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financial
The
INCLUDING
Ijroatrb
Railway & Industrial Section
Bankers' Convention Section
Bank & Quotation Section
Railway Earnings Section
SATURDAY, MAY 12 1917
VOL. 104
The Thrattirte.
PUBLISHED WEEKLY.
$10 00
6 00
3
17
go
o
£2 14s.
11 11a.
$11 50
Subscription includes following Supplements
BANK AND QUOTATION (monthly) I RAILWAY AND INDUSTRIAL(3 times yearly)
RAILWAY EARNINGS(monthly) I ELECTRIC RAILWAY(3 times yearly)
OTATE AND CITY(soul-annually) I BANKERS' CONVENTION (yearly)
Terms of Advertising-Per Inch Space
iThransient matter per inch space(14 agate lines)
(8 times)
Two Months
Vmes?
m
f
13
i3 1r‘ on 1,ths
rl.
1x e l11f) 1
Otanding Business Cards
Twelve Months(52 times)
-39 South La Salle Street, Telephone Majestic 7396
CHicAGO OFFICE
LONDOX OFFICE-Edwards & Smith,1 Drapers' Gardens, NI U.
$4 20
22 00
29 00
50 00
07 40
WILLIAM D. DANA COMPANY,Publishorx,
Front, Pine and Depeystor Ste., New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana.
Vice-Presidents: Arnold 0. Dana, Sec. Addresses of all. Office of the Company.
CLEARING HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $5,000,300,230, against $6,350,030,204 last week and $4,375,889,756
the corresponding week last year.
Per
Cent.
1917.
OM
1916.
$2,879,341,633
424,473,238
293,793,211
183,050,748
119,513,405
114,046,314
75,099,868
61,761,957
44,373,574
34,131,520
34,230,904
$2,134,982,127
312,402,360
187,837,000
160,508,085
72,935,668
81.798,373
52,996,505
48,956,088
33,2213,288
33,493,535
23,879,442
+34.9
+35.9
+56.4
+14.0
+63.9
+39.4
+41.7
+26.2
+:33.5
+1.9
+43.8
$4,263,825.372
675,018,472
.
$3,143,015,471
500,463,987
+35.7
+34.9
Total all cities, 5 days
All cities, 1 day
$4,938,843,844
961,462,386
53,643,479,458
732,410,298
+35-6
±31.3
F Total all cities for week
$5,900,306.230
54.375.889.756
+34.8
The full details for the week covered by the above wi I be given next Saturday.
We cannot furnish them to-day, clearings being made p by the clearing houses
at noon on Saturday, and hence in the above the last day of the week has to be in
all eases estimated, as we go to press Friday night.
*Detailed figures for week ending with Saturday noon, May 5, for four years:
.
Week ending May 5
etearinas at
-1917.
1915.
1914.
1914.
$
$
355,137,436 332,613,032
26,582,350
24,603,550
30,509,946
24.842,636
25,192,813
23,534,199
16,649,184
15,935,560
8,866,595
8,512,528
6,685,800
6,235,100
5,780,016
6,262,272
3,050,628
3,278,499
3,666,075
3,327,833
2,592,473
2,108,506
1,343,557
1,324,651
1,471,101
1,368,390
1,282.147
1,375,261
1,704,000
2,100,000
992,514
828,662
1,346,157
1,332,318
634,653
668,498
739,952
961,259
744,135, 801,680
679,487
717,154
858,094
969,463
1,490,182
1,700,000
495,000
545,000
476,164
524,429
442,248
511,158
790,616
525,000
658,128
607,889
524,440
452,649
478,113
552,556
294,111
261,333
348,890
427,375
50,370
73.439
503,240,515 469,193,799
San Francisco...
Los Angeles
Seattle
Portland
Salt Lake City..
Spokane
Tacoma
Oakland
San Diego
Sacramento
Pasadena
Fresno
San Jose
Stockton
North Yakima_ _
Reno
Long Beach
Total Pacific
95,325,127
34,598,000
19,354,343
16,999,831
11,451,377
6,000,431
2,608,391
5,716,113
2,663,705
2,800,067
1,291,140
1,420,552
833,778
1,501,233
635.677
450,000
822,622
204,472,887
613,078,294
25,244,412
14,546,261
14,300,000
8,522,186
4,849,756
2,043,886
4,605,839
2,111,462
2,700,123
1,116,613
845,694
776,320
1,009,910
461,271
3.50,000
682,389
150,244,416
+44.3
+37.1
+33.1
+18.9
+34.4
+23.7
+27.6
+24.1
+26.1
+3.7
+15.8
+68.0
+7.3
+48.6
+37.7
+28.6
+20.5
+36.1
50,897,605
22,028,966
12,143,463
10,994,055
5,765,216
3,763,980
1,808,383
3,398,827
1,573,392
1,786,505
945,660
803,910
926,160
784,490
414,161
292,092
629,287
118,956,153
Kansas City__
Minneapolis _ _ _ _
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Duluth
Sioux City
Wichita
Lincoln
Topeka
Davenport
Cedar Rapids_ _ _
Fargo
Colorado Springs
Pueblo
Fremont
Waterloo
Helena
Billings
lIastings
Aberdeen
Tot.0th. West.
136,360,818
38,092,868
35,781,284
19,339,680
15,184,396
14,831,497
9,189,687
91,179,609
26,453,150
23,253,309
15,597,499
12,300,000
9,172,125
7,502,932
„
+49.6
+44.0
+53.9
+24.0
+21.8
+61.7
+22.5
.
75,444,750
21,320,744
21,067,546
12,508,745
10,219,511
8,082,968
6,120,859
6:333,221
4,169,125
2,392,227
3,062.702
2,776,926
1,651,119
802,798
546,480
619.552
3,002,000
1,900,000
1,208,364
518,777
867,169
313,412,272
i:ii6:ii
3,681,859
1,619,630
2,198,100
2,011,415
1,807,805
925,358
460,786
527,564
2,334,566
1,750,940
670,488
361.450
862,635
+46.3
+13.3
+47.7
+39.3
+38.0
-8.6
-13.3
+18.7
+17.4
+28.6
+8.5
+80.3
+43.5
+0.5
+42.9
3,581,294
3,240,325
1,533,595
1,978,610
2,037,614
1,136,189
805,616
407,362
477,085
1,760,465
1,235,987
582,079
321,577
571,345
183,007,788
Tr
NM,OM.I.MCMM.......0C.MMMCDTMMt MQ0MM,M
,
T. MC,,NOOM.- 000NMCMWWM.TM,0,0WOOMM
4
0 C,TITY ,0 0P:0N10tT 0 00C- .
0
. t"..
..,,MM,,MC:D Tt 0`t - 00
,
%
+30.7
+11.8
+68.1
+48.3
+33.1
+14.8
+20.5
+17.3
+17.8
+19.9
+7.4
+83.3
-7.4
+22.8
+44.3
+65.4
+45.4
-11.0
+14.6
+12.8
+34.7
+22.1
+38.4
+24.7
+56.3
+30.8
+3.2
+20.0
+20.1
+8.5
-23.7
+62.0
+24.1
+32.4
127,642,492
St. Louis
33,998,619
Now Orleans__ _ _
18,124,444
Louisville
11,265,418
Houston
3,574,744
Galveston
24,201,573
Richmond
11,751,174
Fort Worth
24,480,180
Atlanta
9,500,000
Memphis
9,851,357
Nashville
7,414,136
Savannah
6,163,478
Norfolk
3,392.072
Birmingham _ _ _ _
4,492,628
Jacksonville _ _
3,300,680
Chattanooga_ _ _ _
2,473,522
Knoxville
2,303,541
Augusta
3,293,880
Little Rock
7,292,148
Oklahoma
1,800,000
Mobile
2,690,196
Charleston
1,609,792
Macon
2,500,000
Austin
270,015
Vicksburg
443,418
Jackson
8,663,682
Tulsa
1,474,460
Muskogee
11,000,000
Dallas
Total Southern 344,967,649 267,947,473
5,350,030,204 5,197,512,616
Total all
Outside N. Y. 2 560.703.02R 2.007.225.7711
M
0
1915.
$
442,855,178
34,133,650
39,419,454
38,417,988
19,934,460
12,688,105
8,455,400
8,797,755
4,243,865
4,550,731
3,274,285
1,649,758
1,522,913
1,673,145
3,598,000
932,869
2,326,044
707,726
1,046,503
979,031
887,163
1,045,4130
2,711,244
882,521
650,516
663,568
775,184
1,027,236
492,602
750,475
438,376
355,045
77,323
641,963,569
..0MWMCCTC-NNMT?MerNNT.TNMTTNMN
•-•
•.I
0N,....
...
+18.5 2,635,666,916 1,736,452,134
+37.1 165,832,423 151,374,602
+17.0
53,808,131
55,776,199
-16.7
36,862,832
36,212,600
-0.3
13,125,107
12,133,536
+3.8
7,169,481
6,123,971
+19.8
9,125,273
8,306,815
+8.4
5,826,068
5,349,921
+34.7
3,426,684
3,946,355
+24.3
3,306,241
3,759,566
+24.6
1,996,627
2,180,739
+35.9
1,873,817
2,141,220
+7.7
1,817,964
1,500,000
+46.7
2,207,947
1,978,487
+42.2
2,157,128
1,995,115
+0.8
1 ,083,056
1,019,004
+25.4
1,654,493
1,644,331
+26.5
1,025,785
1,052,783
+21.8
710,288
849,492
+6.8
788,800
735,900
+17.2
626,363
739,350
+5.4
613,631
580,598
-4.7
393,269
451,299
+ 19.5 2,950,793,409 2,036,638,912
+3.0 187,596,842 142,441,186
Boston
+6.2
Providence
8,400,100
7,517,000
+0.6
Hartford
5,615,628
7,661,778
+12.9
New Haven
3,386,052
4,077,780
Springfield
2,981,219
2,851,900
Worcester
2,743,389
2,390,432
+23.8
Portland
2,137,602
2,131,436
+38.2
Fall River
1,357,826
1,336,971
+16.3
New Bedford1,040,483
1,123,153
+24.3
Lowell
844,332
869,551
-9.2
Holyoke
859,049
700,625
Bangor
-1.2
457,086
467,201
Total New Eng
+3.5 220,161,435 170,827,186
Note.
-For Canadian clearings see "Commercial and Miscellaneous News."
Inc. or
Dec.
$
578,807,459
Chicago
Cincinnati
38,161,491
66,257,166
Cleveland
56,962,644
Detroit
27,728,460
Milwaukee
14,565,825
Indianapolis _
10,184,100
Columbus
10,322,500
Toledo
5,000,000
Peoria
5,454,702
Grand Rapids_ _ _
3,516,274
Dayton
3,033,276
Evansville
1,410,250
Fort Wayne__ _ _
2,054,188
Springfield, Ill_ _
Akron
5,192,000
1,542,936
Rockford
Youngstown __ _ _
3,381,450
630,000
Lexington
South Bend
1,199,002
Springfield, 0.._
1,104,099
Bloomington_ _ _ _
1,195,357
Quincy
1,276,551
Canton
3,752,925
Jackson
1,100,000
Mansfield
1,016,865
Decatur
867,325
Danville
800,000
Lansing
1,232,654
591,678
Jacksonville, Ill_
Lima
814,730
Ann Arbor
334,218
575,340
Owensboro
Adrian
95,983
Tot.Mid.West, 850,161,448
—. r:—,,cicitic.:Dr-Nclo)o6o6coomo‘r....co.n..tc,,,,
..
cl.
- • •- • •
5
3,789,322,176 3,100,286,840
354,494,016 258,516,071
67,019,954
78,395,791
37,825,567
45,424,644
17,898,607
17,959,010
5,689,168
5,480,715
12,424,866
10,367,997
7,766,283
7,164,564
4,195,532
3,114,464
5,241,385
4,216,015
3,020,196
2,423,571
3,642,646
2,680,144
2,087,451
1,938,305
3,884,379
2,648,407
3,514,151
2,471,080
1,248,622
1,238,868
1,853,484
2,324,019
1,443,517
1,826,073
850,000
1,035,741
970,600
1,036,060
1,203,859
1,410,495
711,242
750,000
505,285
481,440
4,339,515,204 3,630,488,636
254,365,978 247,030,740
10,830,700
10,196,900
9,117,734
9,175,435
5,364,046
4,750,000
4,064,352
4,295,160
3,441,603
3,495,988
2,665,998
3,300,000
1,535,678
2,122,411
1,520,586
1,768,032
989,028
1,229,422
1,211,160
1,100,000
747,936
738,765
297,500,744 287,556,908
Inc. or
Dec.
1916.
0
—
N
Now York
Philadelphia _ _ _ _
Pittsburgh
Baltimore
Buffalo
Albany
Washington
Rochester
Scranton
Syracuse
Reading
Wilmington
Wilkes-Barre_ _ _ _
Wheeling
Trenton
York
Lancaster
Erie
Greensburg
Binghamton __ _ _
Chester
Altoona
Montclair
Total Middle_
1916.
Week ending May 5.
1917.
ilter One Year ......
.
:Tor Six Months
European Subscription (including postage).
European Subscription six months (including postage)
Annual Subscription in London (including postage)
Six Months Subscription in London (including postage)
Canadian Subscription (including postage)
--Returns by Telegraph.
Clearings
Week ending May 12.
NO. 2707
Clearings at
Terms of Subscription-Payable in Advance
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
' "Orleans
iem
"
Eleven cities. 5 days
Other cities, 5 days
Electric Railway Section
State and City Section
50,387,294
24,321,600
11,545,047
11,891,716
5,675,080
4,016,638
2,164.221
3,596,306
2,124,758
2,975,438
144 ,,T420
t,s,
e,954
697,796
918,362
505,000
282,183
122,214,813
52,102,782
24,758,221
17,690,512
11,275,580
9,423,048
7,416,690
6,971,073
,
_,___,
3.605.636
3,372,74
2,271,2E3
1,666.3913
5
1,736,64:
5
1,690,34:
968,8113
5
566,62:
612,851
321,7413
1,846,5513
1,165,84,
436,34'
151.86
,
480.001
155,210,6213
75,066,34;
86,526,241
+25.7
16,951,59:
+28.6
18,732,706
12,373,671
15,108,458
-2.9
8,202,561
7,014,130
+33.4
3,768.50(
+0.8
4,697,380
8,172,101
+43.2
10,730,449
8,275.711
7,975,43(
+53.7
14,620,301
+40.4
13,580,076
7,082.491
7,032,303
+32.3
6,986,85:
6,802,115
+30.4
3,701,151
3,642,566
+34.9
4,537,022
4,418,701
+25.5
2,449,222
3,269,743
+7.7
3,291,061
3,492,02/
+11.8
2,382,12;
2,413,790
+12.7
1,595,919
1,766,39;
+3.4
1,593,67(
1,880.120
+33.7
2,531,301
2,262,396
+28.1
2,295,621
2,666,000
+84.4
1,392,00:
+28.5
1,189.694
1,996,731
+21.1
1,903,746
2,722,562
3,192,6D
-56.7
2,265,591
2,006,201
+7.5
308.60(
+28.9
258.775
366,60;
436,602
-10.5
1,598,30
+142.7
1,051,398
+59.3
881,00:
543,435
+71.4
+28.71 213,350,078 198,652,11(
+22.2 4,189,509,377 3,152,737,441
-1-27.11 1.553.842.461 1.416.285.314
1834
TIIE CHRONICLE
[VOL. 104.
-created. In addition there are other amendments
THE FINANCIAL SITUATION.
designed to please national and State banking institutions alike. Thus the aggregate of the legal
A most determined effort is just now being made to
get the State banking institutions into the Federal reserves required is being lowered, and Congressman.
Reserve banking system. They are being appealed McFadden, after much persistency, has this week
to, in the name of patriotism, not to hold aloof any succeeded in having the House instruct its conlonger, but to join their resources to those of the ferees to accept the amendment to allow banks to
national banks (up to the present time the Federal make reasonable charges, in no case to exceed ten
Reserve system consists almost entirely of national cents per $100 or fraction thereof, for collection or
banks) and thus create a banking combination of payment of checks and drafts.
Even though, however, the Reserve Act should be
unique strength at a most critical period in the
made in every way acceptable to the State institucountry's history. Argument and threats alike are
being employed in the endeavor to get them to tions it would yet be a question for most careful
respondlto what is deemed the demand of patriotism. consideration whether it would be for the public good
The nature of the appeals that are addressed to the that the State banks should join the Federal Reserve
Statelinstitutions is indicated in the letter from system, and in our estimation they should not allow
Secretary of the Treasury McAdoo, which was read themselves to be persuaded too easily to surrender
at this:week's meeting of the Executive Council of the their separate existence outside the Federal Reserve
American Bankers' Association, and which con- system. The greatest danger, undoubtedly, which
it is necessary to guard against in war times,particucludes as follows:
larly in this war, is that of currency and credit inflaThe time may come when the financial resources
of the country will not be commensurate with the tion, and the Federal Reserve system provides for
national purpose, if the nation remains half State this on a scale never before attempted anywhere else
bank and half national bank in its organization. The in the world. Certainly that suggests caution.
In the Reserve Act, as it originally went on to the
State banks will find greater security for themselves,
if disaster should threaten, if they are members of statute book, this danger was effectively guarded
the Federal Reserve system; and the Federal Reserve against, but by amendment and through administrasystem itself will be irresistibly strong if the State tion the safeguards then provided have one after
banks unite with the national banks in making them
another been eliminated or impaired. The law was
an extremely useful national instrument.
I commend this question to your earnest and so framed as to restrict the issuance of notes in the
patriotic consideration, with the sincere hope that most rigid fashion and also so as to provide for the
love of our common country should surmount every speedy retirement of the notes after they had served
other consideration, and bring about this supremely the purpose for which they were called into being.
desirable result.
The restrictions have in large measure been done
Obviously, it is hard to resist an appeal to one's away with, while the provision for the retirement of
love of country. Therefore, it is not surprising that the notes has been circumvented. Furthermore,
well in advance of the Secretary's letter important while originally only a relatively small portion of
sections of the State institutions have been manifest- reserves of the member banks was required to be
ing a disposition to co-operate in some measure with kept with the Reserve banks, thereby becoming the
the Reserve system, as witness the action of the basis for Reserve note issues, now, the requirement is
Executive Committee of the Trust Company Section that a greatly increased portion of such reserves must
of the American Bankers' Association in passing a be kept with the Reserve banks. In fact, if the
resolution on April 10 recommending "to the trust amendment of the House in that respect should precompanies of the United States that immediate steps vail, the member banks will have to deposit the
be taken!to secure amendments, where necessary, to whole of their legal reserves with the Reserve
the State laws in order to permit the trust companies banks.
Before the enactment of the Federal Reserve law
to carryitheir gold reserves on deposit with the Federal
Reserve banks in their several districts and that as the banks in the Central Reserve cities were required
soon as such action can be legally taken the trust to keep a reserve of 25% against their deposit liacompanies offer to deposit these reserves with the bilities, all of which had to be cash in vault. The
bank in the ordinary reserve cities also had to hold
Federal Reserve banks."
2
%
reserves of 25%, of which, however, only 123/
At the same time Congress is engaged in passing
amendments to the Reserve Act intended to liber- had to be in vault, while the country banks were
alize the provisions of the law so as to make it more required to keep reserves of 15%, of which 6% in
acceptable to State banking institutions. At the vault. With the enactment of the Federal Reserve
urgentrrequest of the Federal Reserve Board and law the reserve of the banks in the Central Reserve
Secretary of the Treasury McAdoo, both houses cities was cut from 25% to 18%, of which (speaking
have withinlithe last few days passed bills amending entirely of demand deposits) 6% to be held in vault,
the law along the lines suggested, and conference 7%with the Reserve Bank of the district and the
committees are now engaged in reconciling the remaining 5% either in vault or with the Federal
relatively minor differences between the two Houses Reserve Bank. Under the amendments contained
in the Senate bill this is to be changed so as to provide
on controverted points.
Under the pending amendments the State banks for total reserves of only 17%, of which no less than
which join the Federal Reserve system will get cer- 13% would have to be kept with the Federal Reserve
tain special privileges—such, for instance, as the Bank. By the amendments in the House bill 13%
right to withdraw on six months notice and the fur- would also have to be kept with the Reserve Bank,
ther right to retain their full charter and statutory with no requirement whatever as to cash in
functions as State banks or trust companies, with vault.
authority to continue to exercise all corporate pow- I The banks in the ordinary reserve cities are now
ers granted them by the State in • which they were required to hold reserves of 15%, of which 6% must
MAY 12 1917.1
THE CHRONICLE
1835
be kept with the Reserve Bank, 5% in vault and the ating process under which it would be entirely legal
remaining 4% either in vault or with the Reserve to keep a gold equivalent of only 4.55%.
Bank—or at least that was to be the basis next
To say that the diminution and attenuation of
November, when all the provisions as to reserves reserves, as here outlined, does not involve possiwere to be in full operation. Under the Senate bill bilities of danger, and grave possibilities at that,
the amount with the Reserve Bank is to be increased would be not only to fly in the face of the facts,
from 6% to 10%, and that is also the alteration pro- but also to ignore the lessons of history and experience.
posed in the House bill, but while the House bill The State banks are urged to join the Reserve syswould make no requirement as to cash in vault, the tem on the plea that it is their duty to strengthen
Senate would require 4%,making 14% reserve alto- the Reserve system. In what manner are they to
gether. The country banks, while now obliged to strengthen the system? Why, by increasing their
hold reserves of 12%, of which 5% with the Reserve gold holdings. And what is hoped to be accomBank,4% in vault and 3% either in vault or with the plished by these gold accumulations? In all the
Reserve Bank, under the provisions of the Senate discussions of the subject there has been only one
bill would have to hold aggregate reserves of 10%, of answer to this last question, namely that these
which 6% with the Federal Reserve Bank and 4% in accumulations would expand the note issuing funcvault, while the House bill requires 7% to be kept tions of the Reserve banks.
with the Reseive Bank, and makes no requirement
In the debates in the House it was stated that
whatever as to vault reserves or till cash.
through the amendments now being made in the
Thus, by the Reserve Act itself, and through the Reserve Act, under which the reserves of the memamendments now to be enacted, the feature of over- ber banks to be held on deposit with the Reserve
shadowing importance is the reduction and attenu- banks are to be so greatly increased, the gold holdation of reserves. By attenuation of reserves we ings of the Reserve banks would be added to in
mean that the reserves required to be kept on deposit amount of about $350,000,000. As at the end of
are subject to further reduction at the will of the last week these gold holdings aggregated $557,managers of the Reserve banks.
697,000 this further of $350,000,000 would increase
The Reserve banks, it must never be forgotten, the totals to over $900,000,000. This is indepenare not required to keep the reserves deposited with dent of the $433,059,000 gold which the Reserve
them intact in gold. As a matter of fact, they are banks have segregated against note issue. Yet,
required to hold only 35% gold reserves against such we are told that the State banks should, as an act
deposits. All the rest of the reserve deposits of the of patriotism, add their gold holdings to the same
member banks they can use in one way or another. pile and furnish a still larger basis for note issues.
Doubtless, there is little likelihood that the Reserve As for the need of additional mobilization of gold
Board, and the managers of the Reserve banks, would all that it is necessary to say is that the Bank of
at this stage allow their gold reserve to run down to. England, before the outbreak of the present war,
the legal minimum of 35%, but that does not alter never aimed to hold more than $200,000,000 gold
the fact that they have the power and the right to do (£40,000,000) and even at the present time is holdthis, while on the other hand it is equally undeni- ing no more than $275,000,000 of the metal (£55,able that at no time have the Reserve banks kept 019,611), and With this stock of gold is carrying on
on hand the full 100% of the reserves which the the greatest financial operations in the world's hismember banks are required to keep on deposit with tory in the most superb fashion ever known.
them. This is important to remember, for it shows
It was stated by Carter Glass in the course of the
that the attenuating process begins the moment a debate last week that with its present stock of gold
bank becomes a member of the Reserve system and the Reserve banks had the power to emit about $1,deposits the required portions of its reserves with the 100,000,000 of notes and with the additional gold now
Reserve bank.
to be obtained through the transfer of increased
National banks are members of the reserve system proportions of member banks reserves to the Federal
by compulsion. The State banks, however, if they Reserve banks, the note issuing power would be
enter, will do so voluntarily and the question for raised to over $2,000,000,000. In all conscience is
them to determine most carefully is whether they not that enough of new paper currency to emit, even
will be performing a real act of patriotism by trans- in these times when we talk so glibly of billions and
ferring cash which would remain intact if held in think and act in billions.
vault, but which is subject to attenuation and dimiHaving in mind the inflation possibilities involved,
nution when it passes into the custody of the Reserve may it not be that the State banks by holding themBank. How far the attenuation process is suscep- selves strong outside of the Reserve system will be
tible of being carried, if carried to the legal limit, is performing the most exalted act of patriotism. Must
easily calculated. In the Central Reserve cities the it not be admitted in any event that with the cash in
13% reserve would, on the 35% basis, drop to only their own vaults such cash will not be subject to any
4.55%. The 10%in the ordinary reserve cities would attenuating process, nor be available for Reserve note
drop to 3.50%, and the 7% reserve of the country issues, the emission of which can easily be carried to
banks would dwindle to 2.45%.. Hence, whereas dangerous extremes when the member banks are
before the enactment of the Reserve law banks in the once educated (which they are not yet) to have easy
central reserve cities were required to hold reserves recourse to the rediscounting facilities which the
of 25% which had to consist of actual cash in vault, Reserve banks were established to create.
and no portion of which could be made the basis of
note issues, now the legal reserve under the Senate
That winter wheat not only suffered a very material
bill is only 17%, and under the House bill no more lowering of condition as a result of the unfavorable
than 13%, and under both bills the 13% must be weather at time of seeding last fall, which withheld
kept with the Reserve banks where it may be made from the plant the vigor necessary to successfully
the basis of note issues and be subject to the attenu- withstand the severe weather of the winter, but that
1836
THE CHRONICLE
[VoL. 104.
there has been this spring an unprecedentedly heavy bushels in 1914—the high record. The decline from
abandonment of acreage in consequence, is clearly last year, it will be noted, is 115,628,000 bushels,
indicated by the official report for May 1, issued but the falling off in Kansas alone is from 97,560,000
by the Department of Agriculture on Tuesday last. bushels to 42,006,000 bushels, and in Nebraska from
The condition now reported is not only much below 64,800,000 bushels to 11,479,000 bushels, or 108,the average, but actually the lowest in over a quarter 875,000 bushels loss for the two States. Rye holds
of a century, or, to be exact, since 1888, and the out a more encouraging prospect than wheat and
area thrown out, as the seed therein was winter production is officially prognosticated as 60,735,000
killed, is by a very large amount the heaviest on bushels, against 47,383,000 bushels last year. Spring
record. Finally, the production forecasted .m the planting is said to be better advanced than a year
basis of the current condition of the crop and the ago, but private advices from the Northwest indicate
acreage remaining under cultivation falls below all that recent weather conditions have been unfavorable
years later than 1904, and is more than 100 million for farm work and unless there is a material change
bushels less than the comparatively short yield of shortly the increase in spring wheat area is likely to
last year. For some such outcome as this the country fall below expectations. •
was prepared following the issue of the report for
The satisfactory solvency situation in the United
April 1, as the prognostication of yield then anupon an average abandonment of States, indicated by commercial failures statements
nounced was based
area, whereas those in a position to correctly judge of recent previous months, was fully maintained in
the situation were confident that the amount that April. It appears that the number of mercantile
would necessarily have to be thrown out would be casualties was actually smaller than in the corresponding period of any year in nearly a decade, notwithconsiderably greater than usual.
Going a little further into the current winter-wheat standing the steady increase in the number of consituation, we note that it is intimated that the cerns in business, while the month's total of indamage from drought and winter killing was intensi- debtedness is the smallest for April since 1907. All
fied in many sections west of the Missouri River by of the three classifications into which the failures are continuous high winds which blew the soil away segregated, share in the more favorable showing,
from the roots of the growing plants, thus exposing as compared with a year ago, the trading and brokerthem fully to the ill effects of any and all adverse age, &c., divisions particularly so. Messrs. R. G.
meteorological conditions. This is said to explain Dun & Co., whose compilations are made the basis
in greatest measure the phenomenally heavy per- of our deductions, intimate that the new foreign
centages of abandonment in such States as Nebraska, conditions—the entrance of this country into the
Kansas and Iowa. But other parts of the country, European war with all the attendant financial and
too, were seriously affected by high winds, extremely other problems inseparable therefrom—have not
low temperature, lack of snow covering, &c., as is weakened the position of trade and industry.
For April this year the number of commercial
evidenced by the reports from Illinois and Indiana
and a number of Southern States. The magnitude defaults was only 1,069, involving $12,587,212, this
of the abandonment this year can be better realized contrasting with 1,399 for $18,382,637 a year ago;
when we observe that it is officially reported as 2,063 for $43,517,870 in 1915; and 1,336 for $20,reaching no less than 12,437,000 acres, or 31% of 549,144 in 1914. The exhibit in the trading division
the territory given to winter wheat last fall, leaving is especially satisfactory, twelve of the fifteen lines
under cultivation only 27,653,000 acres, or 7,176,000 showing decreased liabilities, with the aggregate
acres less than the area harvested last year and 13,- indebtedness but $5,228,813, against $7,086,599 and
655,000 acres smaller than that from which the 1915 $26,909,676 respectively in 1916 and 1915.• The
crop was secured. The abandonment in 1916 was mortality among manufacturers was the smallest in
but 3,427,000 acres and the heaviest up to the current many months, only excepting February, and the
year was 6,469,000 acres, or little more than half the lowest in April since 1909, but due to a very noticepresent year's total. Dispelling somewhat the able increase in the debts in lumber, &c.,.the volume
gloomy aspect thus conveyed, it is reported from of liabilities shows only a comparatively moderate
Washington that the abandoned area, largely if not decline from a year ago, $5,993,875, comparing with
wholly, is being plowed up and sown to other grains, $6,452,195.
For the four months of 1917 the aggregate number
corn and oats especially.
feature is the circum- of insolvencies is 5,006 and the amount of debts $64,A decidedly encouraging
stance that the Department of Agriculture reports 894,312, against 6,786 defaults for $79,875,383 in
an average improvement of 9.8 points during April 1916 and 9,279 for $149,520,905 in 1915. Furtherin the plants remaining under cultivation as a result more, the liabilities in both 1914 and 1913 were much
of abundant and beneficial rains, and it is intimated heavier than now—in fact, 40 millions and 32 milfurthermore, that as a result thereof, many fields lions respectively. The trading division for this
previously considered worthless have been saved. longer period, as for the month, makes a very favorThe condition May 1 at 73.2, however, compares able exhibit,the liabilities for the four months thus bewith 82.4 at the same time last year and a ten-year ing reported at only $26,137,468, against $38,134,760
average of 86.6. Assuming an average season here- last year, and $75,621,815 two years ago. Among
after the Government reaches the conclusion that a manufacturers the four months' indebtedness of 1917
condition of 73.2 on May 1 indicates a product of at $26,072,172, contrasts with $30,259,405 in 1916
approximately 13.2 bushels per acre; that figure and falls nearly 30 million dollars below 1915.
applied to the 27,653,000 acres estimated as remain- Brokers', agents', &c., liabilities, on the other hand,
ing under cultivation at this time would/give a yield and due to several large disasters in February and
of 366,116,000 bushels. This aggregate contrasts March, were moderately heavier than a year ago,
with the final estimate of 1916 of 481,744,000 bushels, $12,680,672, comparing with $11,481,218, but there
and with 673,947,000 bushels in 1915and684,990,000 is a decline ofi5 millions from 1915.
MAY 12 1917.1
THE CHRONICLE
Canada is not a whit behind the United States in
showing a marked reduction in business casualties
recently. In fact, the failures statement for April
reflects a decided improvement in mercantile and
industrial conditions in comparison with 1916, as that
year did over 1915. The result for the month is but
72 defaults, the lowest in any similar period in over
a decade, with liabilities of $801,899, the smallest for
the corresponding month of any year since 1912. In
1916 the totals were 155 and $1,800,905, and in 1915
reached 194 and $2,400,505. For the four months,
moreover, the insolvencies numbered only 442 involving $6,723,226, against 751 for $11,145,346 in
1916 and 992 for $18,037,420 in 1915.
New York has given a royal welcome this week to
the French and British War Missions. Utmost enthusiasm has been displayed and the visitors will
undoubtedly always recall the extreme cordiality
that has been shown. The French delegation, headed
by Marshal Joffre and former Premier Viviani were
received at the City Hall at about 5 o'clock on
Wednesday, having arrived at Pier A, Battery, from
Philadelphia. They were escorted up Broadway.
They then left for the residence of Henry C. Frick,
at Fifth Avenue and Seventieth Street, which had
been placed at their service during their stay in the
city. Thursday's program included receptions—a
formal one at the New York Public Library and the
presentation of the Joffre check to the Marshal at
the Metropolitan Opera House. Friday's main features were a lawyers' luncheon in honor of M. Viviani
at the Biltmore, Marshal Joffre having gone to West
Point to review the cadets. The reception to the
British Commission took place at the City Hall yesterday afternoon, after which they were escorted to
the Astor home at Fifth Avenue and Sixty-fifth
Street. In the evening was the official dinner to
both the Missions at the Waldorf-Astoria, at which
the speakers were Mayor Mitchel, Mr. Balfour,
M. Viviani and Joseph H. Choate.
The weekly report of shipping losses issued by the
British Admiralty on Tuesday was not so sensationally severe as that of the preceding week. Of the
steamers destroyed 24 were over 1,600 tons,• compared with 38 in the same category the week before.
Twenty-two of the ships sunk last week were of less
than 1,600 tons, compared with 18 the week previous.
The German submarines succeeded in destroying a
larger number of fishing vessels than for several weeks
past, 16 having been sent to the bottom, compared
with 8 the week before. The British merchantmen
that were unsuccessfully attacked, including 6 not
previously reported, were 34. The submari
ne menace and the steps which the Admiralty is taking to
deal with it were discussed in the House of Commons
on Tuesday. Thomas J. MacNamara, Financial
Secretary of the Admiralty, said it was not in the
public interest to disclose the proportion of vessels
sunk that were armed. He added, however, that
merchant vessels were being armed as rapidly as
possible. A Berlin dispatch by way of Amsterdam
states that the Reichstag has begun its second reading
of the Navy budget. Dr. Pfleger, naval reporter of
the Budget Committee, asserted that the submarine
destruction for April would prove to be not less than
1,100,000 tons. He added that the Reichstag looked
forward to the activity by the German Navy with a
confident hope of a speedy and victorious peace.
1837
Vice-Admiral von Capelle, who followed Dr. Pfleger,
declared that the U-boat campaign would continue
to the end. Thousands upon thousands of hands
were, he said, actively engaged in producing new
U-boats and new material for torpedoes and mines.
Not only was the number of U-boats continually increasing, but the boats are always improving in
quality. Officers and men were crowding,forward
for submarine service. "Of course losses also
occur," he said. "Our enemies' defenses are increasing in quality and quantity but there is no radical remedy against U-boats."
On this latter point there will naturally be differences of opinion. The British authorities have been
endeavoring by means of mines to prevent the submarines from leaving their bases. Perhaps the de-.
crease in amount of destruction noted this week may
be due, in some measure, to this cause. It is stated
semi-officially that the American Navy is in possession of a plan or invention for coping with German
submarines and the torpedoes fired by them at
merchant vessels. A statement to this effect was
published following conferences which W. L. Saunders, Chairman of the Submarine Group of the Consuiting Board, and other members of that Group had
with Secretary Daniels and officers of the Navy.
One officer asserted after this conference that the
scientific lines along which the Saunders Group had
been experimenting had reached the point where
definite results of an important tangible nature were
in prospect. "At last," said this officer, "we are
getting down to brass tacks and believe we have
something definite of value accomplished. We are
now much better able to make our plans for dealing
with the submarine than we were a month ago."
Secretary Daniels, in an interview, said: "We have
gone over all the problems connected with combating
the submarines, and experts of the Consulting Board
will continue their experiments with inventions designed to eliminate the menace. I can only say
this concerning their work—that their plans are no
dream. They are very important and very farreaching." An official statement declares that 13
Austrian submarines have been sunk in the Mediterranean in the past three weeks by Italian naval forces.
The military operations, so far as the western front
is involved, seem to have reached a point of -deadlock.
The British action centres around the village of Fresnoy, unfavorable weather along the Anglo-German
line having caused delay in other operations.
Fresnoy, it will be recalled, was captured last week by
the British and has this week changed hands several
times. Latest accounts indicate that the British
are once again in partial possession, but the Germans
are fighting desperately as they see in the loss of the
village a double menace—the placing in jeopardy of
their entire line north, especially the town of Lens,
with its adjacent coal fields, and a deeply projecting
salient into their lines which would virtually put the
British at the threshhold of Cambrai. The French
troops, meanwhile, are consolidating their positions
captured from the Germans early in the week near
Chevreaux, repulsing counter attacks and engaging
in artillery duels. Although the fighting along the
Arras front has been described as the most violent
during the war, announcement has been made in the
House of Commons that the British casualties are
50% to 75% fewer than those sustained in the Battle
of the Somme. A new angle of the contest is seen
1838
THE CHRONICLE
in Macedonia. British, French, Italian, Russian
and Serbian troops under Gen. Serrail have started
their long-expected advance. Some gains were made
on a front of two miles, but one mile-long section of
trench was retaken by the enemy. Furious assaults
along practically the entire Bulgar-German line in
Macedonia by the Allied forces are reported by the
Bulgarian War Office, which claims repulse of all
attacks, but concedes that most violent artillery action is proceeding day and night. Announcement is
made in a German official communication that as a
reprisal for placing a German General and 15 German
staff officers on a French hospital ship, the Germans
have placed in jeopardy in western towns which are
- subject to aerial attacks three French Generals and
45 French staff officers. In connection with the
wanton sinking of hospital ships by German submarines, the House of Commons has been informed
that two additional boats of this class have recently
been sent to the bottom.
Peace reports continue from many quarters without
interruption. An Amsterdam dispatch claims confirmation for the statement that Germany is about to
make another peace offer in conaection with her allies. The German Chancellor, if present plans carry,
will reply to a peace interpellation in the Reichstag
on Monday, though there are reports from Berlin
that his reply will be rendered unnecessary by a more
official statement of the German peace aims. The
Russian Government on Wednesday issued a declaration in favor of a coalition Ministry. Minister of
Justice Kerensky has sent letters to the Duma,to the
committee of the Soldiers' and Workmen's Council
and the Socialist parties inviting the representatives
of the democracy to share in the burden of power.
According to official information received in London,
a number of Turkish agents are at work in Switzerland with the object of assuring the continued existence of Turkey. Providing that the Turks are
not to be driven out of Constantinople, it is understood that a willingness exists to allow comlpete freedom of the Dardanelles to all corners. In an interview published in the "Bund" of Berne, the Turkish
Minister to Germany has declared a willingness to
open the Dardanelles to Russia on the ground that
negotiations which led to the London agreement under
which the Dardanelles was closed proved that this
action was taken as a result of England's demand.
Turkey, the Minister said, was ready to fulfill Russia's demands, inasmuch as Russia was not striving
against the independence of Turkey. Acting in concert with the Allied countries, our own Government
is expected shortly to extend formal recognition
to the revolutionary Government in Greece headed
by former Premier Venizelos. Alexander Zaimis,
the new Greek Premier, has succeeded in forming a
new Cabinet, himself holding the dual portfolio of
Premier and Foreign Minister. A report that an
attempt was made to assassinate the Kaiser was denied in an official statement published in Berlin on
Thursday. A Copenhagen dispatch states that the
German Vice-Chancellor on Wednesday,in an address
in the Reichstag, spoke of the peace necessary to the
German people, adding: "We are not able to obtain
it; we must still fight for it." The House of Representatives of the Chinese Republic at a riotous secret
session lasting throughout.Thursday night, refused
to pass a resolution declaring war on Germany.
The Amsterdam correspondent of the Exchange
[VoL. 104.
Telegraph Company reports that he has learned from
reliable sources that three prominent Austrians are on
their way to Switzerland with peace proposals which,
if they are given safe conduct to France, they hope
to lay before the French Cabinet. For some weeks
there has been talk, the correspondent says, of a
separate peace by Austria, particularly with Russia,
the people of the Dual Monarchy being .desirous of
throwing off the yoke of Germany, especially since
the pro-German element in the Cabinet threatened
to resign if peace proposals were submitted. From
the foregoing it is evident that the peace talk, whatever its basis, certainly is not dwindling
The Chancellor of the British Exchequer in moving
on Wednesday the vote of credit for £500,000,000
in the House of Commons, stated frankly that the
alarming feature of the figures was that they represented a total daily expenditure of £7,450,000. Between April 1 and May 5, the Chancellor added,
there had been a daily advance of £2,000,000 to allies
and Dominions. The new vote of credit brings the
total since the outbreak of the war to £4,642,000,000,
and with the exception of that. of £550,000,000 voted
in February, the credit just asked is the largest
of the war. The expenditures, Bonar Law said,
have recently exceeded the estimates, having, as already noted, averaged £7,450,000 daily. America,
however, had acted with promptitude for which the
nation could not be too grateful, having not only
promised but actually afforded financial assistance
to Great Britain's allies. He therefore hoped
that the budget estimate of expenditures to the
Allies would be realized. For the first period of the
vote of credit last year the daily expenditure was
£4,820,000, against £7,450,000 for the corresponding
period this year. The present vote will carry the
Government on until about Aug. 1. With regard to
suggestions that the United States was entering into
an alliance with the Entente, the Chancellor said:
"Alliance or no alliance, America will put forth her
whole effort to preserve the unity of the world, and
we are asking nothing more from America than that."
Reginald McKenna, former Chancellor of the Exchequer, referring to Bonar Law's statement regarding the expenditures, said that it was a little disturbing, especially when the House found the budget
estimate had been exceeded. They must remember,
however, that all estimates have been lower than the
actual expenditure, due to the great rise in the
price of commodities, which could not have been
foreseen. The national demand for commodities
which the nation considers indispensable was in excess of the world's supply. The debate following the
Chancellor's statement continued the whole evening,
many of the members criticizing the conduct of the
war and the failure of the Admiralty to cope with the
submarine campaign.
London Stock Exchange prices have about been
maintained during the week, though without special
indication of activity. Preparations to pay an additional installment of 20% on the new war loan did
not produce any selling of moment, either of this loan
or its predecessors. The tone of the market at
the close was rather heavy, however, due to the
announcement of the increase in the daily expenditure
to £7,450,000 and to the fading of the recent peace
optimism. Money at the British centre is appreciably firmer early in the week, but closed with rates
MAY 12 1917.1
THE CHRONICLE
showing concessions. American balances in the London banks, which about the first of the year were estimated at £40,000,000, have been drawn down.
The Treasury has issued a new list of requisitioned
securities. This virtually calls in the last of the
securities subject to a penal tax if not deposited.
The revenue of the United Kingdom last week was
£8,022,000. Outstanding Treasury bills were increased £5,690,000. Proceeds from the war loan
were £34,000,000 and from the loan obtained from
the United States £40,000,000. The expenditure
was £84,564,000. A new $3,000,000 New South
Wales 53/2% loan has been underwritten at 98.
Yesterday (Friday) tenders were invited for £25,000,000 Treasury bills.
The food situation in the United Kingdom is
declared to be "serious but not critical." The
"Tribune's" special London correspondent quotes
a high authority as saying that June is bound to
test the country to the limit. Then the submarines
will have the benefit of the longest days of the year,
while food imports will be at a minimum. There are
about seven weeks intervening before the time of
the arrival of the Indian grain and the harvesting
of the supplies of the home-grown garden products.
The whole question of the purchase of the liquor
trade by the State is now under consideration by the
Government. Women recruits for the "home army"
are enrolling throughout England at the rate of 1,500
a day. Already more than 10,000 of the 50,000
urgently needed are at work on the land. Free
training, an outfit maintenance during instruction,
about $4 50 a week and good food are offered to
strong healthy girls for all sorts of home army
service. At a secret session of the House of Commons on Thursday the Premier, Lloyd George,
pointed out (quoting from the official report) that,
with judicious economy in consumption and increased
productivity in home supplies, there need be no
alarm as to starvation, and that in 1918 the United
Kingdom should be self-supporting. There appeared
to him no necessity to restate the Allies' war aims,
which were well known, and were the same a; had
been repeatedly stated during the last two years.
Very little is passing on the Paris Bourse. The
market for copper shares has been rather active with
prices somewhat firmer. War stocks too have made
a satisfactory showing. The national service bill is
now before the French Senate. It provides for a
census of all the males resident in France between
the ages of 16 and 60 regardless of nationality.
Each person affected will be asked whether if he left
his present occupation he would be willing to accept
employment of an agricultural or industrial nature
either near home or elsewhere. On May 15 France
starts a nation-wide dietary schedule which will
provide two meatless days a week. A decree has
been promulgated prohibiting the use of maize, rye,
barley or buckwheat flour for any other purpose
than bread making. Decreases in the national stock
of cattle are shown in statistics which have been
gathered by the French Ministry of Agriculture.
The stock of cattle, which at the end of 1915 was
14,750,000, was less than 12,500,000 head at the end
of 1916. Holdings of hogs had decreased from
7,000,000 to 4,000,000, sheep from 16,000,000 to
11,000,000 and horses from 3,000,000 to 2,000,000.
1839
Business news as cabled from Berlin is very meagre.
The "Tageblatt" of that city says that a bill will be
introduced in the Reichstag within a few weeksfor a
new war loan. The "Bavarian Staats-Zeitung," the
semi-official Bavarian newspaper which usually is
considered the personal organ of the Premier, Count
Hertling, has published an inspired article denying
the necessity of Germany demanding a cash indemnity
as one of her peace conditions. It suggests that an
agreement to supply the needed raw materials at a
ow price, or perhaps free, might be a substitute for
la cash indemnity. Furthermore, an agreement to
permit German trade on its former terms in the old
markets, the return of German ships and the surrender
of German colonies would,it argued, be the equivalent
of billions of indemnity. The article is regarded as
important as reflecting the ideas of the Bavarian
Prime Minister. In conclusion, it declares that the
war has cost Germany sixty billion marks, a sum so
small in comparison with a total estimated wealth
of 875,000,000,000 and an annual estimated increase
of 10,000,000,000 marks, that the Empire can well
afford to drop the demand- for indemnification A
special dispatch by way of Copenhagen from Berlin
says that Dr. von Bethmann-Hollweg, the Chancellor, will answer a peace interpellation in the Reichstag on Monday. The dispatch adds that the Reichstag will adjourn about the middle of May, but not to
the autumn as customary. Parliamentary objections to leaving the Government uncontrolled from
the May adjournment until August have resulted in
plans for the short summer session in July. Word
from Budapest states that a new Hungarian loan is
in preparation, to bear interest at 6%, to issue at
96 and not to be redeemable before 1922. The report
of the German committee at Hamburg, which was
appointed to inquire into probable conditions of Germany after the war, has been filed. It declares that
the damages done to the industries of the country are
such that it will be impossible to repair them. The
shipping interest, it reports, is ruined, and cannot be
restored for a long period after peace has been declared. It advises that the energies of the country
be applied to developing and building up some other
industry or industries to take its place.
Official rates continue to be quoted at 5% in
London, Paris, Berlin, Vienna and Copenhagen;
53/2% in Italy, Portugal and Norway; 6% in Petrograd, and 432% in Switzerland, Holland and Spain.
In London the private bank rate has remained at
4 11-16% for sixty days and 4%7 for ninety-day
0
bills. No reports have been received by cable of
open market rates at other European centres, as far
as we have been able to learn. Money on call in
London was advanced to 43/% from 3%% last
week but closed at a recession to 3% %.
The Bank of England records another loss in its
gold item, this time, however, of only £55,622.
Notes in circulation declined £125,000; hence the
total reserve expanded £70,000. The proportion of
reserve to liabilities advanced to 20.02%, against
19.62% a week ago and 31.37% last year. Public
deposits increased £6,946,000. Government securities expanded £24,000, although there was a decrease
of 0,483,000 in other deposits. Loans (other securities) were reduced 0,613,000. The English
Bank's gold holdings now stand at £55,019,611,
against £59,362,727 in 1916 and 03,628,442 the
THE CHRONICLE
1840
year previous. Reserves aggregate £34,745,000, as
compared with £43,386,597 a year ago and £47,075,727 in 1915. Loans amount to £111,479,000. Last
year the total was £79,409,760 and in 1915 £143,072,712. The Bank reports as of May 5 the amount
of currency notes outstanding at £138,507,797, as
compared with £136,289,885 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:
DANK OF ENGLAND'S COMPARATIVE STATEMENT.
1913.
1914.
1915.
1916. .
1917.
May 14.
May 13.
May 12.
May 10.
May 9.
38,724,000
Circulation
54,172,000
Public deposits_
119,375.000
Other deposits
45,049,000
Govt. securities
111,479,000
Other securities
Reserve notes dc coin 34,745,000
55,019,611
Coin and bullion
Proportion of reserve
20.01%
to liabilities
5%
Bank rate
34,426,130
54,833,814
83,441,906
33,187,474
79,409,760
43,386,597
59,362,727
35,002,715
127,864,334
95,614,594
51.043,491
143,072.712
47,075,727
63,628,442
28.702,655
18,610,669
38,774,384
11,046,570
38,456,772
25,553,697
35,806,352
28,601,010
13,659,103
38,486,484
12,870.075
30,878,754
26,210,971
36,361,981
31.37%
5%
21%
5%
44.50%
3%
50.25%
6
43, %
A further increase in its'gold holdings is registered
.
by the Bank of France, namely of 7,158,925 francs.
This brings the total (including 1,948,707,125 francs
held abroad) to 5,258,601,575 francs, comparing
with 4,715,059,540 francs a year ago and 3,915,653,715 francs in 1915. The silver item also expanded
340,000 francs. NOte circulation increased 91,783,000 francs. General deposits showed an increase of
62,675,000 francs, while bills discounted declined
99,013,000 francs and Treasury deposits 38,899,000
francs. Notes in circulation are now 19,275,171,000
francs. At this date last year the total was 15,432,465,320 francs and in 1915 11,738,037,925 francs.
Comparisons of the various items with the statement
for the preceding week and the corresponding dates
in 1916 and 1915 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
May 10 1917. May 11 1916. May 13 1915.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold Holdings—
Inc. 7,158,925 3,309,894,450 4,715,059,540 3,915,653,715
In Bank
No change.
1,948,707,125
Abroad
Total
Silver
Discounts
Advances
Note circulation
Treasury deposits
General deposits
Inc. 7,158,925 5,258,601,575 4,715,059,540 3,915,653,715
Inc.
340,000 256,796,000 353,622,568 375,225,149
Dec. 99,013,000 545,675,000 394,833,591 221,086,218
Inc. 9,593,000
92,850,000 1,222,263,199 649,951,816
Inc. 91,783,000 19275,171,000 15432,465,320 11738,037,925
Dec. 38,899,000
32,756,000
48,462,640
50,146,358
Inc. 62,675,000 2,518,154,000 1,080,221,133 2,332,170,561
The Imperial Bank of Germany in its weekly
statement as of April 30 shows the following changes:
Total coin and bullion increased 91,000 marks; gold
was increased 244,000 marks; Treasury notes were
reduced 41,223,000 marks; notes of other banks declined 5,638,000 marks; bills discounted registered
the substantial gain of 229,950,000 marks; advances
increased 3,891,000 marks; investments expanded
7,648,000 'narks; other securities decreased 6,829,000
marks; notes in circulation recorded an expansion of
170,470,000 marks; deposits declined 33,352,000
marks, while other liabilities increased 50,772,000
marks.
The Bank's statement as of May 7 was received
by cable yesterday, making two statements in
one week. It shows the following changes: Total
coin and bullion increased 1,279,000 marks; gold increased 368,000 marks; Treasury notes were reduced
40,027,000 marks; notes of other banks increased
3,234,000 marks; bills discounted decreased 4,199,000
marks; advances were decreased 2,932,000 marks;
[vol.. 104.
investments declined 4,427,000 marks; other securities decreased 14,826,000 marks; notes in circulation
showed a reduction of 11,811,000 marks; deposits
declined 28,886,000 marks, and other liabilities
22,201,000 marks. The German Bank's holdings of
gold now stand at 2,532,920,000 marks. This compares with 2,462,000,000 marks held in 1916 and
2,371,414,000 marks the year previous. Loans and
discounts aggregate 8,236,844,000 marks, against
5,051,000,000 marks a year ago and 3,866,690,000
marks in 1915. Circulation is 8,303,598,000 marks.
A year ago the total was 6,642,000,000 marks and
in 1915 5,243,292,000 marks.
The local money situation is displaying increasing
firmness, which of course is to be expected in view of
the insistent demands for funds that must be expected
during the accumulations necessary for our Government's bonds and notes. That the advancing tendency is not viewed favorably by the British Treasury officials is indicated by the sudden resumption
of gold importations at a time when huge British
credits on our side of the Atlantic are so closely in
sight. The British authorities have forwarded
$48,000,000 from Canada to New York and other
amounts are being arranged. The object of these
shipments was explained to New York financial
writers in an interview given by Lord Cunliffe,
Governor of the Bank of England,who is one of the
high commissioners sent by the British Government
to this country. It was primarily to prevent high
money rates in the United States. It made little
difference, Lord Cunliffe asserted, whether England
borrowed privately or through the United States
Government; higher rates in the money market would
eventually compel the United States Government
to pay higher rates on its own bond which would
in turn affect the rate which the Allies would have
to pay on their borrowings here. As to the amount
of gold which Great Britain would send to this country he intimated that this would depend on what
the Exchequer could obtain without special reference
to what could conveniently be spared. We refer at
greater length to Lord Cunliffe's views on a subsequent page.
As to the effect of the Government's borrowing
upon local money supplies,it must not be overlooked
that efforts are being made by bankers in co-operation with the Government to obtain not only a full
subscription to the $2,000,000,000 in bonds but it
is hoped to have a subscription many fold the offering with a view of its favoring effect upon subsequent bond issues as they become necessary. All
applications must be made by June 15 and 2% of
the amount must accompany such application.
There will of course be a disposition to take advantage of any terms that the Secretary of the
Treasury may decide on for the payment in full
rather than by installments, the latter running as
late as Aug. 30, which presumably will mean a very
close approximation of the date of the second offering. The proceeds of the bonds up to $3,000,000,000 at any rate are expected to be devoted to financing our allies, leaving our own Government's earlier
financial necessities to be arranged out of the $2,000,000,000 one-year certificates of indebtedness
which were authorized at the same time as the
bonds.
Referring to money rates in greater detail, call
loans this week ranged at 2@4%, which compares
MAY 12 1917.]
THE CHRONICLE
1841
1
Kansas City.
New York.
I
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
with 234@43/2% last week. Monday the high was
4%, the low 3% and the ruling 39(%. On Tuesday
i
3% proved to be the maximum and also renewal
1
CLASSES
t%
OF
3 1
.
rate, with 2% low. Wednesday the range was again DISCOUNTS AND LOANS i
1 i i 1 1
t
2@3% and 23/2% the renewal basis. On Thursday
A.
04
`4
C
C4
4 i
3% was still the high, though renewals went up to Member Banks,Coll. Loam:
1 to 15 days' maturity
334 3 3 334 33-4 354 334 334 3 3 33-4 334
Discounts:
2% and the low to 23/2%. Friday's range Ito
15 days' maturity.....
3
, 3 334 334 334 334 33-4 3 3 334 334
was 2@3%, while 3% was the basis for re- 16 to 30 ' "
4 4 4 4 4 4 4 4 4 4344 4
31 to 60 " "
4 4 4 4 4 4544 4
4 4 4 4
newals. For fixed maturities further advances 61 to 90 " "
4 4 4 434 4 434 434 4 434 434 434 434
Agricultural and
have been recorded, with 4%@5% the range for al Live-Stock Paper
91 days to 6 months maturity 5 5 43-4 5 454 5 5 5 5 5 5 534
periods from sixty days to six months, against 4@ 1Trade Acceptances
to 30 days' maturitY
334 334 334 3 354 354 354 334 33-4 4 33-4 334
60
/
"
334 334 354 334 334 334 354 334 334 4 334 334
432% for sixty days, 41 4@4%% for ninety days, 31 to 90 " "
B1 to
334 334 334 4 334 334 33-4 334 4 4 334 334
43/2% for four months and 43'@4%% for five and 1Commodity Paper
to 90 days' maturity
4
3W ___ 3W 3W ___ 3w 4 4 3w Six
six months a week ago. Offerings were scarce, but Note.—Rate for bankers' acceptances, 23-4% to
4%.
as principal borrowers are still out of the market,
there is very little doing. Last year sixty-day funds
were quoted at 23/2@3%, ninety days at 2%@3%, Sterling exchange presents no new feature meriting
and four, five and six months at 3@33%. In extended comment since it remains so completely
mercantile paper there has also been a hardening under control that the usual market influences are
tendency and sixty and ninety days' endorsed bills ignored. Rates are a very slight shade lower at the
receivable and six months' names of choice character close for the week. Gold to the amount of $48,000,1
are now quoted at 4%@5%, against 43'@4%%, 000 has been forwarded by the British Treasury to
and names not so well known at 53%, against 5% this market and additional amounts are to come
the previous week. Trading was not active. later. We refer to this subject in our remarks
Recent borrowers appear to have satisfied their on the local money situation in a preceding pararequirements and the supply of offerings is as limited graph. The exports of gold have included $10,151,,000, which comprises $200,000 to Cuba, $75,000 to
as ever.
Last Saturday's bank statement of New York Spain, 38,876,000:Ito Japan and $1,000,000 to a desClearing House members, which will be found in tination unknown.
Referring moreispecifically to detailed rates, stermore complete form on a later page of this issue, once
ling exchange on Saturday, as compared with Friday
more registered a substantial decrease in re serves
This was, however, attributed largely to arrange- of last week, ruled firm, though actual quotations
ments for the Government's new financing. The were practically without change; demand ranged
loan item showed the heavy reduction of $83,596,000. at 4 7555@4 75 9-16 and cable transfers at 4 76423Net demand deposits likewise declined heavily, viz., @4 76 7-16, while sixty days continued at 4 72.
$113,345,000, while net time deposits were reduced Monday's market was a dull and narrow affair, with
$12,984,000. The reserves in "own vaults" was trading confined almost wholly to buying of cable
decreased $60,433,000 to $411,916,000, of which transfers; rates were not changed from 4 7555®
$371,676,000 is shown to be specie. Last year the 4 75 9-16 for demand, 4 76423'@4 76 7-16 for cable
reserve in own vaults totaled $444,460,000, including transfers and 4 72Ifor sixty days. A slightly easier
$372,104,000 in specie. Reserves in Federal Reserve feeling prevailed on Tuesday and demand declined
banks this week increased $22,751,000 to $232,760,- 5 points, to 4 753'@4 7555; cable transfers and
000, which compares with $165,411,000 a year ago. sixty day bills, however, were still quoted at 4 76423/i
Reserves in other depositories declined $2,577,000 to @4 76 7-16 and 4 72, respectively; the volume of
$60,674,000, against $57,157,000 the previous year. transactions was light. On Wednesday, notwithCirculation decreased $12,000. Aggregate reserves standing the arrival of a large consignment of gold
recorded the large loss of $40,259,000, which brought bars from Canada, dealings in sterling were at a low
the total reserves to $705,350,000,and compares with ebb; demand again receded a fraction, being quoted
$667,028,000 last year. The reserve required was at 4 754732@4 753/2, although cable transfers and
'reduced $19,094,850; hence surpluse reserves showed sixty days remained at the previous pegged rates.'
a loss of $21,164,150. The total of excess reserves Attempts at liquidation by speculative interests of
is now $90,478,070, as against $95,902,190 at the future contracts on an unresponsive market caused
further weakness on Thursday, and demand declined
corresponding date in 1916.
2
Banks' and bankers' acceptances were less active, to 4 75423/@4 7545, and cable transfers to 4 7640
2
and quotations in some instances show fractional @4 76423/; sixty days was unchanged at 4 72;
further imports of gold were without appreciable inadvances. Detailed rates follow:
fluence on the market, which was quiet and featureSpot Delivery
Delivery
Ninety
Sixty
Thirty
within
less. On Friday quotations were without important
Days.
Days.
Days.
30 Days.
3h @3
of mem.banks.3 3-16@3 1-16
Eligible bills
334 bid change. Closing rates were 4 72 for sixty days,
3 1-16@)3
Eligible bills of non-member
2@4 76 7-16 for cable
37-16@334
banks
334@3x
3 3-16@3
3% bid 4 7545 for demand and 4 76423/
454@4
434(4)33-4
Ineligible bills
454 bid transfers.
4@l3H
Commercial sight finished at 4 753j, sixty
The Federal Reserve Banks of Minneapolis and days at 4 713, ninety days at 4 6931, documents for
Kansas City have reduced their discount rate on payment (sixty days) 4 71 and seven-day grain bills
member banks' collateral notes and on commercial at 4 7432. Cotton and grain for payment closed
paper of less than 15 days' maturity from 4% to 3%; at 4 753.
the Philadelphia Federal Reserve Bank has reduced
its rate on the same classes of paper from 33/ to 3%.
Very little of moment has transpired in the ContiPrevailing rates for various classes of paper at nental exchanges this week. Trading has been of
the different Reserve banks are shown in the fol- unusually small proportions, which may be explained
lowing:
partly by the fact that the extensive foreign credits
1842
THE CHRONICLE
[VOL. 104.
now being arranged by the United States Government of $24,087,000, the combined result of the flow
• for our allies in the war will tend greatly to reduce of money into and out of the New York banks
the demand for exchange, and partly by the unwil- for the week appears to have been a gain of $15lingness of large operators to risk entering upon im- 258,000, as follows:
portant new commitments during the present world
Net Change in
Out of
Into
Week ending May
Bank Holdings.
Banks.
Banks.
crisis. Interest continues to centre chiefly upon the
movement
movements in Russian exchange, which, despite the Banks' interiorand Fed. Reserve op- 57,894,000 816.723.000 Loss $8,829,000
Sub-Treasury
56,021.000 Gain 24,087,000
80,108,000
erations and gold Imports& exports
more encouraging reports of an amicable agreement
$88,002,000 $72,744,000 Gain $15,258,000
Total
having been concluded between the Provisional GovThe following table indicates the amount of bullion
ernment and the Council of Soldiers and Workingsubstantial in the principal European banks:
men, was again heavy and showed further
declines. This was attributed, however, mainly
.
May 11 1916.
May 10 1917.
to selling by speculative interests, coupled with an Banks of Gold.
Total.
Gold.
Total.
Silver.
2
almost total lack of buying power—international
2
2
2
2
2
59,362,727
55,019,611 59,362,727
55,019,611
bankers preferring to await the results of pending England.._ 132,395,778 10,280,000 142,675,778 188,602,400 14,144,920202,747,320
France a _ _
841,450127,456,600 123,128,500 2,100,000 125,228,500
developments in Russia's unsettled political affairs. Germany _ 126,615,150 12,468,000160,129,000 162,877,000 5,856,000168,733,000
147,661,000
Russia
12,140,000
12,140,000
Aus-Ilun.e
recovery, Spain ....__ 51,578,000 30,087,000 63,718,000 51,578,000 30,599,000 63,718,000
69,474,000
54,996,900
85,083,000 38,875,000
Late yesterday rubles showed distinct
34,210,000 2,737,000 36,947,000 40,772,000 4,036,000 44,808,000
Italy
149,800
575,000
however, and closed firm. Both francs and lire were Netherl'ds 49,255,000 600,000 49,830,000 44,406,000 600,000 44,555,800
15,980,000
15,980,000 15,380,000
Nat.Bel_h 15,380,000
10,309,500
13,694,700 10,309,500
Switeland
easier, with declines in each case, although these Sweden __ 13,694,700
9,168,000
10,727,000 9,108,000
10,727,000
9,253,000
were held to be a merely more or less natural re- Denmark__ 9,121,000 132,000 7,170,000 7,367,000 223,000 7,590,000
5,678,000
5,678,000
7,170,000
Norway_
action from the recent advances. The belief is Tot. week.707,823,239 69,860,450777,683,689757,504,127 69,848,720827,352,847
expressed in many quarters that the exchange Prey.week 707,880,801 69,548,750777,429,554 758,532,148 69,768,100828,300,248
a
markets have already discounted to a consid- heldGold holdings of the Bank of France this year are exclusive of 277,048,285
abroad.
The gold holdings of the Bank of Russia for both years In the above statement
erable extent the favoring influence of the Amerithe 8o-called gold balance held abroad. On
revised by
can war loan. No transactions in German and have beenreported date,eliminating so held, 2214,103,000.
the amount
the latest
Austrian exchange are being put through, and quota- etc July 30 1914 In both years. h Aug.6 1914 In both years
tions are unobtainable. The sterling check rate
ANNOUNCEMENTS FROM WASHINGTON.
on Paris closed at 27.18, against 27.18 last week.
Just as last month, considered as a period in the
In New York sight bills on the French centrefinished at
;
2
5 733.,against5 713/ cables at5 723., against5 703/2; history of the war, was made up of the striking
commercial sight at 5 743j, against 5 72,and com- changes in the world's public opinion caused by the
mercial sixty days at 5 78%,against 5 773 the week Russian Revolution, the retreat of Hindenburg and
previous. Reichsmarks, no quotations. Kronen, the entry of the United States into the war, and just
2
no quotations. Lire closed at 7 063/ for bankers' as the past two weeks have been marked by sudden
and 7 O532 for cables, which contrasts with recrudescence of alarm over the state of affairs in
sight
so the move7 013/i and 7 003/ on Friday of a week ago. Rubles Russia and over the submarine activities,
ment of events has converged this week on our own
finished at 26.65, after having declined to 25.70, as
The announceagainst 27.75, the final quotation of the week pre- financial preparations for the war.
ments in this regard have been received with mixed
ceding.
d
In the neutral exchanges dulness and inactivity feelings. A sense of relief was certainly experience
surprising delay, the Treasury
was increasingly apparent. Dealings presented no when, after somewhat
,000
new feature, and quotations, generally speaking, were announced the terms and plans for the $2,000,000
t loan. The tax proposals of the Ways
without definite trend either way. Swiss exchange Governmen
a, different effect—
was lower. Scandinavian rates were about un- and Means Committee produced
ad- partly caused by the drastic character of some of the
changed, while guilders and pesetas ruled firm,
evidences of bewildervancing fractionally on some improvement in the de- schedules, but chiefly by the
Amsterdam finished at ment and eleventh-hour haste with which some promand. Bankers' sight on
obnoxious even to the committee
7
404, against 40%; cables at 41, against 40%; com- visions, known to be
We are in
mercial sight at 4032, against 40 7-16, and commercial itself, were injected into the measure.
will be remedied in the courie
sixty days at 403, against 40 3-16 last week. Swiss hopes that these defects
at any
exchange closed at 5 153/ for bankers' sight and of Congressional debate. But meantime,
5 14% rate, the United States has shown clearly to its allies
2
5 133/ for cables, as compared with 5 15 and
magnitude of the financial rethe week previous. Greek exchange (which may still and to the enemy the
neutral) continues to be quoted at sources which it is ready to throw into the scale.
be looked upon as
There are, however,one or two other considerations
5 00. Copenhagen checks closed at 28.25, comparpast week which need more paring with 28.10. Checks on Sweden moved up on light in the events of this
mention. Much of the.uneasiness lately maniofferings and finished at 29.75, against 29.40. Checks ticular
Exchange was due to perplexity
on Norway closed at 29.30, against 29.35 on Friday fest on the Stock
at 21.80, over the manner in which announcements and calcuof a week ago. Spanish pesetas finished
lations regarding war requirements were being sent
comparing with 21.85 the previous week.
outfrom Washington. We are not now referring to the
concerning the war situation itself, which
The New York Clearing House banks, in their statements
caused sufficient perplexity on their own
operations with interior banking institutions, have last week
account. Those may have had reasons of their own.
lost $8,829,000 net in cash as a result of the curBut for the confusion which has repeatedly surrency movements for the week ending May 11.
rounded this week's statements on questions of war
Their receipts from the interior have aggregated
-finance the explanation has been far less obvious.
$7,894,000, while the shipments have reached
There was, for instance, the announcement from
$16,723,000. Adding the Sub-Treasury and FedWashington on Wednesday morning, in a regular
eral Reserve operations and the gold imports
dispatch, that Congress would be asked to apand exports, which together occasioned a gain press
MAY 12 1917.]
THE CHRONICLE
1843
propriate $1,000,000,000 to build an American mer- munity; the preservation of whose equanim
ity is of
chant fleet for overcoming the submarine danger; that vital importance. No one can make his
business
vessels aggregating five million to ten million tonnage plans with ease of mind when he is constant
ly conwould be constructed, and that the program contem- fronted with such bewildering and contradi
ctory
plated "diversion to Government uses of the products declarations. Whose fault this is,
we do not underof every steel mill in the country, cancellation of ex- take to say; it may have occurred for
all we know
isting contracts between those mills and private con- through ignorance of financial
affairs or through
sumers, and, where necessary, payment of damages hasty inferences, on the part
of the correspondents.
by the Government." It is difficult to understand But we are very sure that it ought
not to continue.
what was meant by this random assertion, when the
For it is the financial and business public which has
needs for shipbuilding will extend over a reasonably not lost its head, and which
is eager to support with
long period, and when the total annual production of the utmost loyalty the finance
plans of the Governsteel in the country is in the neighborhood of forty ment. The banking commun
ity was impatient to
million tons. The "Iron Age" very pointedly said participate, with the use of all
its resources and
this week:
experience, in plans for a thoroughgoing publicity
"The hysterical reports from Washington of a campaign for the $2,000,000,000 loan. This spirit
$1,000,000,000 outlay for an American merchant was especially manifest during the period in which
fleet, the 'diversion to Government uses of the the Treasury, after inviting subscriptions,
waited
products of every steel mill in the country,' and the a week before stating even
the maturity of the loan
cancellation of existing contracts between the mills
and private buyers, have given some concern to man- to which subscriptions were to close in June, or the
ufacturing consumers. The fact is that no such denominations in which it would be issued. But the
drastic action has been determined upon, and it is absolutely essential thing, as we see it, is to avert
not improbable that the needs of the Shipping Board any influences which should so disturb business
will be met by the voluntary action of the steel trade." calculations and derange the plans of trade as to
A similar sense of perplexity and bewilderment has bring about an unnecessarily severe financial reaction
been created by the recurring statement that the at the moment when all our economic resources
Government's advances to its allies will require should be kept in the best possible position for meet$400,000,000 per month. No information has been ing the undoubtedly urgent requirements ahead of
given out as to the basis for that estimate. What them. What ought, we think, to be above else
the market knew beforehand was that the borrowings avoided, is the yielding to the emotional spirit which
of the Allied Governments directly from our markets prevailed just before our entry into the war; when
during 1916, to finance their American purchases, our newspapers and some of our public men talked
amounted to little more than $1,000,000,000. This looselyin thousands of millions—notonly as advances,
did not pay the entire bill; but the actual total of but as free gifts—on the apparent ground that an
purchases made was roughly arrived at by the British absolutely inexhaustible fund of private capital lay
Chancellor's recent estimate of $10,000,000 per day. idly waiting for its haphazard use in any imagined
This would work out $3,650,000,000 per annum for direction, without regard to the nature or requireour Government to advance,supposing the entire cost ments of an existing financial position.
of the Allied purchases to be financed by it, and those
purchases to remain at the British estimate—which THE ABILITY OF UNITED
STATES RAILwas hardly probable in view of the scarcity of ship- ROADS TO HELP AT HOME AND
ABROAD.
ping facilities to transport the goods already finished
As a timely and material aid to the Allies, France
and awaiting shipment. But London has at no tim,e has asked assistan
ce in restoring her railroads, and
intimated that the United States Government was recruiti
ng of a number of "regiments" of engineers
expected to advance the entire cost of such purchases. and other workers
has begun here this week. As the
Even if this had been the expectation, the Washing- invaders are pushed back,
they leave destruction
ton estimate referred to would indicate $4,800,000,- behind them, and all the lines
to the front have been
000, per annum,or $1,800,000,000 more than was ap- severely overworked, so
that replenishment of labor
propriated in the recent bond bill of Congress and and material is
among the most valuable services
about $1,000,000,000 more than the British Ex- this country can
render. It may be that these men
chequer's estimate of purchases indicated.
who are now asked and have begun to assemble will
We are far from objecting to the most liberal use be the first
Americans in any considerable numbers
of our steel manufacturing facilities to meet the to reach France,
where their presence will hearten
submarine menace, and we fully agree to our
the fighters at the front, and where they will begin
responsibility for co-operating financially with the
to restore what greatly needs restoring. On every
Allies. But we cannot consider it reasonable that account, this is most
desirable.
proposals or intimations of so sweeping a character—
But we have no idle surplus of the men and the
involving so complete a change in the market's supplies
required, and we must further economize and
financial plans, and, in the case of the shipbuilding arrange
in order to spare either. The railway specia
story, threatening to upset a great home industry, organization
which has been formed by the road
with the driving of hundreds of small concerns out executives to deal
with the increased needs and the
of business because of lack of material—should be particularly difficult
problems now certain to arise
tossed forward in so offhand a fashion, and with such has been studyin
g the subject and now suggests a
total absence of detailed explanation or specifica- number of points,
all bearing towards increase
tions.
economy of force combined with increased efficien d
cy
We cannot but regard this manner of dealing with for doing a greater
business with the lesser mean
the large financial problems of the day as unfortunate that we shall
have remaining. We have large inin many ways. Its most serious result is its effect creases
in traffic demands; we have shortage in
rollon the spirit and confidence of the business com- ing stock, in
labor of all kinds; we have to meet in
1844
THE CHRONICLE
[vol.. 104.
ing revenues of 1913 over 1903 increased only 2.23%
creased costs; we have less wherewith to do more.
of on the 530 millions which had been put into the
Some specific suggestions made are: Conservation
property in that term. At the end of 1914 the Commotive power, by reducing the number of locomotives
n found that "from whatever comparative
ordinarily in repair from 15% to 10%, equivalent to missio
standpoint viewed, the net operating revenues of the
adding some 3,325 to the number in service; raising
last fiscal year must be regarded as unduly low
the average daily run from 75 miles to 90, equivalent * * *
while the gross revenue in that year declined
to adding 13,300 locomotives; economizing in fuel by
only about 3.4%, the net revenue shrank approximore careful firing; by looking more closely after the
17.7%, as against the previous fiscal year."
condition of the machines which are to be allowed mately
The year 1915 showed a further decline of 27 millions
less time for formal repairs; and by lowering the averin operating revenue and a decline of nearly
age speed, thereby increasing the load capable of from 1914
s in net operating income, producing the
being hauled. Car efficiency can be increased by 13/b million
of return-4.33%--on road and equipcutting out time lost at terminals, loading more tons lowest rate
in any year of the last seventeen. The fiscal
per car, reducing by about one-fourth the percentage ment
ending with last June "was the first really good
of cars normally under repair, increasing the average year
year the Pennsylvania System has had since 1910."
daily run, and so on.
of return on the property investment averThe situation calls upon us to lend of our men and The rate
7.20% in 1900-10; in 1911-16, 5.40%; in
materials to France, as among the most effectual aged
6, 5.30%. Since the last fiscal year
services we can render; also to increase the efficiency 1913-1
the situation and outlook have seriously
of our domestic service, because to fail on that is to
changed. The estimate submitted on March 22
fail everywhere; as said above, we are called on to
of increased outlays on five principal items, $42,do more, while having less to dt it with. The neces600,000, has been carefully revised and is now
sity of the situation takes no heed of inconveniences
$51,892,000. The figures for the calendar year 1916
or of difficulties—we might almost say, no heed of
show that for that year the Pennsylvania System,
impossibilities. Our roads being already overworked,
/
after paying nearly 61 2 millions to sinking fund and
we are to overwork them further, for that is exactly
of 6.26%, had remaining a surplus
average dividends
what is involved in cutting down repairs and increason the total capital
efficiency as ex- of $36,800,000, being 2.90%
ing pressure at all points. More
in the hands of the public; but (says
obligations
pressed in results and more economy as expressed
Mr. Rea) "the minimum increases in these five exded together.
in expenditure are deman
pense items alone of $51,892,000 would not only wipe
This is a dictum of necessity, a dictator not usually
out the entire surplus but cut into the sinking fund
either gentle or reasonable; it is also, in the detailed
payments and dividends to the extent of $14,700,000.
suggestions made, a counsel of perfection. Our roads
Taking together the five Eastern roads, the increase
are complained of; people are always ready to repeat
indicated for 1917 over the outlay in 1916 is 58 milthe old plaint of overcapitalization, and to say that
lions for fuel, 69 millions for wages, and 90 millions
they do not render service enough and exact too for materials; total, 217 millions. Each advance of a
much for what they render. But efficiency has been dime per ton on coal adds 13 millions to the coal bill;
increasing right along, though unable to keep even
these roads have been forced to compete with induspace with demands. In the ten years 1903-13,
trial plants (which have liberty to adjust their prices
Mr. Rea tells us, the tractive power of locomotives
to their outgoes), and the New England roads are
on the Pennsylvania system increased 80%, the
especially hit, the New Haven facing an increase in
capacity of freight cars increased 62%, the train-load
fuel cost which will more than offset the 15% adincreased 33%, the car-load increased 22%, the
vance in rates. Last year's coal bill for the five
freight traffic density increased 61%, the revenue
roads was 104 millions; this year it promises to be
per ton mileage increased 70%, but the freight-train 162 millions. It is figured that this 15% rate allowmileage increased only 28%. Like figures presented
ance will amount to $97,100,000 for the five; but the
to the Inter-State Commerce Commission as to the
increased expenses promise to be $133,500,000.
Eastern roads in 1903-16 show an increase of
Here is a rate increase more than absorbed while it
50% in average tractive power of locomotives, in- is
under discussion and while there is no certainty
crease of 40% in average car capacity, and of 72% of its being granted.
in average train-load. The miles of line in this terriOne of the suggestions made for furnishing the aid
tory increased in the term only one-third as fast as
to France is that careful study may be able to take
the population, but the freight traffic increased 23/
off some passenger trains and turn their locomotives
times as fast as the population;"by intensive developinto freight service. But people do not take kindly
ment," however, the roads have managed approxito any trimming of convenience, and we Americans
mately to keep pace with the demand for carrying
have not yet come to realize that we are in a situation
service.
which will involve the inconveniences from which we
How have the roads themselves been faring?
have shrunk so whenever labor troubles have been
Their executives are telling this, in the case they are
immediately threatening and will distribute sacriputting up for the small rate increase asked for and
fices to which we have grown unaccustomed in our
now pending; we can take space for only a compact
long term of abundance. Mr. Underwood says he
statement of the most important facts. Taking the
has had no protests that rates are too high but has
case of the Pennsylvania, which in important respects
had "countless protests" about insufficient freightis very favorable, having great advantages in its
moving facilities and the company is called on to delocation, its traffic and .its continuity and soundness
fend damage suits "by reason of its inability to give
of management, its operating revenues in 1913 were
nt service, from causes beyond its control."
the largest in its history to that date; but its net efficie
Thompson of the Baltimore & Ohio says his road
operating revenue was 11 millions under that of 1910, Mr.
have a difficult time, even with the 15%, for
although 207 millions had been invested for increasing will
gross earnings in the last year were the largest
facilities of road and equipment, and the net operat- while its
MAY 12 1917.]
THE CHRONICLE
it has ever had, the return on the property investment was below the average of twelve years. For
the New Haven Mr. Elliott says that its proportion
of less than carload and of lightly-loaded carloads is
particularly large; its small customers are many and
its "retail business" large, its average haul per ton
especially short, its general level of rates below that
of a majority of roads throughout the country, its
general wage level higher than in most of trunk-line
territory, its fuel cost severely high; it needs to expend many millions in improvements and betterments for more efficient service and better working
conditions; therefore its net return ought to be large
enough to command new capital.
On the point of labor, one thing more should be
said. Mr. Thompson tells the Commission that
entry of a great number of men into Governmental
or agricultural service will draw off a number of experienced workers, requiring replacement by women
as far as that is possible. Mr. Smith of the New
York Central says that if the Commission could and
should grant a 15% increase on all traffic whatever,
intra- as well as inter-State, the added yield would
not equal the costs that have been put on payrolls
and vouchers for materials in the last fifteen months.
Mr. Rea says that because a railroad is unable to
raise its charge for its one product (transportation),
it is "unable to retain in its service the experienced
employees so essential for efficiency and economical
operation; even with the increases in wages which
have already been granted, changes in the force are
constantly occurring, which necessarily decrease the
efficiency of the employees as a whole and mean a
loss of money and effort to train new men." As
instancing the unrest, he says that the records of the
Pennsylvania lines East show an average number of
146,438 employees in 1916, of whom 121,447 were
new.
In the foregoing we have merely selected a little
of the orderly and cogent statement presented.
What is the Commission going to do about it all, and
what are the people of this country beginning to
think and ready to have done about it?
