t r io s .”
U n it e d S ta te s o n
M e x ic a n

p u b lic

S ta te s r e je c t in g

n eu tra l G o v e rn m e n ts

even t

o ffic e s

or

th e

e ffo r ts

12 b y

at

o f e lo m e n ts ”
th o

th e 2 0 th

in s t. th o
th a t

b e llig e r e n t c o u n tr ie s
e ffo r t o r b y

fr ie n d ly

proposal w as

to

a v a ilin g

m e d ia t io n

p resen ted

of

to

th e

I t . P . D o N e g r i, C h a r g e o f th o

E m b a s s y a t W a s h in g to n .

th a t

on

M e x ic o ’s p ro p o s a l

th e ir o w n

M e x i c o 's

F eb .

th o

I t s u g g e s te d th a t in th e

m e d ia t io n

u n a v a ilin g , th o n e u tr a ls r e fu s e t o

of

o f

th o

n o u tr a ls

t h o b e llig e r e n t s

proved

“ a ll k in d s

a n d s t o p “ th o m e r c h a n t t r a ffic w it h th o n a tio n s

w o r ld

u n til

th o

en d

o f

th o

w ar

is

a c h ie v o d .”

T h e

r e p ly o f t h e U n it e d S ta te s , a d d r e s s e d t o M r . D e N e g r i u n d e r
d a te o f th e

1 6 th in s t ., b a s e s t h e r e fu s a l o f th is G o v e r n m e n t

to p a r t ic ip a t e in th o p r o p o s a l fir s t , u p o n

th o a p p a re n t h o p e 

le s sn e s s o f p e a c e a t t h e p r e s e n t t im o , a s s h o w n in t h o f u t ilit y
of

P r e s id e n t

W ils o n ’s

e ffo r ts ,

and

o m b r o il M e x ic o

and

Japan

th e

any

r e s tr ic tio n

b e lie f

lig e r e n t s

th a t
w o u ld

in

N e v e r th e le s s , th o

e ffe c t

G e rm a n y ’s

in w a r w it h

be

o f

an

a tte m p ts

th is c o u n t r y , a n d

com m erco
u n n ou tra l

w ith

th o

to
in

b e l

d is c r im in a tio n .

n o t e c o n c lu d e s :

The President would not bo understood as desiring to impede tho progress
of a movement leading to tho resumption o f peaceful relations between all
tho belligoronts, and would not, therefore, wish tho Mexican Government
to feel that his inability to act in tho prosont stato o f affairs should in any
way militate against the attainment of the high ideals o f Gon. Carranza by
the co-operation o f other neutral governments in tho use o f their good
offices and friendly mediation to bring about tho end o f tho terrible war.

to

th e

p o lic y

of

T h e fu ll t e x t o f t h e r e p ly fo llo w s :

S i r .— I have to request that you will have tho kindness to transmit to
the President-elect o f the Mexican Republic the following reply to the com
munication of Feb. 11 1917, addressed by him to you with Instructions to
deliver it to the Government of the United States:
In his note of Feb. 11 1917, the President-elect proposes to all the neutral
Governments that the “ groups of contending powers (in the present Euro
pean conflict) be Invited, In common accord and on the basis o f absolutely
perfect equality on either side, to bring this war to an end either by their
own effort or by availing themselves o f the good offices or friendly mediation
o f all the countries which would jointly extend that invitation. If within
a reasonable time peace could not be restored by these means, tho neutral
countries would then take the necessary measures to reduce the conflagra
tion to its narrowest limit by refusing any kind of Implements to the bel
ligerents and suspending commercial relations with the warring nations
until the said conflagration shall have been smothered.”
The Government of the United States has given careful and sympathetic
consideration to the proposals o f the de facto Government, not only because
they come from a neighboring republic in whoso welfare and friendship the
United States has a peculiar and permanent interest, but because these
proposals have for their end the object which the President had hoped to
attain from his discussion a few months ago o f tho alms o f tho belligerents
and their purposes In the war.
Of tho futile results of the President’s efforts at that time General Car
ranza Is no doubt aware. Instead of the conflict being resolved Into a dis
cussion o f terms of peace, the struggle, both on land and on sea, has been
renewed with intensified vigor and bitterness. T o such an extent has one
group of belligerents carried warfare on the high seas, involving the destruc
tion of American ships and the lives o f American citizens in contravention
of the pledges heretofore solemnly given the Government o f the United
States, that it was deemed necessary within the last few weeks to sever
relations with one of the Governments o f the allied Central Powers.
T o render the situation still more acute, the Government o f the United
States has unearthed a plot laid by the Government dominating the Central
Powers to embroil not only tho Government and people of Mexico, but also
the Government and people of Japan, in war with the United States. At
the time this plot was conceived, the United States was at peace with the
Government and people of the German Empire, and German officials and
German subjects were not only enjoying but abusing the liberties and
privileges freely accorded to them on American soil and under American
protection.
In these circumstances, all o f which were existent when the note under
acknowledgment was received the Government of the United States finds
itself, greatly to Its regret and contrary to its desires, In a position which
precludes It from participating at the present time in tho proposal o f General
Carranza that the neutral Governments jointly extend an Invitation to the
belligerent countries to bring the war to an ond either by their own effort or
by availing themselves of the good offices or friendly mediation of neutral
countries.
At the present stage of the European struggle the superiority o f the
Entente Powers on the seas has prevented supplies from reaching tho Central
Powers from the Western Hemisphere To such a degree has this restric
tion of maritime commerce extended that all routes of trade between the
Americas and the Continent o f Europe are either entirely cut off or seriously
interrupted. This condition Ls not new. In 1915 the Central Govern
ments complained of their Inability to obtain arms and ammunition from
tho United States while theso supplies were being shipped freely to the
ports of their enemies.
Tho discussion of the subject culminated In the American note o f Aug.
12 1915, (a copy of which ls inclosed), to the Imperial and Royal AustroHungarian Government, upholding the contention of the United States
that its inability to ship munitions o f war to the Central Powers was not of
Its own desire or making, but was due wholly to the naval superiority o f
the Entente Powers. Believing that this position o f the United 8tates is
based upon sound principles o f international law and is consonant with the
established practice of nations, the President directs me to say that he
cannot bring himself to consider such a modification of these principles or
of this practice as compliance with General Carranza’s proposal to suspend
commercial relations with the warring nations would entail.
The President regrets, therefore, that, however desirous he may be o f
co-operating with General Carranza in finding a solution of the world
problem that is Intruding Itself upon all countries, he is, for the reasons set
forth, unable at the present time to direct his energies toward the accom
plishment of the lofty purposes of the President-elect in the way suggested
by his proposals. The President would not be understood, however, as
desiring to impede the progress of a movement leading to tho resumption
of peaceful relations between all of the belligerents, and would not, there
fore, wish the Mexican Government to feel that his inability to act In the
present stage o f affairs should in any way militate against the attainment
o f tho high Ideals of General Carranza by tho co-operation of other neutral
Governments in the use of their good offices and friendly mediation to
bring about tho end o f the terrible war which Is being waged between the
groat powers o f Europe.
I am, &c.,
ROBERT LANSING.

C O LO M B IA N T R E A T Y N O T A C T E D UPON B Y SPE CIAL
SESS IO N

T h e n o t e m e n t io n s t h e “ c a r e fu l a n d s y m p a t h e t ic c o n s id e r a 
t io n ”

th e

Believing that this position o f the United States Is based upon sound
principles o f international law and is consonant with the established practice
of nations, the President * * * cannot bring himself to consider
such a modification o f these principles or o f this practice as compliance
with Gen. Carranza’s proposal to suspend commercial relations with the
warring nations would entail.

th e

q u o t e s G e r m a n n e w s p a p e r s w it h r e fe r e n c e t o “ r e p o r ts s p r e a d

m en

r e fe r s

D e p a r tm e n t o f S ta te,
W a s h in g to n , M a r c h 16 1917.

A gen cy

A

and
sh ow

th is G o v e r n m e n t in d e c lin in g t o s t o p m u n it io n s s h ip m e n t s .

s a m e .”

b y

to

w h ic h

th o

U n ite d

S ta tes

has

g iv e n

to

th e

r e fe r s t o t h e n e w v ig o r o f t h o w a r fa r e , a n d a d d s :

can

To render tho situation still more acute, the Government o f the United
States has unearthed a plot made by the Government dominating tho
Central Powers, to embroil not only tho Government and people o f Mexico,
but also tho Government and people o f Japan in war with tho United
States. At tho time this plot was conceived tho United States was at
peace with the Government and people of tho German Empire, and Gorman
officials and German subjects were not only enjoying, but abusing the
liberties and privileges freely accorded to them on Amorlcanjfsoil, and
under American protection.

fro m




OF

U.

S.

SENATE.

T h e p e n d in g tr e a t y t o c o m p e n s a t e C o lo m b ia fo r th e A m e r i

p r o p o s a l,

on

a c q u is itio n

M arch

th e

of

th e

P anam a

C anal

Z on e

w as

w it h d r a w n

t h e s p e c ia l s e s s io n o f t h e U . S . S e n a te w h ic h a d jo u r n e d
16,

on

C o m m itte e

A s

sta ted

o r ig in a l
S ecreta ry
le a d in g

a

on

m o t io n
F o r e ig n

of

b y

us

in

tre a ty

as

prepared

of

up

S ta te,
to

th e

S e n a to r

S ton e,

C h a ir m a n

of

R e la tio n s .

th e se

c o lu m n s
w hen

on

th e

1 0 th

W illia m

exp ressed

its

A m e r ic a n

a c q u is itio n

reg rets

J.

fo r
o f

in s t .,

B ryan

th e
th e

th e
w as

in c id e n ts
P anam a

C anal

Zone

and

th e

s e p a r a tio n .

in

F eb .

w o u ld

agreed
T h e

1916

redu ce

S ta tes

to

a c t io n

of

on

5

th e

w as

U .

8 th

S.

C o lo m b ia

to

and

ta k en

p a id

w h ic h

th o

U n it e d

e x p r e s s io n

of

S ta te s a n d C o lo m b ia .
th e

m a tter

at

M arch

con ven ed

S ton e,

b y

th o

fo r

R e la tio n s

a m en d m en ts

bo

e x p ir e d

S e n a te

$ 2 5 ,0 0 0 ,0 0 0

F o r o ig n

m ake

in

w h ic h

S e n a to r

on

proposed

th e U n it e d

C on gress

th o

p ay

in d e m n ity

$ 1 5 ,0 0 0 ,0 0 0

w h a tev er

M arch

to

C o m m itte e

rep orted

th e

reg ret m u tu a l to b o th

s e s s io n

in

th e

4

of

r e g u la r

1917.

s p e c ia l

C h a ir m a n

N o

O n

s e s s io n

th e

and

C o m m itte e ,

3. Publication of any maps, diagrams, or photographs which in any
way might seem- of military or naval value.
4. N o moving pictures should bo displayed which aro of military or naval
valuo.
5. Any doubtful matter should bo submitted to tho authorized represen
tatives of tho department concerned, who shall give an immediate de
cision thereon and keep tho inquiry mado strictly confidential.
6. It Is requested that no information, reports, or rumors attributing
a policy to tho Government in any international situation, not authorized
by tho President or a member of tho Cabinet, bo published without first
consulting tho Department of State.
iVoic.-Thc above regulations shall not bo onforced in any matters officially
given to tho press by properly authorized officials.
A tte n tio n

c a lle d th e t r e a t y u p fo r c o n s id e r a t io n , b u t s e v e r a l R e p u b lic a n
S e n a to rs
th en

o b je c te d

sen t b a ck

R e p u b lic a n
th e

to

s e c tio n

and

b y

th e

sets o u t

1 3 th

o r ig in a l

A s

and

C o m m itte e

w ere

th o

as

la s t

am ount

w as

b y

rep orted

to

of

be

p a id

regret

r e ta in e d .

as

T h is

th a t:

D u r in g

th e

S e n a te ’s

s p e c ia l

s e s s io n ,

S e n a to r

L od ge

That noithcr tho making o f this convention nor any of tho stipulations
herein contained shall bo considered to cast any doubt or shadow upon the
title of tho United States to tho Panama Canal, which title tho Government
o f Colombia recognizes as entire, absoluto and comploto in tho United
States o f America.
T h e

S ta te

D e p a rtm e n t,

e x t e n s iv e m o d ific a t io n s in

it is s a id , h a s v i r t u a ll y

agreed

to

t h e t e r m s o f t h o t r e a t y w h ic h w ill

m a k e it m o r e a c c e p t a b le t o c e r t a in S e n a to r s w h o o p p o s e d it o n
th e

grou n d

t h a t in

b la c k m a il.

In stea d

in d e m n ity

to

p r o b a b ly ,
no

it

of

s a id ,

w ill

n ot

be

p r o p e r t ie s .

m ay

P anam a

th o

a tta ch

C anal

s m a lle r

m ore

in

of

th a n

title

p r o p e r t ie s

and

to

w ill

th e

c le a r

th is

w ill

bo

th o

a c q u is itio n

aw ay

to

th a t

fo r

an y

c lo u d

G overn m en t

agree

as

p a id ,

and

C o lo m b ia

w it h

w ill
of

$ 2 5 ,0 0 0 ,0 0 0

$ 1 5 ,0 0 0 ,0 0 0 ,

c o n n e c t io n

th e

of

t o o s tr o n g ly o f

am ount

a p o lo g y

C o lo m b ia
to

it s a v o r e d

paym en t

a

m ado

ir r e g u la r it ie s

can al

w h ic h

of

C o lo m b ia ,

is

m e n t io n

a lle g e d

its r e c e n t fo r m

cede

in

th o

to

th o

U n it e d S t a t e s t h o is la n d s o f O ld P r o v id e n c e a n d S t . A n d r e w ,
lo c a te d
fro m

abou t

250

C o lo m b ia .

m ilo s

n o rth w est

of

C o lo n

and

400

m ile s

F in a lly , C o lo m b ia w ill g r a n t t o t h e U n it e d

S ta te s th e r ig h t t o b u ild a n d o p e r a t e a c a n a l o v e r t h e A t r a t o N ip ip i

rou te.

T h is r o u t e ,

if d e v e lo p e d , w o u ld

to s h ip p in g a c ro s s th e s o u th e r n m o s t p a r t o f th e
C on gress
(A p r il

2)

w ill c o n v o n e

and

it

is

in

s p e c ia l s e s s io n

ex p ected

th a t

th o

on

trea ty

g iv e

tr a n s it

Isth m u s.

M on d a y

w ill

be

next

r a t ifie d

a t th is s e s s io n .

RULES

FOR

PRESS I N
DISBURSING
A N D NAVAL NEWS.

M ILITARY

R e g u la t io n s f o r t h e g u id a n c e o f t h e p r e s s in
th e

p u b lic a tio n

o f

n a v a l p o lic ie s o f
on

th e

tw e e n
m en ts.

2 4 th

in s t.

in fo r m a tio n

th o U n it e d
fo llo w in g

r e p r e s e n t a t iv e s
T h o

o f

th o

c o n c e r n in g

S ta tes
a

r e g u la t io n s w e r o m a d e

m ilita r y

or

W ar

in

W a s h in g to n

and

know n

in

N a v y

th e

except

c o n fe re n ce

T h e

at

c o n fe re n ce

R u le

6

of

t lie

new

of

it

th o

w as

th o

is s t a t e d ,

R e g u la tio n
in s ta n c e

a tten d ed

N a v y

w ore

6,
o f

b y

d raw n

w h ic h
th o

th e

N a v y

p resen ted

S ta te

S ecrota ry

D a n ie ls ,

at

w as

at

D e p a rtm e n t.

o f

C o u n s e lo r

W ar

B ak er,

P o lk ,

M a jo r

M a c A r t h u r o f th e A r m y , C o m m a n d e r B e lk n a p o f th o N a v y ,
M r.

H a r ris o n

tiv e s

o f

fo u r

of

th e

press

D e p a rtm e n t

of

S ta te

and

rep resen ta 

a s s o c ia tio n s .

G O V E R N O R W H I T M A N S I G N S B I L L P R O V I D I N G FOR
I N V E N T O R Y OF S T A T E ’ S M I L I T A R Y RESOURCES.
G o v e r n o r W h itm a n o n M a r c h 2 9 a p p ro v e d S e n a to r R o b in 
s o n ’s b ill a p p r o p r ia t in g
of

th o

m ilit a r y

$ 1 5 0 ,0 0 0 f o r a c o n s u s a n d

resou rces

m e a s u r e la s t w e e k

(p a g e

S la te r b ill,

b y

fo r

s ig n e d

th e c o m p u ls o r y

ages of

16 a n d

of

th e

S ta to.

W e

in v e n to r y

r e fe r r e d

to

th is

1 1 0 8 ) in c o n n e c t io n w it h t h e W e ls h -

th e

G overn or on

m ilita r y

19 y ea rs.

M arch

1 6 , p r o v id in g

t r a in in g o f a ll b o y s

C o n ce r n in g

th e la w

b etw een

th o

ju s t a p p r o v e d

th o G o v e rn o r sa y s:

Under authority vested in me by tho present law, I havo already directed
the Adjutant-General to utliizo to tho fullest extent tho information obtain
able from tho Stato census, which has only recently been completed. This
will servo as a basis for tho making of part o f tho census provided for in
this measuro.
Tho powers o f the Governor under this bill aro much moro comprehensive
than under tho provisions o f tho military law, which contemplates only
tho enrollment o f able-bodied 'male citizens of the Stato between the ages
of IS and 45 years, as it provides for an inventory of all tho resources avail
able for use in tho event of war,-which would include tho women avail
able for servico as well as men, inonoy, tho industrial and material resources
o f the Stato, munitions and military supplies manufactured or procurable
within tho Stato. Military strength depends upon the organization and
utilization o f such resources, and it is imperative that wo have a knowledge
of such assots available for use in tho ovont of war.
Provision for tho common dofonso under tho Constitution o f the United
States is a Federal and not a Stato obligation, but it is tiio part of prudence
and foresight that the Stato should to the fullest extent o f tho means mado
available anticipate and prepare for such means of co-operation as tho
Stato might bo called upon to contribute or bo in a position to make avail
able.
We havo already provided by Chapter 49, Laws of 1917, for the com
pulsory military training of all boys in tho State botweon tho ages of 16
and 19 years. It is apparent that to carry out the provisions of said
Chaptor that the consus provided for in this bill bo taken.
So far as possible, I hope that tho work of'preparing the census and
inventory will bo carried on by volunteers and that thus tho expense may
bo reduced.
Tho bill further provides for an appropriation of 5150,000 to carry on
this important work, but, under tho provisions of tho Act, I am authorized
to receive donations o f money for such purposes in addition to the amount
theroin appropriated and to expond tho same accordingly.

be

U.

S. S U P R E M E C O U R T R E F U S E S TO R E C O N S I D E R
R E H E A R I N G I N M A N N W H I T E SLA VE C A SE .

D ep a rt

th o fo llo w in g

sta tem en t:

In view o f tho desire o f the press o f the country to refrain from tho pub
lication of infonnation harmful to tho public interest, and with the inten
tion o f securing tho maximum publicity with tho loast injury thereto, tho
following regulations aro lieroby issued for its guidance, which it is earn
estly requested bo closely observed:
1. No Information, reports, or rumors should bo published which tend
to disclose the military and naval policies of tho Government of tho United
States. (This regulation is directed against tho publication of any nows
or comment wldch might roveal tho strategic disposition or operation of
armies or their sub-divisions or tho fleet or its sub-divisions; any measures
which might bo adopted in consonanco with tho Department of State for
tho furtherance o f American dofonso, and, in general, any plans for tho use
of tho Army and Navy during tho existence o f a national emergency.)
2. No information, reports, or rumors should bo published which tend
to disclose:
(a) Movements or employment o f armies and thoir sub-divisions, fleets,
and their sub-division.
(b) Movements o f vessels of tho Navy or their arrival at or departure
from any port.
(c) Departures of morchant vessels should not bo montioned, and it is
desired that tho namo of tho port of arrival bo omitted.
(d) Assignment or movement, whether as groups or individuals, of officers
and men of tho military and naval establishments.
(e) Transportation o f mails, supplies, or munitions.
(f) Infonnation o f any designs, inventions, or test thereof; or of manu
facture, transport, or distribution of Implements of war.
(g) Concentration o f military or naval supplies or location of such sup
plies.
(h) Activities in or about arsenals, fortifications, army posts, naval
magazines, navy yards, naval bases, and radio stations.




to

G o v e r n m e n t w e r e is s u e d

co n fe re n ce
S ta te ,

th o m a tte r o f

th e

d ir e cte d

reads:

A ll th e r e g u la tio n s ,
D e p a rtm e n t,

pro

p o s e d a n a m e n d m e n t t o th o t r e a t y , w h ic h r e a d s a s fo llo w s :

e s p e c ia lly

w h ic h

It is requested that no information, reports or rumors attributing a policy
to tho Government in any international situation, not authorized by tho
President or a member of tho Cabinet, bo published without first consulting
the Department of State.

S ecrota ry

The Government of tho United States of America and tho Republic of
Colombia, in their own names and in the names of thoir respective peoples,
wishing to put at rest all controversies and differences botweon them arising
out of the events from which the present situation on tho Isthmus of Panama
resulted, express sincere rogrct that anything should havo occurred to
interrupt or to mar tho relations of cordial friendship that had so long
subsisted botweon tho two nations.

w as

r e g u la tio n s ,

$ 2 5 ,0 0 0 ,0 0 0

e x p r e s s io n
year

w as

u pon

w as

th e

it

m eet th e

agreed

tre a ty

th o

th e

and

a n e ffo r t to

am ended,

tre a ty

restored ,

th o

In

m o d ific a tio n s

on

S e n a te .

th e

w as

c o n s id e r a t io n

th e C o m m itte e .

th e

in

C o lo m b ia ,
proposed

im m e d ia te

o b je c tio n s ,

fa v o r a b ly
to

to

to

C o m m itte e

agreed

[Vol. 104

THE CHRONICLE

1232

T lio

r e o p e n in g

or

r e c o n s id e r a tio n

of

its

d e c is io n

D ig g s -C a m in o t t i w h it e s la v o c a s o w a s r e fu s e d
S ta tes
S la v e

S u p rem o

C ou rt

on

M arch

L a w , o th e r w is e k n o w n

as

6.

T h o

th o M a n n

b y

in

th e

th o U n it e d

F ed era l

W h ite

W h it e S la v o A c t ,

w a s u p h o ld b y th o U . S . S u p r o m o C o u r t o n J a n . 1 5 , th o C o u r t ,
in

a

d iv id e d

C a m in o tti
L .

T .

file d

H ays
on

o p in io n ,

and

a ffir m in g

M au ry

o f A lv a ,

b e h a lf o f

D ig g s

O k la .

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BANKING AND FINANCIAL NEWS.
No sales of bank or trust company stocks were made this week either
at the Stock Exchange or at auction.
The Governing Committee of the New York Stock Exchange at their
regular meeting last Wednesday decided to close the Exchange on Friday
next, April G (Good Friday). It is expected that the other exchanges in
the city will also close on that day.
The Governors also passed the following resolution In respect to the
memory of Ilenry Eglinton Montgomery Suckley, who was killed near
Saloniki on March 20, while in command of the New York Stock Exchange
Section of the American Field Ambulance Service:
W h e r e a s , Ilenry Eglinton Montgomery Suckley while in command of the
New York Stock Exchange section of the American Field Ambulance
Servico was killed in action near Saloniki March 26 1917: and
W h e r e a s , This gallant officer had been frequently mentioned in dispatchos, had been awarded the Oroix do Guerre, and has now been pro
posed for tho Legion of Honor, thus evidencing his admirable courage and
devotion to duty; and
W h e r e a s , Tho members of tho Stock Exchange who assisted tho corps
In its successful work aro deeply sensible of tho self-sacrifice and heroism
displayed by Soction Commander Suckley, now therefore be it
R eso lv ed , That the Stock Exchange hereby expresses its groat apprecia
tion of tho work of this valorous officer and Its profound regret at his death
and bo it further
R esolv ed , That a copy of these resolutions suitably engrossed bo presented
with tho sympathy o f tho Stock Exchange to Commander Suckley s family.
A telegram was received by the Exchange on March 27 from the Citizens
Tornado Relief Committee of New Albany, Ind., asking that the Exchange
assist in raising $250,000 needed by the Red Cross Society in carrying on
relief work.
•
As Good Friday, April G, is a legal holiday in tho State of Pennsylvania
the Philadelphia Stock Exchange, as well as all other markets anil finan
cial institutions, will be closed. The Chicago Board of Trade will also
suspend business on that day. The London Stock Exchange will be closed
on Good Friday and up to the day after Easter, Monday, April 9.
The Executive Council of the American Bankers’ Association will hold
its Spring meeting at Briarcliff Lodge, Briarcliff Manor, N. Y ., May 7, 8
and 9. At the meeting matters which have developed since the conven
tion bust September will be taken up as well as the regular business of the
association. As heretofore committee meetings will be held on Monday,
May 7, and the other two days will be devoted to sessions of the Council.
This year there is a new section, the State Bank Section— whose executive
committee will be present to report to the Council on the progress that has
been made since last fall in getting the State banks welded into a working
organization. The national bank, saving bank, trust company, Clearing
House, State Secretaries and Institute Sections will also have reports of
more than ordinary interest. During the period of the meeting Briarcliff
Lodge will be turned over to the exclusive use of the; Executive Council.
Accommodations will be available only for members of the Council officials,
committees and such ex-Presidents of the American Bankers’ Association
as desire to attend. Briarcliff Lodge will be open to receive guests Satur
day morning, May 5, as there are generally a few members of tho Council
desiring to spend the week-end at the Lodge. The Chicago de luxe train,
arranged for and conducted by Harry Wilkinson, of the Chicago Banker,
over the New York Central lines, will leave Chicago Saturday, May 5,
at 12.45 noon.
On Monday, May 7, Frank A. Vanderlip, President of the National
City Bank of New York, will tender a reception at his home, "Beechwood,”
at Scarborough, N. Y ., to the members of the Executive Council, from
4 to 6 p. in. to meet members of the Federal Reserve Board. On Mon
day evening a banquet will be tendered to the Council, Sections and com 
mittees, & c„ by Briarcliff Lodge and the Association at 7.30 o’clock. On
Tuesday, May 8, at 8.15 p. m. Mr. Vanderlip tenders to the members of
the Executive Council, committees and guests a private performance of
“ Tite Yellow Jacket” in the theatre on his estate.
It was officially announced on the 28th inst. that the Bankers Trust
Company and the Astor Trust Company, of New York City, are to be
merged, and that the Astor, about to move into its new quarters at 42d
Street and Fifth Avenue, will be operated as the Astor Branch of the
Bankers. This announcement confirms rumors which have been current
for some time and caused little surprise, in view of the well-known close
connection of the two trust companies. At meetings on the 28th of the
directors of the two companies, it was voted to consolidate following
recommendations of the respective executive committees. It is understood
that the Banking Department of the State has approved the proposed con
solidation and that all that remains to make the merger an accomplished
fact is the formal ratification by the stockholders.
The plan of consolidation does not contemplate any immediate increase
of the combined capital of the two trust companies. Bankers Trust Com
pany stock to the amount of $1,250,000 will be issued in exchange for the
$ 1 , 2 5 0 , 000 stock of the Astor Trust Company after a special dividend has
been paid by the Bankers to its own stockholders to equalize the book
values of the stocks of the two concerns. A committee has been appointed
to appraise the assets of the two companies and to determine exactly what
the difference is between the book values of the two stocks, and, hence,
what the special dividend will be. It will probably be found to approxi
mate $20 a shore, making a total disbursement to the stockholders of the
Bankers of about $2,000,000. On Feb. 28 the capital of the Bankers
Trust Company was $10,000,000, its surplus was $10,000,000, and its
undivided profits were $6,731,013; on the same date, the Astor Trust
Company had capital $1,250,000, surplus $1,250,000, and undivided




1233

profits $602,471. Assuming that the special dividend to equalize the book
values amounts to $2,000,000, the Bankers Trust Company, after the con
solidation is effected, will have capital $11,250,000; surplus $11,250,000;
undivided profits $6,334,084; total, $27,834,084.
?
The deposits of the combined institutions will he considerably in excess
of $300,000,000. The earnings of both companies for the past several
years have shown a steady increase. The Bankers has been paying an
annual dividend of 20% since 1913; the Aster paid an annual dividend of
8% in 1913 and 1914 and of 16% in 1915 and 191G. Ever since the for
mation of the Astor Trust Company, it has had many directors in common
with the Bankers Trust Company, and all directors of the Astor have been
invited to become members of the board of the Bankers. The consolidated
board will be one of the strongest in the country and will include:
Stephen Baker, Bresident Bank of the Manhattan Company.
E. C. Converse, President Astor Trust Company.
Edgar L. Marston, Blair & Company, bankers.
D. E. Pomeroy, Vice-President Bankers Trust Company.
Seward Prosser, President Bankers Trust Company.
Daniel G. Reid, Vice-President Liberty National Bank.
Herbert K. Twitchell, Vice-President Chemical National Bank.
Samuel G. Bayne, President Seaboard National Bank.
Edward M . Bulkley, Spencer Trask & Company, bankers.
F. N. B. Close, Vice-President Bankers Trust Company.
T . DoWitt Cuyler, President Commercial Trust Company, Philadelphia.
IT. P. Davison, J. P. Morgan & Company.
William North Duane, Vice-President Bankers Trust Company.
Frederick T. Haskell, Vice-President Illinois Trust & Savings Bank,
Chicago.
Fred I. Kent, Vice-President Bankers Trust Company.
Herbert L. Pratt, Vice-President Standard Oil Company, New York.
Edward Townsend, Chairman of the Board, Importers & Traders Na
tional Bank.
Thomas Cochran, J. P. Morgan & Company.
Cornelius Bliss Jr., Bliss, Fabyan & Company.
H. C. McEldowney, President Union Trust Company, Pittsburgh.
William II. Porter, J. P. Morgan & Company.
John I. Downey, building construction.
Nicholas Biddle, Astor Estate.
.
Douglas Robinson, real estate.
„
Charles L. Tiffany, Vice-President Tiffany & Company.
M . Friedman, President B. Altman & Company.
Robert W . Goelet.
Archibald D. Russell.
Ronald II. MacDonald, Vice-President Astor Trust Company.
Walter E. Frew, President Corn Exchange Bank.
The merger will give the Bankers Trust Company an uptown branch in
a new and thoroughly modern building at the southeast com er of Fifth
Avenue and 42d Street, opposite the New York Library and central to the
uptown shopping and wholesale district. The banking reem, which was
designed especially for the use of the Astor Trust Company, and which
will be ready for occupancy about M ay 1, is to be one of the finest banking
homes in New York.
The Chase National Bank of this city has made public the details of the
plans for the proposed organization of a subsidiary company, to be known
as the Chase Securities Corporation. In announcing its plans for the
formation of the new company the Chase National let it be known that
when those holding an appropriate number of shares of the Bank shall have
approved of the plan for the organization of the new company the bank will
declare a special dividend of 25% on its $10,000,000 capital, amounting
to $2,500,000, to be used in the purchase of the new corporation’s stock.
Owners of more than 60% of Chase National Bank stock have already
agreed to the plan for the formation of the new company. That the Chase
National Bank was intending to organize a security company became
known on the 23rd inst., as referred to in our issue last week, when a dis
patch from Washington to one of the local papers stated that the bank
had made application to the Comptroller of the Currency for permission
to organize the new company. A circular issued to the stockholders of the
Chase National Bank on March 26, regarding the details of the plans for
the formation of the new corporation reads as follows:
N e w Y o r k , M a r c h 26 1917.
T o th e S tock h old ers o f the C h a se N a tio n a l B a n k o f th e C ity o f N e w Y o r k ;

In connection with tho administration of the affairs of banks, attractive
business opportunities frequently present themselves of which, because
of the limited scope of the powers of banking corporations, advantage can
not bo taken in their behalf. In order to be in a position to embrace such
opportunities, the shareholders of a number of banks have organized busi
ness corporations under arrangements whereby their proportionate interest
in the bank and in the other corporation aro tho same and their shares in
the two are transferable together.
*>•**'* •*<
After mature consideration, a largo number of the shareholders of the
Chase National Bank have concluded that it will bo to tho interest of all
of tho shareholders thereof to participate in the organization of such a
business corporation. To that end, it Is proposed to organize, under the
Business Corporations Law of tho State of New York, a corporation with
the name “ Chase Securities Corporation," or such other name as shall be
deemed advisable (hereinafter called tho Securities Company), tho capital
stock of which shall be without nominal or par value, and shall consist of
tho same number of shares as that of tho Bank: and that, when those hold
ing an appropriate number of shares in the bank shall have assented to the
plan, a special dividend of 25% ($2,500,000) bo declared by the bank,
which will be used in purchasing for each assenting stockholder, at the
rate of $25 per share, tho same number of shares in the Securities Company
as he holds in the bank.
In order to insure tho transfer of a share of tho Securities Company with
each share of the bank, assenting stockholders are to deposit all of their
bank stock and all of their Securities Company stock with the Bankers
Trust Company, of the City of New York, which will issue to each share
holder a transferable receipt indicating the number of shares in the bank
and the number of shares in tho Securities Company owned by and held for
him. Both the stock of tho bank and that o f the Securities Company
will stand in the names of the respective shareholders, who will retain all
voting powers and will recoivo directly from tho bank and from tho Securi
ties Company all dividends payable thereon.
_
With the exception of tho said proposed special dividend of 25% , any
and all dividends declared by tho bank, while the plan is in process, will
bo paid directly to the stockholders.
For tho purpose of carrying out the plan, an agreement between such of
the stockholders of the bank as shall become parties thereto, the under
signed, therein appointed as a committee to act in behalf of the assenting
stockholders, and tho Bankers Trust Company, as ilepositasy, has been
prepared, a copy of which is herewith enclosed, together with a form of
power of attorney authorizing any member of the committee to execute
the agreement in behalf of tho stockholder signing the power. The agree
ment has already beon signed by or in behalf of the owners of 60% of the
stock of the bank.
All other stockholders desiring to participate in the plan should sign the
enclosed power of attorney anil send the same, together with certificates
representing all of their shares in the bank (which certificates need not be
endorsed), to the Bankers Trust Company, 16 Wall Street, New York
City, which will issue transferable temporary receipts for all shares so de
posited. A l l s ig n a tu r e s to th e p o w e r s o f a tto r n e y m u s t be w itn e s s e d .
Stockholders must assent prior to M ay 1 1917 unless the committee
shall extend the time for so doing; and any such extension may be coupled
with such conditions and penalties as tho committee shall deem proper.
If the plan does not become effective, all deposited stock will be returned
without expense to tho depositors.
Wo shall be glad to give any further information desired by any stock
holder. Communications may be addressed to us in care of Bankers Trust
Company.
A BARTON HEPBURN,
FRANCIS L. HINE,
HENRY W . CANNON,
ALBERT H W IGGIN,
C o m m iitte e .

1334

THE CHRONICLE

The proposed organization In this city of the Mercantile Trust & Deposit
C o., with a capital stock of $1,000,000 and a surplus of $500,000, is an
nounced. The new institution expects to open its doors for business some
time about the 1st of M ay. The striking feature of this new company is
the personnel of its directorate which is drawn from the younger group
oflimportant bankers and leading men in other lines of business and which
will bring to the new company powerful affiliations similar to those which
have been so important in the remarkable growth of the leading trust com
panies in this city. The new company will be located at 115 Broadway,
having taken the offices on the ground floor over the Mercantile Safe De
posit C o. It is reported that the stock of the new company is already
many times over-subscribed. Chellis A . Austin, now Vice-President of
the Columbia Trust Company, will resign from that Institution, to become
President o f the new company. The following will serve as directors:
Ohellis A . Austin, President o f the Co.
Elliott Averett, Vice-President United Cigar Stores Co.
Edward J. Barber, Vice-President Barber & C o., Inc.
Henry S. Bowers, Goldman Sachs & Co., Bankers.
Frank N . B. Close, Vice-President Bankers Trust Co.
Delos \V. Cooke, Vice-President Erie Railroad.
Coleman du Pont, Wilmington, Del.
C. G. Du Bols, Comptroller American Tol. & Tel. Co.
Frederick F. Fitzpatrick, President Railway Steel-Spring Co.
Harvey D . Gibson, President The Liberty National Bank.
William Glblln, President Mercantile Safe Deposit Co.
Thomas Hlldt, Vlce-Presldont Astor Trust Co.
Alfred R. Horr, Treasurer Equitable Life Assurance Society.
Herbert P. Howell, Vice-President National Bank o f Commerce.
N . D. Jay, Vice-President Guaranty Trust Co.
James W . Johnston, Treasurer Western Electric Co.
Bertram Lord, Foreign Financial Manager, Wells Fargo Sc Co.
Elgood C . Lufkin, President Tho Texas Co.
John McHugh, Vice-President Mechanics Sc Metals National Bank.
Theodore F. Merseles, Vice-President & General Manager National
Cloak & Suit Co.
Albert G. Milbank, Masten & Nichols, Lawyers.
Samuel H. Miller, Vice-President Chase National Bank.
Sherburne Prescott, Treasurer Anglo-American Cotton Products Co.
Jackson E. Reynolds, General Attorney Central R. R. o f New Jersey.
Charles S. Sargent, Jr., Kidder, Peabody Sc Co., Bankers.
A new banking institution is being organized in this city, to be known
as the Central Mercantile Bank of .New York. The new bank will have
a capital o f $100,000, and will be located at 1 East Fourteenth Street.
George W . Craft, Manager of the Rockaway Beach branch of the Bank
of Long Island, will be President of the new institution. Besides M r. Craft,
the incorporators of the Central Mercantile Bank of New York are Samuel
R . Smith, President of the Bank of Long Island and President of the Metro
politan Safe Deposit C o.; Lawrence H . Tasker, President of the TaskerHalsted Realty Co.; Henderson M . Wolfe, liquidating agent of the Security
Bank; and Mahlon A. Freeman of the law firm of Hamilton, Gregory
<fc Freeman.
Benjamin Joy, Vice-President of the National Shawmut Bank of Boston,
Mass., and Adolfo Stahl, director of the Anglo & .London Paris National
Bank, of San Francisco, Cal., have been elected directors of the Mercantile
Bank of the Americas, Inc., the foreign trade institution organized in 1915
by Brown Brothers & Co., J. & W . Seligman & C o . and the Guaranty
Trust Co. o f New York to carry on a commercial banking business in
Europe and in Latin-American Republics. The bank has its main offices
at Hartford, Conn., and a New York branch at 38PineSt. It has agencies
in France, Peru, Chile, Eduador, Colombia, Venezuela, Costa Rica,
Nicaragua, Guatemala and Honduras.
The sixth annual banquet of the Guaranty Club, an organization of tho
officers and employees of the Guaranty Trust Company of New York,
held Saturday evening March 21 at the Hotel Astor was the largest gath
ering in the history of the club. Nearly a thousand men and women mem
bers of the club and their guests filled the hotel’s grand ballroom. At ap
proximately the same hour, by the clocks in Paris, Petrograd, and Buenos
Aires, there were other Guaranty Club banquets. Even in the trenches,
“ somewhere in France,” members of the club shared in a dinner sent them
through the London office.
The Greenwich Bank of this city has declared a quarterly dividend of
4% , payable to stockholders April 2. This is an increase of 1% in the
quarterly dividend. William De Forest Manice of Coudert Brothers has
been elected a director to fill a vacancy. The bank lias $500,000 capital or
$1,600,000 capital and surplus. The main office 13 located at Fulton and
William streets, with five branches in the borough of Manhattan.
At a meeting of the stockholders of tho Newark Trust Co. of Newark,
N . J., on March 21, it was decided to increase the capital of the institution
from $100,000 to $200,000, by the issuance of $100,000 of new stock to be
sold at $135 per share. The Newark Trust C o. is headed by Walter B.
Day, as President. Its deposits on a recent date amounted to $1,406,528.
The Orange National Bank of Orange, N. J., moved into its newly re
fitted offices on Thursday. The remodelling o f the building and the
equipping of the banking room were done by Hoggson Brothers, the New
York builders". A new exterior iron and glass entrance vestibule with orna
mental iron marquise has been added and the woodwork in the vestibule
lias been refinished in light color. The bank was organized in 1828. Its
officers are John D . Everitt, President: George Spottiswoode and Charles
M . Decker, Vice-Presidents: Henry L. Holmes, Cashier, and Charles
Hasler, Assistant Cashier.
The directors of the Marine National Bank of Buffalo decided at their
meeting this week to increase the quarterly dividend rate from 4% to 5%
or on a basis of 20% per annum. The Marine has for many years been
the largest commercial bank in the State outside of the City of New York,
and since the bank’s occupancy of its new building at Main, Seneca and
Washington streets, in December 1913, a gratifying growth has been shown
in resources and in earning power. Depositors have increased over $13,
000,000 and dividend disbursements have totaled to date $3,850,000,
regular and extra, on a capital of $5,000,000. The dividend rate prior
to the consolidation of tho Columbia with the Marine was maintained for
several years at 12%, but the large increase in business following the en
trance into the enlarged field of activity and the consequent substantial
growth in profits, warranter! placing the rate at 16% per annum. The
recent action of the directors increasing the dividend to 20%, shows the
ability of the management to continue the business on an increasingly
profitable basis.
The Taunton National Bank, of Taunton, Mass., capital $600,000, has
en placed in voluntary liquidation, and has been succeeded by the Bristol
unty Trust C o., of Taunton, Mass.




[Vol. 104

Application for a charter has been made to the Comptroller of the Cur
rency for a new banking institution in Malden, Mass., to be known as the
Second National Bank, capital $100,000.
The directors of the Philadelphia Trust Co. at Philadelphia at their
regular weekly meeting this week voted to continue the company’s policy
of carrying at full pay any of its employees who may respond to a call for
the defense of the United States. Positions of equal pay are assured each
employee called into active service, each of whom also retains the benefit
of the company’s pension plan. The company further agrees that it will
pay one year’s salary to the dependents of any employee who loses his life
in the service, thus giving those who enlist the same benefits which the
group insurance plan maintained by the company extends to those who
remain at home in their usual duties.
Tho stockholders of the Fidelity Trust Co. of Philadelphia, Pa., at a
meeting on March 28 voted in favor of increasing the capital of the institu
tion from $4,000,000 to $5,000,000. Over 98% of the stock was represented
at the meeting, all of which approved the proposal. Stockholders of record
April 2 may subscribe to the new stock, it is said, at $500 per share, in the
proportion of one share of new for each four shares now held. Payments
are to be made in two Installments, the first on May 1 and the second on
July 1. Stockholders may anticipate payments after April 1. Interest
will then be allowed till Aug. 1, at the rate of 4% . The new stock, it is
stated will be Issued on Aug. 10 and will participate in dividends declared
after that date, the next regular payment coming in November. The right
to subscribe to the new stock expires May 1.
The Continental Trust Co. of Pittsburgh, Pa., has absorbed the business
of the Merchants Bank, heretofore conducted at Sixth and Liberty Aves.,
Pittsburgh. The Continental Trust Co. has assumed the deposit libailitiea
of the Merchants Bank and stockholders of the Merchants have become
stockholders of tho Continental Trust. J. S. M . Phillips, Cashier of the
Merchants Bank has become active Vice-President of the Continental
Trust C o., and has been added to the board of directors of the enlarged
institution, along with R . \V. Johnston, George P. Thomas and Roger
Knox of tho Merchants Bank directorate. All of the employees of the
Merchants Bank have been retained by the Continental Trust Co. The
Merchants Bank was organized by J. S. M . Phillips and associates five
years ago, while the Continental Trust Co. was organized in 1903 by John
R. Morrow, now its President. The Continental Trust Co. has a capital
of $437,800 and on a recent date reported surplus and undivided profits of
$212,729, and deposits of $559,785. Through its consolidation with the
Merchants Bank, it is said, its deposits will reach $1,500,000. The officers
of the enlarged Continental Trust Co. are: John R . Morrow, President;
A. H. Burchfield, A. C. Houston and J. S. M . Phillips, Vice-Presidents;
Jesse H. Morrow, Secretary & Treasurer and John E. Van Dyke, Assistant
Secretary.
An interesting and rather significant item of news developed this week
n the announcement by the Union Trust Co. of Chicago that in greatly
enlarging its present banking rooms it would devote a part of the new space
to its Bond Department, which would step out Into the field of original
underwritings on a much larger scale than before and that Frederick A.
Yard, formerly President of Yard, Otis & Taylor, had disposed of his in
terest in that company to M r. Taylor and would at once join the Union
Trust organization as a Vice-President with special supervision of the Bond
Department. M r. Yard is exceptionally well fitted to undertake this
task through his long experience as an underwriter and dealer in bonds. He
has been active in the investment market of Chicago since 1904 and has been
the head of the former company since 1911. By joining tho Union Trust
organization, he brings to the Bond Department a fund of energy and ex
perience and an excellent record for successful operations in both the field
of buying and selling securities. It Is expected that the Union Trust Co.
will, in the future, assist materially in increasing the importance of Chicago
as a bond market and that the business of the bank in this department
will show the same substantial increase that has been witnessed in other
departments in the past few years.
The Citizens National Bank of Green Bay, W is., opens for business in
Its handsome new building to-day (the 31st). The structure was designed,
constructed and equipped throughout by Hoggson Brothers, builders, of
Chicago and New York. The architectural design, an adaptation of the
Roman type, gives an impressive appearance. Tho building has a base
of Kettle River stone of light salmon color, treated in large blocks to give
the necessary substantial and vigorous treatment. The body of the struc
ture is a rich golden brown brick. The Citizens National Bank was in
corporated in 1888. The present officers are: W . P. Wagner, President;
George D . Nau and II. S. Eldred, Vice-Presidents; II. P. Klaus, Cashier;
R . W . Smith, Assistant Cashier.
A charter has been issued by the Comptroller of the Currency to the new
Tenison National Bank, of Dallas, Texas, capital $500,000. The Tenson
National, as noted in these columns last week, is headed by E. O. Tenison,
as President, and was formed to take over the private banking business of
E. O. Tenison & Sons.

IM P O R TS
T h e

B u rea u

sta tem en t
fro m

it

of

and

AND

of

th e

EXPORTS

S ta tis tic s
c o u n tr y ’s

p r e v io u s

at

FOR F E B R U A R Y .

W a s h in g to n

fo r o ig n

sta tem en ts

w o

tra d o

has

fo r

havo

is s u e d

F eb ru ary

p repared

th e

th o
and
fo l

lo w in g in t e r e s t in g s u m m a r ie s ;

FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers (000) are In all cases omitted.)
MERCHANDISE.
— Imports—
— Exports—
January.........
February____
M a r c h ______
A p r i l _______

1917.
S613.550
466,523

M nv

June________
J u ly ................
August...........
September__
O cto b e r.........
N ovem ber___
D ece m b e r__
T o t a l .........

_______
............
_______
.............

...........

1916.
5330,036
401,784
410,742
398,569
474,804
464,686
444,714
510,167
515,109
492,814
516,348
521,650

1915.
$267,879
299,806
296,612
294,746
274,218
268,547
268,469
260,610
300,655
336,152
327,070
359,300

............. $5,481,423 $3,554,070

1917.
$241,816
199,577

......

1016.
$184,351
193,935
213,590
218,236
229,189
245,795
182,723
199,316
164,039
178,659
170,987
204,834

1015.
$122,148
125,123
157,982
160,576
142,285
157,695
143,245
141,804
151,230
149,173
155,497
171,833

$2,301,654 $1,778,597

Mar . 31 1917.]

THE CHRONICLE

- E xp orts1917.
820,720
22 ,063

January...........
February____

M arch______

1916.
$10,213
13,685
10,774
11,503
11,919
8,312
9,395
11,780
6,849
7,054
26,335
27,974

A p r i l ...............
M a y _________
Juno________ _
J u ly ..................
August.............
S e p te m b e r ...
O ctober_____
Novem ber___
D ecem b er___

1915.
$692
1,054
924
814
1,277
2,822
2,192
1,128
2,034
2,939
3,661
11,889

-Im p o r ts 1916.
$15,008
6,016
9,776
6,122
27,322
122,735
62,108
41,239
92,562
97,509
46,973
158,620

$58,926
103,766

$6,896
12,727
25,620
16,203
31,136
52,342
17,263
61,641
42,062
79,669
60,982
45,413

Quotations for bar silver per ounce standard:
March 2 ......................... 37 %
cash March 8 ...............................37 % cash
“
3 ................................. 375-16
Bank rate__________________ 5% %
“
5................................. 375-16
Bar gold per oz. standard..77s. 9d.
“
6................................. 373-16
Average for week.....................37.208
“
7................................. 373-16
N o q u o ta tio n fix e d fo r fo rw a rd d e liv e r y .
T h e q u o ta tio n t o -d a y fo r cash d eliv e ry is % d . b elo w t h a t fix e d a w eek a g o .

E N G L IS H F I N A N C I A L M A R K E T S — PER C A B L E .
T h o d a ily c lo s in g q u o t a t io n s f o r s e c u r it ie s , & c ., a t L o n d o n ,

T o t a l...........

$155,793

J a n u a r y ...
F e bru ary..
M a r c h ____
A p r i l ..........
M a y .............
June.............
J u ly .............
August____
September.
O ctober___
Novem ber.
December .

$31,426

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

$70,595

$451,954

$685,990

S IL V E R ,
—e x p o r ts -----1916.
1915.
$4,636
$5,188
4,947
3,425
5,748
3,156
4,856
4,371
4,741
6,212
3,969
4,644
3,965
4,336
3,378
5,815
3,366
6,530
5,237
6.016
5,971
7,847
6,831
9,008

1917.
$5,887
7,694

1917.
$3,346
2,4 78

as re p orted

-I m p o r t s —
1916.
$1,852
2,590
2,880
2,176
2,725
3,183
2,426
2,517
2,880
2,892
2,583
3,553

$53,599

1915,
$2,287
2,400
2,477
2,603
2,352
3,623
3,003
3,804
2,737
3,219
3,376
2,603

$32,263

$34,484

E X C E S S O F E X P O R T S O R IM P O R T S .
1917.

8

-M er c h a n d is e 1916.

-G o ld 1917.
1916.

1915.

8

January . .
+ 3 7 1 ,7 4 0 + 145,685
266,946 + 2 0 7 ,8 4 9
February .
M arch____
+ 187,152
A pril_____
+ 180,333
M a y ...........
+ 245,615
J u n o ...........
+ 2 1 8 ,8 9 1
July.............
+ 2 6 1 ,9 9 1
A u g u s t ...
+ 310,851
September
+ 3 5 1 ,0 7 0
October . .
+ 314,155
November
+ 339,361
December. ____________________
+ 3 1 6 ,8 1 0

$

S

1917.

+ J25.224
+ 118,805
+ H9.419
+ J89.979
+ }£2,173
_ +188,473

..........-52.713 ..........1 + 1[310
..........—29,459
..
+ 3 298
..........-S S J IS
. - I " +31650
—90,455
.... +3,124
..........—20,638
.... +5,264
..........— 130,646
.... +5,455
.......... —530,197 .......... +38,332

Totals for merchandise, gold and silver for eight months:
M ercha ndise.

(000s
om it- Exports.
ted.)
S
’ 16-17 4,080,696
•15-16 2,584,683
'14-15 1,634,406
’ 13-14 1,695,723
’ 12-13 1,720,632
'11-12 1,505,997

Im p orts.

Cold.

E xcess.
of
E xp orts.

E xports.

Im ports.

Silver.
Excess
E xof
Exports ports.

$
$
$
5
$
$
1,547,932 2,532,764 132,175 001,701 Z529529 53,134
1,291,073 1,293,010 47,741 328,054 /280313 38,332
1.055,632 578,834 140,387 46,267 94,120 34,705
1,215,797 479,926 44,057 49,447 /5 .3 9 0 37,057
1,246,399 474,233 43,639 52,851 /9 .2 1 2 50,044
1.046,388 459,609 36,436 31,751
4,685 42.371

Im ports.

E xports

$
$
22,675 30,459
23,191 15,141
18,055 10,650
21,969 15,088
29,819 20,225
29,924 12,447

c a b le , h a v e b e e n

88 .25

Sliver in N . Y . , per o z .-C ts . 7 1 %

$ 0 m m e v c t a t a
B A N K

$
1917.. 1,080,089
1910.. 731,820
1915.. 507,685
1914.. 377,987
1913.. 421,030
1912.. 401,291

Cold.

E xcess
of
E xports.

Im 
p orts.

sh ow

a ll

th e

B O N D S ,
m o n th ly

a n d le g a l t e n d e r s o n

$
441,393
378,286
247,272
302,788
312,977
277,775

E x
ports.

S
638,696
352,534
320,413
75,199!
108,053
623,516i

Im 
ports.

IN

& c .— W e

$
S
5
5
42,788 162,692 / I I 9904 13,581
23,898 21,024
2,874
9,582
1,745 19,623 /1 7 .8 7 8
8,612
15,993 13,651
2,342
7,602
29,611 11,567 18,044 11,751
12,501
8,078
4,426 1 11,150

, Im 
ports.

72%

$
5,824
4,448
6,687
4,233
6,682
8,139

$
7,757
5,134
3,925
3,369
5,069
3,011

/ Excess of Imports.

8 8 .3 0

72%

ch an ges

in

T O T A L S

x x s

72%

U te w s

O F , A N D

g iv e

b e lo w

ban k

n otes

ta b le s
and

in

IN

w h ic h
bonds

Bonds and Legal Tenders
on D ep osit fo r —

Circulation A flo a t Under—

1916-17.
Legal
T enders.

Bonds.

S
Feb. 28 1917. .
Jan. 31 1 9 1 7 ..
D ec 30 1 9 1 6 N o v .3 0 1916—
O ct. 31 1916—
S ept.30 1916—
Aug 31 1918—
July 31 1 9 1 6 Juno 30 1 9 1 6 M a y 31 1 9 1 6 ..
April 29 1 9 1 6 M a r . 31 1916—
Feb. 2 9 1 9 1 6 T h e
bon d s

074,992,080
675.415.840
677.315.840
682.853,740
68 7,957,990
687,931,240
68 9,739,180
68 9,774,660
690.440,930
690,044,040
69 6,750,590
71 5,154,190
72 1.987.840

fo llo w in g
h e ld

$
47,118,057
50,540,476
52,165,627
49,199,416
46,418,377
48,900,332
60,707,153
54.324.278
57,591,025
62,045,070
60,622,296
65.706.278
61,866,895

show s

a g a in s t

th e

$
671,001,858
670,717,615
67 4,659,613
675.006,203
07 9,650,913
684,409.881
683,788,698
685,996,918
686,583,635
68 6,634,103
693,132,610
70 2,730,413
71 1,129,418

am ou n t

n a tio n a l

Legal
Tend ers.

Bonds.

ban k

o f

$
47 ,118,057
50,540,476
62,165,627
49 ,199 ,41 6
46,418,377
48.900,332
50,707,153
54.324.278
57 ,691 ,02 5
62 ,045 ,07 0
60,622,296
65.706.278
61,866,895

each

c ir c u la tio n

Total.
$
718,119,916
721,258,091
726,825,840
724.205.619
726,009,290
733,310,213
734,493,851
740,321,198
744.174.660
748.679,173
75 3.754,906
758,436,691
762,996,313

c la s s

o f

U .

and

to

secu re

p u b lic m o n e y s h e ld in n a t io n a l b a n k d e p o s it a r ie s o n

S .

F eb . 28.

U . S. Bonds H eld F eb . 28 to Secure—
Bonds on D ep osit
Feb. 28 1917.

On deposit to On deposit to
secure Federal
secure
Reserve Batik N ationa l Batik
N otes.
N otes.

s
E xcess
of
E xports

8 8 .3 0

d e p o s it.

Silver.
E xcess
of
E x
Exports ports.

88 .3 0

71%

N O T E S — C H A N G E S

D E P O S IT E D

S im ila r t o t a ls f o r t h e t w o m o n t h s s in c e J a n . 1 f o r s ix y e a r s

M ercha ndise.

th e p a st w ee k :

is c c lla u e o

n

m a k e th e fo llo w in g e x h ib it:

E x
ports.

88 .3 0

71%

/E x c e s s of Imports.

Two
M ’th.
(000s
om it
ted.)

a s fo llo w s

M a r .2 6 . M a r .2 7 . M a r .2 8 . M ar. 2 9 . M ar.30M on.
T u es.
W ed .
Thurs
F rl
35%
35 11-16 361$
35 15^16 36
52%
52%
52%
52%
53%
95
94%
94%
94%
94%
93
93
93
92%
92%
01 .50
01 .5 0
61 .40
6 1 .4 0
61 35

T h e p r ic e o f s ilv e r in N e w Y o r k o n t h e s a m e d a y s h a s b e e n

1916.

+ 134,170
+ 131.933

b y

London,
M a r .2 \ .
W eek ending M a r . 30—
Sal.
Silver, per oz............... ........... d. 3 5 %
Consols, 2 % percents.............5 2 %
British 5 per cents........ .................. ..
British 4 % per cents............... 9 3 %
FrenchRentes (inP aris), . f r . 61 .50
French W a r Loan, 5 % (In
Paris), fr.................................. 88 .25

------ Silver-------

8
8
—4,795 +2.541 +2,784
+ 7,609 +6,216 +2,351
+ 908
.... +2.868
.... + 2 680
+5,381
-15,403
....

+ 145,731 - 3 8 , 2 0 6
+ 174,683
81 ,698
+ 138,630

Total...................... + 3,089,769+1,777,072
+ Exports. — Imports.

8

133 5

2s,
38,
4 s,
2s,
2s,

U.
U.
U.
U.
U.

S.
S.
S.
S.
9.

Consols of 1 9 3 0 ___
Loan of 1908-1918........................
Loan of 1925..................................
Panama of 1936.............................
Panama of 1938.............- ..............

T o t a l.................................................................

Total
H eld .

42,500
155,000

$
559,933,100
15,989,420
25 ,797,900
48,134 ,02 0
25 ,137,640

$
56 7,735,600
15,989,420
25 ,797 ,90 0
48 ,176 ,52 0
25 ,292 ,64 0

8,0 00,0 00

674,992,080

68 2,992.080

7,8 02,5 00
.

.

The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Feb. 1 and
Mar. 1 and their increase or decrease during the month of
February:
National Bank Notes— Total Afloat—

Amount afloat Feb. 1 1917...................................................................$721,258,091
Net amount retired during February....................................................
3,138,176

T H E E N G L IS H GOLD A N D SIL V E R M A R K E T S .
W e

r e p r in t

th e

Sam uel M on ta g u
M arch

8

fo llo w in g
&

C o.

of

fr o m

L on don ,

th e

w e e k ly

w r itte n

c ir c u la r

under

d a te

Amount of bank notes afloat March 1 1917.................................. ..$718,119,915
of
of

1917:

GOLD.
Tho Bank o f England gold reserve against Its note lssuo shows a reduction
o f £380,715, as compared with last week’s return.
The Unltod States received $8,000,000 from Canada during tho wook.
SILVER.
Tho market has been In an exceptionally quiet condition since we last
addrossod you. Tho price has merely vacillated in tho very neighborhood
o f 37% d., last week’s closing figure.
Supplies from America havo been again rather scanty; and business has
been on a small scale.
Domand has been more general, amongst which some Indian boar cover
ing was Included.
The great domand that has existed in India for silver currency during
the war did not become really keen until toward the close o f 1915. This
shows tho closo link that exists between the domand for currency and high
prices for commodities. There is no reason to suppose that recent with
drawals o f com from circulation were other than what Is customary, namely,
tho peasant classes havo put by surplus profits against less favorable times.
Now that prices havo risen so considerably, tho margin o f profit Is larger
than usual, and a groatcr amount of coins Is, therefore necessary.
Tho last three Indian Currency Returns received by cablo glvo details
In lacs o f rupees as follows:
F e b . 12.
F e b . 22. F e b . 28.
86.54
8G,62
Notes In circulation............................................... 85.44
Reservo In Silver Coin andBullion....................
16,66
17,39
18,21
Gold Coin and Bullion in India............................. 12,40
12,76
12,16
Gold in England......................................................
9,67
9,67
8,92
Tho stock In Bombay consists o f 2,600 bars, as compared with 2,400
bars last woek.
Tho stock in Shanghai on March 3 1917 consisted o f about 29,900.000
ounces In syceo and $17,000,000, as compared with about 27,800,000 ounces
In syceo and $17,100,000 on Feb. 24 1917.




Legal-Tender Notes—

Amount on deposit to redeem national bank notes Feb. 1 1917............. $50,540,476
Net amount of bank notes retired In February....................................
3,422,419
^Amount on deposit to redeem national bank notes March 1 1917___r $47,118,057

STOCK~OF~TMONEYuIN' THE ^COUNTRY.— Tta|foIT
lowing table shows the general stock of money in the coun
try, as well as the holdings by the Treasury and the amount
in circulation on the dates given:
— Stock of Money Mar. 1 *17-------Money in Circulation—
I n U . S . aHeldInTreas.Mar. I 1917. Mar. 11916.
5
$
S
$
Gold coin and bullion........2,968,355,434 200,353,984 652.506,602 612,340,971
Gold certificates b..................................
............. 1,810,499,859 1,325,475,659
Standard silver dollars----- 568,270,319 19,599,134
71,242,068 65,522,113
Silver certificates b .................... ...............................
475,419.859 482,021,751
Subsidiary silver............... 194,368,949
5,037,994 189,330,955 165,760,298
Treasury notes of 1890...............................................
2,009,258
2,146,621
United States notes........... 346,681,016 12,921,749 333,759,267 340,641,586
Federal Reserve notes........ 338,934,225
1,850,005 337,084,220 190,592,505
Federal Reserve bank notes 11,448,235
90,240
11,357,995
2,999,970
National bank notes......... 718,119,915 17,634,128 700,485,787 738,300,118
T o ta l.......................................5,146,1 78 ,0 93 257,487,234 4,5 83,6 95 ,8 70 3,9 25,8 01 ,5 92
Population of continental United States estimated a t 103,573,000. Circulation
per capita, 544 26 .
a This statement of money held In tho Treasury as assets of the Government does
not Include deposits of public money In Federal Reserve banks, and In national
bank depositaries to the credit of the Treasurer of tho United States, amounting
to 541,131,561 07.
b For redemption of outstanding certificates and Treasury notes of 1890 an exact
equivalent In amount of the appropriate kinds of money Is held In the Treasury,
and Is not Included In tho account of money held as assets of the Government.
N ote.— On March 1 1917 Federal Reserve banks and Federal Reserve agents held
against Federal Reserve notes $13,901,389 gold coin and bullion and $2 91,093,600
gold certificates— a total of $304,994,989, against $2 66,100,949 on Feb. 1 and
$177,080,798 on March 1 1916.
G O V E R N M E N T

R E V E N U E

A N D

E X P E N D IT U R E S .

— T h ro u g h th e co u rte s y o f th e S e cre ta ry o f th e T re a s u ry , w e
a r e e n a b le d

t o p la c e b e fo r e o u r re a d e rs t o -d a y

G o v e r n m e n t r e c e ip ts

and

d is b u r s e m e n ts

fo r

t h e d e t a ils o f

F eb .

1917

and

1916

and

fo r

[Vol. 104

THE CHRONICLE

1 3 36
th e

a n d 1 9 1 5 -1 6 .
R e c eip ts—

e ig h t

m on th s

of

th e

fis c a l

years

1 9 1 6 -1 7

•

Feb. 1917.
Feb. 1916. 8 mos. 1916-17. Smos. 1015-16.
Ordinary—
5
$
S
S
C u s t o m s . - . ....................16,324,871 90 19,239,534 99 137,538,435 00 131,854,332 65
Ordinary internal r ev .2 9,48 7,77 5 63 30,951 ,07 6 52 266,167,392 42 25 2,77 5,7 74 44
Income ta x ..................... 2,7 22,7 65 87
2,006,807 86 27,341,159 05 18,599,958 00
Miscellaneous................. 3,7 88,3 30 83 3,2 35,3 04 48 44,845,464 00 30,109 ,11 6 56

Name of Company.

Duluth-Superior T ra c t., pref. (q u a r .)..
Second preferred (quar.).

fe T o t a l............................. 52,323 ,74 4 23 55,432 ,81 3 85 475,892,450 47 433,339,181 65

Panama Canal—
Tolls, &c...........................

Harrisburg (Pa.) Rys., preferred.
667,994 52

4,2 76 24

3,586,865 64

2,0 70,3 16 65

1,794,660 00

1,803,500 00

Illinois Traction, pref. (quar.) (N o. 49)

Public Debt—
Sale of Pan. Canal bds_________ ______
________
Sale of Postal Sav. b ds.
...........................................
Deposits for retirement
of nat. bank notes
and Fed. Res. bank
bank notes (Acts of
July 14 1890 and
D ec. 23 1913)............. 1,157,197 50 9,9 69,0 95 00
T o t a l .............................

1,157,197 50

9,9 69,0 95 00

7 % first preferred (quar.)_____
4 % preferred (q u a r .)................

Iowa Ry. A Light, pref. (quar.) (No. 5 5 ) - .
Kansas City Railways— ....................
Lancaster Co. Ry. & Light, common
Preferred (quar.).. ............... ...........
24,203,122 50

28,430 ,65 0 00

25,997,782 50

30,234 ,15 0 00

Grand total rcceipts.54,148,936 25 65,406 ,18 5 09 505,477,098 61 46 5,64 3,6 48 30
D isb u rsem en ts—

Louisville & Northern R y . & L tg.(qu ar.).
Loulsville Traction, common (quar.)-----Preferred............................. - .........................
Manila Elec. R R & Ltg Corp (quar ) .
Mohawk Valley Co. (quar.)............... ...........
Preferred (quar.).........................................
New Orleans R y . & Light, pref. (quar.)

Ordinary—

Checks and warrants
paid (less balances
repaid, A c . ) _________ 73 ,919,160 40 53,332,564 92 621,925,665 05 469,443,208 51
In t. on public debt paid 1,925,337 39 1,953,835 64 16,929,100 44 16,752,855 18
T o t a l..............................75,844,497 79 55 ,286 ,40 0 56 638,854,765 49 486,196,003 69

Northern Ohio Tract. & L., pref. (quar.).
Preferred ( q u a r .) ............ .........
Ottawa Traction, L td. (quar.).

When
Per
Cent. Payable.
IX
IX
1
IX
IX
IX
$4)5
IX
2
3
IX
1
IX
1
IX
S2.5C
3X
IX
X
1
2X
IX
IX
1
IX
IX
IX
1
IX
1
IX

Sl.SC

Books Closed.
Days Inclusive.

April 2 Holders of rec.
M ar. 31 Holders of reo.
April 2 Holders of reo.
M ay
1 Holders of rec.
M ar. 31 Holders of rec.
M ar. 31 Holders of rec.
April 1 Holders of reo.
April 2 M ar. 25 to
M ar. 31 M ar. 28 to
April 2 Holders of rec.
April 1 Holders of rec.
M ar. 31 Holders of rec.
M ar. 31 Holders of rec.
M ar. 31 Holders of reo.
M ar. 31 Holders of rec.
to
April 2 M ar. 21
M ar. 31 Holders of reo.
M ar. 31 Holders of rec.
April 1 Holders of rec.
to
April 1 M ar. 11
to
April 1 M ar. 11
April 2 Holders of reo.
April 2 Holders of rec.

M a r. 14
M a r. 26a
M a r . 15a
April 1
M ar 15a
M a r . 15a
M a r. la
April l
April 1
M a r. 20a
M ar. 15a
M ar. 20
M a r. 20
M a r. 20
M a r. 27
April 2
M ar. 31a
M a r. 15a
M a r . 31a
.Mar. 15
M ar. 15
M a r. 17a
M ar. 29a

April 2 Holders of rec. M a r . 24a
April 2 Holders of rec. M ar. 24a
April 1
to
M ar. 31 M ar. 21
April 1 Holders of rec. M a r. 10a
M a r. 31
April 1 M ar. 18 to
M ar. 31
April 1 M ar. 18 to
April 2 Holders of reo. M ar. 15a
April 14 Holders of rcc. M a r . 31
M a y 1 Holders of rec. April la
April 2 Holders of reo. M a r. 10a
April 14 Holders of rec. M ar. 31
April 2 Holders of rec. M ar. 22a
M ar. 31 Holders of reo. M ar. 15a
April 14 Holders of rec. M ar. 31
April 14 Holder* of rec. M ar. 31
April 2
April 2 M ar. 16
to
April 1 Holders of rcc. M ar. 28a
April 1
to
April 1 M ar. 12
M a r. la
April 1
M ar. 31a
April 10
M a r. 22a
April 2
M ar. 15a
April 2
M ar. 24a
M ar. 31
April 1
April 1
M a r. 15a
April 2
M a r . 20a
April 1
M a r. 2Ca
April 1
M a r. 15a
April 2
M a r . 15a
April 2
M a r. 15
April 2
M a r. 15a
April 2
M ar. 15a
April 2
M a r . 28a
April 14
M a r. 18
April 2
M ar. 16
April 2
April 20 Holders of rcc. Aprlld2a
M ar. 31 Holders of rec. M ar. 17
M a r. 15
April 2
April 2
April 2
April 1
April 2
. April 21
M ay 1
. M ar. 22a
April 1
3 M a r . 31a
April 16
, M ar. 16
April 2
. Aprllj20a
April 30

52
Philadelphia Traction....................................
62X o.
Philadelphia & Western, pref. (q u a r .)..
Checks paid (less bal
Porto Rico R y s., pref. (quar.).................
IX
ances repaid, & c . ) .. 1,487,637 13 1,565,120 43 12,309,381 36 12,412,120 15
2
Public Serv. Corn, of New Jersey (quar.)
1
Republic R y . & Light, com. (qu.) (N o .2)
Public Debt—
Preferred (quar.) (N o. 2 3 )..........
IX
Bonds, Interest-bearing
Ridge Avenue Pass. I ty ., Phila. (q u a r .).. $3
notes & ctfs. retired.
223 75
550 00
14,380 75
1
Rome (G a.) R y . & E lec., com. (q u a r .)..
N a t. bank notes and
SclotoValley Trac.,1st prcf.& pref.(quar.)
IX
and Fed. Res. bank
53
Second & Third Sts. Pass., Phila. (quar.)
retired (Acts of July
Sixth Ace. RR., N. Y. City............................. S I.75
7,9 87,2 40 00
14 ’90 & D ec. 23 T 3 ) 4 ,5 20,8 00 50 2,5 60,7 12 50 28 ,196,788 00
South Carolina L., Pow. A Rys., pf. (qu.).
IX
IX
Springfield R y . & Light, pf. (qu.) (N o . 9)
4 ,5 21,0 30 25 2,5 61,2 62 50 28 ,211,168 75
8 ,0 07,0 30 00
T o t a l ......................
Springfield A Xenia Ry., pref. (quar.)-----IX
1
Stark Electric RR. (quar.)................. - ...........
Grand total disburse
2
Toronto Railway ( q u a r .) ................. ...........
m ents_____________ 81,853 ,16 5 17 59,412,783 49 679,375,315 60 50 0,015,213 84
1
Tri-C ity R y & Light, common (q u a r .)..
Excess of total receipts
IX
Preferred (quar.)............... ...........................
W over total disburse’ts -----------------5,993,401 60
--------------------------------Twin C ity Rap Tran .Mlnneap .corn (qu )
IX
Excess of total disburse
IX
Preferred (quar.)............................................
ments over totl rccts.27,704,228 92
...................... 173,898,216 99 40,971 ,56 5 54
United Gas & E l. C orp., 1st pref. ( q u .) ..
IX
1
United Light & R y s., com. (qu.) (N o. 9)
IX
First preferred (quar.) (N o . 26)
500.
United R y . & Elec., B alt., com. (quar.).
IX
United Trac. & E lec., Prov. (quar.)-------T h e f o llo w in g s h o w s a ll t h e d iv id e n d s a n n o u n c e d f o r t h e
IX
Utah Power & Light, pref. (quar.).............
IX
Virginia Railway & Power, common-----fu tu r e b y la r g e o r im p o r t a n t c o r p o r a t io n s :
75c.
W ash . Balt. & A nn. E l. R R ., pref. (qu.)
Dividends announced this week are 'printed in italics.
1
Washington W ater Power, Spokane (qu.)
West End St. R y ., Boston, c o m m o n ____ $1.75
IX
W est India E l. C o ., L td. (qu.) (N o. 3 7 ) . .
Books Closed.
Per
When
IX
West Penn Power, pref. (quar.) (No .5) - Days Inclusive.
Cent. Payable
Name of Company.
IX
Western Ohio R y ., 1st pref. (quar.)-----SI
Wisconsin Edison C o. (quar.)-----------------R a ilroad s (S team ).
Yadkin River Power, pref. (quar.) (N o.4)
IX
50c. April 2 Holders of rcc. M ar. 20a
Beech Creek, guar, (q uar.)....................
York (Pa.) Rys., pref. (quar.)........................ 6 2 X o .
2
M ar. 31 Holders of reo. Feb. 28a
Boston & Albany (q u a r .).......................
B an k s.
April 2 Holders of reo. M a r. 15a
Boston Revere Beach & Lynn (quar ) ____
IX
. M a r . 26a
4
April 2
Chase National (quar.)....................................
M ar. 31 Holders of rec. M a r. la
Canadian Paciflo, common (quar.)--------2X
April 1
April 2
3
Chatham & Phenix National (quar.)-----M ar. 31 Holders of reo. Feb. 22
2
Preferred_____________________ _______
. M ar. 28a
2
April 2
Citizens National (quar.)........................... ..
April 2
to
1
April 2 M ar. 10
Chicago Great Western, preferred_____
. M a r. 14a
2
April 2
Coal & Iron National (quar.)......................
April
8
April
2
M
ar.
2
to
Chicago & N orth W estern, com. (quar.)
IX
. M ar. 20a
3
April l
Colonial (quar.).........................— ..................
April 8
April
M a r. 2
to
2
Preferred (quar.)........................ ............. ..
. M ar. 20a
2
April 2
Commerce, National Bankof (q u a r.)-----April 20 Holders of rec. M ar. 29a
C lev. Cin. Chic. & S t. L ., pref. (q u a r .)..
IX
April 2
. M a r. 31a
25
Fifth
Avenue
(
q
u
a
r
.)
....................................
April
1
April 2 M ar. 21
2
to
Colorado & Southern, first preferred------. M a r . 31a
3
April 2
Fifth
National
(quar.)
.........................................
April 1
to
2
April 2 M ar. 21
Second p referred..-------- ----------------. M ar. 31a
5
April 2
First National (quar.)________ ________ —
Delaware Lackawanna A Western (quar. ) . 2 X tVpril 20 Holders of rcc. April 5
.M a r . 23a
April 2
2
X
First
National,
Brooklyn
(quar.)
---------------April 15
April 1 to
April
3
Georgia Railroad & Banking (quar.)------. M a r. 31a
5
April 2
First Security C o. (quar.)-----------------------Holders of rec. April 7a
M ay
Great Northern (quar.)...........................
IX
April 1
April 2
IX
Flatbush, Bank of, Brooklyn, (quar.) —
April 2
April 2 M ar. 17
to
Joliet & Chicago ( q u a r . ) . .. ....................
IX
April 1
3
M
ar.
3l|
Garfield
National
(
q
u
a
r
.)
.............................
M ar. 31 Holders of rec. M ar. 27a
Kanawha & Michigan (q u a r .)..............
ix
. M ar. 31a
April 2 :
2
Gotham National (quar.)................................
April 2
April 2 M ar. 18
to
1
Kansas City F t. S. & M e m ., pref. (quar.)
. M a r. 21a
4
April 2
Greenwich ( q u a r .) ...........................................
1
April 16 Holders of reo. M a r. 31a
Kansas C ity Southern, pref. (quar.)------April 1
April 2
6
Hanover National (quar.).............................
April 2 Holders of reo. M a r. 10a
Interborough Consolidated C orp, pf. (qu.)
IX
, M ar. 22a
April 2
2X
Irving National (quar.)---------------- ----------April 2 Holders of rec. M a r . 20a
5
Intcrborough Rapid Transit (quar.)____
. M ar. 24
April 2
7
X
Liberty
National
(quar.)......................
.........
Lehigh Valley, com. & pref. (quar.)------- $1.25 April 14 Holders of rec. M ar. 31a
April 1
3
April 2
M arket & Fulton National (quar.)---------April 2 Holders of reo. M ar. 15a
Maine Central, common (quar.)..........
IX
, M ar. 24
2
April 1
Mechanics, Brooklyn (quar.)-------------------April 2 Holders of reo. M a r. 15a
Manhattan R y . (quar.).......... ................
IX
. M ar. 28a
4
April
2
Metropolis,
Bank
of
tho
(quar.)-------------M ar. 31
M ar. 21
to
April
2
Meadvllle Conncaut Lake & Lin esvllle..
. M a r . I5a
April 2
2
Metropolitan (a u a r .).....................................
April 16 Holders of rec. M a r. 23a
3X
M in n. St. P . & S. S. M . , com. & pref-----April 1
April 2
2X
Nassau National, Brooklyn (quar.)-----M ay 1 Holders of rec. April 6a
New York Central R R . (quar.)_________
IX
April 2 1
, M a r. 31a
4
Neio
Netherland
..................................................
April 2 Holders of rec. M ar. 23a
New York & Harlem, com. & pref............. $1
April 2
M a r. 23a
5
Park, National (quar.)------------ ----------------April 2 Holders of rec. M ar. 15a
N ew York Lackawanna & W est. (q u ar.).
IX
M ar. 31 1
, M ar. 29
2X
Public (quar.).......... .............................................
1
M a y 19 Holders of rec. April 30a
Norfolk A Western, ad), pref. (quar.)-----3
April 2 1
M a r. 26a
Seaboard National (quar.)................. ............
M a y 1 Holders of rec. April 9
Northern Pacific (quar.)....................................
IX
M ar. 31a
3
April 2 1
Second
National
(quar.)
........
...........................
M
ar.
12a
Holders
of
rec.
April
2
Northern R R . of N . H . (quar.).................
IX
M ar. 24
April
2
l
I
X
Sherman
National
(quar.)
—
.................
..
April 1
2
April 2 M ar. 18 to
Norwich & Worcester, pref. (quar.)------2
M a r. 31a
April 1 1
Washington Heights, Bank of (q u a r .)..
April 10
April 10 April 1 to
Philadelphia A Trenton (quar.)......................
2X
April I
0
M ar. 31 f
to
Yorkvlllo
(quar
)
___________________
______
M
ar.
15
Holders
of
reo.
75o April 1
Plttsb. Bessemer & Lake Erie, c om m on ..
T r u s t C om p an ies.
April 3 Holders of reo. M a r . 10a
IX
Plttsb. F t. W ayne & Chic., reg. gu. (qu.)
\prll 2 Holders of roc. M ar. 24a
5
Bankers (quar.)........ ................ .........................
M
a
r.
10a
Holders
of
reo.
April
2
Special guaranteed (quar.)_____ _______
IX
April 2 Holders of rec. M ar. 23a
5
Brooklyn (quar.).......... ........... .........................
April 2 Holders of rec. M a r . 15a
Portland Terminal (quar.)........................... IX
April 2 Holders of rec. M ar. 23a
6
SI M a y 10 Holders of rec. April 23a Central (quar.)........ .................................... —
Reading Company, common (quar.)-----M ar. 31 Holders of rcc. M a r . 22a
3
X
Columbia
(quar.)____________
_______
______
M
a
r.
27a
April
12
Holders
of
reo.
50o.
Reading Com pany, second pref. (q u ar.).
M
ar. 31 Holders of rec. M a r. 24a
3
Empire (quar.)....................................................
2
April 16 Holders of rec. M a r. 29a
Rutland, preferred..............................................
Equitable (special)_________________________ 51 2-3 M ar. 31 Holders of rec. M a r. 26a
April 2 Holders of reo. Feb. 28a
Southern Paciflo C o. (quar.) (N o . 4 2 )___
IX
April 2 M ar. 28
April 1
to
2
Fidelity
(quar.)-------------------------------------M
ar.
26a
April 2 Holders of rec.
Toronto Hamilton & Buffalo (quar.)____
IX
M ar. 31 Holders of reo. M ar. 30a
3
Franklin, Brooklyn (quar.)....................—
April 2 Holders of reo. M a r . la
2
Union Paciflo, common (quar.)__________
M ar. 31 Holders of reo. M ar. 22a
5
Guaranty (quar ) __________________________
50o. April 2 Holders of reo. M a r . la
Common (extra)_________________________
April 2 M ar. 16
April 2
to
IX
Lawyers’ Title & Trust (quar.)---------------April 2 Holders of reo. M a r . la
2
Preferred________________________________
Manufacturers (Brooklyn) (quar.)---------I X April 2 Holders of rec. M nr. 20a
April 1
United N. J. RR. A Canal Cos. (quar.)... 2 X April 2 M ar. 21 to
M ar. 31 Holders of rec. M ar. 22a
6
Metropolitan (quar.) N o . 8 1 )......................
April 7
April 7 M ar. 15 to
3
Vermont & Massachusetts________________
April 1
M ar. 31 M ar. 25
to
8
N ew York (quar.)------------------------------------1
April 30 Holders of rcc. April 10
Wabash Ry., pref. A (quar.).......... ................
M ar. 31 Holders of reo. M a r. 30a
Peoples (Brooklyn) ( q u a r .) ............ ...........
3X
SI .25 April 2 Holders of rec. M a r . 15a
W est Jersey & Seashore__________________
M ar. 31 Holders of rcc. M ar. 23
5
Title Guarantee & Trust (quar.).................
April 2 Holders of reo. M ar. 0a
2
Wisconsin Central, preferred_____________
April 1 Holders of reo. M a r. 24a
4
Union (quar.)-------- --------------- --------------------S treet an d E lectric R a ilw ays.
M ar. 31 Holders of rcc. M a r. 27
6
U . S. Mortgage & Trust (quar.)-------------April 2 Holders of rec. M a r. 16
Asheville Pow. & L t ., pref. (qu.) (N o . 20)
IX
Fire
In
su
ra
n
c
e.
M
a
r.
31a
Holders
of
reo.
April
1
Athens R a ilw a y * Electric, pref. (q u a r .)..
IX
April 2 M ar. 24
to
April 2
2X
Hanover Fire (quar.) (No. 142)........ ........... April 1 Holders of reo. M ar. 20a
Bangor R y . & E lec., pref. (quar.)---------IX
M iscellaneous.
Boston Suburban Elcc. Cos., pref. (quar.).. 50o. April 16 Holders of rec. April 3a Ahmcek Mining
April 10 Holders of reo. M ar. 10a
$4
(quar.)
(N
o.
2
1
)...............
M
a
r.
15
Holders
of
reo.
April 2
Brazilian T ra c ., L . & P ., pref. (q u a r .)..
IX
April 2. Holders of reo. M ar. 15
IX
Adirondack Electric Power, pref.(quar.).
Holders of reo. M a r . 9a
April
Brooklyn Rapid Transit (quar.)_____
IX
April 2\M ar. 23
1
April 1
to
Alabama Fuel & Iron (quar.)......................
April 1
M ar. 15
to
April
Capital Traction, W a sh ., D . C ., (quar.).
IX
April 16: Holders of reo. April 10
I
X
Alliance
Realty
(quar.)
........
............................Holders of rec. M a r. 16
April
Carolina Pow. & L t ., prof, (qu.) (N o. 32)
IX
April
16
M
a r. 3 la
Holders
of
reo.
I
X
Allls-Chalmcrs M fg ., preferred (q u a r .)..
April 16 Holders of reo. M a r. 31a
Central 111. Public Service, pref. (quar.)..
IX
April 16 Holders of reo. M a r . 31a
hX
Preferred (account accumulated d lv s.).
April 1
April 2 M a r. 21 to
Cincinnati A Hamilton Trac., com. (quar.) 1
M ar. 14a
April
$3
of
reo.
Holders
Allouez
Mining
(quar.)___________________
April 1
April 2 M ar. 21 to
Preferred (quar.)...........................................
IX
April 16 Holders of reo. M ar. 20a
IX
Amer. Agrlc. Chem., com. (quar.)(No. 22)
April 15
Cin. Newp. A Cov. L. A Tr., com. (quar.) I X April 15 April 1 to
April 16 Holders of reo. M ar. 20a
IX
Preferred (quar.) (N o. 4 7 )-------------------April 15
April 15 April 1 to
Preferred (quar.)......................................... ..
IX
75o April 2 Holders of reo. M a r. 15 a
American
Bank
N
ote,
pref.
(quar.)---------April 1
April 2 M ar. 17 to
Cincinnati Street Ry. (quar.)______________
IX
i2
April 30 Holders of reo. April 14a
American Beet 8ugar, com. (quar.)---------M a y 1 Holders of rec. April 15
Cities Service, com. & pref. (m o n th ly )..
X
April 2 Holders of reo. M a r. 17a
IX
Preferred (quar.) (N o . 7 1 )-----------------M a y 1 Holders of rec. April 15
Common (payable In common sto c k ).X
M ar. 31 Holders of rcc. M ar. 23
IX
Am er. Brake Shoe <fc F d y ., com. (quar.).
April 1 Holders of reo. M a r. 15
Cities Service, com. & prof, (m o n th ly )..
X
M ar. 31 Holders of rec. M ar. 23
2
Preferred
(quar.)-------------------------------M
a
r.
15
Holders
of
rec.
April
1
Common (payable In common s t o c k ) ..
rx
April 2 Holders of rcc. M a r. 15a
I
X
American
Can,
pref.
(quar.)-------------------April 2 Holders of reo. M a r. 26
Citizens Tract., Oil City, Pa., pref. (quar.).
IX
April
2 Holders of reo. M ar. 12a
1
Amer. Car & F d y ., com. (qu.) (N o. 5 8 ) . .
April 1
to
April 1 M ar. 22
Cleveland A Eastern Tract., pref. (quar.)..
X
April 2 Holders of reo. M ar. 12a
1
Common
(extra)_________________________
April 20 Holders of reo. M a r. 17
Cleveland Railway (quar.)_________ ______
IX
April
2
Holders of reo. M ar. 12a
I
X
Preferred (quar.) (N o . 7 2 )---------------- -April 1
to
April 1 M a r. 28
Columbia (S. C.) Ry., Gas A El., pf. (qu.).
IX
April 2 Holders of reo. M a r. 15a
IX
American Cigar, pref. (quar.)-----------------Col. Newark A Zanesv. Elec. Ry., pf. (qu.). I X April 1 M ar. 27 to M a r. 31

Panama Canal—




DIVIDENDS.

mar.