The "physical valuation" folly is dragging its slow
length along; the Commission has propounded a lot
of questions to the roads, and that body is as it has
been—unfriendly towards any petition for advances,
and, above all, exceedingly deliberate. Any indication of intervention by Congress is also unfriendly.
A few days ago a resolution was offered in the Senate,
calling for a statement from the Commission of the
revenues of the roads since June of 1915, and in the
House Mr. Adamson has offered a resolution declaring that inasmuch as the rate increase is asked
because of the burden added by the Adamson law
therefore the Commission shall "arrest and suspend
all schedules of rates now filed or to be filed proposing
to increase the freight rates until after the Goethals
commission shall have reported." This would be a
quite effectual deferring. One Senator declared that
now when individuals and corporations are offering
services to the Government and to loan their plants
gratuitously the railroads should show a little more
patriotism than to be "asking for an advance in
freight rates in order to swell their profits." But a
starved road is no more in condition to make sacrifices than a starving soldier is able to render efficient
military duty. It is the literal truth to say that it
has been the public policy in recent years to let the
roads starve. Unfortunately the error persists that
1845
the roads are some vague entity which can endure
being bled without being weakened; or that they
belong to some third party, or that they belong to
"Wall Street." They must keep pace with all demands, even the demands of a war whose scope and
duration are beyond foresight; they must serve and
do more and more. To the Commission's suggestion that the carriers indicate how far they are willing
to limit dividends during the war, Mr. Rea replies
that it is impossible to say in advance what might be
a fair dividend, and that "no reduction can be made
below 6% without weakening the credit of the company and increasing the cost of raising new capital;
its financial condition must be kept strong." This
is said of a dividend-paying road; would it matter
none if roads which do not pay dividends, whether in
receivership or not yet arrived there, were further
depleted?
In the last analysis, the problem comes down to
this: can the war be won without railroads, and without efficient railroads? If the railroad is not the
right arm of the nation, what is? Could there be a
greater and more untimely folly than to deny, or
even dally with and delay, anything which will put
our transportation at the highest efficiency and
keep it there? Shall we not cripple ourselves at the
beginning of the struggle if we adhere to or permit
a purblind and picayune policy?
CANADA'S RECEPTION TO "FREE WHEAT."
Ottawa, Canada, May 12 1917.
The Government of Canada is now aware precisely
how Western Canada regards its tariff concession on
wheat. It required nine years of vigorous bombardment by unions of farmers of Western Canada before
victory arrived. Now that the goal has been reached
a half-dozen new goals have been set up. Confidence
in their political power has begotten a series of fresh
demands, that oats, barley, potatoes, and other
products follow the lead of wheat, and that agricultural implements be placed forthwith on (or very
close to) the free list.
According to R. McKenzie, Secretary of the
influential "Canadian Council of Agriculture," there
has been no other one thing that tended to discourage
production and cause so many to abandon their
farms in the prairie provinces in 1912-13-14, as the
defeat of the Reciprocity Agreement. Mr. McKenzie believed that the problem of disposing of low
grade or "out of condition" wheat will now be ended,
as United States purchasers can always be found]
Another advantage would be the getting of a competitive route for export. Until now all Western
grain had to be shipped through the one spout, with
constant allegations of manipulation by grain and
transportation interests.
Another powerful body, the Saskatchewan Grain
Growers' Association, fathers the statement that
"the next logical step is to give the farmer the same
opportunity to purchase the necessary supplies
required in the production of farm produce; this
done, the Saskatchewan farmer will be able to
compete against the world, despite cheap labor in
other wheat-producing countries."
H. W. Wood, President of the United Farmers of
Alberta, asserts that: "If we can continue to have
the Western farmer's rights recognized in respect to
the markets wherein he buys as well as those in
which he sells we will build up the necessary pros-
perity."
1846
THE CHRONICLE
The Government's action has generally been hailed
with delight, but with what political gratitude remains to be seen, as the Dominion Liberal Party was
already committed to similar action. The railways
have given little indication of their view, although the
argument has been offered that any large shipment
to the sample market of Minneapolis would tie up
Canadian cars and aggravate the present shortage
in transportation facilities.
NEW YORK NEW HAVEN & HARTFORD RAILROAD REPORT.
Study of the annual report of the New York New
II wen & Hartford Railroad Company for the calendar year 1916, as published by us two weeks ago,
serves to emphasize the points made by Howard
Elliott in the statement issued by him under date of
April 25 (contemporaneously with the appearance of
the report), when announcing his relinquishment of
active control of the property. The report itself is
supplementary to that covering the operations for
the twelve months ending June 30 1916, the former
fisnl year of the company, wifich has now been
chPnged to the calendar year to conform with the
act;pn of the Inter-State Commerce Commission,
wh now call for annual returns for the twelve months
ene ing Dec. 31 instead of the twelve months to June
30 In other words, the present calendar year statement comprises six months already included in the
rer )rt for the year ending June 30 1916, the six
,
months from Jan. 1 to June 30 1916 being common to
both periods. The statement for the December year
is e ren better than was that for the June 30 year, and,
in *hat fact, reflects the further improvement which
oceirred in the company's affairs in the last six
mo iths of 1916, notwithstanding the adverse circumstances with which the road had to contend.
n apt characterization of the affairs of the New
Ha-Ten road would be to say that during the four years
in which Mr. Elliott guided the destinies of the compal y, a heap was accomplished towards reinstating
the property to its former position of commanding
var tage, but much still remains to be done before
the property will be able adequately to fulfill its
functions to the public as a transportation agency,
and yield a full measure of profits to the owners.
The task set for Mr. Elliott when, at a most critical
period in the history of the company, he entered
upon the management of the property, was an herculean one, and considering the nature of the obstacles
with which he had to contend, it is not surprising
that he should find himself at the end of the four years
pretty well exhausted in body and in mind,and should
feel glad to obtain relief from the arduous labors that
are still ahead before the company shall be completely
re-established in physical and financial soundness.
In face of great obstacles, its earning capacity has
been developed and advanced, which is a consideration of the highest importance, and its mountain of
floating debt has been substantially reduced. And
yet this floating debt still hangs, as Mr. Elliott puts
it, "like a millstone about the neck of the company."
Funds also are needed for physical improvements
and for development work. In the calendar year
1916 gross revenues of the New Haven and Central
New England roads, which are managed as one
property, reached $85,640,365. This compares with
only $72,356,585 in the calendar year 1913 and
no more than $68,471,603 in the calendar year
1914, which was a period of extreme depression.
[VoL. 104.
The net income above expenses and taxes for 1916
was $25,125,268, as against $16,715,056 in 1913 and
only $15,224,529 in 1914. In other words, in two
years the annual net income has been added to in
amount of almost $10,000,000 and the ratio of operating expenses to gross revenues has been reduced
from 73% to 66.92%. This is Mr. Elliott's achievement, of which the board of directors, which is composed of some of the most eminent names in the country, may well feel proud.
The showing would have been still better except
for the unusually severe weather in January, February and March of last year, and for the traffic congestion and freight embargoes and lack of facilities
for the prompt loading and unloading of cars, and
other drawbacks. As it is, while the company had
only $268,000 left after paying fixed charges in the
year ending June 30 1914, the surplus above charges
for the latest calendar year was not less than
$5,554,977.
With the restoration of normal conditions, further
improvement in operating results will be possible,
but funds are what is chiefly needed. As Mr. Elliott
points out, the failure of the plan to issue $67,500,000
convertible debentures left the company confronted
with a floating debt of nearly $50,000,000 and no
means of meeting it except by short-term notes. The
floating debt at one time was nearly $56;000,000, but
it has been reduced the last three years to $43,000,000, and notes have just been sold for $45,000,000 to
care for this debt and leave $2,000,000 for improvements. Mr. Elliott says that $18,258,000 has been
spent for equipment, additions and improvements
and the protection of subordinate properties since
June 30 1914. The system, he states, is in better
condition to-day than for several years past, and a
comprehensive plan of improvements has been made
and much of the work is going on. The various departments of the service have been reorganized and
strengthened and new methods have been and are being introduced.
Mr. Elliott enumerates the following as the important problems awaiting solution:(1) To adopt a plan
for handling the company's floating debt and for
obtaining new capital for improvements. In connection with this problem, he well says that in considering the measures of relief to be employed, the
stockholders should realize that they are the owners
of the property and ought to come to the rescue by
furnishing some new capital "and not rely indefinitely upon banks or bankers for temporary loans,
which create a very uncertain and dangerous situation." (2) The second problem is to dispose of the
so-called "outside properties" (which must be sold
under the Federal decree) at a minimum of loss and
use that money for improvements or paying debts.
(3) A third problem is to obtain rates—freight, passenger, mail and express—that will enable the company to meet the steadily increasing wages and the
rising prices of materials and the serious conditions
imposed by the war. (4) In addition, it is incumbent
to perfect every detail of management, so as to save
the maximum amount of money; and (5) there should
be spent from earnings or from new capital enough
money in the next five years to modernize the plant
and make it adequate to the needs of New England—
to provide better working conditions, resulting in
substantial economies, in the hope of paying a return
to the shareholders. The property, says Mr. Elliott,
is a wonderful one, and its success now depends very
MAY 12 1917.]
THE CHRONICLE
1847
In saying that the floods in 1913 operated to relargely upon the willingness of the stockholders to
help pay its debts, and of the public to pay rates suf- duce revenues we do not mean that there was actual
ficient to meet rising expenses and have enough left falling off in gross in March of that year on the roads
over with which to make improvements and raise as a whole in the United States, but merely that the
gain was heavily reduced; in the net, on the other
the credit of the company.
Mr. Elliott has here outlined the nature of the task hand, because of the augmentation in expenses, there
confronting those who must carry to completion the was an actual falling off. In brief, our compilation
work inaugurated by him four years ago. The under- for March 1913 showed $4,275,145 decrease in net
taking will not be an easy one, but with proper assidu- 'earnings acd this was due to an augmentation of $14,ity and unremitting effort, the New Haven property 870,984 in expenses at a time when the addition to
should in the course of time take its proper rank again. gross earrings (the floods, as already stated, having
greatly cut down the normal rate of addition) was
RAILROAD GROSS AND NET EARNINGS FOR but $10,595,839-, or 4.46%. As a matter of fact,
MARCH.
however, net earnings had been making poor exexpenses are again the dominant feature in hibits for several successive years. Our compilations
Rising
our monthly summary of earnings and expenses of for March 1912 registered $12,955,678 gain in
the railroads of the United States. The compilation gross (5.77%), but of this only $848,494 was carried
this time covers the month of March and such has forward as a gain in the net. Going a year further
been the augmentation in expenses that it overtops back, we find that there was an actual loss in both
the gain in gross earnings, even though the latter has gross and net in March 1911; by the figures of the
been of substantial proportions. Stated in brief, Inter-State Commerce Commiskon, $11,264,790 in
gross earnings have increased as compared with the gross and $9,148,129 in net. In the year preceding,
corresponding month last year in amount of $27,249,- large expenditures were also a conspicuous feature
215 (or 9.27%), and this has been attended by an of the returns; according to the tabulations of the
increase in expenses of no less than $35,160,455, or Inter-State Commerce Commission there was an
17.31%, leaving therefore a loss in net of $7,911,240. increase in gross in March 1910 of no less than
Inc.(+)or Dec.(—)•
$32,887,440, but the gain in net was no more than
Amount.
%
March (454 Roads)—
1917.
1916.
+868 0.35
Miles of road
248,185
247,317
+527,249,215 9.27 $8,664,106. In March 1909 there were very striking
earnings
Gross
5321,317,560 $294,068,345
+35,160,455 17.31
197,349,639
Operating expenses
232,510,094
gains in both gross and net—$22,190,078 in the
—$7,011,240 8.18
$88,807,466 $96,718,706
Net earnings
former and $14,303,842 in the latter; but these
We need hardly say that comparison is with gains followed largely as the result of the heavy
heavily increased totals in 1916, both in the case of
losses sustained in 1908, the year following the 1907
the gross and the net earnings. The improvement panic. In
1908 the Commission had not yet begun
at that time reached large proportions, the gain in
to give out comparative figures. Our own comthe gross being no less than $58,731,563, or 24.66%, pilations at that time were somewhat
incomplete,
and the gain in the net $29,378,627, or 42.96%. Yet owing to the circumstance that earnings were running
this improvement in March 1916 itself followed poor so poorly that a number of big companies withheld
or indifferent returns in the years immediately their figures, not caring to disclose the magnitude
preceding, the 1916 improvement constituting, thereof their losses. On an aggregate of only 152,058
fore, in no small measure merely a recovery of
miles of road, our statement then showed a deantecedent losses. Thus, for March 1915 our
crease of $21,531,681 in gross and of $6,543,631 in
tabulations recorded a loss in gross of $15,194,218,
net. We estimated that for the entire railroad mileor 5.99%. This was attended, however, by a reduc- age of the country the falling off in gross for the
tion in expenses in still larger amount, the railroads month must have been about $34,000,000, with a
feeling it a duty to contract expenses in every direc- shrinkage of $10,000,000 in net. In the following
tion because of the dismal prospects then confronting we give the March totals back to 1896. For 1911,
them, and accordingly in the net there was a 1910 and 1909 we use the Inter-State Commerce
small gain—$1,000,350, or 1.48%. In March 1914 figures, but for preceding years we give the results
just as registered by our own tables each year—a
there were slight gains in both gross and net ($660,166 portion of the railroad mileage of the country being
in the case of the gross and $3,104,528 in the case of always unrepresented in the totals, owing to the
the net), but these small gains resulted entirely from refusal of some of the roads then to give out monthly
the absence of certain adverse' developments which figures for publication.
in the year preceding had heavily cut down revenues
Gross Earnings.
Net Earnings.
while augmenting expenses. In other words, in Year. Year
Inc.(+) or
Year
Inc.(+)or
Year
Year
Preceding. Dec.(—).
Given.
Preceding. Dec.(—)
Given.
•
March 1913 earnings had been very unfavorably
affected by the great floods which occurred in the March. 52,393,093 51,220,449 +1,172,644 16,004,390 16,051,229 —46,839
1896
+869,474 17,992,125
56,662,338 55,792,864
+1,424,786
Middle and Middle Western States -in the closing 1897.- 65,920,850 57,313,697 +8,607,153 21,833,910 16,567,339 +3,788,044
18,045,866
i898
23,576,797 21,872,713
71,322,133
that month. These floods not only caused 1899.._ 81,946,098 66,789,833 +4,532,300 26,782,183 23,895,780 +1,704,084
week of
72,318,54 +9,627,558
+2,886,403
1900
1901
immense property damage and the loss of many lives, 1902 ___ 96,738,826 88,084,673 +8,654,153 32,780,439 28.903,196 +3,877,243
97,290,104 92,943,633 +4,346,471 31,299,387 30,736,551
+562.836
106,208,702 91,541,576 +14,667,126 33,406,751 28,846,908 +4,559,843
1903
but resulted in a complete suspension of railroad 1904..._ 110,945,055 110,657,629 +287,426 30,628,797 34,291,160 —3,662,363
120,507,724 110,277,421 +10,230,303 36,878,227 31,654,402 +5,223,825
1905
operations for a few days on a good part of the rail- 1906_ 129,838,708 116,861,229 +12,977,479 40,349,748 35,312,906 +5,036,842
+63,814
141,580,502 128,600,109 +12,980,393 40,967,927 40,904,113
1907
—6,543,631
21,531,681 39,328,523
--- 141,193,819
road mileage in Ohio and Indiana, and on all the 1908-- 205,700,013 162,725.500 +22,190,078 69,613,713 45,872,154 +14,303,842
55,309,871
183,509.935
1909
78,322,811
+8,664,106
238,725,772
lines connecting therewith from the East, the West 1910 --- 227,564,915 205,838,332 +32,887,440 69,209,357 69,658,705 —9,148,129
238,829,705 11,264,790
78,357,486
1911
224,608,654
69,038,987
+848,494
and the South. It thus happened that the roads 1912 237,564,332 238,634,712 +12,955,678 64,893,146 68,190,493 —4,275,145
+10,595,839
69,168,291
1913- 249,230,551
249,514,091
+660,166
which in 1913 had their earnings heavily reduced, 1914_ _ _ 250,174,257 253,352,099 —15,194,218 67,993,951 64,889,423 +3,104,528
68,452,432 67,452,082 +1,000,350
1915_ 238,157,881
1916_ .._ 296,830,406238,098,843 +
regained in 1914 some of the loss and hence were 1917._ 321,317,560294.068,345 +58,731,363 97,771,590 68,392,963 +29,378,627
27,249,215 88,807,466 96,718,706 —7,911,240
able to report increases—in a few cases of considerable Note.—Includes for March 141 roads in 1896, 127 in 1897. 137 in 1898, 123 In
In 1905,
126 in 1902, 107 in 1903,
1899, 126 in 1900, 123
amount—which increases served to that extent to 96 in 1906, 94 in 1907;in 1901,the returns were based on 101 In 1904, 101 road; in
in 1908
152,058 miles of
1909, 233.702; in 1910.239.691; In 1911. 244.081; In 1912, 238.218: in 1913, 240,510.
offset the losses on other roads or to overcome them In 1914, 245,200; in 1915, 246,848; in 1916, 247,363; in 1917, 248,185. Neither the
Mexican roads nor the coal mining operations of the anthracite coal roads are inaltogether.
cluded In any of these totals.
.)
1848
THE CHRONICLE
In the case of the separate roads or systems, the
showing is like that for the general totals, as far as
the comparison with last year is concerned. In the
gross, improvement is the rule, and it extends to all
sections of the country and to all classes of roads. On
the other hand, in the net, while there is a considerable number of increases, some for large amounts,
these are greatly outnumbered by the decreases.
The New York Central, while adding $510,831 to
gross, falls $1,417,275 behind in the net. This
relates to the New York Central proper as enlarged
by the recent merger with the Lake Shore and some
other but lesser roads. If, in addition, we include
the various auxiliary and controlled roads like the
Michigan Central, the "Big Four," &c., the whole
going to form the New York Central System, the
result is a gain of $1,500,278 in gross, with $2,418,333
loss in net. Last year, in March, the New York
Central System recorded $8,019,901 gain in gross and
$4,811,521 gain in net. The Pennsylvania this year,
on the lines directly operated East and West of
Pittsburgh and Erie, registers $3,924,237 increase in
gross, but $641,001 decrease in net. Including all
lines owned and controlled which make monthly
returns to the Inter-State Commerce Commission tho
result for the Pennsylvania System is a gain of $4,594,328 in gross, with a contraction of $904,072 in
net. Last year, in March, the Pennsylvania System
recorded $8,107,455 gain in gross and $3,977,028
gain in net.
Elsewhere the exhibits are much the same, except
in the South and the Southwest, where in many
instancesithere are substantial increases in gross and
net alike. The Baltimore & Ohio has $423,054 gain
s
in gross,ewithl$718,737 loss in net; the Erie $495,658
gain in gross, with $441,036 loss in net; the Boston
& Maineihasradded $437,204 to gross, but suffers a
shrinkage of $364,589 in net. Contrariwise the New
Haven hasradded $825,221 to gross and $335,369 to
net. The Chicago & North Western has $235,542
increase inrgross, with no less than $1,010,913 decrease in net; the Northern Pacific $134,867 increase
in gross, with $390,790 decrease in net; the Burlington
& Quincy1$745,241 increase in gross, with $293,530
decrease inInet; the Union Pacific $541,879 gain in
gross, with $577,550 loss in net, and the Rock Island
$779,201 gain in gross, with $245,366 loss in net.
The Great'Northern falls behind $371,068 in gross
and $852,463 in net, and the Milwaukee & St. Paul
$119,473 in gross and $704,927 in net.
On the:otherlhand, the Atchison has added $2,001,314 to gross/and $1,038,802 to net; the Southern
Pacific $2,714,009 to gross and $535,102 to net; the
Missouri Pacific $783,639 to gross and $673,527 to
net; the Missouri Kansas & Texas $465,068 to gross
and $352,095 to net, and the Illinois Central $1,127,887 to grossrand $694,690 to net. In the South the
Southern Railway reports $736,847 increase in gross
and $135,533 in net; the Chesapeake & Ohio $167,814
increase in gross and $127,358 in net, and the Atlantic
Coast Line $473,184 increase in gross and $136,818
in net. But the Louisville & Nashville with $552,921
increase in gross has $74,030 decrease in net; the
Norfolk & Western with $62,228 increase in gross,
falls $327,126 behind in net, and the Seaboard Air
Line, while adding $235,806 to gross, loses $47,997 in
net. In the following we show all changes for the
separate roads for amounts in excess of $100,000,
hether increases or decreases, and in both gross
na net.
[VOL. 104.
PRINCIPAL CHANGES IN GROSS EARNINGS IN MARCH.
Increases.
Increases.
a$3,924,237 Chicago & North Western $235,542
Pennsylvania
216,695
2,714,009 Hocking Valley
Southern Pacific
206,213
2,001,314 Western Maryland
Atch Topeka & S Fe
202,365
1.127,887 Chicago & Alton
Illinois Central
167,814
N Y N H & Hartford_ _ _ _ 825,221 Chesapeake & Ohio
162,923
783,639 Western Pacific
Missouri Pacific
152,622
Chic Rock Island & Pac__ 779,201 Kansas City Southern__ _
143,983
745,241 Buffalo Roch & Pitts_ ___
Chic Burl & Quincy
140,844
736,847 Pere Marquette
Southern Railway
138,622
Louisville& Nashville_ _ _ _ 552,921 Maine Central
137,646
c541,879 Central New England.._ _ _
Union Pacific
134,867
6510,831 Northern Pacific
New York Central.
129,404
495,658 Central of New Jersey.. _ _
Erie
124,667
480,420 Texas & Pacific
Michigan Central
121,262
473,184 Colorado & Southern_ __ _
Atlantic Coast Line
Delaware Lack & Western 470,363 New On.Tex. & Mexico__ 120,213
117,507
Missouri Kansas & Texas.. 465,068 Virginian
437,204 Los Angeles & Salt Lake.... 117,075
Boston & Maine
115,892
432,923 Bessemer & Lake Erie._ _ _
Valley
Lehigh
115,370
426,713 Central of Georgia
Delaware & Hudson
112,233
423,054 Spokane Port & Seattle_
Baltimore & Ohio
104,418
St Louis & San Francisco.. 406,371 Lake Erie & Western.._ _ _
400,422
Phila Balto & Wash
Representing 64 roads
Denver & Rio Grande_ .. _ _ 391,709
in our compilation_ _$26,063,045
301,475
Yazoo & Miss Valley
Decreases.
293,034
Wabash
288,620 Minneapolis St P & S S M $499,196
Cleve Cinc Chic & St L
371,068
Chicago & Eastern III_ _ _ _ 281,291 Great Northern
119,473
St Louis Southwestern _ _ _ 274,593 Chicago Milw & St Paul
El Paso & Southwestern.._ 263,636
Representing 3 roads in
Philadelphia & Reading__ 260,097
$989,737
Seaboard Air Lineour compilation
are on the basis of the returns filed
-All the figures in the above
Note.
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the
separate roads so as to make the results conform as nearly as possible to
those given in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR., together with the Pennsylvania Company, and the Pittsburgh Cincinnati Chicago & St. Louis,
the Pennsylvania RR. reporting $2,674,371 increase, the Pennsylvania
Company $191,871 gain and the P. C. C.& St. L. $1,057,995 gain. Including all lines owned and controlled which make monthly returns to the InterState Commerce Commission, the result is a gain of $4,594,328.
b These figures cover merely the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the Michigan Central, the "Big Four," &c., the whole going to form the New York
Central System, the result is a gain of $1,500.278.
c These figures are furnished by the company.
PRINCIPAL CHANGES IN N ET EARNINGS IN MARCH.
Decreases.
Increases.
$1.038,802 Chicago Milw & St Paul.... $704,927
Atch Topeka & S Fe
694,690 Philadelphia & Reading__ 647,852
Illinois Central
a641,001
673,527 Pennsylvania
Missouri Pacific
c577,550
535,102 Union Pacific
Southern Pacific
.
441,036
Missouri Kansas & Texas._ 352,095 Erie
390,790
..e
NYNH& Hartford__ _ 335,369 Northern Pacific
176.057 Pittsburgh & Lake Erie.. _ 375,676
El Paso & Southwestern
364,589
St Louis dc San Francisco.. 158,907 Boston & Maine
327,126
136,818 Norfolk & Western
Atlantic Coast Line
309.647
135,633 Michigan Central
Southern Railway
127,358 Elgin Joliet & Eastern_ _ _ _ 299.547
Chesapeake & Ohio
123,127 Chicago Burl & Quincy.._ 293,530
Hocking Valley
283,980
108,414 Pere Marquette
Spokane Port & Seattle
St Louis Southwestern_ .._
106,465 Chic Rock Isl & Pac Lines 245,366
Chicago St Paul M & Om_ 211,492
Delaware Lack & Western 183,533
Representing 14 roads
141,798
in our compilation_ _ _34.702,264 N Y Chicago & St Louis
Lehigh Valley
118,293
Chicago Great Western.... 108.423
Decreases. Clev Cinc Chic & St L.. _ _
106,849
b$1,417,275 Grand Trunk Western...... 101,612
New York Central
101,470
Chicago & North Western 1,010,913 N Y Phi's & Norfolk
852,463
Great Northern
Representing 27 roads
Minneap St P & S S M...... 726,494
in our compilation_ _$11.701.969
Baltimore & Ohio
718.737
a This is the result for the Pennsylvania RR., together with the Pennsylvania Company, and the Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania RR. reporting $65,473 increase, the Pennsylvania Company
$890,274 loss and the P. C. 0. & St. L. $183,800 gain. Including all
lines owned and controlled which make monthly returns to the Inter-State
Commerce Commission, the result is a loss of $904,072.
b These figures cover merely the operations of the New York Central
Itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Pour," &c., the whole going to form the
New York Central System, the result is a loss of $2,418,333.
c These figures are furnished by the company.
When the roads are arranged in groups or geographical divisions according to their locations the
effect of rising expenses is revealed in striking fashion,
for whereas every division shows an improvement in
gross, five of the seven divisions record decreases in
net. Our summary by groups is as follows:
SUMMARY BY GROUPS.
Gross Earnings
1916.
Inc.(+)orDec.(-).
1917.
Section or Group.
$
March
Group 1 (18 roads), New England__ 14,793,192 13,295,072 +1,498,120 11.27
Group 2(79 roads), East & middle__ 87,645,018 80,464,740 +7,180,278 8.93
39,837,179 36,303,520 +3,533,659 9.74
Group 3 (60 roads), Middle West__
Groups 4 & 5 (87 roads), Southern_ _ _ 42,769,794 39,565,093 +3,204,696 8.13
Groups 6 & 7 (74 roads), Northwest... 66,575,390 64,316,771 +2,258,619 3.51
Groups 8 & 9 (90 roads), Southwest__ 51,215,298 44,417,011 +6,798,287 15.30
Group 10 (46 roads), Pacific Coast__ 18,481,689 15,706,133 +2,775,556 17.67
Total (454 roads)
321,317,560
-Mileage--'-1917. 1916.
1917.
$
7,814 7,830 3,448,978
Group No. 1
33,149 33,050 20,324,736
Group No. 2
23,529 23,505 8,980,263
Group No. 3
Groups Nos. 4 & 5 41,244 40,940 14,371,531
Groups Nos. 6 Jr 7- 08,526 68,373 19,162,820
Groups Nos.8 & 9.... 57,419 57,289 16,033,027
16,504 16,330 6,486,111
Group No. 10
294,068,345 +27,249,215 9.27
Net Earnings
1918.
Inc.(+)orDec.(-).
$
3,601,222
-152,244 4.23
23,924,426 -3,599,690 15.05
11,508,889 -2,528,626 21.97
14,540,373
-168,842 1.16
23,869,800 -4,706,980 19.68
13,230,324 +2,796,703 21.13
6,037,672
+448,439 7.42
248,185 247,317 88,807,466 96,718,706 -7,911,240 8.18
-Group I. includes all of the New England States.
NOTE.
Group II. Includes all of New York and Pennsylvania except that portion wes
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. includes all of Ohio and Indiana; all of Michigan except the northern
Peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined Include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Total
MAY 12 1917.1
THE CHRONICLE
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south
of Denver, the whole of Texas and the bulk of Louisiana; and that portion of
New Mexico north of a line running from the northwest corner ofthe State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona and the western part of New Mexico.
DETAILS OF LIBERTY LOAN OF 1917.
The details of the initial offering of the "Liberty Loan of
1917" were made public by Secretary of the Treasury McAdoo on the 9th inst. As heretofore indicated, the amount
of the offering is $2,000,000,000. The bonds, which are to
bear interest at 33"2%, will be issued in denominations from
$50 to $100,000. Two classes of bonds will be issued, coupon
and registered. The lowest denomination of registered bonds
will be $100, other denominations being $500,$1,000,$5,000,
$10,000, $50,000 and $100,000. Coupon bonds, payable to
bearer, will be issued in denominations of $50,$100,$500 and
$1,000.
Two per cent of the subscription must be paid on application; 18% is due on June 28, 20% on July 30, 30% Aug. 15
and 30% on Aug. 30. The bonds will be dated June 15 instead of July 1, the date previously designated, and interest
will be payable semi-annually on June 15 and Dec. 15.
Applications must be made by June 15. The present offering, the announcement reads, "is limited to $2,000,000,000,
and no allotments will be made in excess of that amount."
The bonds will carry the privilege of conversion into any
bonds which may be issued later during the war at a higher
rate of interest. In order that the various payments may
be completed with the least possible disturbance of monetary
conditions, Secretary of the Treasury McAdoo will redeposit
the proceeds with the various national and State banks and
trust companies throughout the country. Secretary' McAdoo's statement, issued on the 9th inst., giving the details
of the new issue, follows:
1849
bond issue will be subscribed without effort. The loan will not be carried
to success by its own momentum. Every man and woman in the country
must get behind this loan, must give financial aid and active support if we
desire the result to be achieved. The splendid patriotism evidenced by the
thousands of telegrams received at the Treasury Department these last few
days is most inspiring, but this world struggle for the vindication and
supremacy of democracy cannot be won unless the financial sinews of war
are put in ample measure at the disposal of the Government.
Borrowing $5,000,000,000 in large installments is a gigantic undertaking,
but it is not too big for America. The glory of its success will depend upon
the extent to which the people contribute to it. We must not rely on any
class to furnish the patriotism and the means to make liberty the common
possession of all the world.
It is not possible, of course, for every man and woman to subscribe for
a bond, however small the denomination, but it is possible for those who
are unable to subscribe to influence somebody who is able to subscribe to
take at least one bond. Every one can do a share in this great national
undertaking.
It is intended to make the bonds of such denominations and the payments on such easy terms as will give every inhabitant of the land, big and
little, high and low, the opportunity to help.
Announcement as to the denominations and payments will be made in
a few days.
As far as practicable, figures will be given out from time to time as to
the progress of the subscriptions, but the number of telegrams and letters
reaching the Department is so great that it will not be possible to give
daily statements of the amounts invested. Every effort will be made,
however, to give the fullest measure of publicity.
To encourage individual subscription, Treasury officials
have approved a design of a button, to be worn in the coat
lapel, stating that the wearer is the owner of a Liberty Bond.
Mr. McAdoo has ordered the manufacture of this button in
large quantities. One button will be given to each subscriber.
The legend on the button has not been finally approved, but
it may read about as follows: "I own a Liberty Bond. Do
you?"
According to Secretary McAdoo, responses to the offering
have been extremely gratifying. Replies have come from
virtually every part of the world where the American flag is
flown. Hawaii, Porto Rico and the Philippines have cabled
substantial subscriptions. Fairbanks, Alaska, the northernmost city in the Western world, telegraphed a $50,000 subscription and added that the loan would be advertised in all
the newspapers there. Large subscriptions by the New
York banks, especially the bigger institutions, are reported:
the Chase National, it is said, has decided to take between
$10,000,000 and $20,000,000 for itself and customers; the
Guaranty Trust Co. between $25,000,000 and $30,000,000;
the Central Trust, the Farmers' Loan & Trust Co., the Corn
Exchange Bank, Hayden, Stone & Co., are reported to have
subscribed $10,000,000 each, and the other banks of the city
have similarly entered subscriptions for a goodly share.
One of the largest subscriptions has come from Kuhn, Loeb
& Co.; it amounts to $22,500,000, $10,000,000 of which was
subscribed on its own account, 85,000,000 for the Union
Pacific RR., $5,000,000 for the Southern Pacific and $2,500,000 for the Western Union Telegraph Co. The United
States Steel Corporation has entered its subscription for
$25,000,000 of the bonds; the insurance companies have also
subscribed for a large amount of the bonds,as have other large
business organizations. The Standard Oil Company's subscription amounts to $1,000,000. A feature of the undertaking is the plan which a number of banks and other organizations have decided to enable their employees to participate in the loan.
The following telegram, in which he Subscribed to $100,000
of the bonds, was sent to Secretary McAdoo by Assistant
Treasurer of the United States Martin Vogel:
The Liberty Loan Bonds will mature in thirty years and be redeemable in
whole or in part, at the option of the United States, on or after fifteen years
at par and accrued interest.
In order to avoid adding to the heavy burden of work incident to the
July 1 and Jan. 1 settltments, the Secretary has determined that the Liberty
Loan Bonds shall be dated June 15 1917 instead of July 1 1917, as heretofore announced, and that the interest shall be payable June 15 and Dec. 15
in each year.
Applications must be made on or before June 15 1917, subject to the right
of the Secretary, in his discretion, to close the subscription books at an earlier date, and payment for the bonds must be made as follows: 2% on applicatIan, 18% on June 28 1917, 20% on July 30 1917.30% on Aug. 15 1917,
30% on Aug. 30 1917.
Accrued interest will be payable with the full and final payment. Provision will be made for the privilege to pay earlier the full subscription price
upon terms and conditions determined by the Secretary.
In case any subsequent series of bonds (not including Treasury certificates of indebtedness and other short-term obligations) shall be issued by the
United States, bearing a higher rate of interest than 3% per centum per
annum, before the termination of the war between the United States of
America and the Imperial German Government, (the date of such termina
tion to be fixed by a proclamation by the President of the United States,)
the holders of any of the bonds of the present issue shall have the privilege
of converting the same, upon such terms and conditions as shall be prescribed by the Secretary of the Treasury,into an equal par amount of bonds
bearing such higher rate of interest and identical with the bonds of such new
series, except as to maturity and redemption, which will be identical with
the bonds of the present series.
Bearer bonds with interest coupons attached will be issued in denominations of $50, $100, $500 and $1,000. Bonds registered as to principal and
Interest will be issued in denominations of $100, $500, $1,000, $5,000,
$10,000, $50,000, and $100,000. Provision will be made for tho interchange of bonds of different denominations and of coupon and registered
bonds.
In order that the various payments required for the settlement of this
transaction may be completed with the least possible disturbance of monetary conditions, the Secretary will avail himself of the privilege, given to
him by the Act, to redeposit the proceeds of the bonds, in so far as is pracBecause I deem it a privilege and a duty for every citizen to subscribe for
ticable, with various national and State banks and trust companies throughas many bonds as he can, and because I consider them the safest possible
out the country.
investment, I herewith subscribe to $100,000 of United States bonds of the
The present offering is limited to two billion dollars and no allotments
Liberty Loan of 1917.
will be made in excess of that amount.
The terms of the bond issue were finally agreed on late on
the 9th inst. at a conference in the office of Secretary of the
Treasury McAdoo, attended by Comptroller of the Currency
John Skelton Williams, Governor W. P. G. Harding of the
Federal Reserve Board, Vice-Governor Paul M. Warburg,
Assistant Secretary of the Treasury Oscar T. Crosby, Robert
W. Woolley, William Woodward, President of the Hanover
National Bank of New York; William B. Franklin, President
of the American Investment Bankers'Association,and George
R. Cooksey, Assistant to the Secretary of the Treasury.
It is stated that some of those present were in favor of making
the lowest denomination $20, while others favored $100.
The $50 bond was selected as a compromise.
An appeal to every American citizen to interest himselfin
the loan, either by subscribing or influencing some one else
to subscribe, was issued by Secretary McAdoo on the 6th
inst. in the following:
Although the response thus far made by banks, bankers and citizens
generally throughout the United States to my telegrams announcing the
Liberty Loan has been tremendous, it must not be assumed that the great
The following resolution, urging the members of -the New
York Stock Exchange to continue their efforts on behalf of
the success of the floating of the"Liberty Loan,"was adopted
by the Governors of the New York Stock Exchange on the
9th inst.:
Whereas, An urgent necessity has arisen for prompt and effective support
of the Liberty Loan by all classes of American citizens; therefore, be it
Resolved, That members of the New York Stock Exchange be urged to
continue their liberal subscriptions, and to do all in their power to enlist
the support and co-operation of the public to make this loan an overwhelm
log success.
P. W.Goebel, President of the American Bankers' Association, was in conference yesterday with Secretary McAdoo
with regard to the plans for the participation of the Association in the marketing of the bonds.
The use of the mails as a medium for Governmental publicity for the new loan was decided upon at a conference on
the 7th inst. between Robert W. Woolley, public director
for the issue, and James Blakeslee, Fourth Assistant Post-
1850
THE CHRONICLE
master-General. Every letter passing daily through the
mails is soon to bear a special cancellation stamp of striking
design to notify all persons receiving mail that the nation is
calling for contributions to the issue. Every letter-box of
the hundreds of thousands in the country is to be placarded
with pasters announcing the loan and the need for contributions. Every post-office is to display posters prominently,
giving full information. Every one of the 60,000 vehicles
operated by the Post Office Department,from the one-horse
buggy of the rural free delivery carrier to the powerful mail
trucks in the principal cities, is to proclaim in large type from
posters on its sides that the Liberty Loan is to open subscriptions and that it is the duty of every citizen who can to subscribe. Every letter carrier in every city is to have a card
to stick in his cap, so that wherever his whistle is heard the
call to subscribe will be carried.
Furthermore, every letter carrier and every rural free
delivery carrier is to be an active bureau of information concerning the terms and details of the issue. The carriers will
be coached in the elementary details, and will be supplied
abundantly with advertising matter, which they are to distribute upon request to all persons desiring it.
Among the advertising methods are the uses to which electrical advertising signs can be placed. The largest electrical
sign ever built will be placed at Broadway and Forty-Second
Street, New York, to flash, in red, white and blue every
night an appeal for subscriptions to the loan. The sign
will be built and maintained free of cost to the Government
by 0. J. Gude, of New York. Other signs may be similarly
operated in other large cities. In addition, Secretary
McAdoo has under consideration a..speech-making tour in
the interest of the big issue.
The formation of a Liberty Loan Club in Cumberland,
Md.—the first in the country, it is said—is announced.
The purpose of the Club is to further subscriptions to the
loan, the members agreeing to pay a certain amount monthly.
COMMITTEE OF N. Y. BANKERS TO AID IN FLOATING
LIBERTY LOAN.
The appointment by Gov. Strong of the Federal Reserve
Bank of New York of a general committee to assist in the
distribution of the new Liberty Loan was announced on the
7th inst. The action was taken in response to the request
of the Secretary of the Treasury for the organization of
central committees in all the Reserve districts to the end
that all forces be brought in co-ordination for the purpose of
placing the loan. In making known the appointments of
Governor Strong the New York Federal Reserve Bank issued
the following statement:
The Secretary of the Treasury has requested the Federal Reserve banks
in the several districts to organize central committees believing that the
effective organization of all the forces to be brought in co-ordination for
the purpose of placing the loan, as well as for a consistent campaign of
education, can best be done through such committees. It is the wish of
the Secretary to enlist the best talent in each district and, while he wishes to
have each district consider itself an independent unit in the campaign, the
general direction will, of course, remain in the Secretary's hands.
Carrying out the desire of the Secretary of the Treasury, Benjamin
Strong, Governor of the Federal Reserve Bank of New York, has appointed
the following committee, with alternates for each member.
Members: Benjamin Strong, alternate, Pierre Jay; J. S. Alexander,
alternate, E. H. Ardrey; George F. Baker, alternate, F. L. Hines; A. B.
Forbes, alternate, E. S. Sweezy; G. W. McGarrah, alternate, John
McHugh;J.P. Morgan,alternate,H.P.Davison; Seward Prosser,alternate,
A. II. Marckwald; Charles II. Sabin, alternate, N. D. Jay; Jacob IT. Schiff,
alternate, M. L. Schiff; F. A. Vanderlip, alternate, Charles D. Rich;
Albert H. Wiggin, alternate, E. R. Tinker; William Woodward, alternate,
E. H. Ferry.
The committee met yesterday morning at Federal Reserve Bank of New
York and organized by electing Benjamin Strong, Chairman, and James F.
Curtis, Secretary. The committee elected as Executive Manager A. N.
Anderson of the firm of J. P. Morgan & Co. Mr. Anderson will devote
all of his time to the service of the committee and will relate the work of the
committee and that of the various sub-committees which are to be appointed.
Mr. Gray, of the Guaranty Trust Co., was elected Assistant Secretary.
Four sub-committees, each with a member of the general committee as
chairman, were decided upon. The first of these, a committee on distribution, will be made up of the following: S. Q. Brown, of Redmond & Co.,
James Brown, of Brown Bros. & Co., Clarence Dillon, of William A. Read
& Co., Pliny Fisk, of Harvey, Fisk & Sons, N. D. Jay, of the Guaranty
Trust Co. of Now York, G. H. Kinnicutt, of Kissel, Kinnicutt & Co., C. E.
Mitchell, of the National City Co., C. S. Sargent, Jr., of Kidder, Peabody
& Co., A. J. Sheldon, of Lee, Higginson & Co., Frederick A. Strauss, of
3. & W.Seligman & Co., and F. M.Weld, of White, Weld & Co.
Allen B. Forbes, of Harris, Forbes & Co., will act as chairman of this
committee and alternates will be appointed for each member of the committee.
All the activities in connection with the distribution of the loan in this
district will be under the general direction of this committee on distribution, which will be in charge of the conduct of the campaign.
There will be a number of very important sub-committees appointed,
which will take up the different phases of the work of distribution and will
work under the immediate direction of the committee on distribution.
It is expected that there will be united under this committee every form
of distributing talent in the district. There will probably be sub-committees
VOL. 104.
on New York City and on out-of-town places, a sub-committee to enlist
the services of organized bodies of women, a sub-committee on small bonds,
possibly a sub-committee of employers to interest to the fullest extent all
employees and to facilitate their subscriptions by arranging partial payment.
A sub-committee on budget, consisting of Chairman Strong, George F.
Baker and G. W. McGarrah, was the second of the sub-committees.
A committee on bond department under the chairmanship of William
Woodward of the Hanover National Bank, was the third of the sub-committees. This committee will have charge of all the technical work of
handling the issue in this district. The membership of tho committee will
be announced later, as will also the membership of a committee on publicity,
which will have Frank A. Vanderlip as Chairman.
The general committee plans to meet daily.
On the 9th inst. the appointment of a sub-committee on
publicity was announced by the New York Federal Reserve
Bank in the following:
A sub-committee on publicity of the Liberty Loan Committee was
appointed at a meeting of the committee held at the Federal Reserve Bank
of New York yesterday. Frank A. Vanderlip is Chairman. The other
members are: Martin Egan, of J. P. Morgan & Co., W. S. Kies, VicePresident of the National City Bank, and Guy Emerson, Vice-President
of the National Bank of Commerce.
Mr. Emerson will act as Secretary of the committee and give his whole
time to the work. He will open headquarters to-day at Room 518, Equitable Building.
The committee will consult immediately with newspaper men, advertising
experts, business men and others, and group committees will be formed to
represent all methods of putting the facts of the Liberty Loan before the
public.
All persons who have definite service to offer in helping the Government
to make this loan a success are requested to see Mr. Emerson.
Messrs. Forbes and Woodward of the Liberty Loan Committee have been
in consultation in Washington during the day with officials of tho Treasury
Department in respect to matters connected with the forthcoming circular
setting forth the full terms of the loan.
Several workers from banks in the financial district have
been loaned to the committee by their institutions, and are
giving their full time to the committee work. Among these
workers are Graham Ashmead, J. P. Morgan & Co.; Albert
L. Hoffman, National City Bank; James I. Clarke,National
Bank of Commerce; R. C. Mees, J. P. Morgan & Co.;
W. C Mills, Metropolitan Trust Co.; F. F. Weidenborner,
National Bank of Commerce, and R. C. Page, Bankers
Trust Company. Several bankers, it is said, have volunteered to address meetings on the loan, among them T. W.
Lamont and Thomas Cochran of J. P. Morgan & Co., and
J. Howard Ardrey, Vice-President of the National Bank of
Commerce.
UNITED STATES EXTENDS FURTHER CREDIT TO
GREAT BRITAIN.
In addition to the $200,000,000 loaned the British Government on April 25, referred to in our issue of April 28, the
United States Government on May 5 loaned $25,000,000 to
Great Britain, this being the first installment on a further
loan of $100,000,000, to be made the British Government to
cover the cost of her war needs. A second installment of
$25,000,000 on the new $100,000,000 loan was transferred
to the British Ambassador, Sir Cecil Spring-Rice, by Secretary of the Tresaury McAdoo on the 7th inst. The decision
on the part of the Washington authorities to advance Great
Britain $100,000,000 during May agrees, it is said, with
estimates that this Government would be called upon to aid
the Allies financially to the extent of at least $400,000,000 a
month. Sums already pledged for the next month or so, it is
stated, are at the rate of $300,000,000 a month, and cover
only the needs of Great Britain, France and Italy. Additional loans to Russia, Belgium, and possibly Servia, will
swell the total, it is said, up to at least $400,000,000, and will
bring tile total advanced to the Allied Government prior to
July 1, when the proceeds of the "Liberty Loan of 1917"
will be available, up to approximately $1,000,000,000.
COMPTROLLER WILLIAMS SAYS 10,000,000 IN U. S.
ARE ABLE-TO SUBSCRIBE TO LIBERTY LOAN.
In a statement issued on the 8th inst. in which he asserted
that there are more than 10,000,000 individuals and corporations in the United States in a position to subscribe from
$100 to 8100,000,000 each to the new "Liberty Loan,"
Comptroller of the Currency John Skelton Williams said:
There are in the United States at present more than 10,000,000 individuals
and corporations who are able to make subscriptions to the now Liberty
Loan in amounts ranging from $100 to $100,000,000 each.
This estimate is conservative when we consider that there are more than
40,000,000 persons engaged in gainful occupations in this country besides
the large number of men and women whose income is derived from their
Investments. If every individual in the United States should subscribe to
the now bonds to the extent of only five per cent (5%) of his or her tota
possessions, the loan will be subscribed to six limes over.
A few months ago the German Government offered a now loan of several
billion dollars, and although this issue had been preceded by four or five
other Government bond offerings, it is reported that applications were
received from 5,250,000 subscribers. The population of Germany is less
than two-thirds of the population of this country, and the estimated total
wealth of the German Empire, according to a computation made shortly
before the outbreak of the war by Dr. Helfferich, Secretary of tho German
MAY 12 19174
THE CHRONICLE
Treasury, was placed at from 69 to 76 billion dollars, or about one-third of
the wealth of the United States, which is now estimated at more than 220
billion dollars.
The reports of our national banks of Mar. 5 1917, show that on the day
named these banks had a total of 15,739,969 deposit accounts. This is an
increase of 1,449,910 since May 1 1916 when the total number of deposit
accounts was 14,288,059.
It is significant that 1,258,691, or seven-eighths of this increase, was
reported by the country banks,indicating the wider diffusion of the wealth
of the country.
The total increase of deposits in the national banks in this period of
10 months was approximately two billion dollars.
The bank reports also show that on Mar. 5 1917 there were 459,619
shareholders in the national banks of the country, including 138,204 women
stockholders.
The latest bank returns indicate that the total resources of the banks of
the United States at this time, including national banks, State banks, trust
companies, savings banks and private banks, is approximately $35,000,000,000, exceeding by far the greatest banking resources ever before shown
in any country.
Fifty years ago we raised over 3 billion dollars to provide for the expenses
of the Civil War. The wealth of this country to-day is eight times as great
as it was then, our banking resources are twenty times as great as they were
then, or even as late as 1870. At this time we are in a position to raise,
with far less effort, 10 billion dollars, or 15 billion dollars, or more and if
the money should be needed, it will be provided and provided promptly.
LORD CUNLIFFE EXPECTS GREAT BRITAIN TO
CONTINUE GOLD SHIPMENTS.
Lord Cunliffe, Governor of the Bank of England,following
his arrival in New York on Thursday from a tour of the
Middle West, accorded an interview on that day to newspaper representatives at the offices of the Federal Reserve
Bank. Lord Cunliffe, with Charles S. Hamlin, visited the
Federal Reserve Banks of Richmond, St. Louis, Chicago
and Cleveland, in furtherance of his desire to study the
workings of the Federal Reserve System. It is expected
that he will also visit the Boston Federal Reserve Bank.
The best account of what he had to say to the New York
newspaper men is apparently that printed in the "Journal of
Commerce", and we reprint it herewith:
Lord Cunliffe met the New York reporters in the Federal Reserve Bank
building, accompanied by Benjamin Strong Jr., Governor of the bank.
His lordship suggests the typical successful English gentleman, healthy,
able, shrewd and withal diplomatic..
When.asked whether New York would maintain its present financial
supremacy after the war his lordship expressed the hope that there would
be no "supremacy," but only cordial co-operation.
Asked as to what had actually been accomplished in the way of an
arrangement between the Bank of England and the Federal Reserve Bank,
Lord Cunliffe replied: "For the moment we have not done any business,
but we hope very shortly to have things in such a position that we can
commence working. I may say, however, that the basis of the arrangement is intimately connected with the discounting commercial paper,
which is now very scarce in England. One of the benefits, no doubt, will
be a regulation of exchange rates."
In answer to further questions Lord Cunliffe stated that in his opinion
the Bank of England would make an initial deposit at once with the Federal
Reserve Bank and the deposit would doubtless be in cash, though probably
not large. As to interest he might say that the Bank of England did not
pay interest on its deposits and would consequently not expect interest
from the Federal Reserve Bank.
Lord Cunliffe admitted that it might be some time after the close of the
war before bank notes would be redeemed in gold. The French system
of banking, he pointed out, had never been unreservedly to exchange notes
for gold. While England might have done so in tho past, and he hoped
would continue to do so, he did not think there would be any strong 'disposition on the part of the public to demand gold.
"I have a very strong opinion," said Lord Cunliffo, "that we ought to
get back to absolute gold as soon as possible as currency in our pockets.
But there is a pronounced disposition in England now to retain these
pound and ten shilling notes. But I doubt whether the public, after
having once tasted the convenience of these light notes, as against our
sovereigns, will go back to using sovereigns even if we ask them to."
In reply to the question, Is there any practical limit to note issues?
Lord Cunliffo replied: "I do not think there is. Of course there are some
limits beyond which It is considered improper to go, but as I say, apparently the people are satisfied with their notes and will not call for sovereigns
and if they do not call for sovereigns there will be no need to hold as much
gold against them."
Questioned as to Germany's finances after the war, Lord Cunliffe replied
that only inscrutable Providence could answer. "In my opinion," he
said, "their worst time is still to come, after the war and not now. I do
not myself see how they are going to arrange their exchanges. But this is
only a matter of surmise. We none of us know."
Lord Cunliffe admitted that some British bankers might wish to discouraie the extension of dollar exchange. "Some are very hard to change,"
he said, "but the biggest and most enlightened ones are not. They are
anxious to do as much sterling accepting as they can, but it is recognized
that the dollar exchange must be for a groat number of years, at any rate, of
paramount importance. I hope to see an exchange—for it amounts to
that—between the Federal Reserve Bank and the Bank of England, one
drawing in dollars and the other in sterling and vice versa. It Is not quite
a matter of drawing between two banks, but it practically comes to that
in the end.
Will Now York retain her present financial supremacy after the war or
will the premier position revert to London? Lord Cunliffe was next asked.
"This is surely not a question to ask me," the visitor replied. "But if I
might be permitted I might say that I hope to see both of us working together, but neither of us being what might be called supreme, but as nearly
as possible balanced."
In regard to the maintenance of exchange rates, and the possibility of the
United States having to adopt similar measures Lord Cunliffo said: "In
so far as the United States is concerned it is all on one side. As far as we
are concerned our greatest difficulty has been to maintain our exchanges.
We have done it in the case of the United States ,but not with Spain and
some other countries, but that was an insignificant matter in comparison
with the United States. • We set up in London a committee of five or six
1851
bankers, of whom I was chairman. We met every day and discussed
matters relating to exchange, and we had very full powers under our
-Government to do almost anything we pleased. So far we have been
successful. I hope the United States has now taken the burden off our
shoulders, but the committee is not dissolved and I shouldn't wonder if it
has a good deal to do."
Lord Cunliffe said it was "guess work" to say how long after the conclusion of the war foreign exchange would revert to normal.
That Great Britain would continue to ship gold to this country as might be
required, largely with a view to maintaining easy money rates in this market, was one of the principal facts disclosed by the Bank of England's
Governor. It made little difference, Lord Cunliffe asserted, whether
England borrowed privately or through the United States Government;
higher rates in the money market would eventually compel our own Government to pay higher interest on its bonds, which would in turn affect the rate
which the Allies would have to pay on their borrowings here.
As to the amount of gold which Great Britain would send to this country.
Lord Cunliffe intimated that this would depend on what the Exchequer
could obtain, without much reference to what could conveniently be
spared. Referring to the question of increasing the gold reserve behind
the British Treasury notes, which was steadily been falling to a lower ratio.
Lord Cunliffe remarked that such a policy would be difficult, because of the
heavy export of the metal to America.
It was too early to predict, he thought, whether interest rates after the
war would be high or low in the international markets. He hoped they
would not advance materially, and added that every effort would be made
to keep them down, especially while the conflict was in progress. Shipments of gold to this country ought to operate to keep interest rates low
here, but would have the opposite effect in France and England.
Governor Strong, at the conclusion of Lord Cunliffe's interview, said he
wished to explain that the payments necessitated by the large Governments'
borrowings must be rather a matter of bookkeeping than of shiftings of cash
if the transactions were to be effective and were to take place with the leas t
possible disturbance to the money market. Up to the present very larg e
transactions had been effected and during the past few days the payment s
were being met and put out again.
$100,000,000 U. S. WAR LOAN TO FRANCE.
The loan of $100,000,000 to the French Republic, which
was approved by President Wilson on the 1st inst., and was
referred to in these columns last week, was consummated
on May 8 with the handing over by Secretary McAdoo to
J. Jules Jusserand, the French Ambassador to this country,
of a Treasury warrant for $100,000,000. The making o
the loan, which is to meet French war expenditures in this
country during May, was marked by brief speeches by Secretary McAdoo and Ambassador •Jusserand.
After Secretary McAdoo had signed the Treasury warrant
for $100,000,000 and the French Ambassador had signed
an acknowledgment of indebtedness on behalf of his Government, Secretary McAdoo, according to the "Journal o
Commerce," said:
Mr. Ambassador:—In handing you this Treasury warrant for $100,000,000 may I not express my feeling that it represents more than the money
involved or the supplies that it will buy—vastly important as these thing s
are? It symbolizes the bond of unshakeable friendship between the grea t
republics on either side of the Atlantic. This simple ceremony typifie t
the material and spiritual ideals now gaining a new and irresistible force in
the land of Lafayette and Poincare and the land of Washington and Wilson.
God grant that this co-operation and friendship, cemented by the blood
your soldiers and sailors and our soldiers and sailors spilled in the cause
of liberty more than one hundred years ago may speedily achieve a new
and lasting victory for peace throughout the world.
In response to Secretary McAdoo's remarks Ambassador
Jusserand said:
Mr. Secretary:—Such is the parity of dispositions among the Americans
and among the French that in expressing your sentiments on this importan I
occasion, you also expressed mine. I have only to add heartfelt thanks.
An important occasion indeed. In these stirring times of long ago which
you have so kindly recalled, France did a thing which, for nearly a century
and a half had never been duplicated, coming as she did with all her resources, in men,ships and money, to the rescue of a people that was fighting for the principle of national independence. She came with the express
understanding that all she wanted to gain was freedom for you, and for
herself your friendship. In this she succeeded.
New stirring times have arisen again, and behold, once more a nation.
your nation, is taking part in a conflict of immense consequence, with no
other purpose than to secure the reign of right and liberty in the world.
In all you have been doing,from the first, those two noteworthy qualities
of yours have shone to the best. The force of your practical mind, and the
accessibility of your heart to sentiment. We, too, are known for the clear
logic of our mind, and in this land at least no one will contest that we can
also answer, with enthusiasm, the call of sentiment and risk everything for
a groat principle. This has created between our two peoples those very
specialties of brotherhood, established from the first, still continuing new,
and which shall never be surrendered.
U. S. TO FINANCE RELIEF WORK IN BELGIUM AND
FRANCE.
Announcement was made at Washington on the 9th inst.
that the United States Government had decided to assume
the financial burden of Belgian and French relief and has arranged to lend the Belgian and French Governments jointly
$75,000,000 to be expended by the American Commission for
Relief in Belgium for food to go to Belgium and Northern
France. The way has been left open, it is stated, for the
Relief Commission to apply for more money when the loan is
exhausted at the end of six months. The money, which is
a part of the $3,000,000,000 Allied war fund being raised in
this country, is to be advanced in monthly installments of
$12,500,000, of which $7,500,000 will go to Belgium and
$5,000,000 to France. Under the arrangement the American
1852
THE CHRONICLE
[VOL. 10g.
Commission will bear the entire cost of supplies thus relieving the British and French Governments, which hitherto
have borne about 90% of the expenditures under this head.
Administration of the relief work abroad will be left in the
hands of the Spanish and Dutch agents of the Belgians and
French themselves. Americans, it is said, have been contributing about a million dollars monthly for Belgian relief.
The French and British Governments have spent many millions a month for relief work. Herbert C. Hoover, Director
of the American Commission for Relief in Belgium, in announcing the loan on the 9th inst., said:
6%%. The bonds are not intended for small subscribers, and the lowest
denomination is fixed at £50.
The second innovation is the introduction of a conversion scheme for
the holders of old war loan. Subscribers to the new Treasury bonds are
to be allowed to convert old war loan and old war Treasury bonds into the
new bonds to an amount double the nominal amount subscribed in cash
to the new bonds. To converters of the 5% Treasury bonds of the first
war loan a bonus in cash will be given by the Government of 1%% on the
conversion of 5% bonds of the second loan a bonus of %%, while on the
%
conversion of the 4% bonds of the fourth and fifth loans a payment must
be made by the holder of 3%. Conversion of the stock of each of the five
loans will be made at par, without payment on either side.
5%
The lists which, as has been said, open on March 15, are to be closed on
April 16. Payments may be made by instalments up to the middle of
July, thus allowing for subscriptions based on the expectation of receipts
The inability of the Commission to secure ships to provide full rations to at the beginning of the third quarter of the year. At the same time, it has
Belgium and Northern France makes it possible for the $12,500,000 monthly been arranged that payment may be made in full as early as March 31.
to cover the present restricted operations of the Commission. There will
A dispatch from Copenhagen on the 9th inst. stated that
be ample need for any balances in hand, and any further subscriptions for
reconstruction work and the care of orphan children in Belgium after peace, the Minister of Finance in announcing the conclusion of the
even if new emergencies during the war do not require the use of all available German loan in the Reichstag on April 27, reported that
funds.
marks had been realized.
The Commission intends to retain all funds received from public charity 12,978,940,500
after the date when the new Government subsidy begins in a special reserve
fund to be used as outlined. An improvement in shipping conditions may
ADVERTISING CAMPAIGN OF ITALIAN LOAN.
change the situation entirely.
Brand Whitlock, the American Minister to Belgium, has
arrived at Havre, France, the present seat of the Belgian
Government, to take up his official duties as representative
of the United States. Mr. Whitlock,following the severance
of diplomatic relations between the United States and Germany,remained at Brussels to engage in Belgian relief work.
The State Department at Washington on March 24, as noted
in our issue of March 31, ordered Mr. Whitlock to leave
Brussels along with the members of.the American Relief
Commission, because, the State Department announcement
said, "the German Government's disregard of its written
undertakings causes grave concern as to the future of the relief work." "In any event," the announcement stated, "it
is felt that the American staff of the Commission can no
longer serve with advantage in Belgium." The members
of the American Commission who withdrew from. Belgium
with Mr. Whitlock arrived in Switzerland on April 3.
LATEST GERMAN WAR LOAN.
The response to the sixth, and latest, war loan put out
by the German Government has occasioned glowing comments in the German newspapers. An Amsterdam dispatch, via London, on April 20, gave an indication of these
accounts as follows:
German newspapers are profuse in glorification of the record figure of
the sixth German war loan. The expectation is expressed on all sides
that the Entente will now see that the attempt to exhaust Germany's
financial strength is an utter failure. The deduction is drawn that this
perception, coupled with an American crop failure and the German submarine exploits must bring a speedy vistory.
The "Vossische Zeitung" attributes the success of the loan to the "fires
that flamed up in German breasts at President Wilson's repulsive treatment
of us," while "Die Post" points out that"the sixth war loan coincides with
America's entry into the war. the German people in this way testifying
to its conviction of victory," The "Deutsche Tageszeitung" says that "this
AU-boat' loan showed that even a world-capital Power like the United States
is unaole to shake the confidence of the German people in the least" and
that it is made plain that Germany wants "no business peace, no renunciatory peace, but victory full and complete."
The advertising methods employed in floating the recent
loan issued by the Italian Government are made known
through advices from a Rome correspondent of the Associated Press under date of April 2, but which was only
received in this country the present week. We give below
the account of the campaign through which wide publicity
was given the loan.
The most remarkable advertising campaign ever seen in Italy was conducted in connection with the recent national loan, resulting in gross receipts
to the Treasury of $720,000,000. Considering that this was the fourth
loan within two years, the campaign may be said to have been successful.
Certainly there was no man, woman or child in Italy who did not know
of the loan. All of the big banks of Italy were given full powers to conduct
their campaigns as they saw fit and they used the opportunity to advertise
their institutions widely, spending the profits of underwriting in devices
to attract public attention.
The keynote of the campaign was: "Do your duty to your soldiers and
to your country. Both need your money to carry on the war. Anyway,
the loan is a good investment, and we can prove it." The campaign began
by the plastering of flaming posters on public buildings, churches, palaces,
monuments, in railway stations, the trains and street cars. In the cities
every object seemed covered except toe pavements. In the country the
bridges, the milestones, the fences, were covered. Moving pictures were
shown in the city streets at nights and special films were run during theatrical
performances. Colored postcards were distributed among the schools.
In every place where a crowd gathered some man spoke on the loan, urging
solid investment arguments together with his appeals to sentiment.
The crowning feature of the campaign was the bombarding of Rome and
other cities with loan literature by airplanes and dirigibles. Tons and tons
of printed matter dropped out of the sky and came fluttering down to the
crowded streets, each printed slip admonishing the reader to subscribe
to the loan.
CITY OF PARIS LOAN ADMITTED TO STOCK
EXCHANGE LIST.
$50,000,000 6% 5-year City of Paris external gold
The
loan bonds, due Oct. 15 1921, and sold to the public by the
Kuhn, Loeb & Co. syndicate in October last at 98%, netting
the investor about 6.30%, were admitted to the New York
Stock Exchange list on and after May 10. The particulars
of this sale were given in these columns on Oct. 7 last,
page 1339.
On April 11th the "Journal of Commerce" printed the
following regarding the loan and the conditions of conver- SECOND QUARTERLY INTEREST PAYMENT ON
FRENCH NATIONAL LOAN.
sion of old obligations into the new offering:
Brown Bros. & Co. of 59 Wall St., and A. Iselin & Co. of
The final result of the sixth German War Loan (the books for which were
opened on March 15)are not yet available. The transaction, however,has 36 Wall St., have issued a circular to subscribers to the
a number of interesting features which apparently have not heretofore been
Republic of France 5% national loan of 1916, particulars of
announced.
As on most earlier occasions, the loan is issued in two forms. There is which were given by us on Oct. 7 1916, pages 1260 and 1261,
a 5% loan, irredeemable before 1924, the price of which is fixed, as in the announcing that the second quarterly interest payment on
case of the Fifth Loan, at 98. But in addition to this are two great innorentes represented by the bankers' will be
vations. There is an issue of Treasury bonds bearing interest, as in the the French 5%
case of the Fifth Loan, at 4%%,but instead of being offered as before at a due and payable in Paris on May 16 1917. On and after
lower price than the loan, the issue price of the Treasury bonds is also to that date the bankers' will be prepared, unless otherwise
be 98. In compensation is proposed an elaborate scheme of repayment
the interest
at a premium. Half yearly drawings are to take place, beginning in directed, to pay to the holders of their certificates
January 1918, not of individual bonds, but of groups of bonds, and drawn in dollars at the current rate of exchange. In order to collect
bonds are to be repaid at 110 per nominal 100. In addition the Empire
the interest, the temporary certificates should be presented
has the right to repay bonds not so drawn at any time after the beginning
of July 1 1927. This right, if exercised by the Government, will take at or forwarded to the office of either of the banking firms
place at par, but the holder is to have the option, if repayment is offered, mentioned above to have the payment stamped thereon. The
to convert his holding into 4% bonds, the drawing of which will continue
issued by the bankers says:
that repayment will then be made 116 per circular
as before with the exception
nominal 100 instead of 110.
Ten years at earliest after the first announcement of repayment, that is
to say in 1937 at earliest, the Government may proceed to redeem the 4%
bonds still outstanding. Once more, however, the holder will have the
% bonds, and drawings will
right to claim conversion, this time into
continue as before, drawn bonds in this last instance being repaid at 120%.
Any bonds which remain outstanding on July 1 1967 are then to be redeemed, either at 110%, 115%, or 120%, according as the Government
has either never claimed to exercise its right of redemption, has exercised
it once, or has exercised it on both possible occasions. Of the nominal
value of the original amount of bonus sublicribed 5% is to be devoted each
year to drawings and the payment of interest. It is impossible to calculate exactly the chances of profit on this complicated speculation, but it
may be mentioned as an illustration that a bond drawn, say, in 1922, and
repayable therefore at 110%, would have given its holder a yield of over
Please do not fail to have income tax certificates accompany temporary
certificates. The rentes are free from all French taxes but are subject to the
provisions of the Federal Income Tax Law, and we shall be unable to pay
the interest unless temporary certificates are accompanied by income tax
certificates properly executed with the amount of interest in dollars left
blank, as this will vary with the rate of exchange.
We expect to collect in Paris the coupons due May 16 1917 on the entire
amount of rentes represented by our temporary certificates outstanding.
In case holders of our temporary certificates do not wish to have their interest
paid in dollars at this time but to await a more favorable rate of exchange,
we will upon notification to that effect arrange to have the funds remain on
deposit with our correspondent in Paris at the owner's risk up to the time
when the definitive rentes are ready for exchange for the temporary certificates, subject to being,drawn prior to that time at the current rate of exchange on presentation of our temporary certificates to us for stamping.
MAY 12 1917.]
THE CHRONICLE
In order to expedite interest payments as much as possible, we request
that temporary certificates be sent us as early as convenient prior to May
16 1917. In any case certificates must be presented one clear business day
before payment will be made.
The first quarterly interest payment on this loan was made
Feb. 16 1917 and reported in these columns on the 17th of
that month.
BILL INCREASING THE GOVERNMENT REVENUES.
The war revenue bill, designed to raise $1,810,420,000 by
taxation during the coming year, was approved by the Ways
and Means Committee of the House on the 8th inst. and formally presented to the House on the 9th inst. While the
principal features of the new war levy are the increases in
income and profits taxes, increases in internal revenue rates
and increases of cutoms duties, many of its provisions
reach the innermost structure of every home and make up a
list of taxes probably the most formidable ever faced by the
people of the United States. The income tax increases,
applying to both personal and corporation incomes, are
designed to produce $533,000,000 more than the present
income tax receipts. Letter mail rates are to be increased
from two to three cents an ounce and postal cards from one
to two cents, while $19,000,000 would be added to charges
against newspapers under a new system based upon the present parcel post zones. Internal revenue taxes upon liquor
and tobacco would be materially increased, and there would
be taxes on amusements and stamp taxes of wide scope.
To bring the amount to be raised up to the desired total, the
House Committee at the last minute wrote into the bill a
flat increase of 10% in all existing tariff duties and 10%
duties on all articles now admitted free, all estimated to
bring in $240,000,000, this more than doubling the present
tariff revenues. In addition, it was decided to make all
income tax increases retroactive, so as to apply to the past
calendar year. Other taxes provided for would become
effective upon the signing of the bill. Tea and coffee imports will be subject to a 10% duty, while coffee and tea
already on hand in the country are taxed one cent and two
cents a pound respectively.
The war income tax section would double the present
normal tax of 2%. It would lower the exemption of individual incomes from $4,000 to $2,000 in the case of married
persons, and from $3,000 to $1,000 for the unmarried. In
addition, beginning with incomes of $5,000, graduated supertaxes would be imposed in addition to the normal 4%,
ranging up to 33% on all incomes more than $500,000 a year.
The surtax schedule follows:
1% from $5,000 to $7,500.
2% from 7,500 to 10,000.
3% from 10,000 to 12,500.
4% from 12,500 to 15,000.
6% from 15,000 to 20,000.
6% from 20,000 to 40,000.
8% from 40,000 to 60,000.
11% from 60,000 to 80,000.
14% from $80,000 to $100.000.
17% from 100,000 to 150,000.
20% from 150,000 to 200,000.
24% from 200,000 to 250,000.
27% from 250,000 to 300,000.
30% from 300,000 to 500.000.
33% on all exceeding $500,000.
The provisions requiring the normal tax on individuals
to be deducted and withheld at the source of income would
not apply to the new normal tax prescribed in the bill until
after Jan. 1 1918, and thereafter only to incomes exceeding
$3,000. In addition to the inheritance tax in force, the bill
imposes a tax equal to the following percentages of its value
upon the transfer of each net estate:
One-half of 1% of the amount not in
excess of $50,000.
1% between $50,000 and $150,000.
% $150,000 to $250.000.
2% $250,000 to $450,000.
2A % $450,000 to $1,000,000.
3% $1,000,000 to $2,000,000.
3A % $2,000,000 to $3,000,000.
4% $3,000,000 to $4,000,000.
43i% $4,000,000 to $5,000,000.
5% $5,000,000 to $8,000,000.
7% $8,000,000 to $11,000,000.
10% $11,000,000 to $15,000,000.
15% $15,000,000 and over.
The exemption is lowered from $50,000 to $25,000 and a
new tax of 1% is levied on estates between $25,000 and
$50,000. The bill proposes to bring in $200,000,000 by
doubling the present 8% tax on excess profits. On distilled
spirits the present tax of $1 10 a gallon is doubled; to the
rectifiers' tax 15 cents a gallon is added,and fermented liquors
are assessed $2 75 a barrel, instead of $1 50. The tobacco
tax is doubled, except as to cigars, which are graduated from
50 cents to $10 a thousand, according to retail value. Cigarettes, made in or imported into the United States, would
be taxed an additional $1 25 a thousand if weighing less than
three pounds a thousand and 153 60 a thousand if more than
three pounds. Newspapers would be required to pay 5%
on all advertising collections.
A table showing the estimates to be produced through
the new taxation was made public by the Ways and Means
Committee on the 9th, this, however, not including the taxes
on tea and coffee.
1853
ESTIMATED ADDITIONAL REVENUEIT0iBEIDERIVED UNDER
kTHEIPROPOSEDIBILL.
(EstimatedIforZaltwelve-monthIperiod.)
r'. Title:I.—Income Tax.ii„A.,* Asisitpstoi cakTitle VI. p
Income tax—new war
.1
Automobiles
68,000,000
tax
$532,700,000 Tires and tubes
12,500,000
War tax on 1916 income 108,000,000 Musical
instruments,
1331
Title II.
phonographs,records,
Excess profits
200,000,000
&c
7,000,000
Title III.
Motion-picture films__ _
7000M00
Distilled spirits
100,000,000 Jewelry
7,500,000
Rectified spirits
7,500,000 Sporting goods
2,000,000
Fermented liquors
37,500,000 Pleasure boats
500,000
Wines
6,000,000 Perfumes and cosmetics 4.750,000
Soft drinks, syrups, &c_ 20,000,000 Proprietary medicines__
8,500,000
Title IV.
Chewing gum
1,000,000
Cigars
11,000,000
Cigarettes (common)
25,000,000 Admissions Title VII. 60,000,000
Tobacco
30,000,000 Club dues
1,500,000
Snuff
2,000,000
Title VIII.
Cigarette papers and
200,000 Schedule A, including
tubes
playing cards
33,000,000
Title V.
Transportat'n—Freight 77,500,000
Title IX.
Express
15,000,000 *War estate tax
6,000,000
Passenger
75,000,000
Title X.
Pipe lines
4,500,000 War customs duties
200,000.000
Seats and berths
750,000
Title XI.
Electric lights, gas, doVirgin Island products..
mestic power,and tel20,000
ephone service
Title XII.
30,000,000
Telegraph and telephone
First-class mail matter_ 70,000,000
messages
7,000,000 Second-class mail matter 19,000,000
Advertising
7,500,000
Insurance
5,000,000
Total
$1,810.420,000
* It is estimated that when this tax is in full operation that these increased
rates will yield $38,500,000.
The provision applying to the new postal rates follows:
Title XII.—Postal Rates.
Sec. 1200. That the rate of postage on all mail matter of the first class,
except postal cards, shall hereafter be, in addition to the existing rate. 1
cent for each ounce or fraction thereof. Postal cards, and private mailing
or post cards when complying with the requirements of existing laws shall
be transmitted through the mails at 1 cent each in addition to the existing
rate.
Sec. 1201. That on and after June 1 1917 the zone system applicable to
parcel post shall apply to mail matter of the second class, and the rates of
postage shall be as follows: Two cents a pound or fraction thereof when
for delivery within the first or second zone, 3 cents a pound or fraction
thereof when for delivery within the third zone, 4 cents a pound or fraction
thereof when for delivery within the fourth or fifth zone, 5 cents a pound
or fraction thereof when for delivery within the sixth or seventh zone, 6
cents a pound or fraction thereof when for delivery within the eighth zone:
Provided, That the rate of postage on daily newspapers, when the same are
deposited in a letter carrier office for delivery by its carriers, shall be the
same as now provided by law: Provided further, That nothing herein
shall affect existing law as to full circulation and existing rates on second
class matter within the county of publication: Provided further, That
the Postmaster General may hereafter require publishers to separate or
make up to zones in such a manner as he may direct all mail matter of the
second class when offered for mailing: Provided further, That secondclass mail matter mailed to subscribers from an office other than that of
publication shall pay the same rate as if mailed from the office at the place
of publication: And provided further, That in the case of newspapers
and periodicals entitled to be entered adsecond-class matter and maintained
by and in the interest of religious, educational, philanthropic, agricultural, labor, or fraternal organizations, not organized for profit and none
of the net income of which inures to the benefit of any private stockholder
or individual, the second-class postage rate shall be one and one-half
cents a pound or fraction thereof, irrespective of the zone in
which delivered, except when the same are deposited in a letter
carrier office for delivery by its carriers, in which case the rate
shall be the same as now provided by law. The publisher of such newspapers or periodicals before being entitled to the forgoing rates, shall furnish to the Postmaster General, at such times and under such conditions
as he may prescribe, satisfactory evidence that none of the net income of
such organization inures to the benefit of any private stockholder or individual: Provided further, That the Postmaster General, on or before
the tenth day of each month,shall pay into the general fund of the Treasury
an amount equal to the difference between the estimated amount received
during the preceding month for the transportation of first and secondclass matter through the mails under this title, and the estimated amount
which would have been received under the provisions of the law in force
at the time of the passage of this Act.
It is estimated that the receipts of the Federal Government, including
postal receipts, for the next fiscal year under existing law will amount to
$1,500,000,000. The proposed bill is estimated to yield during a twelvemonth period $1,800,000,000 additional. This will make the total receipts of the Government for the next fiscal year 33,300,000,000, or about
$33 per capita as compared to Great Britain, with a population less than
half that of the United States, whose receipts, including postal receipts
for the year ended March 31 1917, amounted to $2,790,000,000, or about
$60 per capita.
The committee believes that the American people were never in a more
favorable condition to pay a reasonable amount of taxes for war purposes,
in addition to those for normal purposes, than at the present time. The
committee has endeavored to distribute equitably this additional burden
of taxation and so to levy the proposed taxes as to necessitate as little readjustment or disturbance to business as possible.
A statement criticizing Postmaster-General Burleson with
respect to the proposed increase in postal rates on newspapers
was issued on the 8th inst. by Don C. Seitz of the New York
"World,” Chairman of the Committee on Postal Rates of
the American Newspaper Association. In his statement
Mr. Seitz said:
At its last session the American Newspaper Publishers' Association endorsed a zone system as a just and fair way of distributing the cost of mailing newspapers and periodicals. It was not dreamed, however, that a rate
equivalent to $40 a ton would be charged for carrying such printed matter
300 miles, or that it would reach $120 a ton in the outside zone.
No such rate as this for any class of matter exists, even in war-time, for
the longest world routes in the way of transportation. The newspapers
are prepared to pay war taxes, just as every manufacturing concern pays
theirs, but to have this double load laid upon them, without warrant and
excuse, simply means that many will be compelled to withdraw their publicationsfrom the mails and rely upon district distribution, express and freight
1854
THE CHRONICLE
[Vox,. 104.
"Why is it right, or just, or fair to carry those newspapers and magazines
for one-tenth of their cost? Why should the Government bear nine-tenths
of the cost of carrying magazines,four-fifths of which are advertisements,
and yet refuse to carry flour and broad and clothes and shoes and other
necessities?" asked Mr. Kitchin.
Representative Randall, an ex-postal clerk and ex-newspaper publisher,
made the following analysis and criticism of the second-class mail section
of the tax bill:
"I know both ends of this question," he said. "If this tax goes into
effect it means a tax of $40 a ton on newspapers and magazines mailed
within the first zone, $80 a ton on mail for the second zone, and so on. I
was the author of the provision in the Post Office bill last session for a
In defending the new postage rates Representative Kitchin, zone system, but my provision would have permitted newspapers and
Chairman of the House Ways and Means Committee in the magazines to be entered as second-class mail matter in cities other than the
city of publication.
House on the 10th, alleging that the Post Office Department
"If the Government is losing so much money on second-class mail, why
loss on second class mail matter,referred does it seek losing business? Why does this tax bill prohibit the sending
figures show a heavy
express to central distributing points from
magazines
to the beginning of the agitation for higher rates and virtually of newspapers or be mailed? by favor the zone system of postage, but not
I
which they may
attributed the downfall of the Taft Administration to re- the radical proposal of this bill. It will make the postage on a paper from
taliatory criticism by the press. The New York "Times" the Atlantic to the Pacific Coast from 3 to 6 cents a pound, according to
weight. Periodicals that now sell for 5 cents may be forced to sell for
quoted him as follows:
10 and 15 cents to regular subscribers if this law goes into effect.
They say that the Democrats got control of the House because of the
"I shall offer a substitute imposing a flat rate of 1 cent a pound on the
Cannon rule way back in the Sixty-first Congress, and how Taft split the news matter in any publication and applying parcel post rates to the
and all of that. Ah, gen- advertising sections. It will be easy to ascertain this because every pubparty up, and how it was Taft's unpopularity,
tlemen, nothing did more to send the Democrats back to this House—and lisher knows how many columns of advertising and news are contained in
I did not like Mr. Cannon's rule—nothing did more to give the Democrats each issue and the proportion thereof. The proposed tax is arbitrary and
the House and defeat Uncle Joe and the Republicans, and nothing did unfair."
more to unpopularize Mr. Taft, who &serves popularity among the
In opening the debate on the bill in the House on Thursday
people, than the fact that Uncle Joe and Mr. Taft in his Administration
stood up for the right and honest thing of making the magazines and the Representative Kitchin said in part:
to the Government.
newspapers pay their just proportion of their dues
On April 13 the Ways and Means Committee offered for the consideration
Not a magazine in this country—not oven "Collier's Weekly," which
House a bill making the most stupendous authorization of a bond
fought as bitterly as any magazine in the country—not one raised a voice of this
issue in the history of any Government on earth. To-day we present a bill
against Mr. Taft and Uncle Joe and his rule, which had been in existence
raises more additional taxes than any bill ever presented to any legisfor many years, until Uncle Joe and Taft and his Postmaster-General that
lative body in the history of the world. If passed, this bill will produce
recommended an increase of postage to prevent the losses on the carriage
more revenue by five or six times than any revenue bill over presented to the
of magazines and newspapers.
in the life of the nation.
As I said in the committee, I say now to you merdters of the House, if American Congress
It is not a time for a man to say that this bill taxes an industry in my
we do not put this in (the higher second-class rates) it will not be a question
district, or my State; it is not a time to say that these taxes will destroy that
of whether it is right or whether it is just or whether it is fair; it is simply
It is not a time for the American patriot to think of self. His
a question of nerve and courage to do that which in your hearts and con- industry.
first and only thought should be, How can I best servo my country in this
sciences you know is right.
hour of war?