Name of Company.

When
Per
Cent. Payable.

M iscellan eou s (C o n tin u e d ).
American Express (quar.)........ ................... - $1.50
Amor. Gas & E l., com. (quar.) (N o. 2 8 ) .
24
14
Preferred (quar.) (N o. 4 1 )....................... A m er. Graphophone, com. (qu.) (N o. 48)
l'A
750.
American International Corporation, com.
Amer. La France Fire E n g .,In c .,p f.(q u .)
l'A
1
Amer. Laundry Machinery.com. (quar.) .
l'A
Preferred (quar.)..................
-Amer. Locomotive, common (quar.)------14
Preferred (quar.) — ....................................
l'A
1
American Malt, 1st and 2d pref-----------------American Manufacturing, com. (q u .)------- k l4
2
Common (extra).......... - --------- --------------Common (payable In common s t o c k ).. 33 1-3
Common (payable in preferred stock ). 10 2-3
Preferred (quar.)........................... ........... ..
114
American Plano, pref. (quar.)........................
l'A
$1.75
Amer. Pneumatic Service, 1st preferred..
75c.
Second preferred---------------- ------------------Am. Vow. cfc hi., pref. (qu.) (No. 3 0 )____
14
Amer. Public Service, pref. (quar.).............
l'A
Amer. Public Utilities, pref. (quar.)------14
3
American Radiator, com. (quar.)________
2
Amer. Rolling Mill, common (quar.)..........
1
Common (extra)............... ........... - __________
14
Preferred (quar.)-------- -------------- ------------l'A
American Screw (quar.)..................................
1
E xtra_________________ ______________— 1
Amerloan Seeding Machine, com. (quar.)
14
Preferred (quar.)...........................................
American Sewer Pipe (quar.)-------------------- r500.
14
Amer. Shipbuilding, common........................
14
Amer. Smelt. Securities, pref. A (quar.).
14
Preferred II (quar.).................................... 3
American Snuff, common (quar.)-----------14
Preferred (quar.)_______________________
American Steel Foundries (q uar.).......... ..
l'A
Amer. Sugar Reflnlng.com. (qu.) (N o .102).
l'A
l'A
Preferred (quar.) (N o. 101).......... ...........
American Surety (quar.) (N o. I l l ) ..........
14
2
Amer. Telephone & Telegraph (q u a r .)..
American Tobacco, preferred (quar.)-----14
1
Amer. 'l'ypo Founders, common (quar.).
14
Preferred (quar.)............................................
14
American Woolen, common (quar.)..........
Preferred (q u a r )............. ..............................
l'A
$1
Amer. Zinc, Lead & Sm elt., com. (quar.).
Preferred (quar.)........................................... $1.50
Anaconda Copper Mining............................. .. $2
24
Ansco C o. (quar.).......... ................ ............. ..
1
Arizona United Mining (quar.)....................
Arkansas Light & Power, pref. (q u a r .)..
l'A

Books Closed.
Days Inclusive.

April 2
April 2
M ay
1 Holders of rec. April 18
April 2 Holders of rec. M a r. 15a
M ar. 31 Holders of reo. M a r. 15a
s of rec. M ar. 24a
April 1
M a y 15
M a y 15 M ay 0 to
April 14
April 14 April 5 to
April 3 Holders of rec. M ar. 24a
April 21 Holders of rec. April 5a
M a y 1 Holders of rec. April 18 j
M ar. 31
April 1 M ar. 17 to
M ar. 31
April 1 M ar. 17 to
April 15 Holders of reo. M a r. 10
April 15 Holders of reo. M a r. 10
M a r . 31
April 1 M ar. 17 to
April 1
April 1 M ar. 28 to
M ar. 23
M ar. 31 M ar. 18 to
M ar. 23
M ar. 31 M ar. 18 to
April 2 Holders of rec. M ar. 20
April 2 Holders of rec. M a r. 15
3 of reo. M a r. 20a
April 2
22 to
M a r. 31
M ar. 31
April 15 Holders of rec. M a r. 31
April 15 Holders of rec. M ar. 31
April 15 Holders of rec. M ar. 31
M ar. 31 Holders of reo. M a r. 24a
M ar. 31 Holders of rec. M ar. 24a
April 15 Holders of rec. M ar. 31a
April 15 Holders of rec. M a r. 31a
See note (r)
June 20
M ay 1 Holders of rec. April 10
to
M ar. 25
April 2 M ur. 17
to
M ar. 25
April 2 M ar. 17
April 2 Holders of rec. M a r. 15a
April 2 Holders of reo. M ar. 15a
M ar. 31 Holders of reo. M a r. 10a
April 2 Holders of rec. M a r. la
April 2 Holders of reo. M a r. la
M ar. 31 Holders of rec. M a r . 24a
April 16 Holders of rec. M ar. 31a
April 2 Feb. 1(1 to
M ar. 15
April 14 Holders of rec. April 10a
April 14 Holders of rec. April 10a
April 18 M ar. 17
to
April 1
April 18 M ar. 17
to
April 1
M a j 8 l Holders of rec. April 21a
M a y | I Holders of rec. April 24a
M ay 28 Holders of rec. April 21
April
1
April 2 M ar. 14 to
M ar. 31
April 1 M ar. 10 to
to
April
1
April 1 M ar. 21
Associated Gas & Electric, pref. (quar.)...
14 April 10 Holders of reo. M ar. 31
Associated Oil (quar ) ............................... .......
14 April 10 Holders of reo. M a r . 23a
$1.25 April 2 Holders of reo. M ar. 10a
A tl. Gulf & W . I . S 3 . Lines, pref. (quar.)
14 April 2 Holders of reo. M a r. 22
Atlantic Steel, common (quar.)....................
1
April 2 Holders of reo. M ar. 22
Common (extra)......................................—
l'A April 2 M ar. 21 to April 1
Baltimore Tubo. Ino.. com. & prof, (qu.)
l'A M ay 1 Holders of reo. April 27a
Barnhart Bros.& Splnd.,lst & 2d pf.(qu.)
Barrett C o ., common (q u ar.)______
l ’A April 2 Iloldors of reo. M ar. 19a
l'A April 10 Holders of reo. April 5a
Preferred (quar ) ________________
2
April 14 Holders of rec. M ar. 31a
Bell Telephono of Canada (q u a r .)..
Bell Telephone of Penna. (quar.)-----14 April 10 Holders of rec. April 5
April 2 Holders of reo. M a r. 15a
10
Bethlehem Steel, common (quar.).
w14 April 2 Holders of reo. M a r. 15a
Preferred (quar.)..............................
2
April 2 Holders of reo. M ar. 20a
Billings & Spencer (quar.).................
April 2 Holders of reo. M a r . 20a
3
E xtra_____ __________ _______ ______
Bliss (E . W .) , common (quar.)-----14 April 2 M ar. 24 to M a r. 31
Common (extra)............................. .
U 4 April 2 M ar. 24 to M ar. 31
2
to
M ar. 31
April 2 M ar. 24
Preferred (quar.).............................
Bonbright(Wm.P.)&Co.,lsl pf.(qu.) (No. 17)
l'A April 10 Holders of reo. M a r . 31
l
April 1 Holders of reo. M a r. 20a
Booth Fisheries, common (q u ar.)..
14 April 1 Holders of reo. M ar. 20a
Preferred (quar.).............................
to
April 1
Brier Hill Steel, common (q u a r .)..
14 April 1 M ar. 21
to
April 1
2
April 1 M ar. 21
Common (oxtra)________ _________
Preferred (quar.)_____ ______ ____
14 April 1 M ar. 21 to April 1
0
Seo noto (z)
M ar. 31
Britlsh-Amerlcan Tobacco, L td ., ordinary
Brltlsh-Amer Tobacco. Ltd , pref_______ ,b24 M ar. 31 Holders of coup. N o . 27
Brooklyn Union Gas (q uar.)(N o. 0 4 )___
14 April 2 Holders of reo. M a r . 15a
Brunswlck-Balkc-Collcndcr, pref. (quar.)
l'A April 1 Holders of rec. M a r. 10
1
April 2 Holders of rec. M a r. 21
Bucyrus C o ., proferrod___________________
Buffalo General Elec, (quar.) (N o . 0 0 ) . .
14 M ar. 31 Holders of reo. M a r. 20
Burns Bros., common (stock dividend)_____ f25
M a y 12 Holders of reo. April 30
Burns Bros. Ico Corp., 1st pref. (q u a r .)..
l'A April 2 Holders of reo. M ar. 12a
$1.25 M ar. 31 Hohlors of reo. M a r. 9a
Butte & Superior Mining (q u ar.).
S I.25 M ar. 31 Holders of reo. M ar. 9a
E xtra-------------------- --------- ------------14 A pril; 2 Holders of reo. M ar. 23a
California Elec. Generating, pref. (quar.)
April 1 Holders of rec. M a r. 20a
14
Calif. Pack. C orp., pref. (qu.) (N o. 2 ) . . .
1
April 2 Holders of rec. M ar. 20a
California Petroleum Corp., prof. ( q u .) ..
SI April 2 Holders of reo. M a r. 15a
Cambria Iron— ............... - ..................— - 
April 16 April 1 to
April 10
14
Canada Cement, L td ., common (quar.).
M ar. 31 Holders of reo. M a r. 20a
Canadian Consol. Rubber, pref. (quar.).
l'A
1
April 4 M ar. 28 to
Canadian Cottons, L td ., common (quar.)
April 3
14 April 4 M ar. 28 to April 3
Preferred (quar.)...........................................
Canadian Crocker-Wheeler,L td ., p f. (q u .)
l'A M ar. 31 M ar. 20 to
M ar. 31
2
Canadian Gen Elect , Ltd (qu.) (N o. 71)
April 2 Holders of reo. M ar. 15a
April 2 Holders of rec. M a r. 15a
34
Preference (No.|42)_____________________
Canadian Locomotive, pref. (quar.)-------1 % April 1 Holders of rec. M a r . 20
2
Carbon Steel, common (extra)...........................
M ay 22 Holders of rec. M a y 15
M ar. 30 Holders of rec. M a r. 20
First preferred........ ................................ ......... 14
Cardenas-American Sugar, pref. (quar.).
April 2 Holders of reo. M ar. 20a
14
l 'A April 1 Holders of rec. M ar. 12a
Case (J. I.) Thresh.M aoh., pref. (q uar.).
2
M ar. 31 M ar. 7 to
Celluloid Company (quar.)...........................
M ar. 31
2 4 M ar. 31 Holders of rec. M ar. 20
Central Agulrro Sugar C os., com . ( q u .) ..
7 4 M a r. 31 Holders of reo. M a r . 20
Common (extra)........ ....................... ..............
14 April 14 Holders of reo. M a r . 31a
Central Coal tv Coke, pref. (quar.)-------- 
April 15 Holders of rec. M a r. 31a
2
Central Foundry, 1st pref. (quar.) (N o. 1)
M ay
Holders of reo. April 10
14
Central Leather, common (quar.)---------------Holders of reo. M a r . 9a
14 April
Central Leather, preferred (quar.)---------Holders of reo. M a r . 27
April
24
Central Petroleum, pref.................................
Holders of reo. M ar. 31
Central S. A. Telegraph (quar.)________
l'A April
Holders of reo. Feb. 5a
April
Central & 8 . A . Teleg. (payable in stock) elG
Central States Elec.C orp,,pf. (qu.) (N o. 19)
l'A M ar. 31 Holders of reo. M a r. 10
Holders of reo. M ar. 15a
Chandlor M otor Car (quar.)..........
April
2
E xtra________ _______ ____________________
Holders of reo. M ar. 15a
April
1
Charcoal Iron Co. of Amer., com. (qu.).. 15o. April 15 Holders of rec. M a r. 31
Charcoal Iron of America, preferred
200. M ar. 31 Holders of reo. M a r. 15
Chevrolet Motor (No. 1 ) . ......................
Holders of reo. April 20
3
M ay
Chicago Pneumatic Tool (quar.)_____
April 25 April 15
1
to
April 25
2
Chicago Telephone ( q u a r .) ...............
M ar. 31 Holders of reo. M a r . 30a
Chino Copper (quar.)...........................
51.50 M ar. 31 Holders of reo. M ar. 9a
E xtra___ ............................ — ..............
SI M ar. 31 Holders of reo. M a r . 9a
Cincinnati Gas A Electric (quar.)... __
to
M a r. 21
April 2 M ar. 15
l'A
Citizens’ Gas of Indianapolis, special___ I 10
April 11
to
M ay 1
M ay
City Investing, pref. (q u ar.)..........
l 'A April 2 Holders of rec. M a r . 28
Clovoland-CUffs Iron (quar.)____
2 4 April 25 April 10 to April 25
Clove. * Sandusky Brewing, pref. (quar.)
1 4 M ar. 31 Holders of reo. M a r. 15a
Cluett.Pcabody & Co ..Inc.p f. (qu.) (N o . 17)
April 2 Holders of reo. M a r . 20a
l 'A
Colorado Power, common (quar.).
4 April 10 Holders of rec. M a r. 31a
Colorado Springs L t ., l i t . & Pow.,pf.(qu.)
14 M ar. 31 Holders of reo. M a r. 10a
4
C olt’s Patont Fire-Arms M fg . (quar.). . .
M ar. 31 Holders of rec. M a r . 19
20
M ar. 31 Holders of reo. M a r . 19
Commonwealth Gas A Elec.'cos., pf. ( ju .) . $1.50 April 10 Holders of rec. April 2a
Commonwealth Light & Power, pref. (qu.). l 'A April
Holders of reo. M a r. 28
Computlng-Tabulatlng-Rccordlng (quar.)
1
April 10 Holders of reo. M a r. 24a
2
April
Cons. G as, E l. L . A P ., B alt., com. (qu.)
Holders of rec. M ar 15a
$1 M ar. 31 Holders of reo. M a r. 20a
Cons. Interstato-Callalian Mining (quar.)
M ar. 31 M ar. 11
l 'A
Consum. E l. L . A P ., New O rl., prof.(qu.)
to
April 1
14 April 2 Holders of reo. M a r. 19a
Consumers Power (M ic h .), pref. (q uar.).
14 April
Holders of reo. M ur. 20a
Continental C an, common (quar.)
14 April
Holders of reo. M ar. 20a
Preferred (quar.).............................




1337

THE CHRONICLE

31 1917.]

Name of Company.

When
Per
Cent. Payable.

M iscellan e ou s (C o n tin u e d ).
Continental Gas & Elec. C orp.,com .(qu.)
4
Preferred (quar.).........................................14
Corn Products Refining, preferred (quar.)
l'A
h5
Preferred (account accumulated dlv.)
10c.
Cressen Cons. Gold M . & M . (monthly) —
Crocker-Wheeler Co., common (quar.)........... 2
i
Common (extra)................................................
l'A
Preferred (quar.)-------------------------------------Crucible Steel, prof, (quar.) (N o . 5 3 )------l'A
Preferred (on account of accum. diva.) hl'A
Crucible Steel, pref. (acct, accu m .dlvs). h2
Cuba Cane Sugar Corp., pref. ( q u a r .) ...
l'A
Cuban-Amerlcau Sugar, common (quar.)
24
l'A
Preferred (quar.)-----------------------------------Dayton Power & Light, pref. (quar.)------14
Delaware Lack. A West. Coal (quar.)-------- , $1.25
2
Detroit Edison (quar.)-------- --------------------Distillers Securities Corp. (quar.)----------- 1 4d
Dodge Manufacturing, common (q u ar.). dU2_
Common (special)......................................... d\
Preferred (quar.) (N o . 2 5 ) -------------------l'A
Dominion Canners, preferred (quar ) ____
l'A
Dominion Glass, L td ., preferred (q u ar.).
l'A
Dominion Iron & Steel, preferred________
34
1
Dominion Steel Corporation, com.(quar.)
Preferred (quar.)...........................................
14
Dominion Textile, L td ., common (quar.)
14
Dominion Textile. L td ., pref. (quar.)___
l'A
2
Draper Corporation (quar.)______________
Duluth Edison Elec., pref.(q u .)(N o . 4 4 ) .
14
du Pont (E .I.)d e N em . P ow ., com. (qu.)
14
Preferred (quar.)______________ _________
14
duPont(E.I.)do Nem & C o., deb.stk.(qu.)
14
2
Eastern Light A Fuel (quar.)..........................
Eastern Steel, common____________________
24
Eastman Kodak, common (quar.)_______
24
24
Common (e x t r a )........................ ...................
Preferred (q u a r.)..’_____________________
1H
Edison Elec. III., Boston (qu.) (No. 1 1 2 ) .. 3
$1
fidmunds & Jones C orp., common (quar.)
Preferred (quar.)_______________________
l'A
Eiscnlohr (Otto) & Bros., In c., pf. (q u .).
l'A
1
Electric Storage Battery, com. & p f. (qu )
2
Electrical Securities C orp.,com . (q uar.).
Preferred (quar.)................................
14
l'A
Erie Lighting, pref. (quar.)...............
0
Eureka Pipe Line (quar.)................. ..
3
Galena-Signal Oil, common (quar.)
2
Proferred (quar.)_________________
1
General Baking, pref. (quar.) (N o . 2 1 ) . .
General Chemical, preferred (quar.) —
14
1
General Cigar, common (quar.)---------------Preferred (quar.)............................................
l'A
2
General Elcctrlo (quar.)_________________
2
General Fireproofing, common (q u a r .) ..
Preferred (quar.)________________
l'A
3
Preferred (quar ) .
14
15
leneral Motors C o. <
Preferred_________
34

April
April
April
April
April
April
April
April
Mar.
M ar.
April
April
April
April
April
April
April
April

1
1
16
16
10
15
15
15
31
31
28
2
2
2
1
16
10
18

Books Closed.
Days Inclusive.
M ar. 23
to
M ar. 23
to
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
April 0
to
April 6
to
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.

M a r . 31
M a r . 31
April 4a
April 4a
M a r . 31
April 5 ------------- .............
M a r. 16a
M a r . 16a
April 16a
M a r . 15a
M a r. 15a
M a r . 15a
M a r . 20a
M a r . 31a
M a r. 3 la
April 2a

April 2 Holders of rec. M a r. 22
April 2 M ar. 19 to
April 1
April 2 Holders of rec. M a r . 12
April 2 Holders of rec. M a r . 15a
April 16 Holders of rec. M a r. 31
May 1 Holders of rec. April 15
April 2 Holders of rec. M a r . 15
April 16 Holders of rec. M ar. 31
April 2 Holders of rec. M ar d 12a
April 2 Holders of rec. M a r . 23
M ay 1 Holders of rec. April 21
M a y 1 Holders of rec. April 21
April 25 Holders of reo. April 10
April 2 Holders of rec. M a r. 29a
April 16 Holders of reo. April 2
April 2 Holders of reo. M ar. 10a
April 2 Holders of rec. M a r . 10a
April 2 Holders of rec. M a r . 10a
M a y 1 Holders of rec. M a r. 30
to
April 1
April 2 M ar. 21
to
April 1
April 2 M ar. 21
M ar. 31 Holders of rec. M a r . 20
April 2 Holders of reo. M ar. 19a
April 1 Holders of reo. M a r. 30a
M a y 1 Holders of rec. April 2a
April 1 Holders of rec. M a r. 27a
M a y 1 Holders of rec. April 1G
M ar. 31 Holders of rec. Feb. 28
M ar. 31 Holders of rec. Feb. 28
April 1 Holders of rec. M ar. 17
April 2 Holders of rec. M ar. 16
M a y 1 Holders of rec. April 24a
June 1 Holders of rec. M a y 24a
Apr. 14 Holders of rec. M a r. 17a
April 1 Holders of rec. M a r . 20
April 1 Holders of rec. M a r. 20
M ay 1 Holders of rec. April 12a
M ay 1 Holders of reo. April 12a
M a y 1 Holders of rec. April 12
M ay 1 Holders of reo. April 12
14 April 2 Holders of rec. M ar.20a
Globe-Wernlcke, pref. (quar.)_______
14 April 15 Holders of rec. M ar. 31
Gold & Stock ’l'elegraph (q u a r .)..
14 April 1 Holders of rec. M ar. 31a
M ay 15 Holders of reo. M a y
4a
1
Goodrich (B . F .) C o ., common (q u a r .)..
Proferred (quar.)______________________
l'A April 2 Holders of rec. M a r . 23a
Preferred (quar.)______________________
l'A July 2 Holders of reo. June 22a
Goodyear Tire & Rubber, pref. (quar.)
l'A April 2 Holders of rec. M a r. 20a
Gorham Manufacturing, pref. (q uar.).
14 April 2 M ar. 25 to April 1
2 4 M ay 1 Holders of reo. April 14a
April 1 M ar. 21
to
M a r . 31
2
Grcat Lakes Steamship, com m on.
April 1 M ar. 21
to
M a r. 31
2
Common (extra)............... ................
14 April 2 M a r. 16 to April 1
Great Lakes Tow ing, pref. (quar.)
April 2 Holders of rec. M a r . 15a
2
Gulf States Steel, common (quar.)
ol'A April 2 Holders of rec. M a r. 15a
First preferred (quar.)___________
p l4 April 2 Holders of rec. M a r . 15a
Second preferred (quar.)________
Harrlsburgh Light & Power, pref. (quar.)
1 ^ M a r. 31 Holders of rec. M a r. 21a
c/June 1 Holders of reo. M aydlOa
1
l'A M ar. 31 Holders of rec. M ar. 20a
75c. M ar. 31 Holders of rec. M a r . 14
50c. M ar. 31 Holders of rec. M a r. 14
Preferred (quar.)............... .................. .........
75o. April 2 Holders of reo. M a r . 15a
Haskell & Barker Car (quar.)__________
Haverhill Gas Light (quar.) (No. 85).......... 1 .12 April 2 Holders of rec. M a r. 26a
25c. April 5 Holders of rec. M a r . 23
Hawaiian C om . & Sugar (monthly) —
50c. April 5 Holders of rec. M a r . 23
E xtra_________________________•_________
2 4 April 2 Holders of reo. M a r . 17a
Ilelm o (Geo. W .) C o ., common (q u a r .)..
l'A April 2 Holders of reo. M a r. 17a
Preferred (quar.)________ ______ ______
l'A April 2 Holders of reo. M a r . 20a
Ilendco Manufacturing, pref. (quar.).
l'A M a y 1 Holders of rec. April 14
l'A M ar. 31 Holders of rec. M a r . 15a
Houston Gas & Fuel, pref. (quar.).
1
April 1
Howe Scale, common (quar.)...............
l'A
Preferred (quar.)__________________
14 April 2 Holders of rec. M a r. 24
14 April 2 Holders of rec. M ar. 20a
14 April 14 Holders of rec. April 4
Illinois Brick (quar.).
14 M a y 1 Holders of rec. April 20
d2
M a y 15 Holders of rec. April 24
Indiana Pipe Lino (quar.)...............
3 4 M ar. 31 Holders of rec. M a r. 27
Indianap. W. W. Securities, pref..
Indian llefg., pref. (acct, accum. dies.)------ h54 April 20 Holders of rec. April 10
to
April 23
April 30 April 6
$2
Inspiration Cons. Copper (quar.).
April 2 M a r. 21
to
April 1
3
International Banking.......... ...............
April 10 Holders of rec. April 2
1
14 April 10 Holders of reo. M a r . 24a
April 14 Holders of rec. M a r . 30a
3
1 Vi
International Paper, pref. (quar.).
14 April 1 Holders of rec. M a r . 15a
International Salt (quar.)...............
14 April 2 Holders of reo. M a r . 12
3 4 April 2 Holders of reo. M a r . 20
Interoccan OH, first pref........ ................
50c. April 2 Holders of reo. M a r . 24
Island Creek Coal, common (quar.).
April 2 Holders of rec. M a r . 24
$1
Common (oxtra)....................................
$1.50 April 2 Holders of reo. M ar. 24
Preferred (quar.)_________________ 14 April 1 Holders of reo. M a r. 20a
Jewell T e a, In o., preferred (quar.)---------l'A April 2 Holders of reo. M a r. 23
Kansas Gas * Elec., pref. (qu.) (N o. 28).
l'A April 2 Holders of rec. M a r. 20
Kaufmann D ept. Stores, pf.(qu .) (N o .17.
l'A April 1 Holders of rec. M ar. 20a
Kayser (Julius) & Co., common (q u ar.)..
l'A M a y 1 Holders of rec. April 20a
14 April 2 Holders of rec. M a r . 17a
14 April 2 M ar. 27 to April 2
Kelsey C o ., In c., common (q uar.).
l'A April 2 M ar. 27 to April 2
Profcrred (quar.)— .........................
to
M a r. 11
J1.5C M ar. 31 M ar. 10
April 2 Holders of rec. M a r. 23
3
April 2 Holders of rec. M a r . 23
2
Preferred (quar.).
1-3 April 2 Holders of reo. M a r. 23
Preferred (extra).
l'A April 1 Holders of reo. M a r. 17
174c April 2 Holders of reo. M a r. 20a
Kresgo (8 . S.) C o ., pref. (quar.).
April 2 Holders of rec. M a r. 20
Kress (S. H .) , preferred (quar.).
to
M a r . 25
M ar. 3: M ar. 17
.
1
to
M a r . 25
M ar. 3 M a r. 17
_
2
Common (extra)................. - ........... M
ar.
17
to
M
a r . 25
.
2
M
a
r.
3
Proferred (quar.)................................
14 M ar. 3 Holders of rec. M a r . 15
Lackawanna Steel, common (quar.).
to
April 16
5c April 2C M ar. 25
La Rose Consolidated Mines (quar.)------.
Holders of rec. M a r . 27
.
2 4 April
Laurentido C o ., Ltd. (quar.)-------Holders of rec. M a r. 22
April
3
Lawyers’ Mortgage (quar.) (N o. 6 2 )------.
. $1.25 April 1- Holders of rec. April 5a
Lehigh Valley Coal Sales (q u a r.)..
Holders of rec. M a r . 21
April
.
2
Library Bureau, preferred (quar.).
Holders of rec. M a r . 23a
4
April
Liggett & M yers T obacco, com. (extra)...
Holders of reo. M a r. 23a
.
14 April
Holders of rec. M ar. 31a
Locomobile Co. of Am., pref. (quar.).......... . l'A April
Holders of rec. April 15
Loft, Inc. (quar.).................... - ....................... . 14 M a y
14 rfMar3 M a r . 25 to April 1
Lono Star Gas (quar.).................................. 4 dM ar3 M a r. 25 to April 1
Extra .............................................................. Holders of rec. M a r . 17a
.
14 April
Loose-Wiles Biscuit, 1st pref. ( q u a r .) ...

Name of Company.
M iscella n eou s (C o n t in u e d ).
Lorlllard (P .) C o., com m on (quar.).
.
Comm on (extra)_______________ - .
Preferred (quar.)______________ __
Lukens Steel, 1st and 2d pref..............
M acAndrews & Forbes, com . (quar.)___ Com m on (extra)_______________
Preferred (quar.)______________
)
.
Preferred (quar.) (N o. 5 3)-----.
M agm a Copper (quar.)..................
Manatl Sugar, preferred (quar.).
-

Per
When
Cent. Payable

Books Closed.
Days Inclusive.

Holders of reo. M ar. 17a
April
Holders of reo. M ar. 17a
April
Holders o f rec. M ar. 17a
April
IX
Holders
of rec. M ar. 31
April
15
IX
2K April H Holders of rec. M ar. 31a
2 >* April 1) Holders of rec. M ar. 31a
I K April 1) Holders of rec. M ar. 31a
I K April 2 Holders of rec. M ar. 10a
April 2 Holders of rec. M ar. 10a
1
50o. M ar. 3 Holders c f rec. M ar. 14
April 2 Holders of rec. M ar. 24
IX
1
April ; Holders of rec. M ar. 20
April 2 Holders of rec. M ar. 20
)
IX
M anhattan Shirt, preferred (quar.).
- I X April 2 Holders of rcc. M ar. 23a
M anning,M axwell & M ooro,Inc.(qu,
I K M ar. 31 Holders of rec. M ar. 31
April 15
April 1) April 1 to
2
Manufacturers' Light & Heal (quar.).
) 51.25 M ay 1 Holders of rec. April 14
. 25c. April 16 Holders of rec. M ar. 26a
. $1.50 April 16 Holders of rec. M ar. 26a
Preferred (quar.).
lathleson Alkali W
I K April 2 Holders of reo. M ar. 20a
April 2 Holders o f reo. M ar. 20a
Preferred (quar.).
IX
2 K April 2 Holders of rec. M ar. 10a
April 2 Holders of rcc. M ar. 10a
First preferred (q u a r .)..
IX
Second preferred (quar.).
IK April 2 Holders of rec. M ar. 10a
April 2 Holders o f reo. M ar. 20a
IX
April 1 Holders of reo. M ar. 20
IX
Mergenthaler Linotype (q u a r .)...
2K M ar. 31 Holders of rec. M ar. 3a
April I Holders of reo. M ar. 14a
Mexican Petroleum, L td ., pref. (quar.).,
2
Mexican Telegraph (quar.)------------2 K April 10 Holders of rcc. M ar. 31
e39
April I Holders of rec. Feb. 6a
M ichigan Light, preferred (quar.).
I K April 2 Holders of rec. M ar. 15a
I K M ar. 31 Holders of rcc. M ar. 26
10c M ar. 31 Holders of rec. M ar. 15
M id-Continent Cons. OH & U til., A stk.
M iddle W est Utilities, com . (N o. D . . .
«K April 2 Holders of rec. M ar. 15
i ti
April 2 Holders of rcc. M ar. 15
2o. April 20 Holders of rcc. April 2
Midwest Oil, pref. (quar.).
1
April 2 Holders o f rec. M ar. 13a
April 2 Holders o f reo. M ar. 13a
Preferred (quar.) (N o. 18).
IX
April 1 Holders of reo. M ar 21a
IX
Montreal Telegraph (.quar.)..... ..............
2
April 15 Holders o f rec. M ar. 31a
M orris Plan C o. (quar.)_____________
IK April 2 Holders of rec. M a r. 23
April 2 Holders of rec. M ar. 26
M ortgage-Bond C o. (quar.)................
IX
M otor Products Corporation (N o. 1).
$1 April 3 Holders o f rec. M ar. 21
Mountain States Telep.A Teleg. (quar
April 15 Holders o f rec. M ar. 31a
IX
to
April 1
Nassau Light A Power.............................
2
M ar. 31 M ar. 27
April 14 Holders of rec. M ar. 29a
IX
April 14 Holders o f rcc. M ar. 31a
IX
V2
M ay 15 Holders of rec. April 26a
Preferred (quar.)_____________________ uix M ar. 31 Holders o f rec. M ar. 10a
National Glue, preferred (quar.)...............
2
April 2 Holders o f reo. M ar. 16
1
M ar. 31 Holders of rec. M a r. 9a
National Lead, com m on (qu ar.)________
National Licorice, pref. (qu.) (N o. 5 9 )..
I K M ar. 31 Holders o f reo. M ar. 26
National Paper & T yp e, com . (quar.)___
I K April 14 Holders of rcc. M ar. 31a
April 14 Holders of reo. M ar. 31a
Preferred (quar.)......... ............................
IX
National Refining, pref. (quar.)............ .
April 1 Holders of rec. M ar. 15a
2
National Sugar Refining (quar.)________
I K April 2 Holders of reo. M ar. 12
National Surety (quar.)________________
April 2 Holders of rcc. M ar. 21a
3
I K April 30 Holders of reo. M ar.d30a
50c. M ar. 31 Holders o f rec. M ar. 9a
50o. M ar. 31 Holders o f rec. M ar. 9a
to
April 1
April 2 M ar. 24
IX
M ar. 31 Holders o f rcc. M ar. 21
IX
M ar. 31 Holders o f rcc. M ar. 24a
51
New Jersey Zinc.
4
M ay 10 Holders o f rec. April 30
Extra________
4
April 10 Holders of rec. M ar. 31 ,
$1.50 April 25 Holders of rec. April 2
April 2 Holders of rec. M ar. 22
IX
New Y ork Transit_________
4
April 14 Holders of rec. M ar. 24
Niagara Falls Power (quar.).
2
April 14 Holders o f rcc. M ar. 31a
N lpo Bay C o. (quar.)............
2
April 14 Holders of rcc. M ar. 24a
April 17
Nlplsslng M ines (quar.)____
25c. April 20 April 1 to
I K April 2 Holders of rec. M ar. 22a
April 30 Holders o f rec. April 17a
SI
April 20 Holders o f rcc. M ar. 31
IX
April 14 Holders o f rcc. M ar. 31
Preferred (quar.).................................
IX
Northwestern Electric, pref (quar.).
IK April 1 Holders of reo. M ar. 24
2
Apiil 14 Holders of rec. M ar. 31a
2K April 2 Holders of reo. M ar. 22
Ohio Cities Gas, preferred (qu ar.)______
I K April 1 Holders of reo. M ar. 15a
Ohio Fuel Supply (quar.)......... .................. 6 2 K c April 14 Holders of reo. M ar. 31a
Ohio State Telephone, pref. (quar.)____
i x April 2 Holders o f rcc. M ar. 20
Old Colony Gas, pref. (quar.)..................
IK April 2 Holders o f rec. M ar. 19a
Osage & Oklahoma Co. (quar.)........... .......
April 10 Holders o f rcc. M ar. 31
2
Osceola Cons'd Mining (quar.) (No. 8 6 )-SO April 30 Holders of rec. M ar. 31a
Otls Elevator, com m on (quar.)________
I K April 16 Holders of rec. M ar. 31
Preferred (quar.)....... ...............................
IK April 16 Holders of rec. M ar. 31
I K April 2 Holders of rec. M ar. 20a
Owens Bottle Machine, common (qu ar.). 75o. April 2 Holders of rec. M ar. 22a
Common (extra)_______________
60c. April 2 Holders of rec. M ar. 22a
Preferred (quar.)..........................
I K April 2 Holders of reo. M ar. 22
April 16
Pacific Tel. ct Tel., pref. (quar.)..
IK April 16 April 1 to
April 1 Holders of rec. M ar. 11
IX
Penmans, Limited, common (quar.)
1
M ay 15 Holders o f rec. M a y 5
Preferred (quar.)_________ _______
I K M ay 1 Holders o f rec. April 21a
Penna. W ater & Power (quar.) (N o . 1 3 ) .
I K April 2 Holders o f reo. M ar. 19a
Pennsylvania Salt Mfg. (quar.)____
2
April 14 Holders o f rec. M ar. 31
Pettlbono-Mulllken C o ., 1st & 2d pf. (qu.)
I K April 1 Holders o f rec. M ar. 17a
Pierce-Arrow M otor Car, pref. (q u a r .)..
April 2 Holders o f reo. M ar. 15
2
Pittsburgh C oal, pref. (quar.)____
I K April 25 Holders o f reo. April 12a
Pittsburgh Plate Glass (payable In stock) elO
April 2 M ar. 11 to April 1
Common (quar.)________ ______ _
I K April 2 Mar. 11 to April 1
Preferred (annual)...........................
12
April 2 M ar. 11 to April
1
Pittsburgh Steel, common (quar.)
2
April 2 Holders of rec. M ar. 24
P lttsb. T erm . Warehouse & Transp. (qu.) 75C. M ar. 31 Holders o f reo. M ar. 24
Poole Engineering & Machine (N o . 1 ) . . .
IK April 2 Holders of reo. M ar. 20
E x tra _____ ______________________
3 K April 2 Holders of reo. M ar. 20
Prairie Oil & Gas (quar.)..................
3
April 30 Holders o f reo. M ar. 31
Extra ______________ ___________
2
April 30 Holders of rcc. M ar. 31
Pralrlo Plpo Line (quar.).......... .......
5
April 30 Holders of rec. M ar. 31a
E xtra...... ................................ ..............
April 30 Holders of reo. M ar. 31a
5
Procter & Gam ble, pref. (q u a r .)..
April 14 Holders of reo. M ar. 31a
2
Public Service of Nor. Ills., com. (quar.)..
I K M ay 1 Holders of rec. April 14
Preferred (quar.)............... ................
IK M ay 1 Holders of reo. April 14
Quaker Oats, common (quar.)_____
2K April 16 Holders o f reo. April 2a
Preferred (quar.)________________
I K M ay 31 Holders o f reo. M ay la
R ay Consolidated Copper (q u ar.).
750. Mar. 31 Holders o f reo. M ar. 9a
E xtra_____________________________
250. Mar. 31 Holders o f reo. M ar. 9a
Reading Stockholders Association, common.
1^ April 1
Reece Buttonhole Mach, (quar.) (No. 124). 3
April 16 Holders o f rec. April 2
Reece Folding Mach, (quar.) (No. 3 2 ) .
1
April 16 Holders o f rec. April 2
Regal Shoe, pref. (quar.) (N o . 8 9 ) _______
April 2 Holders of reo. M ar. 21
IK
Reo M otor C ar, com. (quar.)......................
2 K Vprll 1 Holders o f rec. M ar. 15
Republic Iron <& Steel, com. (qu.) (N o . 2)
May 1 Holders o f reo. April 20a
IK
Preferred (quar.) (N o . 5 4 )_____________
I K April 2 folders of reo. M ar. 20a
Reynolds (R . J .) Tobacco, common (qu.)
3
April 2 Holders o f reo. M ar. 21a
Common (extra)_________ _____________
April 2 Ioldcrs o f rec. M ar. 21a
2
Preferred (quar.)_____ ___________ ______
Vprll 2 Iolders o f rcc. M ar. 21a
IK
Roanoke Gas Light, pref. (quar.)....................
Mar. 31 Iolders o f reo. M ar. 26
IK
Royal Baking Powder C o ., com . (q u ar.).
2
Mar. 31 Iolders o f reo. M ar. 15
Preferred (quar.)_______________________
Mar. 31 Iolders o f reo. M ar. 15
IK
Safety Car H eat & L tg. (quar.)............... ..
April 2 Ioldcrs of reo. M ar. 16a
2
S t. L . Rocky M t . & Pao. C o .,c o m .(q u .)_.
to
April 9
K April 10 Vprll t
8 t. L . Rocky M t . <&Pao. C o ., pref. (quar.)
to
M ar. 30
I K Mar. 31 Mar. 21
Saxon M otor Car C orp., (quar.)_________
Apr <117 Iolders o f reo. April d4a
IX
Scovlll Manufacturing (quar.)___________
2
Vprll 1 Iolders o f reo. M ar. 26
E xtra_________________ ___________________ 10
April 1 Iolders o f reo. M ar. 26
Sears, Roebuck & C o ., c om m on _________ /25
April 2 Holders o f reo. M ar. 15a
Common ( q u a r .)________________________
2
May 15 Iolders o f reo. April 30
Preferred (quar.)_________________ ______
Vprll 2 Iolders o f reo. M ar. 15a
IK
Shattuck Arizona Copper C o. (N o. 1 9 ) -50c. April 20 Ioldcrs o f reo. M ar. 31a
E xtra (N o . 7 ) ........ ................ .......................
76o. April 20 Iolders o f reo. M ar. 31a




[Vol. 104,

THE CHRONICLE

1238

3

6

Name of Company.

Per
When
Cent. Payable.

Miscellaneous (Concluded).
Shawlnlgan Water & Power (quar.)___
Sloss-Sheffleld Steel & Iron, pref. (qu.)..

Books Closed.
Days Inclusive.

April 10 Holders of reo. M ar. 29a
April 2 Holders of rec. M ar. 24a
April 15 Holders o f reo. M ar. 31
April 2 Holders of rec. M ar. 17
Southern Utilities, preferred (quar.)___
M ar. 31 Holders of reo. Feb. 28
South Penn Oil (quar.)___ ____ ______
5
April 2 Holders of reo. M ar. 16a
South Porto Rico Sugar, com. (quar.)__
5
2
April 2 Holders of reo. M ar. 15a
Preferred (quar.)____ ____ ________
April 2 Holders o f reo. M ar. 15a
Southwestern Cities Elec. Co., pref. (qu.)
IX
April 2 Holders o f rcc. M ar. 15
South West Penn Pipe Lines (quar.)___
3
April 1 Holders of reo. M ar. 27
Spicer M fg ., 1st and 2d p ref. (q u a r.) _____
2
April 2 Holders o f reo. M ar. 21
Springfield Body Corp., pref.(qu.)(No.4) 2
Spring Valley Water (quar.)........... -___ 8 7 )*o . M ar. 31 M ar. 17 to April 1
Standard Motor Construction_________ «30o. M ay 15 April 17 to April 30
April 2 Holders of rec. M ar. 15
Standard Oil Cloth, Inc., common.......... 1
1
April 2 Holders o f reo. M ar. 15
Common (extra)..................................
Holders of rec. M ar. 15
Preferred Class A (quar.)....................
151 April
Holders of rcc. M ar. 15
April
Preferred Class B (quar.)....................
IX
Standard Oil (Calif.) stock dividend___ e 33 1-3 April 16 Holders of reo. Feb. 15
April
Standard Oil (Kentucky) (quar.)..
M ar. 16 to
April 2
April
1
M ar. 16 to
April 2
Extra_______________________
M ay
April 17 to
M ay 2
Special______________________
100
April
Standard OH (Ohio) (quar.)______
M ar. 3 to
M ar. 21
3
April
Extra_________ ______ ______
M ar. 3 to
M ar. 21
1
M ar. 31 Holders of reo. M ar. 20
Standard Screw, common (extra)..
50
M ay
Steel Co. of Can., Ltd., com. (qu.) (No.l)
Holders of rcc. April 10
1
Holders of reo. April 10
Common (bonus)_____________
la M ay
M ay
Preferred (quar.) (No. 23).........
Holders of reo. April 10
IX
Stromhcrg Carburetor (No. 1)........
75c. April
Holders of reo. M ar. 15
Stutz Motor Car of Amer., Inc. (quar.).. $1.25 April
Holders o f reo. M ar. 19a
75c. April 16 Holders o f reo. M ar. 30
Submarine Boat Corporation (quar.)___
April
Subway Realty (quar.)__________
Holders o f reo. M ar. 20
IX
2
April 10 April 1 to
Temple Coal, pref. (quar.)______
April 10
Texas Company (quar.)_________
21* M ar. 31 Holders of reo. M ar. 16a
Texas & Pacific Coal (quar.)_____
11* M ar. 31 Holders o f reo. M ar. 17
M ar. 31 Holders o f reo. M ar. 26
Thompson-Starrett Co., preferred.
Tide Water OH (quar.)............. .....
2
Holders o f reo. M ar. 20a
April
Tobacco Products Corp., pref. (quar.)__
Holders of reo. M ar. 19a
IK April
'l'onopah-Bclmont Development (quar.). 121*o. April 2 M ar. 10 to
M ar. 21
Tonopah Extension Mining (quar)
M ar. 22
10c. April 2 M ar. 13 to
Tonopah Mining of Nevada (quar.)___ 15c. Apr .<121 April 1 to April 8
Torrlngton Company, common (quar.)..
750. April 2 Holders o f reo. M ar. 21
Common (extra).........................
25c. April 2 Holders of reo. M ar. 21
T ransue A W illia m s Steel Forg. (q u a r.) __
April 16 Holders o f rec. April 9
$1
Underwood Typewriter, common (quar.) 11* April 1 Holders of reo. M ar. 16
April
Preferred (quar.)__________________
Holders of reo. M ar. 15
IX
Union Carbldo (quar.)_______ ________
April 2 M ar. 14 to
2
April 3
Union Natural Gas Corporation (quar.). 21* April 14 April 1 to April 15
United Drug, common (quar.) (N o .l)..
April 2 Holders of reo. M ar. 17a
IX
United D ru g, 1st p ref. (q u a r.) .........
M ay
Holders of reo. April 16
IX
United Dyewood Corporation, com(No.l)
Holders of reo. M ar. 14a
I K Apr.
Preferred (quar.) (No. 2)__________
Apr. 2 Holders of reo. M ar. 14a
n i x
United Fruit (quar.) (No. 71)......... ......
April 14 Holders o f rcc. M ar. 24a
2
April 14 Holders o f rec. M ar. 31a
United Gas Improvement (quar.)____
51
51
April 14 Holders o f reo. M ar. 31a
Extra ........................................ —
United Paperboard, pref. (quar.).........
to
April 15
11* April 15 April 2
United Shoe Machinery, common (qu.).
50c April 5 Holders o f rcc. M ar. 20
Preferred (quar.)........... ........... ....... 3 7 K c . April 5 Holders o f rcc. M ar. 20
M ar. 31 M ar. 21
U. S. Gypsum, preferred (quar.)........... .
to
M ar. 31
IX
U. S. Industrial Alcohol, pf. (qu.) (No42) I X April 15 Holders o f reo. M ar. 31o
U . S. Sm ell., R efg. A M i n ., com . ( q u . ) . .
51.25 April 14 Holders of reo. April 7
Preferred (q u a r.) __ ______ ________
871*c April 14 Holders of reo. April 7
Utah Copper (quar.) (No. 35)________
$2.60 M ar. 31 Holders o f reo. M ar. Oa
M ar. 31 Holders of reo. M ar. 9a
Extra (No. 5)____________________
$1
Utah Gas & Coke, p ref. (q u a r.) ________
April 2 Holders of reo. KM)1. 20a
IX
Victor Talking Machine, common (quar.) 5
April 14 April 1
to April 16
Preferred (quar.).... ............................
April 14 April 1
to April 15
IX
Vlrglnla-Caro. Chem.,com.(qu.) (No.38) 75c. M ay
Holders of reo. April 14a
Preferred (quar.) (No. 86)..................
2
April 16 Holders o f reo. M ar. 31a
Warner(Chas.)Co.of Dcl.,lst<&2d pf.(qu.) I X April 26 Holders o f reo. M ar. 31a
Warren Bros. Co., common (quar.)........ 50o. April 2 Holders o f reo. M ar. 20
First preferred (quar.) (No. 60)_____
I K April 2 Holders of reo. M ar. 20
April 2 Holders o f reo. M ar. 20
Second preferred (quar.)____ _______
IX
April 2 Holders o f reo. M ar. 20
Washburn Wire, common (quar.)______
2
April 2 Holders o f rec. M ar. 20
Preferred (quar.).... ............................
IX
W ells Fargo A Co. (q u a r.) ........................
April 20
11* April 20 April 10 to
Western Electric (quar.)______________
$2
M ar. 31 Holders o f reo. M ar. 24a
Preferred (quar.)_____ ____________
I K M ar. 31 Holders o f reo. M ar. 24a
W estern Pow er C o., p ref. (q u a r.) ............... $1.15 April 16 Holders o f rcc. M ar. 3 la
April 16 Holders of reo. M ar. 31a
W estern Pow er C orp ., p ref. (q u a r.) ...........
1
W estern States Gas A E lec., pref. (q u a r .)..
April 14 Holders o f rcc. M ar. 3 1 1
IX
Western Union TeIegraph(quar.)(No.l92) I K April 16 M ar. 21 to April 11
Westlnghouse Air Brake (quar.)............. $1 75 April 21 Holders o f reo. M ar. 31
W estinghouse A ir Brake (stock d iv id e n d ).. e20
April 21 M ar. 25
to
April 1
W estlnghouse E lec. A M fg ., com . (q u a r .).. 8 7 K o . April 30 Holders of reo. April 5
Preferred (q u a r.) .................................. 8 7 K c . April 16 Holders o f reo. April 5
Westmoreland Coal (quar.)........... ........
2
M ar. 31 M ar. 21
to
April 1
Weyman-Bruton Co., common (quar.)..
April 2 Holders of rec. M ar. 19a
Common (extra)_______ ____ _____
2
April
Holders of reo. M ar. 19a
Preferred (quar.)........................ .......
April
Holders o f reo. M ar. 19a
IX
W heeling M ou ld A Foundry (q u a r.) .........
1
M ay
Holders o f reo. April 1
E x t r a ..................................................
1
M ay
Holders o f rec. April 1
Wheeling Steel & Iron (quar.)................
2
M ar. 31 Holders o f reo. M ar. 17
White Motor (quar.)............. ................. 51 M ar. 31 Holders o f rcc. M ar. 16a
Wlllys-Overland, preferred (quar.)_____
April
IX
Holders of rec. M ar. 20a
Wilson * Co., Inc., preferred (quar.)___
April
Holders o f rec. M ar.26a
IX
Wolverine Mining___________________
$7 April
Holders o f reo. M ar. 7
Woolworth (F.W.) Co., preferred (quar.).
April
IX
Holders o f rcc. M ar. 10a
Worthington Pump & Mach.. pf.A (qu.).
April
IX
Holders of reo. M ar. 21a
Yale & Towne Mfg. (quar.) (No. 88)___
21* April
Holders of reo. M ar. 23
Y ou ng (J . S .) C o., com m on (q u a r.) ______
21* April
M ar. 24
to
M ar. 26
Preferred (q u a r.) ..................................
April
M ar. 24
to
M ar. 26
IX
Youngstown Sheet & Tube, commonfqu.) 2
M ar. 31 Holders o f reo. M ar. 20a
Common (extra)______________ ____
M ar. 31 Holders of reo. M ar. 20a
Preferred (quar.)____________ _____
M ar. 31 Holders o f reo. M ar. 20a
IX
Yukon-Alaska Trust (quar.)..l_______
M ar. 31 M ar. 10
$1
to
M ar. 11
Yukon Gold Co. (quar.)...................... . 7Ko. M ar. 31 M ar. 10 to M ar. 14
ix
IX
IX
IX

Southern C aliforn ia E d ison, 1st p ref. (quar)

4

4

3

3

a Transfer books not dosed for this dividend. 6 Less British Income tax. d C or
rection. e Payable In stock. /P a y a b le In com m on stock, g Payable In scrip.
h On account of accumulated dividends. < Declared 8 % paynblo 2% quarterly as
abovo and 2% July 31 to holders of record July 14; 2% O ct. 31 to holders o f record
O ct. 13 and 2 % Jan. 31 1918 to holders of record Jan. 12. k Deolared 6 % payable
In quar. lnstals. n Declared 7 % , pay. In quar. tnstals. o Declared 7 % , paynblo In
quarterly installments— I X % as above; I X % July 2 to holders o f record June 15;
1 K % O ct. 1 to holders o f reo. Sept. 15, and I X % Jan. 2 1918 to holders of record
Deo. 15. p Declared 6 % on 2d pref., payablo In quar. Installments on same dates as
1st pref. stock—see note (o). r Declared 51.50, payablo 60o. each Juno 20, Sept. 20
and D eo. 20; transfer books closed ten days before payment o f dividend, t Payablo
In new Class B com . stook. t Declared 2 % In cash and 2% In stock, the cash

two months was paid Feb. 28 on old capital o f $3,000,000. 'I'ho present dividend Is
‘ o first on new capital of $6,000,000 and was made to fill out tho first quar. of 1910.
t Declared 2 % , payablo K % as abovo and K % each on July 18, O ct. 18 and Jan.
18 1918 to holders o f record July 2, Oct. 2 and Jan. 2 1918, respectively.
i
5 Declared 8 % payable 4% as abovo and 4% Sept. 29 to holders of record'Sept. 25.

Canadian Bank Clearings.

— T h o

c lo a r in g s T fo r t lio w e e k

mar.
sam e

31 1917.]

w eek

in

1916,

THE CHRONICLE
sh ow

an

in c re a s e

in

th e

a g g reg a te

of

B y M e s s r s . B a r n e s & L o fla n d , P h ila d e lp h ia :
Shares. Stocks.
$ per sh. Shares. Stocks.

2 3 . 5 % . __________________________________________________________________________________
W eek ending M a rch

Clearings a t —

1917.

I n c . or
D ec.

1910.

Montreal......................
Toronto.... .......... ........
Winnipeg.... ...............
Vancouver____ ______
Ottawa.........................
Quebec _____ ______
Halifax______________
Hamilton......................
St. John_____________
London______________
Calgary.................. .......
Victoria........... .............
Edmonton___________
Regina________ ___ __
Brandon .......................
Lethbridge....................
Saskatoon........... ..........
Brantford......... ............
Moose Jaw___________
Fort William................
Now Westminster_____
Medicine Hat_________
Kitchener....................

10 Iladdonfleld National Bank__ 220
51 Rights to subscribe to Wm. M.
Lloyd C o.............
10
16 Octavla Hill Assoo., $10each.. 6
50 Atlantic City Co., common__ 2
1 Penn. Academy Fine Arts___ 32
4 Klttanthg Coal Co., $1 each... 20K
5 Fidelity Trust Co___________ 730
20 Am. Union Fire Ins., $25 ea__ $1 lot
5 Yardley (Pa.) National Bank.. 150
4 Commercial Trust Co_______ 426 'A
25 Commonwealth T. I. & T. CO.240H
5 Falrmount Savings Trust C o..100
30 Finance Co. of Pa. 1st pref___ 118
4 FrankIlnTrustCo.,$50each. . 71
10 Logan Trust Co____________ 151
20 Mutual Trust Co., $50 each__ 30

22.
1915.

1914.

S
S
$
%
$
76,007,257 66,156,951 + 14.9 43,529,801 45,108,911
52,931,625 43,127,277 + 22.4 30,270,924 36,009,971
39,503,095 28,848,300 + 36.9 20,583,242 20,544,111
7,040,050 5,759,717 + 22.3 5,023,764 9,882,263
4,937,935 3,692,200 + 33.7 3,690,320 3,404,365
3,835,033 2,928,144 + 31.0 2,276,440 2,305,335
2,427,174 2,121,560 + 14.4 1,441,900 1,643,866
4,117,528 3,303,167 + 24.6 2,331,364 2,494,823
1,774,053 1,586,700 + 11.8 1,357,070 1,373,572
2,041,401 2,040,042 —0.2 1,447,119 1,409,724
5,389,005 3,778,595 + 42.6 2,796,015 3,000,991
1,319,000 1,298,000 + 1.6 1,583,519 2,412,656
2,597,559 1,907,019 + 36.2 2,017,330 3,140,105
2,767,291 1,529,900 + 80.9 1,009,090 1,749,915
507,036
472,521 + 7.4
458,338
444,086
404,722 + 44.8
309,438
430,458
672,923
087,032 1,080,421
1,770,324
898,318 + 97.7
409,509
588,597 + 37.6
809,676
538,865
814,758 + 10.0
788,008
783,990
949,591
351,070 +22.8
420,340
431,570
538,850
272,700
213,959 + 27.0
201,590
415,316
533,979
308,038 + 44.8
212,655
383,209
512,079
380,302 + 34.7
403,511
731,300
523,019 + 39.8
513,338 Not incl. In total.

C an ad a —

National Banks.
n a tio n a l b a n k s
C u rren cy,

— A m on g

oth e r

s e c u r it ie s ,

not usually dealt in at the Stock Exchange,
a t a u c tio n
B y

in

N ew

Y ork ,

B oston

and

th e

w ero

s o ld

P h ila d e lp h ia :

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

Y ork :

$ per sh.
Stocks.
S per sh. Shares. Stocks.
375 United Zlno Smelt. Corp.,
208 Meyer, Denkcr * Slnram Co. 125
100 Hotel Roland Co., $5 each..$7 lot
$5H per sh.
60 Jos. H. Davis Bldg. Co., pfd.S8 lot
SO Mineral Dcvel. Co., $50 cacli,
S10 lot
1 German Alliance Xnsur........300
Per cent.
98 C. II. T,cster Co., common. .S3 lot Bonds.
7,000 Umatilla Tono. Min. Asst.
$2,000 Norwalk Steel Co. 1st 4+Js,
No. 10 unpaid, $1 each......... $9 lot
1929 ............................... 40
Shares.

B y

M e s s rs . F r a n cis

H en sh aw

&

C o ., B o s to n :

Stocks.
$ per sh. Shares. Stocks.
$ per sh.
0 Edwards Manufacturing............61
20 Nashawona Mills..................... 110
1 Boston Athcneum__________ 415
56 Wamsutta Mills...................... 110M
100 Am. Pneum. Serv., 1st pf., $50
3 Union Cotton Manufacturing.225
each..............................
43
10 Arlington Mills, cx-dlvldcnd.. 109H
1 Boston Woven Hose & Rubber
\i Paclflo Mills............................. 36
Co. rights_______ _____ 66%
15 Ludlow Mfg. Associates.......... 145
5 Merrimack Chcm., cx-dlv., $50
50 Wamsutta Mills........... 110JI-110M
90
each.....................

Shares.

B y M essrs. R .
Shares. Stocks.

L .

D a y & C o ., B o s to n :
% p er sh. Shares. Stocks.

4 Merchants National Bank___ 291
50 Commonwealth Trust Co------- 175
10 Arlington Trust Co., Lawrenco.80
2 Framingham National Bank.. 14.3H
5 First Nat. Bank, Lewiston___ 100M
15 Blgctow-Hartf. Carpet, pref-.107M
1M Paclflo Mills........................35 5-8-36
105 Arlington Mills, ex-dlvidend. .109>$
25 Warwick Mills.................
123
18 West Point Manufacturing___ 165
3 Boston Belting, cx-dlvldcnd__ 115

$ per sh.
1 Merrimack Mfg., pref............... 85
14 Mass. Mills In Georgia_______ 9C>%
20 Wamsutta Mills....... ............. 112
4 Int. Cot. Mills, com., $50 each. 17 %
15 Odd Fellows Hall Assoc., $10 ca 8
2 Cambridge Gas Light..............200H
1 Boston Athcneum, S300 par...415
10 Montpelier* Barrc L.&P.,com. 0 %
33 Merrimack Mfg., common___ 60
6 Textile Finishing preferred__ 100

T reasu ry

Bonds.

p er cent.

$200Sun. Haz. & W. B. 1st 5s,1928 101%
$131,000 Gt. East. Seaboard Coal
Mg. 5s, 1950; April 1904 coup on
$16 lot
$22,500 Altoona & Beech Crk. Term
RR. 1st 5s, 1931; Jan. 1904 coup,
on............................................... $3 lot

fo llo w in g

th e

o ffic e

of

in fo r m a tio n
th e

r e g a r d in g

C o m p t r o lle r

o f

th e

D e p a rtm e n t:

Total cap ital................................................................................. .$300,000
CHARTERS ISSUED.
Original organizations:
The First National Bank of Carrizozo, N. Mex. C apital.. _ $50 000
Tho First National Bank of Oid Forge, N. Y . Capital______ 25 000
Tho Tenlson National Bank of Dallas, Tex. Capital_________ 500 000
Conversion of State Banks:
Tho First National Bank of Van Hook, N. Dak. Capital_____ 25 000
Conversion of the First State Bank of Van Hook, N. D.

fo llo w in g ,

r e c e n t ly

— T h e

is f r o m

s per sh.
15 People’s Tr. Co., $50 each.35^-36
5 Robert Morris Trust Co_____ 0 5 %
182 Rights to subscrlbo to Fire
Assoc, of Phlla. at S250...35-52H
5 John B. Stetson Co., common.368M
20 Ghard Ave. Farmers Mkt. Co. 2 4 %
5 Eagan Rogers Iron & Steel Co. 90'
10 Pa. Taximeter Cab Co., $10 ea. 7

„
, ,
APPLICATIONS FOR CH ARTER.
For organization of national banks:
Tlio First National Bank o f Wakarusa, Ind. Capital________ $25,000
C a p ita l............................ 25,000
M ont. Capital______________ 50,000
„
. .T
. - -- -- ------- - ...on t. Capital_________ 25,000
S ho Second National Bank of Malden. Mass. Capital______ 100,000
The Nassau County National Bank of Rockville Centre, N. Y .
C apital----------------------------------------------------------------------------- 5Q qqq
Tho Farmers’ National Bank of Orangoville, I’a. Capita'llIII 25! 000

Total Canada........... . 213,891,850 173,160,148 +23.5 123,435,009 139,707,809

Auction Sales.

1339

Total capital...................................................................................$600,000
_.
. , .. ,
, „ INCREASES OF CAPITAL.
The First National Bank of Toms River, N. J.
muCa&itaI 1ncreased from $50,000 to $150,000. Increase...............$100,000
The I upper Lake National Bank, Tupper Lake, N. Y.
Capital increased from $25,000 to $50,000. Increase................. 25,000
Tho I age Valley National Bank of Luray, Va.
Capital increased from $50,000 to $75,000. Increase............... 25,000
Total increase.................................................................................$150,000
„
CHANGE OF TITLE .
..T h e Central National Bank of New Decatur, Ala. Titlo changed to
I h o Central National Bank o f Albany,” Ala.
m
LIQUIDATION.
I h o Taunton National Bank, Taunton, Mass. Capital________ $600,000
Liquidating agent A. II. Tetlow, Taunton, Mass. Succeeded by
tho Bristol County Trust Co. of Taunton, Mass.

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

th o T re a su ry

im p o r ts

N ow

Y ork

and

e x p orts

C u sto m

d e fin it e ly .

U nder

is o m i t t e d

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
o f 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

s p e c ie

su spen d ed

usual

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

b y
in 

c o m p ila t io n

a g a in

b e g iv e n

ou t.

The Federal Reserve Banks.

— F o l l o w i n g is t h e 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 . 2 4 :

__ _ ^ 0.!if„dcr<?b11,0 increases in noto circulation, together with reductions in reserve deposits, mainly at tho New York and Chicago Federal Reserve banks.
h n ira° h
°d '.'quldation of acceptances aro indicated by tho weekly statement as at close of business on March 23. Aggregate gold reserves of the
..............
os decrease"
""
gs to $349,
a further improvement .th e cash rraerve^p6rcon tago of 8675 % being "larger ^han'at *ar?y1ttao'since* Fob " 18°1916.
New York reports thei liquidation o f 3.5 millions, net, o f acceptances of one-half million of Treasury notes, and of over $200,000 of warrants. The
banks deposited with the Agent 3.9 millions o f gold, against Federal Reserve notes, ail of which— and in addition 1.8 millions of notes held by the bank
were put in circulation. Rcscrvo deposits o f tho bank decreased 12.9 millions. Heavy transfers of gold to other Federal Reserve banks were effected
w R hdra'va^
th° G° ,d Sottlomcnfc Fund’ The loss of a b ^ i S S
f^ fls?0H io ^ 1I]laPhebin « 3130iSlnnr)S or
l ’2 mllllons.’ Chicago, Richmond and Cleveland reporting tho largest Increases under this head. Of
tho total discounts hold, $3,391,000, or o ™ 18%, is represented by member banks’ collateral notes discounted by 9 Reserve banks. All tho banks
i^wirmfncr'rlf^f'nn^vear^^Ti-insTetlons^n TTn?tCCie ptanccs, the aggregate hold at present— $87,798,000— being about 30% less than tho total held
?t
States securities aro reported by threo banks, resulting in an increase of $120,000 in the total of
mun\^ipalawarrants' and a decreas0 o f S550,000 In the total o f Treasury notes on hand. A further reduction by $268,000 is shown In tho holdings of
naroU^whh^PfQ^^shmvrPi^Jwo^k ^ e f o r o ^ ^ C H ^ t h o ' t o t a l ^ / f i of 8-6 " i11110113 and constitute at present 303% of tho banks’ paid-in capital, coml)ar°d , ,1 i I
o0Y^,io 0w ° hJ*wn rra ntg
,s represented by acceptances; 17.2% by United States bonds; 11.1% by Treasury notes;
^ i n ^ n ’f ^ev?rnmnnt fnrnf^^n’han<?Ve
do.PosJts, increased 1.1 millions, tho Richmond, Atlanta and San Francisco banks reporting
drawate'of nearly51°3 mfllionsf011* *U ” ° n lland’ Mombor banks reserve deposits doclinod about 15 millions. New York alone reporting net withiMitnrt^hnv1 h ^ /l^ 4 0 ^ 5 Po^nfl’ o f ^
o f 3372,214,000, net, of notes, an Increase for tho week of about 9 millions. Against thetotal
^ ^ g a t o ^abhltlS «icrcon0o f $f6,725?00024’'586’000 f papcr’ rho banks show a total actual Federal Reserve noto circulation of $346,804,000 and
T h o

fig u r e s o f t h o c o n s o lid a t e d

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

sta te m e n t fo r

th o sy stom

a s a w h o le a r e g iv e n

in

th o fo llo w in g

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

th o 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 fo r e a c h o f t h e t w o lv e F e d e r a l R e s e r v e b a n k s .

ta b le , a n d
In

in a d d it i o n

th e se co n d

ta b le w e

T h e sta te m e n t o f F ed era l R e se rv e

A g e n t s ’ A c c o u n t s (t h e t h ir d t a b lo fo llo w in g ) g iv e s d e t a ils r e g a r d in g t h o t r a n s a c t io n s in F e d e r a l R e s e r v e n o t e s b e t w e e n
C o m p tr o lle r a n d th e 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 ed R esources

and

L iab il it ie s

of t h e

A/ar.23 1917.

F ed eral R eserve B a n k s

M a r . 161917. M a r .

9 1917.

M ar.

2 1917.

at the

F eb.

C lose

23 1917.

F eb.

of

B usiness M

16 1917.

F eb.

9 1917.

arch

F eb.

th e

23 1917.

2 1917.

Jan .

26 1917

RESOURCES.

$350,736,000 $355,318,000 $330,184,000
$306,064,000 $302,341,000
Gold settlement fund..
_____ 209,281,000 201,661,000 205,561,000
212,961,000 213,771,000
2,519,000
Gold redemption fund with U. S. Treasurer...
2,339,000
2,325,000
2^347,000
1,804,000
1,922,000
1.734,000
1,835,000
1,813,000
Total gold reserve__
$562,536,000 $559,318,000 $538,070,000 $518,541,000
$521,760,000 $517,925,000
Legal tender notes, silver. Ao.........................
10,665.000 16,176,000 19,113,000
9,971,000 15,249,000
7,609,000 10.633,000 12,185,000 17,579,000
Total reserve
$573,201,000 $575,494,000
$533,945,000 $535,504,000
5% redemption fund ag’st F. R. bank note?___
400,000
400,000
400,000
400,000
400,000
400,000
400.000
400,000
400,000
Bills discounted—Members
$18,473,000 $17,234,000 $18,500,000
$14,707,000
$15,711,000
Acceptances bought-.........
87.798.000 97.002.000
93.112.000 97.697,000
United States bonds............
29.275.000 29.155.000
30.550.000 36.122.000
One-year U. 8. Treasury notes...
18.818.000 19.368.000
18.647.000 19.647.000
Munlolpal warrants........... ........... .
16.029.000
12.664.000 12.249.000
Total earning assets.............................
$170,125,000 $178,788,000 $192,886,000 $197,814,000 $209,474,000 $210,403,000 $191,242,000 $169,680,000 $181,426,000
$21,991,000
$23,095,000
$22,520,000 $23,290,000 $25,515,000 $27,061,000
Due from other Federal Reserve banks—Net..
3.379.000
3.298.000
4.023.000
3,143,000
7.840.000 13.255.000 12.687.000 a4.123,000
732,000
145,757,000 155,976.000
154,026,000 136,940,000 144,249,000 121,225.000 126.611,000 126,437,000
6.198.000
5.680.000
7.821.000
8.619.000 11.078.000 13.153.000 13.609,000




$917,901,000 $942,226,000

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

[Vol . 104

THE CHRONICLE

124:0
M a r.23

1917.

M a r . 161917. M a r .

9 1917.

M ar.

2 1917.

Feb.

23 1917.

Feb.

161917.

Feb.

9 1917.

Feb.

2 1917.

Jan.

26 1917.

L IA B IL IT IE S .