A million, and perhaps more, or the best young men of this country mill
We also take the following from the "Times":
sooner or later face the enemy's guns, and no man who has to pay a dollar of
Mr. Kitchin said that the second-class mall rates probably would have these taxes who remains at home while the boys are at the front should
been increased long ago "except for the fact that we have been intimidated protest and complain and denounce this bill. His not to reason why; he
by the newspapers and magazines." In a time of war, he said, it was ought to be willing, as the young men of this country are willing, to sacrifice
hoped members would courageously impose the proper taxes upon such all profit, all business, all career, and offer up their lives. It does not lie
publications.
in the mouth of any American patriot to say, I will refuse to pay my dollar
When Mr. Chandler of New York contended that these publications or sacrifice any part of my profit. We should be able to say, take all my
"spread intelligence among the people," Mr. Kitchin retorted that this was profits if necessary to sustain my country in this war.
fallacious argument, because dictionaries and text books paid much higher
The bill does not suit me in every particular. I did not want some things
postage rates than newspapers and magazines. Mr. Chandler said the in it, and I wanted some things in that are out of it. But It is the resultant
proposed change in postal rates would represent an increse of 270% in product of our best wisdom, investigation and judgment, and of the best
the postal bill of "The Outlook."
patriotism of the members of our Committee.
Mr. Kitchin cited the alleged advertising rates of various periodicals in
There is hardly a title, or section, or paragraph, or item, that in ordinary
argument that the advertising matter in most maga- times of peace would not be a cruel injustice upon the people of the United
connection with his
zines exceeded the reading matter, and that the Government suffered a States, or that I would vote for in ordinary times. They can be justified
monetary loss by sending advertising through the mails.
only by the necessities of war. But every dollar we raise is absolutely
"It is claimed," said Mr. Kitchin, "that these publications spread in- necessary. My fear is that, while the Department tolls us we need 83,800,the people, that it is necessary to send them through
telligence and educate
000,000 for this and the next fiscal year, it will be $5,000,000,000 before the
the mails, and they have permitted the newspapers and magazines to pay end of the next fiscal year. I am almost certain that it will.
these low postage rates. Ah,they cannot put it upon any such hypocritical
Some say,"Why not raise it by bonds?" If I were to attempt to put the
basis as that. If it is to educate the people, why is it they charge five to burden of financing this war upon my children and my children's children I
send a little Webster spelling book, or a dictionary,
eight times as much to
would feel like a miserable coward. This is not alone a fight for our children
or a grammar or geography to the little school children throughout the and grandchildren, but it is a fight for us, as American citizens, and I am
United States? Is not that for the spread of intelligence? No; it is not willing to bear my part of the burden in cash, and not try to put it upon
for the spread of intelligence; the people do not need magazines and news- posterity for the next fifty or one hundred years.
papers half as badly as shoes and flour and meat. We do not pay nineWe must finance the war by taxes if we can. That would be the manly,
tenths of the charges for the transportation on flour, meat, shoes and patriotic thing, but we cannot. In my Judgment, it is fair to put at least
clothing.
half this burden on posterity. I am willing to pay half, and I think that
"I will tell you what it is, and every man will tell you what it is; they know should be the patriotic impulse of every patriotic man in this House and
not increased the rates, not because it is not in this
It inside their hearts. We have
country.
just to do it, but because Congress has not had the nerve to do it."
Your children and mine have nothing to do with bringing on this war.
• Contending that the Post Office Department loses about $100,000,000 an- The people who will have to pay the bonds are yet unborn. We should
nually on second-class mail, Mr. Kitchin said the Department estimated an manifest some sacrificial spirit in putting the burden upon ourselves.
overhead charge of 4 cents a pound on second-class mail matter.
I will tell you how we went about these taxes. They are enorznous, and
"The Hughes Commission said it cost 53/a cents for overhead charges, and will be hard to bear. There is not a tax that is going to cripple a single
Hitchcock said the same thing when he was there," said Mr. Kitchin.
Industry. The industries are going to have profits for paying those taxes.
"I challenge the statement of all these experts who say it cost the Post We tried to arrange about half these taxes on surplus incomes and profits.
or $50,000,000," interrupted Representa- The men who have to pay these excess profits taxes will never stand within
Office Department $100,000,000
tive Hull of Iowa. "I doubt whether for the next fiscal year you could' 4,000 miles of gunshot. If I were not willing to fight, I should be willing
eliminate from the Post Office Department all second-class matter and show to tax myself every dollar of my profits to sustain the boy who must fight,
as much profit as you do to-day."
knowing that that boy is sacrificing all profits that might come to him by
Mr. Rainey of Illinois read an extract from a report of the then Post- skill.
master-General. Frank H. Hitchcock, saying the rate of first-class mall was
It is said that because these taxes must come from wealth, profits and
excessive and the rate on second-class mail too low.
incomes of the country, there is going to be a great howl. But we had that
Chairman Kitchin, "that it costs the before we wrote this bill. I tell you, I believe the business men of this
"The plain facts are," resumed
Government to carry and handle second-class mail matter $100,000,000 a country are patriotic. I believe, when this bill is passed, these business
year. The Government gets for that service $11,000,000. It costs us men and manufacturers, and all others, are going to say, I will stand by
$100,000,000 to transport periodicals like the 'Outlook' and the 'Satur- and help out. I do not believe they are all slackers and cowards when it
day Evening Post,' and 'Colliers,' and all the magazines and other second- comes to paying income tax and excess profits taxes.
class mail. Most of the cost is in handling these magazines and periodicals
I have been surprised during the preparation of this bill to find that we
with a general circulation.
have had more protests and complaints and kicking from men throughout
territorial limits. But
"The daily newspapers are circumscribed in their
the United States, from every class of people who are to be taxed in this
the 'Saturday Evening Post' and 'Collier's' and the 'Outlook' probably bill, by a hundred times than I ever heard when writing a bill in peace
have as many subscribers in proportion to the population in Oklahoma as times. If one-tenth of what has been told us is true by the men who are
they have in Pennsylvania or- California. They are carried a great deal going to pay these taxes, instead of raising $1,800,000,000, we will not
further than the daily papers, and they cost the Government a great raise $100,000, because there has not been an item in the bill that has not
deal more, yet we carry these magazines and weekly publications at 1 cent been protested by some man who has to pay something on that item. We
a pound, the same as newspapers, whether it be from here to Alexandria have been told the bill would wreck the country's industries, and if this is so
or to San Francisco or Nome, Alaska. We are losing $90,000,000 every there will be no taxes on incomes and none on profits. But I do not believe
year by that transaction.
there will be any hurt to industry, and in the end all men will pay these
"We are only increasing the total on second-class mail from $11,000,000 taxes like patriotic Americans.
4631,000,000—an increase of $20,000,000. We are still going to lose
to
Representative Kitchin declared that he would shut his
$6,000.000. We are not making them pay at all, but we ought to begin
a system and a policy that will gradually, after a few years, make every- eyes and vote for the bill, adding:
thing that goes through the mail pay its cost for transportation and handWith reference to tho new rates on income taxes, they may at first seem
ling."
especially as relates to the surtaxes. I know of one gentleman
Mr. Kitchin said that First Assistant Postmaster-General Koons told excessive,
country with an income of $20,000,000 or more, and to take 310,000,the committee that handling second-class mail matter cost about 1 cent for In this
from him seemed to me at first cruel and unjust. But later I thought
each 200 miles, and that the overhead charges ranged from 43j cents in 000
to myself. Why can't that old gentleman struggle along without wearing
the first zone to 14 cents in the last zone.
routes, to take care of their business, to the loss of the Government and annoyance of the subscriber.
No better, plan for reducing mail revenue could possibly have been devised. It has been the persistent policy of the Post Office Department in
recent years to assail second-class matter, keeping parallel all the while
with salary raising, rural route extending, and other forms of unromunerative expenses. A properly constructed Postmaster-General, who knew
more about business than politics, could save $1,000,000 a week to the Post
Office and preserve our industry. It seems to be the fate of the Government to be served in the Post Office by bureaucrats of the narrowest and
stupidest sort. This applies to the present Postmaster-General.
MAY 12 1917.1
THE CHRONICLE
1855
-soled on $10,000,000 a year?
patches on his trousers or having his shoes half
It did not seem so unjust after all.
BRITISH WAR COMMISSION VISITS CONGRESS.
The House of Representatives at Washington on the 5th
Referring to the petition of the railroads for a general
inst. gave a warm welcome to the British War Commission to
15% freight rate advance, Mr. Kitchin said:
We will have plenty of chances to got some of that back for the American this country, and vigorously applauded an address by the
people in the way of taxes. We will have other bills coming along. If the Right Hon.Arthur James Balfour,British Secretary of State
commission or any other board permits the railroads to raise their freight
for Foreign Affairs, head of the Mission. The President and
rates 15% of their gross receipts, I am willing to come in here with a tax
Mrs. Wilson were present at the reception to the visitors.
bill and tell them to pay some of that to help support the Government.
They slipped into the House gallery and remained unnoticed
by members on the floor for about five minutes, when ReprePublic hearings on the war revenue bill were begun yes.. sentative Carter Glass espied the President
and rose and
terday before the Senate Finance Committee. Opposition clapped his hands. The whole
House followed. Two long
to the income and excess profit taxes was voiced by repre- established precedents were broken in the
House on the day
sentatives of various industries and insurance companies. of the reception to the British visitors.
It was the first time
Owning companies of subsidiary concerns the committee in American history that a British official
had been invited
was urged, should not be required to pay double taxes on to address the House, and it was also
the first time that a
capital cash values, dividends and corporate property.
President of the United States has sat in the House gallery.
After the applause which greeted President Wilson had subsided, Speaker Clark named a committee, composed of
RESTRICTING THE PRESS IN OBTAINING STATE Representatives Flood, Linthicum, Goodwin, Cooper and
Temple of the Foreign Affairs Committee, to escort the disDEPARTMENT'S NEWS MATTER.
tinguished British visitors into the Chamber of the House.
An order closing the usual channels of information through Shortly after 12:30 o'clock the British Commission,consisting
which news of America's relationships to foreign powers of Mr. Balour, Major-General G. T. M. -Bridges, Lord
had heretofore reached the public was issued by Secretary Cunliffe, Governor of the Bank of England; Rear-Admiral
of State Lansing on the 7th inst. Under the edict State De- Sir Dudley R.S. De Chair,Fleet Paymaster-General Vincent
partment officials have been instructed not to talk with news- A. Lawford; Captain H. H. Spender-Clay, and others,
paper men "even on insignificant matters of fact or detail." arrived, and the whole House, both floor and galleries toIt is pointed out that henceforth, under the order, the gether, rose and greeted them with hearty applause. Mr.
press will not be able to discuss the background of compli- Balfour shook hands with Speaker Clark, and took his place
cated international questions with the experts at the head of beside him on the rostrum. When the members of the
each bureau. The order says that hereafter all news of the Mission had taken their seats, Speaker Clark announced to
Department must be given out either by the Secretary him- the House:
I present the Right Hon. Arthur J. Balfour, Principal British Secretary
self or by the newly created so-called Bureau of Foreign
Intelligence. Secretary Lansing sees the newspaper men of State for Foreign Affairs.
Mr. Balfour then addressed the House. After expressing
twice daily, but does not pretend to be able to answer the
maze of questions which every hour of the day is raised by his thanks for the honor accorded him, Mr. Balfour spoke
newspaper cables. The Bureau of Foreign Intelligence of the common bonds between the House of Representatives
is about a month old and is charged not only with the press and the British House of Commons,and declared that "these
but with supplying news to all American' missions abroad. two assemblies are the greatest and the oldest of the free
Usually very much behind the press cables because of the assemblies now governing great nations of the world." When
need of coding and decoding, the bureau at the same time, he spoke of looking foward to the peace and security and
because of its relative lack of authority, confines itself future peace of the world and the common purpose to which
mostly to formal statements on new facts and does not at- the two great democratic legislative bodies had joined, he
tempt to provide the background or explanation which was greeted with a spontaneous round of applause, the
give international news its real value. Consequently the President joining with the members of the House. Mr.
press dispatches from Washington state, if the new order Balfour said in part:
remains in effect, the public will receive from the State De- Ladies and Gentlemen of the House of Representatives:
a member,
partment only such perfunctory news as the Bureau gives ofI rejoice to think that Commons, a very old member. I am sorry to say.
the British House of
has been received here to-day by this
out and such fragmentary explanations as Secretary Lan- great sister assembly with such kindness as you have shown to me and to
himself finds time for in the crush of other work. The my friends.
sing
gentlemen, these two assemblies are
Ladies
Bureau chiefs, handling questions of the Far East, South oldest of and free assemblies now governing great the greatest and the
the
nations in the world.
America, the Near East or Western Europe, will not, it
The history, indeed, of the two is very different. The beginnings of the
to give to the public the benefit of their British House of Commons go back back to a dim historic past, and its
asserted, be able
export knowledge and intimate familiarity of their special- full rights and status have only been conquered and permanently secured
after centuries of political struggle.
Your fate has been a happier one. You were called into existence at a
ized situations. Secretary Lansing, in discussing the order
much later stage
development. You came into being
on the 7th, said that the present situation was entirely too and perfected andof social powers determined and your place complete
all your
in the Condelicate for the various bureau chiefs to be giving out in- stitution secured beyond chance of revolution, but though the history of
these two great assemblies is different, each of them represents the great
formation.
democratic principle to which we look forward as the security for the future
peace of the world. All of the free assemblies now to be found governing
The following is the text of the order:
In connection with the organization of the Division of Foreign Intelligence the Secretary desires to restrict the giving of information to the
press to those statements made by himself and to the statements of the
division. It is desired that all officials of the Department hereafter refrain from discussing matters of public business with press representatives.
Any requests for information should be referred to the division in Room
205. In order to avoid questions or conference it is desired that this
procedure be applied even to insignificant matters of fact or detail.
In a further pronouncement in the matter on the 8th inst.
Secretary Lansing made known that any official in the State
Department giving out information conveying a criticism
of the Department's policy would be dismissed. Secretary
Lansing said he had forbidden officials to talk with newspaper
correspondents because he was dissatisfied with having information come from many different channels and, perhaps,
from contrary pointsof view. He intended, he said, to
centralize all information, even as to details, in the Bureau
of Foreign Intelligence. Secretary Lansing stated that the
press would have to content itself with what the Bureau of
Foreign Intelligence gives out. That Bureau, he said, would
handle everything in the international field, all subjects
connected with the war, in short, everything. The Bureau
is manned by two officials.. According to the daily papers
the Chief of the Bureau is without newspaper experience and
his assistant has been in foreign fields—Cuba, China and
England—for several years.
the great nations of the earth have been modeled either upon your practice
or upon ours, or upon both combined.
Mr. Speaker, the compliment paid to the Mission from Great Britain by
such an assembly and upon such an occasion is one not one of us is ever
likely to forget; but there is something, after all, even deeper and more
significant in the circumstances under which I now have the honor toaddress you than any which arise out of tho interchange of courtesies, however.
sincere, between two great and friendly nations.
We all, r think, feel instinctively that this is one of the great moments
in the history of the world, and that what is now happening on both sides of
the Atlantic represents the drawing together of great and free peoples for
mutual protection against the aggression of military despotism.
I am not one of those, none of you are among those, who are such bad
Democrats as to say that democracies make no mistakes. All free assemblim have made blunders; some times they have committed crimes. Why
is it then that we look forward to the spirit of free institutions, and especially among our present enemies as one of the greatest guarantees of the
future peace of the world? I will say to you, gentlemen, how it seems to
me.
It is quite true that the people and the representatives of the people may
be betrayed by some momentary gust of passion into a policy which they
ultimately deplore, but it is only a military despotism of the German type
that can through generations, if need be, pursue steadily, remorselessly,
unscrupulously, and appallingly the object of dominating the civilization
of mankind. And, mark you, this evil, this menace, under which we are
now suffering, is not one which diminishes with the growth of knowledge
and progress of material civilization, but, on the contrary, it increases with
them.
When I was young we used to flatter ourselves that progress inevitably
meant peace, and that growth of knowledge was always accompanied as
its natural fruit by the growth of goodwill among the nations of the earth.
.Unhappily, we know better now, and we know there is such a thing in
the world as a power which can with unvarying persistency focus all the
resources of knowledge and of civilization into the one great task of making
1856
THE CHRONICLE
itself the moral and material master of the world. It is against that danger that we, the free peoples of Western civilization have banded ourselves together.
It is in that great cause that we are going to fight and are fighting at this
very moment, side by side. In that cause we shall surely conquer and our
children will look back to this fateful date as the one from which democracies can feel secure that their progress, their civilization, their rivalry, if
need be, will be conducted, not on German lines, but in the free and friendly
spirit which really befits the age in which we live.
When he had finished speaking, Mr. Balfour with Gen.
Bridges, Admiral De Chair and Lord Cunliffe stepped down
from the rostrum with Speaker Clark and shook hands with
the members of the House. President Wilson came down
from the gallery and also shook hands with the British visitors, the crowd indicating its approval with an outburst of
applause when he grasped the hand of Mr. Balfour. Chief
Justice White,Secretary McAdoo,Attorney-General Gregory
and Justices McReynolds and Pitney were on the floor of the
House during the reception. • In the diplomatic gallery were
Ambassador Jusserand, Lady Spring-Rice, wife of the British
Ambassador; Colville Barclay, Counsellor of the British
Embassy; the Haitian Minister and Frank Polk, Counsellor
of the State Department.
The British War Commission were received in the United
States Senate on the 8th inst., and were accorded a reception
rivaling in enthusiasm the greeting given them by the House
on the previous Saturday. The Senate took a recess at 12:30
o'clock upon motion of Senator Marlin, majority leader, and
the visitors were escorted into the chamber. In a brief address of welcome Vice-President Marshall referred to Mr.
Balfour as "the foremost champion of the Magna Charter,"
an instrument of liberty without which neither America nor
France "would be or have a hope of being."
At the conclusion of. Vice-President Marshall's remarks,
Mr. Balfour replied, saying that Germany was beginning to
realize her mistake when she counted that England and
America were afraid to enter the war,and estimated the effect
as negligible if they did. He asserted that the war conference held in this country has cemented an alliance of three
great democracies destined to crush the greatest world menace of all time and to save civilization and liberty. Though
severe trials still must befaced, he said,free peoples now have
been aroused and fired with a determination insuring the
ultimate triumph of free institutions.
VISIT OF FRENCH WAR MISSION TO CONGRESS.
Rene Viviani, Vice-Premier of the French Council of
Ministers, Marshal Joffre, Emile Hovelaque, Inspector
General of Public Instruction and Vice Admiral Chocheprat
of the French Navy, the principal members of the French
War Mission to this country, were received on the floor of
the United States Senate on the 1st inst., amid great applause. The French visitors were invited to meet the Senators by Vice-President Marshall. In the midst of consideration of the Army bill the Senate took a recess of twentyfive minutes to meet the distinguished commissioners from
France. The visitors reached Vice-President Marshall's
office shortly before 12.30 o'clock. The Vice-President
named Mr. Hitchcock of Nebraska and Mr. Lodge of Massachusetts as a committee to escort the guests into the Senate
chamber. M. Viviani took a place on the rostrum at the
right of Vice-President Marshall,while Marshall Joffre stood
at the left. When the applause, which lasted for several
minutes, subsided, the Vice-President said:
• The Senate of the United States has had the pleasure and honor many
times in the past of receiving and welcoming distinguished visitors to the
Republic. It had the glorious honor of receiving Gen. Lafayette. Nearly
a century afterwards it now has the great pleasure and honor of welcoming
the Vice Premier of the French Government, the Superintendent of Public
Instruction, the Marshal of France and Vice Admiral Chocheprat of the
French Navy.
• Each Senator and each Representative shook the hand
of each of the visitors, those who could speak French stopping to chat a moment, then passing on. In response to an
invitation by Vice-President Marshall, Vice Premier Viviani
addressed the Senate. He spoke in French, but frequently
was interrupted, as those on the floor understanding him
were thrilled by his words. A translation of M.Viviani's
remarks follows:
Since I have been granted the supreme honor of speaking before the
representatives of the American people may I ask them first to allow me to
thank this magnificent capital for the welcome it has accorded us. Accustomed as we are in our own free land to popular manifestations, and though
we had been warned by your fellow-countrymen who live in Paris of the enthusiastic burning in your hearts, we are still full of the emotion raised by
the sights that awaited us. I shall never cease to see the proud and stalwart men who saluted our passage; your women, whose grace adds fresht
beauty to your city, their arms outstretched full of flowers, and your children hurrying to meet us at the call of their schoolmasters, as if our coin-
•
[VOL. ma.
ing were looked upon as a lesson for them, all with one accord acclaiming,
in our perishable persons, immortal France. And yet I predict there will
be a yet grander manifestation the day when your illustrious President, relieved from the burden of power, will come among us bearing the salute of
the Republic of the United States to a free Europe, whose foundations from
end to end shall be based on right. It is with unspeakable emotion that we
cross the threshold of this legislative palace where prudence and boldness
meet, and that I. for the first time in the annals of America, though a foreigner, speak in this hall, which only a few days since resounded with the
words of virile force.
You have set all the democracies of the world the most magnificent example. So soon as the common peril was made manifest to you, with simplicity and within a few short days you voted a formidable credit and proclaimed that a formidable army was to be raised. The commentary on
his acts President Wilson gave before acting, and which you made yours.
remains in the history of free peoples the weightiest lessons.
Doubless you were resolved to avenge the insult offered your flag, which
the whole world respected; doubtless through the thickness of these massive
into
walls the mournful cry of all the victims which criminal hands hurled
the depths of the sea, has reached and stirred your soul; but it will be your
of humanity, and invoked
honor in history that you also heard the cry
against autocracy the rights of democracies. And I can only wonder as I
speak, what—if they still have any power to think—are the thoughts of
the autocrats, who three years ago against us, three months ago against you,
unchained this conflict. Ah, doubtless they said among themselves that
a democracy is an ideal government, that it showers reforms among mankind, that it can in the domain of labor quicken all economic activities.
of its
And yet now we see the French Republic which is fighting in defense
territory and the liberty of nations by opposing to the avalanche let loose
by Prussian militarism the union of all its children who are still capable
of striking many a weighty blow.
conscription, who
And now we see England, far removed like you from
millions
has also by virtue of a discipline accepted it and raised from her soil
the same act;
of fighting men. And we see other nations accomplishing
and brings
and that liberty not only inflames all hearts, but co-ordinates
sharpen
Into being all needed efforts. And now we see all America rise and
her weapons in the midst of peace for the common struggle.
have at
Together we will carry on that struggle; and when by force we
task
last imposed military victory, our labors will not be concluded. Our
President Wilson—to organize the
will be—I quote the noble words of
never seen
society of nations. I well know that our enemies, who have
jeer at so
before them anything but horizons of carnage, will never cease to
at their birth; and
noble a dream. Such has always been the fate of ideas
themselves to be discouraged by
if thinkers and men of action had allowed
should still be slaves.
skeptics, mankind would still be in its infancy and we
We will shatter the
After material victory we will win this moral victory.
for peace;
ponderous sword of militarism; we will establish guarantees
world's stage, since we shall leave at
and then we can disappear from the
generations
the cost of our common immolation the noblest heritage future
can possess.
When M. Viviani finished speaking there came from all
parts of the Senate chamber cries of "Joffre, Joffre, Joffre."
Seldom before, it is said, had such an uproarious scene been
staged in the Senate chamber. The Marshal of France
approached the front of the rostrum and said "I do not speak
English." Then, flinging his right hand forward with a
sudden gesture he shouted this message from France,"Vivent
les Etats UnisI" The cheers that followed were the climax
of the day. In bringing the visit of the distinguished
Frenchmen to a close Vice-President Marshall said: "As
we said, `Hail,' so now we say `Farewell,' and yet again,
please God, 'Hail.'" The French visitors went directly
from the Senate chamber to the office of Vice-President
Marshall and there spent a few minutes chatting with Senators in French.
The French War Mission was received on the floor of the
House of Representatives on May 3, where they were likewise given a notable ovation. Shortly before noon the
House recessed and Speaker Clark appointed a committee,
headed by Chairman Flood of the Foreign Affairs Committee,
to usher the visitors into the chamber. Practically the
entire membership of the House and crowded galleries arose
and applauded as the visitors were announced. Rene
Viviani, head of the mission, delivered a stirring address in
French, a translation of which we give below.
As M. Viviani concluded amid cheers(f approval, Speaker
Clark turned to Marshal Joffre. He took the hero of France
by the arm and Joffre saluted and stood at attention. The
echo of cheers and handclapping resounded throughout the
building. In response to the demonstration the Marshal
said: "Thank you," and then waving his hands above
him, shouted: "Vivo l'Amerique l" In reply shouts of
"Vivo la France," came from the floor and galleries. The
visitors then proceeded to the well of the House and shook
hands with the Congressmen assembled. When Representative Jeannette Rankin was introduced M. Viviani and
Vice Admiral Chocheprat kissed her hand. M. Viviani's
speech was translated for the press by Representative McCormick. His translation was as follows:
to the
Gentlemen: Once more my fellow countrymen and I are admitted
per
honor of being present at a sitting in a legislative chamber. May I be
derogation against rules more
mitted to express our emotion at this solemn
a
than a century old, and so far as I am concerned, may say that as member
of Parliament accustomed for twenty years to the passions and storms which
sweep through political assemblies, I appreciate more than any one at this
is in such a commoment the supreme joy of being near this chair, which
manding position that however feeble may be the voice that speaks thence,
it is heard over the whole world.
'MAY 12 1917.1
THE CHRONICLE
Gentlemen, I will not thank you, not because our gratitude fails, but because words to express it fail. We feel that your sympathy and enthusiasm
come not only from your hearts, but from the jealousy which you have for
your own honor. We have all felt that you were not merely fulfilling the
obligation of international courtesy. Suddenly, in all its charming intimacy, the complexity of the American soul has been revealed to us.
When one meets an American, one is supposed to meet a practical man,
merely a practical man,caring only for business, only interested in business.
But when at certain hours in private life one studies the American soul, one
discovers at the same time how fresh and delicate it is, and when at certain
moments of public life one considers the soul of the nation, then one sees all
the force of the ideals that rise from it is so that this American people,in its
perfect balance, is at once practical and sentimental, a realizer and a
dreamer, and is always ready to place its practical qualities at the disposal
of its puissant thoughts.
Intrusted with a mandate from a free people, we come among freemen to
compare our ideas, exchange our views, to measure the whole extent of the
problems raised by this war, and all the allied nations, simply because they
repose on Democratic institutions, through their Governments, meet in
the same lofty region on equal terms, in full liberty.
I well know that at this very hour in the Central Empires there is an absolute monarchy which binds other peoples to its will by vassal links of
steel. It has been said that this was a sign of strength; ft is only an appearance of strength. In truth, only a few weeks ago, on the eve of the day
when outraged America was about to rise in its force, on the morrow of the
day when the Russian revolution, faithful to its alliance, called at once its
soldiers to arms and its people to independence, this absolute monarch was
seen to totter on the steps of his throne as he felt the first breath of the
tempest pass over his crown. He bent toward his people in humiliation,
and, in order to win their sympathy, borrowed from free peoples their
highest institutions and promised his subjects universal suffrage.
Here, as in the crucial hours of our history as in those of yours, it is liberty which clears the way for our soldiers. We are all now united in our
common effort for civilization, for right.
The day before yesterday in a public meeting at which I was present I
heard one of your greatest orators say with deep emotion: "It has been
sworn on the tomb of Washington." And then I understood the full import of those words. If Washington could rise from his tomb, if from his
sacred mound he could view the world as it now is—shrunk to smaller proportions by the lessening of material and moral distances and the mingling
of every kind of communication between men—he would feel his labors
were not yet concluded; and that, just as a man of superior and powerful
mind owes a debt to all other men, so a superior and powerful nation owes
a debt to other nations, and after establishing its own independence must
aid others to maintain their independence or to conquer it. It is the
mysterious logic of history which President Wilson so marvelously understood, thanks to a mind as vigorous as it is subtle, as capable of analysts
as it is of synthesis, of minute observation followed by swift action.
It has been sworn on the tomb of Washington. It has been sworn on
the tomb of our allied soldiers, fallen in a sa red cause. It has been sworn
by the bedside of our wounded men. It has been sworn on the heads of
our orphan children. It has been sworn on cradles and on tombs. It has
been sworn!
1857
11.30 A. M.—Ceremony of unveiling of statue of Lafayette in Prospect
Park, Brooklyn.
1.00 P. M.—French Commission the guests of the Merchants' Association at a luncheon at Hotel Astor.
4.00 P. M.—Reception and conferring of honorary degrees at Columbia
University.
5.00 P. M.—French Commissioners leave City Hall, escorted by the
Mayor, proceeding to Grant's Tomb, where Marshal Joffre will place a
wreath on the tomb of General Grant, after which he will review the Seventh
Regiment.
8.30 I'. M.—Reception by the French Commission at the Public Library.
Friday, May 11.
Morning.—Marshal.Joffre and party go to Newburg, where Governor
Whitman will receive them. From Newburg the party goes to the United
States Military Academy at'West Point, whore Marshal Joffre will review
the corps of cadets.
12.30 P. M.—Luncheon to M. Vivian' at the Biltmore, his hosts being
the lawyers of New York.
3.00 P. M.—Official reception at the City Hall to Mr. Balfour and the
other members of the British Commission. Speakers, Mayor Mitchel,
Mr. Choate, and Mr. Balfour.
8.30 P. M.—Mr. Balfour and party leave City Hall, escorted by Mayor
Mitchel, and proceed to residence of Vincent Astor, at Fifth Avenue and
Sixty-fifth Street.
8.00 P. M.—Official dinner at the Waldorf-Astoria. Speakers, Mr.
Balfour, M. Viviani and Mr. Choate.
Saturday, May 12.
Reception and luncheon by the Chamber of Commerce to members of the
two Commissions.
Mayor Mitchel in greeting the guests at the City Hall
on Wednesday, made a brief address in which he said:
Mr. President, Marshal Joffre and Gentlemen of the Commission:
The City of New York, through its Government and through this great
Committee of its most representative and distinguished citizens, bids you
a cordial and enthusiastic welcome. That this vast city, the financial and
commercial capital of the nation, esteems it a signal honor and high privilege to receive and entertain you, the representatives of our gallant ally
and historic friend, the French Republic, is evidenced by this gathering,
the like of which has not occurred in the seat of New York's local Government within the memory of any of her citizens now living.
Gentlemen of the Commission, we esteem you for yourselves. We welcome the opportunity to greet and honor M. Vivian', the Vice-President
of the Council of Ministers of France, who so fittingly serves his country
on this important mission to the United States. We rejoice to hail the groat
Marshal of France, the hero of the battle of the Marne, and to acclaim him
who stemmed the brutal tide of autocracy, the savior of civilization and
democracy. We welcome with all our hearts the senior Vice-Admiral of
the French Navy, which has borne itself so nobly in this world war. We
extend our hands in friendship and in greeting to the Marquis deChambrun:
Member of the Chamber of Deputies and lineal descendant of America's
friend and benefactor, Lafayette. We greet you all, gentlemen of the
Commission, and assure you that the hearts of the people of New York
are warm with a welcome that goes out to you without stint or measure.
We welcome you again, and above all else, because of what you represent—France, whom we love, France, our consistent, our never-failing,
our warm-hearted, our stancn friend, France, to whom we of the United
States owe so deep a debt, France, which for three years has poured out
her blood that the ideals of personal and political liberty and human justice, which the United States proclaims and cherishes, may live upon the
earth.
We hail you as allies, allies to whom we owe an obligation, an obligation
that will not be discharged by loans, by munitions, by food supplies, by
ships or by aught else save the devoted service and blood sacrifice of American manhood, side by side, upon the battlefields of France, with the men
who for thirty-three months have carried for us, as well as for France, the
burden of this war. For all the people of this great city, I say to you,
gentlemen of the Commission, that the men of Now York are ready for
that service and prepared to undertake it now at our nation's call.
May your visit to New York serve to cement again the bonds of friendship between our respective nations and to evidence to you and through
you to the people of your country the deep and lasting love of America
for France.
RECEPTION TO BRITISH AND FRENCH WAR
MISSIONS IN NEW YORK AND OTHER CITIES.
New York outdid itself in welcoming to the city this week
the members of the French and British special war missions
to tho United States. With their arrival in the city on
Wednesday Joseph Joffre, Marshal of France, and hero of
the Marne, Bone Viviani, Minister of Justice and VicePremier; Vice-Admiral Cocheprat and the other members
of the French Commission were accorded a rousing reception, and a similar ovation was extended to British Minister
of Foreign Affairs Arthur J. Balfour and his associates on
the British Mission when they reached the city yesterday
(Friday). The members of the French Mission arrived
here after a brief tour of the Middle West, visiting the cities
of Kansas City, St. Louis, Springfield, Ill., and PhiladelJoseph H. Choate, Chairman of the Mayor's Committee,
phia, coming direct from the latter city to New York; they
Boston, after which they will return to also made a brief address, a part of which follows:
are are also to visit
It is true that we are not used to war. We have hardly yet begun to
Washington. From the moment they reached the Battery get ready, but I believe, in men,in resources, in munitions, in all the equipPhiladelphia on Wednesday afternoon they were ten- ment of war, we can before long be ready, and for one I shall be disapfrom
within a
pointed, be
dered a whole-hearted welcome; in their honor the city company, amuch disappointed, if Americanfew months there is not a solid
division at least, of
troops waving the Stars and
was ablaze with decorations of the flags of the three nations, Stripes, led by competent commanders, crossing the Atlantic to take their
illuminations. Mayor Mitchel took occasion to issue stand by the side of Great Britain and France in this great war.
and
You have come, gentlemen, to show us the way, to show us how to get
a proclamation of the 7th inst. announcing the visit of the
ready, and there is no better representation of the great nation from which
Missions, in this edict saying:
you come than you yourselves by the achievements that you have already
New York, May 7.
To the Citizens of New York:
Special Mission to the United States and the British Special
The French
Mission to the United States will honor the City of New York by their
presence as its guests between the 9th and 12th days of May. Their
coming will emphasize the alliance of the United States with the other
free peoples of the wend in declaring war against the Imperial Government of Germany in the defense of liberty and democracy.
Wherefore I, John Purroy Mitchel, Mayor of the City of New York, do
hereby direct that during the visit of these guests of the City of Now York
the flags of France and of Great Britain shall be displayed upon all public
buildings in the city, and I call upon all inhabitants of the city appropriately
to decorate and illuminate their buildings and display therefrom beside
the flag of the United States the emblems of France, Great Britain, and the
other nations allied with us "to make the world safe for democracy."
JOHN PURROY MITCHEL,Mayor.
The Mayor's Committee also issued the following program of reception and entertainment of the distinguished
guests:
Wednesday, May 9.
4.15 P. M.—Official reception at the City Hall to the French War Commissioners, Speakers, Joseph H. Choate, Chairman of the Mayor's Committee, M. Viviani, and Marshal Joffre.
Thursday, May 10.
9.45 A. M.—Presentation of the New York World's liberty figure to
Marshal Joffre.
done. I believe that there are fifteen millions of men of the right age for
warfare among our hundred millions of people. I believe that we have
unbounded resources to sustain our allies to the end of the war, and I be-mile from
lieve from what I have seen this very day, when in the last half
the Battery to the City Hall, the people of New York seem to me to represent the whole people of the nation, and all of one accord,shouting triumph,
welccime, honor to France.
I believe that the people of the United States are ready with your people to shed the last drop of their blood, if it be necessary, to spend their
last dollar if it be necessary, to spend their last man in order to achieve
that victory which is necessary to secure a lasting and permanent peace to
all the people of the world. You remember that Lincoln said, in the wonderful speech of his at Gettysburg, that America shall have now, from
the blood that she had poured out on those fields, a new birth of freedom—
and she had it, cost it what it might. If he were here now he would say for
all the free nations of the world that all these nations shall now have a new
birth of freedom, and it is you, gentlemen, and the country you represent
and your great allies on the other side of the water, welcoming our men ot
take part in the fight, will secure that new birth of freedom for us all.
The speech of the day was made by M. Viviani; in this
which we give in full below, he declared that "France fights
for the world—for justice, for humanity—and it is because
she fights for that that at last the American people have
risen to give France and her Allies her moral and material
aid." His speech follows:
1858
104.
THE CHRONICLE
Finally, let me say—and it is with difficulty that I find my words, for I
Gentlemen, at last we have reached the shores of this great city, whose
effort—let me merely say that we
splendor had already been described to us and had attracted Us. In my have nearly come to the limit of human
we have no division, no classes, no differown name, and in the name of my fellow countrymen, I am compelled to over there are unanimous, that
All together we fight for the same flag,
admit that, in contrast with what usually happens in life, our expectations ences of religion or of opinion.
ready to die if need be, but above all always ready to save France.
have been greatly surpassed by the realities.
I cannot do better in order to symbolize this union of the French and
Your eminent statesman, Ambassador of his country to foreign lands,
before you side by side with Marshal Joffre.
whose words I am happy to hear among you, has just said that he could American people than to appear
means foreign land, in this friendly
find no proper language to express what America owes to France. If you, It is indeed pleasing to me in this by no
by so many ties to France, to thank the French army for the
after such a welcome as you have given us, can find no words, how shall I land bound
deeds it has done. That army
who, with my fellow countrymen, have received this welcome, elevate my heroic manner it has fought, for the great
materially before the most formidspeech to the level of the magnificent achievements which you have ac- at the outset of the war had to give way
able onslaught that the history of man has ever recorded, but came back and
complished.
they threw themselves into the fray,
We are at last arrived in this hall in which Mayor Mitchel received us hurled itself upon the invader. Yes,
their eyes aflame and their hearts, going into
with such great kindness in the name of the great city which he governs. those youths in their teens,
for civilization, for manHe has been kind enough to say words—gracious and weighty at once— battle, going to death, but going for the country,
which have gone deep info our hearts and into our minds. I thank him for kind.
them—who with clear eye and cool head, calm, confident,
And who led
having introduced us to this Municipal Government, which I salute, to
the resistance to the enemy. I need not tell you
the Senior General, to the General commanding the troops of the East, to and efficient, organized
his name. I need but to recall the Marne. And at the same time our
New York.
the Admiral commanding the fleet at
de Grasse, who came with Rochambeau,
As you very aptly said, you have gathered in this magnificent hall, not sailors on the ocean, like Admiral
in the name of France, the greatest and most inonly the citizens, not only the members of the municipality, but also the sol- rendered, as you know,
of independence. Our sailors by night and
diers, the Army and the Navy Commanders, thus showing that at the estimable service to the cause
by day alert, silent and watchful—our sailors who after being sent to fight
present time we need not only think but act.
the waters of the Adriatic under
The efficiency of your magnificent administration was known to us oven in the trenches of Ypres, fought again—on
standing at my right, Admiral Cochebefore we thought of visiting this wonderful city. We know how this the orders of the brave officer who is
municipality, which governs seven millions of men—that is to say, a popu- prat.
Our army is our nation in arms. It is democracy in arms for its honor
lation that some kingdoms in Europe do not possess—which with such
also—that you have seen that
vigilance administers formidable appropriations. We know what it has and independence. You will say—you
known how to organize its forces,
done for its laborers, how it has organized this vast harbor, of which it wonderful sight of democracy which has
which has not awaited the
is so Justly proud, from which ships will leave now decorated with tri-col- how to marshal its strength. A democracy
hour of danger, which, like our own, had its army, its leaders, its chiefs,
ored flags, flying in triumph and glory.
done, was able to hold its own.
We knew all you have done, and when we reached your shores we ad- and which, thanks to what it had
As I was on my way here I heard the crowd acclaiming those who acmired the Statue of Liberty, which we have so often beheld in pictures and
companied me, and who wear the uniform like Marshal Joffro, as the
which now throws its light upon the whole world.
of the Marno are the saviors of
May you be thanked, Mr. Mayor, and you also, Mr. Choate, for thesc saviors of the world. Yes, the soldiers
conscription, if there had not been the
words you have said. It is not us you welcome; it is not to us these words the world. But if we had not had
what would have befallen our counare directed. Through our persons they go to France,and we need not say men to answer the call of mobilization,
its valor? There, citizens, you have
that we shall faithfully repeat them, not only because they are gracious try by its courage, its enthusiasm,
by the war.
words dictated by international courtesy, but also because they are power- that great and grave legend taught
I have already said, and I repeat it, I am not misinformed. This has all
ful and earnest words, which have, if I may say so, all the beauty and richbeen understood. So long as there is in the world a warlike Germany, so
ness of a bronze medal.
country bent on oppression, on threachYou were right when you dwelt on the wonderful spectacle which France long as there is a nation of prey, a
be imperilled. If they would
has given to the world for three years. You were right when you said that ory and violence, so long will democracies
and heritage of mankind which are theirs,
the blood of France is flowing like wateI. From the open wounds of our save the treasures of civilization
ready, they must arm themselves,
soldiers has flown the pure red blood of France. It has flooded our plains they must meet the danger, they must be
the sword at the service of aught but
in the very spots where formerly our farmers and our workmen were living but with the purpose never to place
the right. at peace.
Marshal Joffre's salutations were confined to a simple
And why does the invader so pollute our soil? We are a pacific nation,
,as pacific as yourselves, but you have seen for yourselves how easy it was "thank you" for the great ovation extended him and kisses
You cherished such
,to remain faithful to dreams of universal peace.
audience. During their brief stay in this city
dreams. You were a great people, with only one thought—humanity and thrown to his
justice. We were a free democracy and we had only one thought—univer- the members of the French Commission have been housed
sal right and humanity. But German aggression was thrust upon us. We in the residence of Henry C. Frick, while the home of Vinwere compelled to rise in arms,and now we fight—we fight for our territory,
for the members of the British Comfor our wealth, for our historical traditions—in order that the invader.may cent Astor was opened
not take another step on our sacred soil. France fights for the world—for mission.
justice, for humanity—and it is because she fights for that that at last the
American people have risen to give France and her allies her moral and
The first formal speech of Marshal Joffre in New York was
material aid.
You have said that sympathy was not sufficient. We are aware of the made on Thursday with the presentation to him in Central
sympathy with which for one hundred and forty years you have cheered the
Park of a golden miniature of the Statue of Liberty, a gift
heart of France. We knew that you would not be forgetful nor ungrateful,
through the New
and just as on your public squares you have erected statues of Lafayette paid for by public subscriptions received
you carry his memory in your heart. We knew that a great free people, York "World." Charles M. Lincoln, Manading Editor of
proud of its traditions and its history, venerated the memory of a foreign
the "World," made a brief speech of presentation, and Mayor
General who, in the birth throes of its independence, brought it the help of
Mitchel also addressed the Marshal, saying:
French courage and genius.
Since the beginning of the war we have received proof of your sympathy
You, sir, are a man of the people and have won the highest military
We have received innumerable honors which a nation can confer and are to-day the ranking soldier of the
in numerous and most generous forms.
proofs of your fraternal affection in the many charitable gifts which our allied armies. The people of New York have brought here to-day this
orphans and our wounded have received. You felt it was not sufficient throng of children from our public schools to evidence their understanding
to stand by and admire only our devotion.
of your incalculable service to the rising and future generations, when, in
I fully understand how you faltered in the face of the awful duty that con- fulfilment of your promise, "they did not pass," and you saved for Europe
fronted you. For war has its dangers and its horrors, its moaning widows, and posterity democracy and liberty. This little statue is a miniature of
its premature deaths, and casts a blight on the mothers of infants who are the splendid gift of France to the people of the United States, Bartholdi's
hope and joy and who know only woe and calamity.
inspiring Statue of Liberty, which stands in our upper bay, symbolizing
War is a horrible thing, but could there be anything more terrible for the great ideals of this nation to all who pass through this, her chief gatepeople than to live without honor or independence, just as you were un- way. That noble figure upon Bedloe's Island symbolizes the ideal of huwilling to allow your national honor to be humiliated under the insolent man freedom, of political liberty, common to France and to the United
threats and mandates of Germany? We were unwilling to submit to break States.
our oaths. When we look back into the events of the last three years,
In accepting the gift from the hands of Theodore Rousseau,
you have seen small peoples oppressed and great nations like Russia, EngMayor's Secretary,
land, France, and Italy rush to the defense of the rights of mankind in Jr., the little four year old son of the
order to save from the wreck some portion of their national honor. You Marshal Joffre said:
have felt the revolt of your consciences from the first hour when German
I am profoundly touched by the remarkable souvenir which; with such
aggression struck at your brothers, and it was then an easy matter for those
delicate attention, you offer me, I am profoundly touched above all, and I
who had witnessed the evolution of American feeling to foresee what would
feel the value of this emblem that comes to me from the common people of
happen and what has actually happened since.
America, from the people as a whole, and I thank you from the bottom of
visited the Middle West.
All America has risen in arms. We have just
my heart, and I ask you to thank the people fort his gift, which I shall keep
We have just seen what enthusiasm has arisen among the men,the women, all my life, which I shall carry to my home, which I shall have under my
and the children of those regions.
eyes every day to remind me of my love of America and of what America
We have found everywhere, even in those very places where we had been
has done for France. I shall treasure it for what it stands for and for what
told we would not find it, the virile resolution of a whole people acclaiming
it means to us.
our message, and we find it here again in these streets of New York, this
At the ceremony of the unveiling by Marshal Joffre of a
groat city where millions of men surge like waves of the sea.
This, then, is what is in store for us in this city. We have received a statue of Gen. Lafayette at the Ninth Street entrance to
brotherly welcome which has gone deep into our hearts. You may rest
on Thursday, Borough President Pounds, on
assured that we shall not forget it, and from the height on which I stand, Prospect Park
across the distance which separates us from France, allow me to bow to thia behalf of the citizens of Brooklyn, presented to M. Viviani a
country.
for the French
silver loving cup and a purse of 10,000
Allow me to pay a tribute to this country, allow me to thank you for the
Joffre a silver hilted sword, to Viceunforgettable welcome we have received at your hands. Franco. to whom orphans; to Marshal
all is due, who has suffered all things, borne all things except shame, except Admiral Chochoprat a traveller's clock, and the Marquis de
humiliation; France, who would not kneel before the forces which thought Chambrun a silver memorial album. All gave expression
so easily to overcome her, fought for the common right of humanity, for
event of the day
justice, and it was the people of France, as a whole, not only the army, but to their appreciation of the gifts. Another
a democracy in arms, all her children, who rose up to defend her.
was the placing of a wreath by the Marshal on the tomb of
We are going back to our country, bringing from here all that moral enGen. Grant. At a gala performance at the Metropolitan
couragement and material aid which will steel our souls, give strength to our
of which have been
purpose, and hearten our people. We shall tell our fellow countrymen that Opera House in the evening, the proceeds
millions upon millions of voices have acclaimed the holy name of France, presented to Marshal Joffre for the benefit of the French
that none may doubt how much we respect the love, the veneration, which
Orphans and the Belgium Relief Commission, the hero
America has for that great moral country which is called the French na- War
of the Marne in response to the demonstration accorded
tion. Yes, we shall tell them that and more.
francs
MAY 12 1917.1
THE CHRONICLE
1859
him, speaking in French and saying, according to the at this gathering, in which he declared that France will never
"Times:"
make peace "until we have that which is ours—Alsace and
Ladies and gentlemen: I am deeply grateful for all the greetings, for Lorraine." We give a part of what he had to say below:
all the smiles, and for all the cheers that you have manifested here to-night:
but I must take them not as an expression to me personally, but as a tribute
from you to the fighting army in France.
If the soldiers of my beloved country could know of this great spontaneous outburst of affection and patriotism on the part of the people of
this great city, they would receive new inspiration and stimulation. Their
hearts would be deeply stirred, as mine has been to-night by this overwhelming evidence of your support. This is the greatest demonstration
I have ever seen.
I am not an orator, ladies and gentlemen, and I cannot say more than
that I am profoundly touched by this magnificent demonstration. I shall
carry the memory of it back to the soldiers of France.
I say now and again "Long live the United States! Long live the City
of New York!'
At Columbia University on Thursday the degree of Doctor
of Laws was conferred upon M. Viviani, Marshal Joffre,
Arthur James Balfour (of the British Mission, and in whose
absence the degree was conferred by proxy) and Lord
Cunliffe, also of the British Commission. President Nicholas
Murray Butler, in his greetings said (we quote his remarks
as given in the "Times"):
Since, in 1861, Columbia University received Abraham Lincoln with its
highest honors, it has known no such day as tbis. In the modern democracies, the university—and the university almost alone—is able to rise
above strife of party or of faction, above difference of religious creed.
above official form and material standards, to speak for the spirit and the
mind of the whole people. This university is especially competent so to
speak because of its long and noble tradition, because of its unbroken record
of distinguished public service, and because of the great army of men who
from decade to decade, and now even from century to century, have gone
out through its gates to serve the State and to play a man's part in the
world.
To-day this University speaks with no uncertain voice to offer a welcome
finely symbolized by the outstretched arms of Alma Mater, to those great
men who, as captains of the public policies of democratic peoples, as captains of armies and of navies, and as captains of commerce and of finance,
have represented with consummate skill and supreme devotion the aspirations and the purposes of the French Republic and of the British Empire.
It is in but a superficial sense that France, Great Britain, and the United
States are allies in the conduct of war; in a far deeper sense they are companions in the great enterprise of democracy, in the spreading of higher
hope and broader opportunity among men, and in the upbuilding of a yet
finer and fairer and more secure structure of civil and political liberty upon
the foundations that the fathers have laid. The intellect and the conscience
of America, speaking so far as they may by this University, cry "Hail!"
to these representatives of our brothers, and bid them know how complete
and how whole-hearted are our country's understanding of their aims and
our country's appreciation of their accomplishments and their sacrifices.
Behind the powerful defense of their armies and their navies we have for two
and a half years rested secure and undisturbed. The time has fortunately
come when the American people have declared their purpose to add might
to their sympathy and to put determination behind their good will. To
this epochal fact full testimony is borne by the City of New York,the great
power house of the nation's energies, in which is centered so much of American activity, and from which radiate so many of the directing forces in
American life.
There can be but one certain end to this war and there can be but one
road to durable peace. Were it possible to contemplate the present victory
of those forces that would check and imperil democracy, there would lie
before us, before our children, and before our children's children, an unbroken series of wars until those who come after us had gained what we in
our day had failed to accomplish. The upward progress of mankind may
be delayed or checked, but it cannot forever be prevented. In the whole
course of history no great crisis which involved the forward march of man
has been resolved to his disadvantage. Democracy will win this war because the works of men will not fall below the full measure of their faith.
To you, M. Vivian!, representative of the Government and the mind of
France; to you, Marshal Joffro, whose name and fame already belong to the
ages; to you, Lord Cunliffe, as a tower of national strength, and to you, Mr.
Consul General, representing the Right Hon. Arthur James Balfour, consummate flower of British cultivation and British statesmanship—I bid
sincere and affectionate welcome to this University, which, as yonder legend
reads, was "founded in the Province of New York by Royal Charter in the
Reign of George II., perpetuated as Columbia College by the people of the
State of New York when they became free and independent, maintained and
cherished from generation to generation for the advancement of the public
good and the glory of Almighty God."
In conferring the degree President Butler said:
When Mr. Beck began his admirable speech he spoke to France from the
depths of his heart. Ile was right when he said that we have just passed
through never-to-be forgotten moments, and because of the emotions which
have come to us in them, I ask myself, accustomed as I am to popular manifestations, and used as I am to finding myself face to face with great assemblies like this, I ask myself where I can find words in which to tell you
the undying gratitude we have for the people of New York; to tell you how
deeply we have been stirred since we had the honor to arrive in this magnificent city.
There have been other wars before this, wars in which the armies were
well equipped with ammunition and supplies sufficient to carry on the
struggle for a few months, but now we have entered upon a war where
everything is different, where weeks are months, and months are years
where the entire co-ordinated energies of the nation are essential to itS
successful prosecution. Everything has been on a scale which no human
mind could foresee, and our troops hav been deluged with masses of steel
beyond the conception of our minds. Now we have turned to you and you
have supplied us with munitions, you have supplied us with your steel,
you have supplied us with your money. I thank you, we all thank you
for your generosity. We thank you for what you have done for France.
We thank you for your loyalty to France,and for the amount of work which
you have done that has enabled the armies of France to keep up the good
fight.
As a Frenchman coming to speak here in America, I must be allowed to
refer on behalf of my compatriots and my friends, to something of which
we are all justly proud. I refer to what came to some perhaps as a revelation. Ah! France before the war seemed to many to be a country to
which people went as to Paradise, in order to seek happiness and enjoyment. And too many of them failed to see that great and that real Prance,
that France of 11,000,000 workingmen, 7,000,000 of whom are agricultural
laborers. That did not seem to them to be the real France, and yet it was.
In this wax France has risen to all occasions, has taken on all the qualities
of an industrial organized democracy. It is not only the valor of their
children, it is the training of her officers, the efficiency of her organization,
and the co-ordination of her industry. In this country of France we have
seen men rising up to deal with each situation, to combat each new menace.
We have found heads of great industries, we have found engineers, we have
found organization, we have seen the whole genius of France clearly expressed in its power of organization. We have seen that the genius of
France was the industry of France; and it was the industry of France,
aided by the industry of America, which was able to produce the shells,
millions upon millions of which have been hurled upon the enemy to clear
the way when our children mounted to the assault: it was the industry of
France aided by the industry of America which produced those things that
are as essential in battle OA human lives, and France has willingly shed
her blood for our common cause.
Just now your illustrious statesman, Mr. Choate, said that the American
and the French flags would float together at the front. As if in realization
of that prediction, I read this morning that there was a great and moving
popular ceremony in Paris yesterday when the people of France saw the
American ambulances driving through the streets of Paris flying the Stars
and Stripes. I say to you that the joy of the people of France when they
cheered the American flag was their Joy at the prmise which it stood for.
It is necessary that the American flag shall be carried to the firing line, shall
float where German shells are falling, there in the trenches where French
and English soldiers are now fighting together shoulder to shoulder to the
extreme limit of human endurance. And when your flag flies there, it will
not be like the flag you now see around you that hangs spotless in regular
folds, but I warn you that alongside of the stars it will have holes, and
among its stripes the white will be stained with the blood of your children.
Yes, you will come to us, pushed forward by the irresistible forces of
humanity; and I want to say to you that we never doubted for one single
minute that America would come into this war. Do you want to know
why we were certain that America would come into this war? It was not
because of submarines; it was not your dead in the Lusitania; it was in
defense of your honor, the honor of your traditions, the honor of your free
country. You came into the war not only for your national vindication,
but for the *vindication of human rights, and it is for human rights that you
are fighting, for the most sacred rights of free men. You are fighting for
liberty, you are fighting for democracy.
We all agree with Mr. Choate. He said, "Hurry up. Do not lost
time." We understand his thought and we love him for it, but we do no
say that. We who know what war is, know how intense the preparation
must be, and that no preparation can be neglected.
Mr. Choate also said that France would never accept German conditions
of peace,and he was right. Germany has always thought that by her heavy
might she could imprison the hearts and stunt the consciences of humanity,
and so long as that doctrine of might prevails Germany can never offer us
conditions of peace that will be acceptable. We will never make peace
until we have that which is ours—Alsace and Lorraine.
We are not fighting a selfish battle. We are not fighting to triumph for
ourselves, we who did not seek this war. We are fighting for civilization
and for democracy and for mankind and for what is ours. At first we bore
the brunt almost alone. We gave to all the allies of France a breathing
space in which to get ready to stand by our side, to place their flags alongside of ours. Now they are ready. Now you are coming. Now all freemen in the world are standing shoulder to shoulder for liberty and for
justice. Yes, and so we will stand till the end of the conflict. We will
thwart the reign of might in the world. We will save the future generations. We will save them by our blood and by our suffering, but future
generations of mankind will be forever free from the terrible menace of
German domination.
Rene Viviani—formerly President of the Council of Ministers of the
French Republic, now Vice-President of the Council and Minister of
Justice, eminent as advocate, as parliamentarian, as orator, and as statesman, we greet in you the lofty spirit and serene determination of the French
people, bound to us by ties that reach back to our nation's cradle and that
nothing can ever weaken or break.
Joseph Jacques Cesaiare Joffre—Marshal of France, who, by reason of
character, courage, and superb strategic skill, has made the name of the,
River Marne as immortal as Miltiades made that of Marathon, and in so
doing saved the world for democracy.
The Right Hon. Waiter, First Baron Cunliffo of Headley—Governor of
Joseph H. Choate preceded M. Viviani on the speakers'
the Bank of England, which for two and a quarter centuries has maintained
so high a repute fot good faith, for probity, for business sagacity, and for platform, the others speakers being James M. Beck, former
through its support of the public debt and of the commerce,
prowess, that
U.S. AssistantAttorneyGeneral, Mayor Mitchel and William
the industry, and the shipping of the British Empire it has made London
the central market place of the world and the Bank itself a fortress, bone- Fellowes Morgan,President of the Merchants' Association.
ficient in time of peace and impregnable in time of war.
Mr. Consul General, the Right Hon. Arthur James Balfour, whom you
to-day represent—His Majesty's Principal Secretary of State for Foreign
The members of the French Commission left Washington
Affairs, crowned with every honor that the public life and tho universities
of Great Britain can confer, distinguished alike in philosophy, in letters, for their brief tour on May 3. The State Department in
and in statesmanship, corning to us as representative of what must always an announcement on the 2nd inst., concerning their tours,
remain to us the mother country, and speaking its words of confidence and said:
regard for the greatest of her children, is gladly granted in absentia the
They will pass through sections of Indiana and Illinois Friday morning.
highest honor which this University can offer.
The authorities along the route of their procedure will be communicated with in time to notify the people of the various communities. It
Thursday was also the occasion of a luncheon given in
present time to
honor of the French Mission at the Hotel Astor by the Mer- is deemed inadvisable at themade from day announce these points. Furtherjannouncements will be
to day.
chants' Association. M. Viviani made his speech of the day
An official list of the members of the party follows:
1860
THE CHRONICLE
[VOL. 104.
it had been anticipated they would be. For that reason,
he said, it was probable that the Mission would have to
remain in Washington longer than it had expected.
Vice-Admiral Chocheprat, representing the Ministry of
Marine in the French Mission, said in a statement on the
2nd that he had "every reason to hope that we shall succeed
in establishing the closest possible co-operation between the
American and the Allied navies for the assurance of freedom
of the seas, the protection of trade, and the triumph of our
On the eve of their departure the members of France's rights." The Admiral's statement follows:
The United States Government, its patience exhausted by the continued
Mission held further important conferences with represenbad faith of the Germans and after having done its utmost to remain neutatives of the United States Government. Marshal Joffre tral, was in its turn compelled to join the Allies for the defense of right and
spent an hour talking with President Wilson, discussing, liberty. This resolve was received in France with immense joy, and the
strongest possible
historic message
among other questions, the dispatch of an:expeditionary Impression upon delivered by President Wilson made thethat military misour fellow countrymen. And so it is
force to France. The Marshal was accompanied by Colonel sions have been sent over to America by the Allies, with the object of esSpencer Cosby, of the United States Army, who acted as tablishing a basis for the co-ordination of our joint efforts.
The Government of
French Republic has bestowed upon me the
interpreter. President Wilson also conferred with M. great honor of choosing the to represent the French Navy in the Commisme
Viviani, during an informal luncheon at the White House, sion at present in this country. I shall speak to you only about naval
Emile Hovelaque, general counselor of the Mission, acted questions, as it is only upon these subjects that I feel qualified to express
command of a squadron of bathave been for two
as interpreter. Members of the French naval and military an opinion. IMediterranean, andyears in return home I was put in charge
on my
tleships in the
sections met with representatives of Great Britain on the of our coast defense and of sea-trade protection. I have therefore seen
here
2nd and there were talks with various American officials. all that can be seen of naval warfare, my Government has ordered me that
to lay before American naval men the practical realization of warfare
Information regarding all the conferences was withheld.
is ours after three years' experience, and by so doing to let our American
The first speech in America of Marshal Joffre, aside from comrades have the benefit of what we in Europe have learned. the world
The United States is in possession of the most powerful fleet in
his few words in Congress, was made in Chicago on the 4th next to the British, and this is bound to weigh heavily in hastening the day
after repeated and vociferous demands of the gathering that when final victory will be wrung from the foe. Your Navy is wonderfully
equipped, and I really felt amazed when I chanced to see recently some of
greeted the members of the French Mission there at the Audi- its
units, among them the battleship Pennsylvania and those trim-looking
torium. Holding a French flag in one hand and an Ameri- destroyers that came out to meet us at sea. There is no need to praise
can flag in the other, he addressed his audience in French, your naval personnel. Throughout my long sea life it has often happened
4
that I have come across American men-of-war, and I am pleased to say that
saying in part:
on every occasion the very high merit of the officers, as well as the perfect
Rene Viviani, Vice-President of the Council of Ministers, and head of the
Mission; Marshal Joffre, Vice-Admiral Chocheprat, Marquis de Chambrun,
great grandson of General Lafayette; Emile Hovelaque, Inspector General
of Public Instruction, and General Counsellor of the Mission; Viscount
Dejean, Counsellor of the French Embassy; Lieutenant Colonel Jean
Fabry, Marshal Joffre's Chief of Staff; Lieutenant Commander Simon,
Lieutenant de Tessaun, military aide to Marshal Joffre; Lieutenant Colonel
Cosby, U. S. A.; Breckenridge Long, Third Assistant Secretary of State;
Warren D. Robbins, representative of the State Department attached to
the Mission; representatives of three American and two French press associations and one Paris newspaper, one private secretary, one French
stenographer, three orderlies and a valet.
My friends, I am proud to have in my hand the American flag, which is
to the American people what the French flag is to the people of France,
a symbol of liberty. I hold in my other hand .the flag of France, who
has given of her best, her stanchest and her bravest, and which also stands
for liberty. I had the honor to carry the French flag on the field of battle,
and I am glad to join the flag of many battles to the flag that has never
known defeat. With this flag I bring to you the salute of the French army
to the American people, our stanch ally in the common cause.
In Chicago, as in the other cities visited by the Mission,
they were royally received. One untoward incident of their
trip was the derailing of their special train near Arcola, Ill.,
on the 7th. Four of the six coaches left the rails, but did
.
not upset. The members of the Mission were shaken up
but were otherwise uninjured. The incident served to make
the train a few hours behind the schedule time. William
Nye, in charge of the United States secret service detail attached to the party, made a thorough investigation of conditions surrounding the wreck, and announced as his opinion
that it was entirely accidental.
At Springfield, Ill., Marshal Joffre paid tribute to the
memory of President Lincoln at the emancipator's tomb
on the 7th, and with the others of the French Commission,
received an enthusiastic welcome to the capital of Illinois.
The Marshal of France silently placed a wreath on the
Lincoln sarcophagus. With bowed heads and doffed caps
the French hero, Rene Viviani, Vice-President of the French
Council of Ministers, and the military and civil officials who
accompanied them filed into the tomb, paid honor to the
war President and left without a spoken word. At the State
Capitol, however, where an official reception had been arranged for them by Governor Frank 0. Lowden and, the
Legislature, both Joffre and Viviani spoke. M. Viviani
paid a tribute to Lincoln and to President Wilson, and told
of the rejoicing that spread through France when the speech
of President Wilson announcing the intention of the United
States to enter the war was received. He predicted that
with the aid of the United States it would be brought to a
final and glorious conclusion.
In addition to the cities named above the members of the
French Mission were given a hearty welcome at Terre Haute,
Ind., and Richmond, Ind., and Urbana and Columbus,
Ohio.
Emile Hovelaque, who accompanied the French Mission
to the United States especially for the purpose of co-ordinating American benevolent activities for France, and who
has been acting asan assistant to M.Viviani, received Washington newspaper correspondents on April 27, saying to
them:
Gentlemen I have made temporary arrangements through which I shall
be able to receive you twice a day. You may ask me questions about the
things you want to know, and I will with discretion, answer all that I can,
You must understand that we are in the hands of the United States Government, and what your Government wants us to do we will do.
He described in detail the objects of the Mission as understood when it left France, adding that since the arrival
there had been a change in the program, and that the subects under discussion now were considerably broader than
training of their men, has aroused my intense admiration. What I have
seen here since my arrival serves only to emphasize my previous.impressions. And so I am sure that the American Navy is ready to support In
the most advantageous fashion the cause of the Allies now shaping a course
toward victory.
You must not expect me to discuss in detail our general war plans, especially as regards our campaign against enemy submarines. I need only
say that that is a question claiming priority above all others.
You will understand that I have fully and frankly explained those problems to your high naval officials with whom I have been in touch here. I
have evry reason to hope that we shall succeed in establishing the closest
possible co-operation between the American and Allied navies for the assurance of the freedom of the seas, the protection of trade,and the triumph
of our rights.
M. Viviani was the guest of honor at a luncheon given at
the Biltmore yesterday by members of the New York Bar.
Marshal Joffre went to West Point where he reviewed the
cadets and also visited Newburgh where ho was presented
with a medal, elected a member of the Society of Cincinnati,
the first foreigner to receive that honor since Lafayette.
BRITISH AND FRENCH COMMISSIONS PILGRIMAGE
TO MOUNT VERNON.
The British and French War Missions to this country
journeyed to Mount Vernon on April 29, and in the presence
of many of the highest American officials, paid tribute to
the memory of George Washington, and beneath the flags
of Great Britain, France and the United States, pledged themselves, in the name of those who have died for liberty, to
prosecute the struggle against autocracy to a successful conclusion. The pilgrimage to Mount Vernon was an impressive
one. The party journeyed down the Potomac to Mount
Vernon from Washington as the guests of Secretary of the
Navy Daniels, on the Mayflower, the President's yacht.
Comprising the party were the entire membership of the
British and French Missions, the British Ambassador, Sir
Cecil Spring-Rice, the French Ambassador, Jules Jusserand,
and their suites, all of President Wilson's Cabinet, Col.
Edward M. House, Bernard M. Baruch and other members
of the Council of National Defense, a number of Congressmen, the Assistant Secretaries of War, the Navy and other
departments, Gen. Hugh L. Scott, Chief of Staff of the
Army, his staff and other American officers, and a large
number of women, most of whom were wives or relatives of
members of the Cabinet. The party arrived at Mount
Vernon at three o'clock and as the yacht passed Washington's former home, a bell was tolled in accordance with the
Navy's custom, while the crew dressed ship. Taps were
then sounded,followed by the band playing the "Star Spangled Banner." Upon arrival at the tomb, Premier Viviani,
head of the French Mission, stepped forward from the
party and addressed the pilgrimage in French. His remarks
were translated as follows:
We could not remain longer in Washington without accomplishing this
Close
pious pilgrimage. In this spot lies all that is mortal ofa great hero.
tremenby this spot is the modest abode where Washington rested after the
meet
dous labor of achieving for a nation its emancipation. In this spot
MAY 12 19174
THE CHRONICLE
the admiration of the whole world and the veneration of the American
people. In this spot rise before us the glorious memories left by the soldiers
of France led by Rochambeau and Lafayette. A descendant of the latter,
my friend M.de Chambron. accompanied us. And I esteem it a supreme
honor as well as a satisfaction for my conscience to be entitled to render this
homage to our ancestors in the presence of my colleague and friend Mr. Balfour, who so nobly represents his great nation. By thus coming to lay
here the respectful tribute of every English mind he shows, in this historic
moment of communion which France has willed, what nations that live for
liberty can do.
When we contemplate in the distant past the luminous presence of Washington, in nearer times the majestic figure of Abraham Lincoln, when we
respectfully salute President Wilson, the worthy heir of these great memories
we at once glance measure the vast career of the American people. It is
because the American people proclaimed and won for the nation the right
to govern itself, it is because it proclaimed and won the equality of all men
that the free American people at the hour marked by fate has been enabled
with commanding force to carry its action beyond the seas. It is because
it was resolved to extend its action still further that Congress was enabled
to obtain within the space of a few days the vote of conscription and to
proclaim the necessity for a national army in the full splendor of civil peace.
In the name of Prance I salute the young army which will share in our
common glory.
While paying this supreme tribute to the memory of Washington. I do
not diminish the effect of my words when I turn my thoughts to the memory
of so many unnamed heroes. I ask you before this tomb to bow in earnest
meditation and all the fervor of piety before all the soldiers of the allied
nations who for nearly three years have been fighting under different flags
for the same ideal.
I beg you to address the homage of your hearts and souls to all the heroes,
born to live in happiness,in the tranquil purguit of their labors,in the enjoyment of all human affections, who went Into battle with virile cheerfulness
and gave themselves up not to death alone, but to the eternal silence that
closes over those whose sacrifice remains unnamed, in the full knowledge
that save for those who loved them their names would disappear with their
bodies. Their monument is in our hearts. Not the living alone greet us
here. The ranks of the dead themselves rise to surround the soldiers of
liberty.
At this solemn hour in the history of the world, while salutiong from this
sacred mound the final victory ofjustice,I send to the republic of the United
States the greetings of the French republic.
Arthur James Balfour, British Secretary of State for Foreign Affairs and leader of the British War Commission, then
stepped forward, and, having abandoned his previously
formed intention not to speak, said:
M. Viviani has expressed in most eloquent words the feelings which grip
us all here to-day. Ile has not only paid a fitting tribute to a great statesman, but he has brought our thoughts most vividly down to the present.
The thousands who have given their lives, French, Russian, Italian, Belgian, Serbian, Montenegrin, Rumanian, Japanese and British, were fighting for what they believed to be the cause of liberty.
There is no place in the world where a speech for the cause of liberty
would be better placed than here at the tomb of Washington. But as that
work has been so adequately done by a master of oratory, perhaps you will
permit me to read a few words prepared by the British Mission for the
wreath we are to leave here to-day.
"Dedicated by the British Mission to the immortal memory of George
Washington, soldier, statesman, patriot, who would have rejoiced to see the
country of which he was by birth a citizen and the country which his
genius called into existence fighting side by side to save mankind from subjection to a military despotism."
Governor Stuart of Virginia followed Mr. Balfour and
spoke as host on Virginian soil. He remarked:
Washington originally belonged to Virginia, but his priceless memory
has now become a common heritage of the world. We consecrate here today a struggle bearing the supreme test of the issues for which he lived
fought and died.
1861
General Gugliemetti, Military Attache; Commander Vannutelli, representing the Italian Navy; Alvise Bragadini
of the Transportation Department; G. Pardo of the Department of Industry and Commerce, and Gaetana Pietra
of the Agricultural Department. The other members of
the Commission, including Senor Marconi of wireless
fame; Prince Udine, eldest son of the Duke of Genoa;
Marquis Birsarelli, Under Secretary for Foreign Affairs,
and Deputies Ciuffelli and Nitti, both former Ministers,
are expected to reach the United States within two weeks.
The members who arrived this week were met by Consul
General Carrara, and First Secretary Brambilla of the
Italian Embassy. Signor Arlotta, who is one of the prominent bankers of Italy, is a member of the Liberal Party, and
has been in the Italian Parliament for twenty years. He
was Minister of Finance in the Sonnine Cabinet, and with
the creation of the Department of Transportation shortly
after Italy entered the war, he was made its head. He was
quoted in the "Evening Post" last night as saying:
I have come to this country as a member of the Italian Government to
express the sentiment of the Government and the people of the greatest
friendship and admiration for the American nation, and to show the great
satisfaction we had in seeing the United States approve the purpose of our
war, which is the cause of liberty and justice for all peoples.
We desire to proceed in absolute accord with the United States, as we
have already with France and England. We do not need men at the
front, because:we have accomplished the greatest work any nation could
accomplish in providing men for the war. We, of course, shall be glad
to arrange a war :i n America with which to pay for what we havepur
chased in America without disturbing exchange rates.
What we want, above everything else, is ships to carry provisions, such
as wheat,maize, oats, and other grain and war material, and we are sure
that the great industrial power of this country will be amply sufficient
for our wants.
"Has food shortage become sufficiently acute in Italy to cause talk of a
separate peace?" he was asked.
"Never mind peace talk, or separate peace," he replied with considerable
emotion. "Italy will not make a separate peace in any case. We are
bound on this point to our allies and we will never separate our action from
theirs until we have obtained the desired results of our war.
"We wish particularly to complete our national independence by joining
with our Italian brothers of Trentino, Triest, and other districts in which
Italian nationality is inTgreat preponderance.
"As for food,or next harvest will be ready at the end of June, so we have
only one month and a half to provide for. Certainly it is very important
that shipments of wheat should be large, but the Italian people are very
frugal and economical. We use 90% of the wheat for flour, instead of
75%, as you do in the United States".
"What are the plans of the Commission?"
"We shall proceed directly to Washington in a couple of days," he said.
"I wish to present my compliments to President Wilson. The other members of the Commission are expected to arrive in this country soon. I cannot say exactly when or where they will arrive. The Commission will probably be presided over by a Prince of the royal family, now an officer of the
Italian Navy."
"The head of our Commission will bear a letter from the King to President Wilson."
The members of the Commission were accompanied to
this country by the Military and Naval Attaches to Washington, Gen. Gugliemotti and Commander Vannutelli.
Marshall Joffre, hero of the Marne and a principal of the SECRETARY OF STATE LANSING DENIES EXISTENCE
OF PEACE AGREEMENT WITH ALLIES.
French Mission, spoke briefly, saying:
In the French Army all venerate the name and memory of Washington.
Reports yesterday to the effect that the United States had
I respectfully salute here the great soldier and lay upon his tomb the palm an agreement with the Allies not to consider
a separate peace
we offer our soldiers who have died for their country.
between the United States and Germany were denied by
Two members of the French mission then came forward Secretary of State Lansing, who said:
with a bronze wreath, the gift of the members of the mission,
There is no agreement, written or unwritten, relative to peace.
and with their assistance Marshall Joffro laid it on the marble
When pressed to say whether the subject had been dissarcophagus. Mr. Balfour and General Bridges, representcussed informally, Mr. Lansing is said to have declined to
ing the British Army, then placed beside the bronze palm a
discuss the subject further. He would not intimate that
huge wreath of 'lilies bearing the following words in Mr.
there was any probability of the United States acting
Balfour's handwriting:
Dedicated by the British Mission to the immortal memory of George separately, but said the question of an agreement never had
Washington. soldier, statseman, patriot, who would have rejoiced to see the been raised.
country of which he was by birth a citizen and the country his genius called
into existence fighting side by side to save mankind from a military despotism.
After the ceremony at Washington's tomb the distinguished
visitors were shown through the Manor House at Mount
Vernon. The visitors were especially interested in the swords
of Lafayette and the inscription beneath the swords, whereby
in his will Washington told his nephews how such calibers
should be used. The inscription in question reads:
These swords are accompanied by an injunction not to unsheath them
for the purpose of shedding blood except it be for self defense or in defense
of the country and its rights, and in this latter case to keep them unsheathed
and prefer falling with them in their hands to the relinquishment thereof.
ARRIVAL OF MEMBERS OF ITALIAN COMMISSION
TO U. S.
Four members of the Italian War Commission to the
United States arrived in this city on Wednesday, but they
slipped in so quietly that their entrance was not publicly
known until Thursday. The members here arc: Enrico
Arlotta, Minister of Maritime and Railway Transportation;
SECRETARY McADOO AGAIN URGES LEGISLA TION
IN FAVOR OF FARM LOAN BONDS IN N. Y.
Secretary of the Treasury McAdoo during the past week
made a further appeal to Gov. Whitman of New York to
urge upon the State Legislature the enactment of legislation
to enable savings banks, insurance companies and private
trustees and guardians of the State to invest in Federal
farm loan bonds. His latest overtures to Gov. Whitman
followed two previous requests for action, his first, written
under date of Jan.6, when a general appeal to the Governors
of all the States was made, and the second on Feb. 9. According to an announcement made by Gov. Whitman on
'Monday last his refusal to recommend the legislation asked
for by Secretary McAdeo was based upon the opinion of
State Superintendent of Banks Eugene Lamb Richards
that the bonds "are not of such a character as to be acceptable to the savings banks of the State." In replying
to the second request of the Secretary Gov. Whitman,
quoting Superintendent Richards's opinion, said:
1862
THE CHRONICLE
You must realize that I must be guided by the official of the State of
New York who has charge of such matters, and,in view of the statement of
the Superintendent of Banks, I feel that I should be doing wrong if I
recommended to the Legislature the passage of legislation which you
have asked.
In his further appeal to Gov. Whitman, bearing date May
5, and made public on the 8th, Secretary McAdoo refers to
the fact "that our country is now at war and that a grave
emergency confronts the United States and the world calling for the use of every facility and resource to increase farm
production throughout the land." In answer to the Secretary's latest request Gov. Whitman sets out that "the
bankers of this State are doing much more to promote the
development of agriculture and to increase production
during the present time of stress than has been reported to
you." He states that the savings banks throughout the
State are lending their support to the farmers; although he
says the savings banks "are at the present time engaged in
a concerted effort to render all aid possible to the National
Government," they are opposed to any extension at this
time of their powers of investment; he also points out that
they are "faced by a rather serious situation in the event of
the withdrawal of large sums• by their depositors, animated
by the same patriotic motives, for investment in the Liberty
bonds," and that "further demands are being made upon
them by the farmers of this State." He adds:
In view of such conditions I should dislike to insist upon legislation
which might increase their burdens in the face of their opposition. I can
assure you that no one has a greater desire than I to do everything possible
for the common good at this time, and New York State is prepared to make
many sacrifices.
We give below Secretary McAdoo's letter of the 5th:
May 5 1917.
The Hon. Charles S. Whitman, Governor of New York. Albany, N. Y.:
Sir: It is with great pleasure that I learn that bankers of New York have
arranged to make a sum of $10,000,000. or more, available for short-time
loans to farmers, and, also, that the bankers have succeeded in securing
your co-operation. It is an admirable movement, which will serve a very
useful purpose, and reflects credit upon every one concerned in it.
The present critical situation in respect to the world's foodstuffs accentuates the most pressing problem in American agriculture to-day. The
crying need of the farmer is now,and has been for many years, not so much
short-time credits as long-time credits. 'With respect to the short-time
credits needed to make or harvest a crop, his position has been greatly improved by those provisions of the Federal Reserve act of 1913 which enable national banks to make five-year loans to farmers and give agricultural paper a preferred status as to rediscount by Federal Reserve banks.
.In addition to this, the Federal Reserve Board, by regulation, provided
for a lower rate on loans secured by warehouse receipts for grain, cotton,
and other commodities, with corresponding benefit to the farmers.
But it was not until the Federal Farm Loan act was approved in July
last that adequate provision was made to meet the long-time credit needs of
the farmers. We must all admit that this was a most unjustifiable neglect
of the business needs of our basic industry. How urgent the need was is
shown by the fact that, although the twelve Federal Land banks established under that act have been in operation for little more than thirty
days, they have applications already entered amounting to more than
8125,000,000. In the State of California alone long-time mortgage loans
are needed to the amount of over $15,000,000.
It is this long-time amortization loan, running from five years to forty
years, that is most valuable to the farmer. It is only on a loan of this kind
that the farmer with small capital, or no capital, can afford to clear land,
buy farm equipment, plant orchards, establish dairy herds, or build silos;
and it is frequently the case that the farmer with small means, or no means,
can buy a farm in no other way than through this long-time amortization
loan. The average farmer cannot undertake to pay on these things in six
months or a year, or from the proceeds of one crop or two crops.
The money to make these long-time loans can only be secured by the
Federal Land banks through the sale of the farm loan bonds, authorized
by the act. Recognizing the supreme necessity for such loans, the Congress so safeguarded the issue of these bonds that their security has never
been responsibly questioned, and cannot be questioned. The Congress
went further, and in order to make them especially attractive to investors
exempted them from all taxation.
Recognizing the fact that the greatest accumulation of capital in the
country was in the State of New York: that the farmers of the country
needed the use of some of that capital and that it would be to the interest
of your investors to lend it to them through the medium of this new and
ideal security, viz: the Federal Farm Loan bonds, I wrote you on Jan. 6
last, asking you to suggest to the Legislature of Now York the passage of
such legislation as would permit the savings banks, insurance companies,
and private trustees and guardians to invest in these bonds with statutery
sanction and approval. I wrote you again on Feb. 9. I have endeavored
in every possible way to impress the importance of the subject, but have
received in reply only a letter from your counsel, quoting a letter from
the Superintendent of Banks, who quoted unfavorable comments from
unnamed and evidently uninformed persons, and your letter of Feb. 14
accepting and adopting the views of the Superintendent of Banks.
The Legislature of the State of New York is still in session. An act of
such obvious propriety and utility could, if suggested by you, be adopted
almost immediately. It would be permissive only, and there could be no
legitimate objection to it. I am loath to believe that it is not your sincere
desire to extend to the farmers of New York, and of every other State
of the Union, the real, substantial, and permanent help of the Federal
Land Bank system.
In view of the fact that our country is now at war and that a grave emergency confronts the United States and the world, calling for the use of
every facility and resource to increase farm production throughout the land,
may I not again bring this matter to your attention and urge you to at once
send to the Legislature a message recommending the passage of the Land
Bank Enabling act? Similar acts have just been passed by the Legislatures of Pennsylvania and New Jersey, and approved by the Governors of
W. G. McADOO.
those States. Very truly yours,
The several communications of Gov. Whitman to Secretary McAdoo in the matter are also annexed:
[VOL. 104.
STATE OF NEW YORK.
Executive Chamber.
Albany, N. Y., Jan. 29, 1917.
The Honorable, The Secretary of the Treasury, Washington, D. C.
Sin—In the absence of the Governor, I am writing in further reply to
your letter of Jan. 5.
The Governor has been informed by the Superintendent of Banks as
follows:
"I am returning herewith copy of a letter addressed to the Governor by
the Hon. William G. McAdoo, Secretary of the Treasury, together with
enclosures.
"I have made careful inquiries with reference to the bonds to which he
refers and with reference to the interest taken in this method oZ making
loans by the farmers of this State.
"I find that only one such bank has been authorized in the entire northeastern section of the country. This bank is to be located at Springfield.
Mass.
"There does not appear at the present time to be any desire on the part
of the farmers of this State to participate in this particular movement.
The general impression of those best qualified to judge with reference to
these bonds is that they are not of such a character as to be acceptable to
the savings banks of the State. In fact, it would appear possible that the
State Savings Bank Association might actively oppose the proposed legislation."
Under the existing law of the State, these bonds, I am informed, will
not be legal investment for trustees, guardians, savings banks, and insurance companies.
There is, however, no doubt of the ability of the agricultural interests
of the State to procure the passage of the proposed legislation, if it is satisfactory to them, and I am sure the Governor would be very glad to give
the subject consideration, to which its importance entitles it, if a bill containing the proposed provisions is received from the Legislature.
Very respectfully yours,
FRANKLIN B. LORD,
Counsel to the Governor.
STATE OF NEW YORK,
Executive Chamber.
Albany, N. Y. Feb. 14 1917.
The Honorable, The Secretary of the Treasury, Washington, D. C.
receipt of your letter of Feb. 9, in regard
Sir:—I write to acknowledge
to letter addressed to you by my Counsel on Jan. 29,in which he expressed
no opinion of his own in regard to the legislation you suggested which would
permit the investment of trust funds, and the assets of savings banks and
insurance companies, in the Farm Loan Bonds, to be issued by the Federal
Land Bankers.
When the matter was called to my attention in your letter of Jan. (3, I
submitted it to the Superintendent of Banks, who, by virtue of the statutes of the State of New York is charged with the execution of the law relating to all kinds of banking institutions as well as private banks.
He informed me, among other things:
"The general impression of those bast qualified to judge with reference
to these bonds is that they are not of such a character as to be acceptable
to the savings banks of the State."
I note that you say:
"At the same time that I wrote you, I addressed an identical letter to
the Governor of each State of the Union. Up to date I have received
twenty-four replies, every one of which has been co-operative with the
single exception of your own. May I, therefore, ask if it is your Intention
and desire to refuse your co-operation in a great movement, which has had
the substantially unanimous approval of the Congress of the United States,
and has since met with the almost universal approval of State Executives,
representatives of agricultural colleges, newspapers, economists, and the
representatives of farmers' organizations."
I think it is clear from the letter of my Counsel that I have not refused
co-operation in the movement to which you refer.
You intik realize that I must be guided by the official of the State of
New York who has charge of such matters, and in view of the statement
of the Superintendent of Banks, I feel that I should be doing wrong if I
recommended to the Legislature the passage of legislation which you have
asked.
I will, however, as my Counsel stated, give the subject consideration,
to which its importance entitles it, if a bill containing tho proposed provisions is received from the Legislature. Very truly yours,
CHARLES S. WHITMAN.
STATE OF NEW YORK.
Executive Chamber.
Albany, N. Y., May 7 1917.
Honorable William G. McAdoo, Secretary of the Treasury, Washington, D. C.
Sir:—I am in receipt of your letter of May 5, referring to the action of
the bankers of this State in arranging for short term loans to farmers and
to my co-operation in the movement. You also suggest that, as the Legislature of the State of New York is still in session, it is possible, with my
co-operation, to procure the passage of an act making Federal Farm Loan
Bonds legal investments for savings banks, insurance companies and trust
funds, and refer to form correspondence which, in my absence, was answered by my Counsel.
I am very glad to be able to state to you that the bankers of this State
are doing much more to promote the development of agriculture and to
increase production during the present time of stress than has been reported
to you. In every section of the State individual banks are lending their
support to the farmers.
It is my personal desire to extend to the farmers of New York State, and
of every other State, all the real, substantial and permanent help that can
be given them, whether through the Federal Land Bank system or otherwise; and, if the legislation suggested by you had been passed by the Legislature of this State, I have no doubt it would have been approved by me
as promptly as you say it was approved by the Governors of the States of
Pennsylvania and New Jersey. My willingness to co-operate and give
due consideration to such legislation was, I think, evinced by the last paragraph of the letter of my Counsel, dated Feb. 14 1917. I had not supposed there was any misapprehension as to my attitude in this respect.
It is, perhaps, unfortunate that the location of the land banks, to which
you refer, has been such that there has been, apparently, no general interest in them or in their work in this State. No bill along the lines suggested by you has, I believe, been introduced by any Member of Assembly
or Senator.
In view of the opposition of the savings banks of the State to any extension at this time of their powers of investment and the attitude of the
Superintendent of Banks to which my Counsel referred, I have not deemed
It proper for me to attempt to force through the Legislature the act which
you suggest. While the Legislature is still in session, it is upon the eve of
adjournment so that it would, in any event, be impracticable for me to
do so at this time.
The savings banks of this State are at the present time engaged in a
concerted effort to render all the aid possible to the National Government
and at the same time are faced by a rather serious situation in the event of
the withdrawal of largo sums by their depositors, animated by the same
patriotic motives, for investment in the "Liberty bonds." Further de-
MAY 12 1917.)
THE CHRONICLE
mends are being made upon them by the farmers of this State and, as you
know, we have a very large acreage of so-called abandoned farms that
ought to be made productive at the present time. In view of such conditions. I should dislike to insist upon legislation which might increase
their burdens, in the face of their opposition.
The annual convention of the State Savings Bank Association is to be
held in New York City on Friday and Saturday of this week and I would
suggest that the matter be taken up with their Legislative Committee so
that if, by any chance, the present session of the Legislature should be
prolonged, or a special session should be called, legislation along the lines
suggested by you can, perhaps, be introduced with the support and approval of the savings banks themselves.
I can assure you that no one has a greater desire than I to do everything
possible for the common good at this time, and New York State is prepared
to make many sacrifices. Anything that is practicable along these lines
will meet with my support and approval. I need hardly call your attention to my well-known attitude in the present emergency.
Very sincerely yours,
CHARLES S. WHITMAN.
Despite Governor Whitman's declination to recommend
the legislation asked for by Secretary McAdoo, Senator
Wagner, on the 9th inst introduced a bill in the New York
Senate, authorizing savings banks, loan associations, trustees and guardians to invest in United States farm loan
bonds. Before the adjournment of the Legislature on the
following day, the Senator made a futile effort to have the
Senate request Governor Whitman to send an emergency
message urging the enactment of the legislation. After a
brief parliamentary discussion, Senator Wagner withdrew
his motion in consideration of being permitted to spread on
the record a telegram sent by Secretary McAdoo requesting
the Governor to send the emergency message. Governor
Whitman on the 10th sent the following telegram to Secretary McAdoo:
It is the judgment of the State Comptroller, the elected financial officer
of New York; it is also the judgment of the State Superintendent of Banks,
that the legislation you desire is unwise unless the bonds should be guaranteed by the United States Government.
N. Y. STATE BANKS NOT REQUIRED TO CARRY
RESERVE AGAINST GOVERNMENT LOANS.
A bill designed to place State banks and trust companies
of New York on the same footing with national banks, in
the matter of relieving them from carrying a reserve against
Government deposits, was signed by Governor Whitman on
the 9th inst. The purpose of the bill is to enable the State
institutions to become largo subscribers, on their own account and in behalf of customers, to the Government issues
put out to finance the war. The bill was passed by the
Legislature in response to an emergency measure from
Governor Whitman.
BILL AMENDING FEDERAL RESERVE ACT PASSED BY
HOUSE AND SENATE.
The bill amending the Federal Reserve Act, changing
the reserve requirements of member banks and making other
important changes in the law, was passed by the House on the
5th inst. A similar bill was passed by the Senate on the 9th.
We outlined in these columns April 28 the new legislation
contained in the Senate committee's bills, and printed the
text of the Committee's report with regard thereto. Before
the adoption of the bill by the Senate an amendment by
Senator Hardwick, permitting banks to charge not to exceed
10 cents per $100 or fraction thereof for the collection of
checks and drafts, was inserted. Representative McFadden of Pennsylvania sought to secure the inclusion of
a provision to this effect in the House bill, but his amendment was rejected by the House on the 5th. On motion of
Mr. McFadden, however, the House on the 10th inst. instructed its conferees to accept the amendment. Jerome
Thralls, Secretary of the National Bank and Clearing House
sections of the American Bankers' Association, who has been
one of a committee working to secure legislation enabling the
banks in the Reserve system to make such a change, is quoted
as saying with regard to this week's action of the House:
This ends a controversy of long standing between the officials of the
Federal Reserve system and the banks. The country banks were especially
interested. It was at their instance that the American Bankers' Association at its annual convention in Kansas City last September passed a resolution providing for the Committee of Twenty-five, and instructing that
committee to seek such amendments to the law and such changes in the
Federal Reserve collection system as would make its operations fair and
equitable to the banks and the public.
The amendment referred to is the result of the work of this committee.
Bankers believe that this amendment will open the way to the development of a clearing and collection system which will give the public the most
efficient service at the least possible expense, and further removes one of
the chief obstacles to State banks and trust companies joining the Federal
Reserve system.
Below we give the bill passed by the House, showing the
new matter in italics, and the eliminated matter in blackface type and brackets. We may state that the only difference between the bill presented by the House Committee
and that adopted by the House last Saturday consists in an
1863
amendment which Representative McFadden succeeded in
having the House adopt with reference to the Assistants of
Federal Reserve Agents. The Committee's bill stipulated
that the "Federal Reserve Agent may require such bonds
of his assistants as he may deem necessary for his own protection." This sentence has been changed to read: "The
Federal Reserve Board shall require such bonds of the Assistant Federal Reserve Agents as they may deem necessary for their own protection."
A BILL to amend the Act approved December twenty-third, nineteen
hundred and thirteen, known as the Federal Reserve Act, as amended
by the Acts of August fourth, nineteen hundred and fourteen, August
fifteenth, nineteen hundred and fourteen. March third, nineteen hundred and fifteen, and September seventh, nineteen hundred and sixteen.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That Section four of the Act approved
December twenty-third, nineteen hundred and thirteen, known as the
Federal Reserve Act, be amended in the paragraph relating to the appointment of Class C directors and prescribing their duties so as to read as
follows:
"Class 0 directors shall be appointed by the Federal Reserve Board.
They shall have been for at least two years residents of the district for which
they are appointed, one of whom shall be designated by said Board as
chairman of the board of directors of the Federal Reserve bank and as
'Federal Reserve agent.' He shall be a person of tested banking experience, and in addition to his duties as chairman of the board of directors of
the Federal Reserve bank he shall be required to maintain, under regulations to be established by the Federal Reserve Board, a local office of
said board on the premises of the Federal Reserve bank. He shall make
regular reports to the Federal Reserve Board and shall act as its official
representative for the performance of the functions conferred upon it by
this Act. He shall receive an annual compensation to be fixed by the
Federal Reserve Board and paid monthly by the Federal Reserve bank to
which he is designated. One of the directors of Class 0, who shall be a
i
person of tested banking experience, shall be appointed by the Federal
Reserve Board as deputy chairman [and deputy Federal Reserve
agent] to exercise the powers of the chairman of the board [and Federal
Reserve agent in case of absence or disability of his principal] when
necessary.
"Subject to the approval of the Federal Reserve Board, the Federal Reserve
agent shall appoint one or more assistants. Such assistants, who shall be
persons of tested banking experience, shall assist the Federal Reserve agent in
the performance of his duties and shall also have power to act in his name and
stead during his absence or disability. The Federal Reserve Board shall re,uire
such bonds of the Assistant Federal Reserve agents as they may deem necessary
for their own protection. Assistants to the Federal Reserve agent shall receive
an annual compensation, to be fixed and paid in the same manner as that of
the Federal Reserve agent."
See. 2. That the first paragraph of Section thirteen be further amended
so as to read as follows:
"Any Federal Reserve bank may receive from any of its member banks,
and from the United States, deposits of current funds in lawful money,
national-bank notes, Federal Reserve notes, or checks and drafts, [upon
solvent member banks,] payable upon presentation, and also for collection, maturing notes and bills; or, solely for purposes of exchange or of collection, may receive from other Federal Reserve banks deposits of current
funds in lawful money, national-bank notes, or chocks, [and drafts]
upon [solvent member or] other Federal Reserve banks, and checks
and drafts, payable upon presentation within its district, and maturing notes
and bills payable within its district; or, solely for the purposes of exchange or
of collection, may receive from any non-member bank or trust company deposits
of current funds in lawful money, national-bank notes, Federal Reserve notes,
checks and drafts payable upon presentation, or maturing notes and bills:
Provided, That such non-member bank or trust company maintains with the
Federal Reserve bank of its district a balance in an amount to be determined by
the Federal Reserve Board under such rules and regulations as it may prescribe."
Sec. 3. That the Fifth Paragraph of Section thirteen be, and is hereby,
amended further so as to read as follows:
"Any member bank may accept drafts or bills of exchange drawn upon it
[and growing out of transactions involving the importation or
exportation of goods] having not more than six months' sight to run,
exclusive of days of grace, which grow out of transactions involving the importation or exportation of goods; or which grow out of transactions involving
the domestic shipment of goods provided shipping documents conveying or
securing title are attached at the time of acceptance; or which are secured at
the time of acceptance by a warehouse receipt or other such document conveying
or securing title covering readily marketable staples. No member bank shall
accept, whether in a foreign or domestic transaction,for any one person, company,firm, or corporation to an amount equal at any time in the aggregate to
more than ten per centum of its paid-up and unimpaired capital stock and
surplus, unless the bank is secured either by attached documents or by some
other actual security growing out of the same transaction as the acceptance;
[but]and no bank shall accept such bills to an amount equal at any time
in the aggregate to more than one-half of its paid-up and unimpaired capital
stock and surplus: Provided, however, That the Federal Reserve Board, under
such general regulations as it may prescribe, which shall apply to all banks
alike regardless of the amount of capital stock and surplus, may authorize any
member bank to accept such bills to an amount not exceeding at any time in the
aggregate one hundred per cenium of its paid-up and unimpaired capital stock
and surplus: Provided, however. That the aggregate of acceptances growing
out of domestic transactions shall in no event exceed fifty per centum of such
capital stock and surplus."
Sec. 4. That Section seventeen be, and is hereby, amended so as to
read as follows:
"Sec. 17. So much of the provisions of Section fifty-one hundred and
fifty-nine of the Revised Statutes of the United States and Section 4 of the
Act of June twentieth, eighteen hundred and seventy-four, and Section
eight of the Act of July twelfth, eighteen hundred and eighty-two, and of
any other provisions of existing statutes as require that before any national
banking association shall be authorized to commence banking business it
shall transfer and deliver to the Treasurer of the United States a stated
amount of United States registered bonds, and so much of those provisions
or of any other provisions of existing statutes as require any national banking
association now or hereafter organized to maintain a minimum deposit ofsuch
bonds with the Treasurer is hereby repealed."
Sec. 5. That Section nineteen be further amended and re-enacted so as
to read as follows:
"Sec. 19. Demand deposits within the meaning of this Act shall comprise all deposits payable within thirty days, and time deposits shall comprise all deposits payable after thirty days, [and] all savings account's,
and certificates of deposit which are subject to not less than thirty days'
notice before nayment, and all postal savings deposits.
1864
THE CHRONICLE
[When the Secretary of the Treasury shall have officially an•
nounced, in such Manner as he may elect, the establishment of a
Federal Reserve bank in any district, every subscribing member
bank shall establish and maintain reserves as follows:3
"Every bank, banking association, or trust company which is or which beComes a member of any Federal Reserve bank shall establish and maintain
reserve balances with its Federal Reserve bank as follows:
'(a) [A bank] If not in a Reserve or central Reserve city, as now or
hereafter defined, it shall hold and maintain with the Federal Reserve bank
ofits district an actual net [reserves] balance equal to not less than[twelve]
seven per centum of the aggregate amount of its demand deposits and
[five] three per centum of its time deposits. [as follows:3
[In its vaults for a period of thirty six months after said date
five twelfths thereof and permanently thereafter four twelfths.]
[In the Federal Reserve bank of its district,for a period of twelve
months after said date, two twelfths, and for each succeeding six
months an additional one twelfth, until five twelfths have been so
deRosited, which shall be the amount permanently required.]
EFor a period of thirty six months after said date the balance of
the reserves may be held in its own vaults, or in the Federal Reserve
bank, or in national banks in Reserve or central reserve cities as now
defined by law.]
[After said thirty six months' period said reserves, other than
those hereinbefore required to be held in the vaults of the member
bank and in the Federal Reserve bank, shall be held in the vaults of
the member bank or in the Federal Reserve bank, or in both, at the
option of the member bank.]
"(b) [A bank] If In a Reserve city, as now or hereafter defined, it
shall hold and maintain [reserves] with the Federal Reserve bank of its
district an actual net balance equal to not less than (fifteen1 ten,ier centum
of the aggregate amount of its demand deposits and five three per
centum of its time deposits. [as follows:]
"(c)[A bank]If in a central reserve city, as now or hereafter defined,
it shall hold and maintain [a reserve] with the Federal Reserve bank of its
district an actual net balance equal to not less than [eighteen thirteen per
centum of the aggregate amount of its demand deposits and five] three
per centum of its time deposits. [as follows:
In its vaults six eighteenths thereof.
In the Federal Reserve bank seven eighteenths.]
The balance of said reserves shall be held in its own vaults or in
the Federal Reserve bank, at its olation.]
[Any Federal Reserve bank may receive from the member banks as
reserves, not exceeding one half of each installment, eligible paper
as described in Section fourteen properly indorsed and acceptable
to the said. Reserve bank.]
[If a State bank or trust company is required by the law of its
State to keep its reserves either in its own vaults or with another
State bank or trust company, such reserve deposits so kept in such
State bank or trust company shall be construed, within the meaning of this Section, as if they were reserve deposits in a national
bank in a reserve or central reserve city for a period of three years
after the Secretary of the Treasury shall have officially announced
the establishment of a Federal Reserve bank in the district in which
such State bank or trust company is situate. Except as thus provided.]
"No member bank shall keep on deposit with any non-member bank a
sum in excess of ten per centum of its own paid-up capital and surplus.
No member bank shall act as the medium or agent of a non-member bank
in applying for or receiving discounts from a Federal Reserve bank under
the provisions of this Act, except by permission of the Federal Reserve
Board
"The (reserve] required balance carried by a member bank with a
Federal Reserve bank may, under the regulations and subject to such
penalties as may be prescribed by the Federal Reserve Board, be checked
against and withdrawn by such member bank for the purpose of meeting
existing liabilities: Provided, however, That no bank shall at any time make
new loans or shall pay any dividends unless and until the total (reserve]
balance required by law is fully restored.
"In estimating'the [reserves] balances required by this Act, the net
[balance] difference of amounts due to and from other banks shall be
taken as the basis for ascertaining the deposits against whichIVeserves]
required balances with Federal Reserve banks shall be determined. Balances
in Reserve banks due to member banks shall, to the extent herein
provided, be counted as reserves.]
"National banks, or banks organized under local laws, located in Alaska
or in a dependency or insular possession or any part of the United States outside the continental United States may remain non-member banks, and
shall in that event maintain reserves and comply with all the conditions
now provided by law regulating them; or said banks [except in the
Philippine Islands] may, with the consent of the Reserve Board, become
member banks of any one of the reserve districts, and shall in that event
take stock, maintain reserves, and be subject to all the other provisions
of this Act."
Sec. 6. That that part of Section twenty-two which reads as follows:
"Other than the usual salary or director's fees paid to any officer, director,
or employee of a member bank and other than a reasonable fee paid by
said bank to such officer, director, or employee for services rendered to
such bank, no officer, director, employee, or attorney of a member bank
shall be a beneficiary of or receive, directly or indirectly, any fee, commission, gift, or business of the bank," be, and hereby is, amended and reenacted so as to read as follows:
"Other than the usual salary or [director's] fee paid to any officer,
director, (or] employee, or attorney of a member bank, and other than
a reasonable fee paid by said bank to such officer, director, [or] employee, or attorney for services rendered to Such bank, no officer, director,
employee, or attorney of a member bank shall be a beneficiary of or receive, directly or indirectly, any fee, commission, gift, or other consideration for or in connection with any transaction or business of the bank:
Provided, however, That nothing in this Act contained shall be construed to
prohibit a director, officer, or employee from receiving the same rate of interest
paid to other depositors for similar deposits made with such bank: And provided
further, That notes, drafts, bills of exchange, or other evidences of debt executed
or indorsed by directors of a member bank may be discounted with such member
bank on the same terms and conditions as other notes, drafts, bills of exchange,
or evidences of debt upon the affirmative vote or written assent of a majority
of the board of directors of such member bank.
Sec. 7. That Section three of the Act be amended and re-enacted so
as to read as follows:
[Sec. 3. Each Federal Reserve bank shall establish branch banks
within the Federal Reserve district in which it is located and may do
so in the district of any Federal Reserve bank which may have been
suspended. Such branches shall beroperated by a board of directors
under rules and regulations approved by the Federal Reserve Board.
Directors of branch banks shall possess the same qualifications as
. tors of the Federal Reserve banks. Four of said directors shall
I
[VOL. 104.
be selected by the Reserve bank and three by the Federal Reserve
Board, and they shall hold office during the pleasure, respectively,
of the parent bank and the Federal Reserve Board. The reserve
bank shall designate one of the directors as manager.]
"Sec. 3. The Federal Reserve Board may permit or require any Federal
Reserve bank to establish branch banks within the Federal Reserve district in
which it is located or within the district of any Federal Reserve bank which may
have been suspended. Such branches, subject to such rules and regulations
as the Federal Reserve Board may prescribe, shall be operated under the supervision of a board of directors to consist of not more than seven nor less than three
directors, of whom a majority of one shall be appointed by the Federal Reserve
bank of the district, and the remaining directors by the Federal Reserve Board.
Directors of branch banks shall hold office during the pleasure of the Federal
Reserve Board."
Sec. 8. That Section fourteen, subsection (e), of the Act be amended
and re-enacted so as to read as follows:
"(e) To establish accounts with other Federal Reserve banks for exchange purposes and, with the consent or upon the order and direction of the
Federal Reserve Board and under regulations to be prescribed by said Board,
to open and maintain [banking] accounts in foreign countries, appoint
correspondents, and establish agencies in such countries wheresoever it
may be (deem] deemed best for the purpose of purchasing, selling, and
collecting bills of exchange, and to buy and sell, with or without its indorsement, through such correspondents or agencies, bills of exchange or acceptances arising out of actual commercial transactions which have not more
than ninety days to run exclusive of days of grace, and which bear the signature of two or more responsible parties, and, with the consent of the Federal
Reserve Board, to open and maintain banking accounts for such foreign correspondents or agencies. Whenever any such account has been opened or
agency or correspondent has been appointed by a Federal Reserve bank, with
the consent of or under the order and direction of the Federal Reserve Board,
any other Federal Reserve bank may, with the consent and approval of the Federal
Reserve Board, be permitted to carry on or conduct, through the Federal Reserve
bank opening such account or appointing such agency or correspondent, any
transaction authorized by this Section under rules and regulations to be prescribed by the Board."
Sec. 9. That Section nine of the Federal Reserve Act be amended to
read as follows:
"Sec. 9. Any bank incorporated by special law of any State, or organized
under the general laws of any State or of the United States, desiring to become a member of the Federal Reserve System, may make application [to the
reserve bank organization committee, pending organization, and
thereafter] to the Federal Reserve Board for the right to subscribe to
the stock of the Federal Reserve Bank organizedpr to be organized]
within the (Federal Reserve] district [where in which the (applicant] applying bank is located. Such application shall be for the same
amount of stock that the applying bank would be required to subscribe to as a
national bank. The [organization committee or the] Federal Reserve
Board, in accordance with [under] such rules and regulations and subject to such conditions as it may prescribe, (subject to the provisions of
this section,3 may permit the applying bank to become a stockholder[in
the]of such Federal Reserve Bank [of the district in which the applying bank is located.]
"In acting upon such applications the Federal Reserve Board shall consider
the financial condition of the applying bank, the general character of its management, and whether or not the corporate powers exercised are consistent with
the purposes of this Act.]
"Whenever the (organization committee or the] Federal Reserve
Board shall permit the applying bank to become a stockholder in the Federal Reserve bank of the district, (stock shall be issued and paid for
under the rules and regulations of this Act provided for national
banks which become stockholders in Federal Reserve banks] its
stock subscription shall be payable on call of the Federal Reserve Board, and
stock issued to it shall be held subject to the provisions of this Act.
("The organization committee or the Federal Reserve Board
shall establish by laws for the general government of its conduct
in acting upon applications made by the State banks and banking
associations and trust companies for stock ownership in Federal
Reserve banks. Such by laws shall require applying banks not
organized under Federal law to comply with the reserve and capital
requirements and to submit to the examination and regulations
prescribed by the organization committee or by the Federal Reserve Board. No applying bank shall be admitted to membership
in a Federal Reserve bank unless it possesses a paid up unimpaired
capital sufficient to entitle it to become a national banking association in the place where it is situated, under the provisions of
the national banking Act.]
("Any bank becoming a member of a Federal Reserve bank under
the provisions of this section shall, in addition to the regulations
and restrictions hereinbefore provided, be required to conform to the
provisions of law imposed on the national banks respecting the limitation of liability which may be incurred by any person, firm, or
corporation to such banks, the prohibition against making purchase
of or loans on stock of such banks, and the withdrawal or impairment of capital, or the payment of unearned dividends, and to such
rules and regulations as the Federal Reserve Board may, in pursuance thereof, prescribe.]
"All banks admitted to membership under authority of this section shall be
required to comply with the reserve and capital requirements of this Act and to
conform to those provisions of law imposed on national banks which prohibit
such banks from lending on or purchasing their own stock, which relate to the
withdrawal or impairment of their capital stock, and which relate to the payment
of unearned dividends. Such banks and the officers, agents and employees
thereof shall also be subject to the provisions of and to the penalties prescribed by (sections] section (fifty one hundred and ninety eight,
fifty two hundred, fifty two hundred and one, fifty two hundred
and eight,and]fifty-two hundred and nine of the Revised Statutes.(The
member banks shall also], and shall be required to make reports of
[the conditions]condition and of the [payments]payment of dividends
to the (Comptroller, as provided in sections fifty two hundred and
eleven and fifty two hundred and twelve of the Revised Statutes,
and shall be subject to the penalties prescribed by section fifty two
hundred and thirteen for the failure to make such report] Federal
Reserve bank of which they become a member. Not less than three of such reports shall be made annually on call of the Federal Reserve bank on dates to
be fixed by the Federal Reserve Board. Failure to make such reports within ten
days after the date they are called for shall subject the offending bank to a penally of $100 a day for each day that it MO to transmit such report; such penalty to be collected by the Federal Reserve bank by suit or otherwise.
"As a condition of membership such banks shall likewise be subject to examinations made by direction of the Federal Reserve Board or of the Federal
Reserve bank by examiners selected or approved by the Federal Reserve Board.
"Whenever the directors of the Federal Reserve bank shall approve the examinations made by the State authorities, such examinations and the reports thereof
may be accepted in lieu of examinations made by examiners selected or approved
•
MAY 12 1917.]
THE CHRONICLE
by the Federal Reserve Board: Provided, however, That when it deems it necessary
the board may order special examinations by examiners of its own selection
and shall in all cases approve the form of the report. The expenses of all examinations, other than those made by State authorities, shall be assessed against
and paid by the banks examined in the same manner, and at the same rate that
national banks are assessed for such expenses.
"If at any time it shall appear to the Federal Reserve Board that a member bank has failed to comply with the provisions of this section or the regulations of the Federal Reserve Board made pursuant thereto;it shall be within
the power of the (said] board after hearing to require such bank to surrender its stock in the Federal Reserve bank;[upon such surrender the
Federal Reserve bank shall pay the cash paid subscriptions to the
said stock with interest at tho rate of one half of one per centum per
month, computed from the last dividend if earned, not to exceed the
book value thereof, less any liability to said Federal Reserve bank,
except the subscription liability not previously called, which shall
be canceled, and the said Federal Reserve bank shall, upon notice
from the Federal Reserve Board, be required to suspend said bank
from further privileges of membership, and shall, within thirty
days of such notice, cancel and retire its stock and make payment
therefor in the manner herein provided.] and to forfeit all rights and
privileges of membership. The Federal Reserve Board may restore membership upon due proof of compliance with the conditions imposed by this section.
"Any Stale bank or trust company desiring to withdraw from membership
in a Federal Reserve bank may do so, after six months' written notice shall have
been filed with the Federal Reserve Board, upon the surrender and cancellation
of all of its holdings of capital stock in the Federal Reserve bank: Provided,
however, That no Federal Reserve bank shall, except under express authority
of the Federal Reserve Board, cancel within the same calendar year more than
ten per centum of its capital stock for the purpose of effecting voluntary withdrawals during that year. All such applications shall be dealt with in the
order in which they are filed with the Board. Whenever a member bank shall
surrender its stock holdings in a Federal Reserve bank, or shall be ordered to do
so by the Federal Reserve Board, under authority of law, all of its rights and
privileges as a member bank shall thereupon cease and determine, and after
due provision has been made for any indebtedness due or to become due to the
Federal Reserve bank, it shall be entitled to a refund of its cash paid subscription with interest at the rate of one-half of one per centum per month from date
of last dividend, if earned, the amount refunded in no event to exceed the book
value of the stock at that time, and shall likewise be entitled to repayment of
deposits and of any other balance due from the Federal Reserve bank.
"No applying bank shall be admitted to membership in a Federal Reserve
bank unless it possesses a paid-up unimpaired capital sufficient to entitle it to
become a national banking association in the place where it is situated under
the provisions of the National Bank Act.
'Banks becoming members of the Federal Reserve System under authority
of this section shall be subject to the provisions of this section and to those of
this Act which relate specifically to member banks, but shall not be subject to
examination under the provisions of the first two paragraphs of Section Fiftytwo Hundred and Forty of the Revised Statutes as amended by Section Twentyone of this Act. Subject to the provisions of this Act and to the regulations of
the Board made pursuant thereto, any bank becoming a member of the Federal
Reserve System shall retain its full charter and statutory rights as a State bank
or trust company, and may continue to exercise all corporate powers granted it
by the State in which it was created, and shall be entitled to all privileges of
member banks: Provided, however, That no Federal Reserve bank shall be permitted to discount for any Slate bank or trust company notes, drafts, or bills
of exchange of any one borrower who is liable for borrowed money to such State
bank or trust company in an amount greater than ten per centum of the capital
and surplus of such State bank or trust company, but the discount of bills of
exchange drawn against actually existing value shall not be considered as
borrowed money within the meaning of this section. The Federal Reserve bank,
as a condition of the discount of notes, drafts, and bills of exchange for such
State bank or trust company, shall require a certificate or guarantee to the
effect that the borrower is not liable to such bank in excess of the amount provided
by this section, and will not be permitted to become liable in excess of this
amount while such notes, drafts, or bills of exchange are under discount with the
Federal Reserve bank.
"It shall be unlawful for any officer, clerk, or agent of any bank admitted to
membership under authority of this section to certify any check drawn upon
such bank unless the person or company drawing the check has on deposit
therewith at the time such check is certified an amount of money equal to the
amount specified in such check. Any check so certified by duly authorized
officers shall be a good and valid obligation against such bank, but the act of
any such officer, clerk or agent in violation of this section may subject such
bank to a forfeiture of its membership in the Federal Reserve System upon
hearing by the Federal Reserve Board."
SPRING MEETING OF THE EXECUTIVE COUNCIL OF
THE AMERICAN BANKERS' ASSOCIATION.
The 1917 spring meeting of the Executive Council of the
American Bankers' Association was held at Briarcliff Lodge,
Briarcliff Manor, N. Y., this week, May 7, 8, and 9. In
discussion of matters of national moment as well as of vital
interest to the members of the Association, and in the number
of Council members in attendance, the meeting is stated to
have surpassed all records. There were only nine absentee
Council members, a total of 85 present, in addition to the
members of executive committees of Sections, &c. First
in importance was the relation of the Council meeting to the
nation's war financing and more specifically to the"Liberty
Loan of 1917." The presence of Governor Harding and F. A.
Delano of the Federal Reserve Board gave an official cast
to the deliberations of the meeting and also went far (a statement from the American Bankers' Association says) to
straighten out the conflicting views of the Board and the
State banks with reference to their joining the Federal
Reserve system. Patriotism was the dominant note throughout. It was sounded by President P. W. Goebel in his
opening remarks to the Council and the expression of his
views was epitomized in the following resolution, which was
adopted by unanimous vote:
Whereas, The reported subscriptions to the Liberty Loan of 1917 are now
being received, and it is apparent that this and succeeding bond issues can
1865
be successfully placed only through well organized and continuous efforts,
and
Whereas, The success of the Government bond issues depends upon such
a wide distribution of the securities offered that they will pass beyond the
banks into the hands of thousands of people who have never bought bonds
before, and
Whereas, It is of vital importance that the reserves of all banks—including
the Federal Reserve banks—be kept in a highly liquid form, to the end
that business may go on and be interfered with to the smallest possible
extent by the financial operations of the Government, and
Whereas, The Treasury Department, the Federal Reserve Board and
the Federal Reserve banks are now organizing for an effective distribution
of these bonds; therefore, be it
Resolved, That the American Bankers' Association, through its members
and by the use of its official machinery in the General Offices, hereby offers
to assist in the patriotic work of selling and distributing the bond issues of
the United States Government; and be it further
Resolved, That we feel sure we can rely upon the active and hearty cooperation of all the members of the American Bankers' Association in this
effort to promptly meet the financial wants of the United States; and be
it further
Resolved, That the President and the Administrative Committee are
hereby authorized to appoint a committee or committees of such sizes as
they may deem necessary, from the members of the Association, to further
the object of the foregoing resolution. Further
Resolved, That the President is hereby authorized to expend the necessary
funds required to further the objects of this resolution. Be it further
Resolved, That the President is hereby authorized to transmit the action
of this Association to the Honorable the Secretary of the Treasury in such
manner as he may deem wise. Be it further
Resolved, That the Executive Council of the American Bankers' Association pledge its unqualified and untiring support to the Government in any
avenue in which they might find it necessary to call upon the bankers.
This resolution was wired to Secretary McAdoo, who
replied with the following telegram:
Please assure the American Bankers' Association of my deep appreciation
of the patriotic resolutions just adopted and communicated to me by wire,
pledging the unqualified and untiring support of the American Bankers'
Association in any direction where the Government may find such a Board
of value in the great affairs which are engaging the attention of the nation.
I shall avail myself of this support, because I know it can be tremendously
available in the large financial operations in which the Government must
engage until this war for liberty has been successfully won. May I at the
same time take advantage of this occasion to urge upon the American
Bankers' Association the superlative importance of stillifurther strengthening the organization of the banking system of the United States by using its
great influence to induce the State banks to join the national banks in
making the Federal Reserve system an instrument of unquestionable
power to meet any emergency with which the nation may,in the future, be
faced. I regard this as one of the supremely patriotic duties of the hour.
The time may come when the financial resources of the country will not
be commensurate with the national purpose, if the nation remains half
State bank and half national bank in its organization. The State banks
will find greater security for themselves, it' disaster should threaten, if they
are members of the Federal Reserve system; and the Federal Reserve
system itself will be irresistibly strong, if the State banks unite with the
national banks in making them an extremely useful national instrument.
I commend this question to your earnest and patriotic consideration, with
the sincere hope that love of our common country should surmount every
other consideration, and bring about this supremely desirable result.
(Signed) W. G. McADOO
The newspaper accounts stated on the 8th inst. that the
announcement was made the previous day, following a
conference between Gov. Harding and the Executive Committee of the State Bank Section of the Association that the
leading State banks and trust companies of the country
would enter the Federal system if pending amendments to the
Federal Reserve Act became a law. Objection, however,
was evidenced on the 8th by certain of the State banks to the
Comptroller of the Currency. Elliott C. McDougal,
President of the Bank of Buffalo, at Buffalo, N. Y., and
likewise President of the Association of State Banks
of the State of New York, in voicing the objections
of the opposing State banks to the Comptroller and the
Secretary of the Treasury, made it plain that the opposition
was not directed against the incumbents of those offices, but
against the political side of the question. Mr. McDougal
said:
The office of the Comptroller of the Currency should be abolished as
long as the Federal Reserve Board is in existence. This is one of the conditions we would make before going into the Reserve system. The Comptroller and the Secretary of the Treasury are ex-officio members of the
Federal Reserve Board, which should be an independent body without any
ex-officio members. To have its business carried on independent of such
members is the only way it can be a non-political body.
The State banks also object to the attempt to deprive the
small country banks of the charges for the collection of checks
by the par-collection plan of the Federal Reserve. The
deliberations finally resulted in the adoption of the following
resolution by the Executive Committee of the State Bank
Section:
Whereas, the amendments to the Federal Reserve Act covered in Bil
5: 1796 and its accompanying changes as further amended by this committee in conjunction with Governor Harding and Mr. Delano of the Federal Reserve Board, successfully eliminate most of the principal objections
to the Federal Reserve system made to this committee by the State banks of
the United States in answer to its questionnaire; therefore be it
Resolved, That this committee recommends to the State banks of the
United States that they consider carefully the Federal Reserve Act and its
amendments after the amended bill referred to has become law, with the
thought of joining the system (if they feel warranted in doing so), in order
to strengthen the banking power of the United States of which they are so
important a part.
1866
THE CHRONICLE
The Council devoted two full days to its sessions, besides
the usual day given ovei to committee:meetings. The report
of General Secretary Farnsworth showed that the number
of delinquent members was the lowest in the history of the
Association. With a membership on April 21 of 16,640
members, the delinquents num oer only 179, or .0107%,
against a membership in 1910 of 10,950 with 24 delinquents,
or .022%.
The insurance situation came in for considerable discussion,
which resulted inStne passage of the following motion:
That an expression from the members of the American Bankers' Association be had by referendum as to the advisability of forming either a
stock company or' mutual company, controlled by the members of the
'
4
American Bankers' Associeion, to protect its members on the insurance
risks of bankers, members only; and that an auxiliary committee to be
appointed by the President of the State Secretaries' Section of the Association be authorized o secure this expression from the membership and report
at tho next annual convention to be held:attAtlantic City.
This action does!not bind the Association in any way and is
a olely for the7purpose of ascertaining the sentiment of the
membership on this important question.
The Council passed a resolution providing for an amendment to the constitution which will create a Federal Legislative Council as an auxiliary to the Committee on Federal
Legislation. Similar action was taken with reference to the
work of.ithe:Committee on State Legislation. J. C. French,
Vice-President of the Stockyards National Bank of Omaha,
Neb., was appointed a member of the Committee of TwentyFive to fill the vacancy caused by the death of W. H.
Bucholz.
The members of the CouncilAhe ladies and guests present
were entertained by Mr. and Mrs. Frank A. Vanderlip at
their home,"Beechwood," on Monday afternoon, May 7, at
a reception in honor of Governor Harding and Mr. Delano
of the Federal Reserve Board; and again on Tuesday evening
at the little theatre on their estate, "Beechwood Playhouse,"
where a performance of "The Yellow Jacket" was given.
MISSISSIPPI VALLEY TRUST CO. ENTERS
FEDERAL RESERVE SYSTEM.
The Mississippi Valley Trust Co. has become a member
of the Federal Reserve System. In an announcement concerning its action the company says;
Application for admission into the System was
-made at this time in the
belief that in the unification of the banking resources of the country
through the Federal Reserve System the financial institutions of the
country, individually and collectively, could offer better and broader
facilities in financing the requirements of the Government and the business
Interests of the country.
The business of the various departments will continue as heretofore, only
with the added facilities incident to our Federal Reserve membership.
HEARINGS ON PETITION OF RAILROADS FOR HIGHER
FREIGHT RATES.
Hearings on the general increase in freight rates asked for
by the railroads of the United States wore begun before the
Inter-State Commerce Commission on Monday last, the
7th inst. In an announcement issued on April 27 the
Commission said:
It has been suggested that the full presentation of the carriers' side may
be facilitated if cross-examination of their witnesses is deferred until the
subsequent hearings. The hearings will be continued until adequate opportunity has been afforded for the presentation of such matters as in the
opinion of the Commission may aid it in determining whether or not it
should suspend any or all of the supplements carrying the proposed increases
or require modification thereof as a condition of their becoming effective
July 1, the proposed effective date.
[VoL. 104
to the Adamson Law. The percentage of operating revenue,
paid out in increased wages is also called for. Each.railroad
has likewise been requested to show how fuel costs compare
with those in effect a year ago, as well as rails, ties and other
supplies.
In considering the proposed application of revenues which
would result from the increased rates, carriers will be required
to indicate not only the approximate totals accruing to each
group of roads, but to the individual lines, "and should file
statements showing in detail the purposes to which the increased revenues are to be devoted" and the extent to which
they are willing to limit the rate of dividend to be paid during
the continuance of the War.
In view of the requirement of the Commission that "carriers should indicate the extent to which they are willing to
limit the rate of dividends to be paid during the continuance
of the war," a statement showing the relatively low dividends
paid upon railroad stocks as a whole is of interest. The
tabulation shows that more than $2,800,000,000 worth of
stock, or over one-third of the entire amount outstanding,
pays no dividends at all. The data covering dividends paid
by railroad companies as taken from official reports and tabulated by railroad statisticians, were printed as follows in the
Philadelphia "Press" of the 8th inst.:
Statistics of the Inter-State Commerce Commission show that during
the twenty-eight-year period, 1888 to 1915, inclusive, the largest proportion
of railroad stock in any one year on which dividends were paid, was 67.65%,
in 1911. This proportion was above 60% in only eleven of the twentyeight years; from 50% to 60% in four years; from 40% to 50% in three
years; from 30% to 40% in seven years, and below 30% in three years.
The lowest proportion was 29.83%, in 1896. In 1915 the proportion was
60.45%. The average rate of dividend, on dividend-paying stock, was
6.29%, in 1915.
During the twenty-eight-year period, from 1888 to 1915, inclusive, this
average rate was never higher than 8.07% (1908) and fell as low as 4.96%
in 1899. The rate was above 8% in two of the twenty-eight years; from
7% to 8% in three years; from 6% to 7% in six years; from 5% to 6%
in sixteen years, and below 5% in one year. The rate of dividend, averaged
over all stock, non-dividend paying as well as dividend-paying, was 3.80%,
in 1915.
During the twenty-eight-year period, 1888 to 1915, this rate never arose
above 5.42% (1911) and fell as low as 1.62% (1897). The rate was above
5% in but four of the twenty-eight years; from 4% to 5% in five years;
from 3% to 4% in five years; from 2% to 3% in seven years, and below 2%
in seven years.
The latest year for which official information is available as to the distribution of railway stock into tho various rate-paying groups was 1914. In
that year the report of the Inter-State Commerce Commission shows, for
the stock of Class I and II roads, as follows:
$2,878,315,779 or 33.70% paid no dividends
276,912,525 or 3.24% paid loss than 2%
299,533,853 or 3.51% paid from 2% to 4%
505,744,735 or 5.92% paid from 4% to 5%
775,330,083 or 9.08% paid from 5% to 6%
1,532,560,644 or 17.95% paid from 6% to 7%
1,216,195,273 or 14.24% paid from 7% to 8%
1,055,461,610 or 12.36% paid over 8%
That is, 33.70% of the total capital stock paid no dividend whatever;
46.37% of the total paid nothing less than 5%, and only 26.60% paid 7%
or over.
On April 30 the railroads involved in the so-called anthracite coal case of 1913, supplementing their petition for a
general 15% advance in rates, applied to the Inter-State
Commerce Commission for permission to file advances in
those rates in the now case. From the "Journal of Commerce" we learn that the roads state their proposals as
follows in a memorandum accompanying the petition:
Proposed increase of 5 cents per gross ton on sizes smaller than pea to
Now York tidewater and lino points based thereon.
Proposed increase of 15 cents per gross ton on prepared sizes and pea to
New York tidewater, and on all other rste3 covered by Docket No. 4914,
and to Buffalo and other Western termini of trunk lines except on sizes
smaller than pea to local points on the Delaware & Hudson. It is there
The procedure in the hearings were outlined on the 1st proposed to establish the same percentage relation to prepared size rates
inst. by the Inter-State Commerce Commission, in a state- as at New York tide.
other Eastern
Amount of proposed increase to New England
ment summarizing seven general heads under which the not covered by order in Docket No. 4914, not and fully adjusted,points
being
yet
subject will be considered. These subdivisions are stated considered to-day.
Twenty-five cents per gross ton to be added from Buffalo and Erie to
as follows:
points west thereof in Central Freight Association territory.
The present emergency, war conditions, labor and wages, cost of fuel,
Through rates to Western points to be increased the same as some of
material and supplies, recent changes in rates, the reasonableness of the
the locals on Buffalo and Erie.
proposed increased rates and application to be made of the proposed inThe Commission Is respectfully asked to bear in mind that the transporc:eased revenue.
tation of anthracite is a large proportion of the work done by many of the
Under the head of emergency the Commission asked if an trunk line carriers, in the case of the Ontario & Western, anthracite being
emergency affects all carriers alike; whether all require the 65% of the tonnage, and in the case of the Delaware & Hudson 44% of the
as
Even with the proposed
same degree of relief, why that relief should take the form of tonnage.and Ontario & Western willadvances on anthracite such lines
find great difficulty in meeting their
the Erie
a general percentage increase and why the percentage should fixed charges for tho year 1917.
be 15%. The extent of the Adamson Law's responsibility
The formal petition filed with the Commission, the
for the alleged emergency also will be brought out.
"Journal of Commerce" says, makes reference to the prior
"Did the emergency exist prior to January 1 last?" the anthracite coal decision, and adds:
Commission asked. "Prior to April 1? When did it become
Transportation conditions of kind and character referred to in the prean emergency? By what criterion can it be determined later ceding paragraph have so materially changed since the period considered
Commission that the rates prescribed in the Commission's order,
that the emergency is past?" Carriers should state, the by thewas finally made effective April 1 1916, are too low to afford the
which
Commission declared by individual lines the extent to which proper compensation to the carriers for the transportation of anthracite
their earnings are affected by war conditions. As to labor coal at the present time. These changed conditions have been recently
Commission by
committee of presidents of the Eastern
described to
and wages, each carrier has also been asked to show what the Trunk Linesthe cqnnection withthe proceeding in which the Commission
in
the
total increase is and how much of it is directly attributable has issued its special permission 41,750 heretofore referred to.
=Ai
MAY 12 1917.j
THE CHRONICLE
Your petitioners engaged in the transportation of anthracite coal are in
urgent need of additional revenue for the transportation of all freight, including anthracite coal.
For the same reasons and the same motives actuating the carriers in
requesting permission to advance freight rates in general 15% and in
making a similar request for the approval of similar advances on bituminous
coal, coke and iron ore, the respondent carriers are proposing to ask the
approval of this Commission for specific advances on anthracite coal within
the territory covered by Commission's order in Docket 4914 and elsewhere.
The tariffs making such proposed advances on rates covered by the order
In Docket 4914 will be filed on or before May 7 1917, effective July 11917,
if the necessary permission be granted. Petitioners will also file tariffs on
or before May 111917, making specific increases effective July 1 1917, in
anthracite rates not covered by the order in Docket 4914.
Your peationers respectfully request, therefore, that your Honorable
Commission grant them relict'from the two-year order fixing the maximum
rates in said Docket 4914 so that they may be permitted to file tariffs May 7
1917, to become effective July 1 1917, as above stated, and that the Commission take under consideration in proceeding in the matter of the proposed increases in freight rates, above referred to, all of the proposed increases to be covered by tariff filed on or before May 7 1917, and on or
before May 11 1917. as above stated.
1867
add $29,800,000 when existing contracts expired. Statistics dealing with profits showed that in 1916, the greatest
year in their history, the Western roads received a net return of slightly less than 532% on the property investment,
Mr. Wettling said that if the roads had paid this year's
prices last year they would have made a profit of only 332%.
On the 10th inst. spokesmen for railroads in the West and
steamship companies operating along the Atlantic seaboard
appeared before the Commission and supported the plea of
carriers in other parts of the country that an increase of 15%
in freight tariffs is absolutely necessary if bills are to be paid
in the coming year. R. H. Aishton, President of the Chicago & North Western, said that the emergency confronting
the roads was the same as that confronting every other commercial activity,and pointed out that commercial institutions
generally had met advanced costs by raising prices to conWith the opening on Monday of the hearings on the petition sumers. The increased revenue to be derived from the
of the roads for an increase of 15% in freight rates, the spokes- proposed advance of 15% in rates would not be sufficient,
men for the railroads of the East declared the necessity for the witness said, to meet the swollen operating costs. Mr.
the advance was imperative to enable the railroads to meet Aishton told the Commission that his road had tried to
the war time demands of the nation and the increased cost effect economies, but had found it impracticable. The
of everything entering into the operation of their systems. system, he said, had considered reducing the tonnage of
Even should the advance be granted, they say, it would fail trains and speeding them up as a means of overcoming adby $75,000,000 to offset the increase in operating expenses for vances brought about by the Adamson law, but the method
the current year. The Eastern lines completed their case had been found to be unsound.
Statistics presented to the Commission on behalf of seven
on Monday. On Tuesday the executives of those of the
South told the Commission why they thought they should coastwise steamship companies purported to show that behave more revenues. Representatives of the Western sys- cause of the rise in the price of material and labor the contems presented their arguments after the -representatives of the cernsfaced a deficitof more than $2,000,000in their net income
Southern lines concluded. Shippers, many of whom agree for the coming year. The companies represented were the
that some increase is necessary, will be given a hearing by Merchants & Miners Transportation Company, the Old
the Commission May 23. Specific increases are sought for Dominion Steamship Company, the Clyde Steamship Comcoal, coke and ore in the East and South, which are exempted pany,the Mallory Steamship Company,the Ocean Steamship
Company of Savannah, the Baltimore Steam Packet Comfrom the general rise.
All the executives appearing for the Eastern roads placed pany and the Chesapeake Steamship Company. A 15%
special emphasis upon inadequate facilities and insufficient increase, the Commission was told, would barely cover the
capital. Howard Elliott, speaking for the New Haven, said deficit confronting the water carriers. President Jenkins
the proposed increase would not meet the advance in the of the Merchants & Miners testified that revenues of that
system's coal bill. Samuel Rea, President of the Pennsyl- company were falling off because of the war; that the cost
vania, and others declared the increase to be absolutely of labor had risen greatly because of competition for the
essential if the roads in the great manufacturing districts services of its men by steamship companies engaged in forwere to be placed in a position to handle existing traffic and eign trade, and that the price of supplies and materials for
be prepared for war service. All the speakers represented ships had increased as much as it had for railroads.
Two orders were entered by the Inter-State Commerce
the need of the lines in the East to be of the most urgent
character. A.H.Smith,President of the New York Central, Commission on the 10th inst. in the 15% freight rate addeclared that if the Commission had the power to grant an vance case. In one instance the Commission permitted
increase of 15% upon all freight traffic, intra-State as well the roads to cancel out a number of schedules of rates on
as inter-State, and allowed it upon coal, coke, ore and all particular commodities which were fixed by statutory proother traffic, the additional revenue would not equal the vision under previous decisions of the Commission, and
costs that have been added to pay-rolls and vouchers during to note the 15% advance therein. In the other instance the
the past 15 months. Others emphatically declared that the Commission refused to allow the roads to cancel out the
existing rates were totally inadequate to nourish the railroads rates so fixed in order to make a proposal of advance.
Julius Kruttschnitt,Chairman of the Board of the Southern
and keep them in the condition required in the interest of
Pacific Co., was the chief witness before the Inter-State
public safety and commercial health.
On the 8th inst. executives of Southeastern railroads told Commerce Commission yesterday (the 11th inst.). Mr.
the Commission that a general increase in freight rates is Kruttschnitt, who is also a member of the Special Railroad
absolutely necessary if the systems are to meet an "endless Committee on National Defense, called attention to the
chain of advancing costs, both of labor and material." fact that the recent action of the carriers in creating a Special
Nearly all agreed that a 15% advance, tentatively ordered Committee on National Defense contemplates the subordinaby the Commission, would narrow but not close the breach tion of railway traffic and facilities of all roads to the prebetween net revenues and expenses. W.J. Harahan, Presi- ferred needs of the Government. He added:
The demands for food products of all kinds and the demands for shipdent of the Seaboard Air Line, asserted that his system
ment abroad will
needed an increase of more than 16% in Intra-State as well that they must betax the resources of all carriers and they are so urgent
complied with regardless of expense.
Travel will be curtailed and freight at full commercial rates will have to
as inter-State rates to cover increased operating costs and
give way
the cost of needed improvements. Several of the execu- and underto Government business handled at less than commercial rates
conditions which will involve increased costs. The movement
tives made known their intention of taking up with the of troops usually involves a one-way haul of empty equipment and it is
States through which their roads pass the question of ob- estimated that both troops and freight of the United States Government
handled over Western roads at an average
taining advances in the intra-State rates proportionate with are rate applicable to commercial business. cf about one-Laird less than
the
The gross revenue on Governany advances allowed in the inter-State tariffs.
ment business will be materially less than on the same volume of commerThe railroads of the West represented to the Inter-State cial business.
Mr. Kruttschnitt said that for twenty years there had
Commerce Commission on the 9th that the requested 15%
increase in freight rates would fail by at least $20,600,000 been a constant rise in all commodities except transportato meet advanced operating costs already effective and an- tion, the price of which had actually declined. During the
ticipated. Forty-six Western roads or systems, operating past few months and especially since the beginning of the
110,000 miles of lines furnished the information upon which year this situation had become a serious menace to railroad
this estimate was made by L. E. Wettling, a statistician, solvency. He continued:
Constantly increasing commodity prices have increased the cost of living
the first witness to testify, in their behalf. Mr. Wettling
put in evidence detailed statistical tables to show that the for the railroads Just as they have done for individuals. They have reflected
themselves in increased wages, made necessary to enable railroad employees:
increased revenue from a general 15% advance would mean to buy that which they individually consume, and an increased cost in all
an added revenue to the Western roads of $135,300,000. materials and supplies which the railroads themselves consume. The
effect of
The higher cost of labor and other items of operation to combinedthe dollarfailing rates for transportation and the falling purchasing
has been to greatly reduce the contribution to net earnpower of
which the roads already were committed, he said, had in- ings and returns on investment yielded out of each dollar paid by the public
transportation service.
creased their expenses by $126,100,000, while wage adjust- for
Universal bankruptcy has been avoided by the carriers
ments and further increases in the costs of material would I capital expenditures to reduce grades, eliminate curvatureonly by heavy
and purchase
1868
THE CHRONICLE
heavier locomotives and cars, all incurred for the purpose of increasing
efficiency in train movement by hauling more tons per locomotive. The
opportunity to offset these increasing costs by economies in operation has
been largely diminished; in other words, cars and locomotives are about as
large as can be constructed within clearance limits.
Certain it is that to whatever extent the railroads might have been able
to arrest the continued tendency toward increased cost of labor and material
by new operating methods, it is now impossible for them to offset the abnormal increases in operating costs which now confront them.
New capital for railroad development, said Mr. Kruttschnitt, was increasingly difficult to obtain because of the
diminishing return on the investment. In his further remarks he said:
There has been no time in recent years when the credit of the world has
been so strained as it is to-day, and the ability of the railroads to procure
capital for necessary improvements with which to meet the growing demands
of commercial and Government transportation should be strengthened
rather than impaired. There is no question that capital expenditures for
much needed second :racks, yards and terminals and motive power have
been deferred on many lines the past few years, because of their many
difficulties, and latterly because of high prices for materials and equipment.
This accounts in part for the congestion of the past two years. It is
perfectly obvious that such expenditures cannot longer be deferred.
The remarks of some of the other spokesmen at the hearing
will be found under separate heads in succeeding articles.
REMARKS OF SAMUEL REA AT THE RATE HEARINGS.
"The conditions surrounding the railroads at the present
time involve a direct and immediate menace to the country
at large, and also to the shippers, passengers and owners of
the properties, because of inadequate facilities and insufficient credit," said Samuel Rea, President of the Pennsylvania Railroad, at Monday's hearint before the Commerce
Commission. "If we are adequately to handle existing traffic
and be prepared to meet the necessities of the international
situation, it is absolutely essential that the railroads be
granted higher rates." That the situation on the Eastern
railroads generally, under conditions as they exist to-day,
when all their equipment and facilities are being worked to
their maximum, was of serious concern, he said, could be
seen from an examination of the figures of the Pennsylvania
system, one of the strongest in the United States. If the
entire advance in rates that the railroads ask should be
granted, the Pennsylvania System would be $12,000,000
worse off in 1917 than in 1916, Mr. Rea said. He estimated
that the entire rate advance would amount to only 13.31%
of the freight revenues (because less than 15% would be derived from the specific increases asked on coal, coke and ore),
or a total of $39,600,000, whereas a conservative estimate
showed that expenses of the Pennsylvania system would be
increased by $51,892,000. Increased expenses for the Pennsylvania this year were estimated by him as follows:
Fuel
Increased material prices (specific items only)
Wages—Adamson Law
Wages—adjustment for employees other than trainmen
Taxes (Federal Capital stock Tax only)
$15,099,000
14,694,000
10,757,000
10,842,000
500,000
[vol.. 104.
expanded substantially upward and have much more than absorbed the
additional revenues received.
Since June 30 1916 there has been a substantial percentage increase in
the number of tons and passengers handled per car and per train, which
ought to have meant an increase in net operating income. However, the
saving that should have been effected thereby was nullified by the increased
prices of materials, increased wages, the expense incident to congestion
(which became so acute during the last quarter of 1016), and the reduced
effeciency of labor owing to the inability of the railroads to retain their
employees in competition with industrial concerns.
It would seem to be to the interest of the shipper to bear an increase in
rates in order that he might be taken better care of in time of industrial
activity by our being in a position to provide for these maximum demands.
The extraordinary increased prices of materials and labor, with the•narrow margin of earnings, have already compelled us to defer, temporarily,
I hope, new construction work for much needed facilities aggregating on the
lines east of Pittsburgh $16,000,000 in amount, but it is essential that these
and many other improvements shall be made in order to adequately handle
the business of the country, Governmental and otherwise. The country's
activities should not be restrained, but expanded, under existing conditions.
1 feel, the:efore, that the increased rates asked for are absolutely necessary from the standpoint of the railroads and country, entirely aside and
apart from the present international crisis, although of course this latter
situation intensifies the need for putting the railroads in a stable and prosperous condition, both physically and financially. I feel that it is absolutely
essential to the welfare of this country and to the business we serve, that
.
the Pennsylvania system as well as other railroads be promptly put in a
position where they can continuously provide and maintain an adequate
transportation service.
Supplementing his formal statement to the Commission
on,the 7th Mr. Rea,, replied to the suggestion made to the
railroads by the Commission, on May 1, that "Carriers
should indicate the extent to which they are willing to limit
the rate of dividends to be paid during the continuance of
the war." Mr. Rea, said:
It would be impossible and unwise to suggest any dividend limitation
during the war without any knowledge of the extent of the war or of the
Increased cost of capital, labor, materials or taxes.
It is impossible to state what may or may not be fair dividends under
war conditions. The course of events must decide that question, but certain it is that the present application for Increased rates was not made with
any desire for increased dividends and does not bear any relation thereto.
Mr. Rea, declared that the,increased revenue from the
proposed rate advance would not cover the increased expenses of operation which he had previously outlined to the
Commission. Stating that the Pennsylvania System paid
only moderate dividends, Mr. Rea added:
No reduction can be made below 6% without weakening the credit of
the Company and increasing the cost of raising new capital. Its financial
condition must be kept strong, and the stock and security holders should
not be discouraged.
The Pennsylvania Railroad Company has over 00,000 stockholders,
averaging about 110 shares each, and two-thirds of its entire stock of $500,000,000 is held by those having loss than $5,000 each. There has been no
increase in their dividends, although the cost of living, wages and taxes
have materially advanced.
In reply to the Commission's questions, also submitted
May 1, as to whether an emergency in the affairs of the carriers exists, whether all carriers require the same relief, and
why the relief should take the form of a flat increase of 15%
in freight rates, Mr. Rea said:
An emergency exists, not temporary but continuing, which affects transportation in such a way as to require prompt relief through increasednet
earnings.
The same relief is necessary for all, because it is a minimum relief, as
$51,892,000 illustrated by the Pennsylvania System when I show that the increased
rate will not offset our increased expenses and taxes. But roads which
Mr. Rea continued:
derive the greater portion of their revenues from passenger traffic will
Practically none of these increases became effective until after Jan. 1
require special consideration, because the freight rate increase will not be
1917. The figures for the calendar year 1916 show that for that year the
adequate.
Pennsylvania Railroad System, after paying sinking fund contributions of
The percentage method was adopted as affording the most equitable and
$6,457,571 and average dividends of 6.26%, had remaining a surplus of
distribution of the increased expenses, which are general in character
or 2.90%, on the total capital obligations in the hands of the equal
$36,800,000,
affect all traffic, and was the only method by which increases could be
public. It will readily be seen that the minimum increases in these five and
in a reasonable time.
expense items alone of $51,892,000 would not only wipe out the entire sur- secured
The percentage was made 15% because the figures before the carriers
plus, but cut into the sinking fund payments and dividends to the extent
as to increased costs indicated that while a greater percentage might be
of$14,700,000.
needed, that was the lowest amount to cover the necessities of the situaDuring the last seven months (September 1916 to March 1917, inclusive),
tion. It develops, however, citing the case of the Pennsylvania System
even with an increase of $17,500,000 in total operating revenues, the large
alone, that the increased expenses will be considerably above those originincrease in operating expenses and taxes has not only more than absorbed
ally estimated, as I have previously indicated.
the increase in revenues, but has actually caused a decrease in net operating
Income of $12,400,000, or 22%, as compared with the corresponding period
of the previous year.
VICE-PRESIDENT DIXON SAYS 15% INCREASE IN
The year ended June 30 1916 was the first really good year that the PennFREIGHT RATES WOULD ADD LESS THAN FOUR
sylvania system has had since 1910. In every year between these two the
CENTS TO A FAMILY'S WEEKLY EXPENSES.
return on property investment has been less than for any year in the period
between 1900 and 1910. Our returns on property investment from 1900 to
George D. Dixon, Vice-President of the Pennsylvania
1910 averaged 7.20%; from 1911 to 1916 they averaged 5.40%, and from
1913 up to and including 1916 the average was but 5.30%. For the years Railroad in Charge of Traffic, issued the following statement
1914, 1915 and 1916 the average return was 5.24%, and for 1915 and 1916 on the 5th inst., concerning the application of the railroads
It was but 5.61%.
increase in freight rates:
The favorable tendencies of the year ended Juno 30 1916 continued to for an
The ultimate effect of granting the application of the railroads for an
exist through July and August of that year. Since that time, however, a
living.
significant change has taken place. lathe nine months since June 30(which Increase in freight rates would, undoubtedly, be to lower the cost of
show
Include the favorable months of July and August above referred to), with This may seem like a contradictory assertion, but examination will
an increase of $29,667,000 in total operating revenues, which increase oc- that it is perfecay sound. It is a fact that the head of every American
curred in every month except February, there has boon a decrease in net family should understand.
The railroads are about to begin what amounts almost to a struggle for
operating income of $9,670,000, caused largely by an increase of $21,400,Commission
000 in transportation expenses. It must also bo remembered in consider- existence. They are seeking from the Inter-State Commerce
with the exing these figures that payments for increased wages under the Adamson authority to advance the charges 15% on freight in general,
foodstuffs and the
Law, and the increased wages to other classes of employees, both of which ception of coal, coke and ore. Such an Increase upon
be infinitesimal,
have been in force since Jan. 1, are only included for three months in this other articles constituting the daily necessities of life would
while, on the other hand, it would immensely strengthen the credit of the
period.
for obtaining now
In other words, we are in even a worse situation than we were in 1913, when railroads, and would not only provide them with a basis
which the improvements
for a number of years there had been a continuous increase in operating capital, but also allow them surplus revenues out of
be made, which are so urgently needed to render
revenues, but on account of the increased property investment to provide and extensions could
more facilities and equipment; there was a comparative decrease in net proper service.
These improvements and extensions would provide the country with such
operating income. In 1917 we have substantially increasing operating
of its
revenues, but our operating costs have been inelastic in that they have vastly better machinery for the efficient distribution and exchange
MAY 12 1917.]
THE CHRONICLE
1869
products, that the consumer, when the full effect of it all was felt, could not the case, it is apparent that there is necessity for a general and immediate
fail to benefit. In this connection, it is important to remember that the adjustment or increase in the rates charged for railroad service, or otherwise
great commercial problem of the day is not production, but exchange. High the railroads will be unable to secure, out of their revenues, the labor and
prices in this country are largely due to the fact that we have failed to materials necessary for their operations, to meet their fixed charges and
develop the methods and means of exchange as highly as we have those of dividend requirements, and to pay interest sufficient to attract the addiproduction. Concretely, as applying to railroads, this means that they tional capital which is necessary for their operation, maintenance and
have been stunted by too low freight rates.
development.
Our company has just completed an investigation which ought to interest
There are others who consider money rather in its function as a medium
every householder in the United States. We have figured out what a 15% of exchange. They feel this to be a proper view which reduces all transacincrease in freight rates would mean in connection with the food supply tions to barter. If we take that view, it is apparent that in the past two
of an average family of five people, living liberally in a typical city, and years there has been a diminution in the value of money, and that with the
obtaining their supplies from a distance.
little varying schedules of rates and the largely increasing rise of wages
We have made the surprising discovery that the increase would be just and prices of materials and supplies and of the rental value of money, a
a trifle over 3M cents a week. Even a very small redumion in the cost of fixed quantity of railway transportation is, from year to year and especially
distributing food, resulting from improved railroad facilities, would wipe during the past two years, exchanged for a steadily decreasing
quantity
out that increase many times over. If the railroads had had slightly more of railway labor and railway materials and supplies, as well as money rental.
liberal rates in recent years, and had been allowed to grow and improve If this be the case, it is apparent that the railroads are not now asking for
their lines and terminals as they should have done, I do not believe that the real advances in rates but merely for readjustments (readjustments
that
food riots, which recently occurred in some of our Eastern cities, would I think will be inadequate) sufficient to make up a part of the losses which
ever have happened.
they have sustained by reason of general rises in the wages level and the
Our investigation into freight rates on food was based on the city of prices level.
Pittsburgh, which was selected because it is a large interior cummunity,
Mr. Loree pointed out that if railroad rates were stated in
occupying a central location on the Pennsylvania Railroad system, and
thoroughly representative of conditions which would be met in our other fractions of the value of the different commodities carried
instead of in money, the rate on wheat from Chicago to
cities. Here are the facts in detail:
Family of Fire Persons for a Week, at Pittsburgh.
15% increase in
freight rates
Food.
Quantities.
would mean.
Meat, from Chicago
20 pounds
8.60 mills
Fish, from Long Island
4 "
2.20 "
Potatoes, from New York State
13.1 pecks (18.75 lbs.) 4.10 "
Onions, from New York State
Y peck ( 3.00 " ) 0.66
A
Cabbages,from New York State
2 heads (4.00 " ) 0.88
Canned goods, from Baltimore
7 pints ( 7.00 " ) 1.68
Macaroni,from Philadelphia
1 pound
0.25
Flour, from Minneapolis
25 pounds
7.25
Apples, from New York State
1 peck (15.00
) 3.30
Bananas,from Philadelphia
2 dozen 7.00
(
) 3.08 "1
Coffee, from New York City
2 pounds
0.56
6
Sugar, from Philadelphia
1.32
3
Butter. from New York State
1.47
Eggs, from Centre County, Pa
2 dozen 3.00 " ) 1.48
(
61
11
11
64
11
New
York would be 75 cents a hundred pounds instead of the
present rate of 21 cents a hundred pounds which is actually
lower than the rate in force when wheat was selling at 75
cents a bushel. "So far from keeping pace with rising costs
which have been in progress since 1896," said Mr. Loree,
"the railroads have been required to reduce rates which had
not been changed since the value of money was at its highest."
He cited the reduction of anthracite rates in 1916 as a case
in point. Speaking particularly of the situation of the
anthracite carrying roads, Mr. Loree said:
This matter of an increase in the anthracite rates, and an immediate
Increase, Is of extreme importance not only for the seven so-called anthracite roads, a substantial part of whose earnings are derived from anthracite
traffic, but also from the view of the market relations between anthracite
and other fuels which are competitive or which may be substituted. I
have attached hereto a statement showing some data as to the mileage,
Total
36.83 mills capital in use and service rendered by these properties. Your
attention
(or 3.683 cents per week.)
is called to the importance of these carriers at the present time, whether
reckoned upon their strength as transportation instruments or upon their
The rates used in the above tabulation are those on which the commodities actually travel from points of production to the consuming centre. geographical location. I suggest that anything that sets them off by
I trust this will show that the rate advance for which the railroads have themselves and subjects them to a different treatment from the body of
asked could not justly be made a pretext for an exorbitant raising of retail roads in which they are enmsehed can only be justified for reasons the more
prices. It would, however, give the railroads means for vastly increasing statement of which will carry conviction, and no reasons, either good or bad,
their usefulness to the public and, as I have stated, would without question have so far as I am advised, as yet been even suggested.
tend to a general lowering of the prices, because distribution and exchange
would be more efficient. It would act as a tonic for the business of the
country.
HOIVARD ELLIOTT'S TESTIMONY
14
11
".
I
16
$6
11
AT RATE HEARING.
A 15% increase in freight rates would not pay the increase
L. F. LOREE AT RATE HEARING—THE FINANCIAL in the coal bill of the New York New Haven & Hartford RR.
EMERGENCY.
this year, to say nothing of other increases in expenses,
L. F. Loree, President of the Delaware & Hudson Co., Howard Elliott, Chairman of the New Haven, testified
devoted himself particularly to the financial emergency before the Inter-State Commerce Commission on the 7th.
confronting the railroads. He said:
If the 15% could be applied on all of the freight business of
The financial plight of the railways has emerged within recent months
so the road, he said, the increase in revenue based on the 1916
that It can be seen by all and has now come to a crisis, demanding
action,
but in no sense can it be considered as a sudden or unexpected happening. business would be about $6,500,000, but the rates on some
It is in part the consequence offorces which have been operating and gaining traffic cannot be advanced and the greatest increase in revesteadily in momentum for at least three decades, while it is also in
part the nue the road could expect would be only $3,000,000 to $3,consequence of huge and unprecedented forces that began
to be brought 500,000, while contracts that have been placed
for 1917 indiInto action in the early part of 1914.
I submit for the consideration to the Commission two charts cut from the cate that the fuel bill alone will be approximately $6,000,000
New York Times "Annalist" of Monday April 16 1917. If we take the greater than last year.
Mr. Elliott said:
curve of the cost of living, being the fluctuations
=MINN,
in the average wholesale
prices of 25 food commodities selected and arranged to represent a theoretical
consider this as one of a number of
family's food budget, and
significant
tests, it will be seen that there began to come forth into view in Nov. 1915
a significant rise in cost which has been steadily moving onward with
increasing pitch to the present time and the end of which is not yet indicated.
Moreover, the emergency is now a crisis, an occasion for action, for it
is
plainly apparent that without relief the situation will increase in difficulties
until the plight of the railways becomes the plight of all dependent upon
transportation, i. e., of the whole economic complex.
If, now, we consider the other chart from the
of stock market Averages, it will be seen that "Annalist," the Movement
the rise in the closing
prices of both the railroads and industrials began toward the end averages
of March
1915, or about sevn months before the beginning of the rise in the cost
of
living. It is frequently said of the exchanges that one of
their chief functions is to discount the future and that their record of to-day forecast
conditions 6 months hence. Certainly we have hero a remarkable example
supporting that contention. It was observed by one of our elder statesmen
many years ago that the only safe way to draw conclusions as to the future
was by serious study of the past. If this chart is significant it indicates
in the present downward tendency of security values that the exchanges
felt as long ago as last November that there was a failure on the part of
those in authority to recognize the coming crisis, and if we consider their
action of the past few weeks they forecast a veritable debacle unless intelligent, vigorous and decisive action is had at once.
Referring to the history of American railroads, Mr. Loree
said that the responsibility for the present condition did not
rest upon the officers responsible for their operation.
"Whether we consider the capital involved per mile of line
open, cost of the movement per passenger or per ton of
freight carried, or the declining ratio of the amount of capital
involved to the unit of service rendered, their history is the
envy of the world." He added:
We must, therefore, look for other explanations. There are many who
consider money solely as a standard of value and for that purpose as having
a fixed and unfluctuating value. If we take that view, it is apparent that
railway service constitutes about the only commodity or service which
has
not in the past two years risen as compared with the standard. If this be
The New Haven asks for a substantial increase in rates because it is
facing in common with all roads increasing costs of all kinds, which are
cumulative and which will in a short time mean an annual increase in its
expenses of from $11,000,000 to $17,000,000. For the last three years the
balance after paying expenses, taxes and fixed charges has been, for the
year 1914, $182,960, for 1915 $4,659,130, and for 1916 $5,554,977. On
the book value of the property of $226,603,000 the return in the admittedly
prosperous year 1916 was only 5.4%. Because of the lack of facilities it is
unlikely that the volume of business done will be materially larger and the
increased expenses are more likely to eat up all balance above fixed charges.
Mr. Elliott gave the following estimates of increased
expenses for 1917 over 1916:
Minimum.
$1,400,000
1,500,000
4,000,000
4,000,000
500,000
300,000
Maximum.
$1,600,000
3,000,000
6,000,000
6.000,000
500,000
400,000
$11,700,000
Adamson Law
Other Wages
Fuel
Other material
Increased Interest
Increased taxes
$17,500,000
In enumerating other reasons why the New Haven needs
higher rates Mr. Elliott said:
The general level of rates on the New Haven is lower than for a majority
of the roads in the country. It, in common with other New England roads,
has to pay more for fuel coal than other roads in trunk line territory, because of the freight rates—by rail and water. This increase cost, based on
fuel consumed on the New Haven, amounts to about $4,000,000 per year.
The general level of wage:, in its territory is higher than in most of the trunk
line territory. It needs to spend many millions of dollars in betterments
and improvements in the interest of adequate service to the public and
better working conditions for the employees. Its net returns should be
larger so as to increase the amount to be spent upon the property, and so as
to improve its credit so that money can be obtained on more reasonable
terms than under present conditions.
As is well known, the conditions surrounding the operations and transactions of the New Haven road for the last few years have been very unusual. Here is a property serving the most populous part of New England,
a section needing transportation in large volume and on the whole of very
1870
THE CHRONICLE
high quality, and if it is not developed properly it prevents the growth of
New England as a whole and this growth is important not only to the
people of Now England but to the people of the whole country.
While the year 1916 showed a very largo volume of gross earnings for
these rail properties—$85,640,365, the largest in the history of the company—the difficulties of doing business were very great, due to congestion,
disturbed labor conditions and industrial complications due to the European
War, which bid fair to be far worse during the next eighteen months than
anything experienced before. During the latter part of 1916 substantial
increases in gross operating revenue wero entirely absorbed by the rising
expenses.
It is difficult to make an exact estimate of the amount that must be paid
in order to obtain and retain adequate working forces under present conditions of demand for men by the Government and foreign countries. It
is evident from recent increases granted in the coal fields and in many
manufacturing concerns that there will be heavy demands made upon the
railroads which must be met all or in part, if the roads are to be maintained
in suitable condition for the very pressing needs of the country at this time.
It is impossible to estimate accurately the cost of future fuel supply
because a contract fcr coal does not ensure the delivery except upon a falling market. In the last three months of 1916 the company was compelled to buy over 100,000 tons of "spot coal" at prices which averaged
$7 35 per gross ton, as compared with a contract cost of $3 24 per ton, an
Increase of nearly 127%, in order to keep the road in operation, because
coal under contract was not delivered.
There was also a constant rise in the values of all classes of materials
during the year, but the upward tendency was more marked and rapid
during the last six months of 1916 and since Jan. 1 1917 prices have still
further advanced.
It is obvious that the railroads must work just as fast and as hard as
they can to get themselves in a position to do promptly a maximum amount
of business so as to help win the war. This may mean, and doubtless will
mean a change in the currents of industry to a greater or less extent, which
will have an effect on gross earnings.
Government supplies and food and supplies for the Allies must have the
right of way. To handle promptly these classes of freight and to do what
doubtless will be necessary for the Government all along the sea coast,
there will probably have to be money spent for additional sidings and new
terminals, new approaches to harbors and dpcks, &c.
The dangers of water navigation along the coast and the exceptionally
high price of coal charged to the boats is already having its effect in reducing the available amount of water transportation. This will throw an
added burden upon the railroads along the Atlantic Coast and make it
more necessary than ever before to help them so they can spend money
freely in obtaining labor and material for keeping their properties in as high
a state of efficiency as the present complicated condition will permit.
TESTIMONY OF A. W. THOMPSON AT RATE HEARING.
According to A. W. Thompson, Vice-President of the
Baltimore & Ohio, his road "will have a very serious and difficult problem to meet, even should the full advance of 15%
in freight rates be granted." A statement to this effect was
made by Mr. Thompson before the Inter-State Commerce
Commission in the railroad rate hearing on the 7th inst.
Estimating that rate advances already granted, together
with a 15% advance on all State and inter-State business,
would, at the most, yield but $12,800,000 additional revenue,
Mr. Thompson pointed out that a conservative estimate of
the increased cost of labor, materials and taxes would add
$16,600,000 to expenses—a net loss of $3,800,000. He continued:
[VOL. 104.
vice that might be demanded of the railroads because of the national necessities. While this matter of preparedness is brought to your attention as
having an important bearing—the necessity of the railroads for an increase
in freight rates is entirely aside from that question. Regardless of the outcome of the present rate case, the railroads are going ahead in an effort to
put themselves in shape to moot the calls which may be made upon them.
The principal problem before the railroads is how they may meet the demands to handle a constantly growing commerce of the country. On the
Baltimore & Ohio we feel that we ought to be spending more money than
we spent last year on the upkeep of the property, as well as larger amounts
for betterment and equipment. The necessities on this emergency are
entirely too large to be a matter of appeal on the part ofany one railroad.
REMARKS OFF. D. UNDERWOOD AT RATE HEARING.
In his statement before the Commission on the 7th inst.,
F. D. Underwood, President of the Erie RR., said that his
company had received no protests from shippers on its lines
that freight rates were too high, but that it had received
"countless protests" against the insufficiency of facilities for
the movement of freight. The company is being called
upon to defend damage suits, Mr. Underwood said, "by
reason of its inability to give efficient service from causes
beyond its control." Mr. Underwood continued:
Since 1901 the Erie Railroad Co. has expended in excess of $119,000,00t;
in improving the physical property of the company, while during the same
period the net debt in the hands of the public has increased $66,890,000,
which is 56% of the amount expended for capital improvements. The
balance of the funds expended in improvements were derived from the
company's surplus income, substantially all of which for ten years past
has been expended for additions and improvements to the property and
the purchase of equipment. No dividends have been paid in the last ten
years. Additional main tracks and sidings have been laid. Notwithstanding these considerable expenditures in the way of grade reductions,
additional tracks and equipment, it is unable to move its freight traffic
promptly. This failure entails a loss on the community and on the railroad
alike. Its operation under present and past conditions develops the fact
that the present rate per ton mile is inadequate to nourish it, to keep it in
the condition required in the interest of public safety and commercial
health.
During the year 1916 Mr. Underwood told the Commission, the Erie RR.. transported 44,360,000 tons of revenue
freight at an average rate of 5.84 mills per ton mile. The
gross receipts from freight traffic were $57,000,000. Referring to the large traffic in ore and bituminous coal between
Lake Erie ports and furnaces at Pittsburgh, Youngstown and
intermediate points, he pointed out that the revenue on this
coal traffic was 3.8 mills per ton mile and on iron ore 7.1
mills, and he asserted that it was necessary that these rates
be increased. Referring to the rapid increase in the cost of
material and supplies Mr. Underwood quoted figures to show
that the cost of six principal commodities used by the railroads had advanced during the year by percentages varying
from 5.3% for ties to 75% for steel castings, and averaging
over 40%. Due to higher wages for trainmen imposed by the
Adamson Law and to advances to employees of other grades,
the wage bill of the Erie RR.this year will be increased 6.76%
adding $3,850,000 to operating expenses, said Mr. Underwood. He. proceeded as follows:
Our gross earnings in the calendar year 1916 were $116,968,882, the greatest in the history of the company, and our net operating income was $26,These established increases in operating costs, together with estimated
508,869, giving a return on property investment of 4.74%, compared with increases in taxes for the current year, indicate a total increase in expenses
for twelve years.
a 4.85% average
and taxes for 1917 equivalent to 15.84% of the total operating revenues
In this year of greatest traffic the income on capital obligations was for the year 1916, during which year the company hauled the heaviest
4.92%,sufficient to provide for interest and dividends (the rate of dividend traffic in its history. Its credit should be revitalized in order that it may
on the common stock having been reduced from 6% to 5% in 1914), but create through car trust obligations a fund sufficient to purchase new
leaving a surplus of only $2,611,608, or a margin of safety of less than ;i of equipment, both locomotives and cars. Its terminals at New York,
I% on total capital obligations.