Capital paid In___________________________ $56,057,000 $56,054,000 $56,028,000
19,702,000 18,594,000 12,401,000
Government deposits______________________
Due to members—Reserve account_________ 711,117,000 726,104,000 720,488,000
Member bank deposits—Net----------------------Collection Items........— ............ .......... .......... 113,784,000 121,550,000 102,824,000
16,725,000 19,444,000 18,787,000
Federal Reserve notes—Net...........................
Federal Reserve bank note liability-------------604,000
480,000
516,000
All other liabilities...........
........................
Total liabilities.......................................... $917,901,000 $942,226,000 $911,032,000
Gold reserve ag’st net dep. A note liabilities..
Cash reserve ag’st net dep. A note liabilities..
Cash reserve against net deposit liabilities after
circulation.
D istribu tion by M a tu rities —

1-15 days bills discounted and bought..
1-15 days municipal warrants------------15-30 days bills discounted and bought...
15-30 days municipal warrants................
31-60 days bills discounted and bought...
31-60 days municipal warrants............... .
61-80 days bills discounted and bought...
61-80 days municipal warrants------------Over 00 days bills discounted and bought.
Over 90 days municipal warrants----------

$56,045,000 $55,989,000 $55,773,000 $55,713,000 $55,725,000 $55,694,000
14,162,000 13,407,000 10,851,000 15,525,000 23,333,000 25,607,000
708,893,000 692.475,000 688,591,000 678,170,000 689,878,000 687,841,000
116,330,000 108,826,000 121,218,000 97.207.000 101,232,000 97.374.000
19,772,000 19,061,000 17,089,000 13.093.000 11,471,000 13.509.000

79.0%
80.5%

77.0%
79.2%

289,000
352,000
304,000
510,000
522,000
489,000
$915,691,000 $890,280,000 $894,032,000 $860,012,000 $881,991,000 $880,314,000
73.8%
76.0%
73.0%
71.8%
74.6%
71.4%
74.0%
76.3%
77.8%
74.6%
72.9%
73.6%
77.3%
75.4%

81.4%

80.3%

78.3%

76.4%

74.6%

73.8%

75.3%

77.0%

78.4%

$30,245,000 $36,502,000 $40,336,000 $38,578,000 $36,912,000 $33,356,000 $24,394,000 $24,839,000 $29,402,000
1,108,000
392.000
302.000
1.227.000
1.242.000
1.754.000
1.173.000
794.000
319.000
28.410.000 22.516.000 23.707.000 29.189.000 32.925.000 28,602,000 26.876.000 23.943.000 18.794.000
327.000
1.225.000
1.241.000
921.000
1.148.000
362.000
794.000
52,000
705.000
36.260.000 42.956.000 45.208.000 46.156.000 49.617.000 66.578.000 61.140.000 44.877.000 61.790.000
2.388.000
1.718.000
1.945.000
911.000
1.100.000
1.103.000
571.000
582.000
612.000
10.505.000 11.486.000 17.279.000 20.096.000 23.915.000 20.149.000 24.924.000 13.240.000 12.414.000
889.000
696.000
631.000
517.000
582.000
495.000
8.122.000
12.122.000 12.123.000
1.008.000
920.000
958.000
863.000
922.000
879.000
830.000
851.000
776,000
7,537,000
8.633.000
6,272,000 13.084.000 13.306.000 12.848.000 10.714.000
2,211,000
2,210,000

Federal Reserve N otes —

Issued to the banks---------------------------- $372,244,000 $363,278,000 $355,263,000 $343,847,000 $331,469,000 $321,453,000 $308,348,000 $290,577,000 $291,693,000
25,440,000 27,217,000 28,651,000 29,589,000 28,298,000 29.614,000 29,825,000 30,547,000 31,925,000
Held by banks______________________
In circulation----------------------------- ------ $316,804,000 $336,001,000 $326,612,000 $314,258,000 $303,171,000 $291,839,000 $278,523,000 $260,030,000 $259,768,000
Geld and lawful money with Agent------------- $349,519,000 $338,608,000 $328,433,000 $317,581,000 $306,186,000 $297,270,000 $288,720,000 $274,074,000 $273,320,000
fed era l Reserve N otes ( A gen ts A ccounts )—

Received from the Comptroller------------- $625,320,000 $598,480,000 $583,560,000 $576,400,000 $562,040,000 $539,500,000 $515,880,000 $470,220,000
Returned to the Comptroller-------- -------- 121,867,000 116,858,000 114,477,000 113.184,000 112,101,000 109,827,000 108,262,000 106,394,000
Amount ohargeable to Agent........... . $503,453,000 $481,622,000 $469,083,000 $463,216,000 $449,939,000 $429,673,000 $407,618,000 $363,826,000
In bands of Agent------------------------------ 131,209,000 118,344,000 113,820,000 119,369,000 118,470,000 108.220,000 99,270,000 73,249,000
Issued to Federal Reserve banks---- $372,244,000 $363,278,000 $355,263,000 $343,847,000 $331,469,000 $321,453,000 $308,348,000 $290,577,000

$469,380,000
104,358,000
$365,022,000
73,329,000
$291,693,000

Saw Secured—
l iy gold coin

and certificates.................. . $219,836,000 $218,609,000 $212,094,000 $204,194,000 $194,904,000 $188,144,000 $178,344,000 $168,374,000 $166,174,000
By lawful money------------------------------22.725.000 24.670.000 26.830.000 26,260,000 25.283.000 24.183.000 19.628.000 16.503.000 18.373.000
By commercial paper_________ _______
14.353.000 15.379.000 14.959.000 15.587.000 14.722.000 15.006.000 15.126.000 12.650.000 13.436.000
Credit balances In gold redemption fund..
Credit balances with Federal Reserve B’d. 115,330,000 104,620,000 101,380,000 97.800.000 96.560.000 94.120.000 95.250.000 95.050.000 93.710.000
Total............................................... . $372,244,000 $363,278,000 $355,263,000 $343,847,000 $331,469,000 $321,453,000 $308,348,000 $290,577,000 $291,693,000

Commercial paper delivered to F. R. Agent..

$24,386,000 $26,189,000 $29,686,000 $28,700,000 $28,618,000 $26,746,00C $21,716,000 $19,692,000 $19,115,000

a Amount due to other Federal Reserve banks.

tAmended figures.

WEE KLY STATEMENT of RESOURCES and LIABILITIES of EACH of the 12 FEDERAL RESERVE BANKS at CLOSE of BUSINESS MCH.23 ’17
Boston.

N ew Y ork . PhUaitel'a. Cleveland.

Richm ond.

A tlan ta.

Chicago.

St. L ouis. M in n ea p . K a n . City.

D a lla s.

San F ran.

Total.

$
$
$
S
$
$
$
$
$
:
$
$
$
S
RESOURCES.
350.736.000
Gold coin A otfs. In vault 13.977.000 200,084,00026,101,000 17.380.000 5,603,000 6.147.000 28,201,000 12,935,000 11,711,000 7,757,000 7.604.000 13.236.000
209.281.000
Gold settlement fund— 21.015.000 21,241,00016,841,000 26.017.000 16,085,000 4.041.000 43,870,000 4,240,000 8,641,000 26,153,000 7.568.000 13.569.000
15,000 2,519,000
83,000
35,000 425,000 620,000 200,000 259,000 155,000 177,000
250.000; 250,000
50,000
Gold redemption fund..
Total gold reserve----- 35,042,000 221,575,000|43,192,000 43,432,000 22,113,000 10,808,000|72,271,00017,434,000 20,507,000 34,087,000 15,255,000 26,820,000562,536,000
58,000| 10,605,000
52,000 1,013,000
102,000
101,000 1,439,000, 679,000; 2,003,000 705,000
288,000 3,985,000, 240,000
Legal-ten. notes, sllv. ,Ao.
Total reserve..........— 35,330,000 225,560,00043,432,000 43,534,000 22,214,000 12,247,000 72,950,00019,437,000 21,212,000 34,139,000 16,268,000,26,878,000]573,201.000
5% redemp. fund—F.R.

400,000
300,OOOj 100,000
Bills:
888,000 1,387,000 2.240.000 4.067.000 2.034.000 1.970.000 798,000 1.093.000 447,000 1,533,000 273,000 18.473.000
Discounted—Members 1,743,000
Bought In open mkt— 10,738,000 21,400,000,10,486,000 6.542.000 6.719.000 3.655.000 9.041.000 4,555,000 5.170.000 2,368,000 1,036,000 5,488,000 87.798.000
Total bills on hand... 12,481,000 22,288,00011,873,000 8,782,000 10,786,000 5,689.000 11,011,000 5,353,000 6,263,000 2,815,000j 3,169,000] 5,761,00<)|l06,271,000
170,000 5.961.000 2.203.000 1.454.000 8.147.000 3.403.000 2.429.000 29,275,000
81,000;
.......... 4.985.000 442,000
126,000: 1,999,000 1.820.000 1,969,000 1,491,000 2.912.000 891,000 1.230.000 1.784.000 1.430.000 1.500.000 18,818,000
7,000 2.648.000 1.094.000 177,000 486,000 506,000 887,000 15,761,000
5,199,000, 1,378,000 3,066,000
15,000
22,532,000 9,541,000 9,124,000 13,232,000 8,508,000|10,577,000|170,125,000
13,212,000
7,357,000
27,694,00015,250,000
18,653,000
Total earning assets.. 14,445,000
1,741,000 19,440,000
2,199,000
.........
878.000
Fed. Res've notes—Net 1.335.000 13,287,000
.........
Due from other Federal
1,768,000 a3,298,000
1,920,000 255,000 2.479.000 396.000 i 316,000 1.050.000 1.636.000
Resorve Banks—Net. 1.664.000
Unoollected Items_____ 13,787,000 29,605,66618,514,666 11,609,000 8,567,000 7.367.000 21,090,000 10,118,000 3.723.000 9.814.000 5,067',666 6,406,000.145,757,000
551,000 142,000 206,000 1,389,000 442,000| 5,680,000
181.000
400,000 168,000
89,000 1.603.000 500.000
9,000
All other resources........

Investments: U. S. bds.
One-yr. U.8. Tr. notes 1,666,666
298,000
Municipal warrants..

Total resources.......... 66,570,000 296,546,000|77,364,000 76,775,000|44,337,00031,053.000119667 00039,963,000 36,151,000 59,327,00031,332,000 47,002,000]917,901,000
L IA B IL IT IE S .

Capital paid In_______ 5.068.000 11,880,000; 5,260,000 0,090,000 3.408.000
Government deposits... 1.224.000 7,375,000! 1,378,000 258,000 1.308.000
Due to members—Re
serve account_______ 49.108.000 247,615,00049,267,000 58.993.000 25,968,000
Collection Items______ 11.074.000 22,577,00018,100,000 11.434.000 7.868.000
5.785.000
.......... 1,403,000
Fed. Res've notes—Net.
6,913,000 1,819,000
Due to F.R .banks—Net
186,000 137,000
Off,666
All other liabilities.....

2.414.000 6,999,000 2.795.000 2.415.000 3.089.000 2.698.000 3.941.000 56.057.000
354,000 1.167.000 2.311.000 19.702.000
2.210.000 912,000
317,000 888,000
19,411,000 96.584.000 27,036,000 27,834,000 47,405,000 23,746,000 38,150,000 711.117.000
4.643.000 15.172.000 7.223.000 2.433.000 7.227.000 2.604.000 3.420.000 113.784.000
......... 10.725.000
2.592.000 2.555.000 1.252.000 763,000
2.375.000
3fi4,00fl
516,000
71,000
m in
26",66c

Total liabilities.......... 66,570,000 296,546,000|77,364,000 70,775,000 44,337,000 31,053.000'11966700039,963,000 36,151,000 59,327,000 31,332,000|47,902,000l;917,901,000
Issued to banks_____ 16,144,000 161,742,00024,750,000 15,407,000 16,957,000 20,525,00020,988,00015,125,000 20,113,000 23,327,00021,404,000|l5,762,000 372,244,000
742,OOOj 545,000] 1,741,000 25,440,000
545,000
556,000j 2,199,000! 755,000
910,000
Held by banks______ 1,335,000 13,287,000! 1,947,000 878,000

fed era l Reserve N otes—

F.R. notes In circulation 14,809,000 148,455,000^22,803,000 14,529,000 16,047,000 19,960,000 |l8,789,000!l4,370,000 19,568,000 22,585,000,20,859,000j 14,021,000 346,804,000
Gold and lawful money
with agent............. . 16,144,000 161,742,00021,400,000 15,407,000 10,262,000 17,594,00020,988,000!11,778,00f 17,013,001121,333,00020,096,000!l5,762,000!349,519,00

a Difference between net amounts due from and not amounts due to other Federal Reserve banks, x Overdraft.
STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS MARCH 23 1917.
Boston.

N ew Y ork.

Phtladel’a. Cleveland.

Richm ond.

A tla n ta .

Chicago.

St. L ouis. M in n ea p .

K a n . City.

D allas.

San Fran.

Total.

$
S
$
$
$
s
$
$
$
Federal Reserve Notes—
$
$
$
$
Reo’d from Comptrolr 33,880,000 287,480,000 37,520,000 23,860,000 29,500,000 36,380,000 29,360,000 23,340,000 32,000,000 37,720,000 35,720,000 18,560,000 625.320.000
6,800,000
2,798,000
121.867.000
3,295,000
2,237,000
1,872,000
3,875,000
9,136,000
65,338,000
7,570,000
4,953,000
8,943,000
5,050,000
Returned to Comptrol
Chargeable to Agent... 24,744,000 222,142,000 29,950,000 18,907,000 20,557,000 31.330.000 27,488,000 19,465,000 29,763,000 34.425.000 28,920,000 15,762,000 503.453.000
131.209.000
In hands of F.R.Agent 8,600,000 60,400,000 5,200,000 3,500,000 3,600,000 10.805.000 6,500,000 4,340,000 9,650.000 11.098.000 7,510,000
Issued to F. R. bank. 16,144,000 161,742,000 24,750,000 15,407,000 16,957,000 20,525,000 20,988,000 15,125,000 20,113,000 23,327,000 21,404,000 15,762,000 372,244,000
Held by F. R. Agent—
219.836.000
2.896.000
5.165.000 13,018,000 2.370.000 10,110,000
Gold coin A certfs___ 15,410,000 156,564,000 3.730.000 10,573,000
Credit balances:
In gold redemption I’d 734,000 5,178,000 1.180.000 834,000 262,000 878,000 698,000 563,000 865,000 1.303.000 1,106,000 752,000 14.353.000
16,490,000 4,000,000 10,000,000 13,820,000 20,290,000 6.050.000 3.130.000 17,660,000 8,880,000 15,010,000 115.330.000
With F. R. Board___
Notes secured by oom22.725.000
3.347.000 3.100.000 1.094.000 1,308,000
3,350,000
6,695,000 2.931.000
merolal paper...........
T otal.................... 16,144,000 161,742,000 24,750,000 15,407,000 16,957,000 20,525,000 20,988,000 15,125,000 20,113,000 23,327,000 21,404,000 15,762,000 372,244.000
Amount of comm’l paper
24,386,000
3,352,000 3,100,000 2,087,000 2,000,000
3,390,000
delivered to F.R.Ag’t
7,480,000 2,977,000




Mar .

31 1917.]

THE CHRONICLE

1 3 41

Sta tem en t of New Y o rk C ity C learing H ou se B an ks and T ru st C om p an ies. —
show s

th e

sep a ra te

c o n d it io n

b a n k s are

of

th e

N ew

Y ork

th e a v era g es o f

th e

C ity

C le a r in g

d a ily

r e s u lts .

H ouse
In

m e m b e rs fo r

th e ca se o f th e

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

th o

T h e

th e w e e k e n d in g

fo llo w in g

M arch

24.

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

to t a ls o f a o tu a l c o n d it io n

fo r e a ch

d e ta ile d
T h e

of

sta te m e n t

fig u r e s

th e w e e k

o f th e

fo r th e
a r e a ls o

th re e g r o u p s a n d

N E W Y O R K W E E K L Y C L E A R IN G H O U SE R E T U R N .

CLEARING HOUSE
MEMBERS.
Week Ending
Mar. 24 1917.
(00* om itted.)
M em bers o f F ederal
R eserve B an k .
Bank of N. Y .. N .B .A .
Merchants’ N at. Bank
M eoh. A Metals N a t.
Natlonal C ity Bank__
Chemloal N at. B a n k ..
Atlantic National Bank
N at. Butohcrs’ & D rov
Am er. Exoh. N at. Bank
National Bank o f C om .
Chatham & Phenlx N at.
H anover National Bank
Citizens’ Nat
M arket A Fulton N a t ..
Corn Exchange B a n k ..
Im porters’ & Tradors’ . .
National Park Bank___
East R iver N at. B a n k ..
Seoond National Bank
First National Bank___
Irving National B a n k ..
N . Y . County N at. B k .
Chaso National B a n k ..
Lincoln National B ank.
Garfield National Bank
Fifth National Bank___
Seaboard N at. Bank___
Liberty National B ank.
Coal A Iron N at. B ank.
Union Exchange N a t ..
Nassau N at. Bank____
Broadway Trust C o . . .
Totals, avge. for week 123,850,0
Totals,
T otals,
T otals,
Totals,

aotual
aotual
actual
aotual

oondltlonj
condition!
oondltlon
condition

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

S ta te B an ks.
N ot M em b ert o f
Federal Reserve Bank

Bank o f M anhattan C o .
Bank of America
Greenwich Bank
Paclflo Bank____
People’s B a n k ..
__
Metropolitan Bank____
Bowery Bank
German-Amerlcan Bank
Fifth Avonuo Bank____
German Exchange Bank
Germania Bank ______
Bank of M etropolis____
Wost Side Bank______
N . Y . Produce E x. Bk
State Bank___________
Totals, avge. for week
Totals,
Totals,
Totals,
Totals,

aotual
aotual
actual
aotual

T ru s t

condition
condition
oondition
oondltlon

C om pn ntcs.

N ot M em bers o f
Federal Reserve BanX.

Brooklyn Trust C o ___
Bankers’ Trust C o ........
U. S. M tgo. A Trust Co
Astor Trust C o _______
Title Guar. A Trust C o .
Guaranty Trust C o ____
Fidelity Trust C o .........
Lawyers’ Title A T ru st.
Columbia Trust Co
Peoplo’s Trust C o . . ' ”
Now York Trust C o
Franklin Trust C o .
Lincoln Trust C o .........
Metropolitan Trust C o l
Totals, avge. for wook.
Totals,
Totals,
Totals,
Totals,

actual
aotual
aotual
aotual

condition
condition
condition
oondltlon

Grand Aggregate, a vge.
Comparlson prev. week
Grand Aggregate,aotual
Comparison prev. week
Grand Aggregate aotual
Grand Aggregate aotual
Grand Aggregate aotual

a Includes capital sot aside for foreign branches, 85,000,000.
rusniuJN .
Averages.
Cash Reserve Reserve in
in Vault. D epositaries

Total
Reserve.

a Reserve
Required.

Actual Figures.
Surplus
Reserve.

I n e . or D ec.
fro m
Cash Reserve Reserve in
PreviousW eeX in Vault. D epositaries

Total
Reserve.

b Reserve
Required.

Surplus
Reserve.

In c. or D t t .
from
PreciousW stX

Members Federal
$
s
S
S
8
8
$
8
8
$
8
t
Reserve Bank----- 343.908.000 210,578,000 500.540.000
440,054,950 119,891,050 + 13,171,130
200,810,000 552.319.000 441,402,840 110,916,160 — 14,821,780
State Banks*........... 42,521,000 9,122,000 51,643,000 41,515,500 10,127,440 + 1,342,780 345.509.000
41,135,000
9,190,000
50,325,000
41,552,100
8,772,900
—875,780
Trust Companies*.. 121.174.000 48,019,000 169.193.000 147,368,700 21,824,300 —7,509,050 123.243.000 48,393,000 171.636.000 148,559,700
23,076,300 —5,376,050
Total Mar. 24----- 507.663.000 273.719.000 781.382.000 629,639,210151,842,790 + 7,004,860 509.887.000 264.393.000 774.280.000 631,514,640 142,705,360
Total Mar. 17___ 505.526.000 204.119.000 769.645.000 024,807,070144,837,930 + 2,918,390 515.063.000 278.894.000 793.957.000 630,118,030 163,838,970 —21,073,610
+ 21,247,450
Total Mar. 1 0 .... 503.508.000 258.104.000 701.612.000 019,692,460 141,919,540 —25,945,270 497.867.000 266.720.000 704.587.000 021,995,480 142,591,520 —21.835,750
Total Mar. 3___ 533.574.000 252.925.000 786.499.000 618,034,190107.804.810 — 1,940,900 520.144.000 259.325.000 785.469.000
621.041,730 164,427,270 —3,025,670
inMiM,3hJt!,i8.th0 roserve required on Net Demand Deposits In the case of State Banks and Trust Companies, but In the case of Members of the Federal Reserve Bank
inoiudes also the amount of reserve required on Net Time Deposits, whloh was as follows: Mar. 24, $2,538,550: Mar. 17, 82,523,700: Mar. 10. $2,589,250: Mar 3 $2 643 650
•nAiurfoanMn M,the rc8crv0 required on Net Demand Deposits In the case of State Banks and Trust Companies, but In the case ol Members of the Federal Reserve Bank
inoiudes also the amount of reserve required on Net Time Deposits, whloh was as follows: Mar. 24, 82,558,700: Mar. 17, $2,499,700: Mar. 10, $2,490,200; Mar. 3, $2 685 000




T h e

S ta te

s h o w in g
in

N ew

[Vol . 104

THE CHRONICLE

1242
th e

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

Y ork

D e p a rtm en t
of

S ta te

rep orts

banks

and

not in the Clearing H ou se ,

C ity

fig u r e s ,

In a d d it io n

c o m p a n ie s

p a n ie s in N e w

w e e k ly
tru st
and

th ese

are

s h o w n in t h e fo llo w in g ta b le :

(F ig u r e s F u r n is h e d b y S ta le B a n k in g D e p a r t m e n t .)
M a r c h 24.

Loans and Investments____________________
$772,640,000
Gold . . _____ _______________________________ . 67,694,400
Currency and bank notes----------------------------------- 10,788,900
Total deposits________________________________ 1,016,939,900
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust com
panies In New York City, and exchanges----------- 817,628,000
Reserve on deposits________________ ________ — 269,654,400
Percentage of reserve, 34.1.
RESERVE.
-------- S ta le

D if f e r e n c e s fr o m
p r e c io u s w ee k .

B a n k in g

Y ork

F or

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

d e fin it io n s

and

m en ts

p r o v is io n s
of

S ta te

of

th e

M arch

28

Deo. 30—
Jan. 6 1917
Jan. 13...
Jan. 20__
Jan. 27—
Feb. 3 .. .
Fob. 10...
Feb. 17—
Feb. 2 4 ...
Mar. 3 .. .
Mar. 10__
Mar. 17 ...
Mar. 2 4 ...

$
4.087.289.2
4.099.002.9
4.119.897.3
4.172.608.3
4.216.025.9
4.254.745.3
4.222.813.7
4.200.191.9
4.230.371.9
4,262,506.1
4,309,612,6
4.330.588.8
4,338,308,0

$
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
4.539.408.4
4.386.187.0
4.396.027.8
4.438.468.5
4.464.708.0

$
424.819.1
455.225.7
505.303.3
536.430.5
551.060.3
530.189.2
523.975,1
520.022.8
533.044.3
538.553.5
513.952.9
516.425.5
517.268.4

Total
M o n ey
H oldings.

Entire
Reserve on
D ep osits.

S
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
08.650.4
69.368.5
68.877.9

$
500.411,3
533.203.2
587.774.8
019.760.3
627.119.3
604.542.9
597.918.7
593,728,5
609.555.8
612.088.8
582.609.3
585,794,0
586.146.3

$
856.072.3
915,437,2
970.956.4
1,031,316,7
1.057.394.0
1.048.031.4
1.019.827.0
1.004.900.0
1.038.788.2
1.043.203.4
1.031.001.1
1.042.356.3
1.051.030.4

N on-M em ber B an ks and T r u st C om p an ies. —
n o n -m e m b e r

I n s t it u t io n s

RETURN

w h io h

are

n ot

In o lu d o d

W eek ended M a rch

M em bers o f
f t d 'l R eserve Bank

A v erage.

A v erage.

A verage.

C ity

(G r e a te r

g o v e r n in g

in s titu tio n s
1914

th o

v a r io u s

ito m »

(V .

th e

w ere

98,

p .

reserve

r e q u ir e 

p u b lis h e d

9 6 8 ).

in

T h e

in

th e c o m p u t a t io n
A p r il 4

1914

of

w hat

th e reserv es

(V . 9 8 , p .

1 0 4 5 ).

S
11,783.000

$
14,900,000

$
75,550,000

40.068,500

173,239,300

14,054,000

14,381.600

408,868,800 1,754,722,700
+ 753,800 + 3,931,600

170,100,900
+ 227,100

284,640,100
+ 1,493,000

Change from last week.

569,807,900 2,219,037,700
+ 9,575,700 + 21,130,900

184,910,100
+ 007,800

299,652,200
+ 540,800

Change from last week.

133,793,300
+ 1,518,800

483,343,300
+ 5,091,900

32,157,500
—00,400

40,501,800
+ 05,000

P. C. reserve to doposlts.
Percentage last week..

29.3%
29.1%

27.8%
27.0%

20.7%
20.0%

U5.9%
16.9%

Loans and Investments..
Change from last week.
Change from last week.

52,932,600
—2,444,900

172,268,500
—7,045,400

Currency and bank notes.
Chango from last week.

21,563,300
—746,800

14,860,600
— 1,700,000

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

4- Increase over last week. — Decrease from last week.

Is

th e

report

H ou se

made

retu rn ”

A v era ge.
t

A v era g e.
I

to

on

th e

th e

C le a r in g

p r e c e d in g

by

H ou se

o le a r ln g

page:

Y O R K C L E A R IN G H O U S E .

A verage.
%

Reserve
with
Legal
D ep os
ita ries.

Additional
D ep osits
with Legal
D ep os
ita ries.

N et
D em and
D ep osits.

N et
T im e
D ep osits.

Bank
Circu
lation.

A v erage.

A v erage.

A ’ tra g s.

Average

Average.

Waflosai

S
S
$
*
3
174.000 195.000
4.314.000
8,000 463.000
108.000 294.000
386.000 5.333.000
15.000 615.000
119.000
267.000 5.919.000
7.000 709.000
390.000
30.000 1,582,000 6,567,000 5.276.000
198.000
440.000 4.483.000
3.000 538.000
398.000 3.054.000 3.193.000 218.000
22.000 473.000
100,000
2.257.000
2.471.000
386.000
640.000
5.000
90.000 4,820,000 8,444,000 30,850,000 6,732,000 1,520,000

S
71.000
33.000
63.000
638,000
14.000
20.000
27,000

$
85.000
125.000
124.000
82.000
97.000
53.000
114.000

Total--------------- 1,995,000 4,659,700 38,084,000 1,293,000

760,000

680,000

13.000
190.000
6,000
12.000
14.000
65.000
116.000
2,000
85.000
199,000
60.000

60,000
567.000
223.000
40.000
17.000
195.000
177.000

22,000
77.000
81.000
13,000

280,000
894.000
102.000

92.000
429,000
19.000

15,000

762,000 2,555,000

839,000

09,000 4,478,000 7,353,000 73,225,000 4,398,000

Battery Park Nat-.
First Nat,, Brooklyn
Nat. City, Brooklyn
First Nat.. Jers. City
Hudson Co. N., J.C
First Nat., Hoboken
Second Nat.. Hobok.

th e

r e g u la 

Trust Cos.
State Banks
Trust C os.
State Banks
outside of
outside o f
in
in
Greater N . Y . Or eater N . Y . Greater N . Y . Greater N . Y .

24.

N al .Bank N at .Bank
N otes [Re N oteslN ot Federal
Reserve
Counted
serve for
N otes[N ot
as
State I n 
stitutions] Reserve. 1 Reserve]
Average

w h io h

$
359.000
136.000
170.000
262.000
163.000
157.000
46,000

$
*
$
374,900, 4,785,000
400.000
686,700, 5,843,000
300.000
610.800 5,875,000
300.000
400.000 1,292,000 4,864,000
763.800 5,403,000
250.000
624,8001 6,292,000
220.000
306,700 5,022,000
125,000

N ew

$
23,450,000

"C le a r in g

Legal
Tend ers.

Nat. bks. Mar. 5\ ...— .
State bks. Feb. 28/ m ents, dec.

Y ork

STATE BANKS AND TRUST COMPANIES.

F o llo w in g

th e

a ls o

V . 98, p . 1661.

w o r e g iv e n in t h e “ C h r o n io le ”

OF N O N -M E M B E R IN S T IT U T IO N S OF N E W

CLEARING
WON-MEMBERS.
W eek E ndlni!
M arch 24 1917

in

fu r n is h e d

D e p a rtm e n t

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

Surplus as of Juno 30-----

Other
M on ey.

th e

t h e in s t it u t io n s o f t h is c la s s

under

la w

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

Capital as of June 30-----

W e om it two ciphers in all these fig u res.

S p ecie.

r u le s

b a n k in g

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

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

D em and
D ep osits.

tru st c o m 

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

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 o e k s p a s t :

Loans
and
Investm ents

all

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

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

Week
Ended —

D e p a rtm e n t,

a re m a d e u p , see " C h r o n io le ,”

C o m p a n ie s -----

$231,725,300 34.60%

banks and

not in the Clearing H o u se,”

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 :

"C h r o n ic le ”

$37,929,100 29.70%

combined

b etw een

T h e

----- T r u s t

B a n k s --------

g u is h

Inc. 1,284,500
Dec. 3,056,900

563,0-10,800 9.44%
168,684,500 25.16%

T h e a v e ra g e s o f th e N o w

S ta te

In t h e w h o le S t a t e .

Inc. $665,200
Dec. 1,388,100
Dec.
396,600
Dec.
111,300

Cash In vaults_________________ $15,442,500 12.09%
Deposits In banks and trust cos___ 22,486,600 17.61%

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

th e

th e retu rn s o f "S ta te

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

SUMMARY OF STATE HANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.

Total

by

to

Y o r k C ity

4.000
13.000
6.000
13.000
106,000
16.000
2,000
160,000

State Banks.
N ot M em bers o f the
Federal Reserve Bank.

Bank of Wash. H’ ta. 100,000
Colonlal Bank_____ 400.000
Columbia Bank----- 300.000
200.000
Fidelity Bank____
500.000
international Bank
200.000
Mutual Bank____
200,000
New Netherlands.
500.000
W R Grace&Co'sBk
100.000
Yorkvllle Bank----Mechanics'. Bklyn.. 1,600,000
200,000
North Side, Bklyn.

443.300
949.800
674.100
191.300
113,500
470.100
219.000
551.000
593,900
840.800
184.800

2,225
8,934
9,914
1,411
3,611
7,214
4,483
3,003
6,748
19,226
4,365

137.000
787.000
860.000
120,000
401.000
941.000
170.000
40,000
479.000
1,001,000
317.000

Total.................. 4,300,000 5,231,600!71,104,000 0,259,000

52.000
54.000

28,000
11,000
35,000
8,000
2,000

100
108,000
333,
594.000
493
558.000
81,000
233
200.000
572.000 1,562,000
274.000
2,043
506
443.000
1,325,000 1,447,
636,
323.000

803.000
892.000
,299,000
346.000
300.000
,330,000
410.000
,926,000
320.000
,580,000
,257,000 2,932,000
,375,000
,087,000
400,000
,330,001

Trust Companies.
N ot M em b ers o f the
Federal Reserve Bank.

HamlltonTrust.Bkln
Mechanlcs’ .Bayonne
Total..................

500.000 1,150,100 8.388.000
309,000 5.933.000
200.000

566,000
72.000

44.000
47.000

25.000
70.000

47.000
40.000

12,000
15,000

994,000
339.000 1,847,000 6.793.000
135.000
618,000 2.710.000 3,092,000

700,000 1,459,100 14,321,000

638,000

91,000

101,000

87,000

27,000

474,000 2,465,000 0,503,000 4,080,000

Grand aggregate----- 0,995,000
Compart9on.prev.wk.
Excess reserve. $36,590
Grand aggr'teMarl7 6.995.000
Grand aggr'to MarlO 6.995.000
Grand aggr’te Mar. 3 6.995.000
Grand aggr’to Feb.24 6.995.000
Grand aggr’te Feb.17 6.995.000

P h iladelph ia

11.350.400
decrease
11.350.400
11,620.200
11.520.200
11.520.200
11.520.200

B a n k s. —

8,190,000 1,619,000 3,336,000 926,000 160,000 216,000 9,772,000
-103,000 + 77,000 -238,000 + 10,000 —16,000 —48,000 + 101000
123285000 8.293.000 1.542.000 3.574.000 916.000 176.000 264.000 9.671.000
121449000 7.989.000 1.636.000 3.690.000 918.000 177.000 263.000 9.668.000
120611000 7.863.000 1.527.000 3.727.000 884.000 148.000 202.000 9.224.000
120918000 7.414.000 1.637.000 3.404.000 937.000 173.000 169.000 9.413.000
121185000 7.076.000 1.530.000 3.647.000 815.000 224.000 200.000 9.523.000

S u m m ary

of

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 t r u s t c o m p a n ie s o f P h ila d e lp h ia :
W e om it two ciphers
Loans,
t.1 &
Invest’ !*.

D ue
from
Banks.

(00) in

____

all these fig u res.

D ep osits.
Bank.

lndivid'1.

Total.

Reserve
H eld.

S
$
$
S
S
March 24.
$
Nat. bank. 391.245.0 84,943,0 182,245,0 332.409.0 514.654.0 86.917.0
Trust cos.. 159.111.0 4.592,0 4,691,0 144.005.0 149.299.0 26.310.0
Total . . . 550.350.0 89.535.0 186.939.0 477.014.0 663.953.0 113.227.0
Mar. 17... 553.207.0 88.024.0 191.055.0 473.202.0 664.257.0 112.830.0
Mar. 10 ... 552.595.0 81.301.0 185.354.0 471.974.0 657.328.0 112.069.0
Mar. 3 ... 546.751.0 88.700.0 189.760.0 476.305.0 666.071.0 112.050.0
Feb. 2 4 ... 547.861.0 86.498.0 185.392.0 473.019.0 658.411.0 110.405.0
Feb. 17... 546.740.0 89.345.0 183.737.0 477.100.0 660.837.0 112.250.0
Feb. 10— 545.652.0 83.264.0 181.588.0 480.266.0 661.854.0 117.408.0
Feb. 3 ... 542.995.0 96.089.0 189.503.0 500.788.0 690.291.0 130.303.0
Jan. 27__ 535.591.0 92.034.0 185.960.0 486.846.0 672.808.0 132.577.0
Jan. 20__ 533.628.0 94.744.0 182.053.0 489.741.0 071.794.0 127.515.0
N ote. —National

Excess
Reserve.

S
25,480,0
4,924,0
30.404.0
29.572.0
29.535.0
29.488.0
27.953.0
29.910.0
34.347.0
45.497.0
48.543.0
44.406.0

bank note circulation March 24, $9,104,000; exchanges for
Clearing House (Included in “ Bank Deposits"), banks, $20,128,000: trust com
panies, $2,133,000; total, $22,261,000. Capital and surplus at latest dates:
Banks, $64,175,600: trust companies, $41,295,200; total, $105,470,800.




B osto n
su m m ary

C learing
s h o w in g

th e

18,262,000 113678000 14,216,000 1.520,000
+ 376,000 —048,000 — 117,000 + 9,000
17.888.000
17.769.000
17.093.000
16.879.000
14.991.000

H ou se
t o t a ls

114226000
112171000
111640000
111723000
112581000

B a n k s. —

W e

14.333.000
14.281.000
14.106.000
14.226.000
13.277.000
g iv e

f o r a ll t h e it e m s

in

1.511.000
1.512.000
1.522.000
1.608.000
1,502,000

b e 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 e r ie s o f w o e k s :

BOSTON CLEARING HOUSE MEMBERS.
M arch

1917.

24

Change from
previous w eek.

Deo.
Circulation_______________ $0,322,
Ino.
Loans, dlsc’ts A Investments 460,863,
Inc.
Individual deposits, lnol.U.S. 372,382,
Deo.
Due to banks_____________ 145,984,
Ino.
Time deposits___ ________ 33,876,
Ino.
Exchanges for Clear. House. 15,685,
Inc.
Due from other banks_____ 45,918,
Deo.
Cash reserve_____________ 20,041,
Ino.
Reserve In Fed. Res've Bank 31,840,
Deo.
Reserve with other banks— 44,891,
Reserve excess In bank and
Federal Reserve Bank----- 0,137, 000 Ino.
Excess with Reserve Agents. 31,803 000 Deo.

Im ports and Exports for
preceding.

th e

Mar. 17
1917.

10
1917.

M ar.

$40,000 $6,362,
1.565.000 405,298,
1.239.000 371,143,
385.000 140,369,
557.000 33,319,
278.000 15,407,
1,000,000 44,918,
481.000 27,122,
1.292.000 30,551,
2.771.000 47,602,

374.000
489.000
575.000
121.000
939.000
896.000
.673,000
821.000
587.000
008.000

497.000 5,640, 000 0 694.000
2.850.000 34,653, 000 29 830.000

W e e k .— See third

page

Mar . 31 1917.]
%

i \ u h z x s *

THE CHRONICLE
(S a ^ je tte *

W a l l S t r e e t , F r i d a y N i g h t , M a r c h 30 1917.
T h e M oney M arket an d F in a n c ia l S itu a tio n .— N o t
withstanding the fact that the timo draws near when Congress
must decide the most important question which has been
irosented to it in more than half a century, and the furthor
act that what is involved in that decision may bo more farroacking in effect than any event which has transpired in
this country during tho last hundred years, the security
markets have remained undisturbed throughout tho week
now closing. The volume of business has averaged about
the same as for the corresponding period in a series of years
before tho war. The market has been alternately strong
and weak, with the latter tendoncy generally predominating,
but net shrinkage of values has been relatively small and
in several cases prices are higher than last week. W ith the
possibility or probability of enormously increased expendi
ture, Government financing naturally becomes a matter of
considerable importance. W ith the present available supply
of loanable funds no apprehension is felt, however, and this
supply has been augmented this week by further heavy
receipts of gold from abroad. W hat may perhaps be called
N o . 1 of a series is a 2 % short-term loan of $50,000,000, all
taken by the Federal Reserve banks.

J

F oreign E x ch an ge.— Sterling exchange continued steady,
but entirely under control. The feature of the week in the
continental exchanges was the suspension of business in
reichsmarks and exchange on Vienna, which was not un
natural in view of well-known conditions.
To-day’s (Friday’s) actual rates for sterling exchange wore 4 71 9-16 for
sixty days, 4 7555 for checks and 4 76 7-16 for cables. Commercial on
banks, sight 4 75 5-16, sixty days 4 70 13-16, ninety days 4 68 9-16, and
documents for payment (sixty days) 4 70 9-16. Cotton for payment
4 75 6-16 and grain for payment 4 75 5-16.
To-day’s (Friday’s) actual rates for Paris bankers’ francs wore 5 90 X for
long and 5 85)* for short. Germany bankers’ marks were quotation sus
pended for sight, nominal for long and nominal for short. Amsterdam
bankers guilders were 40X for short.
Kxchango at Paris on London, 27.81)4 francs; week’s range, 27.81)4 high
and 27.82)4 low.
Tho range for foreign exchange for tho week follows:
S te r lin g , A c t u a l —
S ix ty D a y s .
C a b le s .
C h ec k s .
High for tho week . . 4 71 9-16
4 76 7-16
4 75 9-16
Low for the w eek__ 4 71 9-16
4 76 7-16
4 7555
P a ris B a n k ers' F ra n cs—
High for tho week . . 5 00X
5 83)4
5 84)4
Low for tho w eek__ 5 90)4
6 83)4
5 84)4
G e r m a n y B a n k e r s' M a r k s —
High for the week__ ____
72*
69)4
Low for the w eek__ ___
68 13-16
68k
A m s te r d a m B a n k e r s' G u ild e r s —
40 9-16
High for the w e e k ... 40)4
40)4
Low for tho w eok __ 40 1-16
40 7-16
40)4
* Nominal.
Dom estic Exchange.— Chicago, 15c. per $1,000 discount. Uoston
par. St. Louis, 15c. per $1,000 discount bid and 5c. discount asked. San
Francisco, 10c. per $1,000 premium. Montreal, $5 per $1,000 premium.
Minneapolis, 20c. per $1,000 premium. Cincinnati, 15c. per $1,000 dis
count. Now Orleans, sight 60c. per $1,000 discount, and brokers’ 60c.
premium.

S ta te an d R ailroad B o n d s.— Sales of State bonds at
the Board this weok include $20,000 Virginia 6s tr. co. re
ceipts at 58, $20,000 New York Canal 43^s at 114, $2,000
Now York Canal 4s, July 1901 at 10434 and $5,000 Now
York Stato 434s at 114 to 11434Tho volume of business in tho markot for railway and
industrial bonds was somowhat smallor than a week ago
and prices generally declined, the movement being, however,
in most cases fractional. Chesapeake & Ohio cbv. 5s fell
away from 9234 to 0 1 % and Erio 1st gon. 4s lost 34 a point,
tho final quotation being 6634. International Mercantile
Marino s. f. 6s lost nearly a point while Now York Contral
deb. 6s, the most spectacular in a list of 25 active issues
declined from 1 1 1 %
to 10934. Union Pacifio 1st 4s, in
sympathy with tho shares lost slightly but on tho other
hand Interborough Rapid Transit 1st ref. 5s, Lackawanna
Steel 5s 1950, United States Steel s. f. 5s and Southern
Pacific conv. 5s advanced.
Nows of the sale of $60,000,000 bonds by tho Pennsyl
vania system, following tho sale of Now Haven securities,
would indicate the present needs of the railroads which are
hopefully awaiting a rate increase allowance by the Inter
state Commerce Commission to offset, in part, tho advanced
cost of labor. Tho temporary financing of tho Government
by the Federal Reserve banks might be considered as tak
ing tho Government out of tho money markot for tho present
but the decisions by Congress in tho near future will prob
ably determine tho sizo of the much talked of United States
war loan.
Foroign Government bonds were, as usual, active while
sales on a s-20-f basis havo again increased, being $60,000,
as against $38,000 a week ago.
U n ited States B o n d s.— Sales of Government bonds at
the Board include $101,000 3s coup, at 101 % , $3,000 4s
coup, at 109 and 4s rog. 5,000 10734. F o r t o - d a y ’ s p r i c e s
o f a l l th e d i f f e r e n t i s s u e s a n d f o r th e w e e k ’ s r a n g e s e e t h i r d p a g e
fo llo w in g .

R ailroad and M iscellaneous S to c k s.— Irregularity has
been the dominant feature of tho Stock markot this week.
This is not surprising in view of tho fact that open hostilities
with Germany aro expected soon by a majority of peoplo in
financial circles, and also becauso of tho various rumors
relating thereto circulated during the past few days. Among
the stocks showing a reactionary tendency wero a majority
of the railroad shares. The upward movemont noted in this
class of security was reversed by tho news that there was little




13 43

hope that the proposed rate increase would be allowed by
the Inter-State Commerce Commission, to take effect im
mediately. Baltimore & Ohio fluctuated between 82 and
7934, closing at 8034. and Canadian Pacific fell from 16634
to 164. Chicago Milwaukee & St. Paul lost 134 points
for the week, while Union Pacific declined steadily from 14534
to 14034. and recovered to 141. Norfolk & Western covered
a range of 334 points.
As is their custom, the industrial shares moved more
widely. American Beet Sugar gained from 9334 to 98, the
closing price, and American Can and American Car & Foun
dry advanced fractionally. The copper shares, contrary to
their movement a week ago, fell away. U . S. Steel fluctuated
between 11634 and 11134. the final figure being 114J4- U . S.
Industrial Alcohol declined from 12934 to 122 J4, moved up
to 125 and closed at 124 34 • International Mercantile Marine
com. and pref. lost 434 and 834 points, respectively.
F o r d a i l y v o l u m e o f b u s i n e s s s e e p a g e 1252.
The following sales have occurcd this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
W eek ending M a rch

30.

Sales
fo r
W eek

R ange f o r W eek .
L ow est.

H igh est.

R ange sin ce J a n .
L ow est.

1.

H igh est.

P ar. Shares S p er share.
$ per share. $ per share S per share.
Am Brake Shoe A F.100
40 102 Mar 26 102 Mar 26 102
Jan 103
Jan
Preferred..............100 100 183 Mar 28 183 Mar 28 183 Mar 188
Jan
Feb 128X Jan
American Express__ 100
200 119 Mar 26 120 Mar 26 115
Feb 15
Amer Malt Corp-----100 1.600: 12X Mar 24 15 Mar 26 7
Mar
Amer Malting C o ... 100 19,400; 15)* Mar 29 19X Mar 30 15)* Mar 19X Mar
Mar 68
1st preferred........100 1C,700! 62 Mar 29 68 Mar 30 62
Mar
Amer Smelt Secur pref
230, 97)* Mar 28 07X Mar 28 94X Mar 97)4 Mar
’’B” trust rects.........
Feb 49
Mar
Am Tel A Tel subs 1st pd 600j 48 'A Mar 28 49 Mar 30 43
Assoc Dry Goods__ 100
loo! 17 Mar 26 17 Mar 26 17 Mar 21X Feb
100: 71 Mar 28 71 Mar 28 68 X Jan 87 X Jan
Associated Oil......... 100
Atlanta Birm & A tl.. 100 2,100i 15M Mar 26 16 Mar 26 13X Feb 16X Jan
Mar! 2X Mar
Barrett, rights............. . 6,068! 2 Mar 28 2X Mar 26 2
Feb
Preferred..............100 300:112 Mar 27 112X Mar 30 112
M arll7
Preferred rights......... 2,091 2)* Mar 26 2 X Mar 24 2X Mar 2X Mar
Jan
Batopllas Mining___ 20 1,800! 1)* Mar 26 IX Mar 26 IX Mar 2
Brunswick Terminal. 100 600| 10 Mar 26 iox Mar 26 7)4 Feb 10X Mar
40! 00)* Mar 28 91 Mar 28 95 X Jan 95X Jan
Buff Roch APitta...l00
Jan 122)* Mar
Burns Bros............... 100 1,700115 Mar 26 118X Mar 29 89
Mar 83
Mar
Calumet A Arizona... 10 200 81 Mar 27 81 Mar 27 81
Feb 55 X Feb
20! 54)* Mar 30 54X Mar 30 55
Canada Southern.........
Jan
Mar 155
2120 Mar 28 120 Mar 28 117
Cent A So Am Tcleg. 100
Jan
Chicago A Alton___ 100 1,400 18 Mar 24 19X Mar 26 15X
Chic A East I l l Preferred tr rects. .100 400! 9)* Mar 27 11 Mar 24 9)* Mar 12X Jan
Jan
Feb 75
Cluett, Peab'dyACo. 100 10C; 71 Mar 26 71 Mar 26 68
Jan 21
Jan
Consol Interstate Call 10 300! 18 Mar 26 18)* Mar 26 17
Mar
Consolidation Coal.. 100 1001113 Mar 26 113 Mar 26 100X Feb 113
Feb 59X Jan
Continental Insur___ 25
900 55)* Mar 29 56 X Mar 29 62
Jan
Deere A Co, pref___ 100
200 98)* Mar 26 98 X Mar 26 96 X Feb 100
Jan
474 134 Mar 24 134X Mar 26 131
Detroit Edison........100
Mar 145
Rights...................... 1,200 4 X Mar 27 4X Mar 29 4X Mar 4X Feb
256 116 Mar 26 116 Mar 29 114
Mar 120X Jan
Detroit United........100
Mar
Drlggs-Seabury Ord___ 5,800 65 X Mar 26 84 Mar 29 39 X Feb 84
Mar
Feb 67
Eleo Stor Battery.. . 100 100 64)* Mar 24 64 X Mar 24 62
Mar 95
Mar
Fisher Body Corp. pf 100 100 94 Mar 28 94 Mar 28 94
Mar
General Cigar pref.. 100 300 100 Mar 29 100 Mar 29 100 Mar 104
Mar
Havana E R LAP pf 100
35 105 Mar 27 105 Mar 27 105 Mar 105
15 128 Mar 28 128 Mar 28 127X Jan 131X Jan
Homes take Mining.. 100
Jan
Int Harvester Corp.. 100 200 78)* Mar 28 80 Mar 24 75 X Mar 88
Jan
Int Ilarv N J pref.. . 100 300 118 Mar 24 118 Mar 24 116X Mar 121
Mar
Int Paper pref tr rects..
200 99 Mar 26 99 X Mar 27 94 X Mar 102
Jan
Feb 124
75 117 Mar 29 118 Mar 29 114
Kings Co Elec L A P 100
Feb 103X Jan
Laclede Gas..............100 300 100 Mar 28 100 Mar 28 98
400 42)* Mar 29 42 X Mar 30 42)* Mar 42 X Mar
Long Island ctfs dep___
Feb 27X Jan
Loose-Wiles Biscuit. 100 700 21)* Mar 24 23 Mar 24 20
Mar
Feb 81
400' 80)< Mar 27 81 Mar 28 72
Manhattan Shirt___ 100
Feb
200 56 Mar 24 56 Mar 24 55 X Mar 60
Mathleson Alkali___ 50
May Dept Stores... 100 400 63X Mar 29 64 X Mar 26 58 X Feb 66X Mar
Feb 107X Jan
Preferred..............100 100 106 Mar 27 106 Mar 27 106
Mar
2 120 Mar 26 120 Mar 26 117X Mar 120
Michigan Central.. . 100
Mar 61X Mar
Midvale St A Ord___ 50 16,700 60 Mar 29 61X Mar 29 60
Mo Pacifio tr recta....... 1,200 12)* Mar 28 13X Mar 24 10)* Feb 10X Jan
Jan
Feb 84
Nat Cloak A Suit.. . 100 200 82 Mar 28 Z82 Mar 30 79
Jan
200 18 Mar 24 18 Mar 24 17 Mar 22
N O Tex A M e x v t c ...
Jan
200 15 Mar 24 15X Mar 24 12X Mar 10
New York Dock___ 100
Ohio Cities Gas rights.. 6,350 4X Mar 29 4X Mar 30 4X Mar 4X Mar
Jan
Feb 106
Owens Bottle-Mach..25 7001 98 Mar 30 100 Mar 28 96
Pacific Tel A Tel___ 100 1,500 30)* Mar 29 33 X Mar 30 29 X Mar 34X Jan
Jan
Pan-Am Pet A T pref 100 300 94 X Mar 26 94 X Mar 29 90X Mar 98
Mar
Mar 20
125 20 Mar 26 20 Mar 26 20
Pettlbone-Mulllken .100
Jan
Pitts Steel pref........100 1.530 99 X Mar 29 101 Mar 24 99
Feb 102
Feb
Quicksilver Mining. .100 200 2)* Mar 24 2X Mar 26 2
Jan 3
Preferred..............100 1,000 2X Mar 26 3X Mar 26 2X Mar 4X Feb
Jan
40 67)* Mar 27 67)4 Mar 27 67 X Mar 75
RR Securities ser A........
Mar 66 X Mar
Royal Dutch ctfs dep... 2,515 63 X Mar 27 64 X Mar 24 60
Jan
Jan 42
St Louls-S F pref A. . 100 100 35 Mar 27 35 Mar 27 35
Feb
Mar 99
Sloss-Sheff S A I pref 100 200 97 Mar 26 97 X Mar 29 94
9 120)4 Mar 28 120X Mar 28 117)* M arll7X Mar
Sou Pacific tr ctfs.........
Mar 100X Jan
Standard Milling... 100 100 94 Mar 29 94 Mar 29 94
Jan
Feb 238
100 230 Mar 26 130 Mar 26 218
Texas Co full pd rects . .
Feb 46X Jan
Transue A Wms . . no par 500 46 Mar 26 46 X Mar 26 40
Mar 48X Mar
United Alloy Steel no par 3,400 45 )< Mar 27 46X Mar 24 44
Feb
United Drug............100 700 74)* Mar 28 75 X Mar 26 69 X Jan 80
Jan
2d preferred......... 100
200 90 Mar 27 90 Mar 27 89X Jan 91
Jan 22 X Jan
U 8 Realty A Impt.-lOO 200 15 Mar 28 16 Mar 28 10
Mar
Mar 41
West Md 2d pref___ 1(K> 100 41 Mar 27 41 Mar 27 41

O u tside Secu rities.— Values of securities at the Broad
Street “ Curb” have, following tho general trend of price
fluctuations at the Stock Exchange, been irregular. Aetna
Explosives fluctuated between 4 and 2 % , closing at 2 % .
American Sumatra Tobacco fell from 24 to 23, while Carwen
Steel lost fractionally. Chevrolet M otors, usually spectacu
lar, moved between 127 and 134, tho final quotation being
1303^. Haskell & Barker Car C o. lost % a point for tho
weok and Lima Locomotive, after falling away from 633^ to
6 1 M , advanced to 623 i , closing at 0 1 % .
Marlin Arms
moved up from 89 to 93, falling away again at the close, how
ever, to 89, while the high, low and last prices of Subma
rine Boat, United Motors and W right-M artin Aircraft were
24-22 3^-22 % , 39 H -38 % - 3 0 and 8 K -7 -7 K .
. .
Standard Oil shares were moderately active. Illinois
Pipe Line moved between 243 and 240 and Midwest Refining,
after falling from 140 to 134, closed to-night at 141. Ohio
Oil and Prairie Pipe Line moved between 309-387 and 335
318, respectively, and Standard Oil of New York and Prairie
Oil & Gas between 315-320 and 605-610.
A complete list of “ curb” market transactions for the week
will bo found on page 1252.

1244

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES.

H IG H A N D L O W S A L E P R IC E S -- P E R
Saturday
M arch 24.

M ondag
M a rch 26.

Tuesday
M arch 27.

S H A R E , N O T PER C E N T .

W ednesday
M arch 28.

Thursday
M arch 29

Friday
M arch 30

Sales/or
the
W eek
Shares

STOCKS
NSW YORK STOCK
EXCHANGE

On

PER S H A R E
Range Since Jan. 1
b a m o f 100-/bare loll

Low est

H ighest

PER SH ARE
Range fo r Previous
Y ea r 1910
Low est

H ighest

$ per share $ per share $ per share
Railroads
Par $ per share
S per share $ per share $ per share $ per share $ per share $ per share
108% Got
105*4 105*4 101 105*8 104% 104% .101% 105% 101% 101% 101% 105% 10,360 Atch Topeka * Santa Fe.-lOO 100% Feb 3 107*2 Jan 8 100*4 Apr 102
Feb
99 ___ ___
99
98% 98%
900 Do pref____________ 100 98% Jan 2 100*2 Feb 1 2:98*2 Deo
99
99
98% 99
90
99
Atlantic Coast Line RR__ 100 110*2 Feb 8 119 Jan 4 100% Apr 120 Nov
*110 118 *113*2 US ♦112 118 *112 118 *114 118
90 Ian
81*2 Deo
82
79% 80
79% 80% 79*2 79% 70*2 81
14,800 Baltimore Sc Ohio_______ 100 71 Feb 1 85 Jan 18
80% 81% 80
80 Jan
72*2 Aug
73% *73
73% *73
73
500 Do pref____________ 100 72 Marl 7 70’s Jan 17
73*2 73
73*2 73%
73% 73% *73
88% June
81 Deo
08
1,400 Brooklyn Rapid Transit.. 100 05% Feb 5 82 Jan 4
08% 69% 63% 09% *67% 09
*07*2 09% 68% 68% 68
104 104*2 163% 105
17,700 Canadian Pacific_______ 100 14812 Feb 7 1073s Mar23 rl62% Mar 183*4 Jan
105*2 160*4 101*4 165% 102 103% 103% 166
58 Apr
71 Oct
62
62% 00% 02*8 00% 01
00*4 01% 00% 01% 60’s 02% 18,700 Chesapeake & Ohio_____ 100 56% Feb 3 65*4 Jan 3
10% Deo
11% Apr
12% 12% 12*2 *12% 12% 12*2 12*2
*12
12% 13
700 Chicago Great Western... 100 1012Feb 3 14*8 Jan 10
1234 13
47% Oot
33 Apr
30
2,000 Do pref____________ 100 32% Feb 3 41% Jan 2
30
30% 35% 35% 35*2 30
35*8 35% *35
36*2 37
102*8
Jan
92
Jan
4
89
Deo
78*2
Feb
9
Chicago
Mllw
4
St
Paul..100
84%
83
83%
83%
84
83%
81%
11,000
84*4 85*4 82*2 85*2
83*2
130% Ian
100 Do pref____________ 100 117 Mar 1 125*2 Jan 29 123 Deo 134%
*118 119 *118 120 *118 120 *11,8 120 *119 121
118*2 118%
Jan
113 Marl3 124*4 Jan 19 123 Deo
118 119*4 117% 119% 117% 118% 117% 118% 117% 118% 117 117*2 0,650 Chicago 4 Northwestern..100 166%
Mar24 172*2 Feb 10 1105 Apr 170 Deo
200 Do pref____________ 100
*160 170
*100 170
166*2 166*2
41
24,605 Ch 111 4 Pac ctfs of dep 1st pd 625% Feb 8 4 Ns Mar28 631 Dee 638% Deo
41*2 40
38*2 39% 3S*4 30% 38% 38% 38*2 41% 40
02% Oct
38 Apr
40
Feb
3 51 Jan 10
Clev
Cin
Chic
4
St
Louis..
100
*42
*45
*42
*42
50
49
■
to
300
40%
43
45% 45*2 46*8
80 June
70 Fob
82
70% *73*2 78
*75
*75
81
70
79
200 Do pref____________ 100 70 Feb 1 80 Jan 29
*75
78% *70
24% Apr
37 Oot
20
20
20
*26
20
20
SOO Colorado 4 Southern____ 100 20 Fob 10 30 Jan 4
28% 26
27
27*8 27*2 27
40 Apr
02% Oct
100 Do 1st prof_________ 100 54% Mar 8 57*2 Jan 9
57% *55
58
*50
58 *55
58
57*2 *56
56*8 56% *50
40 Mur 57*4 June
50
45
15 *45
*45
100 Do 2d pref_________ 100 42 Marl2 40 Marl7
*45
50
50
*44
50
48*2 *45
142 142 *141 143 *140 143 *140 143
500 Delaware 4 Hudson_____ 100 138% Feb 14 15Ns Jan 19 148% Deo 150 Oot
142 144 *140 145
400 Delaware Lack 4 Western..50 227^4 Feb 15 238 Mar24 210 Mar 242 Nov
238 233 235 235 *225 235 *225 235 *225 235 *225 235
8% Mar 23% Oet
14% 14%
17
15
700 Denver 4 Rio Grande___ 100 IH2 Feb 8 17 Jan 6
*12
17 *13
14*3 14% 13% 13*2 *13
15 Mar 62% Oet
30
35% 2,400 Do pref___ :_________100 22 Feb 3 41 Jan 2
34*2 34*2 34% 35% *34*2 35% 35
35*2 30% 31
43% Jan
32 Apr
29% 30% 81,100 Erie................................... 100 25 Feb 2 34’4Jan 3
29*8 29% 29% 30*2 29*2 30
30*4 31*2 29% 31
59% Jan
40 Deo
42*2 41-34 42% 5,500 Do 1st pref_________ 100 373j Feb 3 49*4 Jan 2
43
43*2 41% 43*4 41*8 41*2 42*s 42% *42
40 Deo
641s Ian
.34% 2,400 Do 2d pref_________ 100 30 Feb 9 393.1 Jan 3
34*4 35*2 34% 34% 31% 34% 34*2 34% *33*2 34% 31
11434 115
115 115
115 115
3,800 Great Northern pref_____ 100 I l l ’s Feb 3 118*4 Jan 4 115 Deo 127%Ian
114% 115% *114 115
115% 110
50*4 Ian
32 Deo
34% 35
34
34% 14,200 Iron Ore properties..N o par 2734 Feb 3 38*s Mar
31% 35% 34% 34*2 34% 36
35*2 30
993i Apr 109% Oot
105*2 105*2 101% 105% 105*4 105*2 101% 100% 105 105*2 105% 105% 2,800 Illinois Central_________ 100 100 Feb 3 100% Jan 2
21% Ian
15% Deo
13% 12% 12% 12% 12% 3,200 Interbor Con Corp, vto N o par 1134 Feb 9 17% Jan 2
13*2 *13
13% 13*2 13% 13% *13
77*8 Ian
69 Deo
00
60
*65
00
00
00
GO 00
*65% 00% *65
66*2 1,300 Do prof____________ 100 01 Feb 9 72*4 Jan 2
32% Jan
23*8 Apr
*21*3 24
22% 22% 1,000 Kansas City Southern___ 100 21 Feb 2 25% Jan 2
2 t *21% 21
*21*2 24
24*4 24*4 24
04% Jan
50% Deo
*55
58 *55
58
57% 57% *54
58
100 Do pref____________ 100 53'2 Feb 28 58*2 Jan 30
*55
58
*55
58
10 May 30 Dec
17 Feb 3 25*4 Jan 3
22
22
*17
22 *19
21%
500 Lako Erie 4 Western..__ 100
22
*18
*17
21
21% *10
55% Nov
5334
Jan
3
32
Apr
40
Feb
10
Do
pref____________
100
41
44
*40
41
*40
*40
44
*40
400
44
42% 42*2 42
74% Jan
87% Oot
70% 71
72*2 70
71*2 69% 70*2 x08% 09% 10,300 Lehigh Valley___________ 50 66% Mar 13 79*2 Jan 2
71% 71% 71
41*a June
20
Jan
47%Jan
24
34
Jan
8
Long
Island_____________
60
42*3
42%
42%
42%
42%
4,100
42*2
43
42*2
43
42%
43
43*4
130 130*2 *13Ut 132
2,300 Louisville 4 Nashville___ 100 122% Fob 0 13334Jan 4 121% Mar 140 Oot
127% 129*2 128*2 128% 128 128*2 128% 130
20 Oct
30 Oct
22
22
22
22
22
2,050 Minnoap 4 St L (new)...100 2 Ns Mar 8 32% Jan 29
22% 23% 22
22*2 22
23*8 24
*112 114
103 Minn St Paul 4 S S M ___ 100 105 Feb 7 119 Jan 3 110 Deo 130 Oct
114*2 114% *111 114% *111 111 *112 115
128*2 Sept 137 Jan
Do prof____________ 100
*120 130 *120 130
*120 130
•120 130
3% Sept 13% Deo
7 Feb 9 11 Jan 2
8% *8% 9%
8*8 8*2 3,400 Missouri Kansas 4 Texas. 100
8% 0%
8*4 9*8
3*4 8% *8
10 Apr
24*4 Deo
.100 14 Feb 19 20*2 Jan 4
000 Do pref______
17% 17% *10% 17% *10% 17*2 *10*2 17*2 17% 17%
*17
18
22*8 Sept 38*8 Deo
31% 30*2 31
14,000 Missouri Paclflc(new)whcn lss. 27 Feb 3 34 Jan 2
31% 31% 30% 31% 30*8 30% 30*2 31*4 30
01
Jan
3
04% Dee
51
Mar
7
47*4
Sept
Do
prof
(or
lno
bonds)
do__
573;
1,000
57
57
57*2
57%
57
57
57*2
56% 57
97% 08% 07*2 98% 973t 98% 18,800 New York Central______ 100 91 Feb 2 103% Jan 4 100% Apr 114% Oot
97% 98
98*2 99% 97% 100
33 Apr
45*t N ov
*33
34
34
31
*33
31
450 N Y Chic 4 St Louis.......... 100 30 Feb 2 38*8 Jan 8
*33*2 31
33% 33% *33% 34
77% Jan
49% Deo
40% 40
46% 12.400 N Y N H 4 Hartford.........100 30% Feb 10 52% Jan 2
40% 40
45
45% 44% 45*4 40
40
47
29*4 Jan 2
20 May 34% Dee
25*4 25% 24*4 21% 21% 25*8 2,900 N Y Ontario 4 Western__ 100 22 Mar 1 138%
25% 25% 24% 25% *24*2 25
Jan 24 114 Mar 147% Oot
4 Mar 1
132% 133*4 130 133% 131% 132% 133% 131*2 132-8.4 134% 133*2 134% 17,500 Norfolk 4 Westorn............ 100 12i3>
84% Feb
80% May
Do adjustment pref...100 85 Mar 13 89*2 Feb 3
*85
90
*85
90
*35
*85
90
90
*85
90
*85
90
7,900 Northern Pacific_________100 101 Fob 3 110*4 Jan 3 108 Deo 118%Jan
106% 107*4 100 107*2 105 105% 105*2 100*2 105*2 105*2 105*2 106
57%Jan
25
00 Oot
53*2
Mario
55
Sopt
50
Pennsylvania____________
53%
20,125
54%
54%
53%
54%
54*8
51*2
54*4 55's 54*s 54% 54*8
30*4 Dec
38% Dec
20 Mar 1 30*4 Jan 2
28
1,000 Pere Marquette v t c_______
29
*27
2.83.1 28
28% *27
29
29*2 29% 29% 28
073( Feb 28 73*2 Jan 17
73% Dec
72 Dee
Do prior pref v t c______
09*2
*67
09*2 *07
09*2 *07
09*2 **07
*67
09*2
55 Jan 17
*
Do pref v t c__________
59
59 *
59 *
59
*___ 59
88 June
78 Feb
Pitts Cln Ohio 4 St Louis..100 74 Feb 21 82 Jan 20
*74
*74
80
78
*74
80
*74
*74
80
*74
80
80
75% Jan 115*8 Sept
.50 88 >2Fob 3 104*4 Jan 3
99% 102*2 98 101
97*8 99% 9.8*8 100% 98*2 99% 98% 100% 178,560 Reading_________
40 Feb
45
Jan
29
41%
Feb
42
Mar30
1st
preferred__________
50
*42
42
42%
300
*42
43
43
43
*42% 43% 42*2 42*2 *42
62 May
41% Feb
42
42
200 2d preferred__________..50 4 l'j Mar 8 45*2 Jan 10
*41% 44
*42
*41% 44
43*2 *41% 44
43
43
15% May 30*8 Deo
1912 MarlO 20% Jan 2
21
20
20% 3,200 St Louis 4 San Fran new (w 1).
20*4 20
21
21*2 20% 21% *20% 21 *20
31
Jan
3
10
May
25
Fob
3
32*8
Deo
100
St
Louis
Southwestern___
200
*20*2 29
27*2 27*2
*26*2 20
*27
30
27*2 27*2 *20*2 30
37% Sopt 67 Deo
Do pref____________ 100 48 Mar 1 53 Jan 4
*44
52
*44
52
52
*14
52
*44
*44
52
*44
52
18
Jan
3
14
Apr
19%
Deo
13%
MarlO
Seaboard
Air
Line_______
100
14*2
14%
1,700
15
15
*14
15
14
15
15
14*2
15*2 15*2
34% Apr
42% Oct
100 Do pref____________ 100 3H2 Mar 14 39*2 Jan 3
33
33
*32
*33
*32
34
35
30
*34
30
94% Apr 104*8 Jan
Feb 3 98*2 Mar24
97*2 98*2 95*2 98% 95*8 90*2 95% 90% 90% 90% 95% 90% 28,600 Southern Paclflo Co_____ 100 90
33%
Jan
3
30*4 Deo
18
Apr
2634
Mar
1
100
Southern
Railway_______
64,400
29%
29
28%
30%
2S%
28-%
29%
29%
29*2
30%
30% 30%
73*8 Deo
50 Apr
59% 59% 00 00*4 2,950 Do pref____________ 100 50'4 Mar 9 70*2 Jan 30
59*i 00
01
59% 00
00*2 01% 00
0% Feb
21*4 Deo
10
16% 1,100 Texas 4 Pacific_________ 100 1412 Feb 28 193.1 Jan 4
*10
17
17
17*2 *10
17
17*2 17*4 17% *10
08*8
June
48*4
Jan
2
48
Nov
30
Feb
9
Third
Avenue
(Now
York)
100
1,450
30
39%
39%
39
41
40
41% 41
41*2 *40
41
41
9 4 Mar 99 June
94
300 Twin City Rapid Transit.. 100 92 Mar28 95 Jan 20
91
*90
*92
94
92
92% *01
93
93
*92
94
149%
Jan
2
129*4
Apr
153%
Oct
131
Feb
3
Union
Pacific___________
100
142%
73,000
142%
141*2
140*2
140%
143%
140%
141*2
140*4
142*4 145
140*2
81 Marl3 85 Jan 24 *80 Sopt S4% Seps
500 Do pref______ ^____ 100
81%
82
*81
81*2 81% 81
*81
82
7% May 21% Jan
0% Feb 1 11% Jan 2
9%
100 United Railways Invest__ 100
9% 9*2 *9
*9
10
10
*9*2 10*2 *9
*8*2 10
17 Sept 39*4 Jan *
Do pref____________ 100 18 Feb 5 2334 Jan 2
23 *20
23
*20
22
23
*20
*20
*20
22
*20*2 22
15% Jan 5
13*8 Sept 17 Jan
12% 13*s 12% 13
12*8 12% 12*2 12% *12*2 12% 12*2 12% 3,300 Wabash_______________ 100 1Ns Feb 15 58
41% Mar
Jan 2
0O*a Deo
40'2 Feb 2
50*2 51% 50% 51% 50% 51% 18,600 Do prel A.................. 100
51% 52*2 51% 52*2 50*3 51
32% Dec
25
Apr
30%
Jan
2
24i-i
MarlO
100
Do
pref
B
do_______
12,700
20
25%
20*2
20
20
25% 20% 25%
20
27
20% 27
34% Mar
24% Feb
22% 22*i 22% 22% 22% 22% 23*2 0,900 Western Maryland______ 100 21i4 Mar22 28*4 Jan 2
22*1 22
22% 23% 21
40 Mar
55 Oet
Do prof____________ 100 3912 Mar 3 42 Jan 11
41
*38
*37
41
42
41
*38
42
*38
*37
*38
42
22%
Jan
2
21
Deo
27%
Dec
13*2
Mar
1
Wheeling
4
Lake
E
Ry
w
I..
18
18
5,100
18
17% 17*2 17% 18
18
18*2 17*2 18*2 *17
40 Doc
68*8 Dee
40
40
1,300 Do preferred when Issued. 3012 Mar 2 50% Jan 22
*38
40
40
*37*2 40
40
40*2 40*s 40*8 *38
66*8
July
33
Apr
54%
Jan
2
45'2
Feb
14
Wisconsin
Central______
100
52
5,000
52
52%
51*2
51%
52
50% 52*2
52%
52
52
*50
Industrial & Miscellaneous
21*4 Dec
14 Aug
100 Advance Rumely_______ 100 15ls Feb 3 18% Jan 9
17 *10% 17 *10S4 17% *10% 17% *16% 17*8
*17
17% 17
43 Apr
303a Oct
Do prof____________ 100 301, Feb 10 37*8 Jan 5
*32
33%
32% *32% 33
.34 *32
*32*8 34*4 *32lt 33*4 *32
03 July 89*8 Doc
4,000 Ajax Rubber lno_________ 50 60 Feb 3 80 Jan 25
74
75
74
73*2 74
00
09
69
09
09
2018 Jan
11*2 Jan 4
10%
Dec
O
I4
Feb
8
Alaska
Gold
Mines...........
.10
20,000
9
8%
9%
9%
9%
8%
8%
9%
9*2
8*2 8*.|
8%
10*4 Jan
8% Mar20
6% Feb 8
6*4 Oot
*7% 7*2 8,900 Alaska Juneau Gold MIn’g.10
7
*6% 7
7*2 7% *7*4 7% *7% 8
8*8
19 July
38 Nov
281| 10,000 Allls-Chalmers Mfg v t O-.100 20's Feb 3 30% Mar21
29*2 29% 28% 30*1 28% 29% 28*2 28% 27% 29% 28
92
Nov
80%
MarlO
70*2
July
791
4
Feb
3
Do
preferred
v
t
o___
100
1,200
80%
*83*2
86*2
80*2 80*2 86*2 80*2
86*4 86*2 SG% 80*2 80*2
03 Apr 102 Nov
900 Amer Agricultural Chera.,100 83 Feb 3 93% Jan 22
*89
91
91
*89
91
91
89
91
*88% 92
93
93
90 Mar 103% Deo
200 Do pref____________ 100 98*8 Feb 10 103*2 Jan 24
101*2 101*2
•100*2 102 *100*2 102
100*2 100*2 *100*2 102% * 100*2 102
Feb 15
01*4 Feb 108*8 Nov
95% 98% 97% 98 51,000 American Beet Sugar____ 100 81 Feb 1 102%
95
97
93
95
93*t 93% 92% 95
03 Apr 102 June
Do pref____________ 100 95 Feb 7 98 Jan 24
*93
*92% 97
97
*93*2 97
*94
*92
97
*92
97
97
51%
Mar29
08% Sept
36
Feb
3
44 Deo
American
Can__________
100
65,800
51%
50
51%
49%
50*8
49%
48
48*2
48
48*2 47*2 49*2
110%
Jan
25
100
Feb
3
107%
Deo 115%Sept
Do
prof____________
100
800
107% 107*2 107% 107%
*100% 107*2 106*2 106% *105*2 107*2 *100 108
62 July
7S% Deo
57 Feb 3 71% Mar27
09*8 70% 09% 71% 69% 71*2 70
70-3.1 69% 71% 69*2 70% 27,500 American Car 4 Foundry. 100 116
Mar21 118*2 Jan 23 115*8 Aug 119% Mar
100
200 Do pref..............
no n o
*110% 117 *110% 117 *110% 117
116*4 110% *110 117
68% Oot
48% Deo
420 American Cotton Oil____ 100 42 Feb 9 50% Jan 5
*42% 44
44
44
44
44
*42% 44
44
44
44
44
102
Mar
08 Jan
Do pref____________ 100 98'2 Mar 0 101%Jan 9
*90 101
*90 101
*99 101
*99 101
*90 101
*90 101
8*4
June
20*8 Oot
17%
Mar29
10
Feb
2
American
Hide
4
Leather.
100
1
5
3
.1
21,200
10%
14%
15%
17%
14%
14%
15%
15
15
14% 15*4
45
Mar
84%
Deo
75
Jan
4
58
Feb
3
100
70*2 69*2 70*i 13,300 Do prof____ _____
66
08
67
69*2 68
69*s 71*i 08*8 70
25 Jan
Jan 2
32*4 Deo
*27*2 27% 27*2 28*2 3,700 American fco Securities__ 100 24 Feb 2 32»4
27*2 27% *27*2 28
27*i 28
*27*2 28
21%
MarlO
17
Deo
27%
N
OV
1534
Feb
3
American
Linseed_______
100
5,900
20
20%
20
20%
20%
20% *20
20% 20
20-% 20% 20
55% MarlO
38% Mar
02*4 Nov
4,750 Do pref......................100 48 Feb 3 823
53% *53
53% 53*2 54% .53% 54
53% 53*4 53% 53% 53
4Jan 4
58 July
98*4 N OV
72% 71% 72*2 71'8 72*2 25,400 American Locomotive____100 0212 Feb 2 100%Jan
71% 73*4 72
72% 73*4 71*2 74
20
99% July 109 Nov
100 103 Feb 15
___ *105*2 107
300 Do pref______
105 105
105 105 __
105% 105% *10t 108
10*4 Deo
7 Feb 2 19 Mar28
0% Doc
43,100 Amer Malt Corp ctfs of dep.
19
Ul2
51 Deo
51 Deo
4012 Feb 2 04% Mar28
6478
20,700 Do pref ctfs of dep___
63 ~ 591i 613.1 62
07%
Nov
99%Jan
31
84%
July
93i2
Jan
2
Amer
3melters
Sec
pref
B.100
400
97*2 *97% 97% 97% 97%
97% *97
*97
97*4 *97 “ 97% *97
91*4 July 102 N ov
9Sl| Feb 13 102*4 MarlO
1,000 Do pref Ser A stamped.
*101 102*9 *101 102% 101*2 101*2 101*2 101% 101*2 101*2 102 102
88% Apr 122% Nov
110%
Jan
19
94*8
Feb
2
Amer
Smelting
4
Refining.
100
33,200
104%
105%
104*8
lOt
105*8
105
101%
105%
107 107*2 10t*s 100%
109% Apr 118% Oot
300 Do pref____________ 100 111 Feb 23 117%Jan 19 130
113*2 113*2
*113 113*4 113*2 113*2 *113 111 *112 114 *113 111
Mar 151 Deo
American Snuff_________ 100 130 Feb 17 142 Feb 10
*130 140 *130 140 *130 110 *130 140 *130 140 *130 140
100*j Mar 110 Jan
103
Feb
10
103
Feb
10
Do
prof_____________100
n
o
n
o
*101*2
*104*2 111 *101*2 110 *101*2 n o *101*2 n o *104*2
44
05%
Mar21
73 Deo
01% 01% *61
63*2 1,800 Am Steel Foundry______ 100 52 Feb 3 115% Feb 21 104 Apr
62% 03% *02*3 01
61
64% 03*2 64
Deo
Oct
112 113% 111*1 112*2 111% 113*2 113*2 114% 113 113% 112% 113% 12,800 American Sugar Refining..100 lo t’s Feb 3 l21%Jan 25 115% May 125%
123*8
Oot
117
Feb
2
200 Do pref_____________100
119 119 *118 120 *118 120
*119 120
110 119 *118 120
12214 Feb 1 128% Jan 24 *123% Deo *13418 Sept
127*2 127*4 127% 127% 127% 127% 127*2 127% 127% 1273.t 125*2 120*2 3,900 Amer Telephone 4 Teleg-.lOO 201
220
Mar
12
188
Feb
229%
Nov
Feb
3
American
Tobacco______
100
212
*209
212
530
210
212
*212
1212
217%
*213 217*2 212% 2l2*i
18 105*4 Apr 113 8ept
200 Do pref (new)_______ 100 ION4 Feb 10 10934 Jan
*100*4 10.3% *100% 103 *107 108
107*4 107*2 *100*2 108% *107 108*8
Mar 7
58% N ov
37 Deo
51
8,400 Am Woolen of Mass_____ 100 37'8 Feb 3 53
50
50*4 51
50% 50% 50*4 50% 50% 51% 50*8 51
92 Jan 102 Mar
900 Do pref_____ _______ 100 94 Feb 3 99% Mar 14
98%
*97
*97
98
07*2 97*2 *90*2 97
97% 97*2 97% 98
70*4 N ov
11 Jan
2,400 Am Writing Paper pref.. 100 37 Feb 3 54% MarlO
49
50
49
51*2 52% 50% 51
50
51*2 50*4 50% 49
97% Apr
29% July
30% 36% 4,900 Am Zinc Lead 4 8_______ 26 31% Feb 2 41%Jan 20
35% 37
37
37
35% 37
30*2 36% 30% 37
87 Nov
72*2
Jan
20
59*8
July
0412
Feb
1
09*2 1,950 Do pref_____________ 25
68
09
68
70
09*4 09*2 *08*2 09*2 *0.3
09*2 70
77 Apr 105% Nov
80% Mar20
84% 80% 83% 85% 82% 84% 83% 84% 83*2 8-1*2 83*2 84% 61,004 Anaconda Copper________ 50 70 Feb 1 121*2
60 July I47»t Deo
Jan
22
89'2
Feb
3
Atl
Gulf
4
W
I
S3
Line
ctfs
100
111*2
110*8
113
23,770
113
112%
112%
114%
111
110 117*2 112*2 110
00*8 Deo
73*4 Nov
*62*8 03
*02
Do pref certfs_______ 100 54 Feb S 00 Jan 4
64
52 Deo 118% Jan
43 Feb 3 03% Mar20
58
00*4 58% 6.3*2 59% 03*8 00*2 02% 50% 61% 59% 61 125,000 Baldwin Locomotive— ..100
98%
Dee
110
May
102%
Jan
15
100
Feb
2
Do
pref_____________100
100
*100 102 *100 102 *100 102 *100 102 *100 102 *101 102*2
130 Jan 2 a 127% Doc 107*2 Deo
110*4 110*8 1,700 Barrett Co (The)------------100 109 Mar23 515
*108*1 110
109% 110
100 110*2 109 110% 113 113
4 415 Jan 700 N ov
2,750 Bethlehem Steel..---------- 100 al 19 Mar 1 143’ 4Jan
145 147
144 140
143 141
144 145*2 143*2 144*2 * 111 147
Mar21
135*4 138*2 135% 137*2 56,550 Do class B common .
137*2 140
133*2 138*2 134 130% 135*2 138
___ ___ *120 130
200 Do pref_____________100 11712 Mar 0 135 Jan 5 120 July 180" N ov
120*2 120*2 *120 130
• Bid and asked prices; no sales on tnis day. t Ex-rlghts. I Loss than 100 sbarss , Ex-dlv and rlgtua. x Ex-dlvIdend. 5 Boforo payment of 1st Installment




New York Stock Record—Concluded— Page 2

1245

For record of sales during the week of stocks usually Inactive, see second page preceding.
H IG H A N D L O W BALM PR IC E S — PER S H A R E , N O T PER C E N T .
Saturday
M arch 24.