Youngstown and Cleveland require an expenditure in order to enable It to
That the company would not be able, under the burden of do its business in ordinary times, of not loss than $50,000,000. To float
credit, which can only be
present operating costs, to continue to pay even its reduced the bonds to accomplish this requires a better and net income. It has,
had by showing a better margin between gross
it curtailed expenditures for materials and therefore, to petition for an increase in all the commodities transported
dividend, unless
a profit to its shareholders
labor, was the opinion of the President, Daniel Willard, by it, not that it may carry may preserve its corporate to which they are
life and properly
that it
quoted by Mr. Thompson as most conservative in view of fairly entitled, but to the general government as a whole and to the local
discharge its duties
the prosperous year 1916 the surplus for the communities and populations it servos.
the fact that in
common stock was $10,100,000, while increased costs this
year were estimated at $16,600,000. He presented these
REMARKS OF GEO. S. HOBBS AT RATE HEARING.
figures of estimated increases in expenses this year:
$3,169,000
Coal
In his statement before the Inter-State Commerce
4,930,000
Wages
Commission on Monday George S. Hobbs, Vice-Presi7,996,000
Materials
500,000
dent of the Maine Central RR., emphasized the strategic
Taxes
importance of his line and the necessity of enabling it
$16,595,000
Total
to maintain its service at the highest degree of efficiency
Mr. Thompson spoke of the necessity for continued capital in view of the existing national emergency. "The
expenditures at the same rate as in the past. He said:
Maine Central RR.," said Mr. Hobbs, "serves the
For the past fifteen years the Baltimore & Ohio has been spending for
average of $20,000,000 per year. Atlantic coast east of Portland for over 300 miles to the
betterments, including equipment, an
Even this expenditure has not been largo enough to keep up with the devel- Canadian frontier. In this territory it reaches several imopment of the business of the Baltimore & Ohio, and during the past year portant shipbuilding cities and towns where, during the war,
lack of terminal facilities, equipment and certain needed improvements
possible access for supalong tho line of road has been very keenly felt. At the present time we it will be important that the freest
have on our program improvements which it is felt should be completed plies and munitions shall be maintained. It operates as an
within the next two years, and which amount to about $54,000,000, of
international highway between New York, Boston and other
which $16,000,000 are for cars and locomotives. Theso figures have been
maritime provinces
based on an estimate prepared last year, and are on the basis of the present New England territory, and the Canadian
year's prices of materials. The program covers needed improvements for including the ports of St. John and Halifax. During the
all departments.
months its main terminus, Portland, is the nearest
The question of railway transportation in connection with any general winter
national preparedness is vital, and while no one can foresee what may be seaport to Montreal, There are two main lines between
demanded of the railroads in this present situation, it is important we con- Montreal and Portland, the Grand Trunk being one and the
sersider in advance such requirements, and be prepared to perform any
MAY
12 1917.]
THE CHRONICLE
Maine Central, in connection with the Canadian Pacific,
the other. It is important that these be maintained at the
highest war efficiency for the use of our allies." Mr. Hobbs
explained that since November 1916 the operating expenses
of his road had increased so much more rapidly than operating revenues that it had produced a decrease in operating
income which had continued down to the month of March
of the present year, the latest month for which statistics are
available. The increase in the cost of coal for his line, he
told the Commission, amounted to $2 per ton, and the total
increase for wages, fuel, supplies and taxes for the year he
placed at over $1,500,000. The result of the rapid advance
in operating expenses, unless the road is permitted to increase
rates, he said, would be a deficit of over $1,000,000 in the
income balance of the system for the coming year, according
to estimates based on the volume of traffic moved in 1916.
ORDER-IN-COUNCIL ENLARGING SCOPE OF
EXPROPRIATION ACT.
Order-in-Council published in the "Canada
Under an
Gazette" of March 31, regulations bearing on the Expropriation Act R. S. C. 1906, are broadened. The order was
issued under date of March 17, and is as follows:
1871
York and Columbia University. After graduation he went
West and engaged in newspaper work in Oregon and Washington. For six years, from 1888 to 1894, Mr. Parry was
city editor and managing editor of the Seattle (Wash.)
"Post-IntelligenCer." He served as Alderman of Seattle
from 1894 to 1900, and later was City Comptroller of Seattle, in which capacity he revised the city's finances, started
municipal improvements and established a municipal water
plant. Mr. Parry was also at one time manager of the
Moran Shipbuilding Company of Seattle. He was appointed by President Wilson to the Federal Trade Commission at the time of its organization in 1915.
BANKING AND FINANCIAL NEWS.
The sales of bank stocks at the Stock Exchange this week aggregate
40 shares. No sales of either bank or trust company stocks were made
at auction.
Shares. BANK—New York.
Low. High. Close. Last previous sale.
40 Nat. Bank of Commerce
167
173
167
May 1917— 176
The sixth annual convention of the Investment Bankers Association of
America will take place in Baltimore, Oct. 1, 2 and 3. The committee in
charge of the program and other arrangements will soon start active preparations on what is expected to be the association's most successful convention.
At the Government House at Ottawa,
William J. Henry, who has been Secretary of the New York State BankSaturday, the 17th day of March 1917.
ers Association for the past eight years, having decided to retire from that
Present: His Excellency the Governor-General in Council.
office, has presented his resignation to the Council of Administration and
Whereas, By reason of the exigencies of the war it is expedient and it has been accepted to take effect July 1 1917. The Council has secured
necessary in the public interest that the Expropriation Act, R. S. C. 1906, the services of Edward J. Gallien, of Albany, N. Y., and he has been apChapter 143, be enlarged and amended in the manner hereinafter set forth— pointed Secretary-elect. He assumed his duties on May 1. The headTherefore, His Excellency the Governer-General in Council, under and quarters of the association have been moved from No. 11 Pine Street
In virtue of the provisions of The War Measures Act, 1914, is pleased to (Hanover Bank Building) to No. 128 Broadway (American Exchange Bank
Building).
order that legislative effect be given as follows:
(1) For the purpose of the compulsory taking, during and for any
out of, the present war, of any property real or personal
reason arising
Sir Reginald McKenna,formerly Chancellor of the Exchequer for Great
belonging or appurtenant to, or acquired, had, used or possessed in con- Britain has been elected a director of the London
City and Midland Bank
nection with any arms or munitions factory, machinery or plant, or other (head Of ice
London).
factory, mills, machinery or plant whatsoever which is being operated as a
going concern, The Expropriation Act shall, subject to all the provisions
thereof, extend and apply not only to the taking and acquisition of the land, ! All the bond houses, New York Stock Exchange and other banking con
if any intended to be taken, but also to all buildings, fixtures, machinery, cams in this and other financial centres, are doing their utmost to asEist
appliances, supplies, goods, chattels, contract the Government to popularize the Liberty Loan. Their salesmen are
plant, tools, materials,
rights, accrued or accruing, choses in action and personal property of any actively working among the regular customers,soliciting subscriiptiots and
description whatsoever possessed, acquired, had, owned, used; appropriated the selling organizations of these firms are sending out letters,circulars and
or intended for use or consumption for, or In connection with or for any all kinds of printed matter urging every man, woman and child to buy at
of the purposes of any such factory, mills, machinery or plant as aforesaid, least a bond of the new War Loan. These banking firms, as well as the
or the operations or business theretofore carried on or intended to be banks and trust companies, have spent thousands of dollars advertising the
carried on in or about or in connection with the same, and as fully and Liberty Loan in the newspapers and magazines. In addition to this the
effectually to all intents and purposes as if the same were specified as In. banking institutions have placed large printed cards in conspicuous places
in their banking rooms where every depositor will see them. A striking
eluded in the definition of land under the said Act.
(2) A recital or declaration in the order of the Governor-General in outdoor sign has been placed on the front of the National Bank of CornCouncil authorizing the taking of any such property as aforesaid to the merce Building, and is attracting the attention of the crowds which daily
effect that the property is taken for a reason arising out of the present congregate on Nassau Street.
In line with these public-spirited efforts, the banking fraternity is organwar, shall be conclusive of the fact.
(3) It shall not be necessary in any such case as aforesaid that the land izing an educational propaganda to get the masses of the people interested
intended to be taken shall be laid off or described by metes and bounds, in the purchase of the bonds. The headquarters will be in the Equitable
and it shall be sufficient, in lieu of the deposit of a plan and description Building, under the auspices of the Federal Reserve Bank and the services
of the land or property intended to be taken, that a certified copy of the of several of the publicity men and sales managers of the banks and firms
Order of the Governor in Council authorizing the taking, in which shall be have been temporarily secured for this work.
embodied a description specifying or describing with reasonable certainty
by reference or otherwise all the property both real and personal intended
The Governing Committee of the New York Stock Exchange on the 9th
to be taken, shall be deposited at the registry office, and all the property
thereby so specified or deseribed shall by such deposit thereupon become instant adopted the following resolutions expressing appreciation of the
services rendered by H. G. S. Noble as President of the institution during
and remain vested in Ills Majesty, saving the lawful claim to compenstion
of any person interested therein; provided that if by the said Order-in- the past year
Resolved, That the Governing Committee of the New York Stock ExCouncil a time be specified as to which the vesting pursuant to deposit of
e
desire to record their appreciation of the services of Mr. H. G. S.
certified copy thereof shall be deemed to take effect, then the deposit of chaNoble during his past year as President.
nge
to vest the property, both real and perHis time, knowledge and skill have been given without stint and with
such certified copy shall operate
unflagging zeal to all
work
sonal, as of the time so specified, rather than as of the actual time of the clear insight into the departments of the and of the Exchange. His
purposes, functions
needs of the Exchange.
deposit of the said certified copy.
together with his ability as a presiding officer, and his open-mindedness to
(4) In determining or assessing the compensation for the taking of such suggestion, have induced most hearty co-operation by the Governing Comland and personal property as hereinbefore mentioned or described no allow- mittee in the performance of his executive duties, and his services have
ance of any percentage or bonus, whether or not customary or usually rendered this term of his administration most productive of good results
to the Exchange.
allowed in expropriation cases, shall be made to compensate for or to reproThe Committee hope that he may long be with them in continuing the
sent elements of value, loss or damage, whether In proof or not, in addition good work which he has so largely promoted.
to the actual value of the property taken to the persons interested therein
at the time of the vesting thereof in His Majesty; and moreover, if by the
William H Wallace Jr., who was suspended from the New York Stock
Order of the Governor-General in Council authorizing the taking it be
declared that the compensation which may be allowed for the premises Exchange on July 13 1916 for a period of one year, has been reinstated
taken or any part thereof shall not exceed an amount thereby specified and the remainder of the penalty imposed by the 'Exchange removed.
(which may be a nominal sum), then the right to compensation of the Mr. Wallace was a member of the firm of Kelly & Wallace. He was
persons interested in the promises shall be accordingly limited so that the reinstated, it is said, when the Exchange authorities learned that he had
won the French Croix de Guerre for meritorious service with the American
compensation recoverable shall not exceed the amount thus specified,
Ambulance Corps in France.
RODOLPIIE BOUDREAU,
Clerk of the Privy Council.
Announcement was made on the 7th inst. of the suspension of the Stock
Exchange firm of Tower & Sherwood, of 7 Nassau Street, because of its
failure to meet its obligations. The partners in the firm were Arthur M.
DEATII,OP1 FEDERAL TRADE COMMISSIONER WILL Sherwood and Frederick II. Tate, the latter the Board member. The
firm was organized on Jan. 18 1901 and had at times been active in security
H. PARRY,
dealings.
Will H. Parry of Seattle, Vice Chairman of the Federa
Trade Commission, died on April 21 in a hospital at WashAnnouncement was made from the rostrum of the Stock Exchange on
ington from the effects of an operation performed the pre April 14 that the firm of Morris & Pope,of 50 Broad Street, had suspended,
owing to its inability to meet Its obligations. The firm, which was formed
vious week. Mr.Parry was one of the most active members on Jan. 1 1915, consisted of Lewis G. Morris, J Hathaway Pope
the Trade Commission, having organized its staff, and Frank B. Porter. Mr. Morris, who was admitted to the Exchange
of
April 1 1909, was
made arm
n
He
directed many of the its economic inquiries. H had just assignment in favor the Board member of the firm. The firm of 2 Wall
of creditors, and appointed
D Peabody,
Prior to his death devoted much of his time to the Commis-Street, receiver, who issued the following stant:
Johnteme
firm of
taorlas &f 3kettt3 have found that their capital has become
've i
il l
sion's investigation into newsprint paper prices, and his
duty
and e:
d creditors
in e
V
injured himself by a too close application to Iimpaired assignment for their benefit. to theILcustomersfully
physicians:said
They
the better protection of their creditors have decided to
omake iaogT
his- iwork. Mr. Parry was born in New York City in 1864, t?)l'Iralthis assignment uu
r
andirecoivedUhis education in the College of the City of New
1872
THE CHRONICLE
[VOL. 104.
The latest report to the Comptroller, made on May 1st by the Coal dr National Bank of Scranton. The American National Bank was to have
Iron National Bank of this city, is the largest statement of business this had a capital of $400,000, with surplus of $100,000, and a large part of its
institution has recorded during its hisotry. The deposits reached $13,- stock had already been subscribed. The Comemrcial Bank was to have
217,067, and aggregate resources $15,757,105. Capital,surplus and profits had a capital of $500,000 and surplus of $100,000.
combined are now $1,825,684. John T. Sproull is President: and David
Taylor and Allison Dodd are Vice-Presidents.
Milton S. Billmire, heretofore Assistant Cashier of the Citizens' National
Stockholders of the Germania Bank of this city, at a special meeting on
April 16, voted to increase the capital of the institution from $200,000 to
$400,000.
Bank of Baltimore, Md., has been elected Cashier of the institution to
succeed C. Bradley Hays, who, as noted in these columns last week, has
resigned to become Vice-President of the Baltimore (Md.) Trust Co.
Joseph Oberle has been appointed an Assistant Cashier of the Citizens'
National to succeed Mr. Billmire.
State Superintendent of Banks Eugene Lamb Richards yesterday took
John W. Staley, Vice-President of the Peoples State Bank of Detroit,
possession of the private bank of S. Jarmulowsky, at 54 Canal Street, this
Mich., was elected President of the Reserve City Bankers Association,
city. A notice posted on the doors of the bank read:
Pursuant to the provisions of Section 57 of the Banking Laws of the which closed its annual meeting at Baltimore on April 27. Other officers
State of New York I have on this date taken possession of S. Jarmulowsky's elected were: George H. Dunscomb, Assistant Cashier of the First Nabank.
EUGENE LAMB RICHARDS,
tional Bank of Chicago, Vice-President; Fred H. Ellswort,h, Secretary of
State Banking Commissioner.
the Guaranty Trust Co. of New York, Secretary, and Henry B. House,
The Banking Department yesterday issued the following statement Assistant Cashier of the First National Bank of St. Paul, Treasurer. New
York City was selected as the meeting place of the association in 1918.
regarding the bank's closing:
While an examination was in progress by the New York State Banking
Department of the affairs of the private bankers doing business as S. Jarmulowsky, 54 Canal Street, New York City, the bankers notified the
The bond department of the Mississippi Valley Trust Co. of St. Louis
Department that, owing to lack of liquid assets and the danger of sacrificing
securities on forced sales, they proposed to-day to suspend payment. The this week moved into its new quarters—the entire first floor of the building
Department thereupon took possession of the business, with Mr. Benjamin to the north of the present trust company location, 209 North 4th St. In
Fairbanks Jr., one of the bank examiners in charge.
Its new home the company has ample room for the handling of Robustness
These bankers have since the outbreak of the European War liquidated and added facilities for the convenience of its customers.
nearly $3,000,000 of deposits. Their business has suffered seriously from
successive international complications, which with the entry of the United
States into the war, affected both the attitude of their foreign-born depositors and the valuation of their securities.
John D. Davis, Vice-President of the Mississippi Valley Trust Co. of
The present deposit liabilities are about $1,250,000.
St. Louis, Mo., and President of the Lindell Real Estate Co., operating
the Lindell department store in St. Louis, died on May 5. Mr. Davis
was born in St. Louis in 1851. He was a member of the St. Louis Bar
Association, President of the Atchison Water Co. and Vice-President of the
Middletown National Bank of Middletown, Conn, and since 1910 its St. Louis Cotton Compress Co. He was also alumni trustee of Princeton
President, died on April 28. Mr. Burrows was born in Rush Town, Sus- University.
quehanna County, Pa., in 1840. He entered the employ of the Middletown National Bank at the age of seventeen, and had been connected with
The fact that the majority of the salesmen employed by the Wellsthat institution up to the time of his death, serving in various capacities
until he was elected President seven years ago. Mr. Burrows was con- Dickey Co. of Minneapolis have entered training for the war or left for the
nected with many of Middletown's Industries. 4Ie was also an incorporator front in ambulance service and that their places will not be filled by others
and Treasurer for many years of the Middlesex Hospital and at the time Is not to be allowed to interfere with the service to the company's cusof his death, its President. He was a director of the Connecticut Hospital tomers. To insure the continuance of its business without impairment
for the Insane, a trustee of Wesleyan University, and a director of the of efficiency the company announces in a folder issued to its customers
that its printed offering sheet will go to them more frequently during the
Connecticut Industrial School for Girls.
war period, in place of the accustomed visit of its salesmen, "Our long
established policy of uniform prices," says the company, "enabling you
to purchase from our circular with as great advantage as you might from
George E. Stirling, for many years with the First National Bank of New
Haven, has been elected an Assistant Cashier of the Yale National Bank, our salesman." In addition to indicating its readiness to answer questions
which will later be merged with the First National Bank. Mr. Stirling is by letter in detail, the company invites the use of the telephone by out-ofPresident of the New Haven Chapter of the American Institute of Banking town customers, at the company's expense, for a discussion of points not
and has been active in the work of the Chapter since its inception. George made clear by its circulars.
E. Tester, another active member of the New Haven Chapter, has also
been elected an Assistant Cashier of the same bank.
Fred. F. Fockele, Mayor of Waverly, Kans., and for fifteen years
Cashier of the First National Bank of Waverly, has been elected President
of the Union Stock Yards Bank of Wichita, Kan.
The First National and Hamilton National Banks of Fort Wayne, Ind.,
have consolidated, and an increase of $400,000 in the capital of the enlarged institution, known as the First and Hamilton National Bank
At a meeting of the directors of the Hibernia Bank dr Trust Company
raising it from $500,000 to $900,000, has been approved by the Comp- of New Orleans on May 1 James H. Kepper was elected Assistant Cashier.
William Henry Burrows, for nearly sixty years connected with the
troller of the Currency. Indication that the two banks were to consolidate was given in these columns on April 7, when we referred to an announcement by Charles H. Warden, President of the old First National
Bank, that the consolidation had been arranged, subject to confirmation
by the stockholders who were to vote upon the matter.
THE ENGLISH GOLD AND SILVER MARKETS.
reprint the following from the weekly circular, of
Samuel Montagu & Co. of London, written under date of
April 12 1917:
We
Henry M. Fenton, Manager of the Boston office of the Liverpool &
London & Globe Insurance Co., has been chosen a director of the Federal
Trust Co. of Boston, Mass.
Directors of the Old Colony Trust Co. of Boston, Mass., on May 3 voted
to transfer $1,000,000 from undivided profits to surplus, thus increasing
the surplus fund from $6,000,000 to $7,000,000. The directors also voted
to declare a quarterly dividend of $3 a share, increasing the regular rate
from $10 to $12 annually. The dividend is payable May 15 to holders of
record May 1. The company has a capital of $6,000,000, and on a recent
date reported deposits of $123,427,743.
William F. Read Jr., of William F. Read & Sons Co., has been elected
Second Vice-President of the Colonial Trust Co., of Philadelphia, Pa., to
succeed C. A. Weymouth. Thomas Newhall, of Edward B. Smith & Co.,
has been chosen a director of the Colonial Trust Co.,to succeed W.Freeland
Kendrick, resigned.
Charles Hubbell has been elected a director of the North Philadelphia
Trust Co., of Philadelphia, Pa., to serve the unexpired term of William H.
Houston, resigned. Lowrie Montgomery, J. Newton Peck, George
Schmidt, John M. Snyder and Lee Sowden were elected directors to serve
three years.
Stockholders of the Provident Life & Trust Co., of Philadelphia, Pa.,at
a special meeting on the 8th inst., voted in favor of increasing the capital
of the institution from $1,000,000 to $2,000,000, by the issuance of 10,000
shares of additional, par $100. Warrants have been mailed by the company to shareholders giving them the right to purchase the new stock at
par. Payments may be made any time between now and July 2, and,
It is said, on payments made up to June 30 the company will allow interest
at the rate of 4%.
GOLD.
The Bank of England gold reserve against its note issue shows an increase
of £214,420, as compared with last week's return. No fresh arrivals of
gold from Canada have been reported in New York during the week. The
outgoings from New York amounted to $2,371,000, chiefly for Japan.
Sir William Meyer announced in his Indian budget statement that the
local Governments are being consulted as to the issue of one rupee notes.
The Government of Ceylon has already completed arrangements by which
two rupee notes shall be the lowest denomination of paper currency, and
Sir William Meyer also stated that
not five rupee notes as heretofore.
when the sales now being made in India on account of the Indian currency
reserve are completed, and the parity between the rupee and sovereign.of
15 to 1 again becomes normal, a portion of the sovereigns held in India in
the currency reserves would be released. It has been proposed to enact
a law in France that a gold coinage of fresh design should be struck, and
that it should be the only issue legally current at the termination of
hostilities.
SILVER.
On the resumption of business after Easter, the price was again fixed at
remained at that figure throughout the week. Business has not
364d.; it
been active. The market is so narrow that a sudden movement of the
price either way need not be unexpected. A further purchase was made
last week by the United States Government (on this occasion of 450,000
ounces). Such support, though not large, is likely to impress the American
market, owing to the quarter from which it emanates. The Shanghai
exchange has remained fairly steady in the neighborhood of 3s. 6d. As
will be observed from the details given below an unusually large reduction
of 191 lacs has taken place in the holding of silver, coined and otherwise,
by the Indian Treasury. The total now stands loiver than it has done since
Feb. 15 last.
April 7.
Mar. 22. Mar. 31.
84,10
85,18
86,38
Notes in circulation
18,72
17,36
19,27
Reserve in silver coin and bullion
11,71
11,58
12,00
bullion in India
Gold coin and
7,43
6.67
6,67
Gold in England
The stock in Bombay consists of 1,900 bars, as compared with 2,000 bars
last week.
Quotations for bar silver per ounce standard:
36.625 cash
36tyi cash I Average
April 10
5%
36% " Bank rate
' 11
36% " Bar gold per oz. standard_ _ _77s. 9d.
12
"
fixed for forward delivery.
No quotation
The quotation to-day for cash delivery is the same as that fixed a week
A new banking institution, the American Bank of Commerce, is being
organized in Scranton, Pa., and represents a merger of the American
National and the Commercial Bank of Scranton, both of which have been
in course of organization for some time past. The announcement that the
merger had been completed was made on May 5 by Frank L. Phillips, who
has been in charge of the work of the organization of the Commercial bank,
and who is to be the executive officer of the American Bank of Commerce.
The latter institution is to have a capital of $500,000 and surplus of $100,000
and will have as its President Dr. L. M. Gates, a leading physician and
business man of Scranton. Mr. Phillips, who, as above stated, is to be the ago.
executive officer of the new bank, is a former Cashier of the Traders
MAY 12 1917.1
.
THE CHRONICLE
1873
show an increase over the corresponding period of 1916 of 1,463,740 tons,
We have also received this week the circular written under the figures for the two years being
respectively 23,700,531 tons and 22.date of April 19 1917:
236,791 tons.
GOLD.
The three district Presidents of the United Mine Workers have given
to the Federal Trade Commission the assurance that their organization will
The Bank of England gold reserve against its note issue shows a slight co-operate to its
utmost ability with the operators to maintain
increase of £124,520, as compared with last week's return. It is announced tion for the rest of the year at the highest rate possible. Thisthe producis accepted
that $3,630,000 have been engaged in New York for shipment, chiefly
as an evidence of the intention on the part of the mine workers' officials to
discountenance any self-imposed idleness by reason of non-legal holidays
to Japan.
or other avoidable interruptions to the steady operation of the mines while
SILVER.
On April 5 the quotation receded to 36%d. and remained either at that present conditions exist.
Newspaper allegations to the contrary notwithstanding, all
output
figure, or 1-16 lower until yesterday, when a change came over the market of the anthracite mines in April was shipped immediately toof the with
market
in sharp contrast to the apathy of the preceding fortnight. Supplies, for the exception of a negligible quantity that was temporarily stored because
-a fact of little moment so long as demand of labor troubles on one of the railroads, which interfered with the car
some time, have been scanty
movement. If the supply of
kept small and fitful. Yesterday some China purchases, covering bear enlistment or by the shafting labor in the mines is not further curtailed by
of mine employees to other fields of employsales or otherwise, set in and the market was not broad enough to fill the ment, the producing interests feel assured that the needs of the public for
demand. It is understood that the United States Government made the coming winter will beprovided,as the production during the five summer
further purchases last week, and the paucity of offerings from that quarter months will probably be above normal.
Below we give the shipments by the various carriers for
encourages the idea that coinage requirements for the States are likely to
be a factor of some importance. In these circumstances much expansion April 1917 and 1916 and for the four months, ending April
of American supplies even at advancing prices can hardly be expected. 30, this year and last:
Continued pressure to buy upon a starved market may possibly carry the
April---Jan. I to Arptl 30Roadquotation to a figure more tempting to speculative holders, the number and
1917.
1
1916.
tons_1,004,028 854,005 4,494,651 4,272,430
holding of which have assumed modest proportions: or to a level at which Philadelphia & Reading
Lehigh Valley
988,873 797,400 4,119,278 3,814,742
China sales of some magnitude will become profitable.
Central Railroad of New Jersey
626,501 465,095 2,565,921 2,269,114
The Indian currency return for April 15, as given below in lacs of rupees, Delaware Lackawanna & Western
893,458 561,301 3,957,169 3,324,668
639,495 575,786 2,518,025 2,302,523
shows a reduction of 62 lacs in the holding of silver, although the total of Delaware & Hudson
Pennsylvania
433,314 381,505 1,838,144 2,108,590
the note issue has increased by 37 lacs.
664,609 572,843 2,777,434 2,681,251
Mar. 31.
April 7. April 15. Erie Ontario de Western
N. Y.
145,179 150,543
639,061
664,417
86,38
84,10
Notes in circulation
84,47 Lehigh & New England
*196,842 *170,306 *790,548
799,056
19,27
Reserve in silver coin and bullion
17,36
16,74
12,00
Gold coin and bullion in India
11,58
12,19
Total
5,592,299 4,528,784 23,700,531 22,238,791
6,67
Gold in England
6,67
5,92
*After deducting (to avoid duplication) tonnage delivered to the Central RR. of
Tho stock in Bombay consists of 1,700 bars, as compared with 1,900 New Jersey at Hauto by the Lehigh & New England RR., and included as part of
week.
bars last
the tonnage of the latter. This amounted to 101,378 tons in April 1917 (against
The stock in Shanghai on April 14 1917 consisted of about 28,000,000 62,398 tons in April 1916) and to 340,794 tons for the four months ending April 30.
ounces in sycee and 16,400,000 dollars, as compared with about 30,600,000
ounces in sycee and 16,700,000 dollars on March 311917.
LAKE SUPERIOR IRON ORE SHIPMENTS.
-The
Quotations for bar silver per ounce standard:
1917 season on the Lakes was opened April 24, but owing to
36 9-16 cash April 19
April 13
.
37 1-16 cash the ice again blocking the Soo channel after the first boat
369-16 " Average
14
36.677 "
369-18 " Bank rate
" 16
5% had passed, the shipments for April were the smallest since
369-16 " Bar gold per oz. standard.. _ _77s. 9d. 1912, aggregating only 211,532 tons.
" 17
"
36%
" 18
In the following we give the movement from the various
No quotation fixed for forward delivery.
ports for April 1916 and four previous years:
The quotation to-day for cash delivery is 7-16d. above that fixed a
Port1917.
1915.
1913.
1916.
1914.
week ago.
-PER CABLE.
ENGLISH FINANCIAL MARKETS
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Week ending May 11.
May 5. May 7. May 8. May 9. May 10. May. 11
sal.
Tues.
Mon.
Wed. Thurs.
Fri.
d 38
Silver, per oz
HOLIConsols, 234 per cents
DAY.
British, 5 per cents
British, 434 per cents
French Rentes (in Paris)_frs.
French War Loan 5% (In
fr.
Paris)
37 15-16 37 15-16 37 15-16 374
5534
55%
563i
5534
9434
9434
9434
9434
9134
9154
9134
9134
61.40
61.40
61.45
61.45
373
5534
94%
9134
61.40
Escanaba
Marquette
Ashland
Superior
Duluth
Two Harbors
tons_190,407
Total
21,125
211,532
398,214
49,307 110,729
53,258
4,438__
147,852
40,i38
43,949
211,340
87,175
62,338
538,281 174,989___
309,466 143,974
55,78
1
1,658,411
217,029
37,494
53,481
252,875
160,372
145,136
503,832 269,686 866,387
tallianercial Hitaxiscellantons4.enTE
DIVIDENDS.
87.60
87.60
87.60
87.60
87.60
The following shows all the dividends
The price of silver in New York on the same days has been: future by large or important corporations:announced for the
7434
Silver in N. Y., per oz_ - -eta. 7434
7434
743
74%
7434
Dividends announced this week are printed in italics.
_
TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.
The United States Steel Corporation on Thursday, May 10,
issued its regular monthly statement, showing the unfilled
orders on the books of the subsidiary corporations at the
close of April. Once again the record was broken, the aggregate of unfilled orders on April 30 having been12,183,083
tons, an increase of 471,439 tons over the previous record
:
total of 11,711 644 tons at the close of March.
In the following we give the comparisons with the prey' ious
months:
Tons.
Tons.1
Tons.
April 30 1917...12,183,083 Jan. 31 1915_4,248,571 Sept. 30 1912_6,551,507
Mar. 31 1917..11,711,644 Deo. 31 1914_3,836,643 Aug. 31
Feb. 28 1917_11,576,897 Nov. 30 1914...3,324,592 July 31 1912„..6,163,375
1912...5,957,079
Jan. 31 1917..11,474,054 Oct. 31 1914_3,481,097 June 30 1912...5,807,348
Dee. 31 1918..11,547,286 Sept. 30 1914_3,787,867 May 31 1912_5,750,983
914 __4
Nov. 30 1916-11,058,542 Aug. 31 1314_ __4:215183:338331
l 3301 1912...5,664,885
31
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31
April 30
Mar. 31
Feb. 29
Jan. 31
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
Juno 30
May 31
April 30
Mar. 31
Feb. 28
1916-10,015,260
1916-9,522,584
1916_9,660,357
1916.-9,593,592
1916-.9,640,458
1016_9,937,798
1916_9,829,551
_
19169,331,001
1916_8,568,966
1916-7,922,767
1915_7,806,220
1915_7,189,489
1915-.6,165,452
1915_5,317.618
1915...4,908,455
1915_4,928,540
1915-4,678,196
1915_4,264,508
1915-4,162,244
1915-4,255,749
1915-4,345.371
July
June 30
May 31
April 30
Mar. 31
Feb. 28
Jan. 31
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31
April 30
Mar. 31
Feb. 28
Jan. 31
Dec. 31
Nov. 30
Oct. 31
Mar.
1914_4,032,857 Feb. 29
1914...3,998,160 Jan. 31
1914_4,277,068 Dec. 31
1914_4,653,825 Nov. 30
1914-5,026,440 Oct. 31
1914...4,613,680 Sept. 30
1913-4,282,108!Aug, 31
1913_4,396,347!July 31
1913-4,513,7671 June 30
1913_5,003,785 May 31
1913-5,223,468 April 30
1913.-5,399,356 Mar. 31
1913-5,807,3171Feb. 28
1913-6,324,322Jan. 31
1913--6,978,762iDee. 31
1913-7,468,950Nov. 30
l913....7,656,714 Oct. 31
1913-7,827,368Sept. 30
1912-7,932,1641 Aug. 31
1912-7,852,883.July 31
1912-7,594,381 1
1912_ _ _5,304,841
1912-5,454,201
1912_5,379,721
1911...5,084,765
1911...4,141,958
1911_3,694,327
1911_3,611,315
1911...3,695,985
1911.-3,584,088
1911...3,361,087
1911-.3,113,154
1911-3,218,700
1911...3,447,301
1911-3,400,543
1911_3,110,919
1910-2,674,750
1910_2,760,413
1910-2,871,949
1910_3,158,106
1910_3,537,128
1910...3,970,931
The figures prior to July 31 1910 were issued quarterly
only. These, extending back to 1901, were given in the
"Chronicle" of March 13 1915, page 876.
ANTHRACITE COAL SHIPMENTS.
-The shipments
of anthracite coal for April as reported to the Anthracite
Bureau of Information at Wilkes-Barre, amounted to 5,592,299 tons, as compared with 6,989,075 tons in March
of this year and with 4,528,784 tons in April 1916. The
Bureau's report is as follows:
The decrease in April as compared with the preceding month was due
principally to the observance by the mine workers of non-legal holidays
during the first ten days in April whereby for that period, with two Sundays
deducted, not more than five full working days were made. There were
five Sundays in this short month, and these with the holiday idleness reduced the total working days in the month to 22, whereas in March there
were 27 full working days, the largest number possible in any one month.
The shorter working time in April would account for a reduction of approxi3
mately 18%, or about 1,250,0 00 tons from tho record made in March.
The actual decrease was 1,396,776 tons, or 20%. In spite of this decrease
in the shipments for April, the total shipments for the first four months
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Atch.Top.& Santa Fe,corn.(qu.)(No.48) 1;4 June 1 Holders of roe. April 304
Canadian Pacific, common (quar.)
234 June 30 Holders of rec. June la
Catawissa, 1st and 2d pref.(guar.)
81.25 May 19 Holders of rec. May 9a
Chestnut Hill (guar.)
75c. June 4 May 20 to June 3
Cleveland & Pittsburgh, reg. guar.(qu.). 87%c June 1 Holders of rec. May 100
Special guaranteed (guar.)
500 June 1 Holders of rec. May 100
Cripple Crk. Cent., corn. (qu.) (No. 30)
June 1 Holders of roe. May 15a
1
June 1 Holders of rec. May 15a
Preferred (quar.) (No. 46)
Delaware & Bound Brook (quar.)
2
May 21 May 12 to May 20 '
Illinois Central (quar.) (No. 126)
134 June 1 Holders of reo. May 40
Maine Central, preferred (guar.)
1% June 1 Holders of rec. May 15
Norfolk & Western, adj. pref. (guar.)... 1
May 19 Holders of reo. April 300
Norfolk & Western, common (quar.)___ June 19 Holders of rec. May 310
North Pennsylvania (guar.)
151 May 25 May 10 to May 20
Pennsylvania (quar.)
75o. May 31 Holders of rec. May la
Phila.Gorrnantown db Norristown (quay.)_ _ $1.50 June 4 May 20 to June 3
Pittsb. Bessemer & Lake Erie, pre/
$1.50 June 1 Holders of rec. May 15
Reading Co., 1st pref. (guar.)
50c. June 14 Holders of rec. May 290
Southern Pacific (mar.)(No. 43)
1% July 2 Holders of rec. May 310
2
Union Pacific, common (guar.)
July 2 Holders of rec. June 1
Extra
34 July 2 Holders of rec. June 1
Street and Electric Railways.
1% May 15 Holders of roe. May 5a
American Railways, preferred (quar.)
Boston Elevated Ry.(guar.)
600. May 15 Holders of rec. May 2
1% June 1 May 16 to May 28
Central Ark. RI'. & Light, pref.(quar.)--Cent,3(iss. Val.E1. Prop.,pr. (qu )(No. 14) 134 June 1 Holders of rec. May 16a
Cities Service, corn. and pref.(monthly).
34 June 1 Holders of rec. May 15
Common (payable in common stook)._
June 1 Holders of roe. May 15
Civic Invest.& Industrial (qu.)(No. 3).. 1
May 15 Holders of roe. Apr. 30
Conn. Ry. & Ltg., corn. dr pref. ((Mar.). 1
May 15 May 1 to May 15
Detroit United Ry. (quar.)
2
June 1 Holders of rec. May lea
Havana Elec. Ry., L.& Pow.,common
3
May 15 April 26 to May 17
Preferred
a May 15 April 26 to May 17
Illinois 'Fraction, common (quar.)
May 15 Holders of reo. May la
Pacifies Gas & Elec., 1st pt.(qu.)(No. 11) 134 May 15 Holders of roe. April 30
Original preferred (quar.)(No. 45).... 1% May 15 Holders of rec. April 30
Pensacola Eke. Co., pref.(No. 19)
3
June 1 Holders of rec. May 15a
Tampa Electric Co.(quar.)(NO. 50)- -- 2% May 15 Holders of roe. May la
Banks.
Germania, stock dividend
€100 MAY 15 Apr. 22 to May 14
Mechanics & Metals Nat
4
May 8 Holders of rec. May 5a
Miscellaneous
6.1
Acceptance Corporation (quar.)
15 May 15 Holders of rec. May 14a
,
4
Acme Tea, 1st and 2d preferred (quar.)..
131 June 1 Holders of rec. May 21a
Afar Rubber., Inc. (guar.)
$1.50 June 15 Holders of rec. May 31
Alaska Packers' Assn. (guar.)
2
May 10 Holders of rec. April 30a
American Bank Note corn. (quar.)____ _ _
75o. May 15 Holders of roe. May la
American Brass (guar.)
134 May 15 Holders of roe. Apr1130
Extra
11
May 15 Holders of rec. April 30
American Cotton Oil, common (quar.).. 1
June 1 Holders of roe. May 15a
Preferred
June 1 Holders of rec. May 150
3
American Express (guar.)
$1.50 July 2 Holders of rec. May 31a
Amer.Graphophone,pref.(quar.) (No.76) 134 May 15 Holders of roe. May la
Amer.La France Fire Eng.,Inc.,com.(qu.)
May 15 Holders of roe. May 9a
Amer. Laundry Machinery.com.(quar.)1
May 15 May 6 to May 15
American Radiator, common (quar.)__ _ _
3
June 30 June 22 to June 30
Preferred (quar.)
152 May 15 May 8 to May 15
American Sewer Pipe (quar.)
1600. June 20
See note Cr)
Amer. Smelting dc Refg., corn.(quar.)
134 June 15 May 26 to June 3
Preferred (quar.)
1% June 1 May 12 to May 20
Amer. Soda Fountain (quar.)
134 May 15 Holders of roe. May 1
American Sugar Refg.,com. ct pref_ (qu.)_ ml% July 2 Holders of rec. June la
American Thread, preferred
2% July 1 May 16 to May 31
American Tobacco, common (quar.)_ _ _ _
5
June 1 Holders of rec. May 15a
Anaconda Copper Mining (guar.)
$2
May 28 April 22 to May 16
Asbestos Corp.of Canada, Ltd.,pref.(qu.) 1
May 15 Holders of roe. May3 1
134
Name of Company.
oL. led.
THE CHRONICLE
1874
When
Per
Cent. Payable.
Books Closed.
Days Inclusive
,
1
Name of Company.
When I
Per
Cent. Payable.'
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Miscellaneous (Continued).
June 1 Holders of rec. May 15
6
Southern Pipe I.lne (guar.)
134 Deo. 1 Holders of rec. Nov. 1 5
Associated Dry Goods, 1st pref.(No. 1)_
131 June 1 Holders of rec. May 21
6
Southwestern Power tt Laghl, pref. (goat.)_
2% July 2 Holders of rec. June i.
Bethlehem Steel, common (guar.)
May 31 Holders of rec. May 21
1
Standard Militia common (guar.)(No.
2% July 2 Holders of reo. June 1 ?„
Common,Class B (guar.)
May 31 Holders of rec. May 21
I
Common (payable in common stock)
June 1 Holders of rec. May 1'
2
Blackstone Val. Gas & Elec., corn.(quar.)
131 May 31 Holders of rec. May 21
Preferred (par.)(No. 30)
June 1 Holders of rec. May 1 1
3
Preferred (No. 10)
April 30
130o. May 151AprIl 17 to
tandard Motor Construction
1% July I June 21 to July 1
Beier 11111 Steel, common (guar.)
23% June 15 Holders of reo. May 15
S tandard 011 (Calif.) (guar.)
July 1 June 21 to July 1
5
Common (extra)
u
1
July 1 Holders of roe. June 15
Standard Oil Cloth, common (guar.)
131 July 1 June 21 to July
Preferred (guar.)
Pref., Classes A rt. B (guar.)
,
134 July 1 Holders of rec. June 15
May 21 May 10 to May 2
2
British Colurnbla Fish. & Pack
May 31 Holders of rec. May 7
3
St andard 011 (Indiana) (guar.)
May 21 May 10 to May 2
British Columbia Packers Association... 4
May 31 Holders of reo. May 7
3
Extra
131 June 1 Holders of reo. May 21
Brown Shoe, common (guar.)
June 15 Holders of rec. May 31
3
Standard Oil (Kansas) (guar.)
1.% May 15 Holders of rec. May 5
_
Brunswick-Balke-Collender. corn. (qu.)
June 15 Holders of rec. May 31
2
Extra
June 15 Holders of rec. May 3 1
$2
Buckeye Pipe Line
June 15 May 20 to May 30
3
Standard Oil of N. Y.(guar.)
May 12 Holders of rec. April 30
Burns tiros., common (stock (IivIdend)_. /25
13% May 15 May 1 to May 5
thwart-Warner Speedometer (guar.). _ _
May 2 1
Burns Bros., Inc., corn.(guar.)(Nci. 15). IA May 31 Holders of rec.
tudebaker Corporation, corn. (quar.)... 231 June 1 Holders of rec. May 10a
May 31 Holders of rec. May 21
Common (payable In common stook)._ 11
131 June 1 Holders of rec. May 10a
Preferred (guar.)
50e. June 15 Holders of reo. May 31
California Packing Corp., corn. (No. 1).
May•15 Holders of rec. May 1
2
Superior Steel Corp.,1st & 2d pref.(!iti.)13 May 16 May 1 to May 10a
%
Canada Cement, Ltd., pref. (quar.)._
13% June 1 Holders of rec. May 19
Supple° Milk, preferred (guar.)
May 15 Holders of rec. Apr. 301
Foundries & Forgings,com.(qu.). 3
Canada
131 July 2 Holders of rec. June 15
Underwood Typewriter, corn. (par.)
rec. Apr. 30
131 May 15 Holders of
Preferred (guar.)
131 July 2 Holders of rec. Juno 15
Preferred (guar.)
-1/531 June 15 Holders of rec. June la
Cana-la Steamship Lines, pref.
May 15 May 1 to May 15
Union Amer. Cigar, pref. (guar.)
May 15 Holders of rec. April 30
1
Canadian Converters, Ltd. (guar.)
May 15 Holders of reo. April 27a
of Amer.. con;.(qu.) 2
United Cigar Stores
623%0. May - Holders of rec. May 9
Caney River Gas (guar.)
United Cigar Saves, pref. (guar.)(No. 19) 134 June 15 Holders of rec. May 31a
May 22 Holders of rec. May 15
2
Carbon Steel, common (extra)
134 June 1 Holders of rec. May 15a
United Drug, 2(1 pref. (guar.) (No. 5)_
June 1 holders of rec. May 21
Cent. Aguirre Sugar Cos., cont. (extra)___ 10
May 15 Holders of roc. May 1
2
United Equities Corp., prof
Al June 1 Holders of rec. May 18
Cerro de Pasco Coi per Corp. (guar.)
Sc June 1 Holders of rec. May 15
United Profit Sharing Corporation
50c. June 1 Holders of rec. May 18a
Extra
131 June 30 Holders of rec. June 20
U.S. Gypsum, pref.(guar.)
Holders of rec. May 7o
May 21
2
Colorado Fuel & Iron, pref. (guar.)
United States Steel Corp., corn. (guar.). 134 June 29 June 2 to June 4
May 15 Holders of rec. April 30a
1
Columbia Gas & Electric (No. 1)___ ._ _ _
June 29 June 2 to June 4
3
Common (extra)
131 June 1 Holders of rec. May 14a
Connecticut Power, pref. (qu.)(No. 17)_
May 1
131 May 291
Preferred (guar.)
of rec. May 10
131 June 15 Holders
Consolidated Gas of New York (quar.)._
May 15;Holders of rec. May 1
3
Vacuum 011
Continental Paper Ilag,com.(qu.)(No.43) 13% May 15 Holders of reo. May 8
May 151'1101(1er) of rec. May 1
2
Extra
13% May 15 [folders of rec. May 8
(No. 67)
Preferred (guar.)
30e. May 15 May 1 to May 16
Warwick Iron Cir Steel
$1.50 June 15 Holders of reo. May 25
Copper Range Co. (guar.)
10c. June 11 Holders of reo. June la
Wayland 011 & Gas.common
June 15 Holders of rec. May 25
$1
)• Extra
134 June 1 holders of roe. May 15a
White (J. G.) dr Co.,Ino.,pref. (quar.).
10c. June 1 Holders of rec. May 18
Cosden & Co. ('mar.)
pref.(quar)_
194 June 1 Holders of reo. May 15a
White (J. G.) Engineering,
250. Juno 1 Holders of rec. May 18
Extra
131 June I holders of reo, May 15a
White (J. G.) Management, pref.(quar.)_
75c. June 15 May 24 to June 15.
Crescent Pipe Line_
June 1 Slay 2 to May 16
Woolworth (ie. W.),corn. (guar.)(740.20) 2
May 19 Holders of rec. May 6,
Crucible Steel, pref. (guar.)(No.55)- - - - 63
134 July 1 Holders of rec. June 9
Woolworth (F. .), pref. (guar.)
131 June 1 Holders of rec. May 15,
Deere & Co., prof. (guar.)
May 21 Holders of rec. Slay 14
Yale & Towne Manufacturing (extra)... 5
Tune 15 Holders of rec. May 31
2
Match (guar.)
Diamond
July 1 Ho!ders of rec. June 20
2
Youngstown Sheet et Tube,corn.(par.)_ _
25c. June 1 Holders of rec. May 19
Dome Mines, Ltd. (guar.)
July 1 Holders of rec. June 20
3
Common (extra)
23% May 15 Holders of reo. April 30
Dominion Bridge, Ltd. (guar.)
131 July 1 Holders of rec. June 20
Prefcrred (guar.)
13% July 3 Holders of roe. June 15
Dominion Textile, Lot., common
23% July 16 Holders of reo. July 2
Eastern Steel, common (guar.)
13% Juno 15 Holders of rec. June 1
second preferred (guar.)._ - _
books not closed for this dividend. b Less British Income tax. d Cora Transfer
First and
June I Holders of reo. April 300
5
Eastman Kodak. common (extra)
rection. e Payable In stock. / Payable in common stock. g Payable In scrip.
13% May 22 Holders of rec. May 12
h On account of accumulated dividends. 1 Declared $1 50, payable 50c. each
Electric Investment Corp., pref. (quar.)_
June 11 Ho!ders of rec. Juno 1
3
Corp., pref
Elk Horn Coal
June 20, Sept. 20 and Dec. 20; transfer books closed ten days before payment of
131 May 15 Holders oetee. May 5
Fairhaven Mills, common
dividend. k Declared 4% on corn. stock, payable 2% as above and 2% Nov. 15
13% May 15 Holders of roe. May 5
Preferred
to holders of record Oct. 27. 1 Declared 60c.. payable 30c. as above and 300.
May 15 Holders of rec. May la
Gaston Williams & Wigmore (qu.)(No.4) $1
Nov. 15 to holders of record Oct. 16. m Also declared 131% on both corn, and
I% June 1 Holders of rec. May 17a
General Asphalt, pref. (guar.)
pref. stock, payable Oct. 2 to holders of rec. Aug. 1.
June 1 Holders of roe. May 22a
2
Chemical, common (guar.)._
General
13% June 1 Holders of rec. May 24
General Cigar, Inc., pref. (guar.)
13% June 1 Holders of rec. May 24a
General Cigar Inc. preferred (guar.)
-The clearings for the week
Canadian Bank Clearings.
June 1 Holders of rec. May 15a
. 2
General Development (guar.)
July 14 Holders of rec. June 260
2
General Electric (guar.)
ending May. 3 at Canadian cities, in comparison with the
General Fireproofing, corn. & pref. (qu.) I% July 1 Holders of rec. Juno 20
same week in 1916, show an increase in the aggregate of
May 15 Holders of reo. May 40
I
Goodrich (B F.) Co.. common (guar.).
13% July 2 Holders of reo. June 27a
45.3%.
Preferred (quar.)
Aug. 15 Holders of reo. Aug. 3a
1
(B. F.) Co., common (guar.)._
Goodrich
May 12 Holders of reo. May 10a
2
Gorham Mfg., common (guar.)
Week ending May 3.
2
May 15 Holders of rec. May 9
Great Lakes Dredge & Dock (guar.).. _
2
Clearings at
May 28 Holders of rec. May ha
Co. (guar.)._ _
Greene Cananea Copper
Inc. or
75e, June 1 Holders of rec. May 19a
Hactensw* Water,cam. et pref
Dec.
1015.
1914.
1916.
1917.
) 1
June 1 Holders of reo. May 19a
Hart. Schaffner & Marx. Inc.. corn. (qu.
1% June 1 Holders of rec. May 15a
(No. 1)_ _
Hartman Corporation (guar.)
$
$
$
$
%
CanadaHomestake Mining (monthly) (No. 513) 65o. May 25 Holders of rec. May 19a
96,380,501 78,439,695 +22.8 55,911,520 58,767,958
Montreal
Ill. & Power Securities, pref.(qu.)(No.19) 131 May 15 Holders of rec. April 30
63,528,236 55,697,519 +14.1 37,309,159 44,310,572
May 15 Holders of rec. April 24
Toronto
$2
Indiana Pipe Line (guar.)
100,640,605 39,144,365 +157.1 28,981,753 36,829,493
/1531 May 26 Holders of reo. May 10
Winnipeg
Indian Refining, preferred
8,004,440 6,110,271 +31.0 5,114,745 9.783,981
June 1 Holders of reo. May 10a
2
Vancouver
Inland Steel (guar.)
6,666,546 5,677,374 +17.4 5,404,000 5,204,961
May 21 Holders of reo. May 5
7
Ottawa
Internat. Arms & Fuze Sec., pref
4,687,170 4,195,318 +11.7 3,405,404 3,689,446
Quebec
Internat.Harv.of N.J., pf.(qu.) (No. 41) 131 June 1 Holders of rec. May 1 1 a
7,032,004 4,000,372 +75.8 3,578,123 3,887,353
Calgary
CorP., pf. (qu.) (No. 17). 13% June 1 Holders of rec. May 11 a
Internat.Hary.
5,271.694 4,512,490 +16.8 2,901,403 3,393.878
1 Ho'ders Cl rec May 14
81.50 June
Hamilton
Internat. Nickel, corn. (guar.)
1,737,417 1,493,200 +16.3 1,578,945 2,817,328
131 July 1 Holders of reo. June 20a
Victoria
Jewell Tea. Inc., preferred (guar.)
1,723,444
2,094,502 1,962,110 +6.7 1,819,361
25o. June 15 Holders of reo. June la
St. John
Kerr Lake Mining (quar.) (No. 47)._
21
2,816,801 2,509,402 +12.2 1,939,913 2,278,877
June 1 Holders of rec. May
2
Halifax
Kings Co. El. Lt. & Pow.(qu.)(No.69)_
2,533,999 2,103,132 +20.4 1,917,338 2,166,654
June 1 Holders of rec. May 26
2
London
the Woods Milling, corn. (guar.)._
Lakerof
2,613.840 2,352,014 +11.1 2,005,036 3,626,084
134 June 1 Holders of rec. May 26
Edmonton
Preferred (quar.)
2,830,905 2,092,548 +35.3 1,957,370 1,938,195
13% May 31 Holders of reo. May 21
Regina
Lanston Monotypo Mach. (guar.)
514,285
447,349
535,077 +21.3
649,445
May 31 Holders of reo. Apr. 30a
$1
Brandon
(guar.) (No. 154)
Lehigh Coal & Nay.
488,013
371,657
532,511 +00.1
900,942
June 1 Holders of roe. May 15a
Lethbridge
Liggett Sr MYers Tobacco, corn. (guar.). 3
820,049 1,426,376
3
1,845,505 1,242,922 +48.5
May 31 Holders of rec. May 19
Saskatoon
Light, common (guar.)
Lindsay
748,189
539,827
053,654 +49.0
981,482
2
May 31 Holders of rec. May 19
Brantford
Common (extra)
665,027 1,005,967
1,086,423 1,068,545 +1.7
134 May 31 Holders of rec. May 19
Moose Jaw
Preferred (guar.)
551,363
974,717
520,726 +16.6
1
607,473
Juno 1 Holders of rec. May 21
Fort William
Shirt, corn. (gu.) (No. 9)
Manhattan
294,815
518,494
308,773 +10.1
339,551
June 1 May 16 to May 31
2
New Westminster
Massachusetts Gas Companies, preferred
194,39.5
466,285
411,680 +MO
642,058
23% July 2 Holders of rec. June ha
Medicine Hat
Maxwell Motor, Inc.. common (guar.).__ _
368,838
593,685 4-11.5
662,073
131 July 2 Holders of rec. June ha
Peterborough
(guar.)
First preferred
534,320 +47.2
786,705
134 July 2 Holders of rec. June Ila
Sherbrooke
Second preferred (guar.)
662,811 -14.7
565,296
reo. May 15a
Kitchener
May Department Stores, common (qu.). 131 June 1 Holders of reo. May la
$1.50 May 15 Holders of
rot
Miami Copper (guar.) (No. 19)
21S•on t•suvz 917•Ailll 1:1.1. _L AC ') I KO n,o illiN ion gpA rn
.
Tes+nl Oesnefla
,.•
May 15 Holders of reo. May la
$1
•
Extra
15
rec.
Middle West Utilities, preferred (guar.). 114 June 1 Holders of rec. May 10a
May
May 24 Holders of
13%
Mitchell Motors, Inc. (guar.)
-The following information regarding
National Banks.
13% May 15 Holders of rec. April 30
Mobile Electric, pref. (guar.)
May 15 Holders of reo. Apr. 30
Montreal Light, Heat & Power (guar.)._ 2
national banks is from the office of the Comptroller of the
May 15
750. June 1 Holders of reo.
National Acme Co. (guar.)
131 July 14 Holders of rec. June 2811
Currency, Treasury Department:
National Biscuit,cremmon (go.)(No.76)._
13% May 31 Holders of rec. May 17a
Preferred (guar.) (No. 77)
APPLICATIONS FOR CHARTER.
131 July 14 Holders of rec. July 5a
NW.Cloak :1 Suit, corn.(go.)(No.2)
For organization of national banks
131 June I Holders of rec. May 22a
Preferred (guar.)(No. 12).
$25,000
The First National Bank of Ely, Hans. Capital
May 15 Holders of rec. April 26a
k2
common
National Enamel & Stamping,
25,000
The Teton County National Bank of Conrad, Mont. Capital
la
13% May 15 Holders of rec. May
100,000
National Refining, common (guar.)
The Farmers National Bank of Big Sandy, Mont, Capital
23% May 15 Holders of rec. May la
(extra)
25,000
Common
The First National Bank of Wilsall, Mont. Capital
50c. June 15 Holders of rec. May 31a ,
25,000
National Transit (guar.)
The Stockmens National Bank of Raynesford, Mont. Capital
2c
May 15 May 9 to May 15
100,000
National Zino & Lead (quar.)
The First National Bank of West Palm Beach, Fla. Capital_
June 20 June 7 to June 20
3
.
25,000
Niles-Bernent-Porul common (guar.)
The Big Sandy National Bank, Big Sandy, Mont. Capital
21 May 10 to May 21
13% May
25,000
Preferred (guar.)
The First National Bank of Raymond. Mont. Capital..
1 4 July 2 Holden; of reo. June 15a
25,000
of Custer, Mont. Capital
North American Co. (guar.)(No. 53).The First National Bank
315631 June 1 May 18 to Juno 5
25,000
Ohio Cities Gas, common (guar.)
The First National Bank of Parshall, N. Dak. Capital_
131 May 15 Holders of reo. Apr. 30
Capital
25,000
Ontario Steel Products, pref. (guar.)._
The First National Bank of Cheyenne, Okla
1% June 1 Holders of rec. May 17e
100,000
Pacific Mall S. S., pref. (guar.)
The Third National Bank of Miami, Okla. Capital Capital_ _
May 15 Holders of reo. May 5
1
(q
common (quar.)
30,000
Penmans. Limited.
The First National Bank of Mount Hope, W. Va.
la
May 25 Holders of rec. May
1
People's Gas Light & Coke
For Conversion of State Banks
13% June 1 Holders of rec. May 15a
News, Va. Capital
200,000
Pittsburgh Steel, pref. (guar.)
The Sclunelz National Bank of Newport Bankers, Inc.
4
June 7 Holders of rec. May 15a
Porto Rican-Amer. Tobacco (guar.)
Conversion of the Sclunelz Brothers,
13i May 21 May 10 to May 21 !
25,000
Pratt &1Vhitney Co., pref. (guar.)
National Bank of Galata, Mont. Capital
The First
reo. May 16a '
Pressed Steel Car, com.(quar.)(No. 27)- I% June 8 Holders of reo. May 2a
Conversion of the Galeta State Bank.
1% May 23 Holders of
40,000
Preferred (guar.) (No. 73)
National Farmers Bank of Kasson, Minn. Capital
The
May 15 Holders of reo. April 30a
5
Procter dr Gamble, common (guar.)
Conversion of the Farmers State Bank of Kasson.
2
May 15 Holders of reo. April 30a
Pullman Company (guar.)(No. 201)
30e. June 1 Holders of reo. May 15
$820,000
Pure 011 (guar.)
Total capital
200. June 1 Holders of rec. May 15
Extra
Original organization
23% July 16 Holders of rec. July 2
$25,000
Quaker Oats,common (guar.)
The Citizens National Bank of Greenwood, Ark. Capital
25,000
13% Aug. 31 Holders of rec. Aug. 1
preferred (guar.)
The First National Bank of Fairfield, Cal. Capital
1% May 31 Holders of reo. May la
25,000
Quaker Oats, pref. (guar.)
The First National Bank of Quinter, Kans. Capital
10 to June 20
25c. June 20 June
25,000
Si. Joseph Lead Co. (guar.)...
First National Bank of Gtuitersville, Ala. Capital
The
30e. June 25 Holders of rec. June 11
100,000
Savoy 011
California National Bank of Modesto, Cal. Capital
May 15 Holders of rec. April 300
50,000
Capital
Sears, Roebuck dr Co.,common (guar.).- 2
The Citizens National Bank of Winchester, Ind.
250. May 15 Holders of rec. April 30
25,000
Capital
Shannon Copper (guar.)
The First National Bank of Bainville, Mont. Capital
25e. May 15 Holders of rec. April 30
25,000
Reserve, Mont.
Extra
The First National Bank of
May 15 Holders of rec. May 7
2
Silversmiths Co., common (guar.)
Conversion of State banks
114 May 15 Holders of rec. May 7
Capital
50,000
Preferred (guar.)
The First National Bank of Ellis, Kans. of Ellis, Hans.
$1.25 May 19 Holders of reo. May 10
Sinclair Oil & Refining (guar.)
Conversion of the Citizens State Bank
13% May 15 Holders of reo. May 1
Smith (A. 0.) Corp., pref.(qu.) (No. 2)_
$350,000
SouthernCallf. Erilson.com.(gu.)(No.29) 131 May 15 Holders of reo. April 30a
Total capital
THE CHRONICLE
MAY 12 1917.1
CHANGE OF TITLE.
The German National Bank of Hastings, Nebr. Title changed to "The
Nebraska National Bank of Hastings," Nebr.
INCREASE OF CAPITAL.
The First National Bank of The Thousand Islands, Alexandria
Bay, N. Y. Capital increased from $30,000 to $50,000.
$20,000
Increase
The City National Bank of Clinton, Iowa. Capital increased
100,000
from $150,000 to $250,000. Increase
The Gersing National Bank, Gersing, Nebr. Capital increased
5,000
from $25,000 to $30,000. Increase
National Bank of Commerce of Kansas City, Mo.
Southwest
Capital increased from $3,000,000 to $4,000,000. Increase
1,000,000
The Ninth National Bank of Philadelphia, Pa. Capital increased from $300,000 to $400,000. Increase
100,000
The City National Bank of Kearney, Nebr. Capital increased
from $50,000 to $100,000. Increase
50,000
The First National Bank of Scottsbluff, Nebr. Capital increased from $25,000 to $50,000. Increase
25,000
The First National Bank of Kings Mountain, N. C. Capital
25,000
increased from $25,000 to $50,000. Increase
$1,325,000
Total increase
EXTENSION OF CHARTER.
The Rockville National Bank, Rockville, Ind. Charter extended until
close of business April 20 1937.
The First National Bank of Port Jefferson, N. Y. Charter extended
until close of business April 23 1937.
The Adirondack National Bank of Saranac Lake, N. Y. Until close
of business May 2 1937.
The Moshannon National Bank of Philipsburg, Pa. Until close of
business May 2 1937.
RE-EXTENSION OF CIIARTERS.
The First National Bank of Shenandoah, Iowa. Until close of business
May 4 1937.
BANKS LIQUIDATING TO CONSOLIDATE WITH OTHER
NATIONAL BANKS.
$200,000
The Cunningham National Bank of Joplin, Mo. Capital
Consolidated with the First National Bank of Joplin.
OTHER LIQUIDATIONS.
The First National Bank of Auburn Maine. Capital
$150,000
Liq. Corn.: E. M. Stevens and Dwight Edwards, Auburn; and
H. F. Palmer, Portland, Me. Succeeded by First Auburn
Auburn, Me.
Trust Co.,
250,000
The National Herkimer Co. Bank of Little Falls N. Y. Capital_
Liq. Agt.: J. J. Gilbert and M. G. Bronner, Little Falls, N. Y.
Succeeded by the Herkimer Co. Tr. Co. of Little Falls, N. Y.
25,000
The German National Bank of Johnson, Nebr. Capital
Succeeded by the German-American State Bank of Johnson.
25,000
The First National Bank of Felton, Del. Capital
Liq. Agt.: C. M. Simpler, Felton, Del. Succeeded by the
Felton Bank.
50,000
The Rochester National Bank, Rochester, N. H. Capital
Liq. Agt.: B. Q. Bond, Rochester, N. H. Consolidated with
the Rochester Loan & Banking Co., Rochester.
$500,000
Total capital
1
By Messrs. Adrian H. Muller & Sons, New York:
Per cent.
Shares. Stocks.
24 The Hutchins Sec. Co. pref_100
15 Gibraltar Realty Co
$5 lot
20 Bank of New Castle, Va_5100 lot
Harsen-Langham Corp.:
/$500
2734 Preferred
1 lot
328 Common
4,000 White Knob Copp.& Devel.
Ltd., pref.,$10 ea_ _3150 per sh.
10,000 White Knob Copp.& Devel.
Ltd., corn., 510 ea-5%c.per sh.
1,000 Argonaut Cons. Mining,
51 80 per sh.
55 each
Bonds.
Per cent.
53,000 Standard Malt & Hop Brewing Co. 5s, 1922
50
$350 Knickerbocker Brewing Corp.
1st 5s
50
$500 Amer. Rys. Co. ref. cony.
5s, 1931
5250 lot
$6,000 St. Lawrence Pulp & Lumber Corp. 1st s. f. 6s, 1933
5500 lot
$16,000 Danbury & Bethel St. fly.
1st ref. 5s, 1943
'56,000 lot
By Messrs. R. L. Day & Co., Boston:
$ per sh.
Shares. Stocks.
5 National Shawmut Bank _20234-20251
25 First Nat. Bank, Boston
41134
1 Commonwealth Trust Co
175
2 National Mt. Wollaston Bank,
Quincy
135
25 Sterling Mills
175
8 Esmond Mills, prof
9634
2 Nor. Bost. Ltge. Properties, pref100
10 American Felt, pref
100
4-4ths American Glue. common _38-3834
2 Waltham Watch, common
1334
$ per sh.
Shares. Stocks.
2 Waltham Watch, preferred---- 831.(
15 AdirondackElec.Pow.Corp.,com.23
1 Boston Atheneum,$300 par_ _ __410
54 Merrimac Chemical
443(
3 Fairbanks, Morse & Co., pref_ - 99
10 Boston Morris Plan Co
110
Taunton-N. Bedford Copper
10
(new stock)
16134
% Taunton-N. Bedford Copper_ 81
6 Lancaster Mills
80
5 Union Twist Drill, pref
97
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Storks.
$ per sh.
1 Comml Finance Co.,$10 par 150
209 Hamilton Apt. Co., $50 each
%
5 Amer. Acad. of Music
265
10 Chelten Trust Co
150
32 Nat. Bank of Germantown,
140
$50 each.....
200 Pulaski Iron
200
2 Gettysburg dr Harris. Ry.,
Si lot
450 each
220 Broad Top Coal & Mining,
$70 lot
$50 each
3734 Empire Lumber & Mg.,
series H
$20 lot
50 Western Nat. Bank (in liquidation)
$4 lot
15 Guantanamo & West. Stockholders Synd. Inc. (in
liquidation)
10
25 Norton Land & 'rapt., $74
each
13
30 Cumberland fly., $50 each_ _ $9 lot
50 Wallkill Transit, $50 each
56 lot
(trust certificates)
50 Cuba Eastern fly., $50 each_52 lot
156 Weatherby Elec. dr Mfg- _54 lot
1 Bank of North America
258
8 4th Street Nat. Bank
295-296
2 Hensington Nat. Bank
101
8 Tenth National Bank
120
5 Guarantee Trust dr S. D_ _ _ _158
$ per sh.
Shares. Stocks.
1 Philadelphia Trust Co
825
5 United Security Life & Trust_140
10 Robert Morris Trust
70
5 Tioga Trust Co.,$50 each.
71
1 West End Trust Co
172
10 Fire Assoc. of Phila., $50 ea..307
20 Fire Assoc. of Phila.,$250 00.305
18 Delaware Division Canal.... 40
58 Vulcanite Portland Cement_ 50
14 Phila. Bourse, corn., $50 ea.7-734
10 Phila. Bourse, Prof., $25 ea_ 20
3 Smith,Kllne,FrenchCo.,com. 95
25 Banker Mg.& Tunnel
$2 lot
4 Eastern Pa. fly
7
3,000 Acme Oil & Development--$15 lot
1 Insur. Co. of State of Pa95
Per cent.
Bonds.
$3,000 Va.-Alberene Corp. 68, 1922 99
$1,000 Atlantic City Elec. Co. 1st
5s, 1938
9634
510,000 Wallkill Transit 1st 5s, Nov.
1908 coupons on (tr. recta)
20
$11,200 Broad Top Coal & Min. 1st
51.6s, July 1913 coupon on.
60
$2,500 W.
-B. & Wyoming Vail.
Trac. 1st 58, 1921
9434
$5,000 Northw. Pa.fly. 1st 5s,'41_ 70
45.000 Cumberland fly. 1st & ref.
5s, 1939
40
$5,000 Oregon Elec. fly. 1st 58, 1933 70
-Among other securities, the following,
Auction Sales.
Imports and Exports for the Week.
-Under instrucnot usually dealt in at the Stock Exchange, were recently sold
tions from the Treasury Department the issuance of weekly
at auction in New York, Boston and Philadelphia:
totals of imports and exports of merchandise and specie by
By Messrs. Francis Henshaw & Co., Boston:
$ per sh. Shares. Stocks.
Per cent. the New York Custom House have been suspended inShares. Stocks.
14 American Glue, common_ __ 375.
126
5 Mass. Cotton Mills
definitely. Under the circumstance our usual compilation
15 Fairbanks, Morse & Co., Inc.,
110
10 Arlington Mills
is omitted until such time as the figures may again be given
preferred
9934
35 Pepperell Manufacturing • 204
100 Collateral Loan Co
110
111
American Felt, prof
out.
5
-Following is the weekly statement issued by the Federal Reserve Board on May 5.
The Federal Reserve Banks.
Large gains in reserves and deposits, also substantial increases in earning assets, are indicated in the weekly statement as at close of business on
May 4 1917. Aggregate gold reserves of the banks show an increase for the week of 35.5 millions. while the gain in total reserves is in excess of 44.5
millions. All the laanks, except New York,report larger reserves, Boston, Philadelphia and Kansas City being the principal gainers. Aggregate cash
resources of the system, including amounts of gold and lawful money held by all the Federal Reserve banks and agents, for the first time exceed 1,000
million dollars, having increased to $1,030,201,000, or by $54,720,000, during the week.
The New York Bank reports decreases of about 10.8 millions in total reserve and of 20.1 millions in gold reserve. Following large transfers to the
credit of other Federal Reserve banks its balance in the Gold Settlement Fund shows a decrease from 75.7 millions to 27.3 millions. This loss represents;
largely transfers to the interior by the New York Bank in settlement of checks and drafts on New York originally deposited to the credit of the Government with other Federal Reserve banks in payment of subscriptions to the recent short-term loan. As against the indicated loss in reserve the bank
reports increases of 17.6 millions in investments and of over 2.6 millions in Federal Reserve notes on hand.
Boston's gain of 17.4 millions in cash reserve is due in the first place to the increase in Government deposits, also to liquidation of discounts and
of the greater part of balance due from the New York Bank. Increases of reserve reported by other backs are due largely to the collection through the
Gold Settlement Fund of outstanding balances, and to gains in Government and reserve deposits.
Discounted paper on hand shows an increase for the week of about 0.0 million, the New York Bank reporting the largest gain under this head. Of
the total discounts held-37,794,000, is made up of Member banks' colla,teral notes, over 60% of which are held by the New York, Philadelphia and
Richmond banks. Larger offerings of acceptances account for the gain of about 12.5 millions in the total holdings of this class of paper, New York alone
riorfanrreofrer751nntheamount o% hand, flaring the
ie batincreased atheir holdings of United States certificates
tsZes
Treasuryntesonhncaduasligiide.
alndtednebr:beu6.5 111111
No changes
ndsor
weet
municipal warrants held. Earning assets tartnsoftr
crease in the amount of before. Of the total
total at present $258,811,000, and constitute 455% of the banks' paid-in capital, as
against 424% the week 13.9% by discounts; earning assets 32.4% is represented by acceptances; 25.0% by U. S. certificates of indebtedness; 14.0%
9.0% by Treasury notes, and 5.7% by warrants.
by United States bonds;
Paid-in capital of the Reserve banks shows an increase of $450,000. The week witnessed the admission to membership of the Mississippi Valley
Trust Co. of St. Louis, with a combined capital and surplus of 6.5 million dollars. Government deposits increased about 8.2 millions, and. reserve
"Other liabilities' include a credit of 25 million dollars created during the week as the result of the Government's credit
deposits about 23.4 millions.
operations.
Federal Reserve agents report a total of $458,874,000 of notes outstanding, an increase for the week of$12,330,000. Against the total outstanding
they hold $433,089,000 of gold and $27,343,000 of paper. The banks show an actual Federal Reserve note circulation of $428,502,000, and aggregate
net liabilities thereon of $18,974,000.
The figures of the consolidated statement for the system as a whole are given in the following table, and in addition
we present the results for each of the eight preceding weeks, thus furnishing a useful comparison. In the second table we
show the resources and liabilities separately for each of the twelve Federal Reserve banks. The statement of Federal Reserve
Agents' Accounts (the third table following) gives details regarding the transactions in Federal Reserve notes between the
Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAY 4 1917.
Apr. 5-6 '17. Mar.30 1917 Mar.23 1917. Mar.161917. Mar.9 1917.
I
$336,118,000 $311,798,000 5330,152,000 5338,369,000 5362,472,000 5374,903,000 $350,736,000 5355.318,000 $330,184,000
218,910,000 207,920,000 206,830,000 198,271,000 200,125,000 200,061,000 209,281,000 201,661.000 205.561,000
May 4 1917. Apr. 27 19 17 Apr. 20 1917 Apr. 13 1917
RESOURCES.
Gold certificates in vault
Gold settlement fund
Gold redemption fund with U. S. TreasurerTotal gold reserve
Legal,tender notes, silver, do
Total reserve
6% redemption fund against F. R. bank notes_
Bills discounted-Members
Hills bought in open market
United States bonds
One-year U. S. Treasury notes
U. S. certificates of indebtedness
Municipal warrants
Total earning assets
-Net
Federal Reserve notes
-Net
Due from other Federal Reserve banks
Uncollected items
All other resources
Total reeouroes
2,069,000
2,518,000
2,651,000
2,434,000
2,505,000
2,414,000
2,519,000
2,339,000
2,325,000
$557,697,000 $522,236.0005539.633,000 $539,074,000 $565,102,000 $577,378,000 $562,536,000 $559,318,000 $538,070.000
6
39,415,000 30,340,000 24,462,000 21,130,000 19,110,000
9,282,000 10,665,000 16.176,000 19,113,000
5597,112,000 5552,576,0005564.095,000 $560,210,000 3584,212,000 $586,660,000 5573,201,000 $575.494,000 $557,183,000
400,000
400,000
400,000
400,000
400,000
400,000
400.000
400,000
400,000
I
$35,916,000 $35,043,000 $29,737,000 $22,009,000 $17,928,000 $20,106,000 $18,473,000 $17,234,000 $18,500,000
83,871,000 71,400,000 72,925,000 80,604,000 82,735.000 84,473,000 87.798,000 97,002,000 108,860.000
30,222,000 30,223,000 36,215,000 36,218,000 36,629,000 29,275,000 29,275,000 29,155,000 23,126,000
23,450,000 23,450,000 23,360,000 23,370,000 23,042,000 18,425,000 18,818,000 19,368.000 19.468,000
64,597,000 58,145,000 50,000,000 50,000,000 50,000,000
I
14,755,000 14,999,000 15,163,000 15,212,000 15,207,000 15,715,000 15,761,000 16,029,000 16,932.000
$258,811,000 4239,260,000E227.400,000 3227,413,000 $225.541.000 $167,994,000 $170,125,000 $178,788,000 $192,886,000
$23,561,000 $20,622,000 $20,640,000 $22,001,000 $16,235,000 918,999,000 $19,440,000 $21,991,000 $20,608,000
5,243,000
132,000
2,473,000
1,071,000
3,412,000
2,275,000
3,298,000
3,379,000
3,143,000
184,639,000 204,842,000 166.966,000 169.184,000 146,422,000 132,759,000 145,757,000 155.976,000 130,411.000
5,412,000 5,757,000 4,770,000 4,610,000 4,909,000 9,393,000 5,680,000 6,198,000 6,401,000
1075,178.003 1023.589.0003986.744.000 3984.889.000 3981.131.000 3914.480.0003917.901.000 3942.226.000 3911.032.000
1876
THE CHRONICLE
[VoL. 104.
May 4 1917. Apr. 27 1917 Apr. 20 1917 Apr. 13 1917 Apr.5-61917 Mar.30 1917 Mar.23 1917 Mar. 16 1917 Mar. 9 1917
LIABILITIES.
Capital paid in
Government deposits
Due to members
-Reserve account
Member bank deposits
-Net
Collection items
Federal Reserve notes
-Net
Federal Reserve bank note liability
All other liabilities
$56,859,000 $56,409,000 $56,411,000 $56,408,000 $56,100,000 $56,075,000 $56,057,000 $56,054,000 $56,028,000
107,868,000 99,089,000 41,988,000 42,247,000 46,461,000 20,567,000 19,702,000 18,594,000
12,401,000
743,143,000 719,785,000 742,584,000 741,542,000 758,219,000 720,411,000 711,117,000 726,104,000 720,488,000
122,761,000 129,032,000 128,856,000 131,064,000 105,436,000 100,961,000 113,784,000 121,550,000 102,824,000
18,974,000 18,226,000 16,459,000
13,014,000 14,295,000 15,941,000
16,725,000 19,444,000 18,787,000
25,573,000
Total liabilities
448,000
446,000
614,000
620,000
525,000
516,000
480,000
504,000
1075,178,000 1023,589,000 $986,744,000 4984.889,000 8981,131,000 $914,480,000 $917,901,000 $942,226,000 $911,032,000
Gold reserve ag'st net dep. Sr note liabilities_
Cash reserve ag'st net dep. & note liabilities__
Cash reserve against net deposit liabilities after
setting aside 40% gold reserve against aggregate net liabilities on F. R. notes in
circulation
67.4%
72.1%
68.6%
72.5%
71.0%
74.2%
71.2%
73.9%
73.0%
75.4%
79.9%
81.2%
79.0%
80.5%
77.0%
79.2%
74.6%
77.3%
72.9%
73.3%
74.9%
74.5%
76.1%
82.1%
81.4%
80.3%
78.3%
Distribution by Maturities
1-15 days bills discounted and bougnt_
$41,038,000 $38,021,000 $36,555,000 $40,745,000 834,433,000 $31,061,000 $30,245,000 $30,502,000 $40,336,000
119,000
392,000
1-15 days municipal warrants
520,000
345,000
52,000
744,000
794,000
319,000
1,173,000
18,397,000 20,900,000 24,462,000 21,543,000 22,631,000 30,320,000 28,410,000 22,516,000 23,707,000
16-30 days bills discounted and bought_
772,000
2,088,000
16-30 days municipal warrants
2,153,000
292,000
519,000
794,000
345,000
52,000
765,000
31-60 days bills discounted and bought_ _ _ 34,741,000 29,620,000 26,529,000 26,038,000 29,744,000 30,636,000 36,260,000 42,956,000 45,208,000
11,441,000
10,325,000
31-60 days municipal warrants
9,973,000 12,232,000
7,720,000
437.000
582,000
612,000
571,000
61-90 days bills discounted and bought__ _ 24,107,000 16,735,000 14,102,000 13,367,000 13,073.000 11,735.000
10,505,000 11,486,000 17,279,000
• 1,321,000
61-90 days municipal warrants
355,000
531,000
2,000
4,574,000 11,977,000 12,122,000
12,123,000
8,122,000
1,504,000
1,167,000
1,014,000
920,000
Over 90 days bills discounted and bought_
782,000
827,000
851,000
770,000
830,000
1,102,000
Over 90 days municipal warrants
1,986,000
2,342,000
2,212,000
2,211,000
6,272,000
1,839,000
2,341,000
2,210,000
_
Federal Reserve Notes
-$458,874,000 $446,544,000 $440,539,000 $431,789,000 $400,698,000 $382,564,000 $372,244,000 $363,278,000 $355,263,000
Issued to the banks
30,372,000 26,035,000 26,182,000 29,979,000 24,188,000 24,799,000 25,440,000 27,217.000 28,651,000
Held by banks
$428,502,000 $420,509,000 $414,357,000 $401,809,000 $376,510,000 $357.765,000 $346,804,000 $336,061,000 3326,612.000
In circulation
Gold and lawful money with Agent
$433,089,000 $422,905,000 $418,538,000 3410,796,000.8378,450,000 $360,668,000 $349,519,000 $338,608,000 $328,433,000
Federal Reserve Notes (Agents Accounts)
Received from the Comptroller
Returned to the Comptroller
$747,580,000 $724,200,000 $708,520,000 $696,540,000 $667,060,000 $647,700,000 $625,320,000 $598,480,000 $583,560,000
139,325,000 137,725,000 135,902,000 132,292,000 130,248,000 127,917,000 121,867,000 116,858,000 114,477,000
Amount chargeable to Agent
In hands of Agent
$608,255,000 $586,475,000 8572,618,000 $564,248,000 $536,812,000 $519,783,000 $503,453,000 $481,622,000 $469,083,000
149,381,000139,931,00O 132,079,000 132,459,000 136,114,000 137,219,000 131,209,000 118,344,000 113,820,000
Issued to Federal Reserve banks__ $458,874,000 $446,544,000 $440,539,000 $431,788,000 $400,698,000 $382,564,000 $372,244,000 $363,278,000 $355,263,000
How Secured
$258,885,000 $253,944,000 3252,194,000 3248,313,000 $234,573,000 $222,377,000 $219,836,000 $218,609,000 $212,094,000
By gold coin and certificates
By lawful money
25,785,000 23,639,000 22,001,000 20,9'98,000 22,253,000 21,898,000 22,725,000 24,070,000 26,830,000
By commercial paper
Credit balances in gold redemption fund_ _ 20,634,000 20,931,000 18,644,000 18,583,000 17,697,000 17,631,000 14,353,000 15,379,000 14,959,000
Credit balances with Federal Reserve 13'd_ 153,570,000 148,030,000 147,700,000 143,900,000 126,180,000 120,660,000 115,330,000 104,620,000 101,380,000
$458,874,000 4446,544,000 $440,539,000 $431,794,000 $400,703,000 $382,566,000 $372,244,000 $363,278,000 $355,263,000
Total
Commercial paper delivered to F. R. Agent__ $27,343,000 $25,981,000 323,826,000 322,594.000 $23,554,000 323,050,000 324,386,000 $26,189,000 $29,686,000
a Amount due to other Federal Reserve banks. f Amended figures.