I

M onday
M arch 26.

Tuesday
M arch 27.

W ednesday
M a rch 28.

Thursday
M arch 29

Friday
M arch 30

Salesfor
the
W eek
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

PER SH AR E
Range Since J a n . 1
On basts o f 100-share lots
Low est

H ighest

PER S H A R E .
R ange f o r Previous
Y ea r 1916
Lowest

H igh est

$ per share $ per share $ per share 5 per share
Industrlol&Mlsc.lCon.) Par S per share
per share
$ per share $ per share $ p er share
47
47% 45% 46% 45% 45% 461.1 46% ■161.1 451,1 5*44%
46% 2,200 Butto & Superior Copper__ 10 38% Feb 3 52% Jan 26
41% Deo 105% Mar
*24
25
23% 24
23
231,
2312 23% 231.1 24% 233i 24% 2,400 California Petroleum, vto. 100 20% Feb 3 30% Jan 25
15 June 42% Jan
*54
54
54
57
51% 52% 5234 523.1 521.1 53
53% 53% 1,700 Do pref____________ 100 47 Feb 3 62% Jan 25
40 June 80% Jan
9538 91% 95% 90% 93% 91
94
92% 90l2 927g 9 Hi 92% 80,200
Central Leather________ 100
70 Feb 1 97% Jan 4
49 Apr 123 N ov
*113% 115% 113% 113% *113% 115% *113% 115%. 115l4 II5I4 113% 115% 1,300 Do pref____________ 100 112%
Feb 16 115%Jan 25 10S% Jan 117% Nov
38^*4 38
38% 39
38
38
38
38
381.1 38li 38% 38% 1,500 Cerro de Pasco C o p . . . N o par 37% Mar 1 41 Feb 20
*101 101 *101 104
*99 103
*99 103
*99 103
400 Chandler Motor Car____ 100 90% Feb 3 104% Mar20
103 103
88% Apr 131 June
25
25% 2434 25
24% 243.
24% 24% 24% 25
2H.i 25
9,100 Chile Copper____________ 25 20 Feb 3 27% Mar 12
39% N ov
19% July
57% 69% 57% 59% 56^4 57% 57
57% 57
48% Feb 3 63% Mar 7
5734 57% 57% 15,000 Chino Copper___________ 5
74 Nov
46% July
53
54
51% 53% 51
521.
51% 52% 5112 521
Colorado Fuel & Iron____ 100 38% Feb 2 54% Mar21
11,500
50%
52%
63% Sept
33%
Apr
44
44% 43% 4534 44
45
44% 4434 4334 4412 43% 44% 25,900 Columbia Gas A Eleo___ 100 34% Feb 3 47% Jan 20
30% Sept 53% Deo
*42
45
*42
45
43% 43% *42
45
Computlns-Tab-Record_100
41
Feb
28
*4212 45
100
46 Jan 4
*42% 47%
40% July 52% Jan
*119*4 120% 120 120% 119*4 1193 120 120 *120 122 *119%
700 Consolidated Gas (N Y)__100 118 Marl4 134% Jan 18 12934 Deo 144*4 Jan
121%
*90% 92
91% 923.1 92
94
92
92
92% 9434 *92
94
2,900 Continental Can________ 100 82% Feb 3 94% Mar29
75% Jan r i l l Sept
*109% 115 *109% 115 *109% 115 *109% 115 *10914 115 *109%
Do
pref____________
100
110 Feb
112% Feb 7 108 Feb 114 Nov
25% 20% 24% 20% 24% 26% 25% 26% 25% 20% 25% 115
18 Feb
27% Mar23
25*4 67,100 Corn Products Refining__ 100
29*4 Dec
13% Aug
108% 108% 107% 108l.t 107*4 108
107*4 108% 107% 1073i 107% 1073.1 4,825 Do prof____________ 100 98% Feb
112% Jan 2
85 June 113% Deo
71
72
67% 72% 68
70'.
69% 70% 68% 70li 68% 69% 64,300 Crucible Steel of America. 100 50% Feb
73i,i
Mar21
99%
Mar
50%
Deo
111 111 *110 112 *110 112 *109 111% *100 11112 *110% 111%
100 Do pref............. ........ 100 107 Feb
117% Jan 3 108% Jan 124% Dec
44% 4534 43% 4534 44
4G78 46*4 48% 463i 483S 46% 47% 89,500 Cuba Cano Sugar____ N o par
35*4 Feb
55% Jan 4
76%
Oct
43
Dec
89% 89% 90% 91
013.1 90% 90% 90% 91
90% 91
91
1,500 Do pref............. ........ 100 85% Feb 14 94% Jan 3
91*4 Deo 100% Oot
*185 189
190 195
185 187*4 190 190% 189t2 190
2,100 Cuban-Amerlcan Sugar... 100 159 Feb 14 195 Mar26 152 Jan 2697g Sept
185 190
*102 105 *102 105 *102 105 *102 105 *102 105
Do pref.......................100 101%Feb 16 105 Mar 8 100% Deo 110 June
102 105
20% 21
20% 2 lli 20% 20% 20% 20% 20% 20% 20% 20% 3,225 Distillers’ Securities Corp.100 18% Mar 7
54% Apr
Jan 2
24 Deo
18% 18% 18% 18% 18% 18% 1834 18*4 18% 18% 18% 18% 1,100 Dome Mines, Ltd________ 10 1734 MarlO 32
29% Feb
24% Jan 9
18 Dec
*235 245 *235 245 *235 245 *235 245 *235 245
General Chemical_______ 100 240 Mar 9 250 Jan 15 {265
235 245
350
Mar
Jan
*110 115% *110 115
109% 1091,1 *109% 112 *109% 112 *109% 112
100 Do pref............. ........ 100 108 Feb
112% Feb 7 {113 Jan 117 Deo
107% 10734 106 166 *165 108
166 106% 105 155% 165 165% 1,396 General Electric________ 100 161
Feb
171%Jan 26 159 Apr 187% Oct
118 120
11734 119
119% 121% 1193i 121% 118% 120
119% 120
11,200 General Motors tem ctfs-.lOO 99 Feb
125 Marl6 120 Deo 135 Deo
90% 90% *90% 90*4 89% 90% *89
00
*89
90
893,i 90
temotfs..l00 88 Feb
1,000 Do pref
93 Jan 4
93 Deo
88% Deo
56
50
55*4 55% 54% 66% 55% 55*2 55% 50% 55*4 56
5,000 Goodrich Co (B F)______ 100 x51 Feb
61%Jan 19
SO Apr
49% Deo
*108% 112 *108% 112 *108*4 112 *108% 112 *1083i 112
100
Do
pref____________
109
109
100
108
Mar
5
112
Jan 4 110% Deo 116*4 Mar
87
87
87
87
86% 87
*86
89
*85 87
Granby
Cons
M
S
&
P___
100
*85
87
400
92%
Jan
17
75%
Feb
3
80 July 120 Nov
_____
_____
42% 42% 4212 42% 42% 42% 421.1 42%
1,600 Greene Cananea Copper.. 100 40% Feb 23 47 Jan 26
34 June 56% N ov
130 131
125 125
123 124
123% 124% 119 122
1233.1 123*4 1,900 Gulf States Steel tr ctfs-—100 99% Feb
137 Jan 3
71 May 193 Nov
107 107
10634 1003i 1003.1 107
600 Do 1st pref trctfs____ 100 102 Feb
107 Mar 9
87 May 115 Nov
*118 125
'116 135
Do 2d pref tr ctfs____ 100 117 Feb 10 117% Feb 2
72 May 190 Nov
60% 62% 60% 61*4 60% 01
61% 61% *60% 61% 00% 61% 20,500 Inspiration Cons Copper__ 20 48 Feb
74*4 Nov
42% Apr
63% Mar20
*17
18% *15
19
*10
18% *15
18% *15
18 *15
Internat
Agrlcul
Corp___
100
18%
29% Jan
19% MarlO
13% Feb
11 Aug
*42
*42
48
*43
48
47
*42
47
42
43
Do
pref____________
100
*41%
47
200
74 Jan
35%
Feb
48%
MarlO
37
Deo
_____
_____
116 110
110 110% 116% 116%
800 Intern Harvester of N J__ 100 113 Feb
116 116
123 Jan 2 108% Jan 126% Nov
35
36% 33% 35% 32^8 34% 33% 33%
33% 31% 33*8 106,000 Int Mercantile Marine___ 100
19% Feb
36% Mar23 rl3% Feb e50% Sept
93% 95% 89% 93% 89% 91% 90% 91*4 *32%
89% 91% 843i 883i 165,400 Do pref____________ 100 62% Feb 8 95% Mar24 t61% Mar *125% Sept
45% 40
44
45
4334 44% 43% 41% 44
45% 43% 44% 45,200 Intern Nickel (The) v t c__ 26 37% Feb
47% Mar21
3S% Dec 56% Jan
4414 45% 43% 4334 42% 44% 44
9,300 International Paper_____ 100
431.1 44% 43% 44
75%Nov
Mar 2 49% Jan 4
9% Mar
*102 101
105 105
102 103% *102 105 *102 105
Do
pref____________
100
600
102
105
94
Mar
1
105
Mar26
42% Feb 109% Deo
*61
04
*61
04
*61
65
*61
65
Jewel Tea, Inc__________ 100 60 Marl9 78 Jan
*01
64
*02
04
96 Apr
67 Mar
03% 03% 63
63% 62% 83% *62
64
2,500 Kelly-Sprlngfleld Tire____ 25 49 Feb 3 64% Jan
02% 63-% 63 03
85% Sept
56 Deo
46% 47% 46
47% 45% 46% 46
46*8 45% 46
45*4 46% 32,000 Kennecott Copper__ N o par 40 Feb 1 47% Mar 7
84%Nov
40 Deo
87*4 87% 85% 87
85% 80
85% 87% 85% 87% 85*4 87<2 23,050 Lackawanna Steel_______ 100 70% Feb 3 89% Jan
107 Nov
64
May
2338 23% *23
23% 22*4 23
22% 223.1 *22
23
500 Lee Rubber & Tire__ N o par
*22% 23
56%Juno
17% Feb 28 30 Jan
25% Deo
*225 _____ *200 265 *253 205 *255 267 *255 265 *255 205
Llggott <fe Myers Tobacco.100 250 Feb 5 281 Jan 16 240 Apr 305 N ov
*205 209% 210 210 *200 215 *200 210 *200 210 *290 210
100 Lorlllard Co (P).......
100 200 Mar 2 232 Jan 19 179% Jan 239% Aug
*86
88
86
80
*80% 88
*84
87
*85% 87
*85% 87
200 Mackay Companies_____ 100 83 Jan 5 89% Feb 17
91 Feb
78 Apr
05
65
*65
66% *05
66% 04*2 61% 64% 64% *04
500 Do pref....................... 100 64 Mar 14 67% Jan 15
0412
68*4 June
84% Deo
523.i 52% 52% 53
52% 52% 52% 54
53% 54% 52% 53
3,000
Maxwell
Motor
Inc
tr
ctfs.100
99
Sept
61%Jan
17
47%
Feb
2
44
Deo
_____
_____
68
68
*67
71
09
69
*66*4 7 1
68% 68%
500 Do 1st prof stk tr ctfs.100 64 Feb 1 74% Jan 18
93 Jan
85 Deo
34
34
33% 33% 33% 33% 33% 34% 33% 33% 33% 33% 1,100 Do 2d pref stk tr ctfs.100 32
60% June
2 40 Jan 20
32 Deo
92% 93% 90% 93% 88% 90
89*4 91% 90% 9334 9234 94% 62,500 Mexican Petroleum_____ 100 81% Feb
Mar 1 106% Jan 10
88%June 129% Jan
*91
*91
95
95
*90
95
*90
95
*90 93
Do pref____________ 100 91 Mar 1 96 Jan 24
89% June 105% Jan
40% 41% 41
41% ■10% 41
40% 41% "40% 41% 41
41% 8,400 Miami Copper____________ 5 34 Feb 1 42% Jan 31
49% Nov
33 Aug
102 103 *100 103% 102 105% 101 101
104 108
105 108
6,500 Montana Power________ ICO 95 Feb 2 109%Jan 25
68% Mar 114% Deo
—
_____ *113
117% *115 120
117% 117% *115 118 *110 118
100 Do pref____________ 100 114 Jan 20 117% Mar28 109 Jan 117% Nov
117 117 *116 118
1,000 National Biscuit................100 115 Mar 2 122% Jan 5 118 Sept 131% Oot
_____
125 125
123% 123% *123 130
130
300 Do pref.......................100 122 Jan 20 127 Jan
124 June 129% May
35% 35*4 34% 36
34% 35% 35
35%
353, 9,200 Nat Enam’g 4 Stamp’s __ 100 24 Feb 3 36 Mar 9
35% 35
38% Deo
19*4 Apr
♦98 101
*97 100
*97 100
*97 100
100 *98 100
Do
pref.......................100
95%
Feb
8
98
Jan
19
90% Deo 100 Nov
01% 63
01% 02% 61% 61% 61% 62%
61% 59% 60
5,900 National Lead...... .............100 52 Feb 3 63% Mar23
74% Sept
57 Deo
*109% 113% 112% 112% *112 113% *112 113%
112 *110 114
221 Do pref................. ...100 108% MarlS 114 Jan 6
Deo 117% Oot
21% 24% 24
24% 24
24
24
24% 23% 23% 23% 23% 3,800 Nevada Consol Copper____ 5 20% Feb 3 26% Mar 6 111%
34%
N ov
15
Jan
*148 155 *145 156 *145 155 *148 153 >145 155 *145 155
New York Air Brake____ 100 128 Feb 3 156 Mar21 118 July 186 N ov
*0S
70
68% 68% 68% 08% 08
68
North American Co_____ 100 66 Feb 3 72% Mar21
*67 6912 68
600
68
75%
Deo
65%
Apr
. 120% 122% 125 134
128% 132
129 135
.
. . 127% 132% 94,700 Ohio Cities Gas (The)___ 25
87 Feb 3 135 Mar28
75 Oct 124% Dec
51
51*4 51% 51% 51% 51% 51% 51% 51% 51%' *50% 51% 1,100 Ohio Fuel Supply
50% Mar 1 54 Feb 19
*5'>8 6
5% 6%
6
0% *53.i 6% *5% 6% *5% 6% 2,800 Ontario Sliver Mining___ 100
7%
Feb
14
5
Feb
3
5*4 N ov 11% Jan
25*2 25% 23% 25
23% 2334 23% 23*4 23% 23% 23% 23% 2,900 Pacific Mall.... .....................5 18 Feb 3 26% Mar23
31 Aug
11% Jan
92*4 93
92
92% *91
92
92% 92
*91
93
92
923,
900 People’s G L & C (Chic).. 100 86% Feb 10 106%Jan 18 100% May 118 Oot
■*37 38
37
37
*36% 37% 37% 37% *371.1 381., *30% 37%
Philadelphia
Co
(PIttsb)__
50
400
48 Deo
38
June
42
Jan
4
363
s
Mar
1
48
48
40% 4.3
40
47% 46% 47% 46
47
46% 47% 9,800 Pittsburgh Coal ctfs dep.100 35 Feb 1 52% Jan 19
25% July 58*4 Dec
*lISfy 117
110% 110% 110 116
116 116
10% 116 116
800 Do pref ctfs deposit..100 107% Jan 15 118% Mar20 100% Aug 115% Deo
79% 80% 79% 80% 78% 79% *78% 79
*78
79% 78
78
2,200 Pressed Steel C ar............100 72% Jan 11 83%Jan 26
42% July 88% N ov
*104 106
105 105 *101 100% *103 106
103 103% *103 106
300 Do pref____ ____ ___100 101 Mar 7 zl07 Jan 31
97 Jul
108 Nov
*125 127% *125 128 *
128 *125 128 *125 127% *125 127%
Public Serv Corp of N J__ 100 125 Feb 1 131 Jan 6 114 an 137 Sept
161% 161% 161% 161% *101 163
162 162
161% 101% 162 102
626 Pullman Company______ 100 159% Feb 3 167% Jan 26 159% Mar 177 Sept
54
54% 52
54*2 53% 5334 523.J 53% 52% 53'.,
52% 3,400 Railway Steel Spring____ 100 43 Feb 2 55% Mar21
61*4 Nov
32 Apr
*98 100 *98 100 *98 100
98
98
98
98
400 Do pref____________ 100 98 Mar28 101 Jan 22
98
95% Mar 103% Nov
29% 30% 29% 30% 29% 29% 29% 30
29% 30% 29% 30% 58.900 Ray Consolidated Copper.. 10 23 Feb
31% Mar 7
20 June 37 N ov
84% 82i.i 83% 823,t 84
84% 84% 82
82% 84
83
84
23.900 Republlo Iron 4 Steel____ 100 60 Feb
42 June 93 Nov
86% Mar21
102% 102% 102% 102% 102% 102% 103 103
103 103
100 90 Feb
103 103
900 Do pref____ _____
105% Jan 2 101 DfO
17 Nov
*57
58
57% 57% *57% 58
*57% 58
*57
58
55% 57
500 Saxon Motor Car Corp__ 100 46 Feb 10 68 Jan 4
84*4 Sept
63% Dec
192% 192% 191 191
189% 190% 189% 189% 187 187 *187
Sears,
Roebuck
4
Co____
100
190
850
133
Nov
168%
Ma
238%Jan
22
187
Mar29
28% 28% 28% 29
28% 28*4 *28% 283.1 28% 28% *27
27% 2,000 Shattuck Aria Copper____ 10 22% Feb 2 2934 Mar 9
40% Feb
22 Dec
5534 59% 58% 59% 37,400 Sinclair Oil & Rcf’g . . . N o par 55% Mar29 59'% Mar29
72% 73
71% 73
70 70% 71
71% 72
74
71% 74% 13,100 Sloss-Slieffleld Steel & Ir..l00 50 Feb 2 7434 Mar30
93% Nov
37 July
*185 190 *185 190
185 190
190 190 '185 195
185 195
300 South Porto Rico Sugar__ 100 165 Feb 6 195 Mar 9 146 Jan 240 June
103% 103% 102% 103
101% 102% 102 101% 102% 101 * 101%
103% 10,700 Studebaker Corp (The)__ 100 94% Feb 3 110% Jan 17 100% Deo 167 Jan
105 107 *103 107 *104% 107 '103 108 *103%
*105% 107
Do pref.............
100 102% Mar 7 108% Jan 20 108% Sept 114 Mar
107
44% 44% *4334 44%
*43% 45
45
45
600 Stutz Motor of Am Ino.iVo par 44% Mar26 5334 Jan 26
791* Sept
48% Deo
*10% To% *10% 163, 10% 10% 15% *15% 15% 15% 15% 15% 1,050
Tennessee Copper 4 Chem w 1
13 Feb 2 1734 Marl9
19% Deo
15*4 Deo
229% 231
226% 227% 225 228% 220% 220% 226 229% 226 228
3,700 Texas Company (The)___ 100 200 Feb 3 243 Jan 10 177% June 241% Nov
57% 57% 56% 57% 55% 5634 553, 563, 56% 57
56l,| 5634 9,500 Tobacco Products Corp ..100 48% Feb 3 59 Mar21
48%
Sept
59%
LJeo
102 102
•102 103
101% 101%
100 100
600 Do pref____________ 100 99 Feb 23 105 Marl2
99 July 109% Mar
105% 105% 103 103 *100% 108 ' *100% 107% *106% 107% *100% 107*2
200 Underwood Typewriter__ 100 100% Feb
109% Mar 12
88 Jan 110 Oot
12
•12
13
*12
13
12
*11% 12% 12
12 *11% 12%
400 Union Bag 4 Paper_____ 100
11% Feb
15% Mar22
4% May 18% Oot
*92
*92
99
97
96
*90% 99
*90% 98
96
*90% 99
100 Union Bag 4 Paper (new).100 90% Feb
112 Jan 22
87% Oct 129 Nov
101 101% 100% 101% 100 101
100 100% 100% 101% 100% 101% 6,350 United Cigar Stores_____ 100 91% Feb
103% Jan 5
69 Feb 105*4 Aug
*119 121% *119 121% *119 121% 119% 119% ♦110 121% *118 121
100 Do pref____________ 100 119 Jan
12034 Mar 14 611% Feb 120 Aug
145 145% 141 144% 141% 142% 111% 142
141% 141% 139% 141% 4,000 United Fruit___________ 100 135 Feb
154%Jan 22 136% Jan 169% June
22
22
21
2134 20% 20% 21% 21% 21
21% *20% 21% 1,900 U S Cast I Pipe 4 Fdy___ 100 17 Feb
23% Jan 25
15% Jan
28% Nov
*58
61
59
59% *55
61
62
*59
62
60% 61% *59
700 Do pref____________ 100 55 Feb
67% N ov
63 Jan 29
48% Feb
126% 128% 123% 127 .122% 121% 123% 125
123% 125
123% 124% 25,800 U S Industrial Alcohol___ 100 111 Feb
132% Feb 23
94% Deo 170% Apr
*97 103
*97 103
*97 103
*97 103
*97 103 ♦97 103
Do prof____________ 100 98 Jan
99% July 114 Jan
104% Jan 8
593, 60% 59% 59% 58
58% 61
58% 58% 59
59
60
8,900 United States Rubber____100 50% Feb
70*1 Dee
65 Jan 3
47*4 Mar
*108 108% *108 108% *108 108% 108% 108% 108% 108% IO8I4 108%
860 Do 1st preferred_____ 100 105% Feb
11434 Jan 3 106% Feb 115% Deo
02% 63-34 61
621 ♦01
61% 61% 61% 61% 62
62% 62% 2,400 U S Smelting Ref 4 M ____ 60 52% Feb
673i Jan 4
81% Nov
57 Deo
51% 51% *50% 51% *50% 51% *50
51% *50% 51% *51
51%
100 Do pref_____________ 50 50 Mar 6 52% Jan 3
50 June 53% June
116% 117% 114% 110% 114% 115% 114% 116
114% 115% 114% 11534 033,750 United States Steel______ 100 99 Feb 1 118 Mar21 *79*4 Mar 129*4 Nov
US 118% 118 118% 118 118% 118 118% 118 118
118 118% 4,700 Do pref____________ 100 116% Mar 2 121%Jan 19 115 May 123 NOV
111% 113% 110% 1123, 110% 111% 110% 111% 110% 111% 110% 111% 37,450
Utah Copper____________ 10 97 Feb 1 117% Mar 7
74*4 July 130 Nov
203, 22% 21% 22% *21
22% 22% 23% 22% 22% 8,300 Utah Securities vt 0_____ 100 19% Feb 3 2434 Jan 22
16% June 27*8 Deo
'42" 4 2 '
42
42
41
42% 43% 42
41
42
43
42% 3,200 Vlrglnfa-CarollnaChem... 100 34% Feb 3 45 Jan 26
51 Jan
36 Apr
*110% 111 '110 l i t *110% 112 *110% 112
111% 111% rl09% 109%
200 Do pref____________ 100 107% Mar 1 112% Jan 26 108 Apr 1141* Deo
66
71
69
71% 69
74% 73% 77
70
60
69
70
16,300.Virginia Iron C 4 C..........100 46 Feb 3 77 Mar30
41 July 72*4 Nov
97% 97% 90% 97% 96% 96% 07% 98% 971.1 97% 97% 98
1,900. Western Union Telegraph.100 92 Mar 2 9934 Jan 19
87 Mar 105% Oot
51% 53
52% 53
51% 52% 51% 52% 52% 63
52% 53% 38,900 Westlnghouso Eleo 4 Mfg..50 46 Feb 3 55% Jan 2
71% Mar
51% Deo
*70
73
*70
75
*71
75
*71
75
*71
73 ..........I Do 1st preferred_____ 50
*71
73
79 Mar
70 Apr
70 Jan 4 70% Jan 4
493, 4934 49% 4934 49% 49% 48% 49
47% 48% 471.1 48
1,600
White
Motor_______
50
59% Oct
52%
Jan
18
46
Feb
2
Deo
33% 33% 33% 33% 33% 33% 32% 33% 6,100 Wlllys-Ovorland (The)___ 25 30 Feb 3 38% Jan 18
33% 33% 33% 34
Deo ■325 June
98j4 98% *96% 99
*90% 99
*96
*90% 99
99
100 Do pref 8ub reots full pd 100 95 Jan 2 100 MarlO
117
June
Deo
71% 74% "76“ 74% 71
72% 72
78% 77% 83% 8II4 84% 93,200|WiIson 4 Co, Ino v t c __ 100 58 Feb 1 84% Mar30
141 141 *139 143
*143 145 ■142 145
110% 111
*140 lit
500 Woolworth (F W)_______ 100 137 Feb 26 151 Jan 22 118 Jan 141*4 Oot
126 126 *124 126 *124 120 *121 126
♦124 126 ■124 120
lOOl Do pref______
100 125 Jan 2 126%Jan 17 123 Juno 126 Nov
*25
*23
*25% 27
27
27
*21% 27
25% 25% ♦23 27
100, Worthington P 4 M v t o.-lOO 23% Feb 9 28 Jan 4
25 July 38*8 Sept
95
*91
*91
*91
95
95
*91
*91
95
♦91
95 -------95
Do pref A v 10______ 100 91% Mar 9 95 Jan 26
95 July 100 Sept
*50
56
*51% 56
*50
*50 56
55
*50
*50
56 -------- 1 Do pref B v t 0______ 100
no
.‘.0%Jan 13 57%Jan 22
52*s July 66% Sept
* Bid and askod prices; no tales on this day. i Lees than 100 Bharee,
t Ex-rights, a Ex-dtv. and rights n Par fio o per share. * Certificates of depositt Ex-divfdcnd.
per share




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

X ,™
X V l f t U W , a U A U U «U &
1909 H e Exchange m ethod o f fo o tin g bond* tea*

I n Jan.

BONDS
N. Y. STOCK EXCHANGE
Week ending March 30.

S3

P rice
Friday
M arch 30

W eek ’ *
Range or
Last Sale

changed, and vrice* are note a ll— "a n d in terest"
Bond*
Sold

1246

Range
Since
J an . 1

H igh N o . Low H igh
II. S. Government.
Bid
A sk Loto
99 99%
0 8 2s consol registered__ <11930 Q - J
99 ------ 99 Feb ’ 17
0 8 2s oonaol coupon____ dl930 Q - J
99
— 99% Jan ’ 17 . . . . 99% 99%
U 8 3a registered............... *1918 Q - F 100%------ 101*4 Deo ’ 16
O 8 3s coupon__________ *1918 Q - F looia------ 101% 101% 101 100*2 1017*
5 107*2 110
0 8 4s registered_________ 1925 Q - F 107 ------ 107*2 107*2
109
O 8 4s ooupon___________ 1925 Q - F 108 ------ 109
3 109 111%
0 8 Pan Canal 10-30-yr 2a.*1930 Q - F 9912____ 98*4 Oct ’ 15
0 8 Pan Canal 10-30-yr 2s.. 1938 Q -N 98%------ 97 July’ 15
0 8 Panama Canal 3s g___ 1901 Q -M 99%------ 102% Jan ’17 . . . . 102% 102%
0 8 Philippine Island 48.1914-34 Q - F 100 ----- 100 Feb ’ 16
Foreign Government.
_
97% 89 95% 98*2
Amer Foreign Secur 5t ___ 1919 F - A 9578 Sale 95%
890 90 93%
93
Anglo-French 6-yr 5s Exter loan. A - O 92% Sale 92%
Argentine—Internal 5s of 1909.. M- 8 83% 90^ 88 Mar’ 17 ___ 88 93
Chinese (Hukuang Ry)—S so f'll J - D t 711a 73 72 Mar’ 17 __ 70 72%
98
3 97% 100
Onba—External debt 5s of 1904. M - S 98 Salo 98
95% 54 93 96%
Exter dt 6s of '14 aer A___ 1949 F - A 94% 90% 95
86*2
86*2 80%
97*2 Jan ’ 17
External loan 4M«_______ 1049 F - A
99
37 97*2 100%
Dominion of Canada g 5 s ... 1921 A -O 99% Sale 98%
24 96*4 100
97*2
98
Do
do
1926 A -O
98
97% 24 97 100*4
Do
do
1931 A -O 97>4 Sale 97
81
Japanese Govt—£ loan 4Ha. 1925 F - A t 81
817s 81*2
1 81 88%
9 80*2 88%
80
Second aeries 4Ma______ 1925 J - J t 80 80*2 80*2
79
5 78 82
Do do "German stam p".____ 797s Sale 79%
73*2 70*2
Sterling loan 4a________ 1931 J - J t 75%------ 76 Mar’ l
I 40*2 45
45
Mexico—Exter loan £ 5a of 1899 Q - J t 40*4 45 45
Gold debt 4s of 1904........ 1954 J - D ------ 39% 39 Aug 1
94
99 92 97
Paris, City of, 5-year 6a.. 1921 A -O 91*4 Sale 91
Prov of Alberta—deb 4H8..1924 F - A t ----- -----75% 787g
Tokyo City—5s loan of 1912___ M- S t 78
78%
540 957* 98*2
0 K of Gt Brit * I 2-yr5a..l918 M- S 97*4 Sale 97%
259 95 987g
8-year 5M temp notes ...1919 M- N 96% Sale 90*4
235 93% 98*2
5-year 5M temp notes ...1921 M- N 95*2 Sale 95*4
910 98 99*4
Temporary notes 5Ms ...1918
-- " M i Sale 99
99
1767 98*2 99%
Temporary notes 5Ms ...1 9 1 9 ____ 99 ni Sale

\

j

BONDS
Y. STOCK EXCHANGE
Week ending March 30.

iic e v t

fo r incom e and defaulted bond*.
P rice
Friday
M a rch 30
Bid

W eek'*
Range or
Last Sal*

Ask Low

High

ft

Rang*
Since
J an . 1

N o . Low

H igh




00
0
0

00

-

Jhlo A Alton RR ref g 3 s ...1949 A - O 62
62% 62% Mar’ 17
69% 62*4
Railw ay 1st Hen 3Ma____ 1950
J 50 52% 51 Mar’ 17
49*8 5318
Ohio B A Q Denvor Dlv 4s.. 1922
99% 100
99% Mar’ 17
A 99% 101
Illinois Dlv3Ms................1949 J - J 85 87
84*4 89
85
85*s
Illinois Dlv 4a__________ 1949 J - J 94% 94% 94%
94%
94*2 98
Iowa Dlv sink fund 5s___ 1919 A -O 102 ___ 102*2 Feb ’ 17
102*2 102*8
Sinking fund 4a______ 1919 A -O
99% 102
99% Mar’ 17
99% 99%
Joint bonds. See Great North
Nebraska Extension 4s__ 1927 IKI-N 98 99% 97%
97%
97% 99
Registered___________1927 M-N 96%___ 98 July’ 16
Southwestern Dlv 4s____ 1921 M- S 99%___ 99% June’ 15
General 4s_____________ 1958 M- S 93% Sale 93
93 97%
93*2
31 33
J - J 30% 35 33 Jan ’ 17
U S Mtg A Tr Co ctfs of dep
30% 33*2 30% Mar’ 17
30% 33*2
1st consol gold 0s_______ 1934 A -O 104% 108 106 Mar’ 17
105% 107*»
General consol 1st 5s____ 1937 M-N 88 90
80% Jan ’ 17
80% 90
Registered__________ 1937 M- N
82 May’ 10
U S Mtg A Tr Co ctfs of dep
88 90
87*2 Mar’ 17
Guar Tr Co ctfs of dep
90 85 Feb ’ 17
Pur money 1st coal 5s___ 1942
A 40 ____ 97% Feb ’ 13
Chic A Ind C Ry 1st 5 s ...1936 J - J 25 ____ 32 Mar’ 17
32 41
Ohio Great West 1st 4s____ 1959 M- S 70% 81
70*2
71
70*8 73*j
Ohio Ind A Loulsv—Ref 08.1947 J - J 113*2 115 112% Mar’ 17
112% 115%
Refunding gold 5s______ 1947
100% 100*4
J 100*2____ 100% Jan '17
Refunding 4s Scries C___ 1917
85% 85*4
J 84*2____ 85% Jan ’ 17
Ind A Loulsv 1st gu 4s__ 1956 J - J 71 75
70 Nov’ 16
Chic Ind A Sou 50-yr 4s___ 1956 J - J 93 ____ 96*2 Jan ’ 17
90 90*2
ChloLSA East 1st 4 Ms___ 1909 J -D 93 ____ 97% Deo ’ 10
Chicago Milwaukee A St Paul—
Gen’l gold 4s Series A__ *1989 J - J ------ 92% 91%
92%
91 90
Registered_________ el989 Q - J
92% Feb ’ 10
Permanent 4s__________ 1925 J -D 93% Sale 93%
94%
93% 90%
Gen A ref 8er A 4Ms___ a2014 A -O
94% Sale 94%
94%
94% 98*2
94% Sale 94%
Gen A ref 4Ms(tomporary form)
95%
94% 90%
Gen ref conv ser B 5s___ a2014 F -A 104 104*2 104*2 104%
102% 107%
Gen’l gold 3Ms Ser B___ «1989 J - J
81*2 Feb ’ 17
81% 82%
I T h ete are vrice* on the basis o f tSto£
General 4Ha Ser C_____ «1989 J - J 101% Sale 101% 102
101 105%
State and City Securities.
25-year deben 4s_______ 1934 J - J 90 Salo 90
90%
90 94%
25 101 104*2
N Y City—4Ms Corp stock. 1960 M- 8 101% 101% 101*2
Convertible 4Ms_______ 1932 J -D
98% Salo 98*4
99
97 102%
53 101% 105%
•Ms Corporate stock........l “64 M- 8 1021* 100 102%
Chic A L Sup Dlv g os___ 1921 J - J 101*2___ 103% Jan ’ 17
103% 103%
102% 100
*Ma Corporate stock___ 1906 A -O I02ia . . .
Chic A Mo Riv Dlv 5 s... 1920 J - J 103%___ 106*2 Jan ’ 17
100*2 106*i
4Ms Serial corp stock.1917-31 A -O
Chic A P W 1st g 5s........1921 J - J 102% Salo 102% 102%
1021S 104%
30 100% 111
*Ha Corporate stock____ 1965 J -D 107*4 107*2 107%
O M A Puget Sd 1st gu 48.1949 J - J 91% 93 92*2
92*2
91% 95%
100% H0%
4Ms Corporate stock........1903 M- 8 107 108
Dubuque Dlv 1st s f 6s__ 1920 J - J 104% 107 105 Feb ’ 17
105 105
6 99*2 102%
4% Corporate stock........1959 M-N 100 Sale 100
Fargo A Sou assum g 6s.. 1924 J - J 109%____ 110 Juno’ 13
19 99% 102*8
4% Corporate stock........1958 M-N 100 100% 100*8
La Croase A D 1st 5s____ 1919 - J 101% Sale 101*8 101*8
101% 101%
100% 102*4
4% Corporate stock........1957 M-N 100 100*8
WIs A Minn Dlv g 5s____ 1921 J - J 101% 103% 103% Feb ’ 17
103% 104*8
” 11
99*2 100
4% Corporate stock........1956 M-N
Wia Vail Dlv 1st 6s.......... 1920 J - J 103% . . . 107 Doe’ 10
100% 1107*
New 4 Ha........................1957 M- N 107 107*2
Mil A No 1st ext 4Ms___ 1934 J -D 100% 101% 101*2 Mar’ 17
101*2 101%
IIII
New 4H*........................1917 M- N 100 100*2
Cons extended 4 Ms___ 1934 J -D 100%____ 102% Deo '16
11 106% iio%
4M% Corporate stock__ 1957 M-N 107 107% 107%
Ohio A Nor WestEit 4sl886-1926 F - A 90% . . .
97*2 Feb ’ 17
___
97*2 98%
4M% Assessment bonds..1917 M-N *____100
Registered_____ 1880-1926 F - A 94% . . .
97% Jan ’ 17
97% 97%
88*2
91*2
___
90
90
3M% Corporate stock... 1954 M-N
General gold 3 Ms______ 1987 M-N 82 83% 82
82
82 86*8
___
N Y State— Is___________ ig01 M- S 103*2 .
Registered_________ pl987 Q - F ____ 82% 81% Oot 10
___ 103*2 100%
Canal Improvement 4s. ..1961 J - J 104*4 105*2
General
4s_____________
1987
95
98
95
95%
M-N
92 98%
___
103*2____
Canal Improvement 4 s... 1962 J - J
Stamped 4s__________ 1987 M- N ----- 96% 9434
94%
91% 95%
___ 106*2 100*2
Canal Improvement 4 s ...I960 J - J 103*2____
General 5s stamped_____ 1987 M-N ------116*2 117% Jan '17
110 118
20 114 117%
Canal Improvement 4 Ms. 1904 J - J 113% 114%
Sinking fund 6s........1879-1929 A -O 108 ____ 111 Jan ’ 17
___
111 111
Canal Improvement 4MS.1965 J - J 108 ____
Registered_____
1879-1929
107%___
109% Apr ’ 16
A -O
5 114 117%
Highway Improv’t 4MS-.1963 M- S 113*2 115
Sinking fund 6s____ 1879-1929 A -O 105*8___ 105% Jan ’ 17
105*8 105*1
___ 108*4 HO
Highway Improv't 4 Ms.. 1965 M - 8
Registered..........1879-1929 A -O 103 ___ I03*j Apr ’ 10
___
Virginia funded debt 2-3 s...1991 J - J
100%
102%
Debenture
5s__________
1921
100% Feb ’ 17
100% 102%
A -O
56*i 58
20 56 61*4
58
Os deferred Brown Bros ctfs_____ _
Registered__________ 1921 A -O ------101*8 102*8 Oot ’ 10
Railroad
Sinking fund deb 5s_____ 1933 M-N 103 104% 103% 103*4
103*4 1037a
6 03*2 73%
63*2
63*2 65*2 63*2
Ann Arbor 1st g 4a_______ *1995 Q -J
Registered__________
1933
102
103
104% June’ 16
M-N
94*4 119 93*4 97
93% Sale 93%
Atch Top A 8 Fe gen g 4 s ...1995 A -O
Des PlalneeVal lstgu4Ms 1947 M- 8 96*2 . . . 101% Oot ’ 16
91% 93 92 Mar’ 17 ___ 91% 93
Registered__________ 1995 A -O
Frera Elk A Mo V 1st 0S..1933 A -O 118%___ 118% Feb ’ 17
4 83% 88*4
118% 118%
84%
84*s 84% 84*s
Adjustment gold 4s____ *1995 Nov
Man G B A N W 1st 3MS-1941 J - J ------ 87
88 Jan ’ 17
88 88
85*2 Nov 16 ___
Registered_______ *1995 Nov
Mllw A S L 1st gu 3HS-.-1941 J - J
33 84% 89
85
Stamped...............
*1995 M-N 84*2 Salo 84*4
Mil LS A West 1st g 6s__ 1921 M- S 105%____ 107% Jan ’17
64 101% 106*2
107% 107%
105
1955 J - D 104*2 Sale 104
Oonv gold 4s...............
Ext A Imp s f gold 5s__ 1929 F - A 105 ___ 104*2 Feb '17
104% 104%
24 101% 107
100
Conv 4s Issue of 1910........ 1960 J -D 104 Bale 104
Ashland Dlv 1st g 6s__ 1925 M- S 110% .
111% Deo '16
10-year 5s..................
1917 J -D 100*8 100*4 100*8 Mar’17 ___ 100*8 10078
Mich Dlv 1st gold 6s__ 1924 J - J 109% 111% 111*2 Nov’ 10
East Okla Dlv 1st g 4s___ 1928 M - 8 96 98*2 96*4 Mar’ 17 ___ 95 99
Mil Spar A N W 1st gu 48.1947 M- S 91% 93 91%
91%
9174 94%
Rocky Mtn Dlv lat 4s___ 1965 J - J 84 85*2 80 Feb ’ 17 ___ 85% 86
St L Peo A N W 1st gu 6s. 1948 J - J 105 Sale 105
105
105 108*2
Trans Con Short L 1st 4s. 1958 J - J 88% 90 90 Mar’ 177 ----- 90*4 93%
Chicago Rock Isl A Pao 6s..1917 J - J 100% 100% 99% Feb ’ 17
097g 1007*
Cal-Arl <1st A ref 4Ms,’A” 1902 M- S 94 98% 98% Mar’ 177 ___ 97% 100
Registered__________ 1917 J - J ------ 100% 101 Sept’ 16
8 FePresA Ph 1st g 5 s ...1942 M- S 102% 104% 104% Feb '177 ___ 104 104%
27 80% 90
85 87
Ry general gold 4s........... 1988 J - J
87
83
92*88 13 91*2 96%
AM Coast L 1st gold 4 s ... *1952 M- S 91% Sale 91%
Registered...................1988 J - J 84*8 87 87 Mar’ 17
85*2 86*4
Gen unified 4 Ms........
1984 J -D ------ 92% 93*2 Feb '177 ___ 93% 95*2
Refunding gold 4s______ 1934 A -O 73% Sale 73*8
727* 781*
73%
Ala Mid 1st gu gold 6s___ 1928 M- N 104% 106 100 Mar’ 177 ___ 100 107*2
20-year debenture 5s____ 1932 J - J 73 Sale 73
73
70 74*i
93% Jan ’177 ___ 93% 93%
Bruns A W 1st gu gold 4s. 1938 J - J 92% 96
Coll trust Series P 4s____ 1918 M-N 98 ____ 98% Feb ’ 17
98% 987*
5 ___
Charles A Sav 1st gold 7s. 1930 J - J 129 ____ 129% Aug ’ 15
R I Ark A Louis 1st 4Ms.. 1934 M- S 71*2 73 72*2
70 74*i
72%
84%4 17 83 89
84% 85 84*2
L A N coll gold 4s..........ol952 M- N
Bur C R A N—1st g 5 s ... 1934 A -O 99% 102*2 99% Feb ’ 17
997* 1027*
8 . . . . ................
Sav F A W 1st gold 6s___ 1934 A - O 117% . . . 119>s July‘ 16
99% .
100% Mar’ 14
C R I F A N W 1st gu 5S-. 1921 A -O
5 ___
1st gold 5s...............
1934 A -O 106% . . . 105 July 15
M A St L 1st gu g 7s____ 1927 J -D
0 ___
811 Sp Oca A O gu g 4s___ 1918 J - J 99%____ 99% Deo ’ 16
Choc Okla A G gen g 6s_o!919 J - J
99*4 Oot ‘ 16
2 40 92"% 90%
Balt A Ohio prior 3H>........ 1925 J - J 92% Sals 92%
Consol gold 5s_______ 1952 M-N 92 ____ 97% July’ 15
91% 93 95 Jan 7 ___ 95 95%
Registered...... ...........*1925 Q - J
Keok A Des Moines 1st 5s 1923 A - O 60*2 Sale 60*2
61
00*2 62
92*22 15 917* 94*8
1st 50-year gold 4s_____ *1948 A - O 92*8 Sale 92%
St Paul A KCSh L 1st 4H s’41 F -A
71% 73 73
72 75
73*8
7 ----- 91 92%
Registered................. *1948 Q - J ____ 92% 92% Mar’ 17
115% 118*4
94%
8 81 93*4 97% Chic St P M A O con 0s___ 1930 J -D 116% 116% 116*2 Mar’ 17
20-yr conv 4Ms............. 1933
-  94 Sale 94
Cons 6s reduced to 3HS..1930 J -D 91%___ 91% Fob ’ 17
91 91%
Refund A gen 5s Series A. 1996 J -D 100% Sale 100% 100%t 72 99 101%
Debenture 5s__________ 1930 M- 8 101% 102 101 Mar’ 17
101 103
2 ___
Pitta Juno 1st gold 6s___ 1922 J - J 104*8------ 112 Jan ’ 12
116% 118%
Ch St P A Minn 1st g 0s.. 1918 M-N 116*2 Sale 116*2 115%
7 ___ 88*s *94*2
P Juno A M Dlv 1st g 3Ms 1925 M-N 91% 92% 92 Mar’ 17
North Wisconsin 1st 6s__ 1930 J - J 115*2___ 118 Nov’ lO
13 85*2 90
88
P L E A W VaSya ref 4s .. 1941 M- N 86*4 Sale 80%
St P A 8 City 1st g 6s___ 1919 A -O 103*8 Sale 103's 103*8
1031* 104
91%1 22 90*4 94%
Southw Div lat gold 3 Ms. 1925 J - J 90*4 Sale 90%
Superior Short L 1st 5s g.y1930 M- S 100%___ 105*8 Nov’ 16
7 ___ 100 100
Cent Ohio R 1st 0 g 4 Ms 1930 M- S 100 ____ 100 Mar’ 17
ChleT H A So-east 1st 5s__ 1960 J -D 68 80 82 Jan ’ 17
82 82
6 ___
Cl Lor A W con 1st g 6 s...1933 A - O 105%----- 106% Oct ’ 16
Chic A West Ind geng6s.fl932 Q-M 100%____ 100*4 Mar’ 17
106% 108
6 ___
Monon River 1st gu g 6s .. 1919 F - A 100*8 102 101% Nov’ 16
Consol 50-year 4s______ 1952 J - J 74 74*2 74
74%
72% 77
7 ___ 107% 107'%
Ohio River RR 1st g 6 s ...1936 J -D 105*4----- 107*2 Feb ’ 17
Cln H A D 2d gold 4 Ms___ 1937 J - J 92-% 90% 90*2 Jan ’ 17
90*2 90*t
General gold 6s........ 1937 A -O 104% 107*4 107% NoVlO0 ___
1st A refunding 4 s .._____1959 J - J 60 ___
7 ___ 107 107
Pitta Clev A Tol 1st g 6 s ..1922 A - O 105 ____ 107 Feb ’ 17
70 Mar’ 17
1st guaranteed 4s_______ 1959 J - J 78 80
70 70
0 ___
99%------ 99% Sept’ 10
Pitta A West 1st g 4s........1917 J
Cln D A I 1st gu g 5s___ 1941 M-N 38 ____ 25 July 15
7 ___ 110*2 111%
Buffalo R A Pgeng 5s . . . 1937 M -S 106*2 108% 111*2 Jan ’ 17
88 Mar’ ll
C Find A Ft W 1st gu 4s g 1923 M-N
7 ___ 101% 102*2
Consol 4M»..........I.........1957 M-N 101% - - - 101% Mar’ 17
65
July’14
6 ___
Cln I A W 1st gu g 4s___ 1953 J
All A West 1st g 4s g u ... 1998 A - O 92*2____ 97 Nov’ 16
04 . . .
90 Jan ’ 17
90 90
0 ___
Day A Mich 1st cons 4 Ms. 1931 J
J 100*2------ 103*8 Feb ’ 16
Clear A Mab 1st gu g 5s . 1943
78
78
6 ___
Cleve Cln C A St L gen 4s . . 1993 J -D 70% 78
75% 81*1
A 100*2 108 100% Deo ’ 10
Roch A Pitts 1st gold 0s . . 1921
85% 87
20-yr deb 4Ms..................1931 J - J 85*2 80 85*2 Mar’ 17
7 ___ 109% 109%
O lO07g 109*2 109% Jan ’ 17
Consol 1st g 6s..............1922
Gen 5s Series B................1993 J -D 05% 101 101 Feb ’ 17
100% 101
7 ___ 102*2 105%
O 101*2 103% 102% Mar’ 17
Canada Sou cons gu A 5s 1902
80%
83*2
83%
Mar’
17
837*
87
Cairo Dlv 1st gold 4s____ 1939 J
91 Mar’ 17
7 ___ 907s 92
D ____ 91
C»r Clinch A Ohio 1st 30-yr 5s ’38
79 81
Cln W A M Dlv 1st g 4s .. 1991 J - J 75 76% 79 Feb ’ 17
7 ___ 108% 110
A 108%___ 108% Feb ’ 17
Central of Ga 1st gold 5s...pl945
80%
Salo
80*2
80*4
80%
83%
St
L
Dlv
1st
coll
tr
g
4s__1990
2
20
MN
N
100
Sale
100
100*2
Consol gold 5s................. 1945
99 103
82% Mar’14
Registered ............
1990 M-N
0 ___
1) ____ 80
84*2 May’ 10
Chatt Dlv pur money g 4s 1951
Spr A Col Dlv 1st g 4s___ 1940 M- S 80% 83 83 Sopt’16
7 ___ 103 103
J 100 ------ 103 Mar’ 17
Mac A Nor Dlv 1st g 5s .. 1940
W W Val Dlv 1st g 4s___ 1940 J - J 77 ____ 84 N ov 10
6 ___
Mid Ga A Atl Dlv 5s........1947
J 103%------ 100*4 Mar’ 16
C I St L A C consol 0s___ 1920 M-N 103*4 105*8 105 June’ 10
Mobile Dlv 1st g 5s........ 1940 J J 104*2----- 104% Feb ’ 177 ___ 101% 104%
1st gold 4s__________ *1930 Q- F 89 92% 92% Oot ’ 16
97
Feb
’
17
7
___
96*2
97
90 97*8
CenRRA B of Ga cot g 5s.. 1937 M-N
88*2 May’ll
Registered..............*1936 Q
Cent of N J gen’l gold 5s___ 1987 J - J 116*2 117 116*2
2
^: 116*2 120*2
102% 102%
100*2 102% 102% Jan ’ 17
Cln S A Cl con 1st g 5s ... 1923 J
7 ___ 110*4 118
Registered................. *1987 Q -J 116% 117% 110% Mar’ 17
114%
114%
114%___
I14*i 116%
J
C C C A I gen con g 0s__ 1034
____104
7 ___ 103*8 101*4
103% Mar’ 17
Am Dock A Imp gu 5s___ 1921 J Ind B A W 1st pref 4s___ 1940 A -O 83%___ 94 July'08
3 ___
Leh A HudRIvgen gu g 5s. 1920 J - J 99*2___ 100 June’ 13
3 ___
O Ind A W 1st pref 5s. . . d 1938 Q- J
N Y A Long Br gen g 4s.. 1941 M- S 94% - 100*2 Jan ’ 13
08
6773 75
07% 69% 67%
Peo A East lat con 4s___ 1940 A -O
78 Feb ’ 17
7 ___ 78 79%
Cent Vermont 1st gu g 4s el920 Q - F ___ 80
25 Salo 25
25
25 30*4
Income 4s___________ 1990 Apr
7 ___ 91% 94%
Chesa A O fund A Impt 5s. 1929 J - J 95 96*2 9678 Mar’ 17
100%
101
100%
99*2 102%
100*2
A
-O
101%
Cleve
Short
L
1st
gu
4Ms__
1901
104*i 108%
*4
1st consol gold 5s........... 1939 M-N 104*2 100*2
8 17%
7% 8 Mar’ 17
7 ___ 104*2 104% Col Midland 1st g 4s............1947 J - J ___
101*2 Jan ’ 17
Registered............... 1939 M-N
5
5 11%
5
Trust Co certfs of deposit
1; 88*2 94
89
General gold 4 Ms............ 1992 M- S 88*2 89 88*2
91 90
92
Colorado A Sou 1st g 4s___ 1929 F - A 9 1% Sale 91%
86% Mar’ l 7 ___ 80*4 92
Registered......... . 1992 M- S
83*i 87%
84%
Refund A Ext 4Ms......... 1936 M-N 83% 84% 83*2
2( 81
84
80*2
20-year convertible 4H i--1930 F - A 83*2 Sale 83
103 105*8
Ft W A Den C 1st g 0s ... 1921 J - D 103% 104 103* t 103%
93 325 90 94%
50-year conv secured 5s. 1940 A - O 91% Sale 91%
Conn A Pas Rlvs 1st g 4s ... 1943 A - O 87*2 . . .
87 87
Big Sandy 1st 4s..............1944 J - D 81 ___ 87 Jan 7 . . .
------ 93% 94 Fob ’ 16
Cuba RR 1st 50-yr 5s g___ 1952 J Coal River Ry 1st gu 4s . 1945 J -D 82% 84*2 85*2 N ov 0 ___
Del Lack A Western—
Craig Valley 1st g 5s____ 1940 J - J 96 100 90% Feb 0 ___
86 88%
Morris A Es 1st gu 3MS--2000 J - D 85% 80% 86 Mar’ 17
Potts Creek Br 1st 4s___ 1946 J - J 70 70% 84% Jan 3 ___
106
105*2 107%
100 Salo 100
N Y Lack A W 1st 0S-----1921 J
87 Mar 7 ___
R A A Dlv 1st con g 4s__ 1989 J - J 85
102% 102%
102*2 102*4 102% Feb '17
Construction 6s______ 1923 F
------------2d consol gold 4s_____1989 J - J 78%
97*2 99*i
« ___
Term A Improve 4s-----1923 M-N 97%___ 98 Mar'17
Greenbrier Ry 1st gu g 4s. 1940 M- N
102% Feb ’03
0 ___
Warren 1st ref gu g 3M"--2000 F - A 84 .
Warm Springs v 1st g 5s.. 1941 M - 8
•Noprlce Friday; latest this week <1 Due Ja n . <J Due April. « Due M ay. g Duo June, a Due Ju ly . * Due Aug. 0 Due Oot. p Due N o v. * Due Dec. < Option sale.

M a r . 31 1917.1
BONDS
NT. Y. STOCK EXCHANGE
Week ending March 30

New York Bond Record— Continued— Page 2
Price
Friday
March 30
Bid

Week’*
Range or
Lott Sale
Low

High

■S'O

Range
Since
Jan. 1
Low

BONDS
N. Y. STOCK EXCHANGE
Week ending March 30

High

Del A Hud lat Pa Dlv 7b. . . 1917 M- S 101
101% Mar’ 17
101% ion
Registered___________ 1917 M- S
101% Mar’ 17
101% 101%
101
1st lien equip g 4Ha_____ 1922 J - J 101 ____ 101
100% 101%
1st * ref 4a.........................1943 M -N
98% 98
98
98%
95% 99%
20-yoar conv 5a........ ........ 1935 A - O 1035$ 10334 103%
105*8
102% 107
Alb A Susq conv 3H s___ 1940 A - O
85
86>2 80% M ar'17
80
89*8
Uon33 * Saratoga let 7 s.. 1921 M -N 109%___ 112*8 Deo ’ 16
Denv & K Or lat con g 4a.. 1936 J - J 79t2 Sale 79%
80% 23 79*8
Consol gold 4 Ha...............1936 J - J 85
87i2 88 Feb ’ 17
87*8
Improvement gold 6 a___ 1928 J -D
83i2 85i2 85
85
84
1st * refunding 5a............. 1955 F - A 6 6 Salo 65
66% 28 63%
Rio Or June lat gu g 5a.. 1939 J - D 87
95
87 N ov ’ 16
Rio Or Sou lat gold 4 s ...1940 J
35ig 60
6 U4 Apr ’ l l
Guaranteed_______
1940 J
39 ___
35% June'16
Rio Gr West lat g 4a........ 1939 J - J
80% Sale 80%
80%
79% 84%
Mtge * coll trust 4a A . 1949 A - O 63
65
60 Mar’ 17
74%
66
Dea Moinea Un Ry lat g 5s 1917 M- N 98% ___
98%
98%
98% 98%
Dot A Mack— lat lien g 4a. 1995 J -D
80
82% 82 Deo '16
loos J - D ____ 81
Gold 4a........................
75% July’ 16
91
93
91%
Det Rlv Tun—Ter Tun 4 Ha 1901 M -N ____ 91% 91%
Dul Mlasabe * Nor gen 6 a 1941 J - J 1047s 106 105% Feb ’ 17
104% 105%
Dul A Iron Range lat 6 s.
1937 A - O 100% 103 100%
100%
100% 104
Registered_____
19 37 A - O
100% Mar'08
94 Jan '17
94
94
Dul 8 0 Shore A Atl g Sa.IZI 1937 J - J 89 >4 94
104 104
Elgin Joliet * East lat g 68.1941 M -N 103%____ 104 Jan ’ 17
106% 109%
Erie lat consol gold 7s.........1920 M- S 106*4 108% 107 Mar’ 17
97
98% 98% Mar'17
N Y 4 Erie lat ext g 4s__ 1947 M -N
98% 99%
2d ext gold 5a................. 1919 M- S -------101% 101% June’ 16
3d ext gold 4Hs............. 1923 M- S 100*4____ 100% Mar’ 17
100% 100%
4th ext gold 5a............... 1920 A - O 1013S 102 1 0 2 % Mar’ 17
101*8 102%
6 th ext gold 4s...............1928 J -D
9 1 % ____ 94*4 N ov’ 15
N Y L E A W l a t g l d 7a..l920 M- S 106% 108 107% Deo ’ 16
Erie 1st con g 4s p r io r .... 1996 J - J 82% 83
82%
83*8
80*8 87%
Registered___________ 1996 J - J
84 Deo ’ 16
1st consol gen lien g 4 s. 1996 J - J 6 6 % Sale 66%
67% 56 66
73%
Registered_________ 1990 J - J
73
73 June’ 16
Penn coll trust gold 4 s..1951 F - A 90
90% 90
90
90
90
60-year conv 4s Series A 1953 A - O 61
62
63%
62
01
68%
do
Series B___ 1953 A -O
61
61% 61%
62%
69*8 68*8
Gen conv 4s Series D ...1 9 5 2 A -O
74
75
75
70%
73% 84
Ohio A Erie 1st gold 6s . . . 1982 M -N 108 110 108
108
107% 109
Olev A Mahon Vail g 6 s .. 1938 J - J 104%____ 106*8 Jan ’ 17
100*8 106*8
Erie A Jersey 1st a f 6 s 1955 J - J 1077a Sale 107*8
107*8
107*8 109
Genessce Rlv lat a f 6 s 1957 J • J 107% 108 107%
107%
107% 107%
Long Dock consol g 6 s . . . 1935 A -O 120% ____ 122*4 Oot ‘ 16
101%
.
.
.
Coal A RR 1st cur gu 6 s. 1922 M -N
102 Mar’ 10
Dock A Imp 1st ext 6 s . . 1943 J - J 1 0 2 %
106% Jan ’ 17
106% 106%
N Y A Green L gu g 6 s
1946 M -N 101*8
102% Mar’ 17
101 102%
W £ 8usq 4 w lst ref 6 s . . 1937 J - J 93
93% 100% Jan '17
100% 100%
2d gold 4H s............
1937 F - A
100% Deo ’06
General gold 6 s . .
1940 K A
09
74 N ov’ 16
Terminal lat gold 5 s .I I 1943 M -N 161% 108 108 Jan ’ 17
10 0 % 108
N J 1st ext 6 s.........1940 A -O 105
108 Jan ’ 17
107 108
Wllk A Eas 1st gu g 5 s . . .1942 J -D
6 6 % 72
70 Mar’ 17
70
81
Ev A Ind 1st oon gu g 0s__ 1920 J - J 25
28% Jan ’ 17
28% 28%
Evanav A T H 1st cons 6 s ..1921 J - J 99** io i 102 Jan ’ 17
10 0
10 2
1st general gold 6a ..
1942 A -O
75%
63 May’ 16
76
Mt Vernon 1st gold 6 s...Il9 2 3 A -O
108 N ov’ l l
75
Bull Co Branch 1st g 5 s . . . 1930 A -O
90
96 June’ 12
Florida E Coast 1st 4Hs
1959 J -D
93
94% 95% Fob ’ 17
94*4 96
Fort St U D Co 1st g 4H s” l941 J - J 83*4
92 Aug ’ 10
Ft W A Rio Gr 1st g 4 s___ 1928 J - J 65
69% Feb ’ 17
09% 69%
86
Gal IIous A Hen lat 6 s
1933 A -O
88
85% June’ 16
Great North ' ' B A Q coll 4 a 1921 J - J 97*4 Sale 07*4
98
97% 99*4
Registered*___ . . .
i>,iQ-J
____ 97*4 9 7 % Mar’ 17
97% 99
1st A ref 4%s Serin
I/-U -J
99% Salo 09%
99*4
90% 101*4
Registered____ __
i901 J - J
90 June’ 16
St Paul M A Man 4s. "1 9 3 3 J - J 95% 9074 96*8 Mar’ 17
90
99
1 st consol gold 6 s . . .
’ 1933 J - J 118% 1 2 0 118*4
118*4
118*4 121
Registered.........
"1933 J - J 118 . . . 119*4 Aug '10
Reduced to gold 4Hs'.1933 J - J 101 102*4 10 1*4 Mar’ 17
1 0 1 % 105%
Registered
1933 J - J ____ 103
102% May'16
Mont ext 1st gold 4 s ..*1937 J -D
95
95% 94*4 Mar’ 17
94*4 98%
Registered . . .
1937 J - D -------98%
95% Mar’ 10
Pacific ext guar 4 s i l l 11940 J - J
85% N ov’ 15
E Minn Nor Dlv 1st g 4 8 .1 9 4 8 A -O
93
98% 98 Jan ’ 17
94% 98
Minn Union 1st g 6 s . .
1922 J - J 100*4 . . . 108% Jan ’ 17
108% 108%
Mont C 1st gu g 6 s . .
*1937 J - J 119% . . . . 123% Feb ’ 17
123% 124*8
Registered..........""1 9 3 7 J - J
130% May'00
1st guar gold 5s.........1937 J - J 107 “ H U 110% Jan 17
110% 110%
Will A S F 1st gold 5s 1 9 3 8 J -D 109 . . . 109*4 Aug ’ 10
Green Bay A W deb otfs " A " ___ Feb ------ 80
79*4 D eo’ 16
Debenture otfa ’’B’’_
___ Feb
12*4 15
12% Feb ’ 17
1 2 % 16%
Gulf A 8 I 1st ref A t g 6sll6l952 J - J 82
85% 82% Mar’ 17
82% 8 6 %
90%
90%
Hooking Val 1 st cons g 4 Hs 1999 J - J ------- 01%
90
93*4
Registered................
1999 J - J
97*4 Jan '14
Col A H V 1 st ext g 4 sIII 1948 A -O
88 ____ 8 8 FeD ’ 17
88
88*4
Col A Tol 1st ext 4 s ..
1955 F - A 84% ____ 88 N o v ’ 16
Houston Belt A Term 1st 5s 1937 J - J 90% 95
90 Jan ’ 17
90
90
Illinois Central 1st gold 4s 1951 J - J 98% ____ 98% Feb ’ 17
98% 99*4
Registered........
~1 9 5 1 J 92 Aug '15
lst gold 3 Hs........ I I I I I I I 1951 J - J
84% 90
85%
85%
85% 85%
Registered . . .
.
1 9 5 1 j - j *80% ____
83 Nov’ 15
Extended 1st gold 3 H s * " 1951 A -O
83*4 86
85% Deo ’ 16
Registered________
1 9 5 1 A -O *82%
1st gold 3s sterling..
1951 M
80 J’ly ’09
,, Registered............ .H I 1951 M- S
1952 A -O
Coll trust gold 4s____
88
88
90% 88
88
92
Registered------------"1 9 5 2 A -O
95% Sen ’ 12
1st refunding 4s.............. '1955 M- N
89
91
01% Mar’ 17
91
95
Purchased lines 3 H s.._ 1952 J - J 81
8 .3*4 85% Jan ’ 17
85% 85%
L N O A Texas gold 4s. 1953 M- N 85*4 8 6 % 80
80
80
89*8
Registered................ 1953 M- N *82%
84 May'14
Cairo Bridge gold 4 s..
1950 J - D 89% ____ - 94% Jan *17
94% 94%
Litchfield Dlv 1st g 3s
'1951 J - J
74 Feb '14
Loulsv Dlv A Term g 3Hs' 1953 J - J
77 Feb ’ 17
77
83
1953 J
Registered............
83 A ug’ 12
Middle Dlv reg 6s . .
‘ 1 9 2 1 F - A 100%
102 June'10
Omaha Dlv 1 st gold 3s.IIl951 F - A
72% Jan ’ 17
72% 72%
Bt Louis Dlv A Term g 38.1951 J - J
75% 71
71
71
71
8 6 % Jan '17
84
83
80%
....................
1951
Registered_
_
1 9 5 1 Jj *- J
j
80 June'10
Vilv l8,1 * 8 HsIHl951 j - J 80 ____ 80% Nov’ 10
WMtern Hnes 1st g 4s___ 1951 F - A
8 8 % 91% 91% Deo TO
Registered__
f - a
92 N ov’ 10
®elIa,I 4 Car 1 st 6sIIIH *l923 J -D ------ 108% 117% May’ 10
86 ____ 90 Jan T7
? h“ w l s t «°M 4 s .. 1932 M- 8
90
90
GhU .8.t b 4 ^N ° Fold 6 s .. 1951 J - D 107 ____ 107% Oot TO
114 Feb ’ l l
...................... 1951 J * D
90 Oot ’09
Registered ____
10 5 1 j - n
Series~a I 1933 J - D 99*8 Sale 99*8
99*8
99*8 102%
M 2 5 Dih.D,V lt 8 4 s ...1951 J - D 82% 00
80*g Deo T5
19 51 j - o
Registered______
.
8ou ,lat Bu * 4sIIl031 M - S
95% Jan T7
95% 95%
Ind 111 A Iowa 1st g 4a____ 1950 J - J
92 Fob T7
08
92
94%
Int A Great Nor 1st g 6 s .I ” l 9 i 9 M- N 91*4
98% 10 0
97 Mar’ 17
97 100
James Frank A Clear 1st 4s* 1959 J -D
90% 92% 92*8 Jan T7
92*4
93*
Kansas City Sou 1st gold 3s. 1950 A - o
68% 68*8 08% Mar’ 17
6 8 % 71%
Registered_____________ 1950 A - o
03 Oot ’00
Ref A Impt 6 s______ Apr 1950 j - j
88*4 89*4 89
90
87
91
Kansas City Term 1st 4 s ... 1900 J - j
87 Salo 86*4
87
8 6 % 90%
Lake Erie A West 1st g 6 s .. 1937 J - J 98
99% 98*4 Mar’ 17
98*4
101
2d gold 5s...................... 1941 J - J
80% 83
80% Feb '17
80% 83
North Ohio 1st guar g 6 s .. 1945 A -O -------100% 89*8 Mar'17
89*8 90
Leb Vail N Y 1st gu g 4HS—1940 J - J 100 100% 101
101
10 100% 102
Registered........
1940 J - J 09 ____ 101% Jan '17
101% 101%
Lehigh Vail (Pa) cona g 4 s ..2003 M -N
90% 92
91 Mar’ 17
90% 91%
General cons 4Ua___ 2003 M -N 100% Salo 10°
100%
100 102

Price
Friday
March 30

Week’t
Range or
Last Sale
Low

High

Range
Since
Jan. 1
Low

High

LohV Term Ry 1st gu g 5 s ..1941 A - O
114 Feb T7
113% 114
Registered________________ 1941 A - O 110 112*4 113 Mar’ 17
113 113
Leh Val Coal Co lat gu g 58.1933 J 104*8____ 106% Mar’ 17
105 106%
Registered.......................... 1933 J 105 Oct T3
lat Int reduced to 4a_____ 1933 J - J
91
98
Leh A N Y 1st guar g 4a____1945 M - S
87 ___
90 Jan '17
90
90
Registered________________ 1945 M - S
Long laid 1st cona gold 5 a..A 1931 Q - J 104% 105 104%
104*4
l’ 04'% 106*'
lat consol gold 4s_______ A1931 Q - J
94 ____ 94% June’ 16
General gold 4a___________ 1938 J -D
85% 89
85% Feb T7
85
89
Ferry gold 4H s__________ 1922 M- 8 ------ 98*4 98*4 Deo T0
Gold 4s..................................1932 J - D
99% Oot '06
Unified gold 4s___________ 1949 M
- 89
80% Feb T7
85% 87%
Debenture gold 6 s________1934 J -D *94% 98% 95*s Feb T7
957g 98%
Guar refunding gold 4s___1949 M - S
87% Sale 87%
87*8
86
% 90%
Registered......... ............... 1949 M - 8
87% ____ 95 Jan 'l l
N Y B A M B 1st con g 58.1935 A - O 103% . .
103% Feb '17
103 103%
N Y A R B 1st gold 5 a . . . 1927 M - S ------ 104% 103 Feb T7
103 103
Nor 8 b B 1st con g gu 5a.ol932 Q
100 Aug T 6
Louisiana A Ark 1st g 5a____1927 M - S ------ 92% 94% Jan T7
94% 94%
Loulsv A Nashv gen 6 a......... 1930 J -D 112% ____ 112%
113
112% 113%
Gold 5a.................................. 19 37 M -N 108% 109*4 110% Dec '16
Unified gold 4a..................... 1940 J - J 91*8 Salo 94%
94*8
93% 97%
Registered....... ............... 1940 J - J
92
94% 96% Jan T7
96% 96%
Collateral trust gold 5 s . . .1931 M - N ------ 106*4 106*8 Feb T7
106% 106*4
E H A Nash lat g 6 s......... 1919
D 104 ____ 107*4 Dec T 6
L Cln A Lex gold 4H S ...1 9 3 1 M -N 100% 102 103 Jan T7
103 103
N O A M 1 st gold 6 s......... 1930 J - J 112% 115 112% Mar’ 17
112% 114%
2 d gold 6 s....... ........... 1930 J - J 104% ___ 104% Feb T7
104% 104%
Paducah A Mem Dlv 4s 1946 F - A
90% ____ 89% Feb T7
89% 89%
St Louis Dlv 1st gold 6 s . . 1921 M - S 103% 108 106 Mar’ 17
106 10 0
2d gold 3s......................... 1980 M - 8
60
61
63% Feb 17
63% 63%
Atl Knox A Cln Dlv 4 s . . .1955 M -N
86
88
8 8 % Mar’ 17
88
91%
Atl Knox A Nor 1st g 5 s .. 1946 J - D 105%____ 108*4 Jan '17
108% 108%
Hender Bdge 1st s f g 6S..1931 M - S 106 ____ 106% June'10
Kentucky Central gold 4 s. 1987 J - J
85% 86
85%
85%
85% *85%
Lex A East 1st 50-yr 5s gu.1965 A - O 101% Sale 101%
101%
100% 103%
L A N A M A M 1 st g 4 %s 1945 M - S 100 100*4 101 Oot T 0
L A N-South M Joint 4 a .. 1952 J - J
81% 82
81 Feb T7
80% 81%
Registered____________ 51952 Q - J
95 Feb ’05
N Fla A 8 1st gu g 5s____1937 F - A 105%____ 105% Sept’ 10
N A C Bdge gen gu g 4%S-1945 J - J
97% 99% 97% May’ 10
Pensac A Atl 1st gu g 0 s . . 1921 F - A 106% 108 108*4 N ov’ lG
S A N Ala cons gu g 5s___1930 F - A 106% Salo 106%
106%
106% 109
Gen cons gu SO-year 5s. 1963 A -O 100% 103% 102 Mar’ 17
10 2
103%
L A Jeff Bdge Co gu g 4s___1945 M - 8
78 ____ 81% Feb T7
81% 81%
Manila RR— Sou lines 4 s . . . 1930 M -N
Mex Internat 1st cons g 4 s .. 1977 M - S
77 Mar’ 10
Stamped guaranteed_____ 1977 M- S
79 Nov'10
Midland Term— 1st s f g 5 a .1925 J - D
101 Oot ’09
Minn A St L 1st gold 7s____1927 J - D 100 . . .
113% Deo T0
Pacific Ext lat gold 0 s ...I l9 2 1 A - O
Oot T 6
lat consol gold 5 s . . .
1934 M -N 89% _92 103% Feb
T7
8 8 % 91%
1 st A refunding gold 4 s I I I l 949 M - S 56% 58 90
56%
56%
55% 64
Ref A ext 50-yr 6 s 8 er A . . 1962 Q - F ____ 60
61*8 Jan T7
61*t 61*s
Des M A Ft D 1st gu 48..1935 J - J *67 . . .
60 Feb T5
Iowa Central 1st gold 6 s . . 1938 J - D
89*s 93*8 91 Mar’ 17
8974 95
, , a.“ e1fq“ q' a* sold 4s......... 1951 M - S
50
57
56%
56%
56
63
M HtPASSM con g 4s Int gu.1938 J - J 92% 93% 93%
14 92% 97
g4
l « C h I c Term s f 4s......... 1941 M -N
92 Jan T7
92
92
“ 8 8 M A A 1st g 4s int gu’20 J - J
97 *97*% 97% Feb T7
97% 98%
Mlssicslppl Central 1 st 6 s . . . 1949 J - J ____ 94%
95 D e o ’ 16
Mo Kan A Tex 1st gold 4 s .. 1990 J - D
73*8 Sale 73%
74%
73*4 78%
2d gold 4s.....................
01990 F - A 40
48
47
47
45
54%
1 st ext gold 6 s______ ____ 1944 M
-N
37
45 Dee T 6
1st A refunding 4s_____ ” 2004 M - S
69
61
01
61
61
69%
Gen sinking fund 4H S ...1 9 3 6 J - J 37% 38% 39
39
36% 46
Bt Louis Dlv 1st ref g 4 s . . 2001 AAO ____ 37
40 N ov’ 10
Dali A Waco 1st gu g 5 s . . 1940 M - N
69% 80
80 Deo T0
Kan City A Pac 1st g 4 s . . 1990 F - A
6 8 % ____ 70% Mar’ 17
70%
Mo K A E 1st gu g 5s____1942 A - O
68
71% 68*4
69
67%
M K A Okla 1st guar 6 s. .1942 M -N
79% 80
79%
79%
82
M K A T of T 1st gu g 5 s .1942 M - S ------ 75
79 Jan T7
78%
Sher Sh A So lat gu g 6s . . 1942 J - D ____ 60
51 Deo T 6
Texas A Okla 1st gu g 5 s .. 1943 M - S ------ 44
45% Feb T7
45% 49
Missouri Pacific (reorg Co)
1st A refunding 5s wb lss 1923 . . . .
98% Sale 98%
18 98
98%
99*4
1st A refunding 5s wh lss 1926 . . . .
96% 97% 90 Feb T7
96
98%
1st A refunding 5s wh Isa 1905 . . . .
92% 95
95 Feb T7
95
95
General 4s when Issued ......................
65% Sale 65%
66
65% 6 8 %
Missouri Pac 1st cons g 6 s . . .1920 M -N 103% 104*8 103
103
102*4 106%
Trust gold 5s stamped.. .al917 M - 8
106% Jan T7
106% 106%
Registered................
a 19 17 M - 8
82 Oot T5
1st collateral gold 6 s_____ 1920 F - A
103 Jan T7
101% 103
Registered_____ ________ 1920 F - A
40-year gold loan 4s............1945 M- 8
57% ____ 55% Feb T7
55% 59
1959 M - S
1st A ref conv 6 s______
67% 68
61 Jan '17
60
61
3d 7s extended at 4 % ____ 1938 M - N ------ 83*8 80 Mar’ 17
80
80%
Boonv St L A 8 1st 5s gu.1951 F - A
100 Feb T3
Cent Br Ry 1st gu g 4 s . . .1919 F - A
61 ____ 67 Aug T 6
Cent Br U P lat g 4s......... 1948 J - D
65% ____ 77% Dec T3
Leroy A C V A L 1st g 5 s .. 1920 J - J
64% . . . . 10 M a r’05
Pac R of Mo lat ext g 4 s .. 1938 F - A
88
92
92% Deo T0
2d extended gold 5s____1938 J - J 100*4 - - - 101 Mar’ 17
101 101%
St L Ir M A 8 gen con g 5s.1931 A - O 101*8 102% 101*8
101*8
101% 103%
Gen con stamp gu g 6s . 1931 A - O
102 July'14
Unified A ref gold 4 s . . .1929 J - J
80 Sale 79
80
79
86
Registered__________ 1929 J - J
80*s Oct T2
Rlv A G Dlv lat g 4 s . . .1933 M -N ____ 78
78% Mar’ 17
78% 84
Verdi V I A W 1st g 6 s . . .1926 M - 8
92*4 - 
87 Sept’ 15
Mob A Ohio new gold 6 a____1927 J - D 1 1 2 % 113% 112% Mar’ 17
112% 114%
lat extension gold 6 s . . . 51927 Q - J 101 109 109 Feb T 6
General gold 4s.....................1938 M - S
78 . . .
78% Feb T7
77
78%
Montgomery Div 1st g 5s 1947 F - A -------99
101 Oot T 6
St Louis Dlv 5s.....................1927 J - D
9 1 % ____ 89 Dec T5
St L A Cairo guar g 4 s____1931 J - J
85% 90
89% Jan T7
89% 89%
Nashv Chatt A St L 1st 5a 1928 A - O 105%____ 105% Feb T7
105 108
Jasper Branch 1st g 6 s . . . 1923 J - J 105%____ 110% Mar’ 10
Nat Itys of Mex pr lien 4H 8.1957 J - J
30 . . .
30
30
30
30
Guaranteed general 4s___ 1977 A - O
35 Aug T 6
Nat of Mex prior Hen 4 H s . 1920 J - J *35 ____ 96*8 Feb T3
1st consol 4s..................
19 5 1 A - O
30 Oot '10
N O Mob A Chlo 1st ref 6 s . . I960 J - J
46
53
59 Deo T0
New Orleans Term 1st 4 s ...1 9 5 3 J - J
68
70
70
70
70
72
N OTex A Mexico 1st 6 s ..1 9 2 5 J - D
97
98
97%
98
90% 99%
Non-oum Income 6s A ___ 1935 A - O ------ 43*4 46 Mar’ 17
46
43%
N Y Cent RR conv deb 6 s . . 1935 M -N 109% Sale 109%
111
107 113%
Consol 4s Series A .............1998 F - A
80*s Sale 8 6 %
80*s
85% 8 8 %
Ref A Imp 4H s ’’A’’ ......... 2013 A - O
97 Sale 96*s
97*8
90
98%
N Y Central A H R g 3H S..1997 J - J
84 Sale 83%
84
80*4 86 *t
Registered_____ _______ 1997 J - J
82
83% 82 Mar’ 17
82
85%
Debenture gold 4s...............1934 M -N
91% 91*4 91%
91*4
90% 94%
Registered......................... 1934 M -N
92 Deo '16
Lake Shore coll g 3H s___ 1998 F - A ------ 78
70%
78%
76% 81
Registered........................ 1998 F - A ____ 77
76*4 Mar’ 17
76% 80
Mich Cent coll gold 3HS— 1998 F - A ------ 79
77
77
80%
70
Registered......................... 1998 F - A ------ 77*4 75 Mar’ 17
80
75
Battle Cr A Stur 1st gu 38 .19 8 9 J -D
63% ____
Beech Creek 1st gu g4 s .. 1936 J - J
94% ____ 97 Feb T7
97
97
Registered______________1936 J - J
93% ____ 95*4 N ov’ 10
2d guar gold 5s.................1936 J - J 101 ____ 104 May’ 16
Registered..................... 1936 J - J
Beoch Cr Ext 1st g 3HS..61951 A - O
7 0% ____
Cart A Ad ls tg u g 4 s ......... 1981 J - D
88 ____ 89 N o v ’ 10
Qouv A Oswe 1st gu g 6 s . . 1942 J -D 101% ____
Moh A Mai 1st gu g 4s___1991 M - S
91% ____ 94 Mar’ 10
N J June R guar 1st 4s___1986 F - A
85 ____ 89% Feb T 6
N Y A Harlem g 3 H s____2000 M -N
81% ____ 81% Feb T7
81% 81%
N Y A Northern 1st g 5s. 1923 A • O 106%____ 106% Sept’ 10

* No prlco Friday; latest bid and asked this week, a Due Ja n . 6 Due Feb. g Due June, h Due Ju ly . 0 Due Oct. * Option sale.




1247

New York Bond Record— Continued— Page 3

1348
BONDS
N . Y . STOCK E X CH A N G E
Week ending March 30

SI

Price
Friday
March 30

Week's
Range or
Last Sale

Range
Since
Jan. 1

BONDS
N . Y . STOCK EX C H A N G E
Week ending March 30

Price
Friday
March 30

(V ol .
Week's
Range or
Last Sale

104.
Range
Since
Jan. 1

High
Low High
Bid
Ask Low
P O O A 8 1 L (Con.)
Low High
High
Did
Ask Loto
N Y Cent * H R RR (Con.)—
96 ____ 95*4 Jan 4 4
Series F guar 4s gold___ 1953 J - D
897g 94
90
87
92i2 90
N Y & P u latconagug4a 1993 A - O
957a 97
96 ____ 057a Mar4 7
M
N
Series
G
43
guar------------1957
113
M
ay’
15
J
D
114*a____
Pino Creek reg guar 6a------ 1932
102*2 1 033a
Series 1 cons gu 4 H s___ 1963 F - A 102*2------- 1033s Mar'17
103 10434
10314
10314
R W A O con lat ext os—ft1922 A - O 10234 - - 107*2 Sept46
C St L A P 1st cons g 5S -. 1932 A - O
100U Feb T7
IOOI4 100U
R W A O T R lat gu g 6 a ..1918 M -N 1003a . . .
Peoria A Pekin Un 1st 6a g_.1921 Q - F 100 ---------- 102 Nov'16
82«2____ 8 134 Deo *15
Rutland 1st con g 412 s — 1941 J - 2
87*2------- 87 M ar'ld
2d gold 4H 8.......................61921 M -N
705a ___
705a Feb T7 . . . 70*8 705a
Og A L Cham lat gu 4a gl94S J - J
9234 95
95 Sale
93*4
96
Pero Marquette 1st Ser A 5sl956
70
92 Juno’09
Rut-Canada
ftuireuuaua lat gu
ku g
k 4a-1949 J - J
75
7734
70
76*2 7634 75
1st
Series
B
4
s
___________
1956
101
NOV'16
____
96
St Lawr A Adlr lat g 5a— 1996 J - *
42
42
42
Feb
4
7
35
48
J
J
Philippine Ry 1st 30-yr s f 4s 1937
103 N ov’ 16
2d gold 6a......................... 1996 A - O
109 109
Pitta Sh A L E 1st g 5a......... 1940 A - O 1053a------- 109 Jan 47
97*2
JuJy’
lG
983
3
99>2
J
J
Utica A Blk Rlv gu g 4a___1922
113*4
N
ov41
J
J
1st
consol
gold
5s.................1943
873
4
85
86
Mur’
17
85
86
Lake Shore gold 3*23_____ 1997 J -D
94
96*2
94 Sale
91
94*2
Reading Co gen gold 4s_____ 1997 J - J
8478
847S
83*2 87
831? 85
Registered_____________1997 J -D
915a 954 92*2 Feb 4 7
92*2 95
Registered------------------- 1997 J - J
94*2 97*4
95 Sale 95
95
Debenture gold 4a_____ 1928 M - S
94
97
945a
Sale
94*2
94b
8
A
O
Jersey
Central
coll
g
4s—
1951
95
94 Sale 94
93*2 9634
26-year gold 4a.................1931 M -N
Atlantic City guar 4s g___ 1951 J - J
95 Nov'16
94U 96
Registered ...................1931 M -N
79
82
80
80
J
J
75
80
1947
St
Jos
A
Gr
Isl
1st
g
4s..........
Ka A A G R 1st gu 0 6 a ...1938 J - J
St Louis A San Fran (reorg Co;—
10412 Deo '15
Mahon C’l RR lat 6a......... 1934 J - J 103
657a 7 l*a
67 Salo G7
6758
Prior Lien ser A 4s________1950 J J
-----10334
10334
10334
Feb
'17
103
101
A
O
Pitta A L Erie 2d g 6s— _al928
83
8834
84
85
Prior lien ser B 6s_________ 1950 J - J 84*2 Salo
Pitta M oK A Y lat gu 6a..1932 J - J 1 13U ____ 130*8 Jan ’09
74*a 75
70*4 76
Cum adjust ser A 6s-------- 1955 J - J 7434 Sale
123U Mar112
2d guaranteed 6a______ 1934 J - J 112 . .
50
567a
54
Sale
54
507
a
July
Income
series
A
6s________1960
McKees A B V lat g 6S-1918 J - J
112 112*2
St Louis A San Fran gen 68-1931 J - J 111* 2 112*a 112*3 Fob T7
Michigan Central 6a_____ 1931 M - S 104U ____ 106*4 Aug TG
103 104
J - J 1037a 105 104 Mar’ 17
General
gold
5s________
1931
105
July'16
Q
-M
103*2____
Registered____________ 1931
78 May’ 16
St L A S F RR cons g 4 a .. 1996!J - ■»
4a........................................ 1940 J - J 91*3____ 98 Apr T2
74*2 75
72
75
74*2 Mar’ 17
------ M -N
General 15-20-yr 5a____ 1927
87 Fob '14
Registered__________1940 J - J
75
70
72
75
75
Mar’ 17
Trust
Co
ctfs
of
deposit-----90
June’08
M
S
J L A S lat gold 3 H s— 1951
76*2
76
Deo
*16
do
Stamped.
.
83
Mar* 17
82*2 86
82i2 83i2
lat gold 334 b.................... 1952 M -N
92*a____ 95*a D e o ’ 16
Southw Dlv 1st g 5s____1947 A - O
895s
89*2 9134
20-year debenture 4a___1929 A - O ____ 89U 89*2
83*4 Oot *16
Refunding gold 4 s . . ___1951 J - J
92
93
93*2 Mur’ 17 93*4 95*2
If Y Chlo A St L lat g 48..1937 A - O
8034 Mar’ l l
Registered__________1051 J - J
9034 Aug '16 Registered...................... 1937 A - O
7834 7834
7834 Feb ’ 17
Trust Co ctfs of deposit.,
79
79
77
79
Debenture 4a__________1931 M -N
79i
2
74*4
Sep ’ 16
do
Stamped..
89*a
90*s
90*8
Sale
J
J
West Shore 1st 4a guar. _ .2361
10934 1115a
10934 1093.|
K C Ft S A M cons g Os. .1928 M -N 10934 n o
87*2
Registered____________ 2381 J - J 87*2 Sale 87*2
72*2 79*a
73*4 Sale 73
73*2
K C Ft S A M Ry ref g 4a. 1936 A - O
100*2 Jan 4 7 N Y O Lines eq tr 6a-.1916-22 M - N
90
90
89 ____ 90 Feb *17
K C A M R A B 1st gu 58-1929 A - O
10034 Jan 4 7 Equip trust 4 H 3 -.1917-1925 J - J 9934 . . .
80
77
77 Sale
77
77*4
St L 8 W 1st g 4s bond ctfs. .1989 M - N
98*2
97*4 98*2 98*2
If Y Connect 1st gu 4H s A . -1953 F - A
64
65*2
64 683.i 64 Feb '17
2d g 4s Income bond ctfs.v 1989 J - J
If Y N H A Hartford—
72
69*2
713
66*2
4
71
72
J
D
1932
Consol
gold
4s___________
6 8 *4 ____
Non-conv deben 4a______ 1947 M - S
66*2 71*a
70*4 70*2 08*2 70
1st terml A unlf 5a________1952 J - J
59 ------Non-conv deben 3 H s ____ 1947 M - S
OS*** Jan ’ 14
J
D
Gray’s
Pt
Ter
1st
gu
g
5s-_
1947
59
------A
O
Non-conv deben 3 H s ____ 1954
63*2 65
8 A A A Pass 1st gu g 4a____1943 J - J 6334 64*2 633a Mar’ 17
67 ------68
68
Non-conv deben 4a______ 1955 J J
10 0 *a 100*8
100*3 Feb ’ 17
67
75*4 S F A N P ls ts k fd g fis .........1919'J - J ____ 101
69*4------Non-conv deben 4a............1956 M -N
— 80
7978 Feb T7
797a 82*2
Seaboard Air Line g 4s.......... 19 50 : A - O
57*4
64
59*4____
J
J
Conv debenture 334s......... 1958
7934 325a
7934 80 7934 Mar’ 17
Gold 4s stamped..........
1950 A - O
99 110*2
Conv debenture 6a..............1948 J - J 101 Sale
62
63
62*2 03
61*8 68
Adjustment 5a__________ 01949 F - A
79
79
77*2-----Cons Ry non-conv 4a......... 1930 F - A
70*2
65
Salo
65*2
69
Refunding
4s.......................
1959
A
O
____
80
Non-conv deben 4a___ 1954 I - ,1
Salo
87
87
86*4 87
Atl
Birm
30-yr
1st
r
4s..el933
M
S
Non-conv deben 4a____1955 J - J ____ 7778
88
88
92*4 8 8 Jan *17
J - J
Car
Cent
1st
con
g
4s_____
1949
A
O
Non-conv deben 4a____1955
9934 Sep ’ 15
Fla Cent A Pen 1st g 5 s .. . 1918 J - J
Non-conv deben 4a____1956 J - J ____ 80
____ 101 Deo ’ 15
1st land gr oxt g 5s____.1930 J - J
90
92
Harlem R-Pt Chea 1st 4s. 1954 M -N
Consol gold 68 _________ 1943 J - J ------- 104 110334 Deo ’ 16
89*4------8 A N Y Air Line 1st 4 s ..1956 F - A
100*2 102
100'>s
Ga A Ala Ry 1st con 5s_.01945 J - J 10038 100»a 1005s
74
75
75
78*2
Cent New Eng 1st gu 43.-1961 J - J
102*4 102*3
Ga Car A No 1st gu g 5s..l929|J - J 101 ____ 1023a Jan ’ 17
Hartford St Ry lat 4s____ 1930 VI- S
102
____
99*4
Aug
’
16
Seab
A
Roan
1st
5s______1926
J
J
105*2
May4
5
Housatonlo R cons g 6 a . 1937 M -N
Southern Pacific Co—
87 July’ 14 Naugatuck RR 1st 4a____ 1954 M -N
82*2
82*4
82*2 83
82*2 88
Gold 4s (Cent Pac coll) --*1949 J - D
90*2------ 88 Aug 4 3 .
O
N Y Prov A Boston 4a____1942
90 Fob '14
Registered................... *1949 J - D
6734
68
10 6734 75*2
08 Sale
JfYW ’chesAB 1st ser I 4)4a '48
59 85
88*4
8534 Salo
8 5 -a
8534
20-year conv 4s_________ 0 19 29 1M - 8
Aug’09 .
I00*s____ 107
N H A Derby cons cy 6S--1918 M
202
100 104*2
103
20-year conv 6s...................1934 J -D 10134 Sale 101*2
Boston Terminal lat 4s___ 1939 A
23 88*2 937a
89*2 Sale 89*4
90*4
Cent
Pao
lat
ref
gu
g
4
s.
_
1949
F
A
New England cona 6s____ 1945 J - J
87*2 Sept’10
Registered....................... 1949 F - A
Consol 4a.................. ........ 1945 J - J
Mort guar gold 3H 8--*1929!J - D ~8 8 " 88 *a 8934 Feb 17 — - 8934 91*2
Providence Seeur deb 4 a .. 1957 M -N
87*j
------- 83*a 84 Feb 1 7 ------ 84
Through
St
L
1st
gu
4
s
.
19
5
4
1A
O
Prov A Springfield 1st 5a. 1922 J - J
100*2 102
O H A S A M A P lat 53 — 1931 M -N 100*2 101 100*2 Feb 17
Providence Term 1st 4 s . . -1956 M - S
08*2 98*2
97*4 100
17
98*2
Feb
2d
exten
6
s
guar______
1931
'J
J
W A Con Eaet lat 4Ha— .1943 J - J
9973 ____ 100*4 Jau
16
Gila V G A N 1st gu g fia.. 1924 jM -N
76
7| 75
83
If Y O A W ref 1st g 4a____$1992 M - S
10 0 *a 102*2
99*2 100*8 10013 Mar’ 17
Hous E A W T 1 st C 5 8 . . . 1933 M -N
June42
Registered 26,000 only—01992 M - 8
100
Oot
’
10
96
102*4
1933
M
-N
1st
guar
5s
red________
Mar’ 17
7 7 ~80
General 4a..............................1955 J -D
106*2 106*2
H A T C 1st g 5s Int g u „ .1937 J - J 1053a____ 106*2 Fob ’ 17
81
81
8258
Norfolk Sou 1st A rof A 5 a .-1961 F - A
90
96*a
96*3 Mar’ 17
96*4 97
Gen gold 4a lot g u a r ... 1921 A O
Feb 4 7
100 101
iforf A Sou lat gold 5s........... 1941 M -N
105
____
109*2
N
ov’
15
Waco
A
N
W
dlv
1st
g
6
s
'30
M
-N
117*4 Mar’ 17
117*4 122
Iforf A West gen gold 6a____1931 M - A
A A N W 1st gu g 5s_____ 1941 J - J 100 ____ 101*2 Deo TO
122 N ov’ 16
Improvement A ext g 0 a ..1934 F - A
Louisiana West l 3 t 6 s____1921 J - J 1053a 108*2 109 Juno’ 14
120*2 N ov’ 16
New River lat gold 6a____1032 A - O
Morgan’s La A T 1st 7S..1918 A - O 10 0 's 1053a 10434 July’ 16
95*2
93
19 " 92*2 " 97**4
N A W Ry lat cons g 4s___1996 A - O
1st gold 6 s______________1920 J - J ------ 104*4 105 Jan T6
91*2 Deo 4 0
Registered....................... 1996 A - O
No of Ca! guar g 5a______ 1938 A - O 1075a ____ 105 Oot TO
907a
91*2
Dlv’ l lat lien A gen g 4a. 1944 J - J
100 1017a
100 Mar’ 17 - - Ore
A Cal 1st guar g 5s___1927 J - J 100 10 1
133*4
131
10-25-year conv 4s_____ 1932 J -D
So Pac of Cal— Gu g 5 a— .1937 M - N 1075a____ 107*2 8opt’ 10
13034 Jan 4 7
10-20-year conv 4s......... 1932 M- S
96
96
93*2____ 96 Jan T7
So
Pac
Coast
1st
gu
4s
g._1937
J
J
132*4
M
ar47
10-25-year conv 4Ha___1038 M- S
86*2 8934
San Fran Terml 1st 4s___1950 A - Oj ____ 8634 87*2 Mar’ 17
89*2
89*2
Pocab C A C Joint 4a__ 1941 J - D
95 N ov’ 16
____ 90
J
J
Tex
A
N
O
con
gold
5s___1943
103
Scpt’
lO
J
J
C O A T lat guar gold 6a..1 9 2 2
l 95
913.i
907a Sale 907a
So Pac RR 1st ref 4s_____ 1955 J - J
907s
9078
9078 £
Solo V A N E lat gu g 48.-1989 M- N
10234
101*1
Southern— 1st cons g 5s____1994 J - J 100*2 Sale 100*2
93*4
93>4
93*4 £
Nor Pacific prior lien g 4S ...1997 Q - J
Registered..... ...........
1994 J - J ____ 102*8 100*4 Aug T6
92*2
92*2
92*2
£
Registered....................... 1997 Q - J
70
77
71*4
Salo
71
7133
Develop
A
gen
4s
Ser
A
___1950
A
O
GG*a
66*2
Q5h £
General lien gold 3a.........a2047 Q - F
77*2 78*2
78
78
7778 -----Mob A Ohio coll tr g 4s___1938 M - S
67*4 Jan T 7 I-66*2 (
Registered ....................a2047 Q - F
08 101*8
985a 995a 98
9858
Mem
Dlv
1st
g
4H8-5S___
1996
J
J
917
8
Jan
*17
—
D
„ 9173 £ .
St Paul-Duluth Dlv g 4 a ..1996
77*2 84
83 Salo
St Louis dlv 1st g 4s......... 1951 J - J
109'a Mar’ 17
I09*a 110i2
8t P A N P gen gold 6a___1923 F - A
Ala Cen 1st g 6 s . . ...............1918 J - 2 10134 104 1023a Sept’ 16
109*2 Oct 4 5
Registered certificates. .1923 Q - A
995a
Oot
TG
98*2
995a
Ala
Gt
Sou
1st
cona
A
68..1943
J
D
107 Oot 4 6
St Paul A Duluth 1st 5S--1931 F - F
92*2 96U
91
943S 92*2 Mar’ 17
AtlA C har A L 1 st A 4 H a 1944 J - J
100 Jan 4 7 ---- 100 100*2
2d 6s.................................1917 A - O
9934 103*4
9934
9934
993.1 Salo
2
1st 30-yr 5a ser B____1944 J
88 7a Mar’ 17
' 88 7a 88 7a
let consol gold 4s........... 1968 J -D
83*4 84
83*2
Jan
'17
80r
,a
82
AtlA
Danv
1st
g
4s______
1948
J
J
86*2 Deo 4 6
Wash Cent 1st gold 4s____ 1948 Q -M
81*a Mar’ 16
2d 4s..................................1948 J - J ____ 80
110 Feb 4 7
Nor Pao Term Co 1st g Os___1933 J - J
75
75
75
Feb
T7
At!
A
Yad
1st
g
guar
4
a—
19491A
-O
j
83*2
81
Oregon-Waah 1st A ref 4 s . . . 1961 J - J
105 105
E T Va A Ga Dlv g 5s____1930; J - J 101*3 105*4 105 Mar’ 17
95 Mar’ 17
Pacific Coast Co 1st g 6s____1946 J -D
1055a 108
1055s
1065a
Con 1st gold 5s................ 1956 M - N 1065a 107
100*8
Feb
4
7
J
J
Paducah A Ilia 1st ? f 4i*s._1955
100*2 101*4
E Ten reor lien g 6 a........... 1938 M - S 100*2 101 101*4 Mar’ 17
99*2
99*2
Pennsylvania RR lat g 4s. ..1023 M -N
57*2 66
60*2 Deo TO
Ga Midland 1st 3s...............1046 A - O
102*4 Jan 4 7
Consol gold 6 0 .................... 1919 M - S
10678 107
100*2____ 1007a Fob T7
Ga
Pao
Ry
1st
g
6
s________1922!
J
J
9873
Mar’
17
Consol gold 4a.................... 1943 M -N
109*4 10934
Knox A Ohio 1st g 6 s____1925 J - J 100*a____ 10934 Jan T7
99-a 100
Consol gold 4s.................. .1948 M -N
101*2 104*2 106 Hept’ lG
Mob
A
Blr
prior
lion
g
68-1945.
J
J
103*2
1055a
F
A
Consol 4 Ha........................... I960
74
74
74
M
ar’
17
72*4
70*3
Mortgage
gold
4s______
1945
J
J
98
102
General 4 H a . . __________ 1965 J - D
103*2 104*3
Rich A Dan deb 5s stmpd. 1927 A - O 102*4 105*4 103*2 Feb T7
97*2 Feb 4 7
Alleg Val gen guar g 4s___1942 M
73 Bopt’ 12
____ 80
Rich
A
Meek
1st
gu
4s_
_
1948
M
N
91*2
Sept’
10
F
A
D R RRAB’ge 1st gu 4a g_1936
10 0 * 3 10 1 100*8 100*a 10 100*8 101*8
So Car A Ga 1st g 5s_____ 1919 M -N
100 Jan 47 ------ 100 100
Phila Balt A W 1st g 4S-.1043 M- N
Virginia Mid ser D 4 -5 8 ... 1921 M - 8 101*4------- 102*2 Juno’ ll
102 Jan *03
Sodus Bay A Sou 1st g 6s. 1924 J - J
102 ------- 203*8 Aug TO
Series
E
5s.......................
1926
M
S
J
Sunbury A Lewia 1st g 4 s . 1936
104*1 Deo TO
Series F 5a_____________ 1931 M - S 103*2
997a
1 9978 997a
9978 Sale 9978
U N J RR A Can gen 4 s . .1944 M - 8
105 108
General 5s______________1936 M -N 105*8 107 105 Mar’ 17
Pennsylvania Co—
105
105 ____ 105
105 100*2
Va
A
So’
w’n
1st
gu
68
—
2003
J
J
100*8
102*4
J
J
Guar 1st gold 4H a________ 1921
91
Feb
T7
____
89
90*2 91*2
1st
cons
50-year
5a___1958
A
O
101*2 102*4
Registered....................... 1921 J - J
93
9134 937s Mar’ 17
937a 937a
W O A W 1st cy gu 4s____1924 F ■ A
87
87
Guar 3H s coll trust reg A.1937 M- S
95
96
92
90
9534
Mar’ 17
Spokane
Internat
1st
g
5s___1955
J
J
85*2
863
4
F
A
Guar 3 Ha coll trust ser B.1941
98 10053 101 Mar’ 17
100*3 lODa
Ter A of St L 1st g 4 H s_____ 1930 A - O
Guar 3 Ha trust ctfs C ____1942 J - D
100*4
102
lat con gold 5s_____ 1894-1944 F - A 101*3 102 100*4 Feb T7
Guar 3 Ha trust ctfs D ____1944 J - D
86 88*2
85
87*a 86 Mar’ 17
95*2 97
Gon refund s f g 4s________ 1953 J -J
Guar 15-25-year gold 4s. .1931 A - O
99 100
99 1005a 99 Mar’ 17
9234 93
St L M Brldgo Ter gu g 6 a. 1930 A - O
40-year guar 4s ctfs Ser E.1952 M -N
100 102
100 101 100 M ar’ 17
Tex A Pac 1st gold 5s........... 2000 J -D
Cln Lab A Nor gu 4s g___1942 M - N
64
64
61 Jan T7
70
64
____
100
100*2
2d
gold
fnc
5s___________
^2000
M
a
r
Cl A Mar 1st gu g 4 Ha___1935 M -N
89*4 Jan T7
89*4 89*4
93
89
La Dlv B L 1st g 5s........... 1931 J - J
OIA P gen gu 4H3 ser A — 1942 J - J
. 95 106*2 Nov’04
W
Min
W
A
N
W
1st
gu
5al930
F
A
A
O
Series B ..............................1942
103*4
|103 104*2
Tol A O C lat g 5s...................1935 J - J 103 104*2 I03*i
Int reduced to 3H a— 1942 A - O
100 100
Western Dlv 1st g 5s--------1935 A - O ____ 983.1 100 Jan T7
Series C 3 Ha.................. 1948 M- N
87
90
85 ------- 90 Fob T7
88*2
89*4
General
gold
6
a...................
1935
J
D
Series D 3 H s __________ 1950 F - A
82*2 84
84
Mar’
17
8
2*2-----Kan A M 1st gu g 4s.........1090 A - O
Erie A Pitts gu g 3 Ha B ..1 9 4 0 J - J
97
9734 97 Mar’ 17
96*2 97*4
2d
20-year
5s.................
1927
J
J
J
J
Sorles C ..............................1940
53
62
62 Mar’ 17
TJjI P A W 1st gold 48............ 1917 J - 2
Gr R A I ex 1st gu g 4Hsl941 J - J
80
83*2
80
80
83*2 80
Tol St L A W pr Hen g 3 H a. 1925 J - J
Ohio Connect lat gu 4 a .-.1943 M - S
58
60
57
58
68
58
50-year
gold
4s...................
1950
A
O
Pitts Y A Ash 1st cons 50.1927 M - N
18B
a
Mar’00
25
50
Coll tr 4s g Ser A .................1917 F - A
Tol W V A Ogu 4H s A . ..1931 J - J
8234 87*2
Mar’ 17
99*2 99*2 Tor Ham A Buff 1st g 4 a..ft 1946 J - D 80 83 1082*4
Series B 4 Ha.................. 1933 J - J
100 100*2
0
100
00 Sale
Ulster A Del 1st con g 6a— 1928 2 - D
Series C 4s.......................1942 M - S
MarT5
10234 1033s 1st refund g 4a..................... 1952 A - O . . . 71*2 74
P C C A St L gu 4H s A . . . 1940 A - O
973i 119; 96*4 100
97*4
Salo 97*4
101*4
102*2
Union
Paolflo
lat
g
la----------1947
J
J
A
O
Series B guar........ ......... 1942
95*2
1 95*2 98*2
95*2 96*2 95*2
Registered------------------- 1947 J - I
Series C guar.................. 1942 M - N
93
933a 54 92
99*2
92*2 93
20-year conv 4s----------------1927 J - J
96 ____
Series D 4s guar............. 1945 M - N
92*2
927al 19 91*4 95*|
91*2
92
95*4
96
1st
A
rer
4s..........................02008
M
S
95*2____
Series E 3 Ha guar gold.1949F - A
9
13
j
Mar’
17!____
1
91
95
91
91*4
Ore RR A Nav con g 48— 1946 J - D

" "

• No price Friday; latest bid and asked. « Due Ja n . ft Due Feb. s Due M a y . 0 Due June, ft Due Ju ly . » Due Aug. ©Due Oot. v Due N o v. f Duo Dee. * Option sale




M a b . 31 1917.]

New York Bond Record •Concluded— Page
Week's
Range or
Last Sale

BONOS
J». Y . STOCK EXCH ANG E
Week ending March 30
Onion Paolflo (Con)
Ore Short Line let g 6s___ 1922 F - A
1st consol g 6a__________1946 J - J
Guar refund 4s__________1929 J - D
Utah A Nor gold 5s_____ 1926 J - J
1st extended 4a______ 1933 J - J
Vandallaconag4aSer A ____1955 F - A
Consol 4a Sorlea B ..............1957 M - N
Vera Crus A P lat gu 4 H * - - 1934 J - J
Virginian 1st 5a Series A ____1962 M -N
Wabaah 1st gold 5s________ 1939 M -N
2d gold 6s_______________ 1939 F - A
Debenture Series 13............1939 J - J
1st lion equip a Id g 6s____1921 M - S
1st lieu 50-yrg term 4 s . . .1954 J - J
Det A Ch Ext lot g 5s_____1941 J - J
Dea Moln Div 1st g 4s_____1939 J - J
Om Dlv lstg 3 Ha_______ 1941 A - O
Tol A Ch Dlv lat g 4s____1941 M - S
Wab Pitts Term lstg 4s____1954 J - D
Cent and Old Col Tr Co certa..
Columbia Tr Co certfs..............
Col Tr ctfa tor Cent Tr otls____
2d gold 4s..............................1954 J -D
Trust Co certfs______ ______
Wash Terml lat gu 3H *____ 1945 F - A
1st 40-yr guar 4a_________ 1945 F - A
West Maryland 1st g 4s____1952 A - O
West N Y A Pa 1st g 6s___ 1937 J - J
Gen gold 4s_______________ 1943 A - O
Inoome 6a______________ p 1913 Nov
Wheeling A L E lat g 5a____1926 A - O
Wheel Dlv lot gold 5a____ 1928 J - J
Exton A Impt gold 5a____ 1930 F - A
BU lat consol 4 s ............... 1949 M
20-year equip s f 5a_______1922 J - J
W Inaton-Salem S o l a t i a ___ i960 J - J
W Is Cent 50-yr 1st gen 4 s .. . 1949 J - J
Sup A Dul dlv A torm lat 4a ’36 M -N
Street Railway
Brooklyn Rapid Tran g 5 s .. 1945 A - O
lat refund conv gold 4a...200 2 J - J
8-year secured notos 5 s . . . 1918 J - J
Bk City lat con 6 s ..1916-1941 J - J
Bk Q Co A S con gu g 6 s .. 1941 M -N
Bklyn Q Co A S 1st 5a____1941 J - J
Bklyn Un El 1st g 4-5S...1950 F - A
Stamped guar 4-5s......... 1950 -F - ..A
Klnga County E 1st g 43.1919 F - A
Stamped guar 4a........... 1949 F - A
Nassau Eleo guar gold 4 s .1951 J - J
Chicago Rys lat 5s..............192 7 F - A
Conn Uy A List A ref g 4H sl951 J - J
Stamped gnar 4 Ha........... 1 951 -J - .J
Dst United 1st conag 4 J ia ..1932 J - J
Ft Smith L t A T r l s t g S s . . . 1936 M - 8
Hud A Munbat 53 Her A____1957F - A
Adjust Income 5s................1957
N Y AJersey 1st 6a______ 1932 F - A
interboro-Metrop coll 4 Ha .1956 A - O
Interboro Rap Tran 1st 6 s .. 1906 J - J
Manhat Ity (N Y) cons g 4s. 1990 A - O
Stamped tax-exempt......... 1990 A - O
Metropolitan Street Uy—
Bwav A 7th Av 1st o g 5S.1943 J - D
Col A 9th Av lat gu g5a._1993 M- S
Lox Av A P F lstgu g 5a .. 1993 M- 3
Met W 3 El (Cldc) lstg l a .. 1938 F A
Milw Eloc Ry A Lt cons g 5a 1926 F - A
Refunding A exten 4 Ha. .1931 J ■ J
Mlnnoap St 1st cona g 5 a . .. 1919 J ■ J
Montreal Train lat A ref 5a.1941 J - J
New Orl R yA Lt gen 4 H S - - 1935 J - J
N Y Munlclp Ry lat a f 6a A 1906 J - J
N Y Rys 1st R E A ref 4 s .-.1942 J - J
30-year adj Inc 5a______ a 1912 A O
9 Y Stato Rya lat cons 4 Ha. 1902 M N
Portland Ry 1st A ref 6s____1930 M- N
Portld Ry Lt A P 1st ref 68.1912 F - A
Portland Gen Elec 1st 5s. 1935
J
St Jos Ry, L, I I A P 1st g 5s. 1937 M - N
at Paul City Cab cons g 5 s .. 1937 J - J
Third Ave lat ref 4s.......... ..I 9 6 0 J - J
Adj lno 5s...........................al900 A - O
Third Ave Ry lat g 5s............ 1937 J - J
Tri-City Ry A Lt lata f 6 s .. 1923 A - O
Undorgr of London 4 H a ___ 1933 J - J
Incomo 8a.............................1948
Union Kiev (Chlo) 1st g 6 a .. 1949 A - O
United Rys Inv 6s Pitts Ies.1926 M -N
United Rya St L lstg 4s____1934 J - J
St Louis Transit gu 5s____1924 A - O
United RRs San Fr a f la___1927 A - O
Va Ry A Pow lat A ref 5s.Il934 J - J
CSa* and Electric Light
Atlanta G LCo 1st g 5 a
1047 J -D
Bklyn Un Gaa 1st cona g 6a’ l915 M -N
Buffalo City Gaa lat g 5 a ...1947 A - O
Clnoln Gas A Eleo IstArcf 5a 1956 A - O
Columbia G A E 1st 5 s ____ 1927 J
ColuraDus Gas lot gold 6 a .. 1932 J - J
Conaol Gaa conv dob Oa____ 1920 Q - F
OonsGasE LAP of Balt 5-yr 5s’21 M -N
Detroit Clt 7 Gag gold 5 s . . . 1923 J - J
Detroit Gas Co cons 1st g 5a 1918 F - A
Detroit Edison 1st coll tr 6a. 1933 J - J
1st A ref 5s sor A _______ 51910 M - 3
Eq G L N Y lat cons g 5 s .. 1932 M- 8
Gaa A Eleo Borg Co 0 g 5 a .. 1949 J -D
Havana Eleo consol g 5 a____ 1952 F - A
Hudson Co Oaa 1st g 5s____ 1949 M -N
Kan City (Mo) Gas 1st g 5s. 1922 A- O
Kings Co El L A P g 5s
19 37 A - O
Purchase money O s.. " 1 9 9 7 A - O
Convertible deb 0s._
'i o 2 <> M- 8
Ed El 111 Bkn 1st con « 4 s l l 939 J - J
Lao Gas L of St L 1st g 6 s . .e l 9 io Q - F
Ref and ext 1st g 5s............1934 A - O
Milwaukee Gas L 1st 4s____1927 M -N
Newark Con Gas g 6 s____
194 s J - D
N Y O E L H A P g 5s____1948 J - O
Purohase money g 4s____ 1949 F - A
Ed El fl 1st cons g 5a____1995 J - J
NYAQ El L A P 1st con g 5s 1930 F - A
Pacific G A El Co Cal G A E
Corp unifying A ref 5 s ...193 7 M- N
Pacific G A E gon A ref 6 s . . 1942 J - J
Pac Pow A Lt 1st A ref 20-yr
5s Intornat Series......... .......1930 F • A
Pat A Passaic G A El 5s____1949 M - 8
PeopGasAO 1stcon sgd s.. 1943 A - O
Refunding gold 6 s...............1947 M - S
Registered_____________ 1947 M - S
Ch G-L A Coke lstgug 5s. 1937 J - J
Con O Co of Chi 1st gu g 5s 1936 J - n
Ind Nat Gas A Oil 30-yr 5s 1936 M - N
Mu Fuel Gas 1st gu g 5 s .. 1947 M -N
Philadelphia Co conv 6 s____1919 F - A
Conv deben gold 5s............1922 M - N
Stand Gas A El conv s f 6 s . . 1926 J -D

Low
High
lOO's
10034
1067s
1007S
92
923s
102 Mar’ 16
90 Apr *10
92 Fob ’ 17
92 Feb '17
42% Aug 15
98t2
99
10412
104%

100

76%
85

2

8 1 % ____
91 ____
70
70'
103>2 1015.|
81% 86 %
51 ..

102 10 211
____
____
78

99%
993s
80

85

8712

86 % 87
86*2 Sale

100

105 Oot ’ 16
100% Mar’ 17
80 Jan '17
105>2 Feb T7
80 A u g'12
73 Mar’ 17
84% Jan T7
7g Jan ’ 17
l«l Jan '17
2 Oot '16
U2 N ov’ 16
t4 Aug TO
■4 July’16
8 GI4 Jan T7
01% Aug ’ IB
70
7034
10314 Feb T7
80
83
37 Oot TO
103 Mar'17
100 Feb ’ 17
99 % Mar’ 17
78
78
80 Sept’ 18
86 Mar’ 17
87
87
86>2
86%

Range
Since
Jan. 1
Low
100
100
92

High
108%
108%
94%

91% 92
91% 92
98 100%
104% 106%
99% 101
100% 100%
80
80
105% 105*2
73
77
84% 84%
1%

85% 80 %
70
75%
103*4 105%
85% 80
10012
100
99.%
78

103
100
99%
82

86
85
86

88%
88%
91

99% 1007S 993i
9934
99% 101%
75
____ 75
75
75
77%
99% Sale 9934
997S
99 101%
____ 100% io n 2 Jan '17
101*2 101%
____ 89% 94i2 N ov'10
101 May’ 13
------- 99's 99i.t Mar' 17
98% 101%
9918 Mar’ 17
____ 10 0 t8
99 101%
5 823S 86%
82t2 Sale 82%
8212
85
87
____ 82t2 85 Jan T7
71 Mar’ 17
70% 71%
____ 75
903.1 " 2 6 95% 9734
96'! Sale 96l.i
101% 101'%
1 0 0 U ____ 101% Feb T7
10 0 ' s ____ 100 Mar’ 17 -27l 100 101%
833S 83%
86
85 '2 Sale S5t.i
84 Jan T4
67>s
6 U2 09%
66% 0733 66
19
19'
18
25%
19 Sale
100 Feb '17
100 10 0 %
____ 100
05% 73%
69t2
69'2 Sale 09's
97'.i Sale 97's
9714
97
99%
____ 917S 91 Mar’ 17
90*2 94
90%
90% Sale 90
90
94*2
98 Feb T7
98
99i2 98% Mar'17
99U 9914 Feb T7
30 Mar’ 14
103 Mar’ 17
93 N ov'16
IC 0'8------- 101 Aug TO
------- 957s 96% Jan T7
86 83*4 Aug TO
99 Mar’ 17 : : : : i
99
9
69
69 Sale 6812
59
3912
3912 Sale 39
1
81
84
84
80
88% N ov'16
92
89
78*2 Jan '17
78
77
00% Feb T7
00'4
100 Fob T 7
100
10 Mi 103<2 10 2 % Mar’ 17
787g
7678
70%
75
653,1
05U 0914 05 %
101% too 1053s Mar'17,
100 100% 100 Mar’ 17
8978
Mar’ 17
*6334 ------N ov’ lP
84 Oot ’08
7 Us 70 Mar'17
01% Feb T7
08
50 Feb '17
52
53
41
39t2 10 t 40%
89% Mar’ 17
89% 90
103 Sept’ 15
103% . . .
104%
104 105 104%
lO T ------- 51 June'13
10012 10 1 1003( 1003!
OOt'.
90% Sale 89%
97 Feb T
11534 Sale 115%
117%
105% 106% 106 Mar’ 17
10078 Mar’ 17
ioo78 ion
10 1 . . . 101% Oct TO
10312 101 103% Mar’ I7
101%
1 0 1 % Sale 101
100% M ay’ 15
100 Fob T3
100 ..
91% 93t2 93 Mar’ 17
102% Feb T7
10212 ..
90% Deo TO
101
10 0 . . . 101
110 117 110% Jun T7
128 Oot TO
108 120
89
89% 88 Mar’ 17
100%
1C078 Sale 100%
10 Ms
lOMs lOMi 101%
92% Mar’ 17
92*4 94
1 0 3 % ____ 104% Mar’ 17
103%
103 Sale 103
84%
85
81% 85
108 ____ 10 8 % Deo TO
1 0 1 % ____ 101 Mar’ 17

9934 100 99 %
9134 Sale 9 l 5s

99%
91%

95 Jan T7
91
1007S 99% Oot T5
115 Jan T7
Iof% 100-%
101
991.i 99 3opt’ 13
10 fu
101
101
lOO’s
101% Jan '17
89 Mar’ 17
”9934
100% Feb '17
97 100
99% N ov’ 16
94
94% Feb T7
89
102 10 2 % 100 Feb T7

98 100
98% 100
99% 99%

163"
00

ids"
90%

99
99%
65
71%
35% 47%
81
87%
77%
()()t2
100
102%
70%
64*2
105%
100
89*2

78*2
90*2
100
102%
80%
73%
108
101
90

70
61
50
34*2
88*2

70
61%
53
42
93%

104% 107%
100% 101
87
90*2
114% 129
106 108%
100% 101%
103% 105*8
100% 102
93
94
102*2 103%
101 ‘ 105%
116 110%
88
100%
100
92%
101%
10 1 %
84*2

88
102*s
102%
9334
101%

101

101

10534
88

99% 101
91*2 93%

100

105
101

115
100

115
102%

101
101%
89
100%

103%
101%
92
101%

92*4 94*4
100 102

BONDS
N. Y. STOCK EXCH A N G E
Week ending March 30
Syracuse Lighting 1st g 5 s ..1951 J - D
Syracuse Light & Power 5 s .. 1954 J - J
Trenton G * El 1st g 5s____1949 M - S
Union Eleo Lt & P 1st g 5 s .. 1932 M - S
Refunding A extension 58.1933 M -N
United Fuel Gas 1st s f 6s. 1936 J - J
Utah Power A Lt 1st 5s____1944 F - A
Utica Eleo Lt A P 1st g 5 s .. 1950 J - J
Utica Gas A Elec ref 5s_____ 1957 J - J
Westchester Ltg gold 5s____1950 J - D
Miscellaneous
Adams Ex coll tr g 4s______ 1948 M - S
Alaska Gold M deb 6s A ____1925 M - S
Conv dob 6s series B _____ 1926 M - 8
Armour A Co 1st real est 4 Ha ’39 J - D
Booth Flsherlos deb s f 6c ..1 9 2 8 A - O
Braden Cop M coll tr s f 68.1931 F -A
Bush Terminal 1st 4s............1952 A - O
Consol 5s..... ......................... 1955 J - J
Bldgs 5s guar tax ex_____ 1960 A - O
Cerro de Pasco Copp env 6s 1925 M - N
Chic UnStat'n 1st gu 4 Ha A 1963 J - J
Chile Copper 10-yr conv 7s. 1923 M -N
Computing Tab-Rec a f 6 s .. 1941 J - J
Granby C onsM SA P conO sA ’28 M -N
Stamped................................ 19 28 M -N
Great Falls Pow 1st s f 5 s .. 1940 M - N
Int Mercan Marine s f 6 s ...194 1 A - O
Montana Power 1st 5s A ___1043 J - J
Morris A Co 1st s f 4 H s____1939 J - J
Mtgo Bond (N Y) 4s ser 2 . . 1966 A - O
10-20-yr 5s series 3 .......... 1932 J - J
N Y Dock 50-yr 1st g 4 s ...195 1 F - A
Niagara Falls Power 1st 5s. 1932 J - J
Ref A gen 6s.......................al932 A - O
Nlag Lock A O Pow 1st 5 s .. 1954 M - N
Nor States Power 25-yr 5s A 19 4 1 ____
Ontario Power N F 1st 5 s .. 1943 F - A
Ontario Transmission 5s____1945 M -N
Pub Serv Corp N J gen 5 s ..1959 A - O
Tennessee Cop 1st conv 6 s ..1925 M - N
Wash Water Power 1st 5 s .. 1939 J - J
Wilson A C o 1st 25-yr s f 6s. 1941 A - O
Manufacturing & Industrial
Am Ag Chom 1st 0 5s______ 1928 A - O
Conv deben 5 s . . .................1924 F - A
Am Cot Oil debenture 5s___1931 M -N
Am Illdo A L 1st s f g 0s____1919 M - 8
Amer Ice Seeur deb g 6s____1925 A - O
Am Thread 1st coll tr Is____1919 J - J
Am Tobacco 40-year g 6 s .. . 1944 A - O
Gold 4s............................. ..195 1 F - A
Am Writ Paper 1st s f 5s__ 1919 J - i
Baldw Loco Works 1st 5a__ 1940 M -N
Beth Steel 1st ext s f 5a____1926 J - J
1st A ref 5s guar A ______ 1942 M -N
Cent Leather 20-year g 5 a .. 1925 A - O
Col F A I Co gen s f 5s____1943 F
Consol Tobacco g 4s_______ 19 5 1 F - A
Corn Prod Ref a f g 5s......... 1931 M -N
1st 25-year s f 5s..............1934 M -N
Cuban-Am Sugar coll tr 0 a ..l9 1 8 A
Distil See Cor conv 1st g 5a .1927 A - O
E I du Pont Powder 4H S ---193 6 J -D
General Baking lat 25-yr 6 s .1936 J - D
Gon Electric dob g 3H a____1942 F - A
Debenture 5a____________ 1952 M - S
111 Steel deb 4H s..................... 1940 A - O
Indiana Steel 1st 5a..... ........... 1952 M -N
Ingersoll-Rand 1st 5s______ 19 35 j
Int Agrlcul Corp 1st 20-yr 5s 1932 M -N
Int Paper Co 1st con g 6 s ...1 9 1 8 F - A
Consol conv s f g 5s......... .1935 J - J
Laekaw Steel 1st g 5s______ 1923 A - O
1st cons 5s Series A ......... 1950 M - S
Liggett A Myers Tobac 7 s .. 1944 A - O
6 a . . . .......................................19 5 1 f - A
Lorlllard Co (P) 7a.................1944 A - O
. « « • ....... ..................................... 1951 F Mexlcan Petrol Ltdcon 6 s A 1921 A
1st lien A ref (is series C ..1921 A
Nat Enam A Stpg 1st 5a...1 9 2 9 J
Nat Starch 20-yr deb 5s____1930 J
National Tube 1st 5a............1952 M
N Y Air Brake 1st conv 6 s . . 1928 M
Railway Steel Spring—
Latrobe Plant 1st s f 5 s ..1921 J
Interocean P 1st s f 6 s ...1931
Repub I A S 10-30-yr 5s s f.1940
Standard Milling 1st 5s____1930
Tenn Coal I A RR gen 5 s ..1951
The Texas Co conv deb 6 s .. 1931
Union Bag A Paper 1st 5 s .. 1930
Stamped______ __________ 1930
U S Realty A I conv deb g 5a 1924
U 8 Rubber 10-yr col t r 6 s ..1918
U S Smelt Ref A M conv 6s. 1926
U S Steel Corp—Tcoup___ dl9G3
3 f 10-60-yr 5a/reg____ dl963
Va-Car Chora 1st 15-yr 5 s .. . 1923
Conv deb 6s____________ el924
We3t Electric 1st 5s D e c ... 1922
We3tlngh’80 E A M notes 53.1917
Coal & Iron
Buff A Susq Iron s f 5s......... 1932
Debenture 5s___________a 1926
Col Indus 1st A coll 5s g u ...l9 3 4
Cona Ind Coal Mo 1st 5 s . . . 1935
Cons Coal of Md IstArcf 5s. 1950
Continental Coal 1st g 5 s .. . 1952
Gr Rlv Coal A C 1st g 6 s ..61919
Kan A H C A C 1st st g 5 s .. 1951
Pocah Con Collier 1st s f 5s. 1957
St L Rock M t A P 5s stmpd. 1955
Tenn Coal I A RR—
Cah C M Co 1st gu 63 ____1922
Victor Fuel 1st s f 5s..............1953
Va Iron CoalACoke 1st g 5s. 1949
Telegraph & Telephone
Am Telep A Tel coll tr 4 s ...192 9
Convertlb e 4s___________ 1930
20-yr convertible 4 H s____ 1933
30-yr temp coll tr5s_____ 1946
Cent Dlst Tot 1st 30-yr 6 s .. 1943
Commercial Cable 1st g 4 s ..2397
Registered ______________ 2397
Cumb T A T 1st A von 5s___1937
Keystone Telephone 1st 5 s .. 1935
Mot.ropol Tel A Tel 1st s f 5s 1918
Mich State Telep 1st 5s____ 1924
N Y A N J Telephone 5s g.1920
N Y Telep 1st A gen s f 4 H a. 1939
Pae Tel A Tel lat 5a...............1937
South Bell Tel A T 1st s f 5s. 1941
West Union coll tr cur 5s___1938
Fd and real est g 4 Ha____ 1950
Mut Un Tel gu ext 5s___.1941
NorthwestTel gu 4H s g .,19 34

1349
Price
Friday
March 30

Week's
Range or
Last Sale

Bid
Ask
101 101%
85
90
101% ____

Low
102%
85
101%
101%
101%
-------100*2 100*4
94% 94% 95
103 ____ 102%
100% . . .
100
102% 105 105
78
72

79%
76
68 % 71
93% Sale
91*2 93%
96% 96%
87
87%
87*2 89
86*2 87
115% 117
99*2 Sale
128 129
86 % Sale
105*2 107%
104% 107
10 1 1 0 1 %
95*2 Sale
99*4 8 ale
93*4 93*»
75*2 76
101 102*2
____ 107*2
90
93*2
96% 97
90*2 92*2
83
90
90*8 Sale
90
90%
____ 102
103*4 Sale

High
N ov’ 16
Mar’ 17
June’ 14
Deo T6
N o v ’ 16
100%
95
M ar’ 16
Mar’ 17
Mar’ 17

79
80
72*s
75
71
72*
93*2
94
92 Mar’ 17
96*2
97
87
87
90 Mar’ 17
86*2
87
116
110
99*2
99%
127
131
86 % 87
107 Feb T7
107 Feb T7

Range
Since
Jen 1
Low

High

85

87%

100
94

101%
96%

100
102

101
106

79

84*i

67*2 85
67% 84%
93%
92
96%

86*4
86*2
90

94%
92
98
89
93%
90%
118

113
99% 101%
123% 132
85*2 87*2
104 109%
104 109%
10 1
10 1
10 1 102%
95%
96% 815 88 % 96%
99
99*2
45 99 100*4
93% Feb T7
93% 93%
83 Apr T4
94 June’ 16
75*2 Mar’ 17
75
75*2
102
102
101 103
105% Oot T 6
94% Jan T7
94% 94*2
97
97
98% 99
91
91*2
91
94%
86 Sep '16
90
91%
90
93
90*2
90*2
88% 90*2
103*2 Jan '14
102%
103%
101% 103%

101% 102%
101 Sale
94*2 90
103 Sale
98 100
98*2 99
119 ____
83% 85
91% Sale
103*2 104*2
102*2 Sale
99% 100
101*2 Sale
93*2 94
8 1 % ____
------- 99%
99
99*2
101 101%
64*2 Sale
101*2 104*
------- 95
78
80*2
105 Sale
91*2 Sale
103 Sale

101*2 Mar’ 17
101% 104%
101
103
99% 105
94%
94%
94% 97%
103
103*2
103 104%
99% Mar’ 17
97*2 100*4
98% Mar’ 17
98% 99%
119 M ar’ 17
119 119%
83*2 Mar’ 17
83% 85
91
91%
86% 92
104
104
104 104*4
102*2
103
100 104
99%
100%
98*2 102
101%
102
100*2 103
94 Mar’ 17
92% 97%
81
Mar’ 17
81
81
99 Feb '17
9S% 99
99 Mar'17
97% 99*i
101 Mar’ 17
101 102
64*2
67
63
70
104
104
103% 104*2
85 Mar’ 16
78 M ar’ 17
78
81%
105
101*2
104*2 106%
92
91%
91% 94
102*2
103
101 103%
100 Oot T3
4%
73% 75*4
74%
71% 75%
100*2 100% 100
tuu
100*2
3 100 102
100 100*8 100
100
4 98*2 100
100% Sale ' 100%
101%
6, 100 101%
98% 99*4 98*4
99
159 93*2 99*2
127*4
------- 127
128%
9, 127% 129
100% Sale 100%
100%
23 100% 101*8
12 4 120 125%
126
24 124*2 128
100% 100*2 100*2
100%
8, 100 103
105*2 109 107
107
4 105*2 107
105% 112 107
107
8 105*2 109
100 100% 100
100
1 100 102
90% 91*2 91% Mar’ 17
90
91%
101% Sale 101%
102%
101 103
103% 106 103*2 Mar’ 17
102 106
100% 101% 100% Feb '17
100*2 101
99
99% 99 Mar’ 17
99
99%
100%
100%
24 99% 101%
100%
1 99% 101
100's Sale 103%
101 102 101
101
3 101 103%
104%
104*2 Sale 104*2
23 104% 106*8
88 % 90 88*2 Mar’ 17
88*2 93*2
88 % 92 89*2 89*2 ” 6 88*2 90%
57
60
57%
57%
1 53% 64
102 102% 402
102%
10 102 104%
104% Sale 104%
105
7 104% 109
105% Sale 105%
106
315 105*2 107%
105*4 Mar’ 17
105% 107
’ 99% ‘ 997s 99%
99%
23 99 100%
100*2 Sale 100% 100*2 2 100 103
101*2 101% 101*4
101%
0 100% 102%
100 100% 101 Feb T7
100% 101%

100 % 10 0 %

96*4____
------- 95%
80 Sale
70
94
95
35
------- 92
93% Sale’
85
86*4
------87

98%
91
80
73
94
99%
04%
99
93'a
84*2

Jan T7
91
81
Mar’ 14
Mar’ 17
Feb '14
Mar’ 10
July’ 15
93%
84%

101 Deo T4
80 Deo '16
75
88% 87*4
87*2

91% Sale
105*4 Sale
1007g Sale
102*4 103%
73 ____
------- 75
100*2 100%
____ 100
100% 101
100 100*s
1 0 1 % ____
98*4 Sale
100 Sale
100 100%
100 102
95*2 Sale
9 9 % ____

91%
100
105%
100%
102%
73
71
100%
98
100
99%
101%
98*4
100
100*4
99%
94%
101%
94

96% 96*8
91
93%
77*2 81
02

94%

93% 95*4
84*» 86

85

90*2
91*2
Mar’ 17
98
105% 108 103%
101% 259, 100
Mar’ 17
102*4
N ov’ 16
May’ 16
101
99%
Apr TO
Feb T7
100
99%
99
Jan '17
101%
98%
98
100%
100
100%
99%
100
99
95*2
93*2
Apr TO
N o v ’ 13

87*2
92%
101
106%
101%
103
101*8
101*2
101%
101%
100*4
102
101%
103%
99%

No prloo Friday; latest bid and asked. « Due Jan . 4 Due April. « Due M a y, 0 Due June. A Due Ju ly , t Due Aug. a Due Oot. p Due N o v. t Due Deo. 2 Option sale




B O S T O N S T O C K E X C H A N G E — S to c k R e c o r d

1250
an a s m
Saturday
March 24

p r ic e s — n o t

Monday
March 26

Tuesday
March 27

per

centum

Wednesday
March 23

p r ic e s .

Thursday
March 29

Friday
March 30

Sales
of the
Week
Shares.

STOCKS
BOSTON STOCK
EX C H A N G E

Sea N ext P age

Range Since Jan. 1.
Highest

[Vol. 104
Range for Precious
Year 1918
Lotostt

Highest

170 Feb 6 175 Jan 11 172 Deo 198 Feb
38 B
171 171
170 ►170 171
881* Jan
79 Jan 19
051* Apr
60 Feb 9
744 B
75
75
76
76
70
105 Jan 22 133 Mar22
119 Deo 145 Feb
6 B
130 ►130 ____ 130 130
52 Feb
45 Marl6
34 Aug
39 Jan 30
396 B
40
42
43
41
42
212 Jan 21 213 Jan 30 200 Aug 2351* May
____B
Last Sale 213 Mar’ 17
215
5 Jan
41* Feb
__ B
Last Sale 4i2 May’ 16
4
401* Fob
27i2Jan 24
25 Mar 3
30 Deo
Do
pref.
Last Sale 25 Mar’ 17
30
51 * Jan
4
Mar
oston
&
Wo
.
.
B
4
Last Sale li2 Nov’ 16
451 * July
38 Feb 5
42 Feb
35 Mar23
Do
pref.
40
Last Sale 35 Mar’ 17
154
July
150
Jan
5
150
Jan
5
150
Oct
____
____
30
C
155
____ 150
110 July
105 Feb 3 108 Jan 27 10 212 Apr
Do pref
57
____ ____
IO6 I4 106 106
125 Mar 2 140 Mar28
123 8 ept 10 2 Feb
7c
____ ____
140 ►135 140
87 Feb
7812 Mar22
69 Mar 2
89U Sept
10iF
____ ____
77
*75
77
131*4 Deo
126 Feb 20 133 Jan 17 122 Jan
Last Sale 128 Mar’ 17 ........... G
12912
94 Deo
92>2Jan 9 z86 Jan
91 Mar 5
Do
pref.
Last Sale J1 Mar’ 17
93
99 Feb 14 1001* Mar 7
98 Sept 102 Jan
10 M
99'2 99 '2
100
*99 100
8 * 4 Aug
512 Mar24
37* Mar 1
41* Deo
____ ____
390 M
5
5
2712 Jan 9 26 Deo 44 Aug
22 Mar 8
Do pref stamped_______ 100
____ ____
437
25
25
25
52*4
Jan
2
77*4
Jan
365*
Feb
jo
50
Doo
828 N
46U 46*8
4012 45*., 47
1 1 0 0 Mar 12 103 Mar28 97 Jan 107 Sep*
5 N
103 *103
____ ____ ____
167 Feb
120U MarlO 135 Jan 6 134U Deo
31 O
123
122 12 2 12 2 122
3412 Feb 13 20 May 3 51 * Deo
24*4 Feb 2
pref.
160 R
____ ____
32 *____ 30
103's Feb 14 110 Jan 15 1001* Aug 125 M ar
16 V
1 1 2 *108 1 1 2 108 108
671* Jan
x55 Sept
51 >4 Feb 1 66 I2 M arl7
123 V,
____ ____
53
*52
54
86 Feb
74 Jan 6
70 Feb 16
69 July
.100
Do
pref___________
133
74
*72
74
...................
Miscellaneous
93UJan 26
102 Nov
84 Feb 14
64 Apr
92
Last Sale 93 Mar’ 17 ............A
♦92
*88>2 9212 *90
9312 *8912 92
98*2 Feb 13 10312 Jan 27
951* Mar 105 Deo
Do
pref.
381
10H2 101*4 10112 IOU2 10 1'2 IOD2 IOU2 IOH2 1 0 U2 10 H2 10 1'2 10 1'2
2*g Jan 9
314 Apr
1*8
Jan
8
.mer
Pneum
*4
Deo
350
A
*1'4
1«2
17*
*13
4
17*
*U
2
1*8
1*4
1*4
*1*4
1*2
1'2
10 May
8>4 Jan 2 14 Mar 8
*___
7 Deo
Do
pref.
55
12*4 *10*4 12*4
10'2 10>2
1212 *10*4 12>2 Zl0*4 10*4 *11
125U Oot
105)2 Feb 3 115 Feb 21
106 Apr
____ ____
101 A
*112 113 *11U2 11212 113
13*2 113*4 l i t *112 113
116 Mar 1 121i2Jan 24 1141* Mar 124 Oot
Do
pref.
143
118 118>2 119 119*4
1197* 120
119 119l2 119
19*4 119 119
123 Jan 12 128<4 Jan 25 123 Deo 134ii Sept
12712 1277* 125*4 12012 3,080 A
12712 128
127l2 127*4 1271,1 12712 127*s 128
52l2 Mar 6
56*4 Nov
40 Feb 1
42 Aug
71 A
51
51
51
*50
50*t
51
51
51
51
51
*50
*50
10 1*8 M ar
94i2 Feb 3 100 M arl5
92 Jan
Do
pref.
320
977*
97*4 98
9712 98
97i2
9712 98
9712 98
97*2 93
74 Jan 3
70 Jan 16
66 Jan 79 N ov
__
222 A moskeag M
____ ____
71
71
71
71
70
71
*71
*70
71 '4
9712 Jan 5 98 July 101U Feb
95 Jan 31
Do
pref.
57
95
95
96
*____ 96
95
90
96
*95
*95
147*4 Deo
S9'2 Feb 23 I 2 U2 Jan 22
27 Jan
4,508 A
1107* 113'.,
112
.14
112>2 110
116
17
112*1 1141.4 11U2 113
5512 Feb 9 60 Jan 4 42 Jan 721* N ov
pref.
11 Do
64
64
*62
65
*62
64
621? 6212
*62
65
03
63
257* July
19 Jan 2
13i4
Feb
3
«®
8
's
Apr
............C
18
Mar’
17
Last
Sale
17
18
17
*17
*
16*4
*17
18
*16*4
10 Jan 22
81* Jan 2
8 I4 Deo 13** Jan
Last Sale 9*3 Mar’ 17 . . . . . . E
*9
10
*912
*9U 10
*914 10
19754 Jan 24 220 Jan 4 225 Doo 250 M ar
102 E
205 205Vi ____ ____
•207 20912 207 207 *207 209*2 205 207
186 Oot
161*4 Feb 10 170>4 Jan 16 159U Apr
Last Sale 165'4Mar’ 17 ............C
167 *16512 166*2
109 * 1671.1 IO8 I4 *105
•167
100 Feb 3 102 Jan 18
95 June 1021* Sept
____ ____
35 \
101 *100
101
101
.01
101 101
*100
101 *100
87 Feb 3 10012 Mar23
79 Sept 100*4 N ov
98
99'2 3,507 \
98*4 9914
.00
100
9812 99
I00l2 99
98*4 98*4
89 Feb
81 Mar30
78*4 Feb 28
Do
pref.
142
81
80's
80
*80
81
80
80
80
80*2
80
80!2 81
100 102 ' Mar29 109 Jan 31 155 May 181 Nov
____ ____
4\
104 *160
104
:63
162 102
*160
16212 1621? *160
2U Jan
1
M
arl6
1
MarlO
10
14
Nov
............\
1
Mar’
17
Last
Sale
*1
*1
*1
*1
19 Apr
100
10 Deo
lit* Dec’ 16 ______ \
100 38 Jan 26 40 Jan 17 35 Nov 44 Feb
Do
pref________
38
Feb’ 17
42 Deo
100 30 Jan 9 95 Mar26
392 brew Eng Cotton Yai
____ ____
94
94
95
90
90
*85
91
85
90
90
100 00 Jan 10 90 Mar27 50 Jan 66 Deo
Do pref_________________100
11
____ ____
90
*75
90
85
*75
90
*75
90
*75
100 120 Feb 14 124>2 MarlO 120*4 Deo 140 M ar
237 In
12 m 122
122
122
122
12114
122
1221* 12212 122l2 122*4 122
100 135 Mar 5 147 Jan 19 1021* j ftn 105 N ov
*
____ ____
50 In
141 »____ 141
140
*138
140
•138
100 97 Mar 1 112 Jan 11 102 Deo 15514 NOV
Last Sale 101 Mar'17 _ „____ Is
110
110
115'
*90
110
*90
*90
*90
100 159 Mar27 10014 Jan 25 1581* Apr 175 Oot
59 P
162 102
[02
162
162
159 159
162
162 162
69 Oot
40 Jan 3
30 Feb 15
50
351* Deo
____ ____
840 P
347*
34
34
•32
34
33
33
33*2
33
33
10 Mar29
I6i* May
14 Jan 25
10
15 Feb
____ ___40 n
1512 *15
10
16
16*4
•1512 16*8 *15'2 101* *15
177 Oot
100 133 Feb 3 157 Mar30 125 Feb
11,410 3
145
145
145 151
144*2 145
149L 151*4 150 1541? 154 157
67
M
arl2
55
Feb
3
70
NOV
25
35
2
1
02
00
00
62
62
60
61
60
00
*60
*60
60'2
33 Jan 4
33 Mar
30's Feb 8
25
28 Jan
Do
pref.
20
*301* 31
•30's 31
*30's 31
30's 301* *____ 30's ____ ____
1541* Jan 22 1301* Jan
168*4
Aug
134'2
Feb
9
100
1,150
€
140
142
142
145
1411*
142*4
141
142
145 14512
M IL 142
68'4 Jan 3 60 June 631* May
54*4 Mar 13
25
2,369 l
557* 56
55t2 50'*
5578 56*1
55*4 55*.,
561* 50*8
5512 56>4
31 Sept
30'* Mar 8
29 M arl3
281* Jan
25
Do pref______ ______ _— 25
211
29
29
29's
291*
29
29
291* 29 >8 29
*29
29's
29's
99** Feb 3 118 Mar21
79*4 Mar 129*8 N ov
.100
1161* 1173* 114*4 II 6 I2 1141* 11512 115 115*4 1147* 1155* 114*4 11512 4,413 l r S Steel Corporate
122*4 N ov
.100 116*4 Feb 2 121 Jan 27 115U Feb
Do
pref_______
Last Sale ll8i.,Mar’ 17
•118 11812 ♦118 118*2 *118 118l2 *118 118*2
13 Jan
87* Jan 26
6'* Mar30
6
6*8 Sopt
07*
07*
0'2
O'?
6 '*
65s 3,605 \
078
6*4
0*4
0*4
6*4
0*8
Mining
67* Deo
4i*Jan 2
3 Jan 12
25
1*4 Feb
270 A
*3l4
3*.,
*3
3i2
3*4
3*8
3
3
3i2 *314
*312
312
94 Feb 3 108 Jan 2
25
91 Aug 1261* N ov
111 A
102 102
102 102
102 102
102 102
100 101
101 101
1
1
1
*
Jan
2
26i*
Jan
10
0'4
Feb
8
10
Doo
5,862 A
9*4
9
9
9*2
9
O'*
9
9*s
8*4
9*4
*8)4
8'4
lUJan 2
21* N ov
25 .90 Mar 3
*4 May
1 *.90
1 *.90
.99
Last Sale .95 M ar'17 ............J
1 *.85
*.85
831*
Nov
70
Mar
0
58
Feb
3
25
60
Deo
195
it
65
65
65
06
06*.,
66
C6'2
6512 65
66'2 O6 I2 ♦65
H 'sJan 26
97*8 Apr
25
30*4 Feb 3
29't July
3,660 i!
37
36*4 30*4
3012 36*.,
36
36*2 30*4
3612 37
35U 37
60 July
73 Jan 3
80i* N ov
25
65 Feb 8
Do
pref.
731
08
68'2
68
0914 69*4 70
09
68
70
69
08'4 09
151* Jan 4
18 N ov
10** Feb 3
5
7*8 July
730 7
131* 131.1
13's 13>2
1312 137* *1312 14
1312 13*2
13l2 13*4
2 i*Jan 26
51 * Feb
10
1*8 Feb 23
l 'l Aug
115 l
*1*8
1*4
*1*8
1*8
*U2
*112
1*4
1*2
U?
1*4
1>2
1'2
52 Jan 26
105U
Mar
10
39*4
Feb
2
42
Deo
5
l
46
40
*40
46*,
♦451
2
•47
45*s 45*8 *45l2 47
47*4 *4512
85UJan
20
10
101
N ov
73>2
Feb
3
66
Juno
81
8012 81
80
8 OI4 80'8 Sola 1,258 C
8 U2 80 81
80*2 81
25 525 Feb 3 680 Feb 20 610 Deo 640 N ov
78 C
550 550
550 555
550 550
555 560
550 555
550 550
27<s
Jan
16
27
N ov
25
19
Feb
3
14
July
35
C
21
21
*20
21
*21
22
21
*20
2 1>2 *20
*20
21
73*8 N ov
63 Mar 7
5
53 Jan 6
46 July
145 C
5778 577*
*571., 57*4
6712 57 >2 57*4 57*4 *5712 58
591.1 59U
87*4 Nov
08 Jan 17
641* July
25
57 Feb 3
3,952 t
64l2 63
63
03*4 04t2 633, 04
63>2
041.1 05
6312 65
37* Mar
3 Jan 12
2** Feb 8
. 20
2 July
55
*214 2*4 *2'4 2*., *21,, 2*4
21?
21?
*2l.i
2*4
2*2
2'2
7laJan 16
7U Deo
47* Feb 3
. 10
4*4 Deo
5%
5U
5*8 4,115 I
5*i
5>2
51?
5*2
5*8
5*8
5*4
5*8
5*8
10 Jan 3
12
Feb
3
20
Nov
.
10
l
l
'
i
July
Eaat
Butte
Copper
Min___
965
14U
14'.,
14l2
14l2
141*
141*
141*
14's 14i4
HI 4
UI 4 14*4
9 Mar 0
1314 N ov
25
7 Feb 1
6 June
180
8
8
8
8
8
*8
•8
8 't
8'.,
8 I.1 8
8'4
92 Jan 17
.100
80'2 Feb 5
79 July 120 Nov
25 (
*84
89
88
♦80
89
•85
89
*86
89
86l2 86'2 *86
401* Jan 3
.100
41 Feb 27
5514 Nov
34*4 June
423,
Last Sale 45 Mar’ 17 ............1
*42
44
*4212 43
*4212 431S *42
201* Jan 19
231* Nov
14>2 Feb 13
10>t June
. 25
47
10
101? * 1012 17'.,
161, I 6 I4 * 16 ', 17
•1712 18
*1714 18
01 * N ov
4 Mar22
l»s Feb 16
2 July
. 25
90
4
4
*312
31?
312
31?
*3'4
3i2
3i2 *3i.i
3<2
*312
7 3 * 4 Deo
7012
Jan
25
.
1
58
Jan
2
42
Sept
6,035
68
69
64
68
69*2
67
60
69
7012
66*2
67'4 68
93i2 Mar 15
1 89 Feb 5
931* Deo
88 Jan
Do
pref.
215
91
91
*90
91 '2 92
•91
9112 9Ua *90*2 92
9U 2 *90
36 Jan 18
25 July
. 25
29ia Feb 3
43 Nov
200
33
34
34
33*4 333,
34
*32
33
33
*32
34
31
5 Feb 15
. 6
4*8 Feb 20
31* Mar
5*8 May
350
412
41?
*414 4<2 4** 4*s *414 412 *-t'4 41j 412 412
4*4 Jan 27
8 Apr
. 25
26* Mar29
2*4 Feb
770
3
3
3
3
2*8
2*8
*2*8
3
31*
31?
3'4
8*4
18 Jan 2
11 Feb 2
19 1 * Feb
. 25
OU July
091
1412
14
133, 13*4
•14U 14i2
14
l l l 2 *13*4 1412
13'2 13*4
0 i* Nov
5
Jan
10
.
25
3n
s
Feb
3
3U
July
210
4
4
4
4
4
4
4
3*8
3*.
4
*3*4
*
6*4 Mar30
9 Nov
. 5
5 Feb 9
l's Aug
605
6*2
♦6
012 ♦57*
*6
♦O'*
6*8
0's
65a
6*8
63
G«2
191*
N ov
25
10
July
111*
Feb
5
1512
JftQ
17
780
133,
13*
137*
14
13
131?
14
13*4
MI4
* 13*2 14
13l2
5 Feb
2 July
214 Feb 3 3i2 Jan 6
. 25
170
2*4 2'2 212 *2>2 2*4
21?
27*
*2l2
21?
*21*
2'2
2<4
5*2 Mar24
4*4 N ov
. 25
2i2 Jan 10
l's Jan
41j
185
*4
4*2
4
4
*4
*4
4l2
4<2
51*
5i2
4*2
98 Jan 3
77 Feb 3
77i* July 108 Nov
. 25
505
*87
87's
88
87
88
88
88
87
80*2 88
871.1 88
. 5
21*4 Feb 2 20'2 Mar 7 16 Jan 3 3 1 * N ov
............
0 Jan 2
10<4 Jan
4*4 July
4 Feb 5
. 25
485
*412
45;
413 4ij
412
412
5
41j
4s?
*4*2
412
4*2
17'4 Feb 14
9 July
14 Jan 27
24*4 J<u>
. 5
1,270
16
163, 17
10ia 16*
15*4 15*4
15*4 10
15*4 15*4
10
30 Mar20
22 Jan 25
20 Deo
.100
31*8 Nov
75
28
28
28l» 28*2 *28
28*
2812 2812 *2812 291
28*2 28K
92G Mar20
76 Jan 21
77 Deo
93U Nov
Do pref
362
91
91'
91
90's ♦90
9U 2 91lS 89*i 91*4
9112 911' *90
77* Feb 1C
8*4 Jan 2
. 5
6 Mar
9U N ov
175
*77*
8
*77*
8
81*
81
8
8
8
*8
8
HI?
20>4 Feb 2
241., Mar‘28
. 15
20 July
321* Nov
3,614
231.1 24
2312 237;
23', 24
23*2 241
2312 23*.
23*4 23’;
2*4
Jan
3
4
1 * Jan
1
Feb
IS
.
25
.60
June
39
1
*
1*4
2
2
*U2
*U 2
* 1*4 2
1*4
H?
1
1>2
27* Apr
27* Jan 12
2 Jan C
. 25
l'a July
550
*2
21
21
*2
2
*2
21.,
2*8
*2's
2'
2'4
2C
4 Jan
3 Jan 31
21* Jan 12
1U July
. 25
40
21
*2>2
3
3
3
21?
*212 3
*212
*212
213
2*2
83 N ov
55 Feb J
67*4 Mar 12
69 Deo
. 25
3s5
62>2 03
63
63
63
*62
0212 621
63
03
621, 021o
70 July 105 N ov
781* Feb J 95 Mar 12
. 25
866
94
95
93'2 94*.
93
94'2 18 5
87
04
94
94
94
11'sM ar
277* Mar21
23*4 Deo
17i*
Feb
£
.
1
C
9,418
251*
257
25
25'
20
26
24*i
201*
251*
25*
25'2
25>2
9 H 2 Feb 21 81 July 1091* N ov
84 Feb £
. 25
191
89
88
88
87
88*2
*88
89
88
88 I2 881 8812 887
20*4 June 36*4 N ov
f. 10
1C
23 Feb 1 30'2 Mar 7
650 Ray Consolidated Copper.
297* 303
*2912 30
30U 30',
30l2 30*2
*29>2 30
29*2 291
89*4 Mar 0
01>2 Jan
110 N ov
. 25
741* Feb :
518
84
841
84
84
841
85
84
85
85
80
85
84
2 Jan 2
37* Jan
l's July
1', Jan 5
. 1C
* ll2
15
630
1*
1»8
* II2
Is
1*?
1'
*1*2
1*4
112
1*2
10 Jan 5
1 2 1 * Feb
7 July
7'2 Feb !
. 1C
815
81
8*4 9
8*
81'
8*2
8*
8'a
8*i
8'2
8'2
8'2
30>8 MarlO
40*8 Feb
201* Feb 1
24*4 July
1C
............ Shattuok-Arliona_____ . . .. 10
0i., Jan 2
37* Feb 17
8i* Jan
4 Aug
. . 25
43 * 4 “ 414 *4
100 South Lake________________
*4
41
41
4
4
41
*4
*4U
281* Jan
16*8 Mar 0
121* July
13'4 Feb
140 Superior_________________. . 25
14
It'
*1412 151
*14
14
It
14
14
*14
15
16
8U
Jan
f
5
Feb
8*4 Oot
l'a
Jan
r.
it
Superior
*
Boston
Copper.
10
7,305
6*
0>2
61
6*
012 6* ,
71
7
6>2
6*8
0'2
0*8
66U Jan
00 Jan 15
47 Feb
36 Aug
. . 25
21
927 Tamaraok_________________
*59U 00
591* 591
59
59'(
58>2 591
59*2 591
5812 581
12*4
Jan
3'2
Feb
2
6
Jan
1
414
July
.
.
2£
Trinity_____________________25
555
*4
4*
4
4
4
41
4»i
*4*8
41
41*
41
4
21* Deo
.16 Jan
'1
1'2 Feb 1.
2 % Jan S
700 Tuolumne Copper------------1'2
1' 2
1*
11
1*2
1*2
1' 2
*U2
1'
1'
1'2
l«a
54i* jat.
8l»* Nov
62 Feb
. . 60
61
67*4 Jan 4
885 U S Smelt Refln * M i n ...
6 U4 61' , 61*2 0U 6 1'2 62' , 62 62
6312 63'
OU4 621
49 Fob
63*4 Apr
50 Feb
. . 60
51
52ia Jan 4
Do
pref________________
618
51
51'
50*8 51
50*2 507
5ii4 51'
50>2 51
50*4 50’ 1
2's Doo
51* Apr
314 Jan 2
1?8 Mar2, !
6,320 Utah-Apox Mining------ . . ... 6
2
2
2 *8 l7* 2 V\
17*
2
21
212 21
212
2'2
12>t Jan
1 21'* Feb 2(
301* Nov
—
1
15'2
Mar2(
Utah
Consolidated______
6
2,727
16
10
101
157*
16
17
in'
15*.,
10*
101
16*4
1 1512
75
June
127*8
Nov
110'.,
Mar
.
.
li
1
08
Feb
Utah
Copper
Co----------------10
1
25
•113 1131* *111
111' *110* u p l *111'., 111* 1 111'* H I' 2 *110', 110’
1U* Mar
>4 DOO
. .
Utah Metal * Tunnel-------1
4*4 Feb ! 0.N* Jan H ! S2*4
5*
5**
4*4 5' l 473 5' 3 3,519
5*
51,
5* t
5i2 5* 1
5*4
Jan
6 Jan
81* N ov
.
.
2,
Vlotorla
_____
25
210
4<s
Feb
5
5
*43.
5'
4*4
5
51
8
*4*.
61
51
514
1 *5
3*4 Mar
5*8 Jan 2f
8U N ov
. . 25
2
351 W i n o n a . . . . . . ------------------3>s Feb \
478 4*8 4* , 4*8 412 *U4 4' 2
47*
514
*4*4
5
514
5 .T2 Mar t 45 Oot 071* Feb
44 Feb 1
W o lv e r in e ....___. . . ______25
41
44'2
40
45
44*4 45
40
40
46
45*4 45 * 1
41
2'* Jan
2*4 Feb
1
Feb
1
l's
Aug
—
2f
Wyandott_____
____
25
li4
Mar’
I
7
i
............
1
Last
Sale
u
1
1
*1
112 *1
1
*1
U
*1
• Bid and asked prioas. a Ex-dlvidond and rights. « Assessment paid, h Ex-rights. * Ex-dlvldend. to Half-paid

170
74L
*130
44
*210
*
*
*
*
*150
*106
*139
77
*127U
*91
♦99
5
25
40*4
*103
123
*32
*107
521*
74

171
79
133
44
215
4
30
4
40
155

*170
76i2
*130
43l2
*210
__

171
78
132
44
215
4
30
4
40
150 150
1O0'4 IO0 I4
*140 150
77
77
77
12912 *128 129l2
93
93
♦91
99l2 *99
99>2
5>2
51?
27
27l2 27i2
47
4512 40
*103
12312 120*2 12012
32
3212 32
109 *108 1 1 2
55
52*4 53
74
*7212 74




170
171
76>2 76
132
130
4212 42
*210
__
4
30
.
__
4
40
►150 155 *150
►106
106
140
►140 150
*76
77*2 *75
►128 12912 *128
93
*91
*91
*99
99'2 *99
*4
*4
25
27
*25
46
4412 45U
103
*103
*121 123 * 12 2
32
30*4 30'4
*108
*103 1 1 2
63
521?
63
♦____
74
*72

►170
70i2
►130
42
►210

Ma r . 31 1917.]