WEEKLY STATEMENT of RESOURCESand LIABILITIESof EACH of the 12 FEDERAL RESERVE BANKSatCLOSEof BUSINESS MAY 4 '17.
Boston.
New York. Philadera. Cleveland. Richmond. Atlanta.
Chicago. St. Louis.1Minneap. Kan. City. Dallas. San Fran.
Total.
3
$
$
I
$
$
$
I
$
$
$
$
$
$
$
RESOURCES.
Gold coin & otfs. in vault 14,282,000 183,376,000 20,995,000 18,692,000 6,674,000 6,134,00034,370,000 9,895,000,12,011,000 7,903,000 8,476,000 13,310,000330,118,000
Gold settlement fund_ _ _ 30,046,000 27,345,000 14,992,00027,630,00020,086,000 7,927,00024,445,000 5,410,0001 5,256,00034,812,000 9,786,000 11,175,000218,910,000
349,000
155,000 • 101,000
45,000 2,669,000
50,000
250,000
250,000
50,000 644,000 401,000 207,000
167,000
Gold redemption fund__
Total gold reserve.... _ - 44,378,000 210,971,000 36,237,00046,372,00027,404,000 14,462,00059,022,00015,472,000 17,616.00042,870,000 18,363,00024,530.000557,697,000
88,000 39,415,000
13,000 1,098,000
102,000
Legal-ten.notes,silv.,&c. 442,000 33,178,000 593,000
128,000 934,000 1,325,000 1,273,0001 241,000
Total reserve
44,820,000 244,149,00036,830,00046,474,00027,532,000 15,396,00060,347,000 16,745,000 17,857,00042,883,000 19,461,00024,618,000597,112,000
redemp.fund-F.R.
400,000
100,000
300,000
bank notes
Bills:
773,000 35,916,000
Discounted-Members 3,763,000 3,576,000 2,158,000 2,219,000 7,528,000 2,414,000 2,745,000 2,792,000 4,229,000 545,000 3,174,000
Bought in open mkt_ 7,530,000 24,135,00011,389.000 5,883,000 6,590,000 2,823,000 6,219,000 3,234,000 5,473,000 1,718,000 963,000 7,934,000 83,871,000
Total bills on hand.. 11,293,000 27,711,000 13,527,000 8,102,000 14,118,000 5,237,000 8,904,000 6,026,000 9,702,000 2,263,000 4,137,000 8,707,000 119,787,000
530,000 1,306,000 549,000
United States bonds-One-yr. Treasury notes_ 2,194,000 2,788,000 2,548,000
US certfs.of indebtedness 3,000,000 27,270,000 3,500,000
127,000i 5,079,000 1,422,000
Municipal warrants_ ___
5,844,000 1,152,000 672,000 7,006,000 2,233,000 1,743,000 8,792,000 3,966,000 2,429,000 36,222,000
1,865,000 1,969,000 1,491,000 2,985,000 1,444,000 1,452,000 1,784,000 1,430,000 1,500,00023,450,000
5,485,000 2,000,000 2,567,000 5,005,000 3,205,000 2,000,000 2,500,000 2,900,000 5,165,000 64,597,000
2,893,000
15,000
177,000 431,000 560,000 811,000 14,755,000
11,000 2,186,000 1,043,000
Total earning assets-- 17,144,000 64,154,00021,546,00024,189,000 19,254,000 9,978,00028,146.00013.951,000 15,074,000 15,770,000 12,993,000 18,612,000258,811,000
1,789,000 23,561,000
Fed. Res've notes
303,000
-Net 2,432,000 13,622,000
1,177,000
4,238,000
Due from other Federal
2,094,000 a5,243,000
71,000 2,887,000 889,000
209,000 1,935,000 860,000 4,398,000 3,158,000
Reserve banks-Net.. 4,138,000
12,040,000 40,502,00022,639,000 13,689,000 9,606,000 8,400.00034,904,000 10,642,000 5,071,000 8,667,000 6,362,000 12,117,000 184,639,000
Uncollected items
176,000 757,000 202,000 5,412,000
116,000
100,000
82,000 1,001,000 656,000 460,000
51,000 1,237,000 574,000
All other resources
Total resources
80,625,000,363,664,00081,798,00087,564,00057,334,00039,173,000 12044900041,869.00041,005,00068,988,00039,673,00059,432,000 1075178000
LIABILITIES.
1
Capital paid in
5,074,0001 12,073,000 5,253,000 6,239,000 3,438,000 2,393,000 7,057,000 3,140,000 2,432,000 3,081,000 2,744,000 3,935,000 56,859,000
Government deposits _ 14,695,0001 7,779,000 9,224,000 8,780,000 8,365,000,12,594,000 7,895,000 1,821,000 4,147,000 10,876,000 9,014,000 12.078,000107,868,000
-ReDue to members
I
50,840,000 274,673,00044,916,00060,332,00026,464,000117,907,00099,970,00028,269,00028,745,00048,196,000 23,395,00039,436,000743,143,000
serve account
Collection items
9,891,000' 28,986,00020,621,00012,213,000 8,268,000 4,890,000 14,527,000 7,161,000 3,063,000 6,835,000 3,050,000 3,256,000 122,761,000
1,045,000
18,974,000
10,790,000 1,389,000
1,478,000 2,618,000
1,654,000
Fed. Res've notes-Net
425,000
14,971,000
Due to F.R.banks-Net
127,000 25,573,000
9,000
125,0001 25,182,000
130,000
All other liabilities
80,625,000363,664,00081,798,00087,564,00057,334,00039,173,000 120449000.11,869,00041,005,00068,988,00039,673,00059,432,000 1075178000
Total liabilities
Federal Reserve Notes
21,363,000198,163,00031,383,000 22,227,000 16,770,000 19,686,00044,133,000 15,682,000 23,145,000 24,977,00020,393,00020,952,000458,874,000
Issued to banks
2,432,0001 13,622,000 1,726,000 1,177,000 604,000
268,000 1,789,000 30,372,000
732,000 5,238,000 809,000 992,000 983,000
Held by banks
F.It. notes in circulation 18,931,000:184,541,00029,657,00021,050,000 16,166,000 18.054,00038,805,000 14,873,000 22,153,000 23,994,000 20,125,000 10,163,000428,502,000
Gold and lawful money
,
1--Si flA2 nnn i OR lea nnn 2St non non es 997 non A 57A 00017 AAA nnn 42 inn nnn in nO5 non 19.535 00024.297.000 10 nAn 00020.952.000433.089.000
with Agent
a Difference between net amounts due from and net amounts due to other Federal Reserve banks. x Overdraft
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS MAY 4 1917.
Boston.
New York. Plaladera. Cleveland. Richmond. Atlanta.
Chicago. St. Louis. Minneap. Kan.City. Dallas.
San Fran.
Total.
$
$
a
$
$
$
9
$
$
$
$
$
$
Federal Reserve NotesRec'd from Comptrolr 39,680,000 339,280,000 52,140,000 32,200,000 29,500,000 36,380,000 57,120,000 24,940,000 34,640,000 40,720,000 36,920,000 24,060,000 747,580,000
Returned to Comptrol 9,567,000 72,017,000 8,217,000 5,433,000 9,880,000 5,739,000 2,087,000 4,558,000 5.005,000 5,673,000 8,041,000 3,108,000 139,325,000
Chargeable to Agent---- 30,113,000 267,263,000 43,923,000 26,767,000 19,620,000 30,641,000 55,033,000 20,382,000 29,635,00035,047,000 28,879,000 20,952,000 608,255,000
In hands of F.R.Agent 8,760,000 69,100,000 12,540,000 4,540,000 2,850,000 10,955,000 10,900,000 4,700,000 6,490,00010,070,000 8,480,000
149,381,000
Issued to F. R. bank_ 21,363,000 198,163,00031,383,00022,227,000 16,770,000 19,686,00044,133,000 15,682,00023,145,00024,977,00020,393,00020,952,000458,874,000
Held by F. R. Agent
258,885,000
6,465,000 13,918,000 2,370,000 10,110,000
2,897,000
Gold coin & certfs__ __ 20,260,000 188,678,000 3.730,00010,457,000
Credit balances:
In gold redemption f'd 1,103,000 9,485,000 1,633,000 1,270,000 376,000 1,188,000 643,000 660,000 897,000 1,367,000 1,170,000 842,000 20,634,000
22,640,000 10,500,000 5,000,000 13,480,00042.490,000 6,270,000 4,720,000 20,560,000 7,800,000 20,110,000 153,570,000
With F. R. Board_
Notes secured by com.
11,394,000 2,121,000 1,000,000 2,287,000 3,610,090 680,000 1,313,000
25,785,000
3,380,000
mercial paper
21,363,000 198,163,00031,383,000 22,227,000 16,770,000 19,686,00044,133,000 15,682,000 23,145,000 24,977,000 20,393,000 20,952,000 458,874,000
Total
Amount of comm'i paper
27.343.000
dolivered to F. R.Air't
3.390.000
11.629.000 2.125.000 1.013.000 2.295.000 3.610.000 784.000 2.497,000
MAY 12 1917.1
THE CHRONICLE
1877
-The Milo wing detailed statement
Statement of New York City Clearing Souse Banks and Trust Companies.
shows the condition of the New York City Clearing Elouse members for the week ending May 5. The figures for the
separate banks are the averages of the daily results. In the case of the totals, actual figures at end of the week are also
given. In order to furnish a comparison, we have inserted the totals of actual condition for each of the three groups and
also the grand aggregates for the three preceding weeks.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Capital.
Loans,
Discounts,
Investmls,
&c.
IfNat. B'ks Mar. 51,
11StateB'ks Feb. 28f
Week Ending
May 5 1917.
(005 omitted.)
Members of Federal
Reserve Bank.
Bank of N. Y., N.B.AMereaants' Nut. Bank_
Mech. & Metals Nat-National City Bank__ Chemical Nat. Bank--Atlantic National Ban
Nat. Butchers'& DrovAmer. Exch. Nat. Ban
Net.,dank of Commerce
Chatham & Phenix Nat
Hanover National Ban
Citizens' National
Market & Fulton Nat_Corn Exchange Batik__
Importers' & Traders'_ _
National Park Bank_ _ _
East River Nat. Bank_
Second National Bank_
First National Bank_ _ _
Irving National Bank_ _
N.Y.County Nat. Ban
Chase National Bank_
Lincoln National Bank
larfield National Ban
Fifth National Bank._
Seaboard Nat. Bank_ _
Liberty National Bank
Coal & Iron Nat. Bank
Union Exchange Nat_
Nassau National Bank
Broadway Trust Co--
Net
Profits.
3
$
2,000,0 5,000,1
2,000,0 2,391,3
6,000.0 9,940,9
25,000,0 a46,035,8
3,000,0 8,435,8
822,1
1,000,0
77.8
300.0
5,000,0 5,606,0
25,000,0 19,463,9
3,500,0 2,202,1)
3,000.0 16,446,1
2,550.0 2,547,6
1.000,0 2,083,3
3,500,0 7,294,2
1,500,0 7,705.0
5,000,0 16,293,4
250.0
68,4
1,000,0 3,544,3
10,000,0 25,753,3
4,000,0 4,102,5
500,0 1,209,3
10,000,0 12,519,6
1,000,0
1,999,0
1,000,0 1,334,7
250,0
428,0
1,000,0 3,078,4
1,000,0 3,616,8
1,000,0
808,1
1,000,0 1,137,8
1,000,0 1,134,5
1,500.0 1,050,6
Average.
$
38,198,0
20,394,0
122,979,0
435,181,0
39,662,0
14,544,0
2,413,0
82,860,0
246,765,0
72,442,0
135,899,0
28,403,0
11,631,0
107,915,0
33,627,0
146,703,0
2,379,0
19,225,0
178,000,0
82,511,0
11,580,0
224,546,0
18,654,0
10,300,0
5,947,0
40,082,0
60,243,0
10,724,0
12,774,0
11,370,0
23,739,0
Gold,
Totals,avge. for wee 123,850,0 214,151,2 2,251,690,0 208,050,0
Ih--May 5
2,232,367,0 190,769,0
, April 28
2,264,304,0 241,027,0
II April 21
2,290,849,0 228,649,0
l' April 14
2,310,240,0 250,040,0
2,050,0
1,500,0
500,0
500,0
200,0
2,000,0
250.0
750,0
100,0
200,0
200,0
1,000,0
200,0
1,000,0
1,500,0
5,180,2
6,598,9
1,280,4
985,3
468,7
2,120,2
803,4
824.8
2,303.6
860,6
1.072.0
2,214,1
301,0
1,002,4
726,6
Totals, avge. for week_ 11,950,0 26,802,2
Totals, actual ocindltio May 5
Totals, actual oonditio April 28
......
Totals, actual condltio April 21
..._ ...
Totals, actual condltio April 14
44,451,0
34,353,0
13,136,0
8,211,0
3,167,0
16,148,0
4,309,0
6,573,0
18,445,0
5,240,0
6,346,0
15,065,0
4,430,0
16,594,0
23,315,0
Silver.
Average. Average. Average. Average, Average. Aaverge.
$
$
s
$
$
s
3,312,0
885,0
153,0
6,0
2,0
704,0
170,0
529,0
37,0
18,0
27,085,0
555,0 3,584,0
81,0
117,0
46,815,0 3,183,0 1,650,0
146,0
928,0
807,0
640,0
628,0
48,0
22,0
199,0
297,0
970,0
20,0
74,0
61,0
48,0
5.0
6,0
4,204,0 1,056,0
988,0
138,0
124,0
15,619,0 3,462,0 1,271,0
70,0
5,869,0
674,0 1,073,0
338,0
311,0
20,430,0 1,213,0 1,271,0
29,0
212,0
1,028,0
111,0 1,028,0
22,0
20,0
897,0
376,0
280,0
23,0
158,0
5,873,0
917,0 3,130,0
482,0 3,472,0
1,566,0 1,527,0
667,0
4,0
11,538,0 1,932,0 1,303,0
90,0
218,0
77,0
154,0
2,0
13,0
32,0
1,170,0
29,0
175,0
497,0
56,0
21,617,0 1,003,0 2,368,0
11,0
13,0
7,232,0
30,0
279,0
866,0 2,780,0
591,0
387,0
96,0
26,0
201,0
21,069,0 4,823,0 2,901,0
489,0
62,0
1,700,0 1,910,0
466,0
86,0
211,0
656,0
199,0
405,0
17,0
109,0
162,0
130,0
19,0
10,0
355,0
2,346,0
832,0
908,0
29,0
78,0
1,494,0
410,0
183,0
6,0
170,0
382,0
235,0
192,0
5,0
31,0
298,0
544,0
514,0
23,0
21,0
392,0
96,0
335,0
33,0
12,0
313,0
677,0
58,0
1,714,0
120,0
Addit'al
Reserve Deposits
Net
with
with
Legal
Legal
Demand
Deposi- Deposi- Deposits.
lanes.
kyles.
Average. Average.
$
$
3,042,0
1,404,0
9,989,0
39,782,0
4,369,0
1,431,0
296,0
8,684,0
25,506,0
6,084,0
11,922,0
3,324,0
1,082,0
13,568,0
2,351,0
12,029,0
371,0
1,200,0
13,233,0
11,011,0
926,0
17,433,0
2,317,0
1,269,0
442,0
8,000,0
10,736,0
1,014,0
1,045,0
1,183,0
2,085,0
National
Net
Bank
CirculaTime
Deposits. (ion.
Average. Average. Average.
$
$
$
35,256,0 1,768,0
792,0
16,626,0
225,0 1,861,0
139,874,0 4,995,0 3,772,0
462,873,0 14,273,0 1,782,0
34,303,0
440,0
14,611,0 1,060,0
150,0
2,355,0
49,0
76,580,0 6,215,0 4,897,0
242,706,0 7,251,0
155,0
73,740,0 5,713,0 1,776,0
151,408,0
130,0
26,417,0 1,302,0
1,015,0
11,093,0
151,0
123,639,0
30,449,0 •
51,0
146,853,0 2,050,0 3,561,0
2,816,0
50,0
16,406,0
761,0
176,327,0 1,575,0 3,015,0
94,538,0 1,008,0
640,0
11,924,0
199,0
231,508,0 16,127,0
550,0
21,595,0
39,0
891,0
10,296,0
200,0
399,0
5,986,0
258,0
249,0
48,209,0
70,0
66,435,0 1,566,0
499,0
10,829,0
32,0
413,0
399,0
12,740,0
40,0
25,0
50,0
11,201,0
25,661,0
241,0
28,682,0 30,668,0
2,351,0
7,195,0217,128,0
2,335,254,0 65,963,0 28,767,0
26,905,0
32,733,0
34,779,0
37,143,0
30,368,0
30,366,0
31,388,0
30,719,0
2,222,0
2,779,0
2,438,0
2,657,0
6,054,0,I232,760,0
8.336,0;210,009,0
9,557,0 226,528.0
8,999,0 228,437,0
2,309,962,0
2,374,685,0
2,411.562,0
2,455,206,0
8,165,0
904,0
4,842,0 1,407,0
1,164,0
201,0
432,0
394,0
220,0
79,0
2,131,0
451,0
360,0
53,0
805,0
94,0
2,568,0
161,0
89,0
363,0
49,0
661,0
922,0 • 308,0
270,0
184,0
349,0
1,392,0
2,507,0
770,0
382,0
618,0
621,0
132,0
171,0
516,0
64,0
25,0
1,277,0
138,0
203,0
547,0
104,0
493,0
385,0
86,0
21,0
285,0
128,0
2,0
50,0
26,0
3,0
46,0
202,0
70,0
93,0
33,0
48,0
193,0
Totals, actual conditio
Totals, actual conditio
Totals, actual conditio
Totals, actual conditio
State Banks.
Not Members of
Federal Reserve Bank.
Bank of Manhattan Co
Bank of America
Greenwich Bank
Pacific Bank
People's Bank
Metropolitan Bank_
Bowery Bank
German-American Ban •
Fifth Avenue Bank_ _ _ _
German Exchange Ban
Germania Bank
Bank of Metropolis__
West Side Bank
N. Y.Produce Ex.Ban
State Bank
Legal
Tenders.
,
Nat.Bank Nat.Bank
Federal
Notes
Notes
[Not
Reserve
[Reserve
for State Counted
Notes
Instituas
[Not
lions]. Reserve]. Reserve].
41,0
10,0
29,0
3,069,0
630,0
521,0
315,0
24,0 • 191,0
138,0
77,0
236,0
11,0
286,0
3,0
317,0
104,0
261,0
50,0
879,0 2,113,0
229,0
76,0 1,196,0 1,738,0
1,589,0
970,0
366,0
50,794,0
33,203,0
14,151,0
8,622,0
3,183,0
15,207,0
3,938,0
6,485,0
19,821,0
5,433,0
6,343,0
14,649,0
4,577,0
18,239,0
26,504,0
64,686,0
65,319,0
65,811,0
63,050,0
28,706,0
28,718.0
28,651,0
28.701.0
36,0
305,0
6,0
90,0
29,0
219,783,026,964,0
5,531,0
5,676,0
1,286,0
310,0
9,198,0 5,961,0
231,149,0
219,497,0
222,071.0
224.888,9
226,199,0
6,239,0
6,102,0
6,767,0
7,178,0
5,824,0
5,922,0
6,644,0
6,311,0
1,196,0
1,427,0
1,445,0
1,519.0
287,0
220.0
386,0
555,0
9,477,0
9,625,0
9.790,0
9,848,0
3,910,0
5,436,0
5.705,0
6,239,0
231,554,0
235,546,0
237,713,0
239,804,0
466.0
118,0
122,0
69,0
3770
201,0
148,0
185,0
272,0
74,0
341,0
275,0
115,0
62,0
811,0
147,0
120,0
264,0
462,0
153,0
135,0
597,0
83,0
102,0
601,0
301,0
60,0
402,0
291,0
191,0
280,0
89,0
181,0
126,0
373,0
10,0
28,0
162,0
183,0
13,0
180,0
97,0
412,0
26,0 1,529,0 2,634,0
289.0 14,304,0 3,266,0
27,0 2,529,0 5,245,0
52,0 1,518,0 1,009,0
321,0 17,871,0 5,874,0
20,0
443,0
511,0
37,0 1,067,0
130,0
77,0 3,734.0 3,539,0
85,0 1,230,0 1,266,0
79,0 3,050,0 1,135,0
74,0 1,059,0
801,0
39,0
728,0
403,0
18,0 3.030,0
354,0
30,586,0
286,068,0
50,555,0
30,351,0
357,430,0
8,870,0
21,336,0
74,689,0
24,605,0
60,697,0
21,019,0
14,552,0
61,189,0
,
466,0
5,112,0
32,632,0
16,231,0
1,393,0
38,439,0
1,011,0
912,0
19,475,0
934,0
7,747,0
2,863,0
1,012,0
4,178,0
26,385,0
28,058,0
24,890,0
26,174,0
Trust Companies.
Not Members of
Federal Reserve Bank.
Brooklyn Trust
1,500.0 3,799,5
36,610,0 2,115,0
11,250,0 13,936,8 299,203,0 27,902,0
Bankers' Trust Co
2,000.0 4,507,1
U.S. Mtge.& Trust Co
66,356,0 4,589,0
Title Guar...Ir. Trust Co_ 5,000,0 12,404,5
45,328,0 2,641,0
20,000,0 31,436,3 376,626,0 45,056,0
Guaranty Trust Co_ _
1,000,0 1.239,3
Fidelity Trust Co
10,876,0
735,0
Lawyers' Title & Trust_ 4,000.0 5,511,6
28,426,0 1,688,0
Columbia Trust Co-_ 5,000,0 6,442,9
90,557,0 6,487,0
1,000,0 1.751,4
People's Trust Co
24,608,0 1,901,0
3.000,0 11,632,4
74,001,0 5,972,0
New York Trust Co.
1,000.0 1,334,4
22,254,0 1,551,0
Franklin Trust Co
1,000,0
533,4
14,864,0
961,0
Lincoln Trust Co
2,000,0 5,249,3
Metropolitan Trust Co
63,737,0 5,329,0
--Totals, avge. for week_ 57.750.0 99,778,9 1,153,309,0 103,930,0
--1,131,691,0 114,052,0
Totals, actual conditio May 5 .
1,180,689,0 117,595,0
Totals, actual conditio April 23
.
Totals, actual conditloi April 21
1,153,395,0,121,422,0
Totals, actual conditio April 14
1,132,100 0109 101 0
3,131,0
3,645,0
2,134,0
1,145,0 52,122,0 26,217,0 1,041,947,0 131,939,0
3,386,0
3,500,0
6,459,0
6,437,0
3,778,0
3,401,0
5,252,0
4,602,0
2,314,0
2,218,0
2,089,0
1,838,0
1,132,0
1,130,0
1,230,0
928,0
51,197,0 20,403,0 1,027,765,0 126.597,0
53,626,0 31,179,0 1,072,395,0 139,296,0
52,536,0 46,787,0 1,050.525,0 135,977,0
51,152,0 45,215,0 1,022,854,0 131.126.0
- - - - - 37,3T1- 3- - 3 Grand Aggregate,avge. 193.550.0 340,732,3 3,624,o72,0 371,914,0 -- .,0 -9,989,0 -7420,0 -,351,0 - ,650,0 278,448,0 3-78,0 3,608,350,0 198,368,0 28,767,0
- - - 2 .
2 - - 8 - 7 - - ,1 - Comparison prey. wee
53,945,0 -18,332,0 -7,614,0 -1,142,0 -369,0 -172,0 -1,976,0 -33,487,0 -9,354,0 -107,622,0 -4,182,0
+72,0
Grand Aggregate,aetua !coalition MaY
Comparison prey. wee
Grand
Grand
Grand
Grand
Aggregate actual condition
Aggregate actual eowittion
Aggregate actual condition
Aggregate aetaa condition
5 3,583,468,0 331,703,0 36,730,0 39,970,0 3,510,0
--83 598 0 -54,974,0 -5,605,0 ±281,0 -135,0
A
-p711 Tl 3,637,031.0,g6763070
April 21 3,669,132,0;374,941,0
April 11 3,668,539,0 385,318,0
April 7 3.862.2n5 n ine 071 n
42,335,0
48.005.0
50,758.0
ae age n
39,65,0 - 37645:0
43,284,0 3.534.0
41,632.0 3,357,0
,11 557 n a KRA n
2,222,0 7,473,0 293,434M 24,313,0 3,569,281,0 191,749,0 28,706,0
-557,0 -2,213,0 +201740 -123020 -113,345,0 -12,984,0
-12,0
2,779.0 9,686,0 „36,615,0 3,632,626,0 204,733,028:71870
2,438.0 11.173,0 288,854,0 52.492,0 3.699,800.0 201,910,0 28,651,0
2,657,0 10,482,0 289,437,0 51,454,0 3,717,864,0 194,245.0 28,701,0
1 527 n 0 CIA n qlfl 990 n vl 997 05 7;c nne n 108 701 n 95 non n
a Includes capital set aside for foreign branches, $6,000,000.
STATEMENTS OF RESERVE POSITION.
Actual Figures.
Averages.
ash Reserve Reserve in
in Vault. Depositaries
Total
Reserve,
a Reserve
Required.
Inc. or Dcc.
Cash Reserve Reserve in
Surplus I
from
Reserve. PreatousWeek in Vault. Depositaries
Total
Reserve.
b Reserve
Required.
Surplus
Reserve.
Inc. or Dec.
from
Previous Wee*
$
$
$
$
$
$
3131
Members Federal
3I
$
Reserve Bank__ -_ 267,400,000 217,128,000484,528,000 123,643,3701 60,884,130.-29,297,430,248,042,000232,760,000 180,802,000 119,027,460 61,774,540 -21,651,210
39,457,000 9,198,000; 48,655,000 41,603,820, 7,048,1801 -1,189,6601 40,144,000 9,477,000 49,621,000 41,679,720 7,941,280 -794,440
State Banks*
Trust Companies._ - 115,840,000 52,122,000,167,962,000 156,292,0501 11,669,950H-11,835,0001123,730,000 51,197,000 174,927,000 154,164,750 20,762,250 +1,281,500
1 •
'
122,697,000278,448,000 701,145 000 621,542,740: 79,602,260,-42,322,090411,916,000 293,434,000 705,350.000 514,871,930 90,478,070 -21,164,150
Total May 5
Total April 28_ _ -- 450,154,000311,935,000 762,089,000 640,164,650 121,924,350! +7,l42,330'472,349,000273,260.000745,609,000 633,966,780 111 ,642,220 -9,256,980
471,517,000 282,844,000754,361,000 639,578,980 114,782,020,-24,473.680 469.784,000 283,854,000758,638000437,738,800 120,899,200 -7,920,400
Total April
Total April 14._ 496,311.000289,301.000785.643.000 646.302.300 139.255.700' -9.277.040 431.065.000289.437,000 770.502.000811.682.400 128 819,r(le -34.75e,360
Not members of Federal Reserve Bank.
•
a This is the reserve required on Net DemandDepo sits in the case of State Banks and Trust Companies, but in the ease of Members of the Federal Reserve Bank
Includes also amount of reserve required on Net Time Deposits, which was as follows: May 5,53,298,150: Apr. 28,$3.277.100: Apr. 21,83,240,550: Apr. 14,$3.070,200.
b This is the reserve required on Net Demand Deposits in the case of State Banks and Trust Companies, but in the case of Members of the Federal Reserve Bank
.
DePoiltl, which was tViI0110W11: May 5,$3,231,300; Apr.28,53,235,930; Apr. 21,S3,290,550; Apr. 14,53,152,500.
Includes also amount of reserve required on Net
1878
THE CHRONICLE
[VOL, 104.
The State Banking Department reports weekly figured,
In addition to the returns of "State banks and trust comshowing the oondition of State banks and trust companies panies in New York City not in the Clearing House," furnished
In New York City not in the Clearing House, and those are by the State Banking Department, the Department also
shown In the following table:
presents a statement covering all the institutions of this class
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
In the whole State. The figures are compiled so as to distin
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT
(Figures Furnished by Slate Banking Department.) Differences from guish between the results for New York City (Greater New
May 5.
previous we ?.
,
Loans and investments
$826,630,300 Inc. $10,685,200 York)and those for the rest of the State, as per the following:
Gold
68,618,700 Dee.
595,300
Wor definitions and rules under which the various items
Currency and bank notes
213,300
11,057,400 Dec.
Total deposits
1,015,199,100 Dec.
503,600 are made up,see "Chronicle," V.98, p. 1661.
Depogits, eliminating amounts due from reserve
The provisions of the law governing the reserve requiredepositories and from other banks and trust companies in New York City, and exchanges_
876,059,800 Inc. 9,302,600
Reserve on deposits
235,036,500 Dec. 11,119,600 ments of State banking institutions were published in the
Percentage of reserve, 29.4%.
"Chronicle" March 28 1914 (V. 98, p. 968). The regulaRESERVE.
- tions relating to calculating the amount of deposits and what
--State Banks
-Trust Companies
-Cash in vaults
$61,140,603 9.59%
$15,535,500 11.92%
Deposits in banks and trust cos_ _ _ _ 18,579,100 14.21%
136,781,300 20.45% deductions are permitted in the computation of the reserves
were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).
Total
$34,114,600 26.16%
51.00,921,900 30.04%
STATE BANKS AND TRUST COMPANIES.
The averages of the New York City Clearing House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House,compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.
Week
EndedFeb 10_
Feb 17...
Feb 24...
Mar. 3 __
Mar. 10 ..
Mar. 17_
Mar. 24_
Mar. 31-_
Apr. 7._ _
Apr. 14_
Apr. 21_
Apr. 28_
May 5_ _ _
Loans
and
Investments
Demand
Deposits.
$
4.222,813,7
4,200,191,9
4.230,371.9
4,262,508,1
4,309,612.6
4,330,558,8
4,338.308,0
4,373.513.4
4,428,959,8
4,473,449,6
4,479,414,6
4,494,872.1
4,451,612,3
$
4,338,722,5
4,311,725,2
4,539.468,4
4,386,187,0
4,396,027.8
4.438,468,5
4,464,708.0
4,478,501,9
4,567,052.8
4,596,003,4
4,568,116,5
4,582,729,2
4,484,409,8
Specie.
Other
Money.
Total
Money
Holdings.
Entire
Reserve on
Deposits.
$
$
$
$
523,975,1 73,943,6 597,918.7 1,019,827,0
520.022,8 73,705.7 593,728,5 1.004.960.0
538,044,3 71.511.5 609,555,8 1.038.788.2
538,553,5 73.535,3 612,088.8 1,043.203,4
513.952,9 68,656,4 582,609,3 1,031,061.1
516.425,5 69,368.5 585.794,0 1,042,356,3
517,268,4 68,87/.9 586,146.3 1,051,036.4
492.947,2 70,2.11,9 563,162,1 1.009,966,2
512.177,1 66,029,6 578,206,7 1,018,836,4
511,593,4 65,546,0 577,139,4 1,040,505,5
489,493,1 62.529,3 552,022,4 1,008,192,9
470,621,0 60,017,7 530,638,7 1,008,245,1
450,551,7 51,821,4 502,373,1
936,181,5
Week ended May 5.
State Banks
Trust Cos.
State Banks
Trust ('Os.
In
outside of
outside of
in
Greater N. Y. Greater N. Y. Greater N. 1'. Greater N. F.
Capital as of Feb. 28 _ _ _
23,950,000
3
84.550,000
$
18,451,200
12,238,000
Surplus as of Feb. 28 _ _ _
42,309,900, 179.277,600
15,228,300
18.123,900
Loans and Investments__
Change from last week_
436,115,000 1,867,031,800
+6,708,100 -1,958,800
173,611,100
+1,310,800
293,229,900
+754,200
Gold
Change from last week
46,731,8001 169,168,900
-2,551.400 -13,354,700
Currency and bank notes_
Change from last week_
22,111,400
-1,846,600
Deposits
Change from last week_
588,950,900 2,278,444,200
-6,445,100 -38,236,900
189,255,300
+1,242,300
307,866,600
+1,799,900
122,908,800 413,818,100
Reserve on deposits
Change from last week_ -15,784,400 -35,801,900
32,992,600
-277,700
40,696,300
+1,169,600
20.8%
21.1%
16.6%
16.4%
P. C. reserve to deposits_
Percentage last week
+ Increase over last week.
13,746,900
-850,500
26.1%
28.8%
23.5%
25.1%
-Decrease from last week.
-Following Is the report made to the Clearing ROLM by °tearing
Non-Member Banks and Trust Companies.
non-member institutions which are not Included in the "Clearing House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
Net
,
NON-MEMBERS. Capital.1 Profits.
Loans.
Discounts.
Week Ending
(Nat. bks. Mar. 5k InvestMay 5 1917.
),State bks. Feb. 281 ments, he.
Members of
Fed'I Reserve Bank
Battery Park Nat. _
First Nat., Brooklyn
Nat. City, Brooklyn
First Nat.,Jers. City
Hudson Co. N.. J.C.
First Nat., Hoboken
Second Nat., Hobok.
Total
I Average.
400,000
374.900 5,512,000
300.000
686.700 5,761,000
300.000
610,800 6,001,000
400,00(1 1,292,000 5,185,000
250,000
763,800 5,533,000
624.800 6,315.000
220.000
125,000
306,700 5,100,000
443,300, 2,263.000 144.000
949,800 8,911,000 773,000
674,100, 9,737,000 826,000
191,3001 1,488,000 117,000
113.500 4,236,000 365,000
470.100, 8,357,000 1,035,000
219,0001 4,422,000 154,000
62,000
551,000 4,051,000
593.900 6,936,000 485,000
840.800 20,632,000 1,793,000
184,800j 4,403,000 322,000
4,300.000 5,231,600 75,466,000 6,076,000
'rotal.
Trust Companies.
Not Members of the
Federal Reserve Bank.
IlamiltonTrust,BkIn
Mechanics'
,Bayonne
Silver.
Nat.Bank Nat.Bank
Notes[Re- Notes[.Vot
serve for Counted
as
State Institutionsi Reserve].
Reserve Additional
with
Federal
Deposits
Legal with Legal
Reserve
Net
DeposNotes(Not Depo.vDemand
Reserve). itaries.
Deposits.
itaries.
Average. Average. Average. Average. Average. Average. Average. Average.
$
$
$
12,000 510,000
5,000
482,000 101,000 108,000
12,000
27,000 511,000
461,000
146,000
32,000 119,000
9,000 712,000
183,000
8,000
74,000 137,000
169,000
61,000
56,000 1,584,000 4,901,000
83,000
296,000 503,000
2,000 550,000
391,000
118,000
97,000
165,000
14,000
21,000 469,000
16,000
479,000
45,000
186,000
9,000
.000 525,000
2,000
315.000
45,000
49,000 101,000
1.995.000 4,059,700 39.407,000 1,489,000
-_-_-_-__
State Banks.
Not Members of the
Federal Reserve Rank.
Bank of Wash.'Ms_
100.000
Colonial Bank
4041,000
Columbia Bank.... 300,000
Fidelity Bank
200,000
International Bank. 500,000
Mutual Bank
200,000
New Netherland_
200.000
NV R0race& Co'sIlk _ 500,000
Yorkville Bank
100.000
Mechanics', Bklyn._ 1,600,000
North Side, I3klyn__ 200,000
Total
Gold.
Legal
Tenders.
222,000
A verage.
Net
Time
Deposits.
National
Bank
CircuSalton.
Average.
Average.
193,000
5,208,000
5,215,000
156,000
6,067.000
5,175,000
4,585,000
3,001,000 3,266,000
2,509,000 2,330,000
103,000
297,000
120,000
396,000
198,000
219,000
100,000
138,000 4,861,000 6,760.000 31,760,000 5,945.000 1,523,000
781.000
693,000
14,000
206,000
7,000
11,000
21,000
65,000
132,000
1,000
85,000
207,000
39,000
59,000
571,000
291,000
38,000
21.000
210,000
238,000
22,000
46,000
104,000
12,000
271,000
711,000
124,000
103,000
351,000
19,000
120,000
79,000 2,003,000
595,000
451,000 9,914,000
625,000
278,000 10,418,000
85,000
138,000 1,423,000
314,000
12,000 235,000
561,000 3,883,000
301.000
60,000
22,000
416,000 9,156,000
321,000
8,000 271,000
24,000 4,531,000
2,000
27,000 1,734,000 2,201,000 2,631,000
455,000
307,000 7,576,000
1,318,000 1,551,000 22,460,000
63,000
500,000 4,495,000
25.000 270.000
400,000
788,000 2,540,000
756,000
141,000 4,053.000 6,039,000 78,013,000' 1,033,000'
51,000
48,000
34,000
500,000 1,150,1041 8,086,000
309,000 6,080,000
200.000
588,000
106.000
40,000
42,000
26,000
88,000
67,000
44,000
12,000
18,000
355,000 1,717,000 7,108,000 1,077,000
552,000 3,021,000 2,975,000
151,000
700,000 1,459,100 15,053,000
691,000
82,000
101,000
101,000
30.000
506,000 2,290,000 10,127,000 4,052,000
Grand aggregate_ _ 6.095.0(8)11.350,401) 129939000 8,259,0001,654,000 3,337,000 857,000 222,000 • 309,000 9,420,000 15,098,000 119930000 14,030,000 1,523,000
Comparison,prev.wk.
+233,000 -512,000 -103,000 -53,000 --73,000 +48,000 -45,000 -450.000 -1,051,000 +158,000 -60,000 +1,000
Excess reserve. $1,210,21 0 decrease
Grand aggr'te Apr 28 6,995,000 11,350,400 129703000 8,771,000 1,757,000 3,390,000 030,000 174,000 354,000 9,870.000 143,149,000 119772000 14.090,000 1,522,000
Grand aggr'te Apr 21 8.995.000 11,520.2410 127793000 8,766,000 1.800,000 3,482,000 057,000 170,000 289,000 10010000 16,533,000 118260000 11,141,000 1,524,000
Grand aggr'te Apr 14 5.995,000 11,520.200 126233000 8.771,000 1,796.000 3,699.000 966,000 192,000 310.000 9.876,000 18,154,000 117047000 14,322,000 1,514,000
Grand aggr'te Apr 7 6,995.000 11.520.200 124589000 8.208,000 1,683,000 3,562,000 830,000 148,000 256,000 9,411,000 18,312,000 11471.5000 14.270,000 1,518.000
Grand aggr'te Mar31 6,995,000.11,520.200 123562000 8.242,000 1,572,000 3,467,000 843,000 149.000 234,000 9.672,000 18.237,000 113858000 14.273,000 1,517,000
Philadelphia Banks.
-Summary of weekly totals of
Boston Clearing House Banks.
-We give below a
Clearing House hanks and trust companies of Philadelphia:
summary showing the totals for all the items in the Boston
We omit two ciphers (00) in an these figures.
Clearing House weekly statement for a series of weeks:
Loans, I Due
Deposits
BOSTON CLEARING HOUSE MEMBERS.
Disets & from
Invesrts.1 Banks.
Bank.
Indivicrl.
Total..
Reserve
Held.
Excess
Reserve.
May 5.
s I s
$
$
3
S
Nat. bank_ 401,613,01 85,823,0 173,313,0 349,388,0 522,701,0 70,484,0 17,156,0
Trust cos._ 159,068,01 4,272,0 3,494,01143,253,0 149,750,0 26,473,0 5,069,0
Total ___ 563,681,01 90,095,0 1711,807,0495,644,0 e72,451,0 105,957,0
Apr. 28... 560.279,0; 95,118,6 179,751,0490,555,0 670,306,0 103,003.0
Apr. 21._ 551,943,0,100,829,0 187,149,0;495,582,0 682,731.0 114,734,0
Apr. 14___ 550,714,0 101,173,0 192,560.0,495,653,0 688,213,0 121,595,0
Apr. 7-- 549,749,0 96,682,0 190,440,0;492,404.0 682.844,0 119,898,0
Mar. 31.... 549.020,0 89,678,0 185,230,01476,485,0 661,715,0 112,033,0
Mar.24 _ __ 550,356.0 89,535,0 186,939,0,477,014,0 663,953,0 113,227,0
Mar, 17_ 553,267,0 88,624.0 191,055,0;473,202,0 664,257,0 112,830,0
Mar. 10._ 552,595,0 81,301,0 185,354,0:471.974,0 657,328.0 112.660.0
Mar. 3... 546,761,0 88,766,0189.766,0:476,305,0 666,071,0 112,059,0
22,225,0
20,090,0
31,186,0
37,061,0
35,850,0
29.560.0
30,404,0
29.572,0
29.535.0
29,488,0
Note.
-National bank note circulation May 5, 38,117,000; exchanges for Clearing House (Included in "Bank Deposits"), banks, $21,353,000: trust companies,
52,783,000; total, $24,136,000. Capital and surplus at latest dates: Banks...364.175,600; trust companies,$41,295,200; OW.$105,470,800.
May 5
1917.
Change from
previous week.
Circulation
$5,690,000 Inc.
Loans, disc'tS & investments. 461,292,000 Dee.
Individual deposits, Inci.U.S. 363,766,000 Dec.
Due to banks
143,917,000 Dec.
Time deposits
31,382,000 Dee.
Exchanges for Clear. House_ 19,056,000Ine.
Due from other banks
46,811,000 Dec.
Cash reserve
26,180,000 Dec.
Reserve In Fed. Res've Bank 31,986,000 Dec.
Reserve with other banks_ _ 40,313,000 Dec.
Reserve excess In bank and
1
7,074,000 Dec.
Federal Reserve Bank_ _
Excess with Reserve Agents_ 27,540,000 Dec.
April 28
1917.
pril 21
1917.
$16,000 $5,674,000 $5,663,000
4,303,000 465,595,000 464,284.000
7,569.000 371,335,000 377,014,000
433,000 144,380,000 151,063,000
85.000 34,467,000 34,461,000
3,415,000 15,641,000 22,017,000
1,733,000 48.514,000 51.795.000
701,000 26.881,000 25,183,000
2,439,0001 34,425,000 35,291,000
3,671,0001 43,984,000 51,267,000
2,392,000) 9,466,000 0,198,000
3,484,000. 31,024,000 38,448,000
Imports and Exports for the Week.
-See third Inge
preceding.
MAY 12 1917.)
THE CHRONICLE
*Unite:re Gazettt.
IlTa11 Street, Friday Night, May 111917.
The Money Market and Financial Situation.—Notwithstanding the fact that Saturday's bank statement showed
a loss of $23,000,000 in the surplus reserve, money market
rates steadily declined from the unusual figure of 4M% noted
at the close last week, to the normal rate of 2%%. How
much this had to do with the substantial recovery from the
recent decline which has occurred in the security markets it
'
is, of course, impossible to say. The latter has, however,
taken place, despite the still menacing Russian situation, and
also despite the elaborate and exaggerated scheme of taxation
now in process of enaction at Washington. Moreover, the
stock market seems to have ignored the fact that, while, as
we noted last week,the condition of the winter wheat crop has
improved, it is reported that over 12,000,000 acres, or more
than 30% of the total sown last fall, has been winter-killed.
Sentiment in Wall Street seems, however, to have been influenced chiefly by what are unmistakable evidences that
progress is being made towards what Mr. James J. Hill said
would precede the end of the war—by the generally favorable
industrial and financial situation and by hopes that the grain
harvests will finally be more abundant than official estimates
now indicate. The industrial situation is aptly illustrated
by an increase of about 471,000 tons in the Steel Corporation's
unfilled orders and the receipt of $48,000,000 of gold for
England's credit here was synonymous with the drop in call
loan rates to 23/2%.
Foreign Exchange.—Sterling exchange ruled quiet
throughout the week, with quotations indicating a slightly
easier trend, which, however, has slight significance, since
the position is under such arbitrary control. The Continental exchanges, aside from closing activity and strength in
rubles, were also quiet.
To-day's (Friday's) actual rates for sterling exchange were 4 72 for sixty
days, 4 7545 for cheques and 4 7642%04 76 7-16 for cables. Commercial
on bank, sight, 4 75; sixty days 4 71 Yi , ninety days 4 69% and documents for payment (sixty days) 4 71. Cotton for payment 4 75(, and
grain for payment 4 75k.
To-days (Friday's) actual rates for Paris bankers' francs were 5 78X
5 79 for long and 5 7405 74 Vt for short. Germany bankers' marks were
not quoted for sight, nominal for long and nominal for short. Amsterdam
bankers' guilders were 40% for short.
Exchange at Paris on London, 27.18 fr.; week's range, 27.18 fr. high and
27.21 fr. low.
The range for foreign exchange for the week follows:
Cheques,
Cables.
Sterling Actual— Sixty Days,
4 75 9-16
4 76 7-16
High for the week_ _ _ 4 72
4 75423
4 76425.
Low for the week_ _ _ 4 72
Paris Bankers' Francs—
the week..__ 5 77
5 71
High for
5 70
5 734
Low for the week_ _ _ 5 79
5 72
Germany Bankers' Marks—
_ __ _
High for the week_ _ _
Low for the week_ _ _
__
Amsterdam Bankers' Guilders—
40 3-16
High for the week_ _ _
41
404
Low for the week.._40%
Domestic Exchange.—ChIcago, 10c. per $1,000 discount. Boston,
par. St. Louis, 25c. per $1.000 discount bid and 10c, discount asked.
San Francisco, 10c. per $1,000 premium. Montreal, $5 per $1,000 premium. Minneapolis, 10c. per $1,000 premium. Cincinnati, par. New
Orleans, sight 50. per $1,000 discount, and brokers 50c. premium.
State and Railroad Bonds.—Sales of State bonds at
the Board this week are limited to $5,000 N. Y. Canal 4s,
1960, at 102%.
Business in the market for railway and industrial bonds
has increased somewhat in volume over that of a•week ago,
while the tendency of prices has been towards a lower level.
Chicago Rock Island & Pacific ref. 4s declined from 72% to
693. Erie cony. 4s, ser. B, lost 23 points, while Inter4
borough-Metropolitan 43's and Kansas City Southern 5s
fell away from 65% and 883' to 63 and 86, respectively.
Of a list of 25 most active issues only one, Montana Power 5s,
ser. A, advanced. The St. Louis-San Francisco issues, following the movement noted for weeks past, declined. Southern Pacific cony. 4s fell away from 82% to 81%. Third
Ave.adj.5s and United States Rubber 5s tr. co. ctfs. dropped
from 489' and 87% to 459/i and 869. New York Central
deb. 6s lost a point and other losses of from % to 3 points
were noticeable. This decline was, of course, due primarily
to the entrance of the Government into the money market.
The weakness and activity in bonds of the various foreign
governments was also due to the same cause. The most
prominent were Anglo-French 5s, American Foreign Securities 5s, the several Great Britain and Ireland issues and those
of the Dominion of Canada.
Sales on an s-20-f basis, indicating, presumably, sales on
foreign account, have increased this week, being $20,000 as
against $5,000 a week ago.
United States Bonds.—Sales of Government bonds at
the Board include $500 3s reg. at 99,$5,000 4s coup. at 1063,
A .
$1,000 45 reg. at 1063 and $25,500 2s reg. at 98. For to-day's
prices of all the different issues and for week's range, see third
pagefollowing.
Railroad and Miscellaneous Stocks.—Dulness marked
the first two days of bus!ness at the Stock Exchange this
week, but on Wednesday,in response to the drastic proposals
by the Ways and Means Committee for the raising of an
additional $1,800,000,000 revenue, security values declined
sharply in both the railway and industrial groups Why a
recovery of a large part of the ground lost took place on
Thursday was not explained by any further or more favorable news on the tax program. Atchison Topeka &'Santa
Fe fell from 1003/ to 983/2, the close to-night being at 999,
while Baltimore & Ohio and New York Central fell from
743 and 903 to 67% and 86 respectively, the final figures,
A
%
1879
however, being 693.' and 87%. Canadian Pacific moved
up from 156% to 162, declined to 1563' and closed at 159.
Norfolk & Western covered a range of 41 1 points, while
/
fluctuations of from 1 to 5 points were evident throughout
the list. In the industrial group American Beet Sugar fell
from 931.4 to 89, the final figure being 923/, and the high,
8
low and last prices of American Can, Baldwin Locomotive
United States Industrial Alcohol, Chili Copper, Mexican
Petroleum and United States Steel were 43-3932-41
/
54_503/2-533/2, 1223 -113-120%, 21/
5
A
8-21 s
i-858-20/ 3/, 89Y
87% and 116%412%415%. The Copper issues were
weak as were the Steel shares. In the case of the latter,
reports of the commandeering of all steel plants by the Government for the purpose of speeding up ship construction,
the consequent cancellation of private contracts and the
infinitesimal margin of profit to be allowed were, no doubt,
partially responsible.
For daily volume of business see page 1888.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending May 11.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest.
Par. Shares
per share.
per share. 3 per share. S per share.
Acme Tea
100
700 52
May10 55
May 8 52
Feb 58
Jan
Am Brake S & F pfd _100
Apr138
Jan
29717934 May10 17934 May10 176
May 5 48
American Coal
25
100 48
May 5 36
Jan 48
May
American Snuff
100
Feb
10012034 May 512034 May 5 12034 May 112
May 9102
May 9 102
Preferred new.._ _ _100
100 102
May 134% Apr
Am Teleg& Cable_ _ _100
Jan 66
84i 62 May 7 62 May 7 63
Mar
May 8 66;.6 Ma 71
Am Tel &Tel rcts 2d pdMay
600 6634 Mayll 71
Asses Dry G 2d pf_ _100
May 43
100 38
May 8 38 May 8 38
Mar
Associated Oil
May 7834 Jan
100 600 57
May10 58 May 9 57
Atl Birm & ALI
100
400 1434 May 9 15 May 9 1334 Feb 1735 Apr
Barrett pref rots full p(1_
300,103% May 7 10734 May 7 10334 May 11034 Apr
Batopilas Mining____20 1,100 134 May10 134 May 5 134 Apr 2
Jan
Burns Bros
100 900 9335 Mayll 9634 May 9 89
Jan 12534 Apr
Butterick
100
200 1634 May10 1734 May 5 1634 May 19% Jan
Calumet & Arizona_10
200 79
May 8 7934 May 8 76
Apr 83
Mar
Car Clinch & Ohio_ _100
300 24
May 4 24
May 5 24
May 23
Mar
Case (J I) pref
100
100; 84
May 9 84
May 9 8314 Mar 81
Jan
Cent & So Am Teleg_100
181120
May 7 120
May 7 117
Mar 155
Jan
Chicago & Alton pref 100
100' 23 May 5 23 May 5 23 May 2334 Mar
C & E Ills pref tr rcts___
100 6
May 7 6
May 1234 Jan
May 7 6
Chic Rock I & Pac_ _100
100 2034 May 7 203-4 May 7 203-4 May 3451 Jan
Cons GEL&P(Balt)_100 600 109
May 9 113
Mayl1 109
May 1263-5 Jan
Cons Interstate Call_ _10
100 17
Mayl1 17 Mayl 1 1634 May 21
Jan
Continental Insur_ _25
600 53 May 5 53 May10 52
Feb x59% Jan
Deere & Co pref_ _ _ _100
250 99
May 5 9934 May 9 961-4 Feb 100
Jan
Driggs-Seabury Ord__
600 6234 May10 73
May 7 3934 Feb 8734 Apr
Federal Mining & S 100
200 1134 May 7 1134 May 8 1134 Feb 21
Mar
Preferred
100 400 373-4 May 9 38
May 9 37
Jan 45
Feb
Fisher Body pref_ ......100
100 90
May 9 90
May 9 90 May 95
Mar
Gaston W&W Inc no par
400 3034 May 8 32
May 8 28
Feb 40
Jan
Gen Chemical pref 100
200 112
May 7 112
May 7 108
Feb 113
Apr
Hartman Corp
May 5 613-4 May 78
Jan
100 400 6134 May 9 65
Homestake Mining_ _100
210 115
May 7 115
May 7 115
May 13134 Jan
Int Thiry N J pref__ _100 '200117
Apr 121
May 8 118
May 8 114
Jan
Int Hary Corp
Jan
100
500 76
May 5 7634 May10 7534 Mar 88
Jan
Preferred
100
100x103 Mayll z103 Mayll x103 1'day 114
Int Paper pref etts dep.. 1,000 94
May 7 95 May 8 94
May 102
Mar
Jewel Tea Inc
100 1.400 4551 May10 4734 May 9 4534 May 78
Jan
Preferred
100
200 104
May 910534 May10 101
May112
Jan
Kayser (Julius) & Co 100 300 115
May 8 115
Feb
May 9116
Jan 135
Kings Co Elec L&P_100
84 113
May 8 115
May 8 114
Feb124
Jan
Laclede Gas
100 1,100 93
May10 9634 Mayl1 93
May 10334 Jan
Liggett dr Myers_ _ _ _100
100230
May 5c225
Jan
May 5930
Apr 281
Loose-Wiles Biscult_100 200 1854 May 7 183-4 May 9, 18 May 273-4 Jan
Lorillard (P) pref._ _100
200 115
May 9116
May 9 115
Feb 12034 Jan
Manhattan(Elev) Ry100 20012134 May 712134 May 7112151 May 12934 Jan
400 69
May 7 71
May 5 69
Manhattan Shirt
_100
May 81
Mar
100 50 May 8 50
May 8 50 May 60
Mathleson Alkali__ _50
Feb
May 9 56
May Dept 8tores_100 300 56
May 9 56
May 6634 Mar
Missouri Pacific_ _100 500 43-4 May 8 534 Mayll 43-4 May 1634 Jan
18,600 4
May 7 6
May 5 4 May 1634 Jan
Trust receipts
May 9 77 May 9 77
Morris & Essex
100 77
50
May 83
Mar
May 9 7834 May 7 75
Nat Cloak & Sult___100 1,000 75
May 84
Jan
Preferred
100
1001061-4 May 810834 May 810634 May 11234 Jan
N Y Chic Or St Louls_100
200 2974 May 5 2674 May 5 2674 May 3834 Jan
2d preferred
100
100 50
Mayl 1 50
May11 49
Mar 57
Feb
Norfolk Southern_ _ _100
100 2534 May 5 2534 May 5 25
Feb 2834 Jab
100 913-4 May10 9134 May10 90
Nova Scotia S & C._100
Feb125
Jan
Owens Bottle-Mach_ _25 2,600 89
May10 9134 May 5 80
Jan
Apr 106
Pacific Tel & Tel....„100 400 2634 May 9 29
May 5 2634 May 3434 Jan
100
Preferred
100 9534 May 8 9534 May 8 95
Apr 9834 Jan
100 90
May 7 90
Pan-Am Pet Az T pref100
May 7 90
Apr 98
Jan
Mayl1 160
-Pitts Ft Wayne & C_ 100 205 160
Mayl 1 154
Apr 160% Jan
100
500 993-4 May 5 991 May 8 99
Pitts Steel Pre
4
Feb 102
Jan
Quicksilver Mining_ _100
300 2
May 7 2
May 9 11-4 Apr 3
Feb
Royal Dutch etfs dep.... 2,600 59
May 9 6034 May 5 59
May 6651 Mar
1,400 3434 May10 3451 Mayl 1 343-4 May 3434 May
Superior Steel
100 12
May 8 12
Tol St L & W pref tr rec
May 8 12
May 15
Feb
100 700 7434 Mayll 75
United Drug
May 5 6934 Jan SO
Feb
50
100 52
May 5 52
1st preferred
May 5 5134 Apr 54
Jan
S Realty & Impt__100
200 11
May 9 123 May 5 10
4
Jan 22.1 Jan
100 934 Mayll 934 Mayll 6
Vulcan Manning
Apr 94 May
100 9734 May 9 9734 May 9 9734 May 144
Wells, Fars° EKpress 100
Jan
100
437 123-5 May 7 1334 Mayll 1234 Apr 1535 Apr
Wastern Pacific
101
Preferred
275 40
May 9 40
May 9 393-5 May 44
Apr
Outside Securities.—In sympathy with the movement at
the Stock Exchange, values of securities at the Broad Street
"curb" were irregular, the prevailing tendency being toward
a lower level. American Stores Co. fell from 373 to 353/
and Carwen Steel lost fractionally during the week. Chevrolet Motors moved up from 98, the closing price last Friday,
to 105, fell to 98 and closed to-night at 99
Curtiss Aeroplane fluctuated between 233/ and 26, the final figure.
Lima Locomotive covered a range of 2 points and Standard
Motors one point. The high, low and last prices of Submarine Boat, Superior Steel, United Motors and United
Sugar were 23
%-233 , 34-33%-33/ 303'-27-283/ and
A
s,
.
363--36%-36 8 The Standard Oil shares were fairly active.
Standard Oil of New Jersey fell away steadily during the
early part of the week from 637 to 610 but recovered to 611.
Standard Oil of New York moved between 297 and 276,
while Standard Oil of California fell from 267 to 251. Among
the bonds traded in at the "curb" were $95,000 American
Smelters 5s at 90 to 913 ,$246,000 Bethlehem Steel 2
4
-year
5% notes at 973 to 98, $232,000 Russian Government new
4
53'2s at 81 to 84 and $247,000 Russian Government 6
at
89 to 92. A complete list of "curb" market transactions for
the week will be found on page 1888.
1 880
New York Stock Exchange- Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES.
For record of sales during the week of stocks usually inactive, see preceding page.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
May 5
Monday
May 7
Tuesday
May 3
Wednesday
May 9
Thursday
May 10
Friday
May 11
Salesfor
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1
On basis of 100
-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1916
Lowest
Highest
Par $ Per share $ per share $ per share $ per share
Railroads
9813 May 9 10712Jan 8 10014 Apr 108% Om
Atch Topeka& Santa Fe .101)
97 May 9 10012Feb 1 29812 Dec 102 Feb
Do pref
106
Atlantic Coast Line RR
10C 108 May10 119 Jan 4 10611 Apr 126 No,
6778 May 9 85 Jan 18
Baltimore & Ohio
100
96 Jan
8112 Dec
697 May 9 767 Jan 17
Do prof
100
7212 Aug
80 Jan
8
54 May 8 82 Jan 4
Brooklyn Rapid Transit_ 100
8858 June
81 Dec
DX 1484 Feb 7 1673 Mar23 216212 Mar 18314 Jan
Canadian Pacific
8
Chesapeake & Ohio
55 May 0 053 Jan 3
100
68 Apr
71 Oct
4
16% Dee
10 May 9 1418Jan 10
Chicago Great Western
106
1134 Apr
29 May 9 4184 Jan 2
100
Do pref
33 Apr
4712 Oct
Chicago Milw & St Paul-100
7112 May 9 92 Jan 4
89 Dee 1024 Jan
100 11112 May 5 12512Jan 29 123 Dec 13618Jan
Do pref
Chicago & Northwestern...100 10814 May 9 12414 Jan 19 123 Dec 1347k Jan
Do pref
106 180 Apr 10 17212 Feb 16 1165 Apr 176 Dec
"ii- ii- -ii- li- -5112 iiii -56- if- -55i2 if" -ii- Ii" --5;iiii) Chic Rock 1st & Pac (new) w 1 30 May 9 37 Apr 13
77 May10 8414 Apr 14
*77
7&' 78 .77
7% preferred when issued_
7812 *75
80
600
78
7712 77 77 .76
66 May 5 71 Apr 14
66
66 .65
66
68
67 .65
66
86
300 6% preferred when imued...
67
*6512 67
4078 4118 403 41% 4114 4112 38
4
4012 383 3912 3914 397
8
8 7,775 ChR I & Pac ctfs of dep 2d pC 02514 Feb 8 49 Apr 3 031 Dec 038% Dee
37 May 9 51 Jan 16
40 40
39
45
500 Clay Cin ChIc & St Louis_ _ 10(
37
39 .37
37
38 .____ 44
38
38 Apr
6258 Oct
Do pref
.70
70 Feb 1 80 Jan 29
10(
76 .70
76 .70
*70
76
76
76 .70
*70
76
70 Feb
86 June
2314 • 2414 22
*2418 2512 *2418 25
22 .22
20 Feb 10 30 Jan 4
400 Colorado & Southern
23
10(
23
23
2434 Apr
37 Oct
5012 May 9 5712Jan 9
55
1
'53
55 .53
10(
5012 5012 .50
*53
Do 1st pref.
55
100
*51
55
52
46 Apr
6218Oct
Do 28 prof
42 Mar12 46 Mar17
16(
48
*43
*43
48
*43
45
48 .40
48
46 .38
*40
40 Mar 6714 June
10612 112
10912 11112 110 113
11112 1133 27,500 Delaware & Hudson
10( 106 May 4 1517 Jan 19 148% Dec 1511 Oot
11114 114
4
10833111
8
4
.200 237 .200 225 *200 225 .201 225 §215 215 *20012 220
20 Delaware Lack ar Western_ _5( 2233 May 3 238 Mar24 216 Mar 242 Nov
10 May 4 17 Jan 6
.10
10(
1,150 Denver & Rio Grande
1112 *10
12
1112 1112 1112 11
1112 112
1112 11
87 Mar 2314 Oct
8
22 Feb 3 41 Jan 2
Do pref
27
2,100
28
2918 *27
28
28
34
27
10(
15 Mar 5212 Oct
25
28
27
26
435k Jan
2214 May 0 3484 Jan 3
101
8 2312 2378 39,100 Erie
8
2412 2512 243 2518 2414 2538 2214 24
32 Apr
22 8 235
7
35 May 9 4914 Jan 2
Do 181 pref
101
8 36
373 3834 377 3812 373 38
4
46 Dec
35
4
3512 363
8
3612 7,700
37
5918 Jan
2712May 9 3934Jan 3
Do 2d prof
101
28
5411 Jan
2812 1,400
2933 2934 294 30 .2912 304 2712 273
40 Dec
28
4 28
1043 May 9 11814 Jan 4 115 Dee 12712Jan
s
101
10412 10512 1047 10512 11,200 Great Northern pref
1063 10712 10812 107
4
8
8
1053 10714 1043 106
4
273 Feb 3 3818 Mar 4
4
Iron Ore properties_NO pa,
305 31
8
303 315
8 3012 3138 17,700
4
305s 3158 2912 3012 30 307
32 Dec
504 Jan
100 Feb 3 1063
101
100 100 10012 10012 10112 10158 100 101
4 2,300 Illinois Central
101 1013 1003 1003
4
8Jan 2
998 Apr 1097 Oct
4
4
4
94 May 9 1718 Jan 2
2118 Jan
1512 Dee
7
91
8
93
8 95
914 912
914 912
4
912
912 93
9 8 1014 7,700 Interbor Con Corp, vtc No pa,
774 Jan
505 M ay 6 7214 Jan 2
Do prat
5412 55
101
52
7,300
5034 5034 53
5534 5212 54
534 533 55
4
69 Dec
8214 Jan
18% May 9 2578 Jan 2
231s Apr
1058 193
1918 1918 194 3,500 Kansas City Southern_..I01
1918 1912 193 2018 185 1912 19
4
8
52 May 9 681 Jan 30
101
Do prof
8478 Jan
400
54
54
46
55
54
.54
53 .50
54
56% Dec
52
55 .52
101
1514 May 9 2514Jan 3
1714 1711 *1512 18
10 May 30 Dec
500 Lake Erie & Western
1514 1514 1512 153
19
4 16
*15
16
35 May 4 5334Jan 3
Do pref
5513No'
35
32 Apr
101
*25
35
100
33
35 .26
__ .26
34 .2* 33
____
Si
16,000 Lehigh Valley
6114 613
6112 62
4
11
60
5714 May 9 794Jan 2
1
7412 Jan
5714 5934 5812 - 4 59
5938712 Oct
40 May 9 4334 Apr 14
900 Long Island certfs of deposit_
.4012 4112 41
4112 ----- ----- 40_
4038 *3912 4012 *3912 41
119 May 4 13134 Jan 4 12118 Mar 140 Oct
3,479 Louisville & Nashville- _10
12112 123
124 124
1223 12314 12013 12212 121 1224 12038 121
4
154 May 9 32l Jan 29
.1712 1812 *15
1512 1512
20
21
300 Minneap & St L (new).....10
19 .17
154 17 .16
36 Oct
26 Oct
104 May10 119 Jan 3 116 Dec 130 Oct
105 10512 .101 107
105 10514 10412 10412 104 105 .102 10614 1,100 Minn St Paul & S S M____10
120 8 Apr 24 127 Apr 13 12812 Sept 137 Jan
10
5
Do pref
*120 126 *120 126 .120 127 *120 126 .120 126 ._ _ _ 122
0 May 4 11 Jan 2
318 Sept 1314 Dec
54 512 3,700 Missouri Kansas .1c Texas.10
4
512 53
6
6
512 512
*512 6
514 512
111
10 Apr
Do pref
2414 Dec
800
10 May 0 2012Jan 4
15
.11
12
14
12
*11
11
10
13 .1012 12
*10
4May 9 34 Jan 2
233
2212 Sept 38% Dee
15,000 11,11ssourl Pacific(new) when laz.
2414 28
2438 2518 213 253
8
4
8 233 2438 2418 2412 2458 26
61 Mar 7 61 Jan 3
Do pref (or inc bonds) do- _
473 Sept 647 Dec
4
8
513 52 .51
5212 5214 5214 52
5512 5512 1,200
4
5212 54
52
86 May 9 1035
30,225 New York Central
li)o
8Jan 4 10014 Apr 11414 Oct
88
87
88
8834 90
8812 9018 8812 901. 86
8814 87
4
777k Jan
363 Feb 16 527s Jan 2
8,785 N Y N H.& Hartford
10o
3818 39
39
38
38
3812 373 3812 373 3812 363 38
4912 Dec
4
4
4
21 May10 2914Jan 2
2,500 N Y Ontario & Western
22
*22
10
2114 22
23
21
2214 2218 2214 2138 22
26 May 34% Dee
22
7 11,700 Norfolk & Western
1185s 1197 119 120
12014 120
10
1173 121
8
4
11878 12058 11612 119
8Jan 24 114 Mar 14712 Oct
1385
10
Do adjustment prof.. 0 10612 Nia 10 8912 Fob 3
300
83 83
85
.10 0 83 itiltty: 9
1
89
84 .83
89 .84
84
8918 Mal
844 Feb
844 8414 .84
11
9913 10018 997 10012 1004 101
99 10018 9918 1013 10018 10112 23,900 Northern Pacific
4
8
11014 Jan 3 108 Dec 11878Jan
22,310 Pennsylvania
5112 5158
513 52
.
4
5158 524 5178 5212 5133 524 5138 52
55 Sept 60 Oct
5158 May 9 5738Jan 25
38% Dec
1818 1918 18
19
1812 1812 3,400 Pere Marquette v t c
18
1812 1918 18
18 May 7 3614 Jan 2
363 Dec
4
1812 18
7312 Dee
65 May 7 731k Jan 17
57
5534 1,000
57
5712
55
55
Do prior pref v t c
5612 5612 56
58 .____ 56
72 Dec
55 Jan 17 57 Jan 8
Do pref v t c
*--- 59 ...___ 59 *___ _ 59
___ _
_ *___ _ 59 *I.__ _ 59
203 Apr 16 2634May 2
4
2358 2414 2334 2414 2358 2414 2278 12,50C Pittsb & W Va interim ctfs.
4 2312 24
2312 22 8 233
7
*5934 60 4 60
53% Apr 17 6618 Apr 26
Preferred interim ctfs
3,590
61
4 61
6012 6012 5912 6014 6014 603
3
61
8338 May 1 10414 Jan 3
11612 Sept
5O
8
8733 8918 88
8
8912 8734 0018 8358 8712 845 8712 855 8733 120,405 Reading
7518 Jan
41 May 9 45 Jan 29
Do 1st pref
100
5O
42 .41
41
*41
41 .40
42
.40
*41
41% Feb
41
42
46 Feb
41
414 Mar 8 4512Jan 16
4134 .41
Do 28 pref
300
4134
4134 4134
5O
4134 4134 *413 43
52 Mal
4114 Feb
412 4134 .41
)
16 May 5 2638Jan 2
17
16
17
1612 1712 .1612 1712 3,300 St Louis & San Fran new (WI
17 .16
1512 May 3012 Dec
173
4 16
16
25 Feb 3 3112 Apr 14
.27
2834 *2012 283 .21
4 284 283 . 100 St Louis Southwestern_ _ _ _10O
4
16 May 3212 Dec
283
2834 .27
*26
32
.
10O
f
D
52 *___ _ 52 .42
a3
,
.43
46 Nay g 53 Jan 4
*4612 52
874 Sept 57 Dec
48
52
52 .43
*43
1914 Dee
14 Apr
1,700 Seaboard Air Line
1312 13
13
13
1318 1318 13
13
1318 .13
10O
1412 1318 1318
18 Jan 3
4218 Om
26 May 9 3913 Jan 3
*26
3414 Apr
1,400
30
2734 28
28
Do pref
10O
273 284 .28
4
32
2814 27
26
0418Jan
88% May 9 9312 Mar24
9414 Apr
7
9014 92
4
10O
9038 9214 91
9131 88% 9118 893 90 8 9033 908 30,200 Southern Pacific Co
18 Apr
3614 Dec
23 May 9 335 Jan 3
2412 2512 2433 2534 2513 2534 23
10O
247
2333 2478 23% 247 51,400 Southern Railway
551
56 Apr
Do pret
2,525
7312 Dec
5212 May 9 7011 Jan 30
554 554 55
533 54
5518 55
4
5212 53
10O
5212 55
64 Feb
2134 Dec
134 1314 14
14 .14
0 134 may 9 198 Jan 4
1512 1,750 Texas & Pacific.
7
712 M
14
1414 1418 1414 14
14
1(10
4
48 Nov 6812 June
3
2212 1712 22
21
4 8,700 Third Avenue(New York) 10
183 2058 1912 2034 2014 20 8 2014 203
4814 Jan 2
94 Mar
99 June
85
95 Jan 20
85
8518 1,600 Twin City Rapid Transit...10
85
.90
91
8812 90
.00
91
847 86
4
0 94 M Y 9
8
4
8
4
100 12 M:ty 0 14918Jan 2 12934 Apr 1534 Oct
13238 1333 13214 13418 1323 1343 1287 13238 12933 1327 13214 13312 71,200 Union Pacific
76' May 9 85 Jan 24 580 Sept 8412 Sept
2,500
78
7912 78
Do pref
76% 77 .76
79
*794 7912 79
7614 78
10O
73
73
73
73
8Jan 2
005
600 United Railways Invest__ _100
73 May 2114 Jan
8
4
8
2108 2 FebeI 1 1 113
6 NImF
3
:
*74 .812 *712 812
7
7
000
2334Jan 2
*1612 19
.1812 20
20
*17
19 .17
*17
Do pref
20 .17
20
17 Sept 39% Jan
10
1514 Jan 5
1012 11
10 4 10% 3,600 Wabash
1318 Sept 17 Jan
3
3
8 10 4 11
11
10
1138 1118 1114 114 113
60% Dec
4458May 9 58 Jan 2
Do pref A
4518 4614 4612 4634 10,900
4112 Mar
4612 47
463 4712 4612 474 4433 46
4
10O
3278 Dee
3012Jan 2
4 7,500
May
2378 2314 2312 2314 233
Do pref B
2412 23
2312 24
25 Apr
2312 2414 *24
le
2,100 Western Maryland (new).IC3 177 1.1a ry
23 Apr 3
18
183
4 18
18
2012 2012 .19
3 s1 1ay
177 18
20
2014 .19
41 Mar27
*23
36 .28
38
33
Do 2(1 pref
*30
36 .28
38 .29
10
2278 Jan 2
,
21 Dec
137
4
8 133 1,
1312 13
134 133
Wheeling & Lake E Ry w I.. _
27% Dee
13
4 13
3112 Apr 10 5038 Jan 22
5812 Dee
3414 1,700
33
32
Do preferred when issued_
32
32
32
32
46 Dec
32
324 33% .32
34
56% July
454 Feb 14 5414 Jan 2
Wisconsin Central
50 *47
50
*48
33 Apr
50 .48
50 .48
50 .48
50 .48
Industrial & MIseellanoo
irs
2114 Dee
ry1 1 3814j : 9
10 17 Ja
147 147
700 Advance Rumely
14
*13
1458 14% 15
a
14 Aug
14
0
5
123 14
14
4
15
10 0 218234
10
43 Apr
20C
Apr
34
Do Prof
2814 284 .29
30
.31
30
a
3
31 .28
34 .28
803 Oct
4
6912 6912 3,60 Ajax Rubber Inc
70
7212 67
70 .68
63 July 8918 Dec
66 Feb 3 80 Jan 25
6712 69 .67
50
69
70
2611Jan
618 638 5,700 Alaska Gold Mines
10
618 638
618 May10 11I2Jan 4
101 Dec
4
612 658
614 612
812 658
65
8 633
1014 Jan
2,100 Alaska Juneau Gold Min'g..10
412 5
614 Oct
512
5
47
818 Mar26
433 434
5
412 May 9
.7
5
57
3 57
612
8
2314 2312 2,900 Allis-Chalmers Mfg v t c_ _100
24
38 No,
23
19 July
2018 Feb 3 3038 Mar21
24
2412 2434 25
24
24
2412 23
82
1,000
7012July
92 Nov
8
81
Do preferred v t c._ _ _100
82
81
8012 8012 82
8038 81
8078 807
7914 Feb 3 867 Mar10
8 82
8 2,825 Amer Agriaf itural Chem...100
915 917
63 Apr 102 Nov
92
83 Feb 3 9512 May 2
92
9012 .00
9012 91
92
92
a arcn
91
90
.
10
9858Feb 10 10312Jan 24
96 Mar 10314 Dee
Do
•100 102 11003 10058 .100 102 .100 101 *100 101 .100 10112
8
100
81 Feb 1 10212 Feb 15
6154 ot. 10812 N ov
8 9218 9212 13,200 American Beet Sugar
92
3
91
914 90 4 923
9112 92% 9134 9314 89
100
9112May 9 98 Jan 24
300
9312 9312
'
59212 97
93 Apr 102 June
Do prof
9112 9212 *9112 07
*9212 97
*9212 97
100
38 Feb 3 5178 Mar29
4118 4214 42
8 4112 4212 15,100 American Can
684 Sept
403 417
4
44 Dee
4314 4218 4338 3912 42
100
104 10114 1,200
s
101 101
Do pref
100 103 May 7 1105 Jan 25 10778 Dec 115338
103 10312 10312 10312 103 104 .103 107
891
64t2 633 6412 7,200 American
4
63
8
57 Feb 3 7112 Mar27
7812 Dec
p icaCr & Foundry.100
*6418 6412 6412 643
52 July
4 64t4 6512 617 64
600
.11414 11534 .11414 1153 .11414 11534 11512 115% 1164 11618 .114 117
100 i15' Apr 18 11812Jan 23 11538 Aug 119% Mar
prof
4
68% oat
3812 May 9 5012Jan 5
8 1,g138 American Cotton 011
403 407
4
. 40
41
4038 40
4212 3812 40 .39
40 .40
100
4818 Dec
102 Mar
93
92 .92
92 May10 10112 Jan 9
92
100
95 ._ _ _ _ 95
95
97
98 Jan
19612 9612 96
1214 1214 6 300 Americanrafide & Leather_100
:4
400
10 Feb 2 1714 Mar29
1238 1258 1214 1258 1214 123
814 June 20's Oct
pa p II
121: *1114 12
11
84% Dec
5512'May 7 75 Jan 4
46 Mar
57
59
5914
59
6012
57
100
573
4 56
57
585
8 5512 58
32% Dec
2,900 American Ice Securities.--100
26 Jan
26
24 Feb 2 3254 Jan 2
25
25
25
2418 2414 2434 2434 25
2418 2512 25
17 flee
2778 No,
7
20
207
8 2012 20 8 7,800 American Linseed
20
4
204 20
8 1912 20
153 Feb 3 2218 Apr 27
207
100
2014 20
6234 No,
3814 Mar
48 Feb 3 6814 A pr 27
5634 57
Do pref
554 5512 5712 565 5733 4,100
100
5612 5714 5634 573
3 55
6212Feb 2 823
10
0
58 July
8534 6514 664 12,40 Amea profrtcanLo
9814 NO,
64
4Jan 4
n
6512 6512 66
65
Locomotive.
663
4 63
65
67
..100
991k July 109 Nov
8
*102 101 *10112 10212 103 105
1023 10234 .102 104 .102 105
160 102 May 4 1067 Jan 20
.
4
918 Apr 21 195 Mar30
100
400 Amerlean Malting
*912 1112 .912 1112
.912 10
10
97 1012 .104 1138 10
8
Do pref
58
5912 594 593
574 May 9 68 Mar30
MO
4
58% 58'4 583 58% 3,500
4 5912 50% 5712 59
941j l y
8 11 Jul
9714 Nov
93
9312Jan 2 99' Jan 31
*92
Amer Smelters Sec pref 13.100
94 .90
*90
91
91
94
.91
*9114 9311 .92
8May10 10214 Mar 10
073
i02 Nov
Do pref Her A stamped._
8 9812 9812 1.014
973 073
8
9814 9814 98% 9331 973 933 *974 933
4
3
98
97
98
9738 9338 25,000 Amer Smelting & Refining.100
8312 Apr
1227 Nov
a
94% Feb 2 11014 Jan 10
97
9734 9818 9914 9815 9914 96
11815 Oct
112 112 £11012 11078 1,806
•11212 11312 11318 11313 11218 11214 112 112
Do prof...100 211012 Nlayll 11718Ja1' 19
575 59 .58
52 Feb 3 657 Mar21 101) Apr
441$ pr
73 Dec
60
2,300 American Steel Foundry...160
s
.
.
59
59
.56
5618 58
60
4,000 American Sugar Refining...100 1013 Feb 3 115% Feb 21 104 Dec 12858001
4
8
109 10918 109 110% 109 11014 1073 10378 108 1003 111 111
500
Do prof
1177 11778 117 11712 117 118 .11612 118 .115 118 .117 11712
8
.
100 117 Feb 2 12112Jan 25 11518 Ma, 1231,001
8
12234 12234 12234 12314 11812 123
11738 11978 119 1203 11614 12014 33,740 Amer Telephone & Teleg-100 11814 Mayl 1 12812Jan 24 212318Dee r13412 Sent
8
Feb 2297 Nov
100 181 Apr 21 220 Mar12
1,400 American Tobacco
193 193 .190 195
193 193
10312 193
19112 195
189 191
1 88
100 100 Apr 24 10031 Jan 18 10514 Apr 113 Seta
100
*102 105 .102 105
Do pref(new)
.102 105 *102 103
10312 10312
1
587 Nov
4734
4734 4812 5,010 Am Woolen of Maas
37 Dec
3718 Feb 3 5412 A pr 3
475 4738 4818 4818 483 9938 -7 E8 iiis 47
6
100
J
900
921,:tt: , 102 Mar
59 .u 3
963 97
8
95% 9634 *9512 97
03
Do pref
98 .97
.97
93 .97
100
7614 N Cy
1,700 Am Writing Paper pref
40
40
11 Jan
30
1
:
: a„, ;10
9212.1a 4
:4 jj1 , 66
5
4
3912 3912 *3318 40 .3312 40
33
.e
388 39
100
U reI"
977 kpr
2
28May0
3012 1,400 Am %Inc Lead & S
sit
2(4
2958 July
2012 2912 30
29
30 30
25
304 3014 3012 3012 28
87 No,
25
63 May0
n 2
*6314 653
s
63
700
*68
6378 63
*63
Do pref
67 '6313 .67
63
8
1053 Nov
70 Feb 1 863 Mar20
7667
4
4
7714 7812 54,700 Anaconda Cooper
763 78
767 - - 3- 773 7878 7818 7938 7533 777
8 71;8
8
50
4
July 1473 Dee
4
800
3
993 15, 0
894 Feb 3 1214 Jan 22
9712 9633 9912 98
063 973
GoulfpArelfVeeIrtS
8
SiaLine ctfs 100
4 98
99's 93/8 10014 05
604 Dec
733 Nov
61
4
54 Feb 8 66 Jan 4
*60
61
*58
*5812 60
60
60 60
AllD
100
5912 60 .59
6224 5458 18,210 Baldwin Locomotive
52 Dee 11833 Jan
514 53
43 Feb 3 6312 Mar26
51% 53
5212 5312 527 54
160
504 52
100
09 May 5 10212Jan 15
110 May
99
99
99 1004 .99 10018 .9912 10018 9912 9912 *9912 100%
499 BaDrroett profC1 (The)
710
994 pee
106 103 .10312 108
10612 10112 1053 107 *105 100
10:5 105
4
100 105 May 9 136 Jan 2 a 1277 Dec 1674 Dee
300 Bethlehem Steel
Mint 19 Mar 11 515 Jan 4 415 Jan 700 Nov
.126 135 .125 135 *125 13212 125 125 .124 132 *125 13212
1191. 12211 1161, 11912 11812 12118 120 1215 101.500
1177 11912 11914 122
8
.....
8
Do clam it rommon_ _100 I 103 Mar 1 14331 Mor21
• Bid and asked prima; no sales on this day.
Less than 100 shared.
Before payment of 18t installment.
Ex-rights.
Ex-div. and rights. z Ex-dividend.
$ per share $ per share $ Per share
4
9912 10018 907 10012 997 1003
8
8
9712 98
98
973 9734 98
4
11012 11012.110 111 *110 111
4
7234 744 7212 7312 724 733
7014
7014 704 7012 7012 70
594
8 54
8
6018 61
583 607
15658 160
1583 162
156 157
4
5714 5812
575
574 57
57
11
It
11
11
11
11
8
327 327 .32 . 3234
33
8
33
8
7612 7714 77
7733 755 7814
11112 11212 112 11258 11234 113
10918 1093 110 11012
4
1083 110
4
$ per share
984 993
4
97 97
10812 109
677 7112
8
8
697 697
8
55
563
4
15618 159
55
574
10
105
8
324
29
7112 754
11112 11312
10814 109
$ per share
9812 100
97
974
108 109
6812 6912
70
*68
5912
57
15818 1603
4
5512 5612
1014 1012
2912 3018
747
8
73
11312 114
1083 110
4
$ per share
18,605
9934 100
.9612 973
4 2,300
1,000
109 109
6918 70 24,900
500
70
.68
8
5814 593 11,900
23,901
159 160
9,325
56
56
2,200
10 8 11
7
3014 3033 4,350
8
725 7412.31,110
2,293
114 114
7,066
10858 110
1881
New York Stock Record-Concluded-Page 2
For record of sales during the week of stocks usually inactive, see second page preceding.
-PEE SHARE, NOT PER CENT.
HIGH AND LOW.SALE PRICES
Saturday
May 5
Monday
May 7
Tuesday.
May 8
Wednesday
May 9
Thursday
May 10
Friday
May 11
Salesfor
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1
-share lots
On basis of 100
Lowest
Highest
PER SHARE
Range for Previous
Year 1916
Lowest
Highest
Industrlat&MIsc.(Con.) Par $ per share $ per share $ per share
per share.
100 11712 Mar 3 135 Jan 5 126 July 186 Nov
200 Bethlehem Steel pref
3814 Feb 3 5214 Jan 28
417 Dec 1054 Mat
1,800 Butte & Superior Copper--10
s
1712 Apr 24 3012Jan 25
15 Junc 4238Jan
2,200 California Petroleum v t c_100
100
4614 Mayl1 6214 Jan 25
Do pref
40 June 8018Jan
1,300
100
70 Feb 1 6778Jan 4
49 Apr 123 Nov
33,300 Central Leather
N ov
100 110 May 8 1157
Do pref
8Jan 25 1087 Jan
250
327
8May 9 41 Feb 20
5,800 Cerro de Pasco Cop__.No par
100
9012Feb 3 1048 Mar20
1,100 Chandler Motor Car
8812 Apr 131 June
4
25
20 Feb 3 2738 Mar12
3914 N coo
12,500 Chile Copper
sJuly
193
5
4818 Feb 3 633 Mar 7
74 No,
7,700 Chino Copper
48',July
4
100
6,400 Colorado Fuel & Iron
384 Feb 2 5412 Mar21
631
.2Seps
384 Apr
$
100
341g Feb 3 4778 Apr 4
3014 Sept 837 Dec
9,900 Columbia Gas &Elec
3834 Mayll 48 Jan 4
300 Computing-Tab-Record -.101)
4 % July 5258Jan
0
17,060 Consolidated Gas(N Y)..100 x1043s May10 13428Jan 18 12934 Dee 1443 Jan
4
751 Jan /111 Bern
4
100
8212Feb 3 9434 Mar29
2,100 Continental Can
100 10834May 7 11253 Feb 7 108 Feb 114 Nov
Do pref
100
18 Feb 2 2718 Mar23
2934 Dec
37,100 Corn Products Refining---100
18 8 Aug
1
100
963 Apr 11 11238Jan 2
4
Do pref
2,100
85 June 11312 Dec
501 Feb 2 7314 Mar21
9912 Mar
70,960 Crucible Steel of America_100
5014 Dee
100 104 May 9 11734Jan 3 10814 Jan 1247 Dee
g
Do pref
300
3584 Feb 3 5514 Jan 4
No par
7538 Oct
28,000 Cuba Cane Sugar
43 Dec
100
8512 Feb 14 9412Jan 3
Do pref
2,600
013 Dec 100180ot
4
Cuban-American Sugar-...100 159 Feb 14 205 Apr 16 152 Jan 2897,5091
100
9912 May10 105 Mar 8 100% Dec 110 June
Do prof
900
113 Apr 20 32 Jan 2
4
5412 Apr
3,600 Distillers' Securities Corp-100
24 Dec
10
11 May10 243 Jan 9
291* Feb
11,800 Dome Mines, Ltd
4
18 Dec
100 1507 May 9 17134Jan 28 159 Apr 18733001
8
General Electric
10,730
984 Apr 20 125 Mar16 120 Dec 136 Des
27,600 General Motors tern ctfs_ _100
100
85 Apr 24 93 Jan 4
Do pref tem ctfs
1,116
93 Dee
8812 Dec
473 Apr 20 6114 Jan 19
100
4
80 Apr
3,400 Goodrich Co(B F)
4012 Dec
100 107 Apr 18 112 Jan 4 11012 Dec 11514 Mag
Do pref
754 Feb 3 9238Jan 17
500 Granby Cons M S & P_ _ _ _100
80 July 120 Nov
40 Apr 23 47 Jan 26
1,100 Greene Cananea Copper_ _100
84 June 5512 Nov
9912Feb 3 187 Jan 3
2,500 Gulf States Steel tr ctfs_..100
71 May 193 Nov
Do 1st pref tr ctfs_ _ _ _100 102 Feb 3 109 Apr 21
87 May 116 Nov
Do 2d pref tr Ws_ _ _100 117 Feb 10 11712 Feb 2
72 May 190 Nov
5413 5412 548 5513 . 5 ii3 -ai 4
5
s 61- -Writ) 5513 55 5584 17;566 Inspiration Cons Copper _20 48 Feb 1 6312 Mar20 42% Apr 74% N ov
21 •1712 2112 *17
•17
134 Feb 5 2112 Apr 27
297 Jan
21 '17
100 Internat Agricul Corp_ __ _100
11 Aug
1912
*17
s
18
1912 18
52
53
51
50
*50
3514 Feb 5 53 Apr 27
100
51
74 Jan
37 Dec
Do pref
49
50
1,000
48
49
494 *46
111 115
111 111 .
111 112
8
2,300 Intern Harvester of N J_ _100 10712May 9 123 Jan 2 1084 Jan 1287 No,
10712 111 *10814 10914 110 110
2614 265
8 265s 2714 2653 2712 255s 2612 2614 2714 2653 275 26,650 Jut Mercantile Marine__ _ _100
193 Feb 1 367 Mar23 213% Feb 8507 Sept
8
4
8
8
773 7958 7533
4
4
77
77 4 773 79
,
100
625
Do pref
8Feb 8 054 Mar24 e6114 Mar 1125% Sept
4
773 7954 55,300
772 79
4
4112 397 40 2 4012 4112 407 4112 30,300 Intern Nickel (The) v t c__25
403 413
4
4 41
3712 Feb 3 4738 Mar21
4038 41
77314
8
387 Dec 56% Jan
s
3412 33
344 3334 36
7512 No,
3312 3412 3378 3412 34
100
33 Mar 2 4938Jan 4
36
374 10,800 International Paper
94 Mar
95
95
96
96 .
Do pref
98 101
800
100
97
99 .93
95
94 Mar19 105 Mar28
.98 101 .
421 Feb 10912 Dec
4812 49 .48
53
1,300 Kelly-Springfield Tire
25
49
52 .50
50 .49
52
48 May 5 6412Jan 4
48
50
8514 Sept
56 Dec
4412 4553 4314 4412 4378 4434 4412 45
8 443s 45
40 Feb 1 4734 Mar 7
31,600 Kennecott Copper---..No par
6414 Nov
40 Dee
4318 445
8258 8314 87% 82
1014 1778 8114 8314 823 84
4
100
704 Feb 3 89i4 Jan 4
10,700 Lackawanna Steel
8214 83
4
813 82
64 May 107 Nov
5611 June
.174 18
18
18
1812
174 Feb 28 30 Jan 2
1,900 Lee Rubber & Tire....No par
1778 184 18
2512 Dec
173 1814
4
185 200 *185 200 .185 200
Lorillard Co (P)
100 200 Mar 2 232 Jan 19 17914 Jan 23978 Aug
•185 200 .185 200 .185 200 .
83
8214 8212 .8112 84
8214 May10 898 Feb 17
100
8312 8458 83
91 Feb
300 Mackay Companies
85 .
85 .84
4
*84
78 Apr
Do pref
654 164
64 .64
100
64 Mar 14 674 Jan 15
6514
777
64
66
58118 Jun e
6412 6412 6412 *64
*64
847 Dec
s
4312 Apr 20 gm Jan 17
4812 5014 501s 50 4 50
53
3
5118 10,900 Maxwell Motor Inc tr ctfs 100
4734 5012 50
4712 48
99 Sept
44 Deo
67
6312 Apr 18 7418 Jan 18
Do 1st pref stk tr ctfs_100
66
6312 6312 653 655 *65
600
93 Jan
66
6812
4
4
*6312 6512 66
65 Dec
305 3112 *3012 31
8
29 s Apr 20 40 Jan 20
5
*31
32
Do 2d pref stk tr ctfs.
.100
6072 June
1,300
304 3012 3112 32
*3012 31
32 Dec
8712 8612 884 87
894 85
100
s
8153 Mar 1 10612 Jan 10
8714 8834 87
86
87
8812 25,020 Mexican Petroleum
88 4 June 1295 Jan
6
94
90 May 3 66 Jan 24
05
90 •*---- 95
Do pref
100
90
93
100
•
88
8912 June 1054 Jan
39
395
8 3812 39
34 Feb 1
-5ii2 16- 3834 3912 9,200 Miami Copper
5
3778 3812 384 39
33 Aug
4033 N ov
4314 Apr 30
544 55
57
56
5012 5614 5634 56
5512 5634 5514 5634 17,260 Midvale Steel & Ordnance_ _ 50 544 May 9 6288 Apr 2
96
96
9612 94
9312 May10 1094 Jan 25
100
9312 94 *9358 94 2,600 Montana Power
97
8 97
963 975
4
6814 Mar 1147,Dec
•116 11712 .113 11712 .113 11712 *113 11712 *113 11712'113 1174
Do pref
100 114 Jan 20 1174 Nlar28 109 Jan 11714 No'
10512 10512 106 106
105 105
106 106
1,900 National Biscuit
'
100 105 May 1 1221t Jan 5 118 Sept 13112001
108 11212 4 110 113
112 112
11512 11512 .115 11712
Do pref
,
100 112 May 5 127 Jan 5 124 June 12958 May
600
- *115 8 130
*2912 3012 3014 304 303 303
3812 Dee
1,400 Nat Enam'g & Stamp'g__ _100
24 Feb 3 36 Mar 9
1934 Apr
4
4
2912 1912
4 294 111014 *115- *293 31
*92
Do pest
98 .
92
200
100
904 May 9 pg Jan 19
97 .92
97
95
9012 9012 *90
904 Dec 100 N ov
9412 9412
•54
100
7433 Sept
52 Feb 3 634 Mar23
54 4 5312 5414 5312 5412 5214 5318 *5233 55
,
57 Dec
*5312 5412 3,700 National Lead
100 101 May 8 114 Jan 6 11114 Dec 1174 Oct
10853 1085 10812 10812 101 107
Do pref
103 103
8
1,400
10412 10112'102 107
3410 No,
5
207 Feb 3 2614 Mar 6
s
2234 23
234 2312 2314 233
15 Jan
23
2318 4,300 Nevada Consol Copper
2234 23
8 2234 23
100 128 Feb 3 156 Mar21 118 July 166 Nov
•
134 13412 13212 134 *133 138
130 135
13434 135
800 New York Air Brake
135 135
6412 6213 633
66
160
2
757 Dee
61 May10 7232 Mar21
*6478 66
654 Apr
900 North American Co
63
624 *61
61
644
4
87 Feb 3 14378 Apr 19
129 1313 127 131
12818 1303 1227s 12514 125 128
4
4
75 Oct 12418 Dec
127 1297 52,724 Ohio Cities Gas (The)___ _ 25
8
47 May 9 54 Feb 19
*48
50 .48
.48
50
50
700 Ohio Fuel Supply
47
47
47 *45
47
47
5 Feb 3
100 Ontario Silver Mining_ __100
*512 64 *512 61s ,,,514 512 *514 614
.512 6
74 Feb 14
3
5 No, 1133 Jan
/
1
4
53
8 58
21
21
2114 2014 21
21
5 18 Feb 3 2618 Mar23 114
2,400 Pacific Mall
31 Ana
21
4014 2114 2012 21
21
4Jan
80
81
.
80
744 8014
81
74 May 9 10614 Jan 18 1001 MAY 118 Oct
75
744 7678 7612 7812 14,600 People's0 L & C (Chic)_ _100
8
34
34
34
34
323 May 9 42 Jan 4
4
3234 3312 3312 3358 *33
724
334 3414 3
34
4,100 Philadelphia Co (Pittsb)_ __50
38 June 48 Dee
8
4212 4278 4312 43
42
35 Feb 1 5238Jan 19
4312 4078 43
42
4338 43
4334 10,800 Pittsburgh Coal ctfs dep._100
254 July 5814D00
•114 115 •113 115 .111 115 .111 115
Do pref ctfs deposit_100 10718Jan 15 1184 Mar20 1004 Aug 11514 Dec
100
1135 11358 *113 114
8
.71
73
73
73
73
73
8814 NOV
70 May 9 8314 Jan 26
4213 July
100
70
4,100 Pressed Steel Car
7234 72
723
4 71
73
*101 10312 .101 104
.
101 10312
101 10212 *101 103 *101 103
108 Nov
100 101 Mar 7 z107 Jan 31
Do pref
97 Jul
450
O122 12712 •122 1274 *120 12712 120 120
s____ 12712
100 Public Serv Corp of N J---100 120 May 9 131 Jan 6 114 an 137 Sept
147 148
148 1492 148 150
4
100 139 May10 16712Jan 26 1594 Mar 177 Sept
139 1 2 14214 14512 8,463 Pullman Company
-41147
463 463 14334 1463
4
4614 4614 47
5
4 4
4 14 4512 4714 4712 473
43 Feb 2 5538 Mar21
32 Apr
52
61114N ov
100
4 1,900 Railway Steel Spring
5957 9578
8
98
98 • .95
*95
967
8May 9 101 Jan 22
9514 Mar 10314 No,
100
.9578 98
Do pref
210
'97
97
2912 2678 967
9 12 2914 2812 29
8 2812 294 29
8
283 285
8
8
23 Feb 1 3214 Apr 3
20 June 37 Nov
29
2914 21,100 Ray Consolidated Copper_ _10
7812 7912 7812 798 76
7712 79
78
60 Feb 1
42 June 93 Nov
100
7814 8014 7912 8038 38,900 Republic Iron & Steel
Mar21
101 101 1102 102
10013 10014 101 10112 .100 102
*101 103
90 Feb 1 10584 Jan 2 101 Dee 117 Nov
100
Do pref
530
4512 4614 *44
4612 4712 *4612 50
44 May10 68 Jun 4
46
44
100
44 .44
63 8 Dec
7
49
84 4 Sept
3
700 Saxon Motor Car Corp
17112 17112 163 17012 16514 168
17014 17012 17112 172
No,
100 1654 May10 23814Jan 22 10814 Ma
167 16912 2,700 Sears, Roebuck & Co
*2412 2512 .2412 2512 2458 25
25
2218Feb 2 2934 Mar 9
25
10
2458 2514 *25
22 Dec
4014 Feb
253
8 1,300 Shattuck Ariz Copper
5112 527
8 5278 5312 5034 5214 5114 5134 5112 52
5084 May 9 593 M ar29
s
513 52
4
10,200 Sinclair Oil & Rerg___No par
49
4512 457
42% Apr 21 7434 Mar30
8 4612 4712 *47
37 J1117
9314 Nov
48
1,600 Sloss-Sheffield Steel& Iron 100
49
*48
50
•175 190 *175 190 *175 190
100 South Porto Rico Sugar_ _100 165 Feb 6 195 Mar 9 148 Jan 240 June
*175 190 *177 190
,
8
863 897
4
8312 Apr 21 11012Jan 17 10018 Dec 167 Jan
8 88 8 907
8614 87
885 38,600 Studebaker Corp (The)._ _100
8612 8858 87
8
18470
•100 105 *10012 107 *10012 107 .08665884 18746 *101 107
Do pref
100 10214May 3 10838Jan 20 10814 Sept 14 Mar
07
100
1048 1013
7712
4
4
*4214 45 .4214 45
43
43
424 May10 5334Jan 28
200 Stutz Motor of Am Inc_No par
43
4214 4214 *42
7912 Sept
4812 Dec
1558 16
8 1558 16
154 157
1913 Dec
13 Feb 2 1734 Mar19
1534 Dec
154 1512 151 1512 6,900 Tennessee Copper & Chem w 1
8
-9
1i
20114 2063 205 209
4
20314 207
2 1i 20234 20512 20314 206
- 4li
08
21,300 Texas Company (The)_ _ -100 199 May 9 243 Jan 10 1774 June 24112 Nov
52
52 4
,
518 5214 514 53
4
481 Feb 3 59 Mar21
4814 Sept 5938 Dec
5118 5178 52
523
4 6,500 Tobacco Products Corp__ _100
*97
9912 .9858 10012 *98 100 .98 100
98 100
88
*96 100 .
8
5
99 Feb 23 105 Mar12
Do pref
100
99 July l091 Mar
42
42
42
4512 .40
*40
*40
44
40 Feb 3 4634 Jan 25
*41
43
100 Transue&WilliamsSteelNopar
*4012 4212
95
*9014 96
90
97 .
*90
92 May 3 1094 Mar12
Underwood Typewriter._ _100
95
*9014 95
86 Jan 110 Oet
*90
*11
12
1112 12
1112 1112 .
11
11 May 9 1514 Mar22
11
418 May 18t2 Oct
600 Union Bag dr Paper
100
12
11
11
*11
80
84
82
80
80
*75
7914 Mayl1 112 Jan 22
1,200 Union Bag & Paper (new)-100
83
871 Oct 129 No,
7914 80
2
*75
42
42
4112 42
41
424 *4114 4131 4114 42
59: 4 5905
No par
40 8 May 4 4812 Mar 6
3
1,900 United Alloy Steel
4112 4112
981/
8 9614 9612 97 97
97
953 9614 9634 98
4
b9 Feb 10534 Aug
9112 Feb 3 1034 Jan 5
100
97
4,800 United Cigar Stores
97
*115 118 •110 118 *112 118 *112 118 *112 118 *112 118
100 119 Jan 2 12034 Mar 14 5111* Feb 120 Aug
Do pref
13314 13314 *132 137
13114 13214 13234 133
13212 133
100 13114 May 9 15438Jan 22 13618 Jan 1694 June
134 13412 2,200 United Fruit
4
1814 1814 .185 1912 183 19
6
164 Jan
284 No,
17 Feb 2 2312Jan 25
1814 1814 19
19
1914 1912 1,500 U S Cast I Pipe & Fdy__ _ 100
*5334 60
*5384 60
6713 N 0?
54
54 May 9 63 Jan 29
4811 Feb
535
100
Do pref
54
. 4 60
*5334 60
100
*533 60
4
1153 11818 11512 1173 113 117
4
4
11434 116
944 Dec 17013 Apr
119 12212 140,400 U S Industrial Alcohol_._100 10012 Apr 21 1324 Feb 23
117 120
98
98 .
.98
9812
95
9712 Apr 28 10412Jan 8
99
100
9912July 114 Jan
9814 9814
Do pref
*90
9812 *90
250
9812
5618 565
8
4 5514 56
50 4Feb 9 65 Jan 3
3
47% Mar
5312 5512 5412 553
8 7,200 United States Rubber_-_100
70 8 Dec
3
4
553 553
106 10612 .10
8.5 1087 *10512 107 *10512 107
3
87 2
100 105% Feb 2 11434Jan 3 10618 Feb 1151 Dee
106 10714 107 107
Do let preferred
4
400
.
5334 54
5412
*5052 505
52
52% May10 673 Jan 4
53 8 5233 5233 *53
811i Noe
,4
50
5414 54
54
1,700 U S Smelting Ref dc M
57 Dec
54
4
4
503 .50
50 4
3
4912 Apr 23 5214 Jan 3
50 June 8318 JUDO
50
Do met
503 .50
*50
4
5034 .50
50
•
503
4
4
,
114 115 8 1143 1164 11212 11412 1144 116
99 Feb 1 1183 Apr 3 x7984 Mar 12914 N ov
100
11512 1165 687,600 United States Steel
8
1134 11418
4
1638 1 734 117 11733 11714 11712 7,300
8
8
100 1163 14,1aY 9 12114Jan 19 115 May 123 Nov
11712 11712 1175 1177 11712 11734 11754 118
Do pref
2
8
s 11
11314 11512 1133 1155 140 14114 112 8 1137 11214 114
7434 July 130 Nov
133
97 Feb 1 1177 Apr 28
2
10
11212 114
8
48,650 Utah Copper
8
5
181s 181s
19
1614 June 273 Dec
173
8
4May 9 2434Jan 22
100
181g 181g
19
1814 1814 2,500 Utah Securities v t c
1918 *18
s 4212 4312
4
36 Apr
51 Jan
423 427
4014 42 .41
2,625 Virginia-Carolina Chem_..100
42
43
3414Feb 3 4514 Apr 27
*42
4
4
4
1083 1083 1013 10814 *100 110
100 10434May 8 11214 Jan 26 108 Apr 11412 Dec
10514 10514 .10512 110
1,300
Do met
*108 110
65
82
61
634 66
61
41 July 72 4 Nov
48 Feb 3 77 Mar30
,
6512 6612
100
•
62
66
900 Virginia Iron C & C
95
4
904 9112 0112 92
8
87 Mar 105110ot
903 Mayl1 993 Jan 19
947 9478 91
4
5,700 Western Union Telegraph _100
04
903 93
4
94
47
48
4514 47
7153 Mar
4514 May 9 553
8Jan 2
46
511 Dec
4
4658 4634 47 8 17,300 Westinghouse Elec & Mfg_ _50
474 4712 4712 48
5
*63
68
79 Mar
70 Apr
70
Do 1st preferred
*63
68 Apr 17 7018Jan 4
50
65
*63
68
70 .65
•65
45
45
431
8
593 Oct
4312 May
45 Deo
44
444 45
4412 *44
45
3,500 White Motor
50
4418 45
6212 Jan 18
2
8
8 -s 287 3014 .0314 ' 20
0
29
46
284 May 9 3813 Jan 18
34 Dee a325 June
25
29
8
295 295
2914 30
2814 283 15,250, Willys-Overland (The)
4
944 9412
9414 May 8 100 Mar10
400
97
94 Dec 117 June
Do pref sub recta full pd 100
*9314 9414
954 9512 *95
7314 60
7012 -7 1 7
4 72
if- 7114 7112 5,300 Wilson & Co,Inc, v to.._100 58 Feb 1 8414 Mar30
71
717
8 7114 723
14184 Oct
4,115 Woolworth (F W)
12712 12712 12512 12814 12312 12712 12112 12212 120 12112 *121 123
100 120 May10 151 Jan 22 118 Jan
123 123 .123 125
123 123 .123 125
•
300
123 125 .123 125
Do pref
100 123 May 8 12618Jan 17 123 June 126 Nov
24
24
24
24 .23
25 July 353 Sept
25
2
2678 .2418 2512
23'2 Feb 9 28 Jan 4
500 Worthington P & M v t c_100
25 .24
27
95
*80
95 *- - - 95
*80
944
91 Apr 16 95 Jan 26
.85
95 .85
95 July 100 Sept
Do pref A v t c
95
100
51
50
.
51
50
51
52 July 664 Sent
50 May 9 5738Jan 22
51
51 .___ 54
300
Do pref B v t c
100
54 .51
54
•Bid and asked prices; no sales on this day.
Less than 100 shares.
Ex-rights. a Ex-rights. a Ex-div.and rights. 0 Par $100 per share. o Certificates of deposit
zEx-dIvidend.
$ per share 5 per share $ per share $ per share $ per share $ per share
120 120 *120 123 *120 125 *120 123
120 120
•120 -123
,
4218 424 4214 4212 40 4 4118 41
4133 4178 417
4114 43
8
.
1814 1734 18
1814 1814 1812 1812 1812 1812 1712 1812 18
493
49 .48
4 4612 48 .4612 49
4614 4653
493
4 49
*48
4
803 8312 8212 843
8 83
8412
8252 834 835s 8412 835s 85
110 112
110 .108 112 *108 114
110 112 *110 112
•
327s 3312 34
4
3312 343
4 335 34
343
8 3412 3412
8
333 34
9414 94
95
94
93
93
94
95
95
96
96
94
21% 2111 214 2178 214 2158 2038 2114 21
2158 2112 2178
523 5378 5134 5330 5214 53
4
523 5212 5312 54
8
63
5312
4614 453 4612 4614 4712
,
4512 46 8 4618 4612 4638 463
4 45
4
3034 404 3714 3938 37
40
39 4 4014 40
,
381s 3814 3958
39
41
397 397 *39
s
8
39
8
*397 41
383 383
4
4
10512 11212 10512 107 x10433 1(1(31- 10512 10612
11212 113
*11212 114
2
903 91
4
9114 0112 9114 923
91
91 .9114 93
4 9134 93
*10812 115
1033 1033 .10812 115 .10812 115 .10812 115 .1084 115
4
4
234 24
2314 24
2312 2418 2238 2314 2338 243
8 2378 2412
0812 100
*9814 100
99
99
99
993 993
99
4
99
4 98
6212 59
5953 6012 607 6214 61
6233 6412
93
8
6012 61
.
104 109 *10412 109 .10112 106
104 101 .10212 104
104 104
44
434 443s
453
8 444 454 44
44
41
4312 42
45
893 9012 .8912 92
4
90
89
8912 8812 8812 8933 91
90
*190 195 .190 200 .185 195 .
180 195 .180 190 .180 190
9912 9912 .9912 103
102 10214 101 1013 .100 102 *10012 102
4
4
1234 1314 1314 1312 1338 133
s 123 13
1312 1312 133 143
4
4
12
13
14
1418 144 13
1112 12
13
1278 11
12
155 1593 1507 155
8
8
158 15978 15812 159
15212 15312
152 155
105 10812 1055 1083 102 1043 10312 107
4
101 105
105 10618
4
4
8912 8812 883 5883 883
893 893
4
4
4
4
4
4 8934 893 *893 9112 89
4912 4912 4838 49
49
4914 49
50
49
49
4912 49
100 109 .106 109 .10614 109
*106 109 .10614 109 .10614 109 .
78
78 .
79
80
81
80
78
79
79 .78
80 .78
45
41
424 427 *42
4312 4312 43
8
434 x41
4312 43
120 121
117 117
122 123
120 120
118 120
116 120
•107 109 *107 110 *107 110
-- - ---- *107 110 *107 110
1882 New York Stock Exchange Bond Record, Friday, Weekly and Yearly
In Jan. 1909 the Eschange method of quoting bonds was changed, and prices are now -"and interest"
-except for income and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Weekending May 11
tn*
Price
Friday
May 11
Week's
Range or
Last Sale
<) b3
tq
Range
Since
Jan. 1
High No. Low High
Ask Low
U. S. Government.
Bid
25 98
98
U S 2s consol registered_ _.41930 Q 98 Salo 98
993
4
9934 993
4
US 2s consol coupon
d1930 Q- J 9712 -- - - 993 Jan '17
4
9912 9912
9912 Apr '17
U S 33 registered
k1918 Q - F 99
9912 May'17
9912 10178
U S 3s coupon
k1918 Q - F 99
1 10638 110
1925 Q- F 10612 107 10638
106%
US 45 registered
10812
10612
5 10612 1114
1925 Q - F 105
U S 4s coupon
-__-__U S Pun Canal 10-30-yr 2s_k1936 Q - F 9712 --- 984 001 '15
U S Pan Canal 10-30-yr 2s_ _1938 Q - N 9712 ---- 97 July'16 ____
4
-66- 16:13U S Panama Canal 3s g_ _ _ _1961 @-M 91 ---- 99 May'17
_ 100 Feb '15
U S Philippine Island 48_1914-34 Q - F
Foreign Government.
148 9514 9812
96
1919 F - A 9538 Sale 9514
Amer Foreign Secur 55
95
4
Anglo-French 5-yr Is Ester loan_ A -0 93 Sale 923
93% 1649 90
9390 88 Mar'17 __- 88
Argentine-Internal Is of 1909... M- S 83
96
7 9512 9678
Bordeaux (City of) 3-yr 68_1919 M- N 9514 9512 9512
7214
7112
71% 11 70
Chinese(Hukuang Ry)-5s of'11 .1 -D 8 7112 72
93
7 97 100
Cuba-External debt Is of 1901_ M- S 98 Sale 98
3 9212 9658
1949 F - A 93 Sale 93
93
Exter dl 5s of '14 ser A
External loan 4%s
1949 F - A 8412 90 864 Jan '17 __- 8612 8612
8
8
8
Dominion of Canada g 5s_.1921 A -0 975 Sale 975
98% 33 9712 1005
9612 31 953 100
Do
1928 A -0 958 Sale 9534
4
do
41 953 10014
97
8
Do
do
1931 A -0 9512 Sale 9538
99 Sale 99
99% 984 99 101
French Repub 546s secured loan_
8212 84 8318
4 81
84
Japanese Govt
-E loan 4468_1925
883
4
1 8018 88%
Second serie-s 446s
8218
,
1925 J - ./ 8318 Sale 8218
82
Do do "German stamp".-70 Sale 79
7914 26 78
Sterling loan 4s
1931 ---5 8____ 8018 7512 Apr '17 ____ 73% 7612
95:
34 17 9512 9712
Lyons (City of) 3-yr 6s
1919 M- N 9514 9512 9512
96
17 9512 97
Marseilles(City oil 3-yr 68_1919 M- N 9512 Sale 9512
47
50
50
5 4012 50
Mexico-Exter loan .0 58 of 1899 Q - J 8 47
367 397 Apr '17 -- 39% 39%
Gold debt 4s of 1901
1954 J - D 35
94% 141 92 97
Paris, City of, 5
-year 6s_ _ _ _1921 A -0 9312 Sale 9314
7818 34 75% 78%
M- S t 78 Sale 78
Tokyo City-5s loan of 1912_ _
9714 292 957 9812
UK of Gt Brit & I 2-yr 5s_ _1918 M- 5 9714 Sale 96%
96% 242 95
4
987
3
-year 546 temp notes_ ....1919 M- N 963 Sale 9612
8
257 933 9812
96
8
4
5
-year 546 temp notes___ _1921 M- N 955 Sale 9514
993 867 98 1001 1
8
Temporary notes 546s_ __ _1918 991s Sale 99
993 1304 9812 10112
4
99% Sale 99
Temporary notes 5%s_ _1919
:These are prices on the basis of
State and City Securities.
35 10012 10412
4
101
N Y City
-4%s Corp stock_1960 M- S 101 Sale 1003
2 10012 1053i
s
100%
4l4s Corporate stock _ _ _1964 M- S 10034 101 1003
10112 108
454s Corporate stock._ _1966 A -0 1007 10114 10112 Apr '17
24 10512 111
106
106
43is Corporate stock_ _ _ _1965 J -D 106 Sale 4
1 10514 1103
106
4;is Corporate stock_ _ _ _1963 M- S 10512 10814 106
4
1 100
7
21 9912 10218
9912
99
4% Corporate stock
1959 Pd-N 99
6 09 102%
100
4% Corporate stock
1958 M- N 997 Sale 997
7
997 Sale 993
52 993 10214
4
99
4
4% Corporate stock
1957 M-N
4% Corporate stock
1956 M-N 9812 9914 9714 Jan '16
14 105 llO7
1067
s
New 4468
1957 M- N 106 107 106
4
New 43-s...
1917 NI- N --_- 10018 1003 N ov'Iti
4
166- 11612
446% Corporate stock..._1957 M-N 106 10712 1063 Apr '17
10012 June'16
_
446% Assessment bonds_1917 M-N
88 Apr '17
88
90
346% Corporate stock__ _1954 M-N 8612 88
10312 105
1961 M- S 103 ____ 10312 Apr '17
N Y State-4s
10312 10612
Canal Improvement 48._ _1961 J - J 103 ____ 105 Apr '17
105 Dee '16
_
Canal Improvement 4s_..1962 .1 - J 10212 _
4
10234
5 i62;10612
-3
Canal Improvement 48._ _1960 J - .1 10212 10312 1023
112 11718
Canal Improvement 4%8_1964 - J 112 11314 112 MaY'17
.
Canal Improvement 43.18_1985 J - J 10634 10812 1093 Sept'16
13- riff.
.
Highway Improv't 446s_ _1963 M- S 11212 11514 113 Apr '17
10814 Mar'17
19814 no
Highway Improv't 4Si s_ _1965 M- S
Virginia funded debt 2-3s_ _ _1991 J - J - - - -- - - 85 Aug '16
54 50 Apr '17
56
6114
6s deferred Brown Bros ctfs__ _ --- 51
Railroad.
:
6512 15 9312 731
Ann Arbor 1st g 4s
h1995 Q - J 65 Sale 65
9238 68 9012 97
Atch Top & S Fe gen g 4s--_1995 A -0 9112 Sale 9114
92 Apr '17 -- 91% 93
- 93
Registered
1995 A -0
8018 8214 8014 May'17 8014 8814
Adjustment gold 4s
h1995 Nov
8512 Nov'16
h1995 Nov
Registered
3 -if- -66
82
.
4
Stamped
h1995 M-N -if- -813 8112
100
20 99 10612
Cony gold 4s
1955 .1 -D 99 100 99
100
15 99 107
Cony 48 Issue of 1910,_1960 J -D 99 100 99
1 100% 1007
100%
10018 10014
8
1917 J -D
10
-year 5s
9614 Mar'17
8
95 99
East Okla Div 1st g 4s_....1928 M- S 933 98
8512 Apr '17 --- 8512 88
Rocky Mtn Div 1st 48_ 1965 J - J _ _ _ 86
89 Apr '17 --__ 89
933
4
Trans Con Short L 1st 43_1958 J - J 8412 89
91 Apr '17 -- 01 100
Cal-Ariz 1st & ref 446s"A"1962 M- S ---- 95
S Fe Pres de Ph 1st g 5s__ _1942 M- S 10238 10434 10458 Feb '17 ---- 104 104%
89
45 8812 963
8
4
8
Atl Coast L 1st gold 45.... _111952 M- S 883 Sale 885
8978 9312 Feb '17 --__ 0312 9512
1964 1 -D
Gen unified 4s
106 10712
Ala Mid 1st gu gold 5s_..1928 M- N _ 10614 106 Mar'17
8914 May'17
89% 933
Bruns & W 1st gu gold 48_1938 J - J
4
8
Charles & Say 1st gold 78_1936 J - J 123 - - 1297 Aug •15 -2 -if 89
81
- E 81
01952 M-N
L & N coil gold 48
- 11812 11812
118 11812 May'17
iji
_1934 A Sav F dr W 1st gold 6s
1934 A -0 102 -- 105 July 15
1st gold 58
_
__
993 Deo '16
8
1918 J - J 9838 _.
Sil SP Oca & G gu g 4s
i
8
4 9012 965
913
4
Belt & Ohio prior 340
1925 J - J 913 9112 913
9518
Registered
111925 Q- 3 8514 93 92 Apr '17 ---- 92
88
8712 Sale 8712
58 87
943
8
/11948 A 1st 50
-year gold 45
0214
4
91
Registered
h 1948 Q- J ____ 9218 923 Mar'17
90
80 Sale 89
96 89
9718
1933
20-yr cony 436s
98' 89 9612 10112
Refund & gen 5s Series A.1995 J -D 97% Sale 978
112 Jan '12
Pitts June 1st gold Os_ _ _ _1022 J - J
PJunc & M Div 1st g 3%s 1925 M- N -U.* -66; 92 Mar'17 --- 9918 $9112
8314 28 817 90
817
PLE&W Va Sys ref 48_1911 M- N ____ 82
883
8 50 87
_ 87
87
9418
Southw Div 1st gold 3%8_1925 J Cent Ohio R 1st c g 446s1930 M- S 98 - 100 Apr '17 --- 100 100
_
_
1063 Oot '16 4
Ci Lor & W con 1st g 5s.._ _1933 A -0 100% - 101% Nov'16
Monon River ist gu g 5s 1919 F - A
10712 Feb '17 •• - 10712 10712
Ohio River RR 1st g 5s..1936 J -D 105
_
General gold 5s
1937 A -0 9712 164 10712 Nov 16 _ 107 Feb '17 ---- 107 107
Pitts Cloy Sr Tol 1st g 6s_ -1922 A -0
__
993 Sept'16
8
Pitts & West 1st g 4s
1917 J - J 99% 1937 M- S 103 105% 11112 Jan '17 ---- 11012 11112
Buffalo R & P gen g 58
10134 Mar'17 ---- 1013 10212
4
10-N
Consol 446s
1957
97 N ov'16
8
All & West 1st g 4s au_ _ _ _1993 A -0 8S5 93
Clear & Mah Ist gu g 58_ _1913 J - J 10612 - - 1031 Feb '18
Roch dc Pitts 1st gold 65.._1921 F - A 104 10612 10614 Dee '16
4
Consol 1st g Os
1922 J - D 105 10712 1003 Jan '17 --- - 10934 10931
10058 20 10018 10518
Canada Sou cons gu A Is._ _1962 A -0 10018 Sale 10018
_ 901 91 Mar'17
8
907 92
Car Clinch & Ohio 1st 30-yr 5s'33 J -D
109 1081 May'17
- 10813 110
Central of Ga 1st gold Is. p1945 F - A
9712
7 96 103
Consol gold Is
1915 M- N 9712 9812 9712
8712 8412 May 113
Chatt Div pur money g 4s 1951 J -D 78
103 Mar'17
- 103 103
Mac & Nor Div 1st g 5s._19-16 J - J 100
Mid Ga & Atl Div 53
1917 J - J 9712 10318 100% Mar'15 -10412 Apr '17 --- 1043 101%
8
Mobile Div 1st g 5s
1946 J - J 97 _
9412 Aur '17 ---- 9413 9718
_ _ 155
Cen RR & B of Ga col g 5s 1937 -N
1112
112
114
2 11112 12012
Cent of NJ gen'l gold 5s_ _ 1987 J - J
_ 110% 11612 Apr '17 11614 118
Registered
111987 Q-012 104 102 Apr '17 ---- 102 10114
• Am Dock & Imp gu 5s_ _ _1921 J - .1 10
Leh dr Hod Rly gen gu g 58220 J - J 97% 10112 100 June'13
1001* Jan '13 .___ _ _ _ _ _ _
N Y & Long Br gen g 48_1041 M- S 93 78 Feb '17 .--- 78
_ 77
7934
Cent Vermont 1st gu g 4s. _e1920 Q - F
.2
945 9458
3
Chess & 0 fund & lmpt 5s_ _1929 J - J ____ 9612 987 Mar'17
192
2 102 10812
1939 M-N ---: 10412 102
let consol gold Is
_ 106 10412 Jan '17 ---- 10412 10112
1939 M-N
Registered
8
85
6 8411 91
1992 M- S 85 Salo 813
General gold 4468
,
863 Mar'17 --- 863 92
4
4
1992 M- S
Regtstered
4
4
798 39 783 8612
20
-year convertible 446s_ _1930 F - A 784 Sale 783
,
4
88
557 84
943
30
-year cony secured 5s_ _1916 A -0 88 Sale 84
81 Apr '17 -._ 84
87
Big Sandy 1st 4s
1914 J -D 7812 82
___ ___
8512 Nov'16 Coal River Ry 1st gu 4s 1945 J -D • 7612 80
96% Feb '16
Craig Valley 1st g 55
1910 J - J 95
s
Potts Creek Br 1st 4s_ _,._1946 J - .1 7012 763 8434 Jan '13
R lc A Div 1st con g 4s___1989 J - J 8012 82 8158 May'17 -- _ 811. 8812
4
80 813 Apr '17 -_- 813 8131
4
19411 - J 73
2d consol eold 4s
BONDS N. Y. STOCK EXCHANGE
Week ending May 11
?)
2112
Price
Friday
May 11
Week's
Range or
Last Sale
Range
Since
Jan. 1
Bid
Ask Low
High No. Low High
Chesapeake & Ohio (Con)
78 - _
8812 Sept'16
Greenbrier Ry 1st gu g 48_1940 M- N
.11314 Feb '15 -_-- -Warm Springs V let g 5s__1941 M- S 90 _ _
597
8
3 -597; -6234
Chic & Alton IIR ref g 3s__1949 A -0 507 6118 598
6 4514 5312
47
47
Railway 1st lien 33.is
1950 J - J 4612 50
997 May'17
9978 100
Chic B & Q Denver Div 4s_ _1922 F - A 99% 101
81
5 81
89
Illinois Div 346s
1949 J - J 81 Sale 81
Illinois Div 48
1949 J - .1 92 9313 9334 Apr '17 ____ 92 98
102 Apr '17 ___ 102 10212
Iowa Div sinking fund 53_1919 A -0 10018 997 997
8
8
Sinking fund 4s
1919 A -0 9814 9. 12 997 Apr '17 _
Joint bonds. See Great North
96%
961,3 10 9618 9E1
Nebraska Extension 4s_....1927 fit-N ---- 98
98 July'16 __-Registered
1927 M-N
- - 9918 June'15 . -Southwestern Div 4s
1921 M- S
4
90
19 -i6 General 48
1958 M- S 8934 Sale 893
3012
3012
5 3012 33
Chic & E Ill ref & imp 4s g 1955 J -J ---- 31
27% 3312
- 3214 32 May'17
US Mtg & Tr Co ctfs of dep._
116 105 106 Mar'17 __-- 10518 10712
1st consol gold 68
1934
8812 80 4 Jan '17 _ _ 3
SO% 90
General consol 1st 5s
1937 M- N 75
75
_ 8712 Mar'17 -- 87
90
US Mtg & Tr Co ctfs of dep
- 85 Feb '17 __ -- 85
90
Guar Tr Co ctfs of dep
ig
_ 9734 Feb '13 _ _Purch money 1st coal 58_ _1942
_ _ 32 Mar'17
28
Chic & Ind C Ry 1st 5s_ _1936 ▪ 6912 67
6714
4 67
7312
Chicago Great West let 43._1959 M- S 67
Chic Ind & Louisv-Ref 6s_1947 J - J --- 116 11238 Mar'17 -- 1123* 11518
10012 Apr '17 __-- 10012 1003
4
Refunding gold 5s
1947 J - J
8412 Apr '17
-8412 8514
Refunding 48 Series C___ _1917 J 75
70 Nov'18
Ind & Loulsv 1st gu 48._ _1956 J - J
9812 Jan '17 -- 00 902
Chic Ind & Sou 50-yr 4s_ _1956 J Chic L S & East 1st 446s_ _ _1969 J -D 92 94
973* Dec '16 -- -- - ,
Chicago Milwaukee & St Paul8634 Apr '17
86% 98
Gen'l gold 48 Series A_ _ _e1089 J - J 89 00
92 ; Feb'
792
170501642
1
Registered
(31989 Q91
- - 'Hi, 92
11 02
9814
Permanent 48
1025 J
8514 May217
9 12
'
Gen dr ref Ser A 446s___ _a2014 A -0 ---- 91
89% 9812
,
86 Sale 85
87% 110 85
081s
Gen&ref4463(temporary form)
86 9918 107%
1
99% Sale
Gen ref cony Ser B 5s_ _ _a2014
7512 79
7514 82%
Gen'l gold 3468 Ser B
e1989 J -J
9714 17 97 10514
8
General 446s Series C.
.e1989 - J 9714 1013 9714
5714 86l
27
53 8614 94%
7
831
97
1
92
25
-year debenture 4s
1934 J - J 85
92 1023
4
Convertible 4468
1932 J -D 92 Sale 92
- 10334 Jan '17 --- 10334 103%
Chic & L Sup Div g 5s_ _1921 J - J 10114
_ 10812 Jan '17 -- 10612 10812
Chic & Mo Illy Div 55_ _ _1926 J - J 10112
10012 Rib, 10114 Apr '17
1003 1041s
4
1921 J - J
Chic & P W 1st g 5s
- 90
9012 Apr '17 --- 9012 9514
C NI & Puget Sd lat gu 48_1949 J - J
103
2 103 105
Dubuque Div lets I 6s_ _1920 - j ieia 10614 103
Fargo & Sou assum g 6s_ _1924 .1 - J 107 _
1001
16632 16114
La Crosse & D 1st 5s
1919 ▪ 4111)
1
4Ma' 7
e138
N
102 10433
Wis & Minn Div g 55___ _1921 J - J 101 10412 1°2 juily 3
8
107 Deo '16
Wis Valley Div 1st 68._..1920 J - J 1927
98 Apr '17 -- 98 10112
Milw A No 1st ext 446s_ _1934 -D 98
Cons extended 43-4w._ _ _1034 J -D 98 __ 1023* Dee '16 ---65
- 97 Apr '17
Chic & NorWest Est 4s 1886-1926 F - A -07 - -9814
2 _ 6E1 9712 Jan '17
9712 9712
Registered
1886-1926 F - A
80
80
General gold 33-4s
7912 86%
1987 M- N ---- 80
Registered
p1987 Q- F -„- 7912 8114 Oct '16
3 89% 9818
00
General 4s
1987 M- N 90 Sale 89%
10 9012 9512
8
Stamped 4s
1987 M- N --- 963
- 111 190'4 Jan9911
171s
.#
M- N
116 118
General Is stamped
1987
Sinking fund 68
1879-1929 A -0 log ___ 111 Jan '17 -.- 111 111
_ 10912 Apr '16 -Registered
1879-1929 A -0
105 Apr '17,
Sinking fund 58
1879-1929 A -0 i6iis
105 16512
8
1879-1929 A -0 1025 _ 10312 Apr '16 -Registered
3
Debenture 58
1921 A -0 10914 16112 100 4 Feb '17 --.- 1661- 16238
4
*___ 10118 10212 Oct '18 Registered
1921 A 2
4
Sinking fund deb 58
1933 M - N 11101 1023 102 Apr '17 -- 102 103%
-_ 10414 June'16
Registered
1933 M-N
_ 11017112 Oct :1
AprOc 176
Des PlaincsVal 1st gu 43-451947 M- S 9412
_
Frem Elk & hfo V 1st(Ss_ _1933 A -0 11414 _
Ili" 11;14
88 Jan '17 --. 88
Man GB& N W 1st 340_1941 J - J - - 87
88
_
Milw S L 1st gu 3%8_1941 J - J
104
164 10714
104
Mil L S & West 1st g 6s 1921 M- S i664
Ext & imps f gold 5s.._ _1929 F - A 1043 _ -- 10434 Apr '17
10412 1043
4
1117 Deo '15
8
Ashland Div 1st g Os_ _ _1925 M- S 10612
_Mich Div 1st gold 68_ _1924 J -S 10912 iii18 1114 N ov'18
2 84
948
4
8712
Mil Spar & NW 1st gu 48_1947 M- S 8712 Sale 8712
-.104 105 Apr '17
105 1083
s
St L Peo dr N W 1st gu 58_1918 J - J
100
9978 100%
Chicago Rock Isl & Pac 6s_ _1917 J -j io1 tools 100
8
2
Registered
1917 J -j --__ 100% 1003 Apr '17
1003* 1003
8218 86
8214
823
4 11 82
90
Railway general gold 48_ _ _1988 J J - J ---9018 87 Mar'17
8512 855
Registered
4
1988
69's Sale 6912
72 -239 6912 7818
Refunding gold 4s
1934 A 4 70
7218
75
20
-year debenture 5s
1932 J - J 7112 7912 7218
9813 Feb '17
9812 9878
Coll trust Series P 48
1918 61-N 98
7412
71 '2 65
RI Ark & Louis 1st 4%8_1934 M- S 70 Sale 70
9612 103
9912 Apr '17
9012 1027
Burl C R & N-lst g 58_ _1934 A 2
_ 10078 Mar'14
CRIFANW lstgu 58_1921 A -0 9758
Choc Okla de G gen g 5s_ .01910 J - J 98 ___ _ 9934 Oct '16
8
-- 975 July'18
Consol gold Is
1952 M-N 591g Apr '17
Keok & Des Moines 1st 58.1923 A -0
591g 62
4
72 75
St Paul & K CSh List 4%8'41 F - A 633- 7212 73 Mar'17
113 1183
Chic St P NI & 0 cons 6s.. _1930 J -D 11218 11412 113 May'17
4
91 Apr '17
91
9118
Cons 65 reduced to 346s...1930 J -D 8818
,
9834
4
9834 103
Debenture 55
1930 M- S 9612 983 98%
112 11412 115% Mar'17
11512 11814
Ch SIP & Minn 1st g 6s 1918 M-N
118 Nov'16
North Wisconsin 1st Os_ _ _1930 J -J 11212
St P & S City 1st g 6s_ _ _ _1919 A-0 102 iog 102 Apr '17
102 164
10512 N ov'16
Superior Short L 1st 5s g_g1930 M- 80
82 Jan '17
Chic T H & So-East 1st Is. _1960 J -D
82
82
Chic & West Ind gen g (18__/1932 Q -M 1E 12 loo 106 Apr '17
106 108
72
73
77
70
Consol 50
70
70
-year 4s
1952 90 _ _ _ _ 9612 Jan '17
Cin H & D 28 gold 446s_..1937 9812 963
4
1st & refunding 4s
1959 J - J
1st guaranteed -Is
70 90
1959 J - J 00 ....- 90 Apr '17
25 .1 uly'13
Cin D & I 1st gu g 5s_ _ _1941 M - N 27
88 Mar'll
-- - C Find & Ft W 1st gu 4s g.1923 NI- N
-- - 65 luly'14
Cin I & W 1st gu g 4s--- -1953 J -J
98
Day & Mich 1st cons 4%8.1931 J - J *91 _ _ 96 Jan '17
96
71
74
7012 81%
Clev Cin Ch & St L gen 43..1993 J -D
8412 84% 8 2 Apr :17
70
5%
17
8512 87
20
1931 J -year deb 446s
9818 101 Feb '17
10014 101
1993 J -D
General Is Series B
8111 33% Mar'17
837 87
8
Cairo Div 1st gold 4s_..1039 J - J 75
7212 79 Feb '17
79
81
Cin W & M Div 1st g 48_ _1991 J - J 70
76
81
p :
8018 83%
St L Div 1st coil tr g 40_1900 M- N
8314 Ae rt115
30 8 , 7
Spr & Col Div 1st g 4s_ _ _1910 M- S 7318 -_ _
W W Val Div 1st g 48_ _.1940 J - J 73 ...... _ 84 N ov 16
C 1St LA C consol 6s_ _ _1920 M-N 103% 10518 105 June'16
9234 Oct '16
4
k1936 Q- F 853 88
_1st gold 4s
. 8812 May'15
k1936 Q- F 8414
Registered
1663 1624
;
Cins & Cl cons 1st g 58.. _1923 J - J 97 -- 1023* Jan '17
3
- 11434 Mar'17
1143 1194
4
C CC&I gen cons g 6s_ _1934 J - J 11 13
8212 _- 94 July'OS
_
Ind B A W let pref 4s. _ _1910 A 0 Ind dr W 1st prof 58_,..d1933 Q - J 9212 .
-7
60
681s -66;A pr '17
owl 75
Peoria (lc East 1st cons 43_1940 A 21
2312 2378 May'17
237 3014
8
Income 4s
1990 Apr
9512 102as
97
9912 9612 Apr '17
Cleve Short L 1st gu 446s_ _1961 A 714
714
718 8
5 214 17%
Col Midland 1st gold 48_ _ _1947 J - J
63
4 718 0
12
4
2
113
4
7
Trust Co certlfs of deposit_ _
3712 9014 88
96
3 88
Colorado & Sou let g 4s. _ _1929
8914
803 80% May'17
8
8014 873
4
Refund di Ext 445I
1935 Pd-N 80
8
101 10518
Ft W & Den C 1st g 6s_ _ _1921 5-0 1015 103 10112 May'17
84 _
- Conn & Pas Rivs 1st g 4s-- -1913 A .
631;
Feb94
- Cuba RR 1st 50-year 5s g_ _1952 J - J .
Del Lack & Western
5 84
84
8814
8412 84
Morris & Ens 1st gu 3468_2000 J -D
,10412 10714
4
N Y Lack & W 1st 68_ _ _1921 J - J 1043 10714 10412 Apr '17
4 100 1023*
100
1923 F - A 100 ___ _ 100
Construction 55
9612 May'17 ---. 9612 9912
97
Term & Improve 48_ ...._1923 rd-N 94
Warren 1st ref gu g 3As_ _2000 F - A 84 ---- 10218 Feb '03
•No price Friday: latest Ms week. a Due Jan. st Due April. e Due May. g Due June. 11 Due July. :b Due Aug. 0 Due Oct. p Due Nov. q Due Deo a Option sale.
New York Bond Record-Continued-Page 2
MAY 12 1917.1
Price
Friday
May I I
BONDS
N. Y. STOCK EXCHANGE
Week ending May 11
Week's
Range or
Last Sale
Range
Since
Jan, 1
High No, Low High
Ask Low
Bid
101 10112
100 101 101 Anr '17
Del & Hud 1st Pa Div 7s.1917
10113 10113
M10118 Mar'17
Registered
1917
10018 10111
997- 10014 Apr '17
8
1922 J -J
1st lien equip g 430
25 90
90
9912
90
8978
1st & ref 4s
1913 M-N ___- 90
9312
9912 16 9812 107
20-year cony 5s
1935 A -0 99 100
1 80
80,
2
8938
8012 Sale 8012
Alb & Susq cony 330._ _ _1946 A Renss & Saratoga 1st 78_1921 M-N 107 _ _ _ 11278 Dee '16
44 7412 86
76
Deny & R Gr 1st cons g 48_ _193(1 J - J 75 Sale 7412
5 83
83
83
91
Consol gold 430
1936 J - J ____ 86
15 8212 90
8234
8234
Improvement gold 5s_ _ _1928 J -I) 8212 84
.
6018 283 633 68
4
8
6514 633
1st & refunding Is
1955 - A
37 Nov'16
Rio Gr June 1st gu g 5s_ _1939 J -D ____ 95
6114 Apr '11
38
35
Rio Gr Sou let gold 4s_ _ _1010 - J
3512 June'16
1910 J - J
Guaranteed
e
7612 -13 74
74 gi " 74
8434
Rio Gr West 1st gold 4s.. _1939 J.
59
59 May'17
7412
zioi4 63
Mtge & coil trust 4s A_1919 A 93 2 98 2
,
,
---- 9812 Mar'17
Des Moines Un Ry 1st g 58_1917 M- N
Det & Mack-lst lieu g 43...1995 J -D ___- 8212 82 Dee '16
7512 July'16
1995 J -D ____ 81
Gold 4s
9114 Mar'17
_ 90
91
93
Det Riv Tun-Ter Tun 45s 1961 M-N
10414 1051s
Dul Miasabe & Nor gen 5s. _1911 I -J iJit4 105 1051s Feb '17
4
10012 104
Dul & IronRange 1st 53_ _ .A 937 -0 9718 100 1003 Apr '17
_ 100 00612 Mar'08
1937 A -o
Registered
94
94 Jan '17
94
91
Dul Sou Shore & AtI g 5s- -- 1937 J -J 84
8
104 101
Elgin Joliet & East 1st g 53_1911 M-N 1023 - 104 Jan '17
3 1047 10912
-12
10318
8
1920 M- S 10518 168 10518
Erie 1st consol gold ls
953 9812 0812 Mar'17
3
9312 9912
N Y & Erie 1st ext g 45-1947 M-N
1919 M- S 100 10018 10114 June'16
2d ext gold 5s
10038 Mar'17
1008 160131923 Al- S 9758
2
3d ext gold 43.0
98 i.61371 1013 Apr '17
8
101313 10212
1920 A 4th ext gold 53
9434 N ov'15
1928 J -13
5th ext gold 4s
M- S iodi7t
10712 Deo '16
N Y L E& W lstg fd 7s 1920
80
8012 8018
8013
SO's 874
Erie 1st cons g 4s prior__ _1990 J - J
84 Dec '16
Registered
1990 I J
. -6112 Sale 6112
26 6112 7312
63
1st consol gen lien g 43_1996 J - J
73
Registered
73 June'16
1996 J - J
Penn coil trust gold 4s...1951 F - A
8812 89
8812
8812
8813 90
50
-year cony 4s Series A 1953 A __-- 60
60
60
60
6814
do
Series B.
5312 Sale 56
573
4 33 66
6873
1953 A Gen cony 4s Series D.
6912 11 09
84
.1952 A -0 69 Sale 69
Chic & Erie 1st gold 5s...1932 111-N 10012 10(1 108 Mar'17
107/2 109
Clev & Mahon Vail g 55_ _1933 - J 10414
10878 1007
8
s
- 1007 Jan '17
6 10438 109
Erie & Jersey 1st 5 1 68.
8
105
._1055 J - J 104 105 1013
1.5t 105 10712
Genessee River 1st s f Os_ _1957 J - J 104 105 105
105
Long Dock consol g Os_ _ _1935 A -0 11318
1223 Oot '18
4
_
Coal & RIt 1st cur gu 63_1922 Al-N 10112
-- 1112 Mar16
Dock & Impt 1st ext 5:3..1913 J
J 10212 106 10014 Jan '17
1461- 10614
4
NY & Green L gu g 5s.1916 61-N
90
_ 10212 Mar'17
101 10212
N Y Susq & W 1st ref 53_1937 J 10012 10012
_ _ _ _ 02 10012 Jan '17
2d gold 4 Yis
10014 Deo '00
- -- - 1937 F - A
74 Nov'16
General gold .5s
1910 - A ____ 69
i661- ios
8
108 Jan '17
Terminal 1st gold 58.._ _1943 M -N
105 108 Jan '17
107 108
Mid of N J 1st ext 58_ _ _1910 A 70 Mar'17 ---- 70
81
Wilk & East 1st gu g 58_1942 J -1) 6634 70
2812 Jan '17 .-.- 2812 2812
Ev & Ind 1st eons gu g Os. _ _1926 J - J .2513 -- 100 102
Evansv & T II 1st cons 6s_ .1921 .1 - I 100 10078 102 Jan '17
63 May'18
_ 1st general gold 5s
1912 -() ___ 75
. _ 108 Nov'll
Mt Vernon 1st gold 6s__ _1923 A 95 Juue'12
Sull Co Branch 1st g Is. _1930 A 93 Sale 90
'J3
2 -90 - -90 Florida E Coast 1st 430_ _1959 I -D
92 Aug '10
J - J
833
4
Fort St U D Co Ist g 430_ _1911
- - 0914 Feb '17
Ft Worth & Rio Cr 1st g 43..1928 J - J
(394 6914
88
8512 June'16
Galy Hous & Hen 1st Ss__ _1933 A 903i 369 96 - -97 96 Sale 90
Great Nor C B & Q colt 45_ _1921 J - J
96
973 90 Apr '17
4
WI
Registered
99
h1921 Q 9412 16 93 1013
93
9412 96
1st & ref 4313 Series A._1961 J -J
4
90 Juno'16
_
Registered
1061 J - J
93 Apr '17
96
92
93
99
St Paul M & Man 45
1933 j - J
115 Apr '17
115 121
1st consol gold 63
1933 J -J °11214
_. _ 118 Apr '17
118 118
Registered
1933 J - J
2 99 10312
6(12 100 9934 100
Reduced to gold 430.1933 J - J
,
. 99 102 2 May'16
Registered
1933 J -J
4
953 943 Mar'17
4
9434 9318
Mont ext 1st gold 43._ _1937 .1 -1) 91
8
Registered
1937 -D --__ 983 9512 Mar'16
8512 NW'S
Pacific ext guar 4s Z_ ..1940 J - J
9212 Apr '17
E Minn Nor Div 1st g 43_1948,A 93
9212 93
Minn Union 1st g Os
1083 1083
8
1033a Jan '17
1922:J - J 10514
8
12312 Feb '17
Mont C 1st gu g (is
1937!J - J 116
12312 1247
8
13614 MaY•06 •._
Registered
19:17 J - J
- .
1st guar gold 58
1 1017 11513
10178 Sal; 1047
8
10478
.8
1937,•J Will & SF 1st gold 5s_ _1938 1 J -I) 10712
1093 Aug '16
4
Green Bay & %V deb etts "A"____ Feb
70
7912 203 Dec 10
4
1112 1212 1112
Debenture etfs "13"
Feb
113
4 20 1112 .1512
Gulf & S I Ist ref & t g 5s..b1952 - J - _ 85
823 Apr '17
8
8238 8612
Hocking Val ist eons g 430_1999 J 90
8612 Apr '17
87
933
4
Registered
1999 973 Jan •11
4
Col & if V 1st ext g 43_1918 A -0
88 geb '17 - - - 88
8834
Col & Tol 1st ext 43
1935 F - A
83 Nov16
•
- _
Houston Belt & Term 1st Is..1937 J - J
9018 Apr '17
90 9018
983 Feb '17
8
Illinois Central 1st gold Is. _1951 J 933 9934
8
92 Aug '15
Registered
1951 J - J
1951 1 - J
8512 Mar'17
1st gold 330
8512 8512
1951 1 - J - - -Registered
-- 83 Nov*I.5
Extended 1st gold 330._ _1951 A -0 8312
8512 Dee '10
1911 A *8213 _
Registered
---1951 M- S
- - 80 July'09
1st gold 3s sterling
_-_
1911 M- S - • Registered
.
Collateral trust gold 4g.. _1952 A -0 86
8818 86 May'17
1912 A -0 - - - - -- 9514 Sep '12
Registered
_
1915 M- N
8612 Sale 8618
1st refunding 49
17 85
95
87
1912 J Purchased lines 31.s
8418 855 Jan '17
8
853 853
8
8
83 Sale 83
L N 0 & Texas gold 4g.. _1953 M- N
11 83
83
897
8
1953 M- N
Registered
- 84
84 May'14
Cairo Bridge gold Is
3
.
1950 J - D -;4
89
943
8
89 Apr '17
Litchfield Div 1st gold 33_1951 J 6I ,
74 Feb '14
Loitisv Div & Term g 33is.1953 .1 - J
7618 783 77 Feb '17
8
-if - gi
Registered
1913 J - J
83 Aug '12
Middle Div reg Is
1921 F - A toots
102 June'16
Omaha Div 1st gold 3s._ _1911 F - A
7312 7212
7212 Jan '17
St Louis Div & Term g 3s_ 1951 J - J - - - 77
71
71
71 Mar'I 7
1951 J - J ---- 83 4 84 Apr '17
Gold Vis
83
,
8612
Registered
1951 - J
80 Juno'16
- -- /it) -7- 803 Nor'18
Div 1st g 3%is_ _1931 J - J
Spring(
8
7853 ____ 843 May'17
Western lines 1st g Is,_ _ _1951 F - A
3
191( - A
Registered
92 Nov'10
1923 J -1)
10734 11712 May'll,
Bellev & Car 1st 6s
carb A, Shaw 1st gold 48..1932 M- S 36 . _ _ 90 Jan '17
10738 Oct '10
Chic St L & N 0 gold 1s. _1911 J -D
1951 J -1)
114 Feb • II
Registered
1951 J -13 72 .
90 Oct '09
Gold 3s
19.51 1 -13
Registered
9733 Sale 9714
/ 9714 10212
973
8
Joint 1st ref 59 Series A.1903 J - D
88 Apr '17 ___ 88
88
Memph Div 1st g 48_1911 J -0 --__ 90
1951 J - D
Registered
90
9:02 Jan 17 _
St Louls Sou 1st gu g 45..1931 M- S 81
9312 9512
83 __
1950 J - J
89 Apr '17 ---- 89
9412
Ind Ill & Iowa 1st g 45
9153 983; 9413
6 9.312 100
95
Int & Great Nor 1st g Os...- 1919 NI- N
38
9278 Jan '17
9234 93
James Frank Az Clear let 43_1919 J -D 84
A6114 647 65
8
2 65
05
Kansas City Sou 1st gold 33_1910
7112
19F:0 A 63 Oct '00
Registered
86 Sale 85
Apr 1910 J 8 85
91
8738
Ref & itnot 5s.
8434 85
4 84
8412
Kansas City Term 1st 4s_ _ _1960 J -J
9014
8412
9633 100
99 Apr '17
9834 101
Lake Erie & West 1st g 53_ _1937 J - J
- J ____ 8278 803a Feb '17 ____ 805 83
1941
2(1 gold 14
3
. 10018 8978 Mar'17
North Ohio 1st guar g 53..1945 A . 8978 90
91 101
99
Loul Val N Y 1st gu g 430._ 19404 99
7 97 102
- - - - 9812 10114 Jan '17
10114 101 14
Registered
_
8714 88 Apr '17
0
88
Lehigh Val (Pa) cons g 43..201° J :14
19 3 M
9111
94
9673 9673
2003 MN
General _cons 430
19 9678 102
9712
m_s
s
BONDS
N. Y. STOCK EXCHANGE
Week ending May 11
•?.
a..,
.
Leh V Term Sty 1st gu g 5s_ _1941 A -0
Registered
Leh Val Coal Co 1st gu g 58_1913 A D
193 1 I•
J
Registered
1933 J - J
1st int reduced to 4s
Leh & N Y 1st guar g 48_ _193 j
1 45 M
3
Registered
Long Isid Ist cons gold 55_7;1931
1945
J
• S
1st consul gold 48
h1931 Q- J
General gold 43
1938 1 -D
Ferry gold 430
S
19
1922
Gold 4s
1932 J -D
Unified gold 4s
S
Debenture gold 5s
Guar refunding gold 48__ _1949 I I
3
19 4 Al S
Registered
58_1935A s
1919 mNYB&M 13 ist con g
-0
NY&RB 1st gold 5s_ _ _ _1927 M- S
Nor Sh B 1st con g gu 5s_o1932 Q - J
Louisiana & Ark Ist g 58._ _1927 M- S
Louisville & Nashv gen 65_ _19:30 J -1)
Gold Is
1937 M-N
Unified gold 4s
1910 J - J
Registered
Collateral trust gold 55__ _ 1931 j - N
9 1° M- I
H & Nash 1st g Os
1919 J - D
L Cin & Lox gold 430_ _ _1931 M- N
N 0& M 1st gold 63
2d gold Gs
19 °
90
3
j
J
Paducah & Mem Div 4s_ _ 1946 F - A
St Louis Div 1st gold 6,3_ _1921 M- 8
2d gold 3s
1940 111- S
All Knox & Cin Div 4s__ _1955 Al
Atl Knox & Nor 1st g 5s_ _1916 J -0
Hender Bdge ist f g 6s. _1931 51-S
Kentucky Central gold 48_1987 J Lox Sr East 1st 50-Yr 55 gu 1965 A L & N &M & M 1st g 4301943 M- S
L & N-South M joint 48_ _1952 J - J
Registered
11952 Q- J
N Fla & S Ist gu g 5s
1937 F - A
N & C Bdge gen gu g 430..1945 J - J
Pensae & At' 1st gu g 6s_ _1921. F- A
S & N Ala cons gu g 5s_ _ _1936 F - A
Gen cons an 50
-year 5s_1963 A -0
L & Jeff Bdge Co gu g 4s_ _ _1945 61- S
Manila RR-Sou lines 4s..1936 M-N
Meg Internat 1st cons g Is,_1977 M- S
Stamped guaranteed
1977 M- S
Midland Term-Ist s f g 53_1925 J -D
Minn & St L 1st gold 7s_ _ _ _1927 J -D
Pacific Ext 1st gold 0s_ _ _ _1921 A 1st consol gold 5s
1934 M- N
1st & refunding gold 4s_ ._19-19 M- S
Ref & ext 50-yr Is Ser A_ _1962 Q - F
DC31%1 & Ft D 1st gu 4s_ _1935 J - J
Iowa Central 1st gold 5s_ _1938 J -D
Refunding gold 48
1951 Al- S
M StP&SSM con g 48int gu _ 1938 1st Chic Term 5 f 4s
gul_.2461 M- N
9
MSSM&A Ist g 48 int
J - J
Mississippi Central 1st 5s_ _ _1949 J -J
1%10 Kan & Tex 1st gold 4s_ _ 1990 J -D
g,
,0
26 gold 45
F- A
1st ext gold 55
1944 M- N
1st & refunding -ls
2004 M- S
Gen sinking fund 4
J - J
St Louis Div Ist ref g 4s_ _2001 A Dall gc Waco 1st gu g 55_ _1940 M- N
Kan City & Pae 1st g 4s_ _ 1990 F - A
Mo K & E 1st gu g 5s_ _ 1942 A M K & Okla 1st guar 5s....1942 111-N
M K & T of T 1st gu g 5s_1912 M- S
Sher Sh & So 1st gu g Is. _1942 J -D
Texas & Okla 1st gu g 5s_ _1943 M- S
Missouri Pacific (reorg Co)
1st & refunding Is wh iss 1923 __ _ _
1st & refunding Is wh iss 1926 -_ _ _
1st & refunding Is wh iss 1965 -- -General 4s when issued _______
Missouri Pac 1st cons g Os_ _1920
Trust gold 58 stamped_ _ _a1917 M- S
Registered
01917 M- S
1st collateral gold 5s
1920 F - A
Registered
1920 F - A
40-year gold loan 4s1015 AlM - S
1st & ref cony 5s
3d is extended at 4% _ _ _193 M- N
8
9
195 NI- S
Bonny St I. & S 1st 5s gu_1951 F - A
Cent Br Rs' 1st gu g 4s_1919 F - A
Cent Br U P 1st g 44
1948-1)
Leroy &C VA L 1st g 5s.1926 J - J
Pao R of Mo 1st ext g 4s_ _1933 F - A
2d extended gold Is. _ _ _1938 J - I
St L Ir M &S gen con g 58.1931 A -0
Gen con stamp gu g 58_ _ 1931 A Unified & ref gold 4s_ _ _1929 J - J
Registered
Riv & G Div Ist g 4s_ _ _1933 .1 -N
19 M - I
29
Verdi V I & W 1st g Is. _ _ 1926 M- S
Mob & Ohio new gold 6s_ _ _ h ,7 .I D
_ 1927 Q J
2
Ist ext gold 69
General gold 48
Montgomery Div 1st g 58_193 M-- A
1917 F S
8
St Louis Div 55
St L & Cairo guar g 4s_ _ _1 937 'I D
1921 I J
Nashv Chatt & St L 1st 5s_ _ 1928 A -0
Jasper Branch let g Gs_ _ _1923 I - J
Nat Rys of Meg pr lien 43is_1057 J Guaranteed general 4s_ _ _1977 A -0
Nat of Meg prior lien 430_ _1920 J - J
1st consul 4s
1951 A - 0
NO Mob & Chic 1st ref 5s_ _1960 I - J
New Orleans Term 1st 48_ _ 19.53 J - J
NO Tex & Mexico 1st (ts_ _ _1925 J -D
Non-corn income 5s A _ _ _1935 A - 0
NY Cent RR cony deb 6s_ _1935 61-N
Consul Is Series A
Ref & imp 430"A"
A
2013 F - O
199.4 A•
N Y Central & II R g 330_ _1997 J - J
Registered
1997 J - J
Debenture gold 4s
1934 M-N
Registered
Lake Shore eo g 33is
nA
93
1934 F - N
1 9, M
Registered
Mich Cent coil gold 330_ _19
F•
1999 F A
Registered
Battle Cr & Stur 1st gu 3s_1994 J D
19139 F A
Beech Creek 1st gu g 48. _1938 J - J
Registered
1936 J - J
26 guar gold 58
1936 J - J
Registered
Beech Cr Ext 1st g 3is_b1918 .1
1931 A
.
3
Cart & Ad 1st gli g 48_ _ _ _1981 J - D
Gots dr OSIVO 1St gu g 5s_19-12 J -I)
,
Mob & Mal 1st gu g 48_ _1991 M- S
NJ June R guar 1st 4s_ _ _ 1988 F - A
NY & Harlem g 31
48_ _ _ _2000 M - N
N Y & Northern lot g 5s_1923 A -0
1883
Price
Friday
May 11
Range
Since
Jan, 1
o
Bid
Ask Low
High No. Low High
10412 112 114 Feb '17
11313 114
113 113
1123 113 Mar'17
4
10212
10312 Apr '17
10312 10612
103 Oct '13
87
87
Apr '17
87
1061- 10432
4
90
8514
95
104'g Apr '17
ova June'16
8514 Feb '17
953 Des '16
4
9914 Oct '06
9
89
-887 89
8
1
9578 Feb '17
94
1
86
80
8712 80
8738
95 Jan '11
90 101Ig 10314 Apr '17
9612 10413 103 Feb '17
94
100 Aug '16
-9212 9438 Jan '17
111 11238 1123 May'17
8
104, 1093 104 Apr '17
4
4
9112 Sale 91
9214 34
.9012 92
963 Jan '17
8
1065 10678 Feb '17
a
103
10734 I)ec '16
98
9334 May'17
10814 115 11214 Mar'17
101 108 10418 Feb '17
8414
9012 Apr '17
102
10312 May'17
5
60
- - -iid
60
81
85
8313 Apr '17
101
1083 Jan '17
4
106
10614 June'16 -8
81 Sale 81
81
9914 Sale 99
995
4 50
9614 99 101 Oct '16
8138 May'17
813 82
8
_
95 Feb '05
983 10312 10534 Sept'16
4
973 _ _ _ _ I 9758 May'16
8
106 10838 1083 Nov'16
4
105 Sale 1105
-i
105
10213102 Mar'17 ---79 Apr '17 ---.763
4
77 Mar'10
79 Nov'10
__ 101 Oct '09
102
11318 Dec '16
10338 Oct '16
98- 8912 Apr '17
_ -.
61012
5012 Sale 50
5012
4713 50
50 Apr '17
60 Feb '15
8818 90
90 Apr '17
405 49
3
46
4958
8812 90
893
8
90
.93
92 Jan '17
9438 96
95 Apr '17
94
95 Dec '16
7112
70
725 70
3
4112 4118 45 Apr '17
26
31
30 Apr '17
60
56 Apr '17
50
3534 31
34
34
____ 37
40 Nov'16
6634 ____ 6912 Apr '17
6978 ____ 7014 Mar'17
____ 6778 68 May'17
76
78
7912 Mar 17
---- 6978 79 Jan '17
60
51 Dec '16
- 407 4514 Feb '17
8
93
96
9312 9112
9313
6014 Sale
10134 103
----
90
1041 106
89
85
------ -8513 89
957 98 2
8
,
86
901
103
103
10334
103
9438
11238
104
91
9618
10612
9412
11314
107
973
4
9658
1063
4
4
-983 103
11214 11418
10418 10418
8918 9012
10312 100
60
7313
83
9113
1083 1083
4
4
81
99
8518
1033
4
-31112 -813
8
- -. - 65
102
79
--
109
10313
3112
-- -
8814 9113
4 50
64
50
6178
_ 897
3
22 46
6 89
92
95
- -4 70
45
28
56
10 34
95
63
97
92
983
4
-7812
5414
31
6913
45
691- - -1;
3 69
7014 71
6712 79
82
85
7812 80
_4514 49
5 96
96
9934
96
5 93
9318
9812
9318
95
95 Feb '17
95
5914
6012 463 5914 6814
6 10113 10614
103
103
10614 Jan '17 ---- 10614 10612
82 Oct '15
iO13- ioi
10_3_ Jan_ '1_7_
8
5318 ____ -60 - Apr '17 -535
8
6012 Apr '17 ---__-- 80
82 Apr '17 ---100 Feb '13 ---___
67 Aug '16 ---____
7712 Dec '13 --____
110 Mar'05 ---____ 87
9212 Dec '16 ---__
10158 10(134 Apr '17
97
98
9812
9812 ---1
102 July'14 -7712 Sale 7712
7758 20
_
8078 Oct '12 -7312 Sale 7312
7312
5
9114
__ 87 Sep '15 ---100 110 11212 Apr '17 -10014 106 109 Feb '16
70 Sale 70
70
- 101 101 Oct '16
85 ____ RP Deo '15
84
86
9134 Apr '17
23
103 Sale 1015
8
103
103 ____ 11014 Mar'16
30 ._
30 Mar'17
5513 59
60
61
80
82
591g 914
10158 108
30
30
3
6 A ub '13
_
1
- - - - ---- 9573 Fe g'°
____
30 Oct '18
59 Dec '16
68
72
65
63 Apr '17
1 96
91".14
____ 90
96
96
40 Mar'17
46
41
4334
105 Sale 10378
10512 244 10378 11334
8; 8212 8534
8212
8212 8334 8212
9134 9134
9233 1.26 9134 98 4
,
8013 Sale 8018
807
3 40 79
S6711
'2
1
8578
82 Apr7317
82
6 8712 9414
_7_12 89
.
3712
8778
92 Dee '16
-7312 Sale 73
81
73
7412 7634 Mar'17
7613 80
74
74
___- 73
74
8012
80
75 Mar'17
75
6314
8
92
9018 9618 Apr '17 -- -961- of 9358 __
9534 Nov'16
96 _-_ 104 M8Y'16
8419
70
-05
8212
80
80
10112 103
•No price Friday; latest bid and asked this week. a Due Jan. 6 Due Feb. g Due June. h Duo July. o Duo Oct. a Option Sale.
Week's
Range or
Last Sale
89
Nov'16
94 Mar'16
8914 Feb '16
80 May'17
10112
10113
1884
.
c)
BONDS
N. Y. STOCK EXCHANGE t r
a;
.f .
,
Week ending May 11
[vol..
New York Bond Record—Continued—Page 3
Price
Friday
May 11
Week's
Range or
Last Sale
l'u
_ „,..Z3
'—
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending May 11
Price
Friday
May 11
Week's
Range or
Last Sale
C
c)'5
104.
Range
Since
Jan. 1
Bid
High No. Low High
N Y Cent & H R RR.(Con.)—
Ask Low
P C C & St L (Con.)
Bid
Ask Low
High No. Low High
N Y & Pu 1st cons gu g 4s 1993 A -0 81
884 90 Apr '17 ---- 8978 94
Series F guar 48 gold_ _ _1953 J - D 94
9512 May'17
9512 9512
Pine Creek reg guar 6s.. _ _1932 J -D 11012 ..-__ 113 May'15 ---Series G 4s guar
1957 NI- N
94
9578 9512 May'17
_- 9512 97
It W &0 con 1st ext 58_ _h1922 A -0 101 102 10214 Apr '17 ---- i( -14 i6.131
12
Series I cons gu 43is__ _1963 F - A 10038 ____ 10212 Apr '17
10212 103%
R W &0T It 1st gug 5s__1918 M-N 99 ____ 10014 Feb '17 ---- 10014 10014
C St L & P 1st cons g 5s_ _ 1932 A -0 10312 ____ 10314
10314
10314 10314
Peoria & Pekin Un 1st 6s g_ _1921 Q- F
Rutland 1st con g 4;is_ _1941 J - J 80 ____ 90 Apr '17 --- 90
90
102 N ov'15
2d gold 4s
Og & L Cham Ist gu 4s g1948 J - J 6814 --_- 70% Apr '17 ---- '705 70%
8
11921 M-N
87 Marl()-Rut
-Canada 1st gu g 4s_ 1919 J - J 70 --- 92 June'09 --- ___ _ __ _ _
Pere Marquette 1st Ser A 5s 1956 -.. -- 88 Sale 88
_
9012 67 88
95
St Lawr & Adir 1st g 5s_ _ _1996 J - J 90 ____ 101 Nov'16 --___ _ _ _
1st Series B 45
70 Sale 70
1956
7114 33 70
773
4
2d gold 65
1996 A -0 --_- --__ 103 Nov'16 ---- ____ ____
Philippine R y 1st 30-yr s I 4s 1937 -.I --:1
48
42 Feb '17
42 42
Utica & 131k Ely gu g 4s 1922 J - J 9712 9912 9712 July'16 _--Pitts Sh & L E Ist g 5s
1940 A -0 10538 ____ 109 Jan '17
109 109
Lake Shore gold 3;is_ __ _1997 J -D 80 ____ 803 Apr '17 _--- 803- 8734
1st consol gold 55
4
1943 J - J
11314 Noy'll
4
Registered
80
1997 J -I) 70
79 Apr '17 -- -- 79
87
Reading Co gen gold 4s_ __ _1997 J - J
9214 gtd-- 9118
-o
92% 05 -Of - - 2
665 913 0714
1928 NI- S 9112 917 9112
9234
Debenture gold 48
Registered
91
1997 J - J
9212 Feb '17
9212 95
25
-year gold 4s
1931 M-N 91 Sale 0012
9214 99 9012 963
Jersey Central coil g 4s_ _ _1951 A -0 9012 9312 92 May'17
4
9012 97
Registered
_
1931 M-N --------95 Nov'16 ---- __ __ __
Atlantic City guar 45 g__ _1951 J - J
Ka A & G It 1st gu c 55.....1938 J - J ---- - -- - — -..