THE CHRONICLE

1351

Outside Stock Exchanges

Boston Bond Record.— Transactions

in bonds at Bos
ton Stock Exchange Mar. 24 to Mar. 30, both inclusive:
Friday
Last Week’s Range Sales
Sale
for
Price. Low.
High. Week.

Bonds—
Alaska Gold ser B 6 s .. 1926
Am Tel A Tel coll 4 s .. 1929
5s temporary receipts__
Atch Top A S Fe 4 s .. 1995
A t lG A W I S S L 5 s-.1959
Chic Jet A U S Y 5 s .. 1940
4s_______ __________ 1940
Dominion Coal 5s____1940
Gt N 01- - C B A Q Is. 1921
K C Mem A BIrm 4 s .. 1934
Mass Gas 444s..............1931
4 4 4 s ... _____ _____ 1929
New Eng Telep 5s...1 9 3 2
Pond Creek Coal 6 s .. 1923
Punta Alegre Sugar 6s.1931
Swift A Co 1st 5s___ 1944
U S Smelt, R A M conv 6s.
Western Tel A Tel 5s. 1932

9144
101
83
10144
8544
98 44
8144

10144
104
9944

7244
101X
9144
10044
9444
82
10144
8544
9144
9754
8144
95
9744
10044
108
8544
10144
104
9954

72 X
10144
9154
10154
9444
83
10244
8544
92
9844
8144
95
9744
10044
108
8544
10154
104
9954

32,000
1,000
17,000
24,000
3,000
30,000
12,000
12,000
10,000
6,000
1,000
1,000
2,000
5,000
5,000
2,000
30,500
15.000
15,000

Range since Jan. 1.
Low.
71
100
91
99 X
9144
79
10144
8444
9144
97 X
8144
93
9644
100
101
84
101
104
9944

High.

Feb
80
Feb 104
Feb
9244
Jan 102
Mar
9644
Feb
85,44
Jan 10244
Mar
87
Mar
9344
Feb
9944
84
Mar
9544
Feb
Feb
9844
Jan 102 44
Mar 11044
Mar
96
Mar 10244
Mar 109
Jan 10044

Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan
F’eb
Feb
Feb
Mar
Jan
Jan
Jan
Jan

Chicago Stock Exchange.— Record

of transactions at
Chicago Mar. 24 to Mar. 30, compiled from official sales lists:

Stocks—

Friday
Sales
Last Week's Range
for
of Prices
Sale
Week.
Par. Price. Low.
High. Shares.

American Radiator____100
Preferred......... ........... 100
Amor Shipbuilding____100
Prcforrod..............
100
Amer Straw Hoard____
Booth Fisheries, com .. 100
Preferred.....................100
Chlo City A C Ry pt sh pf.
Chicago Elev Ry, com___
Chlo Pneumatic T o o l.. 100
Chlo Rys part ctf *,2 " ..
Chicago Title A Trust. 100
Commonwealth-Edlson 100
Cudahy Pack Co. com. 100
Deere A Co, prof............100
Diamond Match........... 100
Hart.ShaffAMarx.comlOO
Preferred______________
Illinois Brick...................100
Kan City Lt A Pow ctfs__
Kansas City Ry com ctfs.
Lindsay Light......................
Middle West Util, pref____
Mitchell Motor Co_______
Nat’l Biscuit, prof____100
National Carbon........... 100
No Am Pulp A Paper com
Pacific Gas A Elec C o .. 100
Pago Woven Wlro Fence 20
People's Gas Lt A Coke 100
Prest-O-Llto Co Inc___
Pub Sorv of No 111, com 100
Preferred....... ............100
Quaker Oats Co, pref.. 100
Sears, Roebuck, com .. 100
Preferred___________ 100
Shaw W W com m on... 100
Preferred___________ 100
Stowart-Warner Sp comlOO
Stover Mfg A Englno Co. _
Swift A Co____________ 100
Union Carbide Co......... 100
United Paper Bd com .. 100
Preferred......... .......... loo
Ward, Montg, & Co, pref
Wilson & Co, common. 100
Preferred___________ 100
Bonds—
Booth Fisheries s f d Os.'26
Chloago City Ry 5 s .. 1927
Chic City A Con Rys 5s '27
Chicago Rys 5s........... 1927
Chic Rys 4s scr " B " ____
Chlo Ry pr M g 48.1927
Chicago Telephone 5s 1923
Commonw-Edlson 5s. 1943
Commonw Elec 5s. 1943
Cudahy Pack 1st M 6s '40
Pub Serv Co 1st ref g 5s '50
Swift A Co 1st g 5 s ...194 4
Wilson A Co 1st 6s___1941
* Ex-dlvldend.

296

Range since Jan. 1.
Low.

High.

295
134
75
“ 76~
94 54
06
79
79 44
89 54
9244
32
3 154
5
68
68 54
16 54
1654
215
13754 13654
125
11854
9854
9854
128
12754
82
110
85
40
40
2744
21
~ 2l'
77 54
62
125
315
6
65
654
93
9254
128 54 128
110
101
102
114
115
187
188
128
126
70
70
93
8154
101
155 >4 14354
19954 19954
33
32 54
78 X
11554 115 X
82
71
106
rl05

290
134
79
95
66
79 X
92 X
33
6
68 X
19
215
13754
125
9854
12954
82
110
85
40
2754
22
77 X
53
125
320
OX
65
OX
94
129X
110
102
115
19254
126
70
93
83 54
101
15754
201X
33X
78 X
110X
84 X
10754

88
2
3,102
160
175
410
505
710
112
80
367
30
658
10,266
5
185
10
20
10
50
80
892
40
70
10
120
75
6
25
169
287
119
95
29
1,561
15
25
6
1,039
200
15.848
1,862
350
148
175
10,326
370

290
134
39
93
57
60
81
24
5
60
1654
211
134
10854
9654
119
81
116
8254
40
1954
1654
7754
52
12054
295
6
6254
654
88
102
105
9854
11054
C18654
126
50
90
7854
101
13254
169
2754
73
115
58
10254

Mar
Mar
Feb
Jan
Jan
Jan
Feb
Feb
Mar
Feb
Mar
Mar
Fob
Feb
Feb
Feb
Mar
Jan
Feb
Mar
Jan
Feb
Mar
Mar
Feb
Jan
Mar
Jan
Mar
Feb
Feb
Feb
Fob
Jan
Mar
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Mar
Jan
Jan

445
136
79
96
70
7954
9254
3554
7
70
25
22054
14254
125
100
13254
90
11854
8854
40
2754
2354
78
5354
125
335
954
6854
9
108
14654
114
10254
115
239
12754
73
96
101
102
15754
20654
34 54
7854
11754
8454
10754

92 X
98 54
9854
73
9654
07
60
10154
102
102
102
9954
9954
9454
101
103

92 X
9854
73
9654
07
00
10154
10254
102
9954
9454
10154
10354

57.000
14.000
4.000
3.000
9.000
1.000
1,000
9.000
6.000
10.000
7.000
32,000
9.000

91
9854
72
9554
6654
60
101
10154
10054
9854
9454
101
10154

Feb
Mar
Mar
Jan
Mar
Jan
Mar
Jan
Mar
Jan
Mar
Feb
Jan

9354 Jan
9954 Mar
80
Jan
9754 Jan
7054 Jan
6054 Jan
102 54 Feb
10354 Jan
103 54 Jan
100 54 Jan
9654 Jan
102
Jan
10354 Jan

b Ex-50% stock dividend,

Pittsburgh Stock Exchange.

Feb
Jan
Mar
Jan
Feb
Mar
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Jan
Mar
Jan
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Mar
Mar
Jan
Jan
Mar
Mar
Jan
Mar
Jan
Mar
Mar

e Ex-25% stock dividend.

— Record of transactions at
Pittsburgh Mar. 24 to Mar. 30, compiled from official sales
lists:

Stocks—

Friday
Sales
for
Last Week’s Range
Week.
of Prices.
Sale
Par. Price. Low.
High. Shares.

Amor Wind Glass MaohlOO
100
Preferred________
Amor Wind Glass pref.100
Cable Consol Mining____ 1
Cancy River Gas______ 25
Columbia Gaa & Elec.-100

108
9o*
49

48o
Gold Bar Mines_________
Harb-Walk Refrao pref 100 T o b "
Independent Brewing__ 50
344
Preferred......... ............ 50
1544
La Bello Iron Works___100
8544
Mfrs Light A Heat......... 50
Nat Fireproofing com ..50
Ohio Fuel Oil...................... 1

71
744
2044

Oklahoma Natural Gas 100
Osage A Oklahoma Co. 100
Plttsb Brewing com____50
344
17
5*" Preferred____________50
100
Pitts Cons M M A T ____1
Plttsb-Idaho Co Ltd____1
Plttsb-Jerome Copper__ 1 “ 750*
74o
Plttsb A M t Shasta C op.l
Plttsb Oil A G a s.. .
100
1644
Pittsburgh Plato Glass.100
Puro Oil common
5 2344




Range since Jan. 1.
Low.

48
Feb
170
54
55
Feb
115 103
108
109
Jan
105
105
15 105
Jan
7o
9c 15,900
50
1,727
4854 4954
4354 Feb
50
4454 4414
3554 Feb
22o
48c
22o Mar
2,350
100
40o
40c
30o Mar
107
108
60 104
F’eb
3
Jan
775
354
354
255
1454 Feb
1554 1554
255
8554 8654
7154 Feb
125
125'
Feb
10 124
96
9654
263
9054 Jan
7054 7254
3,015
6254 Feb
054
754
1,875
654 Fob
16
1654
125
1554 Feb
2054 21
255
1754 Jan
51
52
887
4354 Jan
10154 10154
10 295
Jan
125
125
30 119
Jan
354
3 54
110
Fob
3
17
17
490
16
Feb
9o
lie
4.800
80 Feb
1.25 1.25
200
1.25 Feb
70c
78c
8.800
650
Feb
60o
80c 196.600
50o
Feb
748
1654 1754
11
Fob
122
122
20 H2154 Mar
3,374
23
2354
19»4 Fob

High.
62
12454
110
llo
50
47
50o
480
109
354
1754
88
12854
98
7354
754
1754
22
56
102
126
4 54
1854
15c
1.25
1.55
1.20
1754
135
2554

Jan
Jan
Jan
Mar
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Mar
Mar

Stocks (Conclndud)—
River Side West OH com 25
Preferred................— 25
San Toy M ining........... .1
Union Natural Gas------100
U S Glass........................ 100
U S Steel Corp com____100
Preferred..... .......... ..1 0 0
West’house Air B rake..50
West’house Elec A M fg.50
West Penn Tr A W P pf 100
Bonds—
Cent Dlst Telep 5s__ 1943
Indep Brewing 6s____1955
Plttsb Coal deb 5 s . . . 1931
x Ex-dlvldend.

Friday
Safes
Last Week's Range
for
Sale
Week.
Price. Low.
High. Shares
1544
16c

128
53

1444 15
1544 16
15o
16c
178
179
3744 38
115
11544
118
118
12744 129
5144 53
74
7444
103
103
4844 4844
9944 100

Range since Jan. 1.
Low.

$2,000
1,000
13,000

High.

Mar
Mar
15
Mar X1744 Jan
F’eb
20c Mar
Mar 185
Jan
F’eb
3944 Jan
Feb 118
Mar
Mar 11944 Jan
Mar 15744 F’eb
Feb
Jan
55
Jan
78
Mar

418
1444
15
291
1,400
13o
35 178
37
50
300 102
10 11744
280 IU2744
827
4644
300
70
10254
47
99

Jan 103
Jan
Feb
5044 Jan
Jan 10044 Mar

v Ex-20% stock dividend.

Philadelphia Stock Exchange.— Record of transactions

at Philadelphis Mar. 24 to Mar. 30, compiled from official
sales lists:

Stocks—

Friday
Sales
Last Week’s Range
for
Sale
of Prices.
Week.
Par. Price. Low.
High. Shares.

Range since Jan. 1.
Low.

High.

American Gas of N J ..1 0 0
11944 11944
American Rys, prof___100
95
95
9544
Baldwin Locomotive.. 100
59
6244
Buff & Susq Corp v t c . 100
62
62
Preferred v t c______ 100
54
54
Cambria Iron......... .........50
45
45
Cambria Steel.................. 50
111
111
64
Elec Storage Battery.. 100
65
64
64
General Asphalt pref.. 100
64
26
Insurance Co of N A . ..1 0
2644
2644
29
J G Brill Co.................... 100
30
Keystone Telephone____50
1244 1244
Lake Superior Corp___100
2144
2044 2244
Lehigh Navigation_____ 50
8044
8044 81
Lehlgn Valley......... ........ 50 Z6854 X6844 7144
Lehigh Val Transit......... 50
26
2644
Trust receipts______
26
26
Northern Central______ 50
8744 8744
North Pennsylvania____50
9344 9344
Pennsyl Salt M fg______ 50 Z94
X94
95
Pennsylvania........... .........50
6344
5344 5544
Philadelphia Co (Pitts) .50
3744 3744
Pref (cum 6 % ) ............ 50
4044 4044
Philadelphia Electric___25
3244 3244
3244
Phlla Rapid Transit____50
31
31
Voting trust rects____50
29
29
31
Philadelphia Traction..50
80
7944 8044
Reading............................. 50
9944
9744 10244
Tono-Belmont Devel____1
444
444
Tonopah Mining_________ 1
ib ji 6 9-16
744
Union Traction_________ 50
4344 4344
United Cos of N J_____ 100
226
226
United Gas Impt........... 50 18844 X8844 9044
U S Steel Corporation. 100 11444 11444 11744
Warwick Iron & Steel.. 10
944
944
West Jersey & Sea Shore 50
50
6044
5044
Westmoreland Coal____50
7744 78
Wm Cramp & Sons____100
87
90
York Railways_________ 50
1444 1544
Preferred....................... 50
37
37

Feb
6 116
55
9444 Feb
49
590
Feb
62
30
Mar
12
54
Mar
45
Jan
2
10 100
Feb
485
6044 Feb
64
Mar
10
208
2544 Feb
75
24
Mar
100
1 2 4 Feb
15
Feb
8.750
521
7944 Feb
66J4 Mar
1,155
21
Feb
215
Mar
26
100
117
8744 Mar
93
Jan
2
149
9344 Mar
2,706
5344 Mar
98
3644 Mar
100
3944 Mar
934
32
Feb
75
2944 Mar
14,422
28
Feb
189
79
Mar
1,327
89
Feb
1,576 4 3-16 Feb
9.800
544 Jan
154
Feb
43
Jan
15 223
1,790
8744 Feb
21,690
9944 Feb
230
9
Feb
40
Mar
50
74
7744 Mar
006
66
Feb
150
13
Feb
100
36
Feb

Am Gas & Elec 5s____2007
do
small......... 2007
Baldwin Locom 1st 5s 1940
Bethlehem Steel p m 6s '98
Chester A Pill la 5 s . . . 1940
Clearfield A Jeff 6s____
Elec A Peoples tr ctfs 4s '45
do
small......... 1945
Inter-Stato Rys coll 4s 1943
Keystone Telep 1st 5s 1935
Lake Superior Corp 5s 1924
Lenlgh Coal A Nav—
Consol 454s...............1954
Lehigh A N E 5s......... 1954
Lehigh Valley—
Gen consol 4s______ 2003
Gen consol 444s____ 2003
L&hlgh Val Coal 1st 5s 1933
Market St Elev 1st 4s. 1955
Pennsylvania RR—
General 444s______ 1965
Consol 4s...................1948
Philadelphia Co 1st 5s 1949
Cons A coll tr 5 s .-.1951
Phlla Elec tr ctfs 4s. .1950
Temporary (rects) 5s '66
do
small_____ 1966
Phlla A Reading—
Consol ext 4s......... .1937
Reading Terminal 5s '41
Reading gen 4s........... 1997
Schuylkill Rlv E S 4s. 1925
Spanish Am Iron 6 s .. 1927
United Rys g tr ctf 4s. 1949

9644 97
9644 97
104
104
121
121
9844 9844
113
113
8244 83
86
86
55
5544
9744 9744
5244 5244

57.000
900
10.000
2,000
5.000
9.000
12,000
600
5.000
3.000
5.000

102 44 10244
10344 10344

5.000
6.000

102
Feb
10344 Mar

103
10444

Jan
Jan

9044 9044
100
10044
10544 10544
9644 9644

9.000
9.000
4.000
4.000

8944 Mar
100
Mar
105
Jan
9644 Mar

9144
102
10644
9844

Jan
Jan
Jan
Jan

102
9944
10244
91
9044
10144
10244

63.000
5.000
13.000
5.000
2,500
85.000
4.800

101
Mar
99
Mar
10144 Feb
88J4 Feb
90
Jan
10144 Mar
10144 Feb

10444 Jan
100
Feb
10244 Mar
94
Mar
9344 Jan
102 44 Feb
10244 Mar

98
98
11244 11244
94
9444
9944 9944
102
102
73
73

2.000
3.000
17.000
1.000
1,000
5,000

98
Mar
11244 Mar
94
Mar
9944 Feb
10144 Jan
7244 Jan

98
Mar
11344 Jan
9654 Jan
9944 Jan
10244 Mar
73
Jan

Bonds—

9644

55

10344
100
10544

101
9944
10244
91
9044
10144
102

94
9944

96
96
10344
121
98
113
82
83 44
5444
9644
50

Jan
Jan
Jan
Mar
Feb
Mar
Jan
Mar
Jan
Mar
Feb

121
98
6244
66
58
46
130
6744
7044
2744
33
14
24
85
7944
2744
26
89
94
96
5744
4144
43
3444
3444
3444
84
10344
444
744
4744
226
9144
11844
944
5344
80
90
1544
39

Feb
Jan
Mar
Jan
Jan
Mar
Mar
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Mar
Jan
Feb
Feb
Mar
Mar
Jan

9744 Jan
9744 Mar
10444 Jan
124
Jan
9844 Feb
113
Mar
84
Jan
Jan
86
57
Fob
99
Jan
5844 Mar

x Ex-dlvldend.

Baltimore Stock Exchange.

— Complete record of the
transactions at the Baltimore Stock Exchange from Mar. 24
to Mar. 30, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
sharo, n o t per cent. For bonds the quotations are per cent
of par value.
Friday
Sales
Last Week’s Range
for
Sale
Week.
Par. Price. Low.
High. Shares.

Atlantic Petroleum.

Consolidation Coal.

.100
.100
100
.100
.100
..2 5
100
100
...5
...5
par
.60
100
100
100
100
100
.50
100

38
8
103
4644
12154
113
1544
1444
6
3944
28
1954
62

8654
77

50
50
3744
744
103
102
4644
121
11144
15
1454
444
3854
2754
47
1754
6144
70
1744
6944
8654
7644

50
50
38
954
10344
102 44
4644
122
11344
1554
1454
5
42
2954
47
1954
62
71
19
7054
8654
77

107
11
22
5,562
12
57
25
337
2,347
2,805
19,185
2,175
466
1,405
282
1,071
576
55
115
305
6
140

Range since Jan. 1.
Low.
50
50
37
744
103
101
4644
119
10044
1444
1344
444
3744
2254
46
1744
60
60
13
6044
8654
76 44

Mar
Mar
Mar
Mar
Mar
Feb
Mar
Feb
Feb
F’eb
Feb
F’eb
Mar
Feb
Jan
Mar
Mar
Feb
Mar
Mar
Mar
Mar

High.
50
Mar
50
Mar
3954 ! Jan
944 Mar
12344 Jan
109 g Jan
47
Jan
127
Jan
114
[Jan
1844 Jan
1654 [Jan
544 Jan
4454 fJan
32
Mar
49
Mar
23 1 Jan
6744 Jan
7154 Mar
19
Jan
72
Jan
89
Jan
84
Jan

Stocks (Concluded)—

[Vol . 104.

THE CHRONICLE

1252
Friday
Last Week's Range Sales
of Prices.
for
Sale.
Illgh. Week.
Price. Low.

Range since Jan. 1.
Low.

High.

Stocks (Con’d)—

Par.

Sales
Friday
for i
Last Week'i Ranoe
Week, j
of Prices.
Sale
High. Shares.
Price. Low.

Ranoe since Jan. 1.
Low.

Ilieh.

6243 Mar
1,600
4743 Jan
Lima Locomotive com rlOO
6043 6244
Mar
92
*
100
Poolo Engineering A M 100
8745 Mar
8743 88
Feb
45
Mar
33
160
42
42
Lukens Steel, com r------ 50
Mar
Mar
50
5
45
50
50
Symington (T H )--------100
Jan
51
Mar
250 •36
50
Manhattan
Elec
Supp.100
5143
Jan
Mar
31
583
3543
31
United Ry & Electric___50
31
3245
Mar
10 569
I,
1043
Mar
10
Mansell
Screen
r-----------10
1043
1043
Jan
Feb
4
5
470
Wayland Oil A Gas______ 5
445
443
443
Jan
3
200
243 Feb
Marconi Wlrel Tel of A m .5
243
243
Bonds—Jan 101
Feb
3.900 •47
93
S6
Marlin Arms v t o.(no par)
89
Mar
Mar
89
87
$11,000
89
89
Alabama Coal & Iron 5s
Jan
Feb
17.300
443
243
Maxim
Munitions
r____10
343
344
344
Jan
2,000
9945 Mar 104
Atl & Charlotte 1st 5s. 1944
9943 99 43
Feb
60
6543 Jan
(Midvalo St A Ord r . . . 5 0
5943 6143 25,000
4,200
9145 Feb
9143 Feb
AtlC L (Conn) ctf5-204s.’25
9143 9143
Feb
32
860
35
34
3841 Jan
National Acme Co r____50
3444
1,000
9943 Feb 10045 Jan North Am Pulp A Paper(t)
Balt Electric stpd 5 s .. 1917
100)3 10043
6,200
543
Mar
943 Jan
643
543
643
1,000 10143 Mar 10145 Mar
Charles City Ry 1st 5s 1923
10143 10145
Jan
54
44
Feb
400
45
Pierce
Arrow
Mot
Car
r(t)
4444
4443
Jan
Feb
97
9645
Chicago Ry 1st 5s------1927
96 43 9043 18,000
9643
Jan
60
Jan
90
25
88
82
_
100
Poole
Eng
A
Mach
r_
Jan 102 45 Jan
6,000 102
102
102
City & Suburb 1st 5s. 1922
4
Mar
443 Mar
5.900
443
Prudential Plcturcs.r------5
443
443
Feb 102 45 Jan
2,000 102
102
102
102
23
Feb
2043
Mar
1,050
21
Redden
Motor
Truck
r
(t)
2144
2044
Feb
97
2,000
96
96
9045 Jan
Mar
75
Feb
300 *62
75
71
Jan Republic Mot Truck r . . (t)
Jan 100
99
1,000
100
100
Coal A Iron 1st 5s.
98
94
Feb
Feb
195
Preferred r...................100
9543 96
3,000
9645 Feb
95
9443 Feb
9543
Jan
1643
Jan
1.400
1943
18
St
Joseph
Lead
r________10
1743
1744
9,000
9345 Jan
9243 Mar
9245 9243
843 Mar
1,200
1043 Mar
943 1043
1043
Feb 10745 Jan Smith A Terry Transp pflO
10543 10543
1,000 105
Mar
543 Jan
16.300
1243
Standard
Mot
Constr
r
10
1244
843
1244
Mar
Feb
8,000
9343
9545
9443
9443 9443
643 Jan
3,150
8
Steel Alloys Corp r--------5
943 Jan
843
843
Mar
161,000 10145 Mar 110
10943 109 43 110
Jan
28
24
2,200
22
1843 Feb
2244
Feb 10943 Jan Submarine B oat..(no par)
13,000 102
Cosden & Co 6s.
10243 1024-5 103
Fob
Jan
34
28
7.400
34
31
Superior
Steel
Corp.r.
100
3344
Jan
Cosden Gas 6 s ..
10743 10743 10843 18,000 10445 Feb 11043
Jan
290 j 9743 Mar 100
1st preferred r--------- 100
99
9743 99
Trianglo Film Corp v t c.6
143600Jan
343 Jan
144 I I ,
143
143
Feb
Elkhorn Fuel 5s______ 1918 10643 10643 10744 76.000 1004
Feb
35
Jan
49
4.100
United Motors r ..(n o par)
39
3843 3943
3.000 10043 Feb 101,'-3 Feb
Fair & Clarks True 5s. 1938 10043 100 43 10043
Mar
30
2,650
3443
Mar
32
United
Paperboard
r._100
334;
3344
Mar 103 43 Jan
5.000 101
101
101
Georgia & Ala cons 5s. 1945 101
Jan
37
Mar
35
1.100
36
United Sugar Cos r ____50
364
Feb
100
100
100
Hagerstown & Fred 6s 1944
9943 Jan 100
643 Mar
6
443 Feb
U S Steamship__________10
644 11,100
Jan
9543 Mar
95
1,500
Jamison C A C— G C 5s ’30
95 43 9 5 43
1
Jan
4.500
43 Mar
43
44
Jan World Film Corp’n v t c.5
1.000
994( 9944
9844 Feb 100
Md Electric Ry 1st 5s. 1931
1643 Jan
7 /8
5,600
543 Mar
Wright-Martln Alrc r ..( t )
844
744
10043
Jan
Feb
100
7.000
100
10044
M t V-Woodb notes 6s. 1918
443 Jan
6,300
243
Mar
Zinc
Concentrating
r___10
344
343
343
Jan
99 43 Feb
99 '/$ ___
5.000
9943 99 43
Norf Ry & Lt 5s......... 1949
9943
Railroads—
9544 Jan
6.000
9444 Mar
Pennsy W A P 5s____1910
9444 9444
42 43 Mar
1,000
4343 Mar
4243 4343
8443 Jan l Long Island RR ctfs dep.
82 43 Mar
United Ry & E 4s____1949
8243 8244 15.000
Jan
20
23
Mar
2.500
23
21
Pitts
A
W Va com r___ICO
2243
6744 Jan
64 43 Feb
Income 4s__________ 1949
66 43 66 44 10.000
544 Mar
1,260
54
5043 Fcd
Preferred r...................100
5143 5444
Jan
90
8844 Mar
1,000
Funding 5s.................1936
8844 8844
42
Jan
Fob
34
12,700
37
Rock
Island
w
l
.r
--------100
3943
3844
Jan
90
8844 Mar
1,200
89
89
Sm all........... ......... 1936
Feb *91
84
Jan
3.200
84
Preferred A w 1 r ____100
8543
8544
1,000 10143 Mar 10143 Mar
Va Mid 4th ser 3-4-53.1921
10143 10143
’ Jan
75
2.200
6843 Feb
Preferred B w l r ____100
7143 7343
7143
88
Jan
85
Mar
1,000
Wash B A A 5s______ 1941
8544 8544
Former
Standard
OH
92
Mar
92
Mar
6,000
92
92
Wash A Vandemere 4 Hs ’47
Subsidiaries.
Feb *1843 Jan
200
16
17
17
Anglo-Amcr Oil________£1
Mar 435
Mar
3 435
435
435
Chesebrough M fg---------100
Mar 190
Jan
10 160
160
160
Galena-Signal OH com. 100
Feb 250
120 236
Jan
243
240
Illinois Plpo Line_____ 100 240
Feb 114
Jan
15 104
106
103
Indiana Pipe Line............ 50 108
25
20
Feb
18
17 43 Mar
174
National Transit____12.50
TRANSACTIONS AT T H E N E W YORK STOCK EXCH A N G E
Jan 435
Jan
60 381
390
387
Ohio Oil............................. 25
D A IL Y , W E E K L Y A N D Y E A R LY .
10 590
Mar 640
Jan
610
610
Pralrio Oil A Gas_____ 100
Jan
Feb 444
60 300
335
318
Prairie Pipe Line........... 100
Jan
800
675
Feb
35
715
710
Standard
OH
of
N
J
...1
0
0
Slate, Alun.
Railroad,
•
Stocks.
Week ending
Jan
Jan 345
640 270
323
315
Standard Oil of N Y — 100 315
U. S.
& Foreign
&c.,
Afar. 30 1917.
Other
Oil
Stocks.
Bondi.
Par Value.
Bonds.
Bonds.
Shares.
1,650
2
Jan
143 Mar
Alcoken Oil Co r......... — 5
14
144
143
Jan
14,200
54c Mar
86c
75c
68c
Alpha OH A Gas.................1 69c
$757,000
$1,667,000
609,800 $54,403,750
Saturday___
20o Mar
30c
32,450
31c
Feb
29c
23c
Am
Ventura
Oil
r________1
918.000
$5,000
1.646.000
75.910.600
845,216
Monday____
6.400
943 M ar
743
743 Mar
Atlantic Petroleum r____5
743
943
732.000
1.653.000
55,219,250
605,335
Tuesday____
5.400
343 Jan
243 Feb
Barnett Oil A Gas r_____ 1
243
244
244
t ,000
604.000
48.571.600
2.272.000
Wednesday.
530,306
Mar
14,650
143 Jan
74o
60c
86c
Consol
Mex
OH
Corp.
.
43
100,000
975.000
50.880.600
1.776.000
550,786
Thursday___
1,850
1843 Jan
Cosden A C o r.....................5
1443 Feb
1543
1543 1543
879.000
2.251.000
519,908
47,118,800
Friday_____
4,500
1643 Jan
Cosden Oil A Gas com r ..5
1343 Fob
1443
1444 1443
1443 M ar
Elk Basin Petroleum r___5
743 Jan
1243
1243 1243 18,000
3,661,351 $332,104,600 $11,265,0001 $4,865,000 $106,000
Total____
Feb
3
Feb
70o
Esmeralda Oil Corp r------ 1 1 3-16 1 1-16 1 7-16 15,000
643 M ar
443 Feb
Federal Oil r____________ 5
543
643 38,900
643
2343 Jan
Jan. 1 to Afar. 30.
Week endina Afar. 30.
Houston Oil common r 100
Sales at
Jan
11
154s M ar
Internat Petroleum r— £1
15
134$ 154$ 29,500
iVfw 1 ork Stock
7-16
7-16 9-10 22,900
4$ Jan
43 Jan
1916.
ICenova Oil______________1
1916.
1917.
Exchange.
1917.
244$ 30 4$ 33,500
3143 Mar
114$ Jan
Merritt OH Corp r --------10
27 a
Mar
443 Jan
43,280,734
48,616,222
Metropolitan Petroleum 25
14$
2,644,010
2H
3,661,351
24$
24$ 19,000
Stocks— No. shares.. .
5,600
1543 Mar
Mld-Cont Cons OA UtllrlO
UK
124$ Jan
134$ 154$
Par value................. $332,104,600 $235,333,950 $4,356,512,530 $3,785,177,145
Jan
550
87c M ar
08,000
$74,200
79c
780
8 lo
$15,200
Midwest Oil r___________ 1
$11,800
Bank shares, par_____
Jan 1 1-16 Mar
86c
2,000
94o
93c
91c
Preferred r________
Bonds.
Mar 145
M ar
8,800 117
$377,700
134
$193,500
Midwest Refining r____50 141
145
$106,000
$5,500
Government bon ds...
59,706,500
1
4$ Jan
145 Mar
91,161,000
N Y-Oklahoma OH r____1
8,292,500
4,865,000
14$
14$ 10,370
State, mun., A c ., bonds
3
Feb
550 1 3-16 Jan
224,933,500
N Y A Texas Oil r...............1
182,943,500
12,748,000
24$
11,265,000
24$
RR. and mlsc. bonds..
Jan
19
100
21
21
2243 Mar
Ohio Fuel Oil.............
21
Jan
16c
94$c Mar
87,000
lie
Oklahoma Oil com r.
$285,017,700
10c
$274,298,000
100
Total bonds............ $16,236,000 $21,046,000
Jan
1
4$ Mar
Preferred .r .................. . 1
4$
X
4$ 11,850
Fob
10
Jan
12,200
Oklahoma Prod A Ref— 5
11
1443
104$ 114$
DAILY TRANSACTIONS AT TH E BOSTON, PHILADELPHIA AN D
Jan
33c
Jan
21,050
75c
42C
40c
48c
Omar Oil A Gas com____1
BALTIM ORE EXCH ANG ES.
74$ Jan
Osagc-IIomlny Oil r_____ 5
1043 M ar
94$
84$
94$ 17,200
4$ Mar
143 Jan
7,100
Pennsylvania Gasoline___1
1
4$
4$
%
Feb
7-16
1
Rice Oil r.....................
4$ Mar
4$
4$ 1 1.069
Baltimore.
Philadelphia.
Boston.
84$ Feb
1243 M ar
Sapulpa Refining r----------5
114$
104$ 114$ 11,000
Week ending
1,700
4 4$ Mar
645 M ar
6
Security Prod A Refg------5
54$
54$
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
Mar. 30 1917.
14$ 41,600
Sequoyah Oil A Ref_____
243 Jan
I X , Mar
14$
14$
Feb
50
27,000
6343 Jan
544$ 56
8,387 $157,800 (Sinclair Oil ARcf r(no par)
$10,000
10,955
$21,000
15,525
Saturday................
United Western Oil r____
11-16 13-16 27,900
X , Mar
143 Jan
4$
D
A
Y
---—
----HOLI
60,600
22,526
21,000
31,216
M onday.................
Feb
30c
Jan
63c
1,900
Utah Petroleum (prosp’t)
36c
35c
3 Sc
93,800
17,919
36,700
15,203
23,100
18,646
Tuesday_________
5-16 Jan 11-16 Jan
500
Vacuum Gas A O Ltd____
4$
4$
93,200
2,275
77.000
8,190
25.000
22,133
Wednesday............
Feb ! 3-16
Jan
38,800
Victoria
Oil
r_____
_______
1
1-16
14$
l'X,
14$
79,000
2,619
69,200
9,867
41,500
Tnursday________
21,887
Jan
Jan
15o
2,100
60o
West End OH A Gas r____
19c
22C
42,700
7,779
57.000
5,670
59.000
22,660
Friday....................
Mining Stocks.
43 Mar
Alaska-Brit Col M etals.4$ Jan
X 11-16 13-10 23,000
38,979 $466,500
72,4111 $310,500
132,067! $193,600
T o ta l.................
Jan
143 Mar
1
Alaska Mines Corp(no par)
14$ 45,530
14$ 1 5-16
3-10 Jan
36,100
45o Mar
45C
Alaska Standard Cop r___"
41C
37c
6-16 Mar
Jan
1
5-16
Arizona Chloride r------ 10c
hi 7-16 26,860
4$ Feb
4$ 17,100
H
43 Jan
New York “ Curb” Market.— Below wo give a record of Arizona Coppcrfields r___
X
37o Mar
lie
3,500
,37o
44c Mar
Arkansas-Arlzona r.
the transaotions in the outside security market from Mar. 24 Atlanta Mines r-----94$o Jan
Jan
15C *124$c 154$C 59,400
20o
Jan
1
to Mar. 30, both inclusive. It covers the week ending Fri Austln-Amazon r___
14$
14$
14$ 42,000
143 Jan
Jan
1
Mar
Big Jim........................... 10c
5,100
1 1-16
143
14$
14$
day afternoon:
Big Ledge Copper Co____'
4 4$ 20,850
4
34$ Jan
643 Jan
44$
BIsbee Cop M A Dev r ___
1
4$ Jan
1 1-16
1 1-16 16,000
143 Feb
Friday
Sales
Jan
Jan
8c
Booth r_____________
8,000
12c
9o
lie
lie
Range since Jan. 1.
for
Last Week’s Range
Week ending Mar. 30
Jan
80o
Boston A Montana D e v ..5
660 62 o 68o 26,800 62 0 Mar
Week
Sale.
of Prices
Fob 1 11-16 Jan
1
1,350
Bradshaw Copper M r___1
1
1 1-16
High.
Low.
High. Shares.
Stocks—
Par. Price. Low.
1243 Mar
74$ Feb
Butte Cop A Zinc v t o___5
11
124$ 12,000
114$
*2
Jan
4$ Feb
Buttc-Detroit Cop A Z ..1
1
14$
14$ 13.000
8,400
4
745 Feb
Aetna Explos.r___(no par)
245 Mar
243
245
800
14$ Jan
243 Mar
2
Butte A N Y Copper____1
14$
445 Mar Caledonia Mining________1
Certfs of deposit-...........
345 16,800
245 Mar
243
22,800 •48o. Jan
243
66c
69o. Mar
650
62o
Mar
65
7,665
7245 Mar
Air Reduction Co r(no par)
33,300
72)3
6545 7245
2
14$ Feb
2 43 Jan
Calumet A Jerome Cop r 1 1 13-16
14$
Mar
Feb
40
405
25
38
40
Amer A Brit Mfg, pref.100
35
2
2 4$ 15,000
Canada Copper Ltd--------6
14$ Feb
243 Mar
24$
Mar 120
Mar
7C0 118
Amer Graphophone — 100 120
118
120
Jan
6
675
5
643 Mar
Carlisle Mining__________ 5
54$
54$
Mar 12545 Mar
450 124
Jan
Preferred_____ _____ 100 12545 124
16c Mar
12545
16c 356,700
6o
7c
Cash B o y .-----------------------1 12 4 $c
Mar
1,000
943
853 Mar
R ig h ts.......................... .
2 43 Jan
943
843
9 53
3,500
Ccrro Gordo Mines--------- 1
14$ Jan
24$
24$
24$
Jan Consol Arizona Smelt____5
57
650
Amer Int Corp $50 pd.100
4945 Feb
2 % Mar
5143 53
14$ Jan
2
24$ 20,700
14$
Mar
Feb
28
15
1,400
23
24
Feb
Amer Sumatra Tob___100
3
4,970
443 Mar
Consol Copper Mines____5
44$
4
400
345 Feb
545 Feb Consol-Homestead r......... 1 13-16
Amer Writ Paper com .100
5
4 45
/Ta Feb
4,750
45 Mar
4$
4$
Mar
13
1,100
11
1245 Mar
Atlantlo Fruit r . _ ......... 100
54$ Mar
5,300
745 Jan
1245 13
6 4$
Cresson Con Gold M A M 1
6
54$
Mar
Mar
100
100
15
100
100
BaltimoreTube, com .. 100 100
Feb
3,500
% Mar
Dcxteretta Mines r............1
7-16 9-10
%
200
1945 Jan
Brlt-Am Tob ordinary. .£1
1743 Mar
1,965
1745 1745
14$ Feb
Dundee Arizona Cop l ___1
2
245 Jan
14$
14$
Mar
Feb
14
10
9,400
13
Carwon Steel Tool......... 10
10
Jan
*1353
15,000
Mar
13.<3
19
11
11
12
Ely Consolidated............10
Jan
26
23
1,100
26
26
Central Foundry com r 100
1645 Mar
Emma Copper r--------------1
1 4$ 39,800 1 1-16 Fob
243 Jan
14$
14$
Mar
Feb
49
35
2,600
49
Preferred r . . ........... .100
Jan
300
3943 49
Feb
24$
24$
First National Copper— 5
343
24$
24$
Jan
Feb 146
2,900
88
134
Chevrolet Motor______ 100 13045 127
Mar
13,700
50c Mar
55c
50o
Glia Canon.r....... ............... 1 50c
Feb
925
16
19
2545 Feb Globe-Dominion Copper. 1
Jan
Curtiss Aerop A M v t c ( t )
22 43
1,500
2245
4$
4$ Mar
7-16
4$
Mar
38
500
Jan
39
4245 Jan Goldfield Consolidated.10
Davison Chemical v t c ( t )
39
38
67o
26,205
57o
55o Mar *77o
63o
Mar
800 100
Jan 113
109
113
10c
Feb
Eastern Steel, com____100
Jan
70
94$c 27,000
6c
Goldfield Merger r______ 1
9o
Mar
3745 Mar
150
36
72c Mar
EdmundsAJones Corp r(t)
36
Feb
3645
65o
72o
72o
9,500
60o
Gold Warrior Mines r___1
11c Mar
45 Mar Great Bend r..............
Elite Plan Stores.r...50c
45 Feb
45 12,000
H
43
70
lie
Oo
Oo Mar
25,500
1
150
345 Feb
Emerson Motors Inc r . .l 0
255 2 7-16
245 Mar
244
245 Jan
14$ 2 1-10 17,000
Green Monster Min r____1
14$ Feb
Jan
700
1343 Jan Hargraves_________
25
Mar
Emerson Phonograph____5
943 Jan
14
19
1145 1245
19
22
108,000
'
Mar
45
Feb
3,670
Hask A Bark Car.(no par)
3743 Feb
7
4143 *43
843 Fob
5.500
Hecla Mining_________ 250 7 15 -ie
74$
8
Jan
Feb
50
44
400
40
43
Holly Sugar Corp (no par)
9-10 Jan
X , Mar
InsptrntionNcedlesCop r 41
700
4$
96
Jan
Feb 102
35
8c
Feb
100
Feb
10045
9c
1,000
8o
8o
International Mines r— 1
Jan
Jan
13
11
200
Intercontinental Rubb. 100
1 H Jan
1145 12
1145
Iron Blossom r--------------10c 15-ie
145 Jan
14$ 4,500
14$
Jan Jerome Verde Cop 4-------- 1
Mar
25
22
23
400
23
Int Arms A Fuze Sec...2 5
Mar
3
14$ 2 1-10 43,00( 1 5-10 Feb
Jan
320 Mar
250
30c
28c
12,700
Joplin Ore A Spelter r____5
30c
Jan
1,600
14$ Feb
14$
2
Jerome Victor Ext r 4 ..
'
14$
Feb
Mar
18
13
18
17
4,550
Keystone Tiro A R u b b ..lo
17
Jan
69o Mar
1,50(
720
870
Jim Butler r--------------------- 1 71c
70o
1043 Feb
1,000
Lake Torpedo Bo’ t com rio
•643 Feb
9 45
853
490
99,701
2 to
843
Jan
49o Mar
Jumbo Extension...
330
43o
Feb
Feb
10
8
350
1st preferred r..............10
943
Feb
943
210
14o
Jan
160
8,500
25c
Kewanus r....... ................... 1
210

Volume of Business at Stock Exchanges




Ma r . 31 1917.]

Mining (Concl.)—

THE CHRONICLE

Friday
Sale*
Last Week's Range for
of Prices.
Week.
Sale
High. Shares.
Par. Price. Low.
lii
71c
95c
62 A
57A
22 c

Marysville Gold Min____1 1 11-16
Mason Valley....................5
GA
52c
MoKinley-Darragh-Sav - -1
Miami Merger Cop r____ 1 ______
Mogul Mining r________ 1
81c
1
Mohican Copper r........... 1
Mojavo Tungsten r_____ 2
7-16
'Monitor Sil I, & Z M A M 1
Monster Chief r________ 1
Mother Lode r___________1
38c
Nanoy Hanks-Montana r 1 1 1-10
National Zinc A Lead r__l
54
Nevada Rand r__...............
1 lc
Newray Mines Ltd r ___ 1 1 5-10
Nlplsslng M in e s............. 5
North Butto Dcvcl r . . . I
Ohio Copper new w 1 r___1
Old Emma Leasing______
30c
Progress Min A Mill____1
A
Red Warrior r___________1
Rox Consolidated r_____ 1

15-10
40o

Round Mountain r______ 1
Sacramento Vail C o p .r ..l

I'A

San Toy r ._ _____________1
16c
Scotlon 30 Mining______ 10
Seneca Copper____(no par)
12«
Senorito Copper C o r p ...l
I'A
Silver King of Arizona...1
5-10
Silver King Con of Utah r 1
Silver Pick Cons r_______ 1
15c
Slocam Star r ........... ........ 1
22
Standard Silver-Lead____1
Stewart Mining_________ 1
A
Success Mining._r........... 1
45c
Suporstltlon Mining_____ I
45c
Tommy Burns G M com .l
28c
Tonopah Belmont r . .. .1
Tonopah Extension M in. 1
Tonopah Mining................ 1
Trt-Bullion S A D ..............6
Troy-Arlzona Cop Co r__l
600
United Eastern................1
U S Continental r......... . . 1
10>$c
U S Tungsten r__________1
24c
United Verde Exten r..50 c
United Z inc______ (no par)
5 y»
Unity Gold Mines..............5
3A
Virginia Mines r . _ ........... 1
West End Consolidated..5
73c
Whito Caps Mining___10c
1«
White Cross Copper r __ 1
A
Yerrlngton M t Cop_____ 1
50c
Bonds—
Amer Smelting 5s r..............
Atlanta A Char A L 5s r__
Beth Steel 5% n o te s..1919
Chile Copper 6s r________
Cosden A Co 6s r ____1926
Cosden Oil A Gas r 6s____
Cudahy Packing 5 s .. 1946
Erie RR 5 % notes r ..l9 1 9
l'rench Gov 5J4% notcs'19
1‘ rcnch Municipals 5J<Js '19
Long Island RR new 5s r .
Mason Valley 6 s ..
Mhlvaio St A Ord 6s.rlU30
Penna HR new 4'An__
Russian Govt 64$s.._1919
5 M s ----------------------1921
Southern Ry 5% notcsl919
Western Pac RR 5 s .. 1946

97 'A
99 A
98 H
10745
98)5
9845
94)5
8615
90
95
97 H
95
87
8745

9-16 9-10
I'A
145
65o
71c
93c
1
c4845c 0245 c
40 H 5945
20 c 2 4c
10 45c
1 7-10
145
6
7
520
52c
45
45
61c
85c
15-16
145
7-16
45
A
%
3-10 5-10
37o
40c
93c
145
54
55
10 c lie
1 5-10
145
8H
845
5-16
45
1 5-10 1 7 - 1 0
40C
30c
7-10
45
4
445
145
145
1
5-5
41c
39e
58c
46c
45c
145
145
3-10
9-16 9-10
10c
15c
10
1045
12)5 12 41
145
145
45
45
4 45
445
17c
10c
24
21
13-16 13-10
7-10 17-32
370
47c
400
460
20c
31c
4 5-16 4 7-10
345
345
7
645
7-16
45
62c
50c
445
4 45
8 A o lOAc
22c
25c
3845 39 45
545
545
345
345
1
45
73c
67c
l 1-10 2 1-10
v%
%
46c
57c
9745
9945
9845
10045
10245
10745
9945
9845
9845
94J5
8645
80
95
9745
95
87
9845
92 X
A
8745

9745
9945
9845
10055
10245
108
9945
9845
9945
9445
89
90
9545
98
98 45
89
9845
92 %
89

300
3,000
5,500
9,000
82,550
33,400
1,700
11,300
34,150
6,400
700
3,700
33,400

6,000

4,300
3,900
20,400
35,500
11,800
9,000

0,200

12,500
1,000
1,000
9,800
70.495
20,800
1,800
1,600
11,400
28,500
13,800
700
3,800
2,100
100
1,250
300
2,500
3,800
14,300
700
13,700
5,000
1,500
25,700
26,350
40,900
24,400
400
3,050
1.000
2,600

12,200

1,450
22,000
15,100
0,400
3,700
1,100
2,200
2,050
00,800
1,200
143,100
5
206,000
10,700
65,000
33,000

2,000
0,000
4,000

51,500
118,000
5,000
50,000
3,000
54,000
550,000
132,000
100,000
20,000
30,000

Low.

High.

Jan
Feb
Feb
Feb
Mar
Jan
Mar

46
146
710
146
46
5944
35o

Mar
Mar
Mar
Jan
Jan
Mar
Jan

Mar
146
Feb
7
Jan
57o
Jan 2 5-16
Jan
880
1 Mar 146
4<i Mar
146
41 Mar
146
Mar
46
37c
40c
Feb
80c
146
Mar
53
57
10 c Mar lie
1 1-10 Feb
146
8 7A
IVi.
A Mar
46
A Feb
146
35c Feb
68c
At Feb
46
8% Feb
72c
% Mar
154i
30o
Feb
50o
64c
38c
Jan
47c
1
Jan
146
46

Mar
Jan
Feb
Jan

1

'A

42c
80c
O
£
GO

La Rose Consol Mines___5
Loma Prleta Cons Mines. 1
Loon Lake r__________25c
Louisiana Consol......... 10 c
Magma Chief r . ______ 1
Magma C opper................5
Magmatio Copper r___10c

Range since Jan. 1.

40
19o
9c
%

6

480
20 c
28c

Jan
10c
Jan
1446
Mar
10
Jan
146
Mar 13-10
Jan
446
Mar
20o
Mar
25
Feb
46
9-32 Feb 17-32
Feb
60c
33c
Feb
60c
33c
70c
20o Mar
446
4 >4 Jan
446
3 'A Mar
7
5H
46
62o
Feb
45o
4
646
To Fob 11460
Fob
26c
*18c
33 >8 Feb 40
6
4A Feb
244 Jan
346
1H
64c* Feb
83c
34c
Jan
246
A Jan
46
21c
Feb
00c
14c
10
12 4i
1A
4i
4
10c
21

90
9946
98
100
10 2 '
105
9846
9846
9846
94
83
62
95
9746
03)4
8446
9846

Mar
Mar
Mar

Mar
Feb
Feb

100 46
100
9846
101
109
11046
10046
9846
9946
97 46
89
90
9746
98
9846
9446
99

8746 Mar

91J6

Feb
Feb
Jan
Mar
Mar
Feb
Mar
Feb

Mar
Jan
Jan
Jan
Jan
Mar
Mar
Mar
Jan
Mar
Jan
Jan
Jan
Inn
r p
Feb

Inn
Feb
Feb
Feb
Jan
Fob
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Fob

Mar
Jan
Mar
Feb
Mar
Jan
Jan
Jau
Mar

Mar

Fob
Jan

• Odd lota, t No par value, i Listed as a prospect, i Listed on the Stock Exobango this week, whore additional transactions will bo found, o New stock, r Un
listed. u Ex-cash and stock dividends, to When Issued, x Ex-dlvldcnd. y Ex
rights, f Ex-stock dividend.
.

New York City Banks and Trust Companies
Banks-iV.Y, Bid
Amorlca*___ 505
Amor Exoh. 240
Atlantic____ 180
Battery Park 170
Bowery* . . . 400
Bronx Boro* 200
Bronx N a t .. 150
BryantPark* 145
Butch A Dr.
05
Chase______ 300
Chat A Phon 240
Chelsea Ex* 100
Chemical___ 390
City..............
Coal A Iron.
Columbia* .
Commerce..
Corn Exch*.
Cosmopol'n*
East River..
Fidelity • -_ .
Fifth Ave*._
r i f t h ...........
First.............
Garfield____
Germ-Amer*
German Ex*
Germania *.
Gotham-----Greenwich*.
Hanover___
Harrlman. .
Imp A Trad.
Liberty__
Lincoln ____

198
450
315
180
340
85
65
150
4300
250
1040
180
130
390
500
220
310
690
1235
510
217
975
310

Ask
575
245
185
186

Banks.
Manhattan •
Mark A Full
Mech A Met
Merchants .
Metropolis*.
Mctropol’n •
Mutual*___
New Neth*.
Now YorkCo
Now Y o rk ..
Paclflo *____

____
____
100
105
395
250
120
400
People's*__
200
Prod Exch*.
505
Public •____
205
Seaboard __
Second___
Sherman___
182 * State *_
350
23d Ward*
100
Union Exch.
75
Unit States*
Wash H'ts*
4800* Westch Av*
276
West Side*.
1060
Yorkvllle*..
190
Brooklyn
140
Coney Isl'd*
First...........
625'
Flatbush__
____ Grecnpolnt .
325
Hillside * . . .
705
Homestead •
Mechanics*.
245
M ontauk*..
525
Nassau_____
222
Natlon’ICIty
1000
North Side*.
330
People’s ------

Bid
325
320
248
275
180
375
215
405
270
500
220
188
230
450
395
120
100
100
155
600
275
190
300
590
125
255
170
153
no
126
90
200
265
175
130

iBank* marked with a (*) are State bank*,
•bange this week. 1 New stock. » Ex-rlght*.




Ask
335
255
330
300
190
225
725
415
525
235
198

New York
B'way Trust
ContralTrust
Columbia 1 .
Commercial.
Em pire____
Equitable Tr
Farm L A Tr
Fidelity____
Guaranty Tr
Hudson____
Law Tit A Tr

415
130
110
135
160

Metropolitan
Mut’l (West
chester) . .
N Y T.lfn Tnq
A T rust..
N Y T ru st..
TltleGuATr
Transatlan’o
3*5*0** Union Trust
610
U S M tg A T r
UnltfdStates
135
Westchester.
270
165
120
115
135
105
210
275
200
140

Bid
490
150
700
303
115
285
1365
t 470
208
270
460
138
122
100
385

Atk
495

310
300
370
485
215
280
465
145
128
100
395

125
070
605
355

1000
615
365
155
420* 440
447
455
1010 1025
140
130

Brooklyn
Brooklyn Tr

500

Manufact’rs

650
150

610
280

Queens Co

75

—
8*5*

t Bale at auotlon or at Stock Ex-

1253

New York City Realty and Surety Companies
Bid
Alliance R'ty
70
Amer Surety 135
Bond A M G 262
Casualty Co . . . .
15
City Invest g
00
Preferred..

A l*
77
145
270
_____

21
67

Lawyers Mtg
Mtge Bond.
Nat Surety.
N Y Title A
M t g e ____

Bid
153
100
227

Ask
158
105
233

90

100

Realty Assoc
(Brooklyn)
U S Casualty
USTltleGAI
Wes A Bronx
Title A M G

Bid

A ll

95
200
90

100

165

180

IOO

Quotations for Sundry Securities
All bond prices are “ and Interest” except where marked “ f "
Standard Oil Stocks PerShart
Par Bid. Alt.
RR. Equipment*— FtrCl Batit
•1634 17%
Anglo-Amer Oil new------ £1
Bid. A f t .
Atlantlo Refining------------100 1045 1055 Baltimore A Ohio 454*..
4.55 4.30
Borne-Scrymser Co--------100 460 480
Buff Roch A Pittsburgh 4449 4.60 4.30
Buckeye Pipe Lino Co___50 *107 112
Equipment 4a...............
4.60 4.30
Chesobrough Mfg new___100 430 440
Canadian Paclflo 4 H is...
4.62 4.45
Colonial Oil......................... 100 50
70
Caro Cllnehf A Ohio 5j . . . . 5.25 4.75
Continental Oil--------------100 590 600
Central of Georgia 5s___
4.70 4.40
Crescent Pipe Line Co____50 *38
41
Equipment 444s______
4.70 4.40
Cumberland Pipe Line.. 100 150 160
5.25 4.76
Chicago A Alton 4s.........
Eureka Pipe Line Co____ 100 215 225
Chicago A Eastern 111 544*-- 5.75 5.50
Galena-Signal Oil com___100 158 163
5.75 5.50
Equlpment 4 4 4 s ... . . .
Preferred______________100 138 142
Chic Ind A Loulsv 4 441 ..
4.75 4.50
Illinois Pipe Line.............. 100 238 243
4.50 4.25
Chlo St L A N O 5s..................
Indiana Pipe Line Co____50 105 110
4.40 4.12
Chicago A N W 44 4 s--Internet Petroleum______ £1 »1434 I.5 I4 Chlcago R I A Pae 4 44 s_____
5.10 4.70
National Transit C o ..12.60 •17
19
Colorado A Southern 5 i . ..
4.80 4.40
New York Transit Co___100 208 213
Erie 5s______________ _ . .
4.75 4.50
Northern Pipe Line C o ..100 103 107
4.75 4 50
Equipment 444s..... ..........
Ohio Oil Co...........................25 385 390
Equipment 4s....................
4.75 4.50
Penn-Mex Fuel Co________23 •50 | 55
4.75 4.40
Hocking Valley 4s_________
Plerco Oil Corp___________ 26 •1334 14U
4.75 4.40
Equipment 5s....................
Prairie Oil * Gas________100 605 ;615
4.50 4.25
Illinois Central 5s______ __ .
Prairie Pipe Line________100 318 322
4.50 4.25
Equipment 444 s_____ ..
Solar Refining__________ 100 385 395
4.62 4.40
Kanawha A Michigan 4441
Southern Plpo Lino C o .. 100 203 208
4.40 4.20
Louisville A Nashville 6s___
South Penn OH__________ 100 328 333
4.60 4.30
Minn St P A 8 8 M 4 44s..
Southwest Pa Pipe Linas.100 112 117
5.50 6 00
Missouri Kansas A Texai 5<
Standard OH (California) 100 297 300
5.50 6.00
Missouri Pacific 5s_______ _
Standard Oil (Indiana).. 100 870 880
5.00 4.50
Mobile A Ohio 5s________
Standard Oil (Kansas). . 100 525 555
5.00 4.50
Equipment 444s................
Standard Oil (Kentucky) 100 785 795
4.55 4.35
New York Central Lines 6s
Standard Oil (Nebraska).100 590 600
4.55 4.35
Equipment 444s........... ..
Standard Oil of Now Jer.100 708 713
4.50 4.25
N Y Ontario A West 44»iStandard Oil of New Y'rklOO 313 317
4 38 4.15
Norfolk A Western 4 44s ___
Standard Oil (Ohio)......... 100 495 505
4.38 4.15
Equipment 4s_____ _____
Swan A Finch___________ loo 110 115
4.30 4.10
Pennsylvania RR 4441 ____
Union Tank Line Co____100
90
93
Equipment 4s___________
4.30 4.10
Vacuum Oil_____ ________ioo 405 415
St Louis Iron M t A Sou 6*.
6 25 4.75
Washington Oil.................. 10 *30
40
St Louis A San Franclsoo 8 1 . 6.50 5.00
Ronds.
Per Cent
Seaboard Air Line 6s_______
4.75 4.50
Pierce Oil Corp conv 6s 1924 82
85
Equipment 444s_____ _
4.75 4.50
Ordnance Stocks— Per S hare.
Southern Paclflo Co 4 44
4.50 4.25
Aetna Exploslvos p re f... 100 23
30
Southern Railway 444s_____
4.75 4.50
Amer A British M fg......... 100
13
9
4.75 4.50
Toledo A Ohio Central 4 e ..
Preferred......................... ioo 25
35
Atlas Powder common..100 155 160
Tobacco Stocks— Per shaft
Preferred____________ 100 100 102
Par Bid. Alt
Babcock A Wilcox............100 121 123
American Cigar oommonlOO 112 116
Bliss (E W) Co common..60 X550 585
Preferred______ _______ 100 98 101
Preferred._____ ________ 60 •73
78
Amer Machine A F d ry ..l00
80
90
Canada Fdys A Forgings 100 175 185
Brltlsh-Amor Tobac o r d ..£ l •17
19
Preferred______ ______.100 92
Ordinary, bearer______ £1 *18
20
Canadian Explosives oomlOO 375 475
Conley Foil_____ '..............100 250 300
Preferred........................ ioo 104 110
Johnson Tin Foil A M et. 100 100 130
Carbon Steel common__ 100
95
92
MaoAndrews A Forbes.. 100 215 230
1st preferred..................100 Z90
90
Preferred.......................100 100 103
2d preferred..................100
77
72
Reynolds (R J) Tobaoco.100 550 580
Colt's Patent Fire Arm*
Preferred......... ............... 100 117 123
M fg.................................. 100 X820 830
Young ( J 8) C o.................100 105 175
duPont (E I) de Nemours
Preferred..___________ 100 105 110
240 245
A Co, common______ 100
Debenture stock___ 100 102 104
Short Term Notes. Per Cent.
40
Empire Steel A Iron com. 100 43
80
Preferred......................... 100 82
Am Cot Oil 5s 1 9 1 7 ...M A N 100% 100%
Hercules Powder com___100 235 240
Amer Looom 6s, July '17.J-J lOOH 100%
Preferred______________100 116 119
Am T A T 444s 1918____
100% 100%
Hopkins A Allen Arm s.. 100 10
20
Beth Steel 5s 1919 ..F A A 1 5
9 8 i4 98%
50
Preferred______________ioo 35
Canadian Pac 6s 1924. MAS2 10 1 Mi 102
Mllllken Bros pref______ 100
40
30
Chlo A West Ind 6s '1 7 .M AS 100 lO
OMi
Nlles-Bement-Poud com .100 175 179
Erie RR 5s 1919............A-O
9 8 14 98%
Preferred....... ............. ..1 0 0 105 110
General Rubber 5s 1918 JAD 9958 100
GO Hocking Valley 5s 1917.M -N lOOH 100%
Penn Seaboard Steel (no par) 55
Phelps Dodge A C o ____100 300 310
Int Harv 5s Feb 15 '1 8 .F-A lOOH 100%
ScovIIl M fg_____________ 100 Z595 605
K C Rys 5449 1918____ JAJ
lOOH 101%
Thomas Iro n ____________ 50 23
27
K C Term Ry 444s '1 8 .MAN
9994 100%
Winchester Repeat Arms 100 800 900
444s 1021.......................JAJ 9 9 l 2 100%
Woodward Iron......... .......100 64
67
Laclede Gas L 5s 1919.FAA IOOI4 10094
Public Utilities—
MorganAWrlght 5s Deo.1,18 100 100%
Am Gas A Elec com______ 60 •137 140
New Eng Nav 6s 1917.M-N 100 100%
Preferred........................... 60 •5012 51l2 N Y N H A H 444s May 1917 100 100%
Am Lt A Trao common..109 361 363
Penn Co 4449 1921..JA D 15 100 Mi 100%
Preferred_____________ 100 112 114
Pub Ser Corp N J 5s '19 MAS 9914 100%
85
Amer Power A Lt oom.-.lOO 83
Rem Ams U.M .C.6s'19KAA
80
80%
Preferred..................
100 90
9U2 Southern Ry 5s 1 9 1 9 ..M-82 9 8 % 98%
39
Amor Public Utilities oomlOO 36
United Fruit 5s 1918.. M-N 100% 100%
72
Preferred_____ ________ 100 69
UtahSecurCorp 6s'22 M-S16 9 0
97
Cities 8ervlce C l com__ 100 294 290
Winches RepArms5sT8M&3
9 4 % 95%
Preferred. .
100 8934 90%
New York City Notes—
Com'w'lth Pow Ry A L ..1 0 0
58
6s Sept 1 1917........................ . 100% 101%
56
Preferred......... ............... 100 80
83
Canadian Govt. Notes—
Eloo Bond A Share prof. .100 100 102
5s Aug 1 1917...................FAA 100 100%
El Paso Elec Co com____100
113
Fodoral Light A TractlonlOO *12
14
Industrial
Preferred______________ioo 50
53
and Miscellaneous
80
C.alv-IIous Elec Co pref. 100 75
89
Great West Pow 5s 1946.JAJ 87
American Brass_________ 100 327 332
Indiana Lighting Co____100
American Chicle com____100
59
62
4s 1958...........
F-A 79% 80%
Preferred......................... 100 76
80
10
Mississippi RIv Pow comlOO
9
Am Graphophone com ..100 117 120
Preferred____________
39
30
Preferred_____________ 100 122 125
1st M 58 1951............. JAJ 76% 7712 American Hardware____100 139 143
North'n States Pow com .100 99 IOOI2 Amer Typefounders oom.100 40
43
Preferred....................
Preferred....... ................. 100
991- 101
90
93
Northern Tox Eleo Co . .100
61
58
Borden's Cond Milk com.100 108 110
Preferred....................
85
81
Preferred......................... 100 104 106
Paclflo Gas A Eleo com. .100 65
66
Celluloid Company_____ 100 180 190
1st preferred......... ...... -100 91
93
Havana Tobacco Co____100
1
2
Puget Sil Tr L A P pref. .100 75
Preferred......................... 100
3 6
41
Republic Ry A Light___ .100 40
1st g 6s June 1 1922.. J-D 752% 57
Preferred.................. .. -100 69
71
Intercontlnen Rub com ..100
11
12
94
South Calif Edison 00 m. -100 92
Internat Banking Co____100 100
Preferred______ _____ 100 107 109
International Salt........... 100
57
59*
1st g 6s 1951.............. A-O 78
Southwest Pow A L pref. 100 (197% 100
81
Standard Gas A El (Del). 60 •12if
International Silver pref.100 103 105
Preferred______________ 60 •40
4012 Lehigh Valley Coal Sales. 60 *94
98
Tennessee Ry L A P oomlOO
712 8 I4 Otis Elevator com______ 100 60 63
Preferred______________ 100
36
Preferred______________100 87
33
91
United Gas A Eleo C orp.100
7 10 Remington Typewriter—
1st preferred............. . . 1 0 0
Common______________100 16% 17%
73’ 2 7712
2d preferred........... ...1 0 0
12
1st preferred...................100 80
9
83
United Lt A Rys com__ 100
50
2d preferred__________ 100 50
47
53
1st preferred................... 100
79
Royal Baking Powd com .100 148 155
76
Western Power common. 100 15
16
Preferred______________100 101% 103
Preferred______________100
63%
62
* Per share. 6 Baals, d Purchaser also pays accrued dividend.
Slat price, n Nominal. * Ex-dlvldend. y Ex-rights.

« New stock.

[Vol . 104

THE CHRONICLE

1 254:
Ix m ts tm m t

m xtT |S U iilrxra xl

R A IL R O A D

G RO SS

% n U lliQ m u <

EARN IN G S.

The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
oan be obtained. Tho first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumn8 the earnings for the period from July 1 to and including the latest week or month.
Wo add a
■tatement 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 t u 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 .
__________________ ______
Latest Oross E a rn in gs.
H OADS.

W eek or
M o n th .

Current
Y ear.

Previous
Yea r.

Current
Y ear.

ROADS.
W eek or
M o n th .

Previous
Y ear.

S
S
Ala N O & Tex P a c$
142.153 1,316,687 1 ,139.958
A la & Vicksburg-| February. _
158,509
138.825 1,366,213 1,1 2 2 ,1 4 0
167,053
Vicks Shrev & P . F ebruary..
51.954
_
1,992,907 1,906,106
Ann Arbor_________ 13d wk M ar
37.760.
11591896 10644431 101740955 8 7 .2 7 7 .8 8 0
A tch Topeka & S Fo February
77.073.
65.789, 2.616.0371 2,1 8 8 ,2 6 8
A tlanta Birin & A tl 2d wk M ar
132.484
121.616'
906.494'
793.189
Atlanta & W est P t . January __
Atlantic Coast Line February. . 3,7 9 0 ,3 1 5 3 .348.307 25.78 5 ,7 7 4 2 1 ,831,356
172,029
153.783 1.217.673, 1.059.682
Chariest & VV Car January . .
160.883
135.234 1.076.3661
916.847
Lou Ilend & St L J a n u a r y __
a Baltim ore & O h io. February . 8 ,665.656 8 .325.177 7 9 ,778.514 7 2 .809,769
128.009, 139.674, 1,215.119 1,137.065
B & O Ch Ter H R Feoruary .
411,217
325,685 2,3 4 2 ,8 1 9 2 ,019,702
Bangot & Aroostook January . .
519.483
514.715 7 ,059.303 6.958.001
Bessemer & L Erie January
_________ _.
8 8.352
86,975'
644.959
626.899
Birmingham South. Fobruary
. 4 ,0 0 1 .8 8 4 4.0 2 3 ,0 1 9 37.46 2 .5 8 4 33.863.284
Boston & M ain e___ February
'
2 49.050 9.4 5 4 ,6 3 8 8 ,670.759
B u ff Koch & P lttsb. 3d wk Mari 295.374
121.420
153,703 1,116,675 1,167,816
Buffalo & Susq K it . February .
549.000 28.94 9 ,1 0 0 2 3 .154.800
Canadian N or S y st. 3d wk M a r 1 719.100
Canadian Pacific . . 3d wk M ar 2 .648,000 2.2 8 1 .0 0 0 103720550 90,591.821
353,780
261.004 1.9 4 4 .1 5 0 1.676.331
Caro Clinchf * Ohio January . .
Central o f G eorgia. February . 1,133,566 1.106.963 9 .9 6 8 .8 1 9 , 8 ,5 1 0 ,4 6 0
Cent o f New Jersey J a n u a r y __ 2,826.523 2.813,631
349.515 3 .2 5 9 .4 9 0 2 .8 2 5 ,6 0 8
446.132
Cent New England- January . .
_
2 .6 0 8 .8 1 5 2 .4 4 0 .8 8 3
362.113
337,143
Central V e rm o n t.. January . .
903 ,841 3 5 .6 6 2 ,0 9 2 3 4 .3 6 1 .8 7 2
Ches & Ohio Lines. 3d wk M ar
843,285
Chicago & A lton ___ January . .
1.533.382 1 ,264.750 1 1 ,142.683 9 .4 1 8 ,0 6 0
Chic Burl & Quincy J a n u a r y __ 9.590.840 7 .9 6 3 .9 9 2 6 8 ,6 8 2 .0 2 9 6 0 .2 2 2 .8 7 0
b Chicago & East 111 January . . 1,615.680 1 ,4 0 7 .7 1 8 1 0 .391.092 9 .7 7 3 .3 1 6
3 6 8 .9 1 9 12.002,231 11,1 0 0 .3 0 6
c Chic Great W e s t- 3d wk M ar
285.492
156.0941 6 .3 2 8 .2 4 7 5 .4 4 5 .9 1 3
C hic Ind & L ouisv. 3d wk M ar
158,638
187.595 1,52 8 ,1 9 5 ' 1,321.033
Chicago June U K . . January . .
238.086
Chic M llw & St P January . . 8.351.113 7 .6 4 5 .0 3 7 6 7 .7 1 7 .0 6 3 6 2 .0 4 7 .7 8 2
dC hlc& North W est January . . 8 .075.065 6 ,8 4 0 .0 5 7 i6 2 .5 1 4 .7 1 7 5 4 .7 0 9 ,0 3 4
144.617 1.2 8 2 .1 3 4 1 ,167.627
Chic Peoria & St L . February .
161,536
Chic Rock Isl & Pac January — 6.755.529 5 ,5 6 5 .1 5 0 4 8 .9 8 4 .4 2 4 42.5 0 0 .4 1 1
260.7681 2 .2 2 0 .8 3 4 1.911.334
Chic R I & G u lf. January . .
318.400
d C hic St P M & Om February _ 1.298.685 1 .5 1 1 ,2 8 8 14,5 0 6 .0 8 6 1 3.264.308
251.833 2 .080.497 1.740.000
265.585
Chic Terre II & S E February .
700,034 6.3 3 9 ,2 7 0 6 .567.045
Cin Ham & Dayton J a n u a ry __
816.147
961.834
119.221 1.115.023
Colorado M idland. January —
122.355
281.368 12.962.413 11.669,354
e Colorado & South. 3d wk M ar
310.656
94,356
167.440
20.819
C o rn w a ll___________January
33.634
259 757
39.231
321.294
C ornw all* Lebanon January . .
46.144
691.480 3 ,936,295 3.2 3 1 .7 7 9
Cuba Railroad____ January . .
761.119
D e la w a re * Hudson January . . 2.153.543 2.140.284 15.767 910 15.092.351
D ela Lack & W e s t . February . 3 .966.725 3 ,8 7 3 .8 9 8 35.052.972 3 2 .503.627
4 2 7.000 19.466.886 18.181.277
523.000
D euv & Rio Grande 3d wk M ar
2 2.522 1.413.148 1.415.157
D enver & Salt Lake 2d wk M ar
29.946
811.588
882.510
23.672
Detroit & Mackinac 3d wk M ar
21.087
173.427 1,422.340 1.264.045
D etroit Tol & Irout January __
218.709
956.109
994.367
170.241
157.474
D et & Tol Shore L . J a n u a ry __
87,667 4.655.030 3 .960.855
Dul & Iron R a n g e .., January __
104.260
129.597 10.054.976 7.050,011
155.649
D ul Mlssabe & Nor' February
57.7 1 0 2 .786.056 2,4 4 7 ,3 7 5
D u l Sou Shore & A tl 3d wk M ar
50.283
815.224
124.510 1.047.880
166.997
D uluth Winn & Pac January . .
1,067.210 1.138.547 9 ,298.990 8 ,451,179
Elgin Joliet & E a st. Fobruary
826.647 8 ,153.338 5.800.427
E l Paso & Sou W est January . . 1,237.182
E r i e ________________ January . . 5.602.096 5.711.592 43.799.807 12.534.272
654.408 4.831.230 3,193.742
Florida East C oast. January . .
793.300
617.140
71.420
75.021
674.610
Fonda J o h n s * G lov February .
259.475 2 .208.792 1.838.311
Georgia R ailro ad .. January . .
294.751
104.333 3.616,670 4 .144.700
90,298
Grand Trunk P a c .. 1st wk Mar
967.233 44.795.842 3 8 .662.486
Grand Trunk S y st. 3d wk M ar 1,054.639
784.368 3 4 .113.410 28,509.964
Grand Trunk Ry 1st wk M ar
846.460
150.496 6.064.056 5 .911.335
Grand Trk W e st. 1st wk M ar
159.294
57.128 2.118.631 2 .202,820
57.400
D et G r H & Milw 1st wk M ar
Great North System Febru ary.. 4.823.311 4 ,279,512 57.781.265 54.338.973
157.739 1.187.360 1.146.083
180.426
G ulf M obile & N o r. January . .
164.294 1.177.674 1.142.605
177.383
G u l f * Ship Island. January . .
519.831 5.282,553 4 319.774
693.716
Hocking Valley____ January . .
Illinois C entral____ February . 6 ,229.684 5.871,545 52,003.354 4 5 .848.565
732.582 7.081.006 5.565.312
901.622
lnternat & G rt Nor January . .
809.583 8 ,101.597 6 .916.878
994.095
Kansas C ity South. February
154.523 1.307.458 1.249.311
178.930
Lehigh & Hud River January .
1.845.893 2.058.949
262.491
282.071
Lehigh & New E n g . January . .
3.304.753 3 .479,847 32,681.451 3 1 .254.043
Lehigh Valley______February
766.305 6 .838.318 6 .300.952
891.141
Los Angeles & S L . ..January . .
107.0871
885.059 I .
124.854
Louisiana & A rkan . January . .
165.412' 1.366.081 1.369.646
199.713
Louisiana R y & Nav January _ .
/Lou isville & Nashv 3d wk M ar 1,253.380 1,202.465 49-.031.839 42.90 0 .0 6 0
917.438 8 .838.485 7,847,491
February
961.206
M aine Central
282.015
299.976
33.666
Maryland & Penn. January . .
37.386
146.596 1,378.538 1.065.488
201.087
M idland Valley___ January . .
757.249
20.842
843.415
17.673
M ineral Range____ 3d wk M ar
______
7 .956.139 7.994.907
245.892
M lnneap & St Louis 3d wk M ar
186.476
633.069 ,23.741,577 25.199.628
396,872
M inn St P & S S M . 3d wk M ar
478.122
66.618
490.138
67.966
Mississippi Central. January .
624.765 29.385.621 23.651.372
a M o Kan & T exas. 3d wk M ar
678,899
h Missouri P a cific.. January . . 6,306.936 4 .942.530 44,426.897 37.461.980
j New York Central January . _ 15901873 14889054 119804062 107048358
Boston & Albany January __ 1.677.177 1.587.518 12.990.810 I I .
523.323 4,621.343 3 .996.830
685.007
n Lake Erie & W . January _ .
Michigan Central January
4 .061.055 3.272,174 28.577.863 23.254.785
4.001.801 3.482.893 28.523.864 24.804.719
Cleve C C * St L January
193.282
130.272 1.208.018| 1,051.432
Cincinnati N orth. January . .
Pitts & Lake Erie January . 1.804.669 1.745.351 14.370.798,12.903.475
513.769
431.552 3.9 6 3 ,9 8 4 3 .081.840
Tol & Ohio Cent January .
262.289
291,683 1.967,036! 2 .104,969
Kanawha & M ich January . _
T o t all lines abovei January . . 29100972 26353820 216027840 189410291

J u ly 1 to Latest D a te.

Latest Gross E a rn in gs.

J u ly 1 to Latest D a te.

Current
Y ea r.

Previous
Year.

Current
Yea r.

Previous
Y ea r.

$
1,095,422 1,028.827
5,524
8,525
147.536
121.106
1.339.873 1.260.213
6.712,001 6 ,003.545
678.143
563,108
394.692
336,511
371.447
394.870
4.962,151 4.538.356
5.430.116 4,963.512
220.686
316.809
497,643
369,373
19032422 17706237
59.472
68.719
292.466
310.683
968,369
1,051,095
48,257
60.722
369.247
442.194
2 .208.700 1.816.327
464,428
490.099
5.338.286 5.146,551
430.082
489,183
5.496.428 4 ,956.495

9 ,415,422 8 ,3 5 0 ,2 8 1
N ashv Chatt & St L February .
2 63 ,564
305,951
Novada-Cal-Orogon 3d wk M ar
I . 127.616 1 ,176,973
Now Orl Great N o r . February 9.203.861 8 ,1 1 4 ,8 8 7
N Y Chic & St Louis January . .
48.655.130 4 3 .8 2 6 .1 6 0
N Y N H & H artf. January . .
5,840.993 6 .1 5 4 .7 4 2
N Y Ont & Western February _
2,122.031 2.4 9 8 .6 9 8
N Y Susq & W e s t .. January . .
3 ,396.018 2,9 5 0 .9 3 1
February
.
N orfolk S o u th ern ..
35.270.075 32.7 0 0 .8 8 5
Norfolk & W estern. January . .
55.462.356 4 9 ,8 2 0 .8 6 7
Northern Pacific___ February .
2.898,989 2 .6 0 6 .9 0 2
Northwestern Pac. January . .
4 ,128.610 4 ,3 4 5 ,4 7 5
Paciflc Coast C o ___ J a n u a r y __
137666761 126175401
p Pennsylvania R H . January
727 .137
840.478
Balt Chas & A t l . . January . .
2.216.376 1 ,991.693
Cumberland Vail. January __
9.315,592 8 ,4 6 9 .1 4 9
Long Island-------- January __
573,738
620.312
M ary'd Del & Va January . .
3 .160.350 2 ,6 5 7 .9 8 2
N Y Phlla & N orf J a n u a ry __
13,410.847
15.668,775
January
_
.
Phil Balt & Wash
4,979.722 4,6 2 8 .6 9 1
W Jersey & Soash January . .
45.293.101 4 0 ,7 8 8 ,0 0 6
Pennsylvania Co___ January . .
3.619.141 3 ,2 9 4 ,4 8 0
January
Grand Rap & Ind
38.952.479 3 4 .2 3 2 ,8 4 6
l Pitts O O & St L . January __
Total lines—
23969881 22013877 176902406 160814533
East Pitts & Erie January .
11481670 10667553 8 8 .954.510 79,3 1 9 .5 6 9
W est Pitts & Erie January .
All East & W e st. January . . 35451551 32681430 265856916 240134103
436.733 15.947.514 1 4 .713.968
437.743
Pero M arquette___ 3d wk M ar
Reading C o—
4.804,679
41.406.965 3 8 .0 0 2 .5 4 2
February
.
4,583.701
Phlla & Reading.
Coal & Iron C o . . February . 3,185.199 3 .508.006 30.453.187 2 4 ,8 8 9 .0 5 7
Total both cos___ February . 7,768.900 8 ,312.685 71.860.152 6 2 ,8 9 1 ,5 9 9
276 .617 2.190.103 1,698.465
372.771
Rich Fred & I’ otom January . .
551.792
620.679
76.010
92.694
Rio Grande June___ December
404 ,109
11.053
453.340
3d
wk
M
ar
12.147
R io Grande S outh. .
2,1
9 4 .1 0 5
277
.8
5
9
2,404,956
328.152
R utland____________ January
144.394 1,358.938 1.036.711
174.096
St Jos & Grand Isl. January . .
1
.746.637
3.440.864
195.711
380.403
February
St L Brownsv & M .
St L Iron M t & 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 27.7 3 0 .5 4 8
242.000 I I . 430,419 8 .9 3 7 .3 7 5
285.000
St Louis Southwest. 3d wk M a r
Seaboard Air L in o .. January . 2.569.166 2.144.800 15.710,743 13.567,816
11186101
118516488 101121384
February
13450273
Southern Pacific—
k Southern R y S y st. 3d wk M ar 1.986.250 1.852.084 74.202.307 6 5 .6 0 5 .3 2 0
430,159 4 .041,584 3 .5 9 6 ,8 0 1
448.336
Ala Groat South. Fobruary .
943.990 8 .091,305 7 .0 6 8 .0 2 0
855.042
Cine N O * Tex P February .
232.361 8.943,382 8 ,3 5 3 .7 0 2
210.361
M o b i le * O hio___ 3d wk M ar
49.025 2.072.111 1,792.202
46.869
Georgia So & Fla 3d wk M ar
300.936 3 .377.296 2 ,9 6 8 .5 3 8
466.881
Spok Port & Seattle January . .
7 0 ,0 2 8
2.157
85.380
2.461
Tenn Ala & Georgia 3d wk M ar
935.304
119,437 1.050 221
146.070
Tennessee Central. January . .
368.450 16.342.547 14.221.799
375.538
Texas & Pacific___ 3d wk M ar
8 2 9 .3 5 5
96.570
832.609
85.628
Toledo Peor & West February..
119.602 4 .440.337 4 .0 5 5 .3 8 4
122.114
Toledo St L & W est 3d wk M ar
580.721
741.738
7 6 .1 0 “
91.518
Trin ity* Brazos . January __
Union Pacific Syst February . 7 ,586.560 8 .012.375 9 .785.785 6 9 .4 3 6 .4 2 5
747,035 6.275.363 4 .9 2 4 ,6 5 8
720.860
Virginian__________ February .
2.718.334 2.833.995 25.525.260 2 2 .5 7 1 .1 5 0
W a b a s h ___________ February
201.624 9.101,973 7.7 0 4 .0 3 4
231.189
Western M arylan d. 3d wk M ar
437,249 5.338.345 4 .3 8 5 .9 6 4
585.372
January
Western Pacific____
772,015
110.545
843.064
125.076
Western Ry of Ala January
682,833 6,479.024 6,7 7 8 ,7 9 9
575.374
W heel & Lake Erie Fobruary .
9.1
6 5 .9 2 3
994.172
11.290.169
1,228,967
Yazoo & M iss V a ll. February

V a riou s Fisca l Y e a r s .

Current
Y ea r.

P eriod .

Jan 1
Buffalo & Susquehanna RR
Jan 1
Delaware & Hudson----------1
E r ie _________________________
New York C e n tr a l.!------------------- Jan 1
Jan 1
Boston & A lbany___________
Jan 1
Lake Erie & W estern .n ----1
Michigan C entral--------------Jan 1
Cleve Cine Chic & St Louis
Jan 1
Cincinnati Northern----------1
Pittsburgh & Lake Erie—
006.356
1
Toledo & Ohio C entral------Kanawha & M ichigan----------- Jan 1
Total all lines_______________ Jan 1
Now York Chicago & St L o u is .. Jan 1
N Y Susquehanna & W estern— Jan l
p Pennsylvania Railroad ------------- Jan 1
Baltimore Chesap * Atlantic Jan 1
Cumberland Valley----------------- Jan 1
Long Island__________________ Jan 1
M a ry ’d Delaware & Virginia Jan 1
1
N Y Philadelphia & Norfolk.
1
Phlla Baltimore * Washlng’ n
1
W est Jersey & Seashore--------163.877
1
Pennsylvania C o m p a n y --------------1
Grand Rapids & Indiana. . . .
I Plttsb Cine Chic & St Louis. Jan 1
Total linos— East Pitts & Erie Jan 1
— W est Pitts & Erie Jan l
— All lines E & VV. Jan 1
Dec 1
R io Grande Junction------Jan 1
R u t l a n d __________________

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

Fob
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Dec
Jan

28
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31

Previous
Y ea r.

$309,479
$261,128
2.153.543 2,140.284
5 .602.096 5.711.592
15.901.873 14.889.054
1,677.177 1.587.518
523.323
685.007
4 ,061.055 3 .272.174
4.001.801 3 .482.893
130,272
193,282
1.804,669 1.745.351
431.552
513,769
262.289
291,683
29.100.972 26.353,820
1,339.873 1.260.213
394,692
336.511
19.032.422 17.706.237
59.472
68.719
292.466
310,683
968,369
1.051.095
48.257
60,722
369,247
442,194
2 .208.700 1,816,327
464.428
490.099
5.338.286 5,146,551
430.082
489.183
5.496.428 4.956,495
23,969.881 22,013.877
11.481.67C 10.667.553
35.451.551 32.681.430
76,010
92,094
328.152 I
277,859

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
• W eek ly S u m m aries.
Jan (33 roads)____
Jan (33 roads)___
Jan (32 roads)___
Feb (30 roads)____
Feb (27 roads)____
Feb (30 roads)____
Feb (28 roads)____
M ar (2 9 ’roads)____
M ar (30 roads).
M ar (31 roads)------___ ____________
M innesota

2d
3d
4th
1st
2d
3d
4th
1st
2d
3d

week
week
week
week
week
week
week
week
week
week

Current
Year.

$
12.705.473
12.738.938
19,155.988
11.094.646
11.941.735
12.907.667
13.508.398
12.798.647
13.411.164
13.198,911

Previous
Y ea r.

In crea se or
D ecrease.

%

S
$
10.708,927 + 1 .9 9 6 .5 4 6 18.58
11.463.054 + 1.275,884 11.13
16.363.202 + 2 ,7 9 2 ,7 8 6 17.07
+ 111.633 1.02
10.983.013
+ 608.359 5.37
11.333.376
+ 4 9 6 .2 1 7 3.99
12.411.450
— 558.493 3.97
14.066.891
+ 6 8 3 .3 0 7 5.64
12.115.340
12.018.648 + 1.392.516 11.59
+ 633.824 5 .04
12,565.087
_
_
b Includes Evansville *

* M o n th ly S u m m aries.

Current
Y ea r.

$
3 0 8 ,029 .096
M a y .....................................248.000 247.189
Juno________ 226.752 225.803 285.149 .746
J u ly ................244,249 243,563 308.040,791
A u gu st______245,516 244.765 333,460 .457
S e p tem b er..248.156
247.466 332.888 .900
246.000 345.790 .899
O ctob er_____246.683 ________
N ovem ber. .2 1 8 .8 6 3 248 058 330,258 .745
215.669 262.171 ,169
D ecem b er__216.811
247.327 307.961.074
January_____248.477
8 3.685 63.029,395
February___ 85,604

M ile a g e .

C u r. Y r . Prev. Y r .

Previous
Y ea r.

In crea se or
D ecrease.

%

$
244.580 ,685
237,612.907
263.944 ,649
278.787,021
294.333 .449
310,740.113
306,606,471
242.064 ,235
267.115.289
6 1 .597.875

$
+ 6 3 .4 4 8 ,4 1 1
+ 4 7 .5 3 6 .7 7 9
+ 4 4 ,0 9 6 .1 4 2
+ 5 4 .6 7 3 .4 3 6
+ 3 8 .5 5 5 .5 4 1
+ 3 5 .0 5 0 .7 8 6
+ 2 3 .6 5 2 .2 7 4
+ 2 0 .1 0 6 .9 3 4
+ 4 0 .8 4 5 .7 8 5
+ 1.431.520

25.99
20.00
18.77
19.68
13.11
11.22
7.71
8.31
15.29
2.32

Terre Haute.

h Includes tne St. Louis Iron Mountain « aoutnorn.
) inciuaes m e u im j ouuto «.
New Orleans * Northeastern
Dunkirk Allegheny Valley & Pittsburgh R R . k Includes the Alabam a Great Southern. Cine. Now Orleans * Texas I aU fic. n o w 'U i^cans * Northoastern
and the N or. Alabam a. I Includes Vandalla R R . n Includes N or. Ohio R R . p Includes Northern Central. * W o no longer inuuuo M exican roaus in
any of our totals.




Mar . 31 1917.]

1255

THE CHRONICLE

Latest Gross Earnings by Weeks.

— In tho tablo which
follows wo sum up separately the earnings for the third week
of March. The table covers 31 roads and shows 5.04%
increase in tho aggregate over the same week last year.
Increase. Decrease.
$
$

Third Week o f March.

1917.
$

1916.
8

Ann Arbor___________________
Buffalo Rochester & Pittsburgh
Canadian Northern_____________
Canadian Pacific_____________
Chesapeake & Ohio__________
Chicago Great W estern_____
Chicago Indianapolis & Louisv.
Colorado & Southern________
Denver & Rio Grande________
Detroit & M ackinac_________
Duluth South Shore Sc Atlantic
Georgia Southern & Florida____
Grand Trunk of Canada_______
Grand Trunk W estern_____
Detroit Grand iia v & M ilw
Canada A tlantic____________
Louisville & N ashville_________
M ineral R ange__________________
Minneapolis & St Louis______ 1
Iowa Central________________/
M inneap St Paul & S S M ------Missouri Kansas & Texas_______
M obile & Ohio__________________
Nevada-Callfornia-Oregon_____
Pere M arquette_________________
ltio Grande Southern___________
St Louis Southwestern_________
Southern Railway System _____
Tennessee Alabam a & Georgia.
Texas & Pacific_________________
Toledo St Louis & W estern____
Western M arylan d_____________

37.700
295,374
719,100
2,648,000
843,285
285,492
158,638
310,656
523,000
21,087
50,383
46,869

51,954
249,050
549.000
2,281,000
903,841
368,919
156,094
281,368
427.000
23,672
57,710
49,025

1,054,639

967,233

1,253,380
17,673
186,470

1,202,465
20,842
245,892

396,872
678,899
210,301
8,525
437,743
12,147
285,000
1,986,250
2,461
375,538
122,114
231,189

633.669
624,765
232,361
5,524
436,733
11,053
242,000
1,852,084
2,157
368,450
119,602
201,624

14,194
4 6,324
170,100
367,000
60,556
83,427
2,544
29,288
96,000
2,585
7,327
2,156
87,40,
50,915
3,169
59,416
236,797
54,134

22*655

3,001
1,010
1,094
43,000
134,166
304
7,088
2,512
29,565

Total (31 roads)......................... 13,198,911 12,565,087 1,125,451
N e t increase ( 5 .0 4 % ) ----------------------------------------633,824

491,627

Net Earnings Monthly to Latest Dates.— Tho

tablo
following shows tho gross and net earnings with charges and
surplus of STEAM railroad and industrial companies re
ported this week:
----- Gross Earnings—
------ Net Earnings— —
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
1,202,044
1,420,806
Atlantic Coast L ln o .a .-F o b 3 ,790,315 3 ,348,307
Jan 1 to Feb 2 8 ............. 7,5 0 0 ,8 1 5 0 ,423,373 2,707.204 2,139,897
A tch Top & Santa F o .b .F e b 11,591,896 10,644.431 ) 4 ,239.226 13,997,179
July 1 to Feb 2 8 _______ 101,740,955 87,277,8801 40,5 6 5 ,0 1 7 1 3 2 ,6 1 2 ,9 3 6
Baltim ore & O h io .b ____ Fob 8 ,665.656 8,325,177
1,824,190
1,936.638
Jan 1 to Fob 2 8 ............. 18,438.009 16,769,464 4,4 7 0 .3 0 9 3,985,615
108,200
129,400
Canadian Northern S y st.F e b 2 ,3 5 8 ,6 0 0 2,089,200
July 1 to Fob 2 8 ............. 2 6 ,822,700 21,527,600
6,8 8 6 ,4 0 0 5,9 0 9 ,3 0 0
1,986,049
Canadian P a c lflc .a .......... Feb 9,084,277 8 ,795,830
2,294,343
July 1 to Fob 2 8 ............. 95,96 0 ,5 5 0 8 3 ,854,820 35,29 2 ,2 9 3 34,00 8 ,9 3 8
Roads.

Profit in
Gross
Rent, In t.,
Operating. Taxes, <&c.
Receipts.
S
S
$
4,583,701
1,126,395
832,500
4,8 0 4 ,6 7 9
770.250
1,618.528
2 mos
2 ,649,006
9,9 9 9 ,3 7 5
1.665.000
9 ,855,750 3,5 9 1 ,2 6 0
1.540.500
Coal & Iron C o ___ Feb
3 ,185,199
320,361
12,500
3,5 0 8 ,0 0 6
224,570
8,0 0 0
2 mos
7 ,318,931
859,276
25.000
7 ,852,102
589,821
16.000
7 ,768,900
Total both cos___ Feb
1,446,756
845.000
8 ,312,685
1,843,098
778.250
2 mos 17 17,318,306 3 ,5 0 8 ,2 8 2
1 .690.000
16 17,707,852 4,181,081
1 .556.500
575,502
Reading C om panyFeb T 7
.............
493.000
557,896
T6
_______
457,667
1.154.778
986.000
2 mos T 7
.............
1,124,698
915,334
T6
.............
2,022,258
1.338.000
Total all cos______Feb '17
_______
2 ,400,994
1,235,917
T6
_______
2 mos T 7
----------- 4 ,663,060 2.6 7 6 .0 0 0
5.305.779 2 ,471,833
T6
.............
Fixed
Other
Gross
Gross
Net after
Charges.
Income.
Earnings.
Taxes.
Income.
$
S
S
S
$
Boston & Maine—
F e b '17 4,001,884
242,648
'16 4,023,019
881,693
2 mos T7 8,520,162 1,059,342
'16 8,228,981 1,858,951
Buffalo Rocli & Pitts—
Feb T7
138,882
870,450
111,676
250,558
176,247
951,794
TO
256,998
104,430
361,431
176,456
2 mos T7 1,905,459
300,763
224,732
531,495
351,007
TO 1,945,590
497,737
214,237
711,974
352,874
Cuba ItR—
Jan T7
701,119
2,527
208,436
210,903
95,012
TO
399,199
0,098
405,297
87,121
691,480
7 mos ’ 17 3,930,295 1,191,514
7,583 1,199,097
633,986
539,869
6,098 1,516,879
TO 3,231,779 1,510,781
N O Tex & Mcx—
Feb T7
580,739
229,231
TO
399,521
29,198
2 mos '17 1,105,743
439,893
68,484
TO
787,799
Reading Com pany—
P h lla& R e a d in g ..Feb

Gross
Net
Earnings. Earnings.
$
$
Fonda Johnstown & Giovcrsv—
75,021
Feb T7
27,091
TO
31,794
71,420
2 mos '17
157,104
61,130
T6
145,589
64,108

Other
Income.
S

Total
Income.
%

3,028
2,020
7,780
4,238

30,119
33,820
68,910
68,346

Chrages
& Taxes.
$

Balance,
Surplus.
$
293,895
8 4 8,278
984,006
2,0 5 0 ,7 6 0
307,861
216,570
834,276
573,821
601,756
1 ,064,848
1,818,282
2,624,581
8 2,502
100,229
168,778
209,365
684,258
1,165,077
1,987,060
2 ,8 3 3 ,9 4 6
Balance,
Surplus.
S
def661,343
9,193
def809,368
118,732
74,311
184,978
180,488
359,100
115,951
318,176
565,111
977,010
198,803
def39,603
340,065
def66,194
Balance,
Surplus.
i

36,326
30,004
72,820
71,930

def6,207
def2,184
def3,910
dcf3.584

I N D U S T R I A L C O M P A N IE S .
Gross
Net after
Fixed
Balance,
Earnings.
Taxes.
Charges.
Surplus.
S
$
S
$
St L Rocky M t & P .F e b ’ 17
261,705
84,701
21,450
63,251
T6
206,200
54,520
22,141
32,379
8 mos T 7 1,993,085
612,975
168,127
444,848
525,882
188.203
337,679
T 6 1,849.295
E X P R E S S C O M P A N IE S .
— Month o f December---------July 1 to Dec 31—
1916
1915
1916
1915
5
Western Express Co —
$
S
Total from transp ortation..
146,204
139,700
863,570
749,814
Express privileges— D r _____
65,202
417,643
67,436
349,626

1,006,963
2,031,111

C298.128
C611,149

Chicago & North W est.a .F ob 6,683,241
7,018,787
Jan 1 to Feb 2 8 .............14,564,547 13,720,327

695,611
2,5 1 3 ,3 2 5

C275.168
C545.826
1,782,557
3,2 6 6 ,5 9 0

Colorado & S o u th ern .b .F ob
Jan 1 to Fob 2 8 .............

503,513
1,259,683

460,036
917,880

Rovonue from tr a n s p o r ts .
Oper other than tran sp orts

78.678
4,371

74,498
4,4 6 0

445,926
24,333

400,188
22,866

1,385,593
1,508,715
3 ,8 7 3 ,8 9 8
8 ,097,215 3 ,038,966 3,293,171
Illinois C o n tra l.a ...............Fob 6 ,229,684 5.871,545
1,218,290
1,396.661
Jan 1 to Fob 2 8 _______ 13,024,070 11,532,205 2 ,9 5 3 ,2 8 5 2 ,352,177
Lohigh V a lle y .b _________ Feb 3 ,304,753 3 ,479,847
219,988
864,299
Jan 1 to Feb 2 8 ............. 6 ,962,895 7.012.826
742,097
1,733,699
M alno C e n tra l.a _________ Feb
961,206
917,438
82,014
204,718
July 1 to Fob 2 8 _______ 8 ,838,485 7,847,491
2 ,017,450
2 .074,351
N ashv C hatt & St L . b . - F o b 1,095,112
1.028.827
240,166
254,374
Jan l to Feb 2 8 _______ 2,298,310 2 ,082,049
528,690
524,511
Northern P a c ific .b _____ Feb 5, ,430 ,116 4 .963,512
1,886,200
1,970,551
Jan 1 to Fob 2S_______ 11,1,719 ,519 10,420,213 4,632,121 4 ,299,606
369 ,373
Pacific C oast____________ Jan
497,643
95,452
27,853
July 1 to Jan 3 1 ________ 4 ,128 610 4,3 4 5 ,4 7 5
597,906
712,552
Southern R a ilw a y .a _____Fob 5 ,988 107 5,721,736
1,359,771
1.629,798
July 1 to Fob 2 8 _______ 52 ,696 ,027 46,37 5 ,9 7 0 16,038,686 13,744,115
Cine N O & Tex P . a . - F e b
855 ,042
943,990
160,573
274,366
July 1 to Feb 2 8 _______ 8 091 ,305 7,0 6 8 ,0 2 0 2 ,635,585
1,914,734
Ala Great S o u th .a ___ Feb
448,,336
430,159
107.798
78,624
July 1 to Fob 2 8 _______ 4 ,041,,584 5,596,801
1,315,533
1,027,628
Now Orl & Nor H ast.a.Feb
360,,250
306.211
88,822
82,207
July 1 to Feb 2 8 _______ 2 ,872,,095 2 .494,067
870,630
661,457
Georgia Sou & F la .a .F o b
231,,149
218,757
48,577
45,684
July 1 to Feb 2 8 _______ 1 ,926,,129
1,645,128
474,859
354,615
M obile & O h io .a ______ Fob
916,,399
886,334
148,918
179,952
July 1 to Feb 2 8 _______ 8 .277,,861 7 ,680,059
1,669,151
1,730,049
Union P a c ific .a __________ Feb 7 ,586,,560 8,012,375
1,582,100 2,779,583
Jan 1 to Fob 2 8 _______ 16, 070, 154 15,416,396 3,733,664
5 ,0 2 8 ,6 5 4
747,035
720, ,860
V irg in ia n .a ______________ Feb
273,414
383,439
Jan 1 to Feb 2 8 _______ 1 595, ,057 1,436,982
665,260
708,428
4 V a b a s h .b ________________Fob 2 ,718,,334 2,833.995
691,501
864,795
Jan 1 to Fob 2 8 _______ 5 ,631, 173 5,693,279
1,401,292
1,742,948
W estern M a r y la n d .!)___ Fob
292.807
800,273
255.798
975, 219
Jan 1 to Fob 2 8 _______ 2 ,007 185 1,693,824
619,288
5 47,345
Wheel & Lako E r le .b ___ Fob
682,833
153.808
575 374
253,145
Jan 1 to Fob 2 8 _______ 1 ,256 291
341,633
1,375,157
489,803
Yazoo & M iss V a llo y .a ..F o b 1 ,228 967
994,172
271,389
162,210
Jan 1 to Feb 2 8 .......... .. 2 ,654, 736 2,113,183
682.861
479,005

T otal operating revenues.
Operating expenses_________

83,139
69,113

78,958
59,470

470,259
3 7 6,092

4 2 3,054
332,087

N et operating revenue____
Uncollectible rev from trans
Express taxes________________

14,026
8
2,394

19,488
3
1,253

94,167
32
9,610

90,966
27
6,611

11,623

18,232

84,524

84,327

Contral o f G e o rg ia .b ___ Feb 1,133,566
Jan 1 to Fob 2 8 _______ 2 ,331,944

1,323,205
2 ,9 8 0 ,6 4 8
Delaw Lack & 4 V e s t .b -.F o b 3,9 6 6 ,7 2 5
Jan 1 to Feb 2 8 ............. 8 ,401,402

1,236,321
2 ,539.173

a N ot earnings hero given aro after deducting taxes,
b N et earnings hero given aro boforo deducting taxes,
c After allowing for uncollectible revenues and taxes, operating income for
Feb- 1917 was $235,776, against $ 2 22 ,39 9; from Jan. 1 to Fob. 28 was
$492,913 in 1917, against $438,699 bust year.
February taxes and uncollectible railway rovenuo amounted to
deducting which, not for Feb.
1917 was $3,6 5 6 ,1 7 7 , against $ 3,41 3 ,7 7 0 last year. From July 1 to Fob. 28
taxes, &C., were $4,741,090 in 1917, against $ 4 ,139,645 in 1916- Th e
per cent of return on property investment was 6 .92 for tho 12 months
ending I<eb. 28 1917, against 5.47 for tho sanio period last year.

C hic St P M inn & O .F e b T 7
16
2 mos T 7
T6
N Y O nt & W e s t ...F e b ’ 17
•16
2 mos *17
T6




Gross
Net after
Earnings.
Taxes.
S
8
1,298,685
98.362
1,511,288
344,332
2,961,121
504,227
3 ,073,557
727,703
563,108
80,438
678,143
159.441
1,196,637
199,299
1.362,299
314,420

Fixed
Charges.

Balance,
Surplus.

206,465 dof 108,10.3
224.200
120,132
428,590
75,637
468,514
259,189
92.007 defl 1,569
123,633
3 5,808
201,860
dof2,561
244,739
69,081

Operating income____

ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Name o f Road
or Company.

Week or
M onth.

Current
Year.

Previous
Year

$
Adlron El Pow C orp . January . .
154,151 138,841
Atlantic Shoro R y ___ F ebruary..
22.040
21,081
cAur Elgin & Chic R y January
159,792 148,860
Bangor R y & Electric January . .
74,684
66,284
Baton Rouge Elec Co February .
18.822
17,150
B c ItL Ity C o r p (N Y C ) D ecem ber.
54,250
66,286
Berkshire Street R y . January _ .
82.041
72,072
Brazilian Trac, L & P January . . /726600 0 /662600 0
Brock & Plym St I ty . February .
7,714
7,282
Bklyn Rap Tran Syst December . 2452,706 2317,537
32,010
Capo Breton Elec Co February .
28,638
26,328
25,630
Cent M iss V E l P rop. January . .
Chattanooga R y & Lt January . . 107,049 101,420
Cities Service C o ____ February . 1681,868 673,406
36,436
Clovo Palnesv & East January . .
30.900
Clove Soutliw & C o l. January __ 113,030 103,305
^Columbia Gas & E l . February _ 1051,698 859,900
Columbus (Ga) El Co February .
80,987
64,622
Colum (O) R y , L & P January . . 337,571 297,417
C om ’w’th P , Ry & L t February . 1530,735 1362,995
Connecticut C o ______January . .
786,505 701,506
Consum Pow (M ic h ). February _ 460,279 386,734
Oumb Co (M e) I* & L January . . 238,719 213,184
Dallas Electric C o ___ February. .
179,860 163,759
D ayton Pow & Light February . 167,247 132,690
g Detroit Edison____ February . 1034,609 861,790
Detroit United Lines January . . .1395,853 1171,585
D D E B & B att (Rec) December .
32.932
42,756
Duluth-Superior Trac February . 117,240 105,151
East St Louis & S u b . J a n u a ry __ 292,607 229.368
Eastern Texas E lec. . January . .
79,352
66,094
El Paso Electric C o . . February . 111,255
91,146
42d St M & St N Avo Decem ber. 127,491 157,599
g Federal L t & T r a c .. January . . 243,878 225,543
G alv-H ous Elec Co_.|February . 148,284 148,763
Grand Rapids R y Co January . .
113,108 105,817
Groat W est Pow Syst January . . 341,685 321,414
Ilagers’n & Fred R y.!Jan uary . .
35,876
45,260
Harrisburg Railways! February .
87,121
86,263
Havana El R y , L & I,! January . . 547,487 492,074
Honolulu It T & Land January . .
57,984
50,243
Houghton C o Tr C o . February .
25,249
24,166
b Hudson & M a n h a t. February . 497,800 472,259
Illinois Traction____ February . 1057,527 1002,662
Intcrboro Itap T r a n . February . 3240,154 3036,983
Jacksonville Trac Co; February .
53.932
50,136
Keokuk Electric C o . 'February .
18,796
19,030
K ey W est Electric
|February .
10,682
9,544
Lako Shoro Elec I t y . January . .
131.588 113.369
Lohigh Valley Transit! February . 198,165 177,727

Jan. 1 to latest date.
Current
Year.

Previous
Year.

$
154,141
44,942
159,792
74,684
39,268
677,447
82,041
f 7 . 266,000
16,730
29,304,948
70,591
26,328
107,049
3 ,536,317
36,436
113,030
2 ,171,492
170,594
337,571
3,148,453
786,505
947.606
238.719
380,117
244,815
2,144,331
1,395,853
421,808
246,214
292.607
79,352
227,598
1,672,888
243,878
311,360
113,108
341,685
4 5,260
179,791
547,487
57.984
54,002
1,039,095
2 ,201,479
6 ,870.847
113.093
39,927
21.985
131,588
414.093

138,841
44,369
148,860
66.284
3 4,977
774,515
72,072
/ 6 . 626,000
15,358
2 7 ,417,295
62,758
25,630
101,420
1,336,949
30,900
103,305
1,776,772
136,569
297,417
2 .770,547
701,506
786,392
2 1 3,184
33 6 ,8 9 1
271,164
1,747,799
1 ,371,585
485,128
210,008
2 29.368
66,094
196,429
1.946,625
225,543
302,202
105,817
321,414
35,876
172,580
4 92,074
50,243
49,002
967,819
2 .036,603
6,2 3 0 ,7 2 7
103,183
39,522
18,822
113.369
363,303

1256

THE CHRONICLE
Latest Gross Earnings.

N am e o f Hoad
or Company.

Lewist A u g & W atery
Long Island Electric,
Louisville R a ilw a y ..
M llw El Uy & Lt C o .
M ilw L t, H t & T r Co
Monongahela Vail Tr
N ashville Ry & Light
N ew pN & H R yG & E
N Y C ity In terb o ro ..
N Y & Long Island. .
N Y & N orth S h o re ..
N Y & Queens C o ___
N ew Y o rk R ailw ays.
N Y & Stamford U y .
N Y State Railways .
N Y Westches & Bost
N ortham pton T r a c _.
N or Ohio Trac Sc L t .
N orth Toxas Electric
Ocean Electric (L I ) .
Pacific Gas Sc E l e c ..
Pacific Lt & 1’ C o r p ..
g Paducah T r & Lt Co
Pensacola Electric Co
Phila Rapid Transit.
Phila & YVestern R y .
Poi t(Ore) R y.L & PC o.
g Puget Sd T r, L Sc 1’
(I Republic Ry & L t . .
Rhode Island C o ____
Richmond Lt & R R .
St Jos R y , L. II Sc P .
Santiago Elec Lt & Tr
Savannah Eloctric Co
Second Avenuo (Rec)
Southern Boulevard.
Southern Cal Edison.
Staten Isl'd M idlan d .
Tam pa Electric C o . .
Third A v e n u e _______
Tw in C ity Rap T ra n .
Union Ry Co of N Y C
Virginia Ry Sc Power.
W ash Balt & A n n ap .
YVestchoster Electric.
Westchester St R R . .
W est Penn Power___
g W est Penn Trac Co
Yonkers Railroad___
York Railways_______
Youngstown Sc O hlo.

Week or
M onth.

Current
Year.

January . .
December .
January . .
January . .
January . .
January___
January . .
November
December .
December .
December .
December .
January
January . .
December
January . .
February .
February .
February .
D ecem ber.
January . .
February .
February .
February .
February .
February .
January . _
January . .
February .
January . .
December .
January . .
December
February .
December .
December .
February .
Decombcr .
February .
December .
2d wk M ar
December .
February .
January . .
December .
January . .
February .
February .
December .
January
January . .

Jan. 1 to latest date.

Previous i Current
Year.
Year.

$
61,703
52,883
17,163
16,035
254,383 243,661
687,656 603.830
170,435 129,057
195,675 124,041
209.869 196.585
72,872
87,654
60,540
58,660
31,154
32,577
12,115
12,442
112,713 112,386
997,075 1121,437
24,107
26,108
651,989 561,901
45,764
41,770
15,812
14.490
483,866 364,153
158,578 141.880
6,314
5,889
1773,565 1762,713
254,174 244.473
25,550
25,618
26,909
21,833
2205,349 2036,166
36,003
33,726
490,231 454,988
787.870 669,593
357,646 310,459
465,751 428,216
31,945
29,146
135,783 123,276
45.961
57,811
69,295
60,396
66,956
58,382
15,160
18,246
405.687 411,981
22,060
23,571
90,544
90,360
318,420 339,564
202,872 189,284
222,716 226,175
478,490 457,563
66,960
58.490
44,017
37,259
15.342
18,088
313.912 235,491
571.669 463,883
59,603
41,154
90,729
79,385
25,348
25.148

S
61,703
245,164
254,383
687,656
170,435
195.675
209.869
955,732
632,805
413,986
160,216
1,391,330
997,075
26,108
8 ,2 5 6 .4 7 0
45,764
32,320
989,308
329,678
153,965
1,773,565
544,591
54,338
53,955
4,633,137
75,725
490,231
787.870
737.428
465,751
406,738
135,783
553,589

111,348

766,250
182,956
826,271
331.428
182.675
3,590,943
2,129,423
2 ,544.253
1,003,672
66,960
441,131
15,342
644,667
1,176,149
564,967
90,729
25,348

Previous
Year.
52,883
251,881
243,661
603,830
129,057
124.041
196.585
834,411
698,499
428,384
165,877
1,384,667
1,121,437
24,107
7 .264,675
41,770
30,734
739,539
292,508
151,474
1,762,713
510,639
53,071
45,769
4,190,086
69,792
454,988
669,593
628,774
428,216
397,561
123,276
478,222
126,531
876,066
228;619
831,070
3.18,409
177.249
3,875,574
2,021,113
2,794,128
946.344
58,490
579,915
18,088
472,867
941,904
733.250
79.385
25,148

h Represents Income from all sources
c These figures are for consoli
dated com pany. / Earnings now given In milreis
g Includes constituent
companies.

Electric Railway and Other Public Utility Net Earn
ings.—The following table gi\res the returns of ELECTRIC
railway and other public utility gross and net earnings Yvith
charges and surplus reported this Yveek:
Companies.
Alabam a Power-a . _ . Feb
Jan 1 to Feb 2 8 _______
A m P & L (sub cos on ly).Feb
Jan 1 to Feb 2 8 _______
American Tel & T e l____ Jan
Bell Telep o f Penna______Feb
Jan 1 to Feb 2 8 _______

------ Gross E ar rungs------- --------iStel Earnings------- Current
Current
Previous
Previous
Year.
Year.
Year.
Year.
S
S
8
S
147,797
101,329
71,280
107,436
212,075
142,958
3 06,125
216,658
806.362
344,713
338,601
733,648
718,758
717,724
1,663,875
1,514,476
1,307,518
2,624,664 2 ,172,042
1,537,133
284,942
1,103,726
973,563
287,145
600,624
598,080
2 ,251,223
1,982,784

607,160
Central District T e le p ..F e b
Jan 1 to Feb 2 8 ___ . . 1,220,183

563,662
1,144,871

194,379
387,542

174,835
366,781

Chesapeake & P otom ac.Feb
298,253
327,199
Jan 1 to Feb 2 9 _______
666,374
612,179
Cincinnati & Sub Bell .F e b
247,928
•224,895
504,782
456,579
Jan 1 to Feb 2 8 _______
D akota Central T elep___ Jan
53.250
4 8,325
1,002,662
Illinois Traction.a
__ Feb 1,057,527
Jan 1 to Feb 2 8 . ____ 2 ,201,479 2 ,036,603
M ountain States T e le p .. Jan
772,417
639,119
Ohio Stato Telephon o..Jan
316,157
278,304
Philadelphia Com pany—
912,684
Natural Gas D ep t____ Feb 1,080,559
Apr 1 to Feb 2 8 ___ __
8,1 3 1 ,4 8 8 6,989,827
Oil D e p a r t m e n t ..___Feb
13,059
41,687
207,983
Apr 1 to Feb 2 8 _______
314,489
558,186
Elec Lt Sc Pow D ep t. Feb
699,564
5,180,136
Apr 1 to Feb 2 8 _______ 6 ,592,324
1,012,610
Street R y D ep t_______Feb 1,043,682
Apr 1 to Feb 2 8 _______ 12,635,755 11,571,871
Southwestern Power Sc Light
391,728
350,100
(subsidiary cos only) _ _ Feb
717,202
Jan 1 to Feb 28 _____
815,412

107,604
208,366
106,326
216,481
13,888
410,484
865,963
249,169
128,180

87,197
189,541
95,367
199,900
14,012
412,380
829,657
229,119
109,720

689.627
4 ,516,720
31,807
208,077
285,557
2,718.886
293,021
4 ,122,498

643,597
3 ,976,327
16,823
135,410
298,549
2,588,176
337,444
4 ,244,040

186,548
388,539

175,278
363,259

a N et earnings hero given ;are after deducting taxes.
b N et earnings hero given are before deducting taxes.
Fixed
Gross
Net, after
Earnings.
Taxes.
Charges.
S
$
$
Abington & Rockland Elec
5,061
199
17,408
Light & Power___ Feb ’ 17
194
'16
3,955
14,797
8,097
420
2 mos ' 17
34,952
402
7,760
'16
30,741
Asheville P & L t ._ .F e l> '17
’ 16
12 mos Fob '17
T6

38.004
34,402
461,928
447,750

A G & W I SS Lines.Jan T 7
’ 16

3,122,041
2,008,169

Baton Rouge E le c ..F e b ’ 17
’ 16
2 mos ’ 17
’ 16

18,822
17,150
39,268
34,977

Blackstone V G & E Feb ’ 17
’ 16
2 mos ’ 17
’ 16

161.412
144,317
335,610
3 0 0,055

Brockton Sc P ly m .-F e b ’ 17
’ 16
2 mos ’ 17
’ 16
Cape Breton E le c ..F e b ’ 17
’ 16
2 mos ’ 17
’ 16

7,714
7,282
16,730
15,358

10,137
8 .627
20,605
17,252
57,095
63,888
122,233
136,508
def996
ilefllO
ilef 2,227
91

32,0 1 0
28,638
70.591
62,758

12,565
10,059
17,937
24,990




16,692
14,442
187,721
202,300
886,299
489,823

4,511
4 ,3 3 8
50,804
52,085

Iialance,
Surplus.
$
4,862
3,761
7,677
7,358
12,181
10,104
130,857
150,215

140,291
162,658
3,513
3,436
7,078
6,933

746,008
327,165

21,087
20,301
51,118
49,654
1,160
1,094
2,294
2,199

36,008
43,587
71,115
80,854
dcf2,156
def 1,534
d efl,521
def2,108

6,551
6,423
13,103
12,979

6,014
3,636
14,834
12,011

6,624
5,191
13,527
10,319

[Vol . 104
Gross
Earnings.

Carolina Pow Sc L t .F e b ’ 17
73,673
’ 16
65,371
12 mos ’ 17
805,537
’ 16
716,820
Cent M iss Yr El PropFeb ’ 17
24,3 0 6
’ 16
2 3,182
2 mos ’ 17
50,634
’ 16
48,812
Clcvo Elec 111 Co . . . F e b ’ 17
565,154
442,995
’ 16
2 mos ’ 17 1,167,655
’ 16
905,909
Columbus (Ga) Elec Feb ’ 17
80,987
’ 16
04,6 2 2
2 mos ’ 17
170,594
’ 16
136,569
Colorado Power C o . .Jan ’ 17
91,563
’ 16
69,411
12 mos ’ 17 1,042,462
’ 16
858,689
Connecticut Pow Co Feb ’ 17
67,959
’ 16
57,456
2 mos ’ 17
139,124
118,266
’ 16
Dallas Electric C o ..F e b ’ 17
179,860
’ 16
163,759
2 mos ’ 17
380,117
’ 16
336,891
Duluth-Super T rac.F eb ’ 17
117,240
’ 16
105,151
2 mos ’ 17
246,214
’ 16
210,008
Eilis El 111 (B r o c k )..F e b ’ 17
60,206
’ 16
54,191
2 mos ’ 17
126,416
’ 16
113,396
El Paso Electric. ___ Feb ’ 17
111,255
’ 16
91,146
2 mos ’ 17
227,598
’ 16
196,429
Jan ’ 17
11,729
Excelsior Sprgs
’ 16
10,924
W ater, Gas Sc 12 mos ’ 17
125,111
Electric C o . .
’ 16
110,399
Fall River Gas Y\rk s.F e b ’ 17
40,319
’ 16
39,575
2 mos ’ 17
89,254
’ 16
85,634
Ft Worth Pow & L t .F e b T 7
76,527
68,768
T6
12 m os ’ 17
863,023
16
838,687
G alv-Ilouston E lec.F ob ’ 17
148,284
’ 16
145,763
2 mos ’ 17
311,360
’ 16
302,202
Haverhill Gas Lt Co Feb ’ 17
27,594
21,907
’ 16
2 mos ’ 17
55,293
48,545
’ 16
Houghton Co El L t .F e b ’ 17
38,101
’ 16
33,114
2 mos ’ 17
79,237
70,217
’ 16
Houghton Co T ra c. Feb ’ 17
25,249
’ 16
24,166
2 mos ’ 17
54,002
49,002
’ 16
497,800
Hudson Sc M a n h a t.F eb ’ 17
(All sources)
’ 17
472,259
2 mos ’ 17 1,039,095
’ 16
907,819
Interboro Rap 'I r .-F e b ’ 17 3,240,154
’ 16 3 .036.983
8 mos 17 25,983,871
’ 16 2 3 ,053,762
Jacksonville Trac . . . F e b ’ 17
53,932
50.136
’ 16
2 mos ’ 17
113,093
’ 16
103,183
Keokuk Electric C o .F e b ’ 17
19,030
’ 16
18,796
2 mos ’ 17
39,927
’ 16
39,522
K oy YVest Electric. .F o b ’ 17
10,682
’ 16
9,544
2 mos ’ 17
21,985
’ 16
18,822
Lowell El Lt C o r p ..F e b ’ 17
01,545
’ 16
53,542
2 mos ’ 17
126,296
112,819
’ 16
147,722
M iss Riv Pow C o -_ F e b ’ 17
146,888
’ 16
2 mos ’ 17
299,592
’ 16
286.377
Jan ’ 17
997,075
N ew York Rail; i 6 1,121,437
w a y s_________ 7 mos 17 6 ,3 9 0 ,6 3 6
’ 16 8,067.320
Northam pton T r a c .F e b ’ 17
15,812
’ 16
14,490
201,656
12 mos ’ 17
186,164
’ 16
158,578
Nor Toxas Eloctric. Feb ’ 17
16
141,880
2 mos ’ 17
329,678
’ 16
292.508
Jan ' 17
43,450
1
Pacific Gas Sc
’ 16
38,191
El (Arizona). 12 mos ’ 17
401,459
’ 16
366,590
1
1 F e b ’ 17
254,174
Pacific Light Sc
’ 16
244,473
Power C orp___ |2 mos ’ 17
544,591
510.639
1
’ 16
Paducah Tr Sc L t .-F e b ’ 17
25,550
’ 16
25,618
2 mos ’ 17
54,338
’ 16
53,071
Pensacola Elect . . . F o b ’ 17
26,909
’ 16
21,833
2 mos ’ 17
53.955
45,769
’ 16
Sierra Pacific E lcc.F eb ’ 17
48,462
’ 16
47,892
2 mos ’ 17
101,663
91,464
’ 16
Southern Cal Edison Feb ’ 17
405,687
411,981
’ 16
2 mas ’ 17
826,271
*16
831,070
Tam pa E lect____ . . . F o b ’ 17
90,360
’ 16
90,544
2 mos ’ 17
182,675
’ 16
177,349

Net after
Taxes.
$
31,631
29,124
284,792
263,375
7,176
7,658
15,820
17,382
124,276
223,661
289,173
469,143
50,243
37,194
106,669
78,396
52,691
36,897
578,575
522,348
3 2,658
3 1,382
69,018
65,236
74,607
6 8,099
159,080
139,612
33,764
30,028
72,521
53,932
25,339
21,825
53,647
46.334
47,187
45.5 6 2
98.386
102,277
5,928
5,562
63,837
56,077
14,023
10,324
34 ,4 2 8
27,536
46,281
41,478
505,082
492,962
43,314
46,322
93,173
96.659
7,591
4,944
13,239
13,470
19,494
17,488
4 1,628
38,085
7,615
8 ,0 8 8
17,685
15,883
266,473
261,395
573,536
545,669
1,595,084
1,646,361
13.363,273
12,422,962
16,619
16,588
37,456
33,279
5,7 9 8
6,314
12.760
14,308
3,8 6 4
3,7 1 9
7 ,4 2 8
6,857
25,609
21,900
53,192
48,298
118,602
115,199
240,749
225,241
117,943
328,045
1,325,610
2 ,619,615
7,665
6,8 3 2
84,503
84,616
62,013
53,371
127,898
109,385
17,920
14,143
136,157
116,870
147,799
163.932
338,231
341,142
6,720
10,790
14,114
21,629
1 1,826
10,147
23,219
20,311
21,211
26,172
46,809
43,530
237,773
227,769
478,296
454,437
44,594
46,088
89,330
88,953

Fixed
Charges.
14,576
13,871
170,103
173,660
2 ,070
1.890
4,188
3,818
49,004
36,632
91,898
72,970
28,414
28,679
56,934
57,367

Balance,
Surplus.
8
17,055
15,253
*207,789
2149,715
5,106
5,768
11,632
13,564
75,272
187,029
197,275
396,173
21,829
8,515
49,735
21,029

322,370
289,860
16,312
16,331
3 3,096
33,075
4 0,120
36,573
81,027
73,386
13,461
13,586
28,293
28,256
1,596
1,417
3,2 2 6
2,877
5,312
4,722
10,556
9,395

2293,743
2265,237
16,346
15,051
35,922
32,161
34,487
233,526
78,053
270,226
221,982
217,724
247,549
228,219
23,743
20,408
50,421
43,457
4 1,875
4 0,840
87,830
9 2,882

27,292
3 6,545
27,721
28,356
1
14,022
4
10,320
3
3 4,425
7
27,529
9,860
36,421
31,804
9,674
117,439
387,643
378,121
114,841
3 6,760
6,554
36,617
9,705
73,669
19,504
73,208
23,451
7,589
2
3
4,941
12,679
530
544
12,926
6,102
13,392
4,796
12,692
12,214
29,414
9,831
28.854
491
7,1 2 4
5,522
2,566
14,248
3,437
11,044
4 ,8 3 9
216,203
50,270
213,306
48,089
4 32,434
141,002
426,703
118,966
1,006,995
2632,016
974,359
*709,234
7,985,983 * 5 ,724,126
7,432,649 * 5 ,364,771
15,492
1,127
14,717
1,871
31,039
6,417
3,827
29 ,4 5 2
2,104
3,694
1,804
4,450
4,217
8,543
3,753
10,555
2,507
1,357
2,522
1,197
2,433
4,9 9 5
4,998
1,859
24,835
774
269
21,631
51,551
1,641
437
47,861
106,258
12,344
105,327
9,872
213,945
26,804
212,007
13,234
2 8 1 ,846*dof 118,821
*87 ,0 1 8
286.403
1 ,9 7 1 ,9 15*dof263,327
* 942,559
2,002.675
4 4,450
4 4.700
29,114
28,725
58,346
57,811

40,053
39,916
32,899
24,646
69,5 5 2
51,574

9 3,612
89,606
99.274
105,678
199,400
212,101
7,181
7,378
14,490
14,852
7,800
8,067
15,604
15,818
6,833
7.302
13,780
14,442
84,748
85,436
169,684
170,936
4,372
4,394
8,627
8,691

*43,923
*36,953
* 5 3 ,404
* 68,195
*149,591
*147,467
def 461
3,412
def 376
6,777
4,026
2,080
7,6 1 5
4,493
14,378
18,870
33,029
29,088
*155,579
*145,936
*315,640
*291,497
40,222
41,694
40,703
80,262

THE CHRONICLE

Ma r . 31 1917.]
Gross
Earnings.

Net after
Taxes.

767,252
817,342
5,385,364
7 ,354,272
207,570
TO
183,840
12 mos T 7 2 ,281,544
TO 1,931,799
Feb T 7
401,028
TO
327,875
U tah Power A
Light C o .......... 12 m os’ 17 4,452,260
TO 3,71 6 ,0 6 0
Yadkin River Power Feb ’ 17
39,510
TO
29,509
12 mos 17
447,168
TO
354,666
Gross
Earnings.

Third A vo R y Sy st-F o b ’ 17
16
8 mos T 7
'16

Harrisburg

R ys. . .F e b T 7
TO

TO
Jan '17
TO
N ew York D ock . . . F e b T 7
TO
2 mos T 7
TO
Feb T 7
TO
Northern Ohio
Trac A L i g h t .. 2 mos '17
TO
Tw in C ity Rap Tran Feb '17
TO
2 mos '17
TO
Louisville Railway

87,121
86,263
179,791
172,580
254,383
243,601
315,788
235,130
034,624
489,845
483,800
304,153
989,308
739,539
827,374
810,420
1,725,307
1,640,703

Fixed
Charges.

Balance,
Surplus.

150,438
2 19,495 *def55,030
208,437
2 19,964
,12.4 50
267,503
l,7 6 7 ,1 4 3 * d fl3 8 2 ,9 5 6
2,25 0 ,2 2 2
1,744,029
* 594,818
87,347
41,559
45,788
80,236
34,0 3 0
51,000
1,005,013
4 52,730
552,283
769,712
344,728
424,983
213,728
113,338
100,390
171,540
95,545
70,001
2 ,303,002
1,202,840 x 1,130,762
1,832,787
989,119
843,068
28,246
14,431
13,825
15,374
21,119
5,745
149,032
332,180
183,148
49,878
185,838
235,716
Fixed Chgs.
Balance,
Net
Surplus.
Earnings. & Taxes.
$
$
32,243
42.201
9,958
32,149
52,901
20,752
04,480
88,472
23,986
04,293
105,414
41,121
125,058
77,813
*59,884
124,049
76,813
* 5 7,700
154,588
81,140
73,448
105,035
72,330
33,305
295,018
150,668
138,350
224,305
140,300
77,999
182,980
125.760
57,214
193.445
116,310
77,135
394,052
253,759
140,893
385,583
229,486
156,097
250,515
135,612
114,903
287,369
130,344
151,025
536,287
284,975
251,312
574,543
282,296
292,157

x After allowing for other income received.
N ew Y ork S tree t R ailw ays.
--------Gross Earnings------- ------ N et Earnings-----Current
Previous
Current
Ptevious
Year.
Year.
Year.
Year.
Roads.
S
396,861
Hudson & M an h attan .a.D ec
,
357,018
C222.913
0191,517
3,72 5 ,9 8 8 2 ,1 6 8 ,6 0 4
Jan 1 to Dec 3 1 .......... - 4,08 4 ,8 4 6
1,997,101
1,794,113
Interboro R T (S u b ).a .D e c 2 ,000,816
1,203.548
1,134,549
Jan 1 to Doc 3 1 .............2 0,319,084 18,247,838 12,401,403 11,242,602
Interboro R T ( E lo v ).a .D e c 1 ,6 3 3 ,4 3 0 1,442,910
690,097
670,042
Jan 1 to Dec 3 1 _______ 17,762.429 15,748,233
7.970.631
7 ,2 6 3 ,5 8 0
T otal Interb R T . a . D e c 3 ,634,246 3,237,023
1,89 3 ,6 4 5
1,804,590
Jan 1 to Dec 3 1 .............3 8 ,091,516 33,996,075 2 0 ,372,036 18,506,188
Brooklyn Rap T ra n s.a -D o c 2,45 2 ,7 0 6 2 ,3 1 7 ,5 3 7
764.262
7 66,554
Jan 1 to Doc 3 1 _______ 2 9,304,948 27,417,295
9 .8 3 0 .6 3 2 9 ,4 9 1 ,6 0 0
New York R a ilw a y s .a .D e c
946,072 1,150,231
146,684
339,857
Jan 1 to Dec 3 1 _______ 12,162,208 13,484,188
3 ,218,417 4,07 3 ,6 9 3
Belt L in o .a ______________Dec
54,250
66,286
dof2,839
11.576
Jan 1 to Dec 3 1 _______
677,447
774,515
90,732
177,953
Second A v o . a . . . .............Dec
58,382
66,956
def 1,827
8 ,4 5 0
7 66,250
876,066
Jan 1 to Dec 3 1 _______
107,476
230,087
Third A v o .a ______________D ec
318,420
3 39,564
91,435
120,923
Jan 1 to D ec 3 1 _______ 3,59 0 ,9 4 3 3,87 5 ,5 7 4
1,225,657
1,401,201
D ry Dock E B & B . a . - . D e c
32,932
42,756 d o fl6 ,9 2 6
2 ,382
Jan 1 to D ec 3 1 _______
421,808
485,128
def7,831
68,787
42d St M & St N A v e .a .D e c
127,491
157,599
24,336
54,2 5 2
1,946,625
Jan 1 to D ec 3 1 _______ 1,672,888
535,983
806,807
N Y C ity I n to r b o r o .a .-D e c
58,660
60,540
504
20,761
Jan 1 to Dec 3 1 .............
6 32,805
698,499
125,902
225.096
Southern B o u le v a r d .a .-D e c
15,160
• 18,246
dof4,726
5 ,197
Jan 1 to D ec 3 1 _______
182,956
228,619
4 .8 6 7
66,092
Union R y o f N Y C . a . . . D e c
222,716
226,175
13,914
46,002
Jan 1 to Doc 3 1 _______ 2,5 4 4 ,2 5 3 2,794,128
403,533
705,844
W estchester E lectric, a ..D e c
3 7 ,259
44,017
dof2,121
5,429
Jan 1 to D ec 3 1 ----------441,131
579,915
44,966
102,256
Yonkors . a _______________ D ec
41,154
59,603 def 13,103
3 ,629
Jan 1 to Dec 3 1 . ..........
5 64,967
733,250
60,143
128,197
Long Island E lo c tr lc .a --D e c
17,153
16,035
def2,331
def 2,5*82
245,164
251,881
Jan 1 to Dec 3 1 _______
7,897
27,005
N Y & L o n g I s l T r a c .a .-D e c
32,577
31,154
1.787
2 ,062
Jan 1 to Dec 3 1 _______
4 13,986
428,384
43,390
87,640
N Y & N o r t h S h o r o -a ..-D e c
12,115
12,442
2,313
2,721
160,216
165,877
Jan 1 to Dec 3 1 _______
45,556
47,208
N Y & Q u een s.a________ Doc
112,713
112,386
def7,768
d o fl.6 8 5
Jan 1 to Doc 3 1 ............. 1 ,391,330 1,384,667
1,541
def8,856
Ocean Elec (L I ) . a . . -------D ec
6,314
5,889
def 1,081
d efl3
Jan 1 to D ec 3 1 .............
153,965
151,474
45,052
64,950
Richmond L t & R R . a . - D e c
31,945
29,146
4,143
1,455
Jan 1 to Doc 3 1 ----------406,738
397,561
97,691
92,039
Staten Isl M i d l a n d .a ...D e c
23,571
2 2 ,0 6 0 dof3,518 d e fl,8 1 0
Jan 1 to Doc 3 1 .............
331,428
338,409
18,724
37,467
a N ot earnings horo given aro after deducting taxes
c Other Incomo amounted to $83,927 in D ec. 1916, agst. $86,951 in 1915.

ANNUAL

REPORTS

Annual, &c., Reports.— The following is an index to all

1357

Industrials—
Industrials (Continued)
Page.
Adirondack Electric Power C o_____ 864
M e x i c a n E a g le O il C o __________________ 1 0 4 9
Aetna Explos. Co., Inc., A Sub.Cos-1140 M i c h . L im e s t o n e A C h e m i c a l C o ____1 0 4 9
American Bank Note Co____________ 859 M i c h i g a n S t a t e (B e ll ) T e l e p . C o ______ 8 6 7
American Cigar C o----------------951 M i d v a l e S te e l A O r d n a n c e C o . . 9 5 0 , 1 1 4 2
American Graphophone Co_________ 1141 M i d w e s t O il C o _______ ________ . . 9 5 6 , 1 0 4 3
American Hardware Corporation___766
M i d w e s t R e f in i n g C o _________
1043
American Piano Co-------------------------- 1047 M i l l e r R u b b e r C o . . : .........................
867
American Radiator Co________ 953. 1042 M i ll lk e n B r o s . , I n c ........... .............
1049
Amer. Sales Book Co., Ltd____766, 948 M i s s i s s ip p i R i v e r P o w e r C o _________ 1 1 4 9
American Smelting A Refining C o .. 1040 M o n t a n a P o w e r C o ........................9 5 6 , 1 0 4 0
American Snuff Co----------------------------762 M o n t r e a l C o t t o n C o ......................................8 6 7
American Steel Foundries-------953, 1040 M o t o r P r o d u c t s C o r p o r a t i o n _________ 1 0 4 9
American Sugar Refining Co------------ 1041 N a r r a g a n s c t t E l e c t r i c L ig h t in g C o . . 7 6 8
Amer.(Bell) Telcp. A Teleg. Co ...1 0 3 9 N a t i o n a l B i s c u i t C o _____________________9 4 9
American Tobacco C o ......... ............. .1041 N a t i o n a l C a r b o n C o _________ ___________ 8 5 8
American Woolen C o------------------------ 949 N a t . E n a m . A S t a m p in g C o ____ 7 6 8 , 8 5 9
Appalachian Power Co..................— 1047 N a t i o n a l F i r e p r o o f in g C o _____ 9 5 6 , 1 0 4 2
Arkansas Natural Gas Co___________ 953 N a t i o n a l G r o c e r C o _____________________ 9 5 6
Atlantic A Pacific Steamship Co___862
N a t i o n a l S t a r c h C o ______________________ 9 5 6
Atlantic Steel C o ---------------------------- 1047 N a t i o n a l T r a n s i t C o _______________7 6 8 , 8 6 8
(Walter) Baker A Co., Ltd......... ..
865 N e w E n g l a n d C o . P o w e r S y s t e m . . . 7 6 3
Baldwin Locomotive Works_________761 N e w E n g l a n d T e l e p . A T e l e g . C o . . 7 6 8
(The) Barrett Company____________1043 i New Idrla Quicksilver Mining Co 1049
Beldlng-Paul-Corticelll Co., Ltd____ 766 ! New York A Richmond Gas Co____ 1149
Bell Telephone Co. of Canada_____ 865 JNorth American Co___________956, 1149

Bell Telephone Co. of Pennsylvania. 766
Bethlehem Steel Corporation_____ 1139
(E. \V.) Bliss C o________
1138
Booth Fisheries C o________________1147
Brooklyn Borough Gas Co.......... ........ 767
Bucyrus Co. (South Milwaukee)__ 1047
(F. N.) Burt Co., Ltd_____________ 767
Butterlck Company_______________1147
Butte A Superior Mining Co.......... .1147
(The) By-Products Coke Corp____ 767
California Petroleum Corporation.. 949
Calumet A Arizona Mining Co____ 1147
Cambria Steel C o........ ................ ...1 14 7
Canada Cement Co., L t d ...................865
Canada Foundries A Forgings, Ltd-1047
Canada Steamship Lines, Ltd........ - 865
Canadian General Electric C o.......... 1147
Carriage Factories, Ltd___________ 1147
(J.I.) Case Thresh. Mach. Co., In c .1140
Central Dist. (Bell) Telephone Co
767
Central Leather Co........ ............
858
Chevrolet Motor C o ......................
9 19
Chicago Junction Rys. A Union
860
Stockyards C o____ ______
(The) Cleveland Elec. Ilium. Co__ 954
Clove. A Sandusky Brewing Co___ 954
Columbia Gas A Electric C o.......... .1039
Commonwealth Edison C o____
858
Comput’g-Tabulat’g-Rccord’g- C o .. 9 54
Consolidation Coal Co........ .............. 1147
Consumers Co. (Ice A Coal)...............862
Copper Range Co. of Michigan___ 1048
Corn Products Refining C o_________ 950
Cumberland Telep. A Teleg. Co___ 954
Dayton (O.) Power A Light Co___ 866
Diamond Match C o . . . ...........1048, 1141
Dodge Manufacturing C o.............
955
Dominion Canners, Ltd____
1048
Dominion Power A Transmission... 857
Donner Steel Co.. Inc_______
955
Electrical Devel. Co. of Ont., Ltd
955
Electric Boat C o___________________762
Electric Bond A Share C o...................955
Electric Properties Corporation___ 866
Electric Storage Battery C o_______ 1148
Federal Mining A Smelting C o____ 1048
Federal Motor Truck Co___________ 868
866
Fisher Body Corporation...............
Fisk Rubber C o . . . ............ ....... 860, 1141
860
Galena Signal OH C o...... ..............
General Baking C o ..............
860

Northern California Power Co____ 956
Northern Ont. Lt. A Power Co., Ltd. 956
Northern States Power C o ......... . 1149
Nova Scotia Steel A Coal Co_____ 1040
Ohio Oil Co______________________ 1149
Onomea Sugar Co_____ ______
1149
Ontario Power Co_________________ 1149
Osceola Consolidated Mining C o ... 956
Otis Elevator Co________________ 1141
Ottawa Light, Heat A Pow. Co.,Ltd. 956
Pacific Light A Power Corporation. 768
Pacific Mall Steamship C o_________ 768
Pacific Mills__________
956
Pacific Telephone A Telegraph Co. I 768
Penmans, Ltd., Montreal...__
956
Phelps, Dodge A Co-----------------------U39
(Albert) Pick A Co_______________ 868
Pittsburgh Coal Co. (New Jersey).. 1041
Pltsburgh Plate Glass Co___ 1049, 1143
Porto Rican-Amerlcan Tobacco Co. 957
Pressed Steel Car Co______________ 761
Provident Loan Society of N. Y ___ 957
Pure Oil Co_______________ ...8 6 8 , 957
Pyrene Manufacturing Co__________ 768
Quaker Oats Co..........................768, 859
Quincy (Copper) Mining Co........ . 957
Railway Steel Spring Co___________ 860
Remington Typewriter Co_________ 1039
(R. J.) Reynolds Tobacco Co_____ 1041
Riordan Pulp A Paper Co., Ltd___ 868
Rogers-Brown Iron Co__________ 1050
(Wm. A.) Rogers Co., Ltd_________ 768
St. Joseph Lead Co.______
768
San Joaquin Light A Power Corp__ 769
Scovil Manufacturing Co___________ 868
Shawinigan Water A Power Co.869, 1142
Shredded Wheat Co_______________ 769
Sloss-Sheffield Steel A Iron Co.1050,1168
Solar Refining Co.............
1050
Southern Bell Telep. A Teleg. C o.. . 958
Southern California Edison Co____ 869
Spring Valley Water Co___________ 958
Standard Gas A Electric C o ...
1168
Standard Oil Cloth Co...... .........
1050
Standard Oil Co. of California_____769
Standard Oil Co. of Indiana___ 869, 958
Stark-Tuscarawas Breweries Co___ 769
Stem Brothers__________________
862
Studebaker Corporation__________" 949
Taylor-Wharton Iron A Steel C o ... 958
Ttconderoga Pulp A Paper C o _____869

General Petroleum Corporation____ 866TIde Water Oil Co......... ..................... 769
(B. F.) Goodrich Co______ __________ 857 Tobacco Products Corp............... 869, 958
Great Falls (Mont.) Power Co_____ 1048 Union Bag A Paper Co........................ 1 168
Great Western Power Co..............
767 Union Natural Gas Corp______ 869, 1143
Gulf Oil Corporation ................
951 United Alloy Steel Corp...........7 6 9 , 869
857
Gulf States Steel C o .. ......................... 1043 United Drug Co .........................
1049 United Gas A Electric Corporation. 1138
Hale A Kllburn Co......... ...............
Harwood Electric C o______________ 867 United Gas Improvement Co____
869
Havana Tobacco C o ....................
951 United Profit-Sharing Corporation.. 1050
(George W .) Hclme Co......... ............... 951 U.
S. Cast Iron Pipe A Foundry Co 1140
Illinois Pipe Lino Co__________
1148 U. S. Gypsum Co....... ...................
1050
Imperial Tobacco C o........... .................,867 U. S. Industrial Alcohol Co_________860
International Silver Co______________ 859 U. S. Public Service Co_______
116 8
Jewel Tea C o . . . ............................. ...1 0 4 2 U. S. Rubber C o . . . ...............-.9 5 0 , 1043
Kaufmann Dept. Stores, Inc_________861 U. S. Steel Corporation...................
113 9
Kellogg Switchboard A Supply C o .. 1148 U. S. Worsted Co........... .958, 1050, 1141
Kings Co. Elec. Light A Power C o .. 857 United Verde Extension Mining C o. 769
(S. S.) Krcsge Co................
761 Utah Consolidated Mining Co______ 1050
La Belle Iron Works________________1149 Vulcan Petinning C o.......................... 770
958
Lackawanna Steel Co................. .768, 949 Ward Baking C o . . . _____
Lee Rubber A Tire Corporation____955 Welsbach Company________________1065
Lehigh Coal A Navigation Co......... •_ 762 Western Electric Co., Inc__________ 1169
Liggett A Myers Tobacco Co........... 1042 Western Grocer C o . . . ...................
958
Loose-Wiles Biscuit Co_______ 768, 861
Westinghouse Elec. A M fg. Co. .770, 858
(P.) Lorillaf-d Co___________________ 1042 West Penn Power Co.......................... 770
858
McCall Corporation (N. Y .)..1 0 4 9 , 1143 Weyman-Bmton C o................
McCrory Stores Corporation............ 1149 Wheeling (W .Va.) Steel A Iron C o .. 870
(The) Mackay Companies.................... 861 Wlllys-Overland C o ______ ______
958
Manufacturers’ Light A Heat C o .. . 860 Wilson A Co., I n c ...........................
950
Mathlcson Alkali Works...................... 956 Worthington Pump A Mach. C orp.. 870
May Department Stores Co......... ..1 1 4 9 Yale A Towne Manufacturing Co___967
Merrimack Manufacturing Co......... 1149 Yukon Gold Co..... ................................ 1169

Chicago & North Western Railway.

annual and other reports of steam railroads, street railways
( Report f o r S ix M o n th s en d in g D e c . 31 1916.)
and miscellaneous companies published sinco Feb. 24.
The remarks of President Richard H. Aishton, in addition
This index, which is given monthly, does not include
to the comparative income account and the balance sheet as
reports in to-day’s “ Chroniclo.”
of Dec. 31 1916, will be found on subsequent pages.— V.
Steam Roads—
Page.
Electric Roads (Concluded)—
Page.
103, p. 1113; V. 104, p. 1138, 951.
Buffalo Rochester A Pittsburgh lly . !)18 E a s t e r n P o w e r A L i g h t C o r p o r a t i o n . 1 14 5
Chicago & North Western Ry
113 8
Chic. St.Paul Minn. A Omaha lty . ' 114 5
Delaware Lack. & Western R R ____ 700
Elie HR........... - .....................863
Fonda Johnstown A Gloversville RR 863
Illinois Central R R ...................
' 8fi3
Long Island It It........... ............ I l l I 1045
Missouri A North Arkansas R R . _
952
New Orleans Great Northern r r _’ 11045
New Orleans Mobile A Chicago ltR . 704
New Orleans Texas & Mexico R y. . 863
New York Central Lines......... ........I 790
Norfolk & Western R y...................... 1138
Pennsylvania R R ................................. 948
Peoria & Eastern R y------------------------ 864
Peoria A Pekin Union R y----------------1140
Seaboard Air Line R y-----------864
West Jersey & Sea Shore R R ---------- 1047

Electric Roads—
American Cities Co................. 951, 1138
American (Electric) Railways---------- 1044
Chicago City R y .........................
1138
Cleveland (Electric) R y...........1045, 1145
Clove. South Western A Col. R y-------1044




H u d s o n & M a n h a t t a n R I t ______________8 5 6
I llin o is N o r t h e r n U t i li t ie s C o _______ 1 14 5
I n t e r b o r o u g h C o n s o li d a t e d C o r p . . . l 0 4 5
I n t e r -S t a t e R a i l w a y s .................................. 9 5 2
K a n s a s C i t y ( M o . ) R a i l w a y s ............. 1 14 5

Louisville Railway___________

952

M i lw a u k e e E l e c . R y . A L ig h t C o . . . 103 9
N a t i o n a l P r o p e r t ie s C o ............. ................ 1 0 4 5
N e w O r le a n s R y . A L i g h t C o _______ 8 6 4
O m a h a A C o u n c il B l u f f s S t r e e t R y . _ U 4 6
P o r t o R i c o R a il w a y s C o . , L t d ........... 7 6 4
R a il w a y s C o m p a n y , G e n e r a l ..............7 6 5
R e a d i n g T r a n s i t A L ig h t C o _________ 1 14 6
S a le m A P c n n s g r o v e T r a c t i o n C o . . 7 6 5
T e rre H a u te In d . A E a st. T r a c . C o . 765
T o r o n t o R a i l w a y _______________________ 8 5 7
T r e n t o n B r is t o l A P h i l s . S t r e e t R y . . 7 6 6
U n d e r g r o u n d E l e c . R y s . o f L o n d o n .1 0 4 6
U n io n T r a c t i o n C o . o f I n d i a n a ...........104 6
U n it e d L ig h t A R a i l w a y s _______
.
766
U n it e d R a il w a y s C o . o f S t . L o u i s . . . 9 4 8
W e s t I n d ia E l e c t r i c C o .............................. 116 9
W e s t P e n n T r a c t i o n C o ...................
766
W e s t V ir g in ia T r a c t i o n A E l c o . C o . -1 1 4 6
\Y I s o .-M i n n . L ig h t A P o w e r C o . . . 7 6 6

Chicago St. Paul Minneapolis & Omaha Ry.

(Report f o r Six M o n th s en ding D e c . 31 1916.)
The remarks of President James T. Clark, along with a
comparative income account and the balance sheet as of
Dec. 31 1916, will be found on subsequent pages.— V. 104,
p. 1145.

Long Island Railroad.

31 1916.)
President Ralph Peters, March 1, wrote in substance:
(35th A n n u a l Report— Y ea r ended D e c .

Results.— 'The total operating revenues increased $ 1 ,4 1 8 ,0 5 8 , or 1 0 .4 6 % .
Passenger revenue increased $590 ,5 5 4 , or 7 .4 3 % , and freight revenue in
creased $ 531 ,46 5, or 1 3 .7 5 % .
The passenger business created by the new
route to the Pennsylvania Station continuas to increase. The passengers
handled in and out of the station amounted to 13.224,258, an increase of
1,416,746 over 1915. The Increase in commuters to and from all terminals
was very large.
The operating expenses show an Increase o f $ 800 ,28 6, accounted for by
increased wages. $300,000: increased charges to depreciation, A c ., $113,502,
increased service and cost o f fuel and other supplies, $387,000.

1358

THE CHRONICLE

Interest on funded debt shows an incroase of $ 2 3 9 ,1 9 3 , while interest on
unfunded dobt shows a decrease of $ 2 21 ,74 7. This is accounted for by
issuo o f debonturo bonds during the year, and retirement of domand notes
for advances.
Hire o f equipment increased $192 ,45 4, duo alm ost ontirely
to increased freight traffic and increase in per diem rate for foreign cars.
After deducting taxes and adding non-operating income, the gross Income
amounted to $ 4 ,837,036, an increase of $ 616 ,74 3. W hen interest on funded
and other debt and all othor charges aro deducted, the result for the year
shows a surplus of $241 ,47 2, as compared with a deficit of $161,150 in 1915,
and a deficit of $494,131 in 1914. [As to effoct of ponding financial plan
see below.]
Road and Equipment.— The ‘‘cost o f road and equipm ent” during tho yoar
was increased (net) $ 1 ,4 2 9 ,7 0 3 , viz.: expenditures, $1,87 0 ,8 4 4 (notably.
Bay Ridge improvement and Brooklyn grade crossing eliminations, $ 404 ,
468; real estate, $450 ,42 4: W oodside-Winfield cut-off, $86,192: elimination
o f grade crossings, $362,588: and equipment, $219 ,88 5): lass crodits, $ 441 ,
141, for equipment retired, real estate sold, and property retired.
Service via N . Y . Connecting RR. to begin in 1917.— -Tho expenditures
during tho yoar on tho B ay Ridge improvement aggregated $404,468.
Tho
work on float bridges and yard at Bay Ridge will bo ready for tho freight
traffic between tho Pennsylvania and Now Haven systems which will begin
to movo over this route in 1917, and for tho further traffic to bo inter
changed between your road and those systoms. A ll grado crossings have
been eliminated, and new bridgos liavo beon erected at Third, Fourth and
5th Avenues, Bay Ridge, to permit of tracks upon tho full width of right
of w ay, and contracts have been let for tho installation of a communicating
system between tho Pennsylvania R R ., tho Now York Now Havon Sc Hart
ford R R . and tho Long Island R R . Tho portion of the New York Connect
ing leading to tho Pennsylvania tunnels and station will be in operation in
M arch 1917, and immediately following this, the direct interchange of local
freight between your company and tho New Haven system can begin
through tho Sunnysido Yard District. Tho chiof freight connection which
will bo via your B ay Ridge lino will probably bo completed by next autumn.
(V . 104, p. 1045.)
Your linos secured considerable oxport froight traffic during tho yoar
due to tho existing facilities at Bay Ridgo and the growth of local froight
traffic at tho various delivery yards provided along this lino in Brooklyn
continues to show gratifying results.
Real Estate.— One half of tho sum ($450,424) charged to this account
covers property previously acquired and is now transferred to railroad pur
poses and tho balanco represents tho purchaso o f valuablo waterfront
property in Long Island C ity costing $ 1 48 ,12 0, &c.
Elimination o f Grade Crossings.— Tho sum of $362,588 covers work done
at Bushwlclc Junction, Hollis and preliminary work in connection with.
Richmond H ill, Queens, Far Rockaway, Centre Moriches, the main ex
penditure being at H ollis, where $325 ,63 0 was oxpondod and tho improve
ment practically completed.
Equipment.— On 1916 contracts we receivod 100 steol underframo gon
dolas, 1 electric switching locomotive, and 1 freight locomotive: and there
wero still undelivered D ec. 31, 10 steel baggage cars, 6 parlor cars, 25 steel
passenger cars for electric service, 4 stool cars for steam service and 4 switch
ing locomotives. Additional contracts wero made for 1917 deliveries con
sisting of 45 steel passenger cars for electric servico, 15 steel passonger cars
for steam servico, 6 locomotives for freight servico, 15 refrigerator cars for
milk service: $506 ,00 0 equipment notes wero paid and canceled.
Subsidiary Lines.— Dividends woro paid by tho N . Y . Sc Rockaway Beach
R y ., tho Nassau County R y ., and tho M ontauk Wator C o ., as in provious
years. Tho proposition to sell our interest in tho Prospect Park A
Coney Island R R . (V . 102. p. 1156), has not as yet been consummated.
Financial.— Tho funds for carrying on tho construction work during the
yoar wero secured through an arrangement mado with tho Pennsylvania
R R . C o. to defer collection of tho intorost duo on dobonturo bonds and
notes hold by them and to uso tho samo for road and equipment expendi
tures of your com pany. Tho P. 3 . Commission authorized tho issuo o f
$ 1 ,252,048 4 5 dobontures, tho Pennsylvania R R . C o ., taking thorn at par
on account of advances heretofore made for improvomonts.
A new Issuo of equipment trust notes aggregating $940 ,00 0 will bo mado
early in 1917 to cover the cost o f now equipment to be delivered this year.
Particular attention is directed to tho plan to strengthen tho credit of your
company on which tho stockholders will voto M arch 29.
I f tho changes involved in this plan, viz., conversion of tho dobt to tho
Pennsylvania R R . C o. into $ 5 ,202,100 o f 5 % debentures and about $ 2 5 ,
0 0 0,000 o f stock, had been made on Jan. 1 1916, tho amount o f earnings
of 1916 applicable to the payment of interest on tho debentures would havo
been about flvo times tho amount o f such interost. [Sco plan V . 104, p . 663,
863; and a subsequent nago of this issue.]
Industrial Growth.— In 1916 93 new industries started business at vari
ous points, and 8 ,8 9 0 buildings woro constructed at points outside o f Long
Island C ity and Brooklyn as compared with 8,895 in 1915 and 6,926 in 1914.
Rates.— Mileage Books.— Your company has asked tho P. 8 . Commission
for authority to advanco rato for 500 and 1,000 milo mileage books from
2 cents to 2 H cents per m ilo. It has boon shown that tho passongor busi
ness is not reasonably remunerative at present rates. [An advanco to
2M cents has just beon granted.— -Ed.]
M a il.— Tho I*. O . Act for 1916 provided for tho final settlement of tho
railway mail pay question by tho 1. 3 . O. Commission. Spaco basis on
trial was inaugurated N o v . 1 1916, resulting in an increaso in mail pay on
your lino of about $ 3 0,000 por annum, subject to fluctuations duo to changes
in the authorized space. A comploto record of mail will bo takon botwoon
M arch 27 and April 30 1917, and tho facts submitted to tho Commission
for final judgm ent.
It is apparent that tho railroads gonorally will havo to increaso rates,
both passenger and freight, to meet increased prices of fuel and materials
and supplies o f all kinds, and other operating costs, which show largo in
creases over previous years, and also to pay higher taxes and to earn .a
return on increased road and equipment expenditures. Tho roturn on our
investment in road and equipment use was only 4 .2 % in an active and
prosperous yoar like 1916. [As to “ Adamson Law ” see V . 104, p. 1099.]

Deduct—
1916.
1915.
1914.
Lease of othor roads___________________
$668,625
$664,265
$693,196
Hiro of equipment balanco___________
204,169
11,715
65,823
Joint facilities rents___________________
486,190
457,362
4 3 4,308
Miscellaneous rents, & c _______________
200,615
204,451
235,568
Bond interest_________________________
2,710,242
2 ,471,049
2 ,444,444
Othor Interest_________________________
296,551
518,298
543,346
M iscellaneous_________________________ ____________________________6
29,171
54,301 0,316
Total deductions.......... .......................... $ 4 ,595,564 $ 4 ,381,443 $ 4 ,477,000
Balanco, surplus or d e f i c i t ............ _su r.$ 2 4 l,4 7 2 d o f.$ 1 0 1 ,l5 0 d o f.$ 4 9 4 ,1 3 1
N ote.— A s to ponding financial plan, roducing fixed chgs., soo toxt above.
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.
f\.SS6tS~~~"
S
S
Liabilities—
$
s
Road A cqulpm’t . 73,958,379 72,528,677 Capital stock------12,000,000 12,000,000
Invest, in affil.cos.:
Funded debt (seo
Stocks................ 1,568,101 1,568,101
"R y . A Indus."
B onds................ 1,180,29G 1,180,296
Section)------------67,662,488 54,666,488
Notes.................. 4,159,152 4,477,099 Equip, trust oblig. 2,360,000 2,866,000
Advances........... 2,281,381 2,240,765 Real estate mtgs.
237,000
187,000
Other investments
69,365
64,134 Loans A bills pay. 2,490,758 14,761,323
MIsc. phys. prop.
60,839
37,749 Traffic, Ac., bals. 1,027,345
907,997
Deposits in lieu of
Accounts A wages
856,336
870,844
mtgd. prop, sold
125,287
26,349 Matured interest- 3,076,493 2,067,659
617,311
Cash......... ...............
623,379 Funded debt ma
Special depos., Ac.
770,915
675,869
tured, unpaid.. 1,580,680 1,580,680
Traffic, A c., b a l..
191,254
145,742 Acer. Int. A rents.
627,528
629,184
Agents * conduc.
650,368
618,023 Miscellaneous____
494,886
647,050
Int. A divs. rec’d .
62,737
64,588 Taxes......................
207,888
273,932
Materials A supp. 1,120,246
869,539 Depreciation......... 2,120,874 1,602,386
Miscellaneous____
437,015
215,722 Oth. unadj. acc’U .
179,380
200,264
Prop. aban.charge
able to opor.cxp.
63,333
98,235
Oth. unadj. acots.
799,142
957,724
Deficit.................... a6,812,535 6,868,818
T o ta l.................. 94,927,657 93,260,808

Western Union Telegraph Co., New York.
(R e p o r t f o r F i s c a l Y e a r e n d i n g D e c . 31 1916.)
Tho remarks of President Carlton will bo found at longth
on subsequent pages, also the incomo account for tho yoar
ending Dec. 31 1916, and balance sheet as of Deo. 31 1916.
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 . 31.
1916.
1915.
1914.
1913.
Rovonuos for year............$61,9 1 9 ,1 4 0 $ 5 1,171 ,795 $ 4 0 ,264 ,777 $ 4 5 ,783 ,512
Opor. oxp., taxes, A c ___ 48,727,921
40,972,541
40,578,751 42,327,121
B a la n c o .---------------------$ 1 3 ,191 ,219 $ 1 0,199 ,254
Incomo from invest., &c. 1,702,460
1,303,926

Lines Directly Operated— ■
Freight_________________________
Passenger_______________________
Other transportation rovonuo.
Incidental, A c _________________
Expross_________________________
M a il............................................... . .

1916.
..$ 4 ,3 9 7 ,2 1 0
.
8 ,541,876
.
558,727
.
753,961
.
619,011
.
101,053

1915.
$ 3 ,865,746
7,9 5 1 ,3 2 2
507,315
561,067
574,020
94,311

1914.
$3,73 9 ,5 0 8
7 ,899,972
501,519
494,674
578,988
68,209

S I ,529,223'
1,517,410
128,898
5,4 9 9 ,6 8 0
77,513
374,197

$ 1 ,457,510
1.450,282
141,851
5,724.433
43,314
345,088

. $ 9 ,927,208
N et operating revenue________________. $5,044,631
$5,044,631
Uncollcctlblo rovonuos_________
.
8,739
T axes_____________________________
.
879,047

$ 9 ,126,922
$ 4 ,426,858
5,435
934,822

$ 9 ,162,478
$ 4 ,120,452
2,071
782,502

Operating income____________
. $ 4 ,156,845
Other Income—
Joint facilities, rents, & c_______
.
$452,812
Unfunded securities and accounts___.
227,379

$ 3 ,486,602

$3,33 5 ,8 7 9

$442,834
290,857

$441,953
205,037

$4,220,293

$3,98 2 ,8 6 9

Gross incomo______




. $4,83 7 ,0 3 6

$3,456 391
1,115,755

Total disbursem ents. $9,482,841
Balanco, surplus________ $5,41 0 ,8 3 8

$ 6 ,321,953
$5,181,227

$ 5 ,326,128
$1,38 2 ,5 0 9

$ 4 ,329,475
$242,671

* Includes also rent for leaso o f plants, reconstruction, ropalrs, dopr’n , &c.
B A L A N C E S H E E T D E C . 31.
1916.
1915.
1916.
1915.
A s s e ts —
Liabilities—
$
S
S
S
Telcgr. lines and
Capital stock.. 99,786,727 99,780,727
cqulp’ t, real
Sub. stocks not
estate, A c ..al46,770,029al43,709,324
owned (par)—
Amount recover
Perpet. leases 1,423,100
3,354,545
able at expira
Stk. ownership
437,350
439,600
tion of lease. . 1,180,000
1,180,000 Fund debt ("R y .
Stock of cos.
Alnd.Scc.") 1>31,994,000 b31,994,000
leased (not InAco’ts payable. 3,836,933
3,250,220
clud. sccurs.
Accrued taxes.. 1,191,325
752,384
held as lessee) 6,059,296
6,106,792 Int. Aguar.dlvs.
Stock of cos. not
accrued.........
226,013
226,369
leased............. 6,177 .411
5,078,613 Unpd. dlvs.(incl.
Sinking fund___
236,194
279 ,978
Jan. 15).........
2,263,531
1,762,812
Investments___
______
13,607,245 Dcf. non-lnt.M at’l A suppl's. 2,930,145
2,005,458
bearlng liabil
Bills A accts.rec.
ities c _______ 12,870,796 12,879,796
(less reserve). 9,337,171
7,616,439 Res’ve for cables 4,115,688
2,936,509
Cash on special
Res. for recon4,707,873
deposit........... 3,490,935
struc. of land
Marketable sc
lines................ 0,973,262
0,975,946
ours. (at cost) 14,4701,828
Employees’ ben
efit fund.........
1,000,000
1 ,000,000
Surplus..............(124,568,068
18,882,909
T o ta l----------- 190,695,792 184,247,937

a Includes properties controlled b y stock ownership or held under per
petual leases and merged in tho Western Union system .
I> Funded debt
Includes bonds o f sub. cos. assumed or guaranteed by tho W . U Tel Co
$ 6 ,500,000 less held In treasury, $3,143 ,0 0 0 . c Doferred non-lnterostboarlng liabilities consist of proceeds of sales o f securities and other proper
ties hold under leases for terms expiring In 1981 and 2010 from cos. in which
tho W . U. T el. C o. has for tho most part a controlling Interost. payable
only on tho termination o f tho leases, d After adding adjustments of
surplus (net), $ 274 ,2 62.— V . 104, p. 1065, 170.

Sloss-Sheffield Steel & Iron Co.
30 1916.)
The report of President J. C. Mahon for tho late fiscal
yoar, with tho balance sheet and incomo account, will be
found at length on a subsequent pago.
(Y U h A n n u a l R e p o r t— Y e a r e n d i n g N o v .

.$ 1 4 ,9 7 1 ,8 3 9 $ 1 3 ,5 5 3 ,7 8 0 $13,282 ,930

Operating xpenses—
M aintenance or way and structures. . $ 1 ,656,155
M aintenance o f equipm ent_________ .
1.662,203
Traffic exponses______________________ _
139,619
Transportation_______________________ .
5,991,499
M iscellaneous_________________________ .
80,743
Goneral________________________________ .
414,055
.
Cr. 17.066

$ 5 ,6 8 6 ,0 2 6
1,022,611

N ot p r o fit s ......................$ 14,893 ,679 $11,503 ,180 $6,70 8 ,6 3 7 $~1,572,146
Disbursements__
Bond intorost-------------------- $ 1 ,331,850 $1,33 5 ,5 8 8 $1 ,3 3 7 ,2 4 2 $1,33 7 ,2 2 9
Special p a ym 't to em p l.
1,166,424
_______
____ __
Itos. for m alnt. of cables * 1 ,000,000
_______
. . .
Cash dividends...........(6 % )5 ,9 S 4 ,5 6 7 (5)4,986,364 (4)3,988,886 (3)2,992",246

T o ta l............. 190,695,792 184,247,937

ACCOUNT.

T o ta l.................. 94,927,057 93,200,808

a After adding $191,927 sundry not dobits and deducting $271,900
appropriated surplus.— V . 104, p. 1146, 1045.

O PE R A TIN G S T A T IS T IC S .
Operations—
1914.
1913.
1916.
1915.
M iles operated______
397
397
398
398
Tons carriod, N o ____
5 134 838;
4 ,443,333
4,480,231
4 ,147,072
Tons ono milo, N o ____ 118,092,612 106,905,985 105,457,622
Rato per ton per m ilo -_ 3.726 cts.
3.619 cts.
3.612 cts.
Passengers carried. N o - 45,802,722 42,62 9 ,3 2 5 4 1 .634.223 40 .6 0 6 ,1 8 3
Passengers ono milo. N o .657,565 ,520 609,5 6 3 ,6 3 8 6 0 5 ,528 ,132 593,599 ,900
Rato per pass, por m ilo .
1.302 cts.
1.318 cts.
1.317 cts.
1.330 cts.
Pass, por train mile, N o .
118
115
ill
109
Tons por train, N o ______
211.34
199.94
195.23
154.77

[Vol . 104.

E A R N IN G S , E X P E N S E S A N D CH ARGES.
, „
1915-16.
1914-15.
1913-14.
Profits on pig * ................... $ 1 ,675,549
$432 ,25 9
$327,467
Profits on coal after de
duction for depreciat’n
5 9,350
9 5,357
92,781
Profits on coko, A c ............
188,765
127,358
164,391
Rents, royalties, stores A
miscellaneous, A c ______
3 83,499
244,692
243,674
D lv s. on treas. stocks,A c.
12,369
9,4 0 9
15,292
T o t a l .................................. .$ 2 ,3 1 9 ,5 3 2
D educt gen oxp. account,
taxes, licenses, A c -------118,858

1912-13.
$509,093
102.685
125 612
242 388
14|298

$909,075

$843,005

176,687

143,466

105,610

N e t profit.......................... $2,20 0 ,6 7 4
$732,388
Bond interest........................ $210 ,00 0
$210,000
Preferred dividend-------(7 % )4 6 9 ,0 0 0 (5 M )3 5 1 ,7 5 0

$700 ,13 9
$210 ,00 0
(7)469,000

$888,466
$210,000
(7)469,000

$21,139
$ 3 ,357,553

$209,466
$3,336,414

Balanco, surplus.............. S I .521,674
Surplus N o v . 3 0 ....................$ 4 ,465,070

S170.638
$3,528,191

$994 076

* After deducting for depreciation on coal and Iron oro and 35c.' por
ton profit on coko manufactured.
[A quarterly dividend of 1 > 4% on tho $10,000 ,000 com . stock was paid
Fob. 1 1917, being tho first paymont on this issuo sinco Sept. 1910 when
1 H % was paid.— V . 104. p . 77.J

THE CHRONICLE

Ma r . 31 1917.]

B A L A N C E S H E E T N O V E M B E R 30.
1915.
1916.
1916.
Liabilities—
S
Resources—
S
S
Property account-23,434,335 22 ,761,719 Preferred stock___ 6,700,000 6,700,000
390,407 Common stock___10,000,000 10,000,000
Stocks and bonds.
210,792
Sloss I. & S. Co. 6s 2,000,000 2,000,000
Supplies, raw, Ac.,
723,159 Sloss Iron A Steel
materials at cost 1,159,751
Co. 4 'A% bonds 2,000,000 2,000,000
72,739
Stock In co's stores
133,750
737,418
750,421
244,320 Accounts payable.
Treasury securities 244,320
Hills payable.........
715,000
823,570
Cash, bills & accts.
135,553
receivable_____ 1,610,828 1 ,459,196 Pay-rolls........... ..
90,768
5,396 Extraord. repair &
Insurance A taxes.
4,708
renewal account
51,443
Extraord. repair A
236,014 Profit and loss____ 4,465,070 3,528,191
renewal account ................
Total............ ...2 6 ,8 0 4 ,4 8 3 25,892,950
— V . 104, p. 1108, 1050.

T o ta l................. 26,804,483 25,892,950

Public Service Corporation of New Jersey.
(8th Annual Report— Year ending Dec. 31 1910.)
The remarks of President Thomas N. McCarter will bo
found at lcngthonsubsequentpages.togetherwiththo income
account of tho company and balance sheets of tho company
and its subsidiaries, and numerous interesting statistical
tables covering a number of years. A map showing tho
lines of tho system will bo found in tho “ Electric Railway”
Section of Jan. 27 1917, pages 80 and 81.
E A R N IN G S OF P U B L IC SERVICE CORPORATION OF N E W JE R S E Y
A N D S U B S I D I A R Y C O M P A N IE S FOR Y E A R S E N D IN G D E C . 31.
1916.

1915.

1914.

1913.

Gross earnings of leased
and controlled c o s .. .$ 4 2 ,5 4 8 ,7 7 5 $37,4 7 1 ,2 2 8 $ 3 5 ,924 ,454 $ 3 4,592 ,474
Opor. oxp. and t a x e s ..\ $ 2 5 ,863,854 $ 2 2 ,0 9 4 ,6 7 8 f$ 1 9 ,892,709 $18,8 4 4 ,6 0 8
Amortization ch arges.)
\ 1 ,303,609
1,007,591
N ot earnings................ .$16,6 8 4 ,9 2 1 $15,376 ,550 $ 1 4 ,728 ,136 $ 1 4 ,740 ,275
Non-operatlvo In co m e ..
516,529
419,073
351,162
377,972
Pub. Serv. Corp. of N . J.
Income from securities
pledged and from mis
cellaneous sources___
1,802,536
2 ,351,809
2,4 8 4 ,6 4 5
2 ,308,874
T o t a l ................................ $19,003 ,986 $18,147 ,432 $17,563 ,943 $17,427,121
Deduct—
Fixed charges loased and
controlled c o m p a n lo s .$ U ,9 6 3 ,114 $ 1 2 ,209 ,215 $ 1 2 ,097 ,110 $ 1 1,911 ,316
Fixed charges of Public
Sorvlco Corp. of N . J . 4,0 9 9 ,0 0 5
3,9 6 6 ,9 6 5
3 ,8 4 1 ,4 9 6
3 ,267,605
N ot Income___________ $ 2 ,941,868 $ 1 ,971,252 $1,62 5 ,3 3 7 $2,24 8 ,2 0 0
Doduc’ns from not I n c .. *C r.$5,826
$124,947
$ 42,248
$562,259
Dividends paid.......... (7 X ) 1 .9 3 7 ,5 0 0 (6 X ) 1562500 (6) 1 ,500,000 (6) 1,500,000
Balanco, surp lus..

$ 1 ,010,194

$283,805

$83,089

$185,941

* Includos In 1916 .appropriation accounts (1) of sub. cos., v iz ., amortiza
tion o f now buslnoss oxpondlturos prior to Jan. 1 1911, $40,3 3 0 , and ad
justments (credit) of surplus account, $118 ,98 4. (2) Appropriation ac
counts o f Public Sorvlco Corp. of N . J ., exclusive of dividends, §72,8 2 8 .
P U B L IC SERVICE CORPORATION B A L A N C E S H E E T D E C . 31.
1916.
1915.
1915.
1916.
Liabilities—
S
•S
Assets—
S
S
25.000.
000
Stock...............
25,000,000
Perpetual Interest
bearing certfs..
864,485
864,485 Cap. stk. subscr's. 4,995,000
50,000,000
000
Gen. M . 5% bds. 50.000.
Secure, of sub. &
leased cos........... 93 ,121,785 82,085,830 Pcrpetual Interest
bearing certfs. . 20,047,770 20,047,770
10,015
Other securities..
Gen. M . 5s In tr’y 12, 500,000 12,500,000 3-year 5% coll
notes .................. 7.500.000 7,500,000
Advances to cos.. 2 ,250,000 8,475,000
Bills payablo......... 5.250.000
363,445
Itcal cstato, Ac___
Cash........................ 1 ,768,776
325,130 Ad v. from oth.cos.
1,000,000
Acer. lnt. A rents
146,229
148,232
P. S. N. T. R y.
1,250,000
5,980
50,534
Acc'ta receivable.
P. S. Eleo. C o ..
250,000
999
Other suspcnso.Ao
102,754
P. S. Gas C o ...
Sinking fund_____
12,954
25,808
936,888
683,140 Acc’ ts payable...
Other spec, funds.
243,204
909,6,57
294,209 Accr’d lnt., Ac__ 1,002,234
Subscr. to oap.stk. 1,810,500
Reserves________ 1,231,958 1,017,990
Unamortlzed debt
Profit and loss___ 3,178,286 2,695,356
discount A exp. 4 186,897 4,167,268
Total ............... 118,218,202 109696,582
— V . 104, p . 765.

T o ta l................118,218,202 109690,582

Booth Fisheries Co., Chicago.

{Report for Fiscal Year ending Dec. 31 1916.)
On subsequent pages will bo found at longth tho report of
President K. L. Ames, in addition to tho income account for
two years, comparative not earnings for tho past six yoars,
and tho balanco shoot as of Jan. 1 1917.
C O M P A R A T IV E IN C O M E A C C O U N T .
1916.
1915.
1914.
N ot profits_____________ )$ 1 ,659,295 $ 1 ,0 4 2 ,7 7 0 / $1,210,7241
Administration
oxponses |
...............
I
289.2351
B ala n co________________ $1,659,295
Bond, A c ., interest_____
$378,919
Keorg. oxp. & bond disc.)
Depreciation rosorvo___ )
274,024
Reserve for contlngenc’sl
Preferred dividends ( 7 % )
214,270
Total deductions______
Balanco, surplus.......... .......

$867,213
$792,082

$ 1 ,042,770
$386,779

1913.
$779,611
$779,611
$314,786
38,667
215,705

180,005

$921,489
$344,563
3.8,667
294,868
60,000
154,000

$874,118
$168,652

$892,098
$29,391

$723,159
$56,452

307,334

C O N S O L ID A T E D B A L A N C E S H E E T J A N U A R Y 1.
1917.
1917.
1916.
Assets—
$
Liabilities—
S
5
Real estate, trade
Preferred stock — 3.246.000
marks,good-will,
Common stock___ 5,000,000
Ac........................ 12,324,335 11 ,933,746 Debenture bonds. 4.998.000
Sinking fund A lnt. 1,408,740
6 97 ,03 0 Bonds on cold-stor
Inventories______ 1,872,794
799,314
,164,914
age plants.........
Acc’ts A notes reo. 2,524,894
,439,386 Acc’ts A notes pay. 2,369,036
36,078
Prepaid lnsur.,Ac.
189,287 Contlng., Ac., res.
281,761
785,199
Cash........................
419.405 Ros.for deprcc.,Ac.
950,474
132,509
Deferred ltoms___
Profit and loss____ 1,439,963

154,000

1916.
$
2.906.000
5,000,000
4.668.000
343,814
2,985,333
345,270
989,544
635,806

T o ta l....... .......... 19,084,549 17,873,768
T o ta l------------- .19.084,549 17,873.708
As to tho Inltla dividend of 2 % paid M arch 1917 on the $ 5 ,000,000
com m on stock (paid out of 1916 earnings), seo V . 104, p . 1147, 455.

United Light & Railways Co.

^{Report for Fiscal Year ending Dec. 31 1910.)
Jft/Tho roport, including tho remarks of President Frank T.
Hulswit, tho incomo accounts of tho company and also of its
subsidiaries, and tho consolidated balance shoot, is givon at
longth on a subsequent page.




1259

E A R N IN G S OF S U B S I D I A R Y C O M P A N IE S C A L E N D A R Y E A R S .
1914.
1913.
1916.
1915.
Gross earnings--------------x$6 ,885,779
$ 6 ,166,959 $ 6 ,054,224
$ 6 ,308,777
Oper. expenses & taxes. y 4 ,219,386 y 3 ,827,263
3,6 7 4 ,4 5 2
3 ,797.534
N et earnings_________
Bond, & c., interest____

$2,666,393
1,390,513

Balance, surplus.......... $1,27 5 ,8 8 0

$2,481,514
1 ,3 8 7 ,1 5 5
$ 1 ,094,359

x Includes $914,645 inter-company business,
company charges.

$2,369,425
1,314,136
$ 1 ,055,289

$ 2 ,379,772
1,105,299
$1,274,473

y Includes $914,645 inter-

R E V E N U E A C C O U N T U N IT E D L IG H T A R Y S . CO. C A L E N D A R Y R S.
1916.
1915.
1914.
1913.
Earnings from sub. cos.
$ 1 ,2 5 7 ,4 9 0 $ 1 ,0 7 9 ,5 6 5 $1 ,0 3 9 ,7 8 3 $1,116,253
D ivs. & int. receivable.
489,428
424,116
34 4 ,2 9 4
2 45,523
Miscellaneous earnings.
171,903
122,511
123,155
8 7,494
Gross earnings.............$1,91 8 ,8 2 1
Miscellaneous expenses.
$125,446
Taxos____________________
21,462

$ 1 ,626,192
$117 ,46 0
9 ,8 5 6

$ 1 ,5 0 7 ,2 3 2
$1 0 3 ,8 3 5
10,780

$ 1 ,449,270
$94,525
10,333

N et e a r n in g s ............... $ 1 ,771,913 $1,49 8 ,8 7 6 $ 1 ,392,617
$ 1 ,344,412
Deduct— Bond in te re st..
$403,724
$360,494
$333 ,03 4
$ 262 ,56 0
Intorost on notes, & c .
174,916
154,626
109,887
117,059
Bond discount_______
_______
5,015
12,912
----------D e p r e c ia tio n .............
292,859
260,235
165,993
152,701
ls tp r e f. div. ( 6 % ) . . .
595.793
5 2 5 ,7 8 9
462,8011
2d prof. dlv. ( 3 % ) . . .
________
31,631
6 3 ,2 7 2 )
702,619
Common (cash) d i v ..( l % ) 6 9 ,0 0 0
_______ (3 % )2 0 6 ,7 6 1
Total deductions____ $1,53 6 ,2 9 2 $ 1 ,3 3 7 ,7 9 0 $ 1 ,3 5 4 ,6 6 0 $1,23 4 ,9 3 9
Balance, surplus________
$235,621
$161 ,08 6
3 3 7 ,9 5 7
$109,473
C O N SO LID A T E D B A L A N C E S H E E T D E C . 31 (IN C L . S U B S ID . C O S.).
[For details o f balance sheet in 1916 see a subsequent page.)
1916.
1915.
1915.
1916.
Liabilities—
S
$
Assets—
S
S
Capital stockPlant, construe. A
Un. Lt. A R y s .. 16,883,400 16,715,582
Investment____46,925,140 45,779,032
Controlled cos.,
Bond discount be
not owned
3,196,199 3,418,249
ing amortized..
658,458
452,071
Bonds In treasury.....................
2,623 Un. Lt. A Rys.
funded debt____ 9,951,500 7,216,000
Cash....................... 1,169,388 1,187,066
Bonds contr’d cos. 16,541,862 17,246,816
Bills and accounts
500,000
receivable.........
463,326
468,166 Notes due Jan. '16
611,637
Notes payable--------------Stock and bonds of
293,717
552,079
other companies
53,551
62,551 Accounts payable.
532,009
Acer. lnt. A taxes.
568,741
M a t e r ia ls and
191,350
195,819
supplies......... ..
581,754
463,335 Pref. dividend____
190,324
Miscellaneous____
222,652
Prepaid accounts,
A c_____________
55,911
98,485 Deprec., A c., res. 1,287,771 1,160,012
9.S99
20,369
Sinking fund.........
257,718
85,325 Surplus— sub. cos.
513,060
744,854
Surplus..................
T o ta l.................. 50.165,246 48,598,054
— V. 104, p. 1046, 766.

T o ta l.................50,165,246 48,598,654

Tide Water Oil Company.

{28th Annual Report— Year ending Dec. 31 191G.)
On subsequent pages will be found tho company’s 28th
annual report, including the remarks of President R. D.
Benson, and the income and surplus accounts and balance
sheets for the late fiscal year, both for tho company itself
and for tho company and its subsidiaries combined.— V. 104,
p. 958, 7G9.
Willys-Overland Co., Toledo, Ohio.

{Report for Fiscal Year ending Dec. 31 191G.)
President John N. Willys says in brief:
Results.— Tho volum e of buslnoss transacted in 1916 exceeded all our
previous records. Tho orders for our cars in the first two months of 1917
were greatly in excess o f tho same period in any former year. A t the present
time unfilled orders for immediate delivery are nearly 2 0,000 cars.
There somo adverse factors during the year, duo principally to tho ex
traordinary raw material market conditions; tho serious freight car shortage
and tho difficulty manufacturers have experienced in coping with tho sudden
demand for automobilo bodies of the closed typo. Cost o f manufacture
advanced during tho year, duo m ostly to Important causes not poculiar
to our company.
Tho not earnings, $ 9 ,565,718, received practically no benefit from the
major part of tho increase in capital notod below, as such increase was made
late in tho year, so that the earnings represent 4 2 /4 % on the capital of
$ 2 2,500 ,000 , which was the actual outstanding stock until late in the year
or 2 4 .3 % on $39 ,3 7 2 ,2 9 0 , which is the present common stock capitalization.
A t several large centres wo took over tho business of outsido distributors
and established our own branches; consequently the profits on cars delivered
to distribution points, which under tho former system appear in the ac
counts at tho timo of shipment, are delayed to date of ultimate sale.
If
the not profits of the year had boon compiled on tho same basis as in 1915,
they would have been $1,31 8 ,6 6 5 larger than reported.
A striking feature is the heavy inventory, with tho raw material inven
toried about $6,00 0 ,0 0 0 below current costs and all unsalable materials
& c., eliminated.
Capital Stock.— Tho rapid growth of tho business necessitated capital
expansion during the year. In January the pref. stock was retired and a
now issuo of $ 2 5,000 ,000 was authorized. O f this new issue $15,0 0 0 ,0 0 0
7 % cumulative stock, convertible into common stock, was sold at 102/4
(V . 101. p . 1633: V . 102, p. 257. 4 43, 5 28, 1168).
Late in the year $ 1 5 ,000 ,000 of tho authorized unissued common stock
was offered to and purchased by stockholders (V . 103, p. 66, 762, 853,
1046, 1216, 1432).
Part of this additional capital was used for expansion
of plants, warehouses, office facilities and distributing branches. The
larger part o f It, however, remains as free working capital. Our cash
position is strong anil will remain so.
[In M a y 1916 each $100 share of
common stock was divided into four $25 shares.— Ed.l
Tlie building plans of 1916 are completed, except for about $625 ,00 0 un
expended Doc. 31 1916. N o further expansion of facilities will be made
in 1917 unloss somo unusual condition should necessitate.

On an advertising page will be found the consolidated in
come account for 1916 and balance sheet of Dec. 31.
C O N S O L ID A T E D

IN C O M E A C C O U N T (IN C L . S U B S I D I A R Y COS.)
— Years ending D ec. 31— 6 M o s . end'g
1916.
1915.
Dec. 31 ’ 14.
N ot earnings and Income (see below) *$10,016 ,420 $ 1 0,201 ,256 $3,177,499
Deduct— Int. on floating debt, A c —
$150,702
$330 ,57 8
$158,400

N ot incomo for period_____________ $ 9 ,565,718
$ 9 ,870,678 $ 3 ,019,099
Preferred dividends________________ (7 % )S 9 9 4 ,7 0 5 (7 )$ 3 2 2 ,1 6 4 (3 /4 ) 165,235
Com m on dividends (cash)_______ ( 9 % ) 2 ,0 0 3 ,2 4 9 (6)1.229,895
(3)600.000
Com m on dividends (stock)---------( 5 % ) 1 ,1 5 5 ,690(5) 1 .000,000
----------Provision for redemption of pref______
_______
250,000
104,167
Balanco, surplus for periods_______ *31,912,074

$7,06 8 ,6 1 9

$ 2 ,149,697

Tho net earnings and income of all c o s ., as above, in 1916 are shown after
deducting all expenses of the business, including (1) ordinary repairs and
m aint. of the properties, $ 1 ,049,142; (2) allowances for accruing renewals
and doprec., $951,380; (3) tool replacements, $ 1 ,028,132; and (4) adequate
| reserves for bad and doubtful accts. receivable, losses under guarantee and
j other contingencies; (5) but exclusive of profit on shipments to distributing
j branches which were unsold D ec. 3121916, am ounting to S I ,318,665.
*Seo (5) o f tho above foot-note, fe-j

[Vol . 104

THE CHRONICLE

1360
C O N S O L ID A T E D
1916.
Assets—
$
Real estate, bldgs.,
machinery, Ac.g28,779,013
Good-will, pat.,Ac. 14,059,932
Investments, A c .. 2,291,642
Inventories--------- 38,589,540
Dae from agents..
624,490
Notes receivable.. 1,786,290
Acc’ts receivable- 4,435,081
Miscei. invest.,&c. y757,788
Cash______________11,404,951
Prepaid int., A c ..
381,279

B A L A N C E S H E E T D E C E M B E R 31.
1915.
1916.
1915.
$
Liabilities—
S
S
Preferred s to c k ... 15,000,000 4,483,700
16,945,453 Common stock...37,273,844 21,000,000
14,059,932 Real estate mtges.
680,286assumed
165,000
448,269
17,752,812 Notes payable____11,849,067 10,200,000
1,081,770 Acc’ ts payable... 7,538,411 4,942,179
2,048,494
Customers’ depos. 808,325
451,944
1,929,757
Accr’d lnt., A c . . . 842,011
380,986
70,475 Reserve funds____ 1,000,000 1,717,873
4,023,342
Miscell. reserves.. 774,224
484,838
316,482
Pref. stock d l v ... 262,500
78,465
Profit and loss.. .z27,590,594 14,720,550

T o ta l_________ 103,110,006 58,908,803
T o ta l......... ...103,110,006 58,908,803
g Includes D ec. 31 1916, real estate, $ 2,742,740; buildings & bldg, equip.,
$ 1 4,942 ,696 ; machinery & equip., $ 10,007 ,739 ; tools, dies, patterns, A c .,
$ 2 ,6 7 9 ,9 3 5 , less reserve for deprec. and accruing renewals, $1,594,097 (in
cluding $951,380 provided out o f earnings for the year, excluding $ 1,028,132
for depreciation of tools, dies, patterns, & c. (deducted from the asset), and
crediting $314,411 losses on dismantled property and replacement expendi
tures written off; balanco as above, $ 2 8,779 ,013 . y Includes in 1916 Guar
anty Securities C o . certificates o f beneficial interest in customers’ deferred
installment notes, $372 ,14 9. z After crediting $7,963,971 premiums re
ceived on securities Issued loss premiums paid on securities retired, expenses
o f refinancing and good-will o f affiliated companies purchased
j
...............................
during the
year and written o ff (net).— V . 104, p. 958.

Standard Gas & Electric Co.

(Report for Fiscal Year ending Dec. 31 1916.)

On subsequent pages will be found the remarks of President
II. M . Byllesby, the income account and profit and loss
account for the year ending Dec. 31 1916 and the balance
sheet as of Dec. 31 1916 also the comparative gross and net
earnings of the subsidiary companies for five years, promis
sory notes and coupon notes, and stock owned by the
Standard Gas & Electric Co. bonds and coupons of sub
sidiary companies outstanding, none of which are owned
by the Standard Gas & Electric Co., &c.
Attention is called to the largo increase in income and a surplus for the
year moro than double that o f the preceding twelve months. N orm al
revenue, after the paym ent o f interest, was equivalent to 7.4 2 % for the
pref. stock. W ith the addition of $311,857 profit from the sale of subsidi
ary com pany’s bonds, owned, which wore called for redemption early in tho
year, tho net Income was equal to the full 8% to which tho preferred is en
titled and a balanco for tho common o f 2 .6 % . During the year tho rate
o f dividend payments on the preferred stock was increased from a 4% basis
to a 6% basis.
I N C O M E A N D PRO FIT A N D LOSS, C A L E N D A R Y E A R S .
Earnings—
1914.
1913.
1916.
1915.
Interest on (ow ned):
Bonds ________________
$429,152
$550 ,43 4
$549,430
$565 ,40 8
Coupon notes________
2 ,660
7,386
Notes & accts. receiv.
72,840
107,065
57,845
86,935
Dividends on (owned):
Preferred stock_______
276,141
245,698
247,210
222,677
606,702
Common stock_______
871,577
601,120
751,615
Spec, on com . s t o c k ..
3 4 ,568
Profits from salo of
securities (n et)____
28,992
29,514
deb. 274
765
T otal ...................... ......... $1,712,927
General exp. and taxes.
48,727

$ 1 ,618,467
43,026

$1,475,029
39,610

$1,5 3 9 ,0 3 7
36,507

N e t earnings___________ $ 1,664,200
Profit on bonds owned
(called for redemption)
3 11,857

$1,575,441

$1,435,419

$1,502,530

Gross income__________$1,9 7 6 ,0 5 7
$471,043
Bond interest___________
do on coll. tr. notes.
18,018
do on pref. stk. scrip
40,484
Miscellaneous in terest..
260,220

$1,575,441
$588,211
119,730
88,024
37,098

$1,435,419
$597,057
148,998
53,622
15,778

$ 1 ,502,530
$615,670
79,419
5,892
50,043

Balanco, surplus_____ $1,186,294
Previous surplus________
784,074

$742,377
513 ,0 9 5

$619,964
679,245

$751,506
1,008,659

T o t a l ___________________ $ 1,970,368
Dividends paid in cash .
$491,040
In s c r ip _______________
_______
Accrued pay. in scrip.
58,925
Prom, on bd s., & c ., red .
31,805
Miscellaneous....................
216,897

$1,255,472
$314,265
117.850
39,283

$1,299,209
$746,380
39,283
451

$1,760,165
$362,456
471,398
78,566
168,500

$784,074

$513,095

$679,245

T otal su rp lu s.............$ 1 , 1 7 1 ,7 0 1

B A L A N C E S H E E T D E C . 31.
1916.
1915.
1913.
1915.
Assets—
Liabilities—
S
8
S
S
Securities owned. . 32 198,890 34,097,783 Common stock___ 9,343,150 9,343,150
Treas. securities..
______
563,900 Preferred sto ck ... 11,784,950 11,784,950
Sinking fund_____
64,887
98,228 Pref. stock divi
dend scrip_____
Cash with trustee
323,563 1,410,946
. of convert. 6%
Convert. 6% s. f.
nonds_________ 6,880,000 9.793.000
sink. fd. bonds.
90,000
1,775,100
Install, subscrip
Collat. trust notes
______
247,292 20-year 6% notes. 6,714,400 2.525.000
tions to6% notes
Cash______ ______
10,595
511,635
577,587 Accounts payable.
985,176 Accrued lnt., A c ..
93,521
Notes A accts. rec. 2,546,184
150,793
42,094 Accrued preferred
Organlz. expenses.
39,283
Int., dlv., Ac., rec.
123,869
58,925
dividend...........
294,355
784,074
Surplus .................. 1,171,701
Unamort
debt,
552,607
989,636
discount, A c .. .
1
Offlce furn., A c ..
T o ta l...................36,438.082 37,549,024
— V . 104, p. 1168. 368.

T o ta l....................36.438.082 37.519.024

McCrory Stores Corporation, New York.

(Report for Fiscal Year ending Dec. 31 1916.)
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 .
1916.
1915.
1916.
1915.
$352,196
Sales________
$6,787,117 85,613,987 Net Income........... $422,1 18
87,500
87,500
Cost of sales........... 4,634,713 3,801,235 Pref. dlv. ( 7 % ) . . .
Prov. for retirem’t
of stock..............
27,500
Gross profIts.. . $2,152,405 8 1,812,752
Exp., taxes, deprcc’n, lnt., A c. 1,730,257 1,460,556
Bah.Jsurplus—
8307,148
8264,696
B A L A N C E S H E E T D E C E M B E R 31.
1916.
1915
1916.
191
Liabilities—
S
S
Assets—
$
S
McC. Realty C orp.. *409,592
351,692 7% cum. pref. stock. 1,250.000 1,250,000
Impts.,furn .Ac......... 1,380,709 1,060,652 Common stock------ 5,000,000 5,000,000
2,000
Merch. A sup p ly... 1,964,984 1,066,902 Realcst. mtge.pay’le
18,343
8,528 Bills payable............. 750,800
295,300
Accounts recelvablc.
51,792 Accounts payable__ 653,317
J. G. McCrory C o_.
56,575
363,571
Surrender val. lnsur.
Accrd.Int..taxes,Ac..
72,289
53,171 Res.for retirement of
policies......... ..........
64,758
27,500
C a s h ................ ........ 255,397
443,461
stock ......................
60,312 Suspense account__
5,026
Prepaid rents, Ac___ 101,360
185,639
Good-will.................4 ,0 0 0 ,0 0 0 4,000,000 Surplus....................... 492,787
T o t a l.......... .......... 8,251,719 7,096,5101
T o ta l.......................8.251,719 7,098,510
* Includes M cC rory Roalty Corp. common stock, 3 ,170 shares at par,
$342,500 and advances for the acquisition and improvement o f real estate
taken subject to mortgages of $62,000 , $6 7 ,0 9 2 .— V . 104, p. 1149, 768.




May Department Stores Co., New York.
(Report for Fiscal Year ending Jan . 31 1917.)
PRO FIT A N D LOSS A C C O U N T Y E A R S E N D IN G J A N U A R Y 31.
1916-17.
1915-16.
1914-15.
N o t sales_____________
$ 3 0,347 ,482 $23,3 0 9 ,8 0 2 $20 ,5 1 4 ,7 1 2
N e t profits_____ _______
$3,4 2 2 ,3 6 2 $2,161,101
$1,9 0 2 ,8 8 9
Other income___________________________
22,696
25,964
22,215
T o ta l____ __________ __________________ $ 3 ,445,058
$2,187,065
Officers’
salaries
"
$61,000
$50,903
General oxpenses______________________
18,363
20,487
Taxes, incl. Federal income ta x ______
80,671
27,664
Bad debts_____________________________
4 4 ,318
52,298
Depreciation and amortization_______
176,342
190,507
Interest, balance o f account..................
126,362
12,988
Reduction In value of investments___
4,861
2,467
Preferred dividends (7 % )
512,531
534,187
Com m on dividends..............................(2% % )4 1 2 ,5 0 0 ( 2 ^ ) 4 1 2 ,5 0 0

$1,9 2 5 ,1 0 4
$ 60,000
12,254
3 1 ,758
59,844
201,084
150,124
4,704
5 44,320
(5)750,000

T otal deductions.....................................$ 1 ,337,738
Balance, surplus______________________ $ 2 ,107,320

$ 1 ,8 1 4 ,0 8 8
$111 ,01 6

$ 1 ,403,210
$783,855

C O N SO L ID A T E D B A L A N C E S H E E T J A N U A R Y 3 1 .
1917.
1916.
1916.
1917.
Assets—
Liabilities—
S
S
S
Real estate, Im
Preferred stock___7 260,000 7,507,500
provements, Ac. 5,185,668 5,259,218 Common stock___15 ,000,000 15,000,000
Good-will, trade
Pur. money mtge.
150,000
150,000
names, A c .x . . . 14,510,827 14,510,827 Notes payable___ 1, 000,000 1,000,000
869,027
Investments_____
855,601
763,395 Accounts payable. 1 310,530
Inventories--------- 5,669,089 4,051,010 Sundry creditors..
279,752
510,155
Acc’ ts A notes rec. 2,956,642 2,390,779 Reserve for trading
Delivery equipm’ t
92,918
77,697
stamps,coupons
Sundry debtors-. .
111,938
113,472
A Fed. inc. tax.
251,903
155,714
Prepaid expenses,
Special surplus ac- •
insurance, A c ..
129,164
132,301
count.................. 1 440,000 1,192,500
Cash_____________ 1,130,447
736,955 Surplus................. .y3 ,719,706 1,881,160
Total ..................30,642,294 28,035,654

T o ta l...................30,642,294 28,035,654

x Consists o f good-will and trade names, including cost o f acquisition,
subsequent to the organization o f this company, of good-will or the INI.
O ’N eil & C o ., Akron.
y After deducting $21,274 premium on acquisition o f prof, stock for retire
ment and $247,500 transferred to special surplus account.— V . 104, p . 1149.

Union Bag & Paper Corporation.
3 1 1917.)
President N. B. Wallace March 17 says in substance:
(A n n u a l Report f o r the F iscal Y ea r en din g J a n .

This report covers tho most prosperous period in tho com pany’s history,
and reflects tho unusual business conditions prevailing generally throughout
tho country. Your company is fortunate in controlling a largo part of Its
raw material requirements, which fact, togother with tho economies and
Improvements made In Its plants during tho last fow years, has contributed
materially In profits.
Recapitalization was effected during the year (V . 103, p . 244, 762.)
Practically all of the Improvements planned havo beon completed during
tho year, having expended for additions and improvements $401,114.
On account of the unusual conditions in the paper industry, and tho fact
that tho company was such a largo purchaser of paper outsldo o f its own
manufacture, it becamo necessary, during tho year. In order to insure its
requirements, to acquire now properties, for which was expended $766 ,19 0;
$1,0 0 0 ,0 0 0 bonds were assumed in the purchase of tho Cheboygan Paper C o.
During the last quarter tho stock or tho company was put on a 6 % divi
dend basis, and an extra dividend o f 2 % was declared.
The nows mill o f the St. Maurice Paper C o ., Ltd. (three-quarters of tho
stock of which company Is owned by us) is nearing completion. Ono of tho
paper machines Is now operating, and tho second machine will be started in
tho near future. Tho St. Maurice Paper C o ., L td ., earned during its fiscal
year, which ended D ec. 31 1916, from its pulp and lumber operations only
(tho paper mill not having been completed at that d a te ), $ 3 06 ,76 7. N o part
o f those profits have been Included In our income, bocauso no dividends
have as yet been declared by that company.
IN C O M E A C C O U N T FR O M OCT. 4 1916 TO J A N . 31 1917.
( Union Bag & Paper Corporation anil Subsidiary Companies.)
N e t earnings for the year ending Jan. 31 1917, after deducting
expenditures for ordinary repairs and maintenance, including
earnings o f Cheboygan Paper C o. from N o v . 1 1916 and Badger
Bag & Paper C o. from N o v . 16 1916................. ............................ ..$ 2 ,8 3 2 ,2 7 7
Less— Provision for depreciation_____ ______________________________
240,199
Interest; On 5 % 1st M . bonds U n. B . A P. C o ., $164,073; on 0 %
Allen Bros. C o. bonds, $10,950; on 5 % 1st M . bonds o f Che
187,523
boygan PaperC o ., $12,500; total..................
Balanco ............................................
.$ 2 ,4 0 4 ,5 5 5
Deduct— Proportion o f Income o f the Union Bag & Paper C o. for
period from Feb. 1 to O ct. 4 1916, applied In reduction of
property account........................
821,763
B ala n co ________________________
$ 1 ,5 8 2 ,7 9 2
Dividend o f 1 14 % paid Dec. 15 1916, $150,000; extra dividend of
2 % declared Jan. 21 1917 and payablo Fob. 15 1917, $ 200 ,000
350,000
Surplus Jan. 31 1917, as per balanco shoot________________________ $1,2 3 2 ,7 9 2
N ote.— -Tho profits of tho St. M aurice Paper C o ., L td ., for the year
ending Dec. 31 1916 amounted to $306 ,76 7; no dividend was paid by tho
company during tho year.
C O N S O L ID A T E D B A L A N C E S H E E T J A N U A R Y 31 1917 .
Assels (Total, $16,430 ,383 )—
Plants, water power, tim 
ber rights, A c _________ $9,130,436
St. M aurice Pap. C o .s tk . 3 ,750,000
Invent, (at or below cost):
Pulpwood in rivers & piles
379,651
319,361
Supp., stores, fuel, & c ___
M d se, on hand and in
972,978
p ro cess________________
1,358,561
Accounts receivable____
484,592
C a s h .......... ............................
Prepaid Insurance, & c___
34,805

Liabilities (Total, $ 1 6 ,4 3 0 ,3 8 3 )—
Capital s t o c k * ...................$ 1 0 ,0 0 0 ,0 0 0
Funded debt;
1st M . 5s Un. B .A P . C o .
3 ,0 7 6 ,0 0 0
1st M . 5s C h o b .P a p .C o _.
1,000,000
6 % AUon Bros. Co.bonds
180,000
Purchase money obllg’n .
x50,000
Accounts payablo.............
660,199
Bond Interest accrued___
31,392
D lv . p ay’le Feb. 15 1917
200,000
Su rplus___________________
1,232.792

* Includes 6 ,3 2 5 % shares reserved for exchange for outstanding shares of
pref. and common stock of the Union Bag & Paper C o. In accordance with
consolidation plan; outstanding 93,67-1 Vs shares, x Payablo in Install
ments of $12,500 beginning June 1917 and annually thereafter.— v . 104,
p . 1168, 368.

Peerless Truck & Motor Corporation, New York.
(Report for Fiscal Year ending Dec. 31 1916.)
President Frederick Gilbart, March 19, says in substance:
N e t sales o f tho subsidiary companies of the Peerless Truck A M otor
Corporation for tho calendar year 1916, excluding munitions and special
foreign contracts of General Vohlclo C o ., In c., wore $ 13,525 ,024 , an In
crease of $1,234,057 over the sales ot 1915. The not profit for tho year
carried to the balanco shoet amounts to $1,35 8 ,8 1 1 . T h o balanco shoot
shows cash and marketable securities o f $2,077,153 on hand as o f Dec. 31.
T h e now model eight-cylinder Peerless car has boon well rocolvod by the
public and difficulty has been experienced In producing a sufficient number
to supply tho demand. N ew buildings are now practically completed
which incroaso the manufacturing facilities at Cleveland more than 2 5 % .
This plant is working at maximum capacity on orders for trucks and auto
mobiles. The company Is now manufacturing a full lino of tw o, three,
four and five-ton trucks.

M ai?. 31 1917.]

THE CHRONICLE

C O N S O L ID A T E D P RO FIT A N D LOSS A C C O U N T FOR C A L . Y E A R S .
1916.
1915.
N o t sales, excluding munitions and special foreign
contracts o f General Vehlclo C o ., Inc___________$ 1 3,525 ,024 $ 1 2,290 ,997
Cost of sales, lncl. all operating, selling and general
expenses, plant maintenance and repairs_______ 11,020,265
8 ,841,130
Depreciation of plants_______________ ______________
3 1 1,554
224,276

Other Income, Including interest earned.
In t. on Peerless Truck & M otor C orp. 6 % secured
convertible notes__________________________________
Other interest, A c _________________________ _
P .T .& M .C o r p . h it.,& c.(n e t), N o v . 10 to D ec. 3 1 ’ i,5
N et loss on munitions and special foreign contracts.
Genoral Vehicle C o ., In c_________ ____________ ’
Special rosorvo for contingencies
Prof. dlvs. of Peerless M otor Car C o ............. ......... II

$2,19 3 ,2 0 5
154,233

$3,225,591
37,972

$2,34 7 ,4 3 8

$ 3 ,263,563

300,0001
6 5 ,4 2 3 /
..................
550,637
72,567
2,453

N ot profit for year............... ...........................................$ 1 ,356,357

107,789
40,222
600,000

$2,515,551

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 31.
Assets—
1916.
1916.
1915.
1915.
Liabilities—
Land, plant, bldgs.
S
S
S
3
and cqulpment-n 1,891,680 4,559,986 c Capital stock — 4,898,110 4,898,110
b Patents,
fran
Peer. M o. Car. Co.
pref. stock_____
chises & good-w. 3 ,710,520 3,707,660
27,800
85,000
Cash_____________ 1 ,503,778 2,641,719 Peer .Tr.AMo. Cor.
Marketable secur.
6% secured con
431,978
573,375
Inventorles
vertible notes.. 5,000,000 5,000,000
____4 ,628,348 2,143,015
Gen. Vehicle Co.,
Kund.dt.(sub.cos.)
290,000
______
Ltd., London..
93,997
Accounts payable. 1,412,242 1,438,174
Sundry debtors__
38,157
Special deposits..
______
160,800
Accts. & notes rec. I ,101,802
587,014 Doc. drafts disc..
252,495
............
Cash to acquire
Sundry creditors &
balance of stock
reserves _______
............
501,365
outstanding of
Contlng. reserve..
653,845
600,000
P. M . C. C o .. .
690,762 Surplus (Peerl. T.
29.190
Prepaid Ins., Ac.
50.190
278,388
A M . Corp.)__ 2,575,595 2,119,238
Surplus cap’l (Gen.
Veil. Co., Inc). d848,786
900,000
T o ta l..................16,621,038 15,040,522

T o ta l..................16,621,038 15,010,522

a After deducting In 1916 $311,554 charged off for depreciation and $ 237 ,
713 special rosorvo against equipment for munitions contracts, b Including
cost of acquisition of stocks of sub. cos. c Representing consideration re-

mont and engineering expenses to D ec. 31 1915 written off.
Contingent liabilities: Building contracts, $ 1 61 ,26 8, and judgment and
Interest In suit under appeal, $420 ,8 6 2 .— V . 103, p. 1690.

The report covers the period for six months ending Dec. 31
1916, the fiscal year having been changed to that date. Divi
dends were resumed in July 1916 after an interval of 3%
years; and three quarterly distributions of 1 ^ % were made
July and Oct. 1916 and Jan. 1917. As stated last week, a
dividend of 2 % has recently been declared,' payablo in four
quarterly installments of K of 1% each, payablo April, July
and Oct. 1917 and Jan. 1918. Compare official statement
in V. 104, p. 1148, in last week’s “ Chronicle.”
The remarks of Assistant Secretary M . A. Holzinger will
bo cited another week.
IN C O M E A C C O U N T .
6 M o s . end.
Years ending June 30-----------„
Dec. 3 1 ’ 16.
1916
1915.
1914.
Gross profits (all sources).$ 2 ,159,916 $ 4 ,806,755 $ 3 ,143,843 $3,032,209
Deduct—
In t. on notes and lo a n s ..
$6,482
$6,553
$331,101
$684,459
Taxes ----------------61,058
141,846
139,774
155,068
Rentals . . . ----------------------25,089
42,321
61,396
69,286
In su ran ce ________________
71,243
96,933
93,301
205,039
Additions & maintenance
238,905
231,771
195,473
247,995
C ost o f ad m in istration ..
82,457
168,127
99,003
175,596
Total
..............
$485,235
$687,551
N et earnings----------------------$1,674,681 $ 4 ,119,204
Interest on bonds------------- $350 ,08 8
$792,110
D ividends---------------------( 3 % )9 2 5 ,5 1 1 (1 A ) 484,548

$920,049
$2,223,794
$792,922
X23.131

$ 1 ,537,443
$1 ,4 9 4 ,7 6 6
$792,902
x 35 ,131

Total int. and d lvs------ $ 1 ,275,599
Balanco, su rp lu s..............
$399 ,08 2

$816,053
$1,407,741

$828,033
*666,733

x Includes in 1914-15 and 1913-14 only dividends paid on unconverted
stocks o f constituent companies.
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 ’ 10
June
.30'ir,
Dec. 31
June 30 ’ 16
Assets—
4
$
Liabilities—
S
•S
Property account-43,515,176 43,452,620 Capital stock
Investments
(at
Dlst. Seo. Corp.32,282 ,181 31,435,081
cost)------------------ 2,467,458 018,900
Constituent cos.
0 0 1 ,203 1,991,013
Accounts and bills
Bonded debt_____ 13,968 ,028 13,720,141
recelv’le (good). 6,198.509 5,793,438 Ileal estate mtges.
Merchandise, ma
(subsld’y cos.).
70 ,000
93,000
terials and sup
Bills payable..___
700 .000
plies at cost
_ 5,107,288 5,137,713 Trade acc’ts, A c .. 1,028 ,470
646,702
Cash......................... 1,035,867 2,203,198 Accrued bond Int.
183 ,608
181,172
Unclaimed divs___
3 ,572
2,290
Dividend payable.............
484 ,140
467,895
Reserves________
109 ,509
171,189
Surplus.....................8,889 .928 8,490,810
Total......... — c58,384,29Sc57,205,928

Total................c58,384,298c57,205,928

c lo ta ls differ from those in the com pany’s report. Th e current trade
accounts, accrued bond interest, loans front associated companies and bills
payable are shown above under liabilities; in tho report they aro deducted
from current assets and omitted under liabilities. V. 104, p . 1048, 955.

Kolsey Wheel Co., Inc. (Including Subsidiary Cos.).
(Report for Fiscal Year ending Dec. 31 1916.)
C O N SO L ID A T E D R ESU LTS FOR Y E A R E N D IN G D E C . 31 1916.
Sales, less returns and allowances, A c ., $ 8 ,178,921: less cost of
sales and general and commercial expenses, $ 7 ,2 6 7 ,6 1 9 .................. $911,303
Add miscellaneous incom e--------------------------------------------196,299
Total incomo---------------- ----------------------------------$ 1 1 0 7 ,602
D educt, reserve for depreciation, $219,932; Int.,"ba 1 an’col $ 2 If ,0 36
248 ,962
N et profit for tho year ending Doc. .31 1 9 1 6 .. _
.. ..
Preferred dividend N o . 1 (1 Y\ % ) , paid N o v . 1 [9 10
D ivs. paid on stocks of constituent cos. prior to reincorporation.
Organization expenses incurred, $32,724 ; appraisal adjustm ent,
credit, $ 4 ,7 2 3 .
Surplus D ec. 31 1916, as per balanco sheet below_______________




$85.8 ,640
* 52 500
123 719
28 ,001
$654

CONSOL. B A L A N C E S H E E T D E C .
M fg. plants, land, bldgs., A c .82,041,339
Trade-names, good-will, A c .. 10,000,000
1,788,073
Inventories.......................
Accounts receivable, Ac.........
833,765
Deferred assets........................
136,167
32,427
Prepaid expenses______ _______
Cash..........................................
74,903
— V . 104, p . 1049.

31 1916 (Total each side $14,906 ,674 )
7% cumulative pref. s t o c k ...$3,000,000
Common stock..................
10,000,000
Notes payable............................... 484,000
Accounts payable______ _______ 361,111
Sundry creditors A accr. liabil. 407,144
Surplus acc't (see table above)
654,420

United States Gypsum Co., Chicago.
31 1916.)

(Report for Fiscal Year ending Dec.

IN C O M E A C C O U N T FOR Y E A R S E N D I N G D E C E M B E R 31.
1916.
1915.
1914.
1913.
S 233.230 $ 1 ,676,483 $ 1 ,3 3 4 ,6 9 7 $1,11 8 ,7 7 6
1,092,178
811,419
900,593
778,812

Provious surplus________
N et p r o f i t s ......................

T o t a l .................... ............$ 1 ,325,408
Repairs, rcplace’ts, A c .
$3 4 7 ,3 3 2
Bond interest, & c_______
94,411

$2,487,902
$215,775
94,023

.............
$883 ,66 5
Balanco
Preferred dividends
(7 % )3 4 3 ,9 6 6
Com m on dividends___
..

$2,178,104 $1,946,551 $1,582,381
a l,6 3 5 ,6 2 8 ( 6 % )2 7 0 ,0 6 8 ( 5 ^ ) 2 4 0 ,6 8 4
b309,246
_______
_______

T o tal surplus D ec. 3 1 -

$539 ,69 9

$ 2 3 3 ,2 3 0

$ 2 ,2 4 2 ,2 9 0
$205 ,86 0
8 9,879

$ 1 ,676,483

$ 1 ,897,588
$209,951
105,256

$ 1 ,341,697

a Includes cumulative dividends on preferred stock o f prior years paid in
common stock,
b Includes $289,657 paid in cash and $15,589 paid in stock.
B A L A N C E S H E E T D E C . 31.
1916.
1915.
1916.
Assets—
8
S
Liabilities—
S
Plants....... ............ 4,249,108 3,981,558 7% cum. prcf.stk. 5,271,600
Gypsum A gypsite 5,088,370 5,088,370 Common stock___ 3,904,900
Stock in other cos.
41,000
Pref.
stock
subscr.
41,000
18,998
Notes with trustee
Bonds......................
to retire bonds.
_______
101,000 5-yr.6% gold notes 1,000,000
Expenses charged
50,000
Notes payable____
to future income
74,336
45,540 Aec'ts payable__
232,909
831,053
Inventories...........
691,955 Accr’d int., A c . . .
60,811
Notes A accts.rec.*l,032,608
994,168 Reserves________
342,714
C a s h .....................
105,097
62,913 Surplus....... ..........
539,699
T o ta l......... ....1 1 ,4 2 1 .6 3 1 10.970,501

1915.
S
4,417.800
3.904,900
84,500
1,200,000
.409,000
214,283
48,643
464,148
233,230

T o ta l..................11,421,631 10,976,504

* After deducting $136 ,55 7 reserved for doubtful notes and accounts.

A. G. Becker & Co., Chicago, last fall placed an issue of
SI,000,000 5 % gold notes, dated Sept. 1 1916, due Sept. 1
1921, issued to retire gold notes of 1912 called and paid Oct. 15.
The notes are redeemable, all or part, at 102 and Int. the first two years,
and at 101 and int. thereafter on 60 days’ notice. Trustee, Continental &
Commercial Trust & Savings Bank, Chicago. In t. M . A S. at the office
of A . G . Becker A C o ., Chicago. D enom . $ 1,000 and $ 5,000 c * .

Distillers Securities Corporation, New York.
(15th Report— For Six Months ending Dec. 31 1916.)

$ 1 ,276,658
$ 2 ,842,546

1261

.420

D ig est o f L e tte r o f P resid en t S . L. A very, C h ic a g o , S e p t. 12 1916.
Company.— Incorporated in N . J. on D ec. 27 1901 and mines gypsum
from deposits owned and controlled, and manufactures gypsum products of
all classes in its own modern plants built in standardized units. 'The
properties are widely scattered, being in 15 States, which gives it the com
petitive advantages of accessibility to all markets. Available supply of
gypsum rock is more than 135,000,000 tons.
Since 1910 $ 2 ,0 0 0 ,0 0 0
have been expended for now properties and to increaso tho efficiency of tho
manufacturing plants.
Products.— The products are standard materials in constant demand in the
building world and include hard plaster, coincnt plaster, prepared plaster,
concrete plaster, wood fibre plaster, plaster board, plaster blocks, finish,
comontlco, mould ng, stucco, fireproofing partition tile, fireproofing floor
tile, fireproofing roof tile, hydrated lime and numerous miscellaneous
products. There is now a steady demand for gypsum , because of its rela
tive inexpensiveness and particular adaptability for a great variety o f pur
poses other than in building. Gypsum is ono o f tho few acceptable fireproof
materials and one o f the most economical.
Business Done— Years.
1911.
1912.
1913.
1914.
1915.
S a le s .......................$ 3 ,227,000 $ 3 ,347,000 $3,71 6 ,0 0 0 $ 3 ,689,000 $ 3 ,694,000
Financing.— The proceeds from this issue will bo [were] used to retire
gold notes dated April 15 1912, which were called for redemption on O ct. 15
1916. All money necessary to redeem and retire tho First M tg c . Bonds was
deposited on Sept. 1 1916, and a relnaso o f tho mortgage has been executed.
The new issue of $ 1 ,500,000 of pref. stock, o f which $785,500 has already
been paid for and issued, strengthens the financial position o f the company
and provides funds for meeting tho normal growth for several years. [The
new pref. stock was offered to shareholders at par, subscriptions payable in
eight equal installments beginning April 10 1916, and on the 10th day o f
each third month thereafter.]
Earned surplus amounting to $ 1 ,6 5 5 ,2 1 6 ,
was recently capitalized; thus insuring its permanent investment in the
business (V . 102, p. 528).
The company has, in addition to net quick assets in excess o f the total
amount o f tho issue, a permanent investment of more than nine times the
amount o f this obligation. Tho earnings average $162,614 for the past five
years, or over nine times the amount o f tho annual interest charges on this
s s u c — V . 104, p. 1050. 566.

Chicago Railway Equipment Co.
(24(/t 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 1916.)
President E. B. Leigh says in substance:
General.— The total number of cars ordered by the railroads of the coun
try for the year 1916 was 185,000. O f this total, only 55,000 were ordered
during tho first six m onths, as against 130,000 during the last six m onths,
and nearly 100,000 in the last three months o f the year. N aturally our
earnings in this particular field have been relatively sm all. However, we
begin 1917 with a larger volume of “ railway business" on our books than
in any previous year.
It is in the other departments that unusual profits have been made,
keeping step, in a measure at least, with tho prevailing extraordinary con
ditions. While we have not engaged in munition or war business, and have
maintained a conservative policy and position, nevertheless, the results
of tho year are eminently satisfactory and the outlook is most favorable—at least from the standpoint o f business already booked.
Tho general conditions of the past year have naturally brought with
them some new and very serious problems. They have also highly accen
tuated some existent problems. Com m odity prices have risen to unprece
dented heights, while wages of labor have advanced to figures heretofore
unknown, and tho present attitude of labor is fraught with grave dangers.
The railway problem is still with us— and in a very acute form.
Operations.— The wonderful possibilities prevailing in every branch of
steel production during the past year have extended to the Franklin plant
thus enabling it to become the largest contributor to earnings for 1916.
The advantage of this plant to your brake beam business has been highly
emphasized during tho year 1916. Th e metal polo department also is
being moro fully developed. The Franklin brake beam plant has played an
important part both in output and earnings, having turned out a large
volume of both foreign and domestic business. Your M arion plant has
not only been a handsome contributor to your earnings, but has passed
the high mark of previous operations. The Grand Rapids plant has fully
sustained its status as a model plant, and, although carrying tho burden
of tho greater portion o f your com pany’s own work, it has not only held
its place as a valuable conrtibutor to your earnings, but in 1916 these have
exceeded all previous years but one. N ot one of your plants has now failed
to more than pay for itself in direct earnings.
New Department.— Your company has purchased the patents and busi
ness o f the Positive Rail Anchor C o .— a company selling a malleable iron
rail anchor which for several years has been made at the M arion plant.
Other track devices having been added, you now have a well-equipped
track department, already earning a substantial amount on the Investment.

Stockholders.— These number 720, a decrease of 3 4 . From Jan. 1 1901
to Jan. 1 1917 your company has paid in cash dividends $2,7 6 8 ,2 7 2 , or
a total of $ 3 ,1 8 1 ,6 8 2 . Extra dividends have been suggested, but it has
been believed that the true policy is found in a reasonable conservation of
earnings, insuring both permanency and rate of regular dividends, and
ample working capital.
B A L A N C E S H E E T D E C . 31.
Liabilities—
1916.
1915.
Assets—
1916.
1915.
Real est.,bigs.,Ac.$2,099,070 $2,053,903 Stock outstanding $2,486,000 S2,486,000
279,022
Patents, good-will 766,758
750,000 Acc’ ts pay'le, &c. 198,642
_______
200,000
899,950 Bills payable_____
Material on hand819,505
285
44,753
investments .........
12,475 Dlv. pay. Jan. l ._
3,726
Reserves
......... .. 1,387,658
940,164
Acc’ts & bills rcc.
631,973 Undivided profits.
988,556
606,083
401,476
and cash a _____
3,114
1,053
Deferred charges.
T o ta l..................$4,678,668 $4,351,415

T o ta l..................$4,678,668 $4,351,415

a In Chicago, Detroit, Grand Rapids, M arion, Franklin and M ontreal.
Dividends amounting to $174,020 paid in 1916, 1915, 1914, 1913 and
1912; 1911, $173,950; 1910, $173,906; 1909, $173,600, and in 1908 and 1907,
$173 602, charged to undivided profit account.— V . 103 p. 140.

Consolidation Coal Co.
(53rd A n n u a l R e p o r t — Y e a r e n d in g D e c . 31 1916.)
Pres. J. II. Wheelwright, Balt., Mar. 21, says in substance:
Tho aggregate outstanding bonded debt o f the company is $34 ,2 5 3 ,5 0 0 ,
exclusive of $2,293,000 5 % First A Refunding M ortgage bonds held in
treasury, and $ 1 ,000,000 of bonds of tho Cumberland A Pennsylvania 1 !R .,
issued under its mortgago of April 1 1891. Tho securities in tho sinking
fund of this mortgago, with tho annual accretions, will provldo ample funds
for retirement of tho bonds at thoir m aturity.
Included in tho abovo out
standing bonded debt are $ 6 ,477,500 of tho $6,50 0 ,0 0 0 ten-year 6 % con
vertible secured gold bonds, $22,500 of tho said bonds having boon con
verted prior to D ec. 31 1916, and $6,997,000 of tho $ 7 ,000,000 two-year
7 % debenture bonds, $3,000 of which were converted prior to D ec. 31 1916.
In tho Pennsylvania division tho Western M aryland Ity. has completed
its branch lino and wo havo opened mines, built towns, and aro shipping
coal at tho rate o f over 1,000 tons a day. In tho W est Virginia division, this
railway’^ Helen’s Run division has been completed. W o havo built towns,
mining shafts have been sunk and aro in operation, and wo aro shipping coal
at tho rate o f 1,200 tons a day. On tho railway’s Blngamon division in
W est Virginia, throe mines havo been opened, houses erected, and your
com pany Is ready to commenco shipments of coal as soon as tho railroad is
completed. This railroad was started last spring and is oxpected to be
completed by Juno 1 1917.
Coal M ined by the Company by Divisions (Net Tons)
Maryland.
IV. Va.
Penna.
M ill Cr. Elkhorn.
Total.
1 9 1 6 .-1 ,0 8 2 ,2 6 4
4 ,860,851
1 ,484,140
563,002 2,511,427 11,107,684
5 ,206,079
1,923,487
602,025
1,727,451 11,722,383
1 9 1 5 .-2 ,2 6 3 ,3 4 1
1 9 1 3 .-2 ,3 8 2 ,3 8 7 5,2 1 5 ,4 3 7
1,952,759
514,306 1,090,098 11,154,987
1 9 1 2 .-2 ,4 2 2 ,5 5 6
5 ,1 2 5 ,6 6 2
1,957,862
585,648
255,372 10,347,100
1 9 1 1 .-2 ,4 3 9 ,7 9 8 4,3 9 6 ,3 6 9
1.872,236 511,329
..................
9 ,219,732
1 9 1 0 .-2 ,6 0 5 ,4 5 6
5 ,967,877
1,921,777 ................................... ..
10,495,110
Tho coal mined by lessees In 1916 aggregated 583,372 not tons, against
479,479 net tono in 1915. Coal manufactured by com pany, 112,018 net
tons, against 8 9,197 net tons in 1915.
R ESU LTS FOR Y E A R E N D IN G D E C . 31 (I N C L . S U B S ID IA R IE S .)
1916.
1915.
1914.
1913.
Gross earns., all sources.$17,342 ,366 $15,617 ,968 $14,828,981 $15,443 ,246
Opor. exp., taxes. & c . . .$ 1 0 ,7 0 1 ,3 6 9 $11,175 ,117 $ 1 1 ,022 ,090 $ 1 1,281 ,655
Depreciation.......................
435,562
438,053
414,245
33 4 ,8 8 8

_

N ot earnings______ $ 6 ,205,435
Fixed charges_____ $1,799,000
Sk. fd. Cons. Coal bonds. 1
330,879
Sk. fd. sub. cos. bonds___ j
Cash dividends ( 6 % )
1,500,781
Total deductions____ $3,630,661
Balanco, surplus________ $ 2 ,574,774

$4,00 4 ,7 9 8 $ 3 ,392,646
$1,208,020 $1,113,576
167,633
261,0971
101,704
1 ,5 0 0 ,0 0 0 1 1,500,000
$ 2 ,969,117
$1,035,6S1

$3,826,703
$1,085,894
174,120
106,960
1,500,000

$2,882,913 $2,866,974
$509,733
$959,729

C O M B IN E D 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.
1916.
1916.
1915.
Assets—
S
Liabilities—
S
8
Property acc’t ..a 5 4 ,5 1 1,023 53,315,601 Capital stock____39,190,500
Outstanding, see foot noto
Adv. payments on
coal land purch- 2,253,220 2,012,545 Bonded debt......... 24,072,000
Due from 1 s t* ref.
7% conv. d e b s ... 6,997,000
mtge. trustee-, b 146,468
159,140 Convertible 6 s . .. 6,477,500
Stock reserved for
Car trust bonds—•
conversion of
assumed by C.
A P. R R ______
bond3, Ac____cl4,165,900 14,190,500
152,000
Stocks allied co3..d4,640,084 3,906,888 Purchase money
Other Investments
493,232
obligations____
331,007
2,615
Sinking fund3____
936,578
785,843
899,855 Accounts payable.
Bonds in treasury, 2,293,000 1,067,000 Pay-rolls................
100,313
Coal and coke____ 1,203,027 1,253,531 Royalties payable.
11,554
M at’ls, supp., A c. 1,248,154 1,017,206 Int. coup. A dlvs.
Bills receivable__
155,034
127,482
not presented for
Acc’ ts receivable. 6,799,424 6,086,520
payment...........
70,688
387,854
Cash In banks. Ac. 2,673,479 4,224,186 Bond Int. accrued.
Cash for bond Int.
Sink. fds. accrued.
158,659
and dlvs. du e..
70,688
15,500
70,201 Taxes accrued__
Special deposits to
Div. pay. Jan. 31.
375,839
11,091 Indlviduals A cos.
cover royalties.
11,554
595,658
Deferred Items___
173,1S3
Profit and loss. _el2,625,525
T o ta l..................92,079,048 88,672,756

1915.
$
39,190,500
"c .”
23,224,000
7,000,000
6,500,000
228.000
6,215
553,560
185,863
12,114
70,201
392,036
139,849
375)666
634,802
10,160,617

T o ta l.............. -.92,079,048 88,672,756

n Property account ($54,511,023) Includes: Coal lands and othor real
estato, $32,283 ,834 ; mining plants and equipment, $17,944 ,656 ; Cumber
land A Penn. R R ., $ 2 ,441,900; Cumberland & Penn. R R . equipment, $ 1 ,
0 75,199 ; and floating equipment, $765 ,43 3.
b For 7 5 % of cost o f Improvements, extensions,
Full text of Commercial and Financial Chronicle : March 31, 1917, Vol. 104, No. 2701

FRASER