St Jos & Gr Isl 1st g 4s
---- ------ - - —
1947 J - J 75
80 80 Mar'17
79
82
Mahon C'l RR 1st 5s_ _ 1934 J - J 100 -- 10412 Dec '15
St Louis & San Fran (reorg Co)—
Pitts & L Erie 2d g 5s
a1928 A -0 ------- -103_
May'17 ---- 103 11333Prior Lien set A 4s
64
285 623 7118
1950 J - J 6278 Sale 6234
4
4
Pitts McK & Y 1st gu as 1932 J - J 103 _-_- 13018 Jan '09 ---- _ _ _ _ _
.
.
Prior lien set B 55
7914 Sale 7914
26 7914 883
80
4
2d guaranteed (is
873
1931 J - J --------12314 Mar'12 -•
Cum adjust ser A 6s
27 66
1935 3 3 67 Sale 66
1959 J:J
76
McKees & B V 1st g 68_1918 J - J -- - - ---- - - ----- ---- - - -- - --.
Income series A 6s
a0
48 S55 48
u le 14181
50
56%
Michigan Central 58
St Louis & San Fran gen Os_1931 J - ./
1931 M- S 1041 ____ 10014 Aug '16 -- _ _ - - --Apr'
17
1989 39ly
111 11212
Registered
1931 Q -M---- ----105 July'16 — —
100 10112 100 , 10014
General gold 5s
7 100 104
;
4s1940J - J 865 ____ 98 Apr '12 ---- ____ _ _
St L & 5 F RR,cons g 4s-193 j 3
78 May'16 - —
199 J -1
4 •
:
Registered
1910 J - J ____
87 Feb '14 --- _-_ __
7412 Mar'17
General 15-20-yr 5s._ 1927 M- N
-7412 75
J L & 5 1st gold 3As__ _1951 M- S 72 --_- 90 June'08.
--_71_ 2 95 Mar'17
Trust Co etfs of deposit_ _ _ _ __ __
8
21_ 70
70
75
1st gold 3558
8218 8112 Apr '17 ---, 8112 86
1932 rd-N 80
do
76 Dec '16
Stamped__
20
-year debenture 4s__ _1929 A -0 --_- 84
84
84
2 84
9134
Southw Div 1st g 5s_ _1947 A-O 85
.
90 _13 -66- -66
.
92 May'17 --- 91
N Y Chic & St L 7st g 4s 1937 A -0 0014 91
Refunding gold 4s
4
1951 J - J
833 Oct '16
9512
Registered
1937 A -0 89
003 Aug '16 -4
Registered
803 Mar'll
4
Debenture 48
1931 P4-N --_- 791; 79 Mar'17 ---, 79 8212
Trust Co ctfs of depos9 1 3_- _3
7834 783
783 Feb '17
4
_
14t3 _
„
4
West Shore 1st 48 guar_ _ _2361 J - J 87 Sale 87
8712
8 87
94
do
-gi
Stamped_ —
7414 Sep '16 ---Registered
KG Ft S & NI cons g 6s_ _1928 111-N 104 10512 194 May'17 -- 104 lii's
2361 J - J 8412 ____ 8412
8412
5 8412 9318
__ 10012 Jan '17 ---- 10012 10042
_
N Y C Lines eq tr 5s_ _1916-22 M- N
K C Ft 5 & M Ry ret g 4s_1936 A -0 7014 Sale 693
4
703
4 10 693 79%
4
Equip trust 4 01917-1925 .1 - .7 -------1003 Jan '17 ---, 1003 1003
4
--__
_
4
90 Feb '17
KC&MR&BIstgu5s_1929 A-0
4
00
90
NY Connect 1st gu 4;0 A.._1953 F - A 9014 __-- 90.8
92
74
St L S W 1st g 4s bond ctfs_ _1989 M- N 72
h 9018 9934
75
7518
74
80
N Y N H & Hartford—
2d g 4s income bond etfs_p1989 J - J ____ 63
4 03
63
63
6512
--------793 Sept'16 --1947 M- 5
Non-cony deben 4s
Consol gold 4s
68
08
2 6612 72
68
1932 J -D 66
Non-cony deben 3;0-- _1947 M- S ---- ----71 Nov'16-- _ _ ____
.
1st terml & unit 5s
6512
6512
5 6512 7118
1952 J - J 63 68
Non-cony deben 33is....1954 A -0 ---- 62 68 Dec '17 --- ____ _ ___
985 Jan '14
Gray's Pt Ter 1st gu g 5s_1947 J - D
Non-cony deben 4s
1955 J - J — -- 70 68 1Iar'17 ---- 68
5 A & A Pass Ist gu g 4s_ _ _ 1943 J - J 63 Sale 63
24 -03- -6E68
73
6914 Apr '17 ---, 67
Non-cony deben 4s
1956 M-N -10018 10018
SF&NPIstskidg5s
1919 J - J --- 101 10018 FeO '17
7514
1956 J - j 59 62
59
Cony debenture 3As
61
Seaboard Air Line g 4s
8 5714 64
4
1950 A -0 ___ 833 798 Feb '17 --.. 79711 8212
1948 .1 - ,/ 99 Sale 99
100
Cony debenture(is
19 99 11012
Gold 4s stamped
793 797 Apr '17 -- 793 82%
4
1950 A -0
4
Cons Ry non-cony 4s_ _ _ _1930 F - A — --_.--. 79 Jan '17 ---- 79
79
Adjustment 5s
0.949 F - A 5812 Sale 5812
5912 28 5812 88
Non-cony deben 4(3.___ _1954 J - J ----'• 7912 9112 Jan '12 -- -- _ _ __ _
Refunding 4s
8612 8412
8 6412 7013
8512
65
Non-cony deben 4s.......1955 J - J ---- 7774 7912 Apr '16 -- -' _ _ _ _ _ _
Atl 13Irm 30-yr 1st g 4s_ -81933 A - 0 70
87
8614 87
9
87 Mar'17
1 3 M-S
Non-cony deben 4s_
1955 A -0 ---------------- -...... -- - Car Cent 1st con g -Is__ _19-19 J - J
88 Jan '17 -- 88
88
Non-cony deben 4s_ _ _ _1956 J - J -,-- 80
---Fla Cent & Pen 1st g 5(3_ _1918 J - J 166—903 Sep '15
4
-Harlem ft-Pt Ches 1st 4s..1954 rd -N 8412 ---- 86 May'17 --- 86
1st land gr ext g 5s
92
_ 101 Dec '15
1930 J - J 101
—
B & NY Air Line 1st 4s__I955 F - A 85 ____ 8818 Apr '17 ---- 8818 8818
104 103% Dec '16
Consol gold 5t3
1943 .1 - J
993 102
4
74 Apr '17 ---- 72
Cent New Eng 1st gu 4s_1961 J - J -- -- 76
Ga & Ala Ity 1st con 5s_ _o1945 J - J --__ IC1018 100 Apr '17
7812
Hartford St Ry 1st 4s_ _ I930 NI- S
1023 Jun '17
s
---- ........ —_
Ga Car & No 1st gu g 5s_ _1929 J -3
10214 102%
Housatonic It cons g 5s__ A937 M-N 103 _-_- 10512 May'15 ---- _ _ _ _ _ _
7818 8112 99
Scab & Roan 1st 5s
1926 J - J 10012 102 8114 Aug '15
.
Naugatuck RR 1st 4s_ _ _ _1954 M-N -------. 87 July'14 ---- ____ _ _
Southern Pacific Co—
N Y Prov & Boston 4E1_1942 A -0 90 —. 88 Aug '13 ---- . _ _ _
_
10 81
Gold 45(Cent Pac coil)..k1949 J - D
88
k1949 J - D --- 80
NYW'ches&B 1st ser I 4;0'46 J -3 ---- 02 62 May'17 ---- 6112 7513
90 Feb'
82
14
Registered
87131- Sale 87
N H & Derby cons cy 58.._1918 M-N --------107 Au '09 ---g1929 M- S 9
9114
-year cony 4s
20
8234 147 8114 -885
4
Boston Terminal 1st 4s.._ _1939 A -0 -------------------- - — - - -- Sale
1931 J -D
20
-year cony 5s
22 97 10412
95
0
---- _ _ _ _ _ _
.
New England cons Ss__ _ _1915 J - J 10218
Cent Pac 1st ref gu g 4s_ _ _1919 F - A 8614 Salo 8512 sep1 6112
72
8512 93%
:16
89 4
Consol 45
Registered
1915 J - .1 88 --__ 991; Mar'12-1949 I' - A
57 Apr '18 ---- 57
Providence Secur deb 4s_ _1937 M-N ---- 60
57
Mort guar gold 334s__k1929 J - D 8634 --87
if
87
10 - - 611;
Prov SE Springfield 1st 5s_1922 J - J --------997 Dec '14 ---- __ _ _ _ _
.
Through St L Ist gu 48_1954 A -0
817 84 Feb '17 . . 84
;
8712
Providence Term 1st 48_ _ _1956 M- S 803 ---- 833 Feb '14 ---- _ _ _ _ _ _
.
GH & 5 A NI & P 1st 53_1931 M-N ____ 101 10012 Feb '17 ---- 10012 102
W & Con East 1st 4%s_ _1943 J - J - - - - - - - ,
_.
2d exten 5s guar
.. ,
, -.,:: - -,,,, 1931 J - J 05 100 9012 May'17
9612 9812
N Y0& W ref 1st g 4s- —91992 M- 8 " 'bae "
10014 Jan : 6
Apr7
1
Gila V G & N 1st gu g 5s_ _1924 M-N 95 _ "
'0 " 64
Registered $5,000 only....g1992 M- S --------9213 June'12 ---- _ _ _ _ _ _
Hous E & W T 1st g 5s__ _1933 M-N 9512 9_912
-4;61; 10212
General 4s
80 79 Mar'17 ---- 77
80
-- 109091' Oct '10 ---1955 .1 -D 73
1933 M-N
1st guar 58 red
Norfolk Sou 1st & ref A 5s.1961 F - A ---- 7812 78 Apr '17 -- -- 78
1 jai- 1061104
2
II & T C 1st g 5s int gu_ _ _1937 J - J 104 Sale 104
82%
____ 993 Apr '17 ---- 9934 101
4
Norf & Sou 1st gold 5s
955 96 Apr '17 -- -- 90
1911 M-N 98
8
Gen gold 43 lot guar_..1921 A -0 95
961
115 Apr '17 ---- 115 122
Nod & West gen gold 6s
_ 105 10912 N ov'15
1931 M- A 11412
Waco & N W div 1st g 6s'30 M-N
.
Improvement & ext g 6s_ _1934 F -A 11412 122 122 Nov'16 ---- _____ _
A & N W 1st gu g 5s._ _ _ _1941 J - J
10112 Dee '10
-8
New River 1st gold 68_ _ _ _1932 A -0 1147 120 12012 Nov'16 - _
_ _
_ Louisiana West 1st Os.
.,_1921 J - .1 102 1053 109 June'14
;
-i0 ii 1,
1iil4
92
N & W Ry 1st cons g 4s_1996 A -0 9112 921 92
Morgan's La & T 1st 7s_1918 A -0 ---. 105% 10-13 July'16 -4
-Registered
1
0 -------- 942 Deo '16 -. -_._
_
10414 105 Jan '16
1996 A 1st gold 68
1920 J - J
87
Div'l 1st lien & gen g 48_1911 J - J 88
87
No of Cal guar g 5s
1938 A - 0 1665; _.-105 Oct '16 —
881s 28 87
9318
997 1017
8
1203
10
-25-year cony 42
5, 1203 131
1932 .1 -D 119 122 1203
;
8
8
Ore & Cal 1st guar g 5s_ _ _1927 J - J 977 995 997 May'17
11714
10 -year cony Is
-20
1932 NI- S 119 122 11714
0712 N Ly 6
03
104 Stp t:117
So Pac of Cal—Cu g 5s__ -1937 NI- N 19712
5, 11714 1363
4
11912 10, 11812 135
10
-25-year cony 4;0_ _1938 NI- S 119 122 11812
94 "96
So Pac Coast 1st gu 4s g--1937 J - 3
4
84
82 May'17
Pocah C & C joint 4s__ _1941 J -D 873 8814 88 Apr '17 ---- 88
82 893
94
San Fran Terml 1st 4s_ _1950 A -0
4
..
C C& T 1st guar gold 58_1922 J - J 100 _ _. 103 Sept'16 ---96
95 Nov'16 -Tex & N 0 con gold 5s_ _ _1943 J -3
9014 907 Mar'17 --,, __--2
Scio V & N E 1st gu g 48_1989 NI- N 87
907
; 9
1955 .1 - J 857 Sale 857
8E7.
8714 85 " 8 -55 So Pac RR 1st ref 4s
8
;
90
077
99
Nor Pacific prior lien g 4s__ _1997 Q - J 8912 Sale 8912
82 977 1023
80 8912 065
4
Southern—lst cons g 5s_._1994 J - J 9772 Salo
8
4
1997 Q- y 88
90
88 Apr '17 --,- 88
Registered
93
10014 10014 Aug '10 -Registered
1994 J - J
6478 35 0313 0918
General lien gold 3s
a2017 Q- F 0414 Sale 6312
677
Develop & gen 4s Ser A_ _ _1956 A - 0 6618 Sale 6618
s 84 -641; 77
6714 Jan '17 ...-- 6612 6714
a2047 Q- F --, 6012
Registered
77
7712 Apr '17 ---- 77'2 7812
Mob & Ohio coil tr g 4s.._ _1938 M- S 75
8
;
St Paul-Duluth Div g 4s__1996 J -D 915 _-__ 917 Jan '17 ---- 917 917
8
Mem Div 1st g 4;is-5s__ _1996 J - J ____ 10012 98% Apr '17 ---. 98 10118
7712 May'17 -- 7712 84
St P & N P gen-gold 6s___1923 F - A 10512 1081 10918 Mar'17 ---- 1091a 11012
70
St Louis dly 1st g 48
1951 J - J 73
_
22_3 19
16 22
. 09153 19812
4
_
02%S
Registered certificates_ _1923 Q- A -------- 10912 Oct '15
Ala Cen 1st g tis
_.
St Paul & Duluth 1st 5s.._1931 F - F 103 ____ 107 Oct '16
3
Ala Gt Sou 1st cons A 5s.. _1943 .1:
9812 9812
Apr
1 918 3 13
4
__ 100 Jan '17 ---- 100 10012
92 90
2d 55
00
10 90 9614
1917 A -0 993
Atl & Char A L 1st A 43 1944 J - i 90
-is
99
99
8
1st consol gold 48
1968 J -D --,- - -_ 887 Mar'17 ---- 887 887
8
8
0914
1st 30-yr 5s ser B
2 08 10318
1944 J - J 98
82 8312 Jan '17 8612 Deo'18 ---_
_
Wash Cent 1st gold 4s.. _ _ _1948 Q -PA 73 85
1948 J - J
8314 84
Atl & Danv 1st g 4s
- 80
_—
110
Nor Pac Term Co 1st g 6s 19333 - J 110 Salo 110
1048 J - J
8112 Mar'16
3 ig412 in')
2d 48
75
75
Oregon-Wash Ist & ref 49_1961 1 - J ---.. 8212 8212 May'17 ---- 817 875
75 Feb '17
Atl & Yad 1st g guar 4s_ _ _1949 A -0 72
8
8
95 Apr '17 ---- 9313 99
105 105
Pacific Coast Co 1st g 5s
1946 J -D -„-- 94
igi'7; 105 Mar'17 E T Va & Ga Div g 5s___ A930 J - J
1950 M- N 101 105 1065s Apr '17 -- 105% 108
Paducah & Ills 1st s f 43is_ _1955 J - J 95 997 10015 Feb '17 --- 99 101
Con 1st gold 5s
10012 10114
E Ten reo lien g 58
1938 M- S 10014 10114 10114 Mar'17
Pennsylvania RD.1st g 4s
1923 M-N 9912 ____ 9912 Apr '17 ---- 9912 9912
1015 Apr '17 ---- 1015 10214
8
Ga Midland 1st 3s
Consol gold 5s
04
64
1919 M- S 10018
1940 A -0 -_
64 Apr '17
05
Ga Pac Ry 1st g 6s
_ 987 Mar'17 ---, 985 9912
s
8
Consol gold 4s
s
10()% 107
1943 M-N 9714
1922 J - J 1007; 100 1067 Feb '17
4
98
9714 973
Knox & Ohio 1st g 6s_ __ _ 1925 J - J 10314 ___- 1093 Jan '17 —_ 1093 1093
2 9734 101
Consol gold 4s
4
1918 M-N 93
4
4
10312 121 10212 107%
Mob & Bit prior lien g 5s_1945 J - J 09 ---- 100 Sept'16
Consol 460
1900 F - A 10212 Salo 10212
2 9634 10413
72 Apr '17
967
8
72
067
8
General 43is
,
1963 J -D - -- 96
72
Mortgage gold 4s
1945 J - J
74
963 448 9513 977
Sale 9512
8
g6
4
General 430(wh Iss)Junel '65 __ _
Rich Sr Dan deb 55 stmpd_1927 A -0 97 103 1043 Apr '17 -- 10312 1043
4
9712 Feb '17 ---- 97
73 Sept'12
Alleg Val gen guar g 4s_ _ _1942 M- 5 -,--- 90
Rich & Heck 1st gu 4s_ _1948 M- N
97%
08914
Sale 10213 junc0 1
D R RR&B'ge 1st gu 4s g_1930 F - A 95 ---- 9412 Sept'16 ---- - — - - - -So Car & Ga Ist g 59
9 111
.
8 98 1011
1919 M-N
Phila Balt & W 1st g 4s_ _ _1943 NI- N 92 ____ 100 Jan '17 --- lee 100
4-5s_ _ _1921 M- S
Virginia Mid set D
___. 103, Aug '16
1920 M- S
Sodus Bay & Sou 1st g 53_1924 J - J 98
Series E 53
02 Jan ' ---- - - -- --- 8
1931 rd- S
Sunbury & Lewis 1st g 4s..1936 J - J 86 -------------.--. _., - - - 10412 Dec '16 ---Series F 5s
---- -,-- -,
8
UN J RR & Can gen 4s_ _1944 M- 5 9912 _-_- 997 Mar'17 ---- 997 997
1936 111-N 100 102 105 Mar'17
jai - 108
G
General 5s
;
8
105 10612
Pennsylvania Co—
Va SE So'w'n 1st gu 58_ _2003 J - J 103 --_ _ 105 Mar'17
10014
8 995 10214
1921 J -3 10012 10218 10014
Guar 1st gold 43
(4
88
1 5
91 Feb '17
-is
— 9012 9112
e)
0 , coni f(yyear 5::1924 F ..- O 81
1; v 5 - go 45. .... ,8 A A
‘
t
3 937 Mar'17 -- 93% 937
____ 10038 Apr '17 --- 1003 10214
3
W
1921 J - J 9813
Registered
92
94
1st
87
TerSpokane Intern14,t gllA 38 ...._ 1955 J -- 33 913 96
95
Guar 30coll trust reg A_I937 Ni- S 8512 _ _ . 87 Feb '17 — -, 87
A of sf L i3t i g 5: _ 9,A .1
3
90
.
953 Mar'17
4
92
80
80
Guar 3;is colt trust scr B..1911 F - A 8018 83
4 80
1001g 101%
863
4
97s 101 Mar'17
8618 July'16
Guar 33 trust ctfs C___ _1942 J - D 8014 ___
1894-1914 F - A 063 _ _ 102 Apr '17 :I.:: 1003 102
1st con gold 5s
-is
4
4
8811
_
_
_ _
4
4
Gen refund s f g 4s
19533 - J
_ LIE18 80 Mar'17
Guar 33is trust etfs D_ __ _1944 J - D 7812 853 873 Dec '16 -,
9114 ii sif
_ 86 100
99 Mar'17
if
Guar 15 -year gold 4s_ -1931 A -0 901s 9214 91
99
-25
St L Ni Bridge Ter gu g 5s 1930 A - 0 9513 101
99
4
2 99 102
99
4
Tex & Pac 1st gold 58
40
-year guar 48 ctfs Ser E_1952 M-N 913 ____ 923 Apr '17 ---- 923 93
2000 J -D ____ 99
64
7 64
04
91
2d gold Inc 58
84
g2000 NI a r 60 70
Cin Leb & Nor gu 4s g__:_1942 NI- N 9012 _ _ _ 91 Apr '17 ---- 91
89 Apr '17
La Div B L 1st g 5s
93
C1& Mar 1st gu g 4s__ _1935 81-N 9512 ____ 10012 Mar'17 --- 100 10012
1931 J - J 89
89
8914
95 10612 Nov'04
W Min W & N W 1st gu 531930 F - A
-is
CI & P gen gu 4i ser A_ _1942 J - J 98 10212 102 Apr '17 -- -- 102 102
0 Nln 1 7
Tel & 0 C 1st gu 55
Series B
1942 A -0 101 10212 101 Dec '15 --;
_- 0318
.
8
166- 1611
1935 J - J _9_9_1. 19812 100 Joay:17
Int reduced to 3;is._1912 A -0 8634, __ 9114 Feb '12
Western Div 1st g 5s
1935 A -0
wo 100
4
_-_- 90 Feb '17 — — 82
9018 Oct '12 -.—
90
Series C 3s
1948 NI- N 863
General gold 5s
1935 J -D
4
8812 Feb '17 .--- 8813 8914
Series D 33
8212 84
8414 A pr : 7
9
1950 F - A 863
-is
1
Kan & NI lst gu g 48
94
1990 A -0 _7_82! 87
9414 973
4
Erie & Pitts gu g 33is B1940 J -3 ---- 8712 88 Apr '17 ---- 88 88
2(1 20
1927 J - J
-year 5s
82
1940 J - 3-..- 8712 9018 July'12 ---60 Tol P &W 1st gold 4s
Series C
62 Mar'17
- 53
8312
99 Mar'17 ---- 99 99
Gr It & I ex Ist gu g 40_1941 J - J 9312 99
Tol St L & W pr lien g 330_1915 3 . 80
8312 80 Mar'17 --- 80
1927 J:.•1
60
55
Ohio Connect 1st gu 4s
50
I913 M- S 9418 ____ 93 May'14 -- ___ __ _
5678
9 55
-year gold 4s
1950 A -0 ____ 55
22
Pitts Y & Ash 1st cons 5s..1927 NI- N 92 ____ 109 May'10 ---50
-18% Mar'06
Coll tr 4s g Ser A
A
Tor Ham & Buff 1st g 4s_ J31910 J:
TolW V &0gu 4;0A-1931 J - J 9112 ____ 984 Apr '17 ---- - 4 983
983-4
1947 F D 8018 87 80 Apr '17 ---- -io - 871*
9912 Feb '17 -- 9912 9912
4
Ulsttrrefo mll g 4scon g 5s_ _ _1928 J -I) ____ 083 095 Apr '17 ---- 99% 10012
Ise & De 1st
Series B 43
1933 J - J 9412 98
-is
94 Apr '16
1942 NI- S 9118
Series C 45
1052 A - 0 ---_ 7112 74 Mar'15
. __ 100 Apr '17 ---- 100 1033
iCwi63
PC C & St L gu 436s A._1010 A -0 99
95
Union Pacific 1st g 4s
1947 J - J 95 Sale 943k
,
9812 Apr '17 .-9512 9812
Series B guar
1912A -0 • 98 100
9612 Apr '17
1947 J - J ---- 90
9812 10213
Regis
9714 July'15 ____
79 8912 9912
_
903
1942M- N 99
Series C guar
1927 J - J
20
8912 Sale 8912
-year cony 48
1945M- N 94
38 8814 0518
9514 Oet '16 ..
89
Series D 45 guar
1st & ref 48
g2008 M- S 8814 Sale 8814
RPrIPSI 'F! n..4,a slier sold 1080 F - A
93 ____ 96 Mar'17 --- 9514 98
88
1 88 95
88
Ore RR & Nay con g 4s_ _1946 J -D 88
90
-
• No price Friday; latest bid and asked. a Due Jan. b Due Feb. 8 Due May. g Due June. h Due July. k Due Aug. c Due Oct. p Due Nov. q Due Dec. sOption sail
MAY 12 1917.]
New York Bond Record-Concluded-Page 4
BONDSPrice
z
Friday
N. Y. STOCK EXCHANGE
May 11
Week ending May 11
Week's
Range or
Last Sate
Range
3Since
Jan. 1
BONDS
t
N. Y. STOCK EXCHANGE ,
Week ending May 11.....,'a.
1885
Price,..) •
Week's
,
......,ts
Friday
Se,'
Range or
May 11
Last Sate
°4
Range
Since
Jan. 1
•
Bid
Ask Low
High No. Low High
Bid
Ask Low
High No. Low High
Union Pacific (Con.)-3 10512 10813
Syracuse Lighting 1st g 5s__1951 .1 -D 9712 10334 101
101
11100 101
Ore short Line 1st g 6s__ -1922 F - A 10512 Sale 10512 10512
s
• 1946 J - J 103 105 1067 Apr '17 ---- 106 108%
Syracuse Light & Power 5s__1954 J -.8 __-_ 90
85 Apr '17 ____ 85
8714
1st consol g 55
4
1929 J - D 88 Sale 873
89
10112 Apr '17 __ 10112 1014
53 873 947
Trenton G dr El 1st g 5s____1949 IN- S
4
Guar refund 43
Union Elec Lt dr P let g 53_1932 M- 5 -------- 10112 Dec '16 ___ ..._
Utah & Nor gold 5s........1928 J - J 9812 ___- 102 Mar'16 ..
1933 J - J _91 1_7 98 Apr '16
. .8
0
4s
Refunding & extension 5s_1933 111-N -------- 10138 Nov'16 -__ --- -let extended
- -fig vandalla cons g 4s Ser A____1955 F -A 8212 8914 8812 Apr '17 _ 8
United Fuel Gas lat s f 6s___1936 J - J ___ 9914 9914 May'17 ____ 994 1014
1957 M- N
88
90
Utah Power & Lt 1st 5s...._ _1944 F - A ____ 9018 90
1 90
9612
Consol 4s Series B
88
92
4212 Aug '15 -__
Utica Elea L & P 1st g 58_1950 J - J 101 --_ 103 Apr '17 ____ 103 103
Vera Cruz & P 1st gu 4%s-1934 J - J _-- 87
9812 23 -66- RIF:
1957 J - J 98 ____ 99 Apr '17 ____ 99 101
1962 III-N 9618 Sale 96
Virginian 1st Is Series A
Utica Gas dr Elec ref 5s
1939 fil-N 100 10018 1003
8
101
Westchester Ltg gold 5s
1950 I -0 98 101 105 Mar'17 ___ 102 106
29 10038 1067
Wabash let gold 5s
Miscellaneous
1939 F -A ---- 96
99% Apr '17 ---- 9918 101
2d gold 50
8412
1948 PA- S ____ 75
77
105 Oct '16
784
1939 J - J 80
Adams Ex coil tr g 45
5 77
Debenture Series B
70 6712
1921 M- 8 100 _- __ 1.0038 Mar'17 -- 1003810038
70
7 6712 85
1st lien equip s fd g 5s
Alaska Gold M deb 6s A___ _1925 M- S 68
1926 M- S 6712 Sale 6712
80 Jan '17 ---- 80 80
1st lien 50-yr g term 4s_ 1954 J - J
6712
2 6713 847
Cony deb 6s series B
a
9214 45 9013 947
1941 J - J iii6-= 10112 May'17 ___ 1C1112 10512
Armour dr Co let real est 4y0'39 J -D 9012 Sale 9013
Del & Ch Ext 1st g 5s
94
Booth Fisheries deb s 1 6s_1926 A -0 ____ 94 94 Apr '17 ____ 92
Des Moines Div 1st g 45._1939 J - J --------80 Aug '12
..ii75 Apr '17 ____ 73
Braden Cop M coil tr s f 66_1931 F - A 9
95
95
1 95
98
1941 A -0 --- 78
Om Div 1st g 3;0
1952 A-0 --------88 Apr '17 __,.._ 8614 89
To!& Ch Div 1st g 4s.._1941 M- S 81
6 8414 Jan '17 -- 8414 84 4
Bush Terminal 1st 4s
,
7 Jan '17 ____
7
8
'7
8
1955.8 - J ---- 87
3
87% Apr '17 ___ 871s 9312
_
Consol 5s
Wab Pitts Term 1st g 4s
1954 J -D -------1 8512 9014
1960 A -0 8512 89
8512
Bldgs 5s guar tax ex
8512
Cent and Old Col Tr Co certa.._ _ __ ---- -- 112 Jan '17 _-. .
„
14
2 Oct '16 -.
Cerro de Pasco Copp env 6s 1925 M- N 108 112 110
11212 45 110 118
Columbia Tr Co certs
3 97
112 Nov'16 ....-- :::: ::::
Chic UnStat'n 1st gu40 A 1963.8 - J
97
2 97 10114
Col Tr Wsfor Cent Tr Ws-- 5 -15 ____ ____
.
--__
Chile Copper 10-yr cony 78_1923 M -N ---- ---- 122
126
14 Aug '18
46 122 132
2d gold 4s
1954
---- ---Computing-Tab-Rec s f Os_ _1941 J - J -___ 8512 86 May'17 ____ 851 8712
4 July'16 --Trust Co certfs
Granby Cons M S&P con 6sA'28 11I-N 100 10112 102
-Eig3- -ii 4
8
102
5 102 10912
1Wash Term! 1st gu 3;0___ _1945 F - A 7613 8112 8614 Jan '17
1928 M-N ___ 103 10112
91% Aug '15 -1945 F - A 93
10112
5 10112 1093
Stamped
4
1st 40-yr guar 45
2
69
Great Falls Pow 1st s f 5s_ _1940 M- N 981 99 100 Apr '17 ____ 100 1027
1952 A -0 88 Sale 68
6 68
753
8
West Maryland 1st g 4s
4
102
1937 J - J 103 10438 102
2 99 1053
93
Int Mercan Marines f Gs__ _1941 A - 0 92 9214 921s
35 881s 963
4
West N Y & Pa 1st g 5s
4
1943 J - .1 9538 Sale 95
Montana Power 1st Is A
1943 A -0 ---- 8538 86 Mar'17 --_ 854 86
9538 58 95 1003
4
Oen gold 4s
1939 J - J 9012 9138 9012 Apr '17 ____ 9112 93%
Morris & Co 1st s f 4;0
p1943 Nov
45 ____ 37 Oct '16
Income 55
83 Apr '14 __ __ _ _
Mtge Bond (N Y)4s ser 2.1966 A -0 931
8412
86
14 -841- -8772
8
Western Pac 1st ser A 5s ....1946 M - S _-- 86
10-20-yr 5s series 3
1932 J - J ---- ----94 June'16
Wheeling & L E 1st g 5s....._1926 A - 0 11111$ 10212 1003 Apr '17 ___ 10013 103
5
4
4
N Y Dock 50-yr 1st g 4s_ _1951 F - A 733- _-__ 7512 Mar'17 _ _ _ 75
Wheel Div 1st gold 5s_ _ _ _1928 J - J --_- 9938 100 Feb '17 ____ 100 100
7513
8
Niagara Falls Power 1st 5s 1932 J - J 1003 10118 101 May'17____ 101 103
Exten & Impt gold 5s____1930 F - A ---- 995 9938 Mar'17 -__ 9938 9938
51932 A -0 100 104 1054 Oot '16 ___ _
_
1949 M- S 78
Ref & gen 6s
RR 1st consol 4s
7834 78 Apr '17 _ __ 78
82
Winston-Salem S B 1st 48_1960 J - .1 ---- 87
Niag Lock &0Pow 1st Is._1954 M- N -..-- 9314 9412 Jan '17 __ _ 6413 0412
85
85
1 85 8812
8412 8412
9412 12 943 99
Wis Cent 50-yr 1st gen 4s_ 1949 J - J -Nor States Power 25-yr 5s A 1941 A -0 -- -- 9518 9438
8
8412
1 8412 887
-Sup & Dul div & term 1st 48'36 M-N 8313 8612 8618 Apr '17 --_- 86
Ontario Power N F 1st 5s _1943 F - A -- -- 9212 91 May'17__ 9034 9412
91
Street Railway
90
86 Sep '16 -_ - -- --Ontario Transmission 5s_ __1945 IN -N 80
_
975 Apr '17 __ 9712 10138
Brooklyn Rapid Tran g 5s 1945 A- 0 977 99
13 8713 93
4
88
Pub Sery Corp N J gen 5s__1959 A -0 873 Sale 8712
1st refund cony gold 4s 2002 J - J --- 7212 738 Apr '17 ___ 737 7714
1
8912 8812
90
Tennessee Cop 1st cony 6s_ _1925 M- N 89
9914 57 9812 mile
-year secured notes bs__ -1918 J - J 984 Sale 9812
_..„.
6
NVash Water Power 1st 5s_ _1939 J - J --- 102 10312 Jan '14 -----------. 3 .
03 .! Wilson & Co 1st 25-yr s f 6s_1941 A -0 1003 Sale 100%
Bk City 1st con 45_1916-1941 J - J ---- 100 10033 Apr '17 _-__ 10 . 10_17
10114 29 11/93- 1037
4
1
4
9413 N ov'16
Bk Q Co & S con gu g bs_ _1941 M-N ---- 85
Manufacturing & Industrial
2_
Am Ag Chem 1st c Is
Bklyn Q Co & S Ist 55- _1941 J - J ---- 99% 101 May'13 . ___
1928 A -0 9912 Sale 9913 100
6 9912 10412
9812 Apr '17
-IiiI4 161 4
1950 F - A --- 98
1Cony deben bs
Bklyn Un El 1st g 4-5s
1924 F - A 10013 101 10012
101
24 993 105
4
9812 Apr '17 ___ 9813 10114
- 98
Am Cot Oil debenture 5s
1950 F - A -94%
Stamped guar 4-55
1931 M-N 9418 95
9414
7 9214 973
4
81 Apr '17 ___. 81
883
4
Am Hide & L 1st s f g 6s_ _ 1919 M- S 10212 103% 10212
Kings County E 1st g 4s_1949 F - A 7012 78
10212
5 1021:10438
8112 Apr '17 ___ 821 9734
:
91
: 87
Amer Ice Secur deb g 6s___ _1925 A -0 ..,..- ---- 100 Apr '17 ____ 972 10014
1949 F - A --- 80
Stamped guar 4s
71 Mar'17 ___ 7018 7412
Am Thread 1st coil tr 4s_ _ _ _1919 J - J 981- Sale 98
4
Nassau Elec guar gold 46_1951 J - J _-- 75
9814
2 93 991j
9314 10
8
Am Tobacco 40
1927 F - A 927 9314 9313
-year g 6s__ _1944 A -0 119 ____ 119 May'17 ____ 119 11912
Chicago Rys let 5s
6
_ 1003 Feb '17 ....- 10138 10138
8
Gold 48
1951 F - A --- 82 832 Apr '17 ____ 8313 85
Conn Ity & L lat & ref g 4;01951 J _ J 9
i0 80 18014
0 0138
Am Writ Paper 1st s f 5s_
•- __1951 J - .1 --- --- _ 00018 Apr '17 ..... .. 10
s
Stamped guar 4)4s
1919 J - J 881- Sale 88
881
4 8634 92
80
82
81
Baldw Loco Works 1st 5s
1940 III-N ---- 10412 10312 May'17 ___ 10338 10414
Det United 1st cons g 4 As_ _1932 .1 -J 80
Beth Steel let ext s f 58
1936 M- S -------84 Jan '14
1926 J - J 101 Sale 101
10118
Ft Smith Lt dr. Tr Ist g 5s
7 100 104
'
6412 13 -ji -6914
F - A 60 63 63
1st & ref 5s guar A
4
Hud & Manhat 55 Ser A_ _ ....1957
1942 M-N 993 Sale 99
9934 23 9812 102
1513
1512
1518 16
4 15
1957
Cent Leather 20
2513
Adlust income 50
-year g 5s 1925 A -0 997 Sale 9938 10038 47 9938 103
-1932 i' -.A _-__ 100 100 Feb '17 ..- 100 10012
Col F & I Co gen s f 5s
NY & Jersey 1st 5s
1943 F - A 93 Sale 93
93
2 923 9712
8
6512 201 63
7312
Interboro-Metrop coil 40_1956 A -0 63 Sale 63
Consol Tobacco g 45
81 Mar'17 ____ 81
81
1951 F - A 8114
9334 225 927 9938
Interboro Rap Trail 1st bs....1966 .1 - J 93 Sale 927
1931 Ni-N 9612 9814 98 Apr '17 ___ 98
Corn Prod Ref a f g 5s
99
8538
857
4 854 94
Manhat Ity(NY)cons g 48_1990 A -0 8512 86
1st 25-year s f Is
9612
1934 M-N 9612 Sale 9612
5 9612 9912
857
8618 428 4
1 95
Stamped tax-exempt
1990 A -0 8538 88
4
Cuban-Am Sugar coil tr Os_ _1918 A -0 10012 10078 10012
10038 28 10012 102
Metropolitan Street Ry60
Distil Sec Con cony 1st g 56_1927 A -0 60 62
601
15 60
70
94
94
Bway & 7th Ay 1st o g 56_1943 J - D __ __ 100
100
9413
E I du Pont Powder 4;0_1936 J -D 10112 10412 104
104
5 103 10412
Col & Oth Av 1st gu g bs1993 M- S 95, 9912 9812 Mar'17 ---- 9813 100
85 Mar'16 ...._ _ _--General Baking 1st 25-yr 6s_1936 .1 -D -,.- - 90
4
Lex Ay dr P F 1st gu g 5s .1993 M- S --__ 957 963 Apr '17 ___- 9834 9914
8
8112
Gen Electric deb g 3;0_ _1942 F - A 7812 8112 7812 Apr '17 ____ 78
Met W S El (Chic) 1st g 4s_ _1938 F - A
30 Mar'14 --- .
Debenture 55
1952 M- 5 100 Sale 100
100
1 100 1064
Mllw F,lec Ry & Lt cons g 5s 1926 F - A ---- ---- 103 Mar'17 ---- iOi- i6iIll Steel deb 4;0
89
1940 A -0 8812 Sale 8812
9 8812 94
Refunding & exten 4;0_ _1931 J - J _- 03 93 N ov'16 .--- ___ _ .. _ _ _
Indiana Steel 1st 55
8
1952 M- N 101 Sale 1007
10114 55 100 103%
9912 101 Aug '16 -- _ _
Minneap St 1st cons g 5s_ _ .1019J - J 98
Ingersoll-Rand let Is
1935.8 - ..T --------100 Oct '13 ____
- ..,,,2 -giri
Montreal Train 1st & ref 58_1941 J - .8 88
Int Agricul Corp 1st 20-yr Is 1932 M -N
93 8912
8912
i2 77
77 2 May'17 ____ 7112 7912
,
4
833 Aug 16
New Or! Ry & Lt gen 40_1935 .1 - J ____ 88
Int Paper Co 1st con g 6s_ 1918 F - A 10014 10012 10014
10014
4 100 102
NY Municip Ry 1st s f bs A 1966.8 - J 99 ____ 99 Apr '17 ---- -iii - - 396 4
Consol cony s f g 55
1935.8 - ,7 10014 10012 1004 Apr '17 ____ 9812 10014
N Y Rys 1st RE & ref 4s
6212 22 60
1942 J - J 6113 Sale 60
7134
Lackaw Steel 1st g 58
,
1923 A -0 10012 101 100 2 1007
8 34 100 10138
27
30
225 25
-year ad) Inc Is
1950 NI- s 9512 9613 96
51942 A -0 2514 Sale 25
1st cons 5s Series A
97
61 9313 100
4738
N Y State Rys lst cons 40_1962 M- N --- _ 7612 78% May'17 ___ 7818 8714
Liggett & Myers Tobac 7s_ _1944 A - ci 11812 121 118
121
29 118 129
Portland Ry 1st & ref bs
_1030 M- N 8312 93 8813 Nov'16 ::::
9S12
Is
1951 F - A 9812 100
997
48 9813 10413
Portld Ry Lt & P 1st ref 5s.1942 F - A 70 ____ 78 Apr '17
-ii 8 -ii 2
51Lorillard Co (P) 76
1944 A -0 11812 121 118
120
25 118 128
Portland Gen Elec 1st 55_1935 J - .1 904 __ _ 9012 Feb '17 --- 9012 9012
Is
1951 F - A 973 93
3
98
9814
7 98 103
St Jos Ry L H dr P 1st g 5s._1937 M- N ..-__ 0912 100 Apr '17 ---- 100 1011
Mexican Petrol Ltd con 6s A 1921 A -0 10514 107 10512 Apr '17 ___ 10512 1073
4
St Paul City Cab cons g 5s__1937 J - J ---- 10312 10212 mar'17 _ ..3 10712 18014
71
1 _ 02
0232
1st lien dr ref 6s series C_ _1921 A -0 10612 108 106
106
7 10512 109
Third Ave 1st ref 4s
1960.8 - J 67 Sale 67
Midvale Steel &0cony a f 561936 M- 5 92 Sale 92
93
64 92 95
Ad.1 Inc 5s
51980 A -0 453 Sale 4412
8
49
187 4412 7312
Nat Enam & Stpg 1st 5s
1929 J -D ---- 98
98 May'17 __ 98 102
Third Ave Ry 1st g Is
1937 J - J -_- 105 1053 Mar'17 -_- 1053 108
8
3
Nat Starch 20-yr deb Is
1930 J -.8 90 9112 9014 Apr '17 ____ 90 917
TM-City Ry & Lt 1st s f bs_ _1923 A -0 ---- 98
9718
98
2 9718 101
National Tube lat 5s
100
11 9878 103
1952 M-N 100 10014 100
1933 J - J Undergr of London 40
85
90 Mar'17 --- 8912 90
N Y Air Brake let cony Os_ _1928 M-N 1023 10312 1024
4
10218
8
1 1017 108
19 8
Income 6s
4
1N3 _ _ _ 72 Nov'10 -- ___ _ _ _
4
Railway Steel Spring
4 - 6
Union Elev (Chic) 1st g 5s_ _19 9 ;%.-- --84 Oct '08 --Latrobe Plant 1st sf 5s
1921 .1 - J 10012 10144 100 4 Feb '17 ____ 10012 101
3
70 Mar'17 --_United Rys Inv Is Pitts iss_1926 M-N -__ 75
Interocean P lets f 5s
1931 A -0 9812 Sale 9813
7
9813
2 9812 99 g
6112 Feb '17 ____ 61
United Rys St L 1st g 4s___ _1934 J - J --- 88
6112
Repub I at S 10-30-yr 5s s L1940 A -0 993 997 993
4
4
9978 45 99 10114
1924 A -0 _--_ 54
51 May'17 _ __ 5412 5
7
St Louis Transit gu 5s
31 3
0 43
2
Standard Milling 1st 58
1930 M- N ---_ 9812 100 May'17 __ 9938 101
37
36
United RRs San Fr s f 4s_ _ _1927 A -0 36
Tenn Coal I & RR gen 55....1951 J - .1 101 10312 101
101
7 101 10313
,
9312
Va Ry .1c Pow 1st & ref 5s 1934 J - J ---- 89 8 88 May'17 - 88
The Texas Co cony deb 6s 1931 .1 - J 103 Sale 102%
103
45 10234 1061
*
Gas and Electric Light
Union Bag & Paper 1st Is._1930 J - J ---- 8912 8812 Apr '17 ___ 8812 9313
00
10
10
i jo6 iiiii;
Atlanta 0 L Co 1st g 56._1947 J -D 10314 i66,.. 003 Sept015
..
8812
1930 J - J ---- 86
Stamped
8812
1 8811 9038
Bklyn Un Gas 1st cons g 5s.1945 M-N
5212 May'17 ___ 5212 84
US Realty & I cony deb g Is 1924 J - .1 -___ 54
,
Buffalo City Gas 1st g 5s_ _ _1947 A -0 19 4 --US Rubber 10-yr col tr 63_1918 J -0 10138 Sale 10138
1017
8 27 10138 1045g
Cincin Gas & Elee Ist&ref Is 1950 A -0 9912 10018 101 jpre:117 ---- '01- i(11 - 54 Aun 3 _. 10 3
.
8
1st & ref 5s series A
1947 J - J 861 Sale 863
4
87% 526 863 923
4
4
--__ 90 097013
b 415 :::: 87 91
r 7
Columbia0& E 1st 5s
1927.8 - J
U S Smelt Ref & M cony 86_1926 F - A 10212 10413 103
1033
8
7 103 109
Feb
Columbus Gas let gold bs_ _1932 J - J
U S Steel Corp-icoup_d1963 M-N 105 Sale 1043
4
10514 829 104% 1074
Consol Gas cony deb 6s_ _ _1920 Q- F 1063 Saleioo
112
220 ioci- iii4
'
S F 10-60-yr bsfreg
1963 M-N
---- 1943 May'17 ____ 1043 107
4
4
ConaGasE L&P of Bait 5-yr5s'21 M- N 993 103 10434 Apr '17 __ 1043 10814
4
4
997
V-Car Chem 1st 15-yr Is. _1923 J - D ---- Sale 973
973
4
26 9713 100 4
5
Detroit City Gas gold be__ 1923 1 - J ---- 10114 1007 Apr '17 .._ 10038 10114
Cony deb 6s
e1924 A -0 100 1007 997
8
100
11 9978 103
Detroit Gas Co cons 1st g 6;1018 F - A 10118 ___ 1011 Oct '16
West Electric 1st Is Dec_ _ _1922 J - J 10014 Sale 1004
10012 19 100 102 4
3
Detroit Edison let coil tr 56_1933 J - J 100 10012 100
100
8 100 - 15611-8
Westingh'se E & M notes- s_1917 A -0 100 100 8 1004
3
5
10018
6 10018 1014
let dr ref 15s ser A
10012
1 !O 1_02_
h1940 M- 5 ___- 101 10012
. .
!!
Coal & Iron
Eq 0 L N Y let cons g 56_1932 Ni-s ____ 10--3 1001s May'16 -...._
Buff & Susq Irons f Is
1932 J -D ____ 96
963 Jan '17 __ 9638 9638
3
Gas & Elec Berg Co a g 5s_1949 J -D
100 Feb '13
91 Apr '17 _..__
51926 M- S ---- 92
Debenture Is
91
9318
Havana Eleo consol g bs
_1952 F - A - -17)34 -113
9012
661; '64'9012 -i 9 CahabaCMCo1stgu6s__1922J -D --- ___101 Dee'14 ____ .
_
11w:ism Co Gas lot g 5s___1949 M-N
10214 Apr '17 - 10214 10312
(2
1
Col Indus let & coil 5s gu _1934 F - A 79 Bale 78
79
9 fil% ei
s 1017
KanCity(Mo)Gas1stgb-9 A-0 __-____- --90% Dec '16 -Cons Ind Coal Me 1st Is _1935 J -D 60 ____ 73 Mar'14 ____ . _ .. _
_
KingsCoElLdPg5s
A -0 97 ____ 100 May'17 -__ -463-4 16111-4
Cons Coal of Md lst&ref 56_1950 J -0 9112 Sale 9113
9113
1 9113 95
Purchase money 6s
1997 A -0 110 Sale 110
10 110 11612
110
Continental Coal let g Is. _1952 F - A 35 ____ 993 Feb '14 ____ __ _ _
s
Convertible deb 6s
1925 M- El ___ 12012 128 Oct '16 -Gr Rly Coal & C Ist g 6a
h1919 A -0 881 9
943 Mar'16 ___ ___ _ _
4
Ed El III Bkn 1st con g 4s_1939 J - J ---, 8934 8914 Apr '17. _ -85 - 4
.- 811
-_
Kan & H C & C 1st s f g 58_1951 J -.8 ---- ----99 July'15
_
Lao Gas L of St L 1st g 5s_e1919 Q - F 10018 Sale 100
10018
6 100 10218
Pocah Con Collier 1st s f 58_1957 J - .1 91
93 9213 Apr '17 ____ 9213 9514
Ref and ext 1st g 59
, 1934 A -0 100 10018 1004
038 _....! 1 3,
St L Rock Mt& P 5s stmpd_1955 J - J 8514 87 86 Apr '17 ____ 8412 88
10
2
Milwaukee Gas L 1st 4s...._1927 IN -N
Victor Fuel 1st a 158
1953 J - J --_
75
80 Dec '16 ____ _
___
1948 J - D 103 - -_-_-_-_ 10312 Apr'7 ---- 10312
Newark Con Gas g 55
1
93
4
Va Iron Coal&Coke 1st g 58_1949 M- 5 8712 89
90 Apr '17 ____ 85 90
104%
1948 J - D 9838 99
NYGELH&Pg 58
9878
99
27 987 1053
8
Telegraph & Telephone
4
1949 F - A 8012 Sale 8012
money g 45
Purchase
80385 80 88
Am Telep & Tel coil tr 4s__ _1929 J - J 8814 8912 883
3
8912 25 8814 923
4
Ed El III 1st cons g 5s...1995 J - J
1936 IN- 5 95 Sale 95
95
Convertible 4s
1 95 101
Nye Elea L 4 p 1st con g 55 1930 F - A 10512 107 10814 Dec '18
al
---- 101 100
100 .--i foci - ioi 20-yr convertible 4;0___ _1933 M- S 100 103 102
102
19 102 1063
4
E
-Cal0&
Pacific0& El Co
30-yr temp coil tr Is
1946 J -0 9838 Sale 9812
1
993 397 95 101,
3
Corp unifying & ref 5s_ _ _1937 M- N 96% Sale 9512
9713 11 9512 101
Cent Dist Tel 1st 30-1T 55_1943 J -0 --__ 101 1013 May'17 ____ 10138 103
3
Pacific c; dr E gen dc ref 53_ -1942 J - J 8738 Sale 8738
8914 14 8738 937k
Commercial Cable 1st g 45.._2397 Q - J 73 _--- 73 N ov'16 __ __ _ _
Pao Pow dr Lt 1st & ref 20-yr
Registered
2397 Q- J ---- 75
71 May'16
s 00 2 92
._
51
5s International Series_ _1930 F - A -._1_ __1192 Jan 47
t 6
95
95
Cumb T dr T 1st & gen 58_1937 1 - J 95 Sale 95
9914
g (ii ion,
1949 MPat de Passaic 0& El bs
Keystone Telephone let 5s 1935 J -.8 -- 99 98 Apr '18 __-- ___ --poop Gas &C ist cons g 6s1943 A -0 -___ 11014 115 Jan '17
Hi- iii Metropol Tel dr Tel lots f bs 1918 M-N 194 10014 100
100
3 100 101%
1947 M- 5 9512 Sale 95
Refunding gold 50
95
13 95 10212
Mich State Teleph let 5s_1924 F - A ____ 100 993 Apr '17 ___ 99 1014
8
1947 M- S --__ 9914 99 Sept'03
Registered
NY&NJ Telephone 5s g_ _1920 111-N 100 -- 10112 Jan '17 -- 10111 10112
09
Ch a-I.& Coke 1st gu g 58 1937 J - .1 99 Sale 99
N Y Telep 1st & gen s f 40_1939 M- N 95 Sale 947
3
9613 60 947 10014
3
eon G co of ch 1st gu g 5s1938 J -D 98 1007 100 Apr '17 ---. 10, 100i
-0
80 g214
0 : 14
1
38
Pao Tel & Tel 1st 5s
1937 J - .1 0814 Sale 977
08% 41 97 8 102
7
_
89 Mar'17
Ind Nat Gas dc 01130-yr 561936 M- N
South Bell Tel dr T 1st s f bs 1941 .1 - J 9778 Sale 977
99
13 98 101%
--__
Mu Fuel Gas 1st gu g 54-1947 M- N --- ----10012 Feb '17
West Union coil tr cur bs__ _1938 J - J 98 Sale 9712
98
7 9712 10338
9914 Nov'18
Philadelphia Co cony Is. _1919 F - A 97 100
Fd and real est g 4346
1950 M-N 92 Sale 92
92
15 92 993
4
1922 M- N 88
Cony deben gold 50
893 89 Apr '17
4
.
-81 - -941/
4
1941 M-N 99% 10112 10114 Apr '16 --__ ___ _ _
Mut Un Tel gu ext Is
Stand Gas & El cony s fes_1926 J -D 1004 101 101
101
2 100 102
Northwest Tel gu •“‘il sr _1934 J - J ---94 N ov'18
• No price Friday:latest bid and asked. a Due Jan 4 Due April. e Due May.g Due June. 11 Due July. k Due Aug. o Due Oct. p Due Nov. f Due Dec a Option sale.
---
..1... .
-6e714
"id" "id
1=8
4
BOSTON STOCK EXCHANGE-Stock Record,..B:Pett:SPage
1886
SHARE PRICES-NOT PER CENTUM PRICES.
Saturday
May 5
Monday
May 7
I
Tuesday
May 8
Thursday
Wednesday
1 May 9 I May10
Friday
May 11
1
•___ _ 169
168 167 I 166 166
169
68
6812 69
67
67121 -- -- --- *117 125 *108
103 108 I 110 110
32
35
32 1 32
34
34
31
Last Sale 210 Apr'17
*175 200 *___ _
Last Sale 412 May'16
4 •____
Last Sale 25 Mar'17
Last Satel412 Nov'16
*-_-_-_-_ -1- •-_-_-_-_ -1-1•---_
4
___
4 ,*____
Last Sale 35 Mar'17
•-__- 36 •_ _ _ _ 36 *_ _ _ 38 *____ 36
1
Last Sate'150 Mar'17
62 4
*ioikt 166- *la- 166- 10114 iiiit- *iiii- 1__i_1:11230i, 1_603i_
4
- 1*125
1 1125
__
125 125 *125 130 '
851-4
54 - 4
67
67 67
6
67 - - 66
67
65
*127 ____ *12712 12812 12734 1273 12712 12712 12712 12712 •---- 12512
4
4
*893 93
*893 93
4
4
893 893 ------*893 93 I *893 93
4
4
4
98
98
98
99
*98 __ _ _
98
98
*98
*9712 99
*97
4
*3
4
312
312
312 *3
3
33
4 *3
2112 2112 21
*2012 23
25 I •20
20
20
25
3812 3812 38
373 38 I 363 3712 38
383 -58" 384
4
4
39
Last Sale 103 Apr'17
•____ 103 *____ 100 •____ 100 -*____ 100
119 120 ,*11812 --- *11812 120
118 118 *___ 120
11812 11812
2612 2612 *2712 3014 .2712 3014, 2758 274 *274 3014
104 104 1•101 105 ,*102 106 1101 105
•103 106
51
-51- li51
51
5112 50. 50
51
51
5112 50
683
70
4 68
6812 6814 684
4
70
s 673 68 I *67
677 677
8
1
169 1 167 168 I 166 186
6812' 67
68
6812 67
120 *103 120 *108 120
3412 34
3414 *3012 34
200 ,*175 200 *175 200
4
4 *
4 *_ _ _ _
92
92
*90
9112 9112 *92
9312 9012 90121 *90
93 I 92
100 10012 100 101
10012 10012 10012 10112 10012 101 I 100 101
*138
134
112
4' *112 134 *112 134 •112 158
112 *13
8 13
*1034 11
*1012 11
*1012 11
1012 103 *1014 11
-4
111- 111
109 109
-1093 110
4
11014 11014 *109 10912 10814 109
1 1734 118
117 117
__
11712 11712 117 118 I 116 117
12234 12338 12278 12312 119 12314 1175 11912 11918 12014 11612 12 2
8
01*4714 48
4734 4734 .47
48
*48
4812 *483 4912 474 4714
4
9712 98
0714
9612 9712 97
97
98
9714 98
98
97
*69
6914 6812 6812 6812 6812 6812 6914 *6712 683 ---- --- 4
94
*9312 95
95 95
94
*9312 95
*9312 95
66197
9612 974 9734 993
98
99
-554 - 4
4 95
4 98 1003
62
'60
*58
6112 60
61
*60
61
80
58
58
*58
15
*14
14
*14
_
15
*14
15
15
14
•14
4ast Sale 712--AD *812 912 *812 912 *812 912 *812 912
-rii
190 190
1961' 190
190 190
190 190
190 190
*190 193
4
153 153
1523
8
1513 155
4
15914 15914 15834 1537 156 156
.....
*loo 10012 *loco 10012 loo loo
loo loo 4,100 10012 ...
15234- 9212 9312 93
891
. 6i2 66
8
9314 9212 93
89
9214 8912 91
80
' 80
79
80
7912 793
80
4 7912 7912 7912 7912 80
Last Sale 148 May'17
•145 __- *148 151 *148 155 *147 155
____
11 8 1%, *I
/
____
*I
*1
___Last Sale 1- 14
l18
1 .-Dec
Last Sale 38 Feb'17
88188
88
2
89
-. 512 891- -8512 161- -89- 16- -iii- - 2 88
.
8
2
•___ _ 90 ' __ _ 90 •_ _ _ _ 90 *____ 90
1_
8512 8512
117 11712
11634
116 11612 117 11814 119 119
11612 118
Last Sale 141 Mar'17
•____ 136 •__ 136 •____ 136 •____ 136
Last Sale 9212 May'17
*85
95
•
85
98
98
*
( •80
---- ----14512 14512 142 143
14912 14912 149 149
8
*3278 3412 337 337 *327 34
-327 - s
*327 334 •327 34
8
8
8 327
8
8
*1412 15
*1412 15
*144 15
*1412 15
15
15
154- 155
15134 155
155 156
153 155
15512 157
15512 157
62
6112 6112
*61
63
6212 6212 61
62
4 62
6133 613
Last Sale 32 May'17
32
.29
*29
32
*29
*29
32
32
13138 133
13412 135
133 13312 13212 134
132 13312 134 135
5214 5312
5412 5414 5412 5214 54
5212 53
5312 53
53
2712 273
28
284 2812 2812 28
28
28
28
2814 28
4
1134 114
8
8
114 11514 1145 116
8
11212 11414 1145 1164 11538 1163
'11714 118 *11712 118
117 11712 11612 11612 11712 11712 ____ ____
6
4
614 63
,
618 _ _ ___
614 653
65
8 63
8
614 6 4
iic
Sales
of the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan. 1
Lowest
I
Railroads
100 186 May 9
96 Boston dr Albany
656 Boston Elevated
100 67 May 8
7 Boston & Lowell
100 105 Jan 22
213 Boston & Maine
100 31 May10
Boston & Providence
100 210 Apr 5
Boston Suburban Mee Cos
25 Mar 3
Do pref
Boston & Wore Electric Cos_
35 Mar23
Do prat
..100 150 Jan 5
Chic June Ry & U S Y..
100 Apr 28
15 Do pref
100 125 Mar 2
5 Connecticut River
100 85 May 9
113 Fitchburg prof
184 Georgia Ry & Elec stampd100 128 Feb 20
22 Do pref
4
100 893 May10
55 Maine Central
100 98 Apr 9
128 Mass Electric Cos
100
3 May 8
100 20 Apr 28
275 Do pref stamped
572 N YN H & Hartford
8
100 365 Feb 10
Northern New Hampshire_100 x100 Mar12
10 Old Colony
100 118 May 5
26 Rutland, pref
100 243 Feb 2
4
5 Vermont & Massachusetts_100 80312 Feb 14
344 West End Street
50 50 May 8
148 Do pref
100 6734 May 8
Miscellaneous
39 Amer Agricul Chemical__ _ 100 84 Feb 14
341 Do pref
100 981z Feb 13
•25 Amer Pneumatic Service
50
14 Apr 9
50
150 Do prat
81e Jan 2
486 Amer Sugar Refining
100 10512Feb 3
100 118 Mar 1
152 Do pref
9,105 Amer Teton & Teleg
100 11612 Mayll
60 American Woolen of Mass.100 40 Feb 1
609 Do pref
100 941i Feb 3
100 Amoskeag Manufacturing_ _ _ _
9412 M:" 4
88 A
7
114 Do pre:
3,745 Ati Gulf & W I S SLines_ _100 894 Feb 23
12 Do pref
100 558* Feb 9
25 Cuban Port Cement
10 1314 Feb 3
10
712Apr 13
East Boston Land
100 190 May 7
291 Edison Electric Illum
100 1513
4May 9
117 General Electric
63 McElwain(W H) 1st pref _100 100 Feb 3
1,931 Massachusetts Gas Cos--100 87 Feb 3
100 7812 Apr 18
98 Do pref
Mergenthaler Linotype__ _100 145 Apr 17
10
100 Mexican Telephone
1 Marie
Mississippi River Power_.100
100 38 Jan 28
Do pref
.
130 New Eng Cotton Yarn_ _ _100 30 Jan 9
100 60 Jan 10
7 Do prof
264 New England Telephone 100 116 May 5
100 135 Mar 5
Nipe Bay Company
Nova Scotia Steel & C--_ IGO 90 Apr 24
100 142 May10
31 Pullman Company
50 30 Feb 15
70 Punta Allegre Sugar
10 Reece Button-Hole
10 14 Jan 25
3,235 Swift & Co
100 133 Feb 3
25 55 Feb 3
193 Torrington
25 29 Apr 9
Do prat'
8
100 8313 May 9
783 United Fruit
25 50 Apr 20
2,721 United Shoe Mach Corp
25 2712Apr 18
895 Do pref
.
8Feb 3
5,035 U S Steel Corporation_ _ _100 991
100 11612May 9
52 Do prof
6 Apr 10
1,850 Ventura Consol 011 Fields. 5
2.5
212 212
212 212
3
214 Apr 25
3
170 Adventure Coning
212 212 *212 3
M in
25 94 Feb 3
98
97
98
*96
98
161 Ahmeek
•96
96
96
98
98
10
6 s May10
618 63
,
614 612
612 612
8
614 614 1,775 Alaska Gold
612 63
4
25
Last Sale .85 Apr'17
3 Apr 10
4
*.50 .80 '
1.50 .80 *.50 .80
Algomah Mining
58 Feb 3
6012 6012 613 613
61
190 Alloues
62
6112 6112 60
*61
4
4
930 Amer Zinc, Lead & Smelt_ 25 2812 may 9
2934 3012 2812 2934 2912 2958 2912 3018
2934 30
25 6314 May 9
64
64
175 Do prof
*63
6512 6312 6312 6314 6314 *6312 65
1212 1214 1212 '
11214 13
5 103 Feb 3
630 Arizona Commercial
8
13
13
127 1312 12
8
10 .00 Apr 20
1
.90
.90 •.80
1
650 Butte-Baiaklava Copper
'
0.90 1 I .90
1
1
*41
42
10 3934 Feb2
20 Butte & Sup Cop (Ltd)
*42
42 42
43
*41
4134 *4012 42
10 731k Feb 3
7912 7714 78 1 7734 79
7712 7712 79
989 Calumet & Arizona
783 7912
4
25 825 Feb 3
535 535
532 535
537 540 532 537
544 544
38 Calumet & Recta
25 18 Mayll
19
1812 1812 18
*1812 19
18
*18
19
19
30 Centennial
5334
5312 *53
5318 5333 5212 5212 *53
*5314 54
270 Chino Copper
5 51 Apr 23
603 6114 1,744 Copper Range Cons Co._ 25 57 Feb 3
4
61
6112 593 61 I 60
61
4
60
61
2
*112 2
2
20
*134 214 *134 214 •13, 214
30 Daly-West
112 Apr 23
412
12 1,180 Davis-Daly Copper
412
412 4
412 412
414
10 414 May 4
412
412 412
1138 1214' 1112 1218 117 124 3,332 East Butte Copper Min
s
1214 1214
10 113 Nlay 9
3
1212 13
25
205 Franklin
63 Apr 23
4
4 63
634 63
3
4 *612 6 4
4' 63
7
*634 7
7
81
•80
80 Granby Consolidated
100 78 Apr 23
82
•78
82
78
80
78 I *78
81
25 Greene Cananea
100 394 Apr 23
*4012 4112
44
*4212 4314 4314 4314 *423 4312 *43
4
25 13 May10
125 Hancock Consolidated
*1312 14
14
.14
14
14 I 13
14
15
14
240 Indiana Mining
25
218
2
17 Feb 16
8
214 23
4 *212 3
*2
212
212 212
1 58 Jan 2
6534
6412 *6412 ____ 65
129 Island Creek Coal
•65
*63
67 •63
65
1 89 Feb 5
82 Do prat
913 913
4
4 9312 9312 9312 9312 *9212 3312 6212 9213
29
29
29
383 Isle Royale Copper
29 I 28
25 28 'May10
*29
-29- 16- 29
2912 20
29
412
412 *412 43
165 Kerr Lake
414 Apr 9
438 412 *438 458 *412 434'
.
5
4% 412
4
515 Keweenaw Copper
25
2 Mayl 1
2
214 214 •214 238
214
212 25
*214 238
21,
8
24
1114 115
12
• 331 Lake Copper Co
25 11 Feb 2
12
12
1134 12 I 12
8
12
8 117 1178 12
.
34 33
420 I,a Salle Copper
25
3 Nlayll
314
3
8
8 33
34 33
4 *33
4 *35
8 3 4 *34 33
4
3
.54 53
135 Mason Valley Mine
5
5 Feb 9
512
4 *53
8 53
8 53
4
5
4 *53
5
5
5 I
*5
25 1112 Feb 5
275 Mass Consol
4. 1158 115
1112 113
8 113 12
*113 12
4
*113 1214 *1178 12
4
4
25
13 Apr 20
4
140 Mayflower
2
4 2
212 *112 2
2
*2
8
17
3' *17 1% *13
17
8
218 Jan 10
25
80 Michlgan
3
*3
3 I *33 *312 4
312
3 4 *3
3
s
314 314
25 77 Feb 3
405 Mohawk
85
84
8314 8412 85
8514 83
84
8431 8412 85
85
2312
5 213 Feb 2
4
305 Nevada Consolidated
2312 *2234 2318. 2234 223 *23
4
227 227 *2314 24
8
•23
8
3 May 2
1,240 New Arcadian Copper_ _ 25
3
34
3
3
314 3141
312 312
212 312
312 312
120 New Irdia Quicksilver.... 5 214
2
16
16
.15
•
15
153
8 1512 1512 1514 1514' •15
28 I 2512 2512 - 65 New River Company
28
100
28 *____ 28
Jan 25
7
an 2
Last Sale 87 Apr'17
100 76 Jan 24
87 •__ _ 87
88
Do pref
87
.
701 Nipissing Mines
714 May 9
5
714 712 *74 712
714 73
11
712 712
8 712
*714 712 *73
2114 2018 2114
746 North Butte
21
15 204 5lay1 1
2114 2114 2138 2114 2112 21
213 *21
3
114
14 *1
114'
2'
1 Feb 13
114
13
112
8
138 *114
13
8
114
205 North Lake
14
*13*
25
*112 2
2
*138 2
2
112
1125lay 4
112 *138 2
35 Olibway Mining
112
24
*2
212 *2
212 *2
2
25
*2
2 Apr 23
2
15 Old Colony
212
212 *2
5812 5812
58
58
57
320 Old Dominion Co
25 55 Feb 3
58 .56
58
57
58
58
57
84
84
25 78z Feb 3
83 8312 84
83
84
84
8312 8312 *8312 84
166 Osceola
2112 2238 22
2214 2214 2212 1,940 Pond Creek Coal
224 23
2212 23
2212 23
10 1712 Feb 3
8412 8412 85
8412 8312 8312 84
8214 *8312 84
84
216 Quincy
82
25 81 Apr 24
*2812 264
*2812 29
2818 2818 •29
2912 *29
2912 *2812 29
10 Ray Consolidated Copper_ 10 23 Feb 1
434 St Mary's Mineral Land
*78
80
77
79
7914 78
80
25 744 Feb 3
7912 79
79
79
*78
11 4 11 6 *1
/ /
*1
118
1
118
1
118
1 Apr 14
112 *1
*1
10
85 Santa Fe Gold & Copper
8
734 778
*778 8
778 8
8
73
4 77
8 1,010 Shannon
10
733 8
712Feb 3
26
2478 2478 *25
*2412 26
*2412 26
26
•25
10 247 Apr 25
8
10 Shattuck-Arizona
3
3
*34 4
*314 4
25
85 South Lake
3 May 9
312 4
34 314
*312 4
285 Superior
8 97
8
97
83
8 97
8
4 83
83
83 May10
4 912
912 912
4
s *97 10
4
97
25
415 Superior. 10
438
438 *433 47
438
438 *412 5
412 434
5
5
dc Boston Copper_
43 May 5
3
8
_
Last Sale 5912 Mar'17
TTriamniatryack
.) 47 Feb 2
---- -*312
313
412 -34
312
312 *312 4
312 312 *314 4
170
3 8 Apr 26
3
25
200 Tuolumne Copper
114
13
8 *its
118 Apr 12
14
113 *1
1
114
114 *I
13* *14
*14
53
5318 534 1,287 U S Smelt Refin & Min
55
4
54
54
4 5334 5414 523 5412 53
50 • 52 Feb 3
543
8
4978 4978
8
4978 50
482 Do prat
4934 5014 493 5014 4978 4978 497 50
50 4912 Apr 18
2
2
2
2
X
2
2
2
2
*2
21 ,
2
21 4
/
Ps Mar28
1,440 Utah-Apex Mining
5
1434 15
1412 1412 '
700 Utah Consolidated
15
1144 15
15
15
15
5 1412Apr 7
1514 15
11114 112 *1134 114 *11212 113
•
113 11312 *115 11534 *11314 114
125 Utah Copper Co
10 98 Feb 1
54 518 2,103 Utah Metal &Tunnel
518
5
478 518
5
518
4 Apr 23
54
5
5
5
1
25 , 314 Apr 23
50 Victoria
5
*33
4 414 *334 414
32 pr
4 4
4 *33
3 4 33
3
*33
4 412 *334 412
334 *3
*314 4
*3
4
4
*3
24
105 Winona
4
3
3
14 3 4 *3
40 40
*4112 42
41
41
*4018 42
41
25 40 Apr 24
41
41
41
161 Wolverine
Last Sale 114 Apr'17
25
'
1 Feb 14
1.87 1
'
1.87 1
•
.87 1
11.87
Wyandott
•131d and asked priest. a Ex-dividend and rights. I Assessment paid. S Ex-righta. s Ex-dividend. to Half-paid.
*212 3
*96
98
*612 7
•
.50 .80
*6012 62
2912 2912
6312 64
13
13
'.90 1
•41
42
77
78
540 540
19
*18
*52
523
4
603
4
60
112 112
414 438
• 1212 1258
634 63
4
82
*78
*42
4212
15
*14
*212 3
65
*63
[VoL. 104
Range for Previous
Year 1916
Highest
Lowest
175 Jan 11
79 Jan 19
133 Mar22
45 Mar 16
213 Jan 30
172 Dec
6512 Apr
119 Dec
34 Aug
200 Aug
4% Feb
30 Dee
4 Mar
42 Feb
150 Oct
1024 Apr
123 Sept
694 Sept
122 Jan
r86 Jan
98 Sept
412 Dec
26 Dec
50 Dec
97 Jan
13414 Dee
20 May
100% Aug
z55 Sep
69 July
2712Jan 24
38 Feb 5
150 Jan 5
108 Jan 27
140 Mar28
7812 Mar22
133 Jan 17
9212Jan 9
10018 Mar 7
512 Mar24
2712Jan 9
6234 Jan 2
105 Apr 3
135 Jan 6
3418 Feb 13
110 Jan 15
5612 Mar17
74 Jan 6
I
Highest
199 Feb
8812Jan
145 Feb
52 Feb
23512 May
5 Jan
401z Feb
513Jan
451g July
154 July
110 July
182 Feb
87 Feb
1311,Dee
64 Dec
102 Jan
84 Aug
4
44 Aug
77a Jan
107 Sept
157 Feb
351, Dee
126 Mae
874 Jan
86 Feb
9434May 2
10318 Jan 27
23
8Jan 9
14 Mar 8
.7a b 24
Fen 2 1
12112
15
12814Jan 25
5438 Apr 3
100 Marl&
3
977418 Jan 5
JanJa
64 Apr
9512 Mar
54 Dee
7 Dee
106 Apr
114% Mar
128 Dec
62 Aug
92 Jan
86 Jan
98 July
12112Jan '22
27 Jan
66 Jan 4
42 Jan
19 Jan 2
£134 Apr
10 Jan 22
814 Dec
226 Jan 4 225 Dec
17014 Jan 16 15914 Apr
Jan 18
102
95 June
1004 Mar23
79 Sept
81 Mar30
78 Sept
169 Jan 31 156 May
/
11 4May 5
%Nov
10 Dec
40 Jan 17
85 Nov
95 Mar20
2312July
90 Mar27
50 Jan
1244 M ar 10 12014 Deo
147 Jan 19 10218 Jan
112 Jan 11 102 Dec
18614 Jan 25 158% Apr
46 Jan 3
35% Dec
16 Mar29
15 Feb
16278 Apr 16 125 Feb
67 Mar12
35 Jan
33 Jan 4
28 Jan
15413 Jan 22 13612Jan
584 Jan 2
50 June
3018 Mar 8
28'i Jan
118 M ar21
791 Mar
4
121 Jan 27 11514 Feb
8s Jan 26
65 Sept
6
102 Nov
105 Dec
34 Apr
18 May
1251.4 Oct
124 00%
13412 Sept
5614 Nov
101% Mar
73 Nov
1011,Feb
14714 Dec
7212N or
8July
257
13I Jan
250 Mar
188 Oct
102% Sent
4N or
1008
89 Feb
181 Nov
4Jan
21
19 Apr
44 Feb
42 Dec
66 Dec
140 Mar
lea Nov
mkt Nov
175 Oa
69 Oet
mil May
177 Oct
70 Nov
33 Mar
18814 Aug
631,Ma)
31 Sept
129% N 01
122% N
"
18 Jan
414 Jan 2
14 Feb
108 Jan 2
01 Aug
1112Jan 2
10 Dee
14 Jan 2
70 Mar 6
6854172 Dec
4114 Jan 26
2912July
73 Jan 3
80756
y
1518 Jan 4
July
14 Aug
214 Jan 26
52 Jan 26
42 Dec
854 Jan 26
86 June
880 Feb 20 810 Dec
27'4 Jan 16
14 July
46 July
63 Mar 7
6418 July
68 Jan 17
2 July
3 Jan 12
714 Jan 16
4., Dee
16 Jan 3
111 July
7
92 5 ar16
9
79 June
6
Jan
461k Jan 3
344 June
2012 Jan 19
101/ June
4 Mar22
2 July
7012Jan 25
62 Sept
88 Jan
94 Anr 28
25 July
36 Jan 18
34 mar
5 Feb 15
434Jan 27
214Feb
18 Jan 2
914July
5 Jan 16
31i July
634 Mar30
112 Aug
1512Jan 17
10 July
312Jan 6
2 July
11 Jan
54 Mar24
98 Jan 3
7711July
284 Mar 7
15 Jan
45 July
4
6 Jan 2
Apr 3
9 July
20 Dec
3712 M ar20
10
9214 Mar20
77 Dec
6 Mar
4Jan 2
83
20 July
2414 Mar28
.60 June
234Jan 3
hg July
278Jan 12
114 July
3 Jan 31
59 Dec
6734 Mar12
70 July
95 Mar12
1112 Mar
274 Mar21
81 July
9412 Feb 21
201 June
4
3218 Apr 3
8112Jan
8934 Mar 6
114 July
2 Jan 2
7 July
10 Jan 5
2414July
3018 Mar10
614 Jan 2
4 Ault
121/July
1833 Mar 6
814 Jafi 8
112Jan
60 Jan 15
35 Aug
414 July
6 Jan 4
21 f Jan 9
,4
.15 Jan
5418 Jan
6784 Jan 4
49 Feb
5212Jan 4
314 Jan 2
278 Dec
1212Jan
2113Feb 20
75 June
11638May I
514 Dec
658Jan 18
234Jan
8 Jan 2
3 4 M ar
1
533Jan 25
65 Oct
5312 Mar 6
14 Ana
21* Jan 3
67 Dec
$
12513 N 01
2615 Jan
212 Nov
8313 Nov
gm Apr
8018 N or
18 Nov
542 Feb
10514 Mal
101 Nov
640 Nov
27 No,
73% N 01
874 N or
4
Vs Mal
74 Dec
20 Nov
1314 Nov
120 Nov
551,N or
23% No
811 Nov
734 Dec .
4
9311 Dee
43 Nov
528 Ma)
8 Apr
164 Feb
• Nov
• Nov
19% Nov
5 Feb
484 Nov
108 No,
334 Nos
1014 Jan
245 Jan
*
31% Nov
931 Nov
4
914 Nov
3212 N or
41 Jan
274 Apr
4 Jan
83 Nov
105 Nov
28% Dec
109% Nov
3814 Nov
110 Nov
37 Jan
3
1212 Feb
404 Feb
812 Jan
2812 Jan
83300
*
8614 Jan
1214Jan
2% Dec
81% Nov
8884 Apr
518 Apr
mug Nov
127% Nov
11% Mar
812 Nov
814 Nov
0711Feb
91,4 Pe
MAY 12 1917.1
THE CHRONICLE
Outside Stock Exchanges
----Boston Bond Record.-Transactions in bonds
at Boston Stock Exchange May 5 to May 11, both inclusive:
Friday
Last Week's Range Sales
for
Sale
of Prices.
Price. Low. High Wbeek.
Bonds
-
Am Agric Chem 55_ _1924
1928 983
4
58
Am Tel & Tel coil 4s_ _1929 .88%
______
55 temporary receipts_
Atl G & W I SS L 5s_ _1959,
Chic June dz US Y 58_1940,
1940
48
Gt Nor-C B & Q 4s_ _ _1921
Registered 4s
1921
Mass Gas 434s
1929 91
Miss River Power 5s_ _1951
N E Telephone 55_ _ _ _1932
Pond Creek Coal 6s_ _1923
Punta Alegre Sugar 6s 1931
Swift & Co 1st 5s_ _ _ _1944
United Fruit 434s__ _ _1925
S Smelt R & M cony 6s_ _
U S Steel Corp 5s_ _ _1963
Western Tel & Tel 55_1932 97
101
9814
8814
98%
78
96%
8534
96%
953%
91
71
9814
105
86
9931
97
104
105
97
102
98%
89%
99%
80
96%
85%
96%
95%
92
73
9834
105
86
10014
97
104
105
98
$5,000
1,000
23,000
17,900
28,000
1,000
3,000
1,000
1,000
5,000
4,000
2,000
2,000
4,000
15,500
1,000
8,000
2,000
9,000
Range since Jan. 1.
Low.
100
9834
8834
98%
78
96%
84%
96%
95%
91
71
98
101
84
99%
96%
103%
104
97
Feb
May
May
May
May
May
Mar
Apr
May
May
May
May
Mar
Mar
Apr
Mar
Apr
May
May
High.
104
104%
92%
102
85%
102%
87
9934
9814
98%
78
10234
11034
96
10234
98%
109
106%
10034
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Feb
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Friday
I Sales
Last Week's Range for
Sale.
of Prices. I 1Veek.
Stocks (Concluded) Par. Price. Low. High.! Shares.
Pittsb Plate Glass
100
Pure Oil, common
5
Ross Mining & Milling__ _1
San Toy Mining
1
Union Natural Gas
U S Steel Corp corn
1
West'house Air Brake_ _50
West'house Elea & Mfg_50
Preferred
50
Bonds.
Indep Brewing 6s_ _ _ _1955
Pittsburgh Brewing 6s 1949
Pittsburgh Coal deb 5s1931
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price Low. High, Shares.
American Radiator_...100
Amer Shipbuilding_ _..100
Booth Fisheries, corn_ _100
Preferred
100
Cal & Chic Canal & D_100
Chic Cy & C Ry pt sh corn
Preferred
Chicago Elevated Ry pref.
Chic Pneumatic Tool_ _100
Chic Rys part ctf "1"
Chia Rys part ctf "2"
Chic Rys part cti "3"
Chicago Title & Trust_100
Commonwealth-Edison 100
Cudahy Pack Co corn_ _100
Deere & Co preferred_ A00
Diamond Match
100
Hartman Corporation_
Hart Shaft & Marx pref._
100
Illinois Brick
Linde Air Prod Co com___
Lindsay Light
corn_
Middle West Utilities
Preferred
Mitchell Motor Co
No AmerPulp&Papercom _
Page Woven Wire Fence 20
People's Gas L & Coke_100
Prest-O-Lite Co Inc
Pub Serv of No Ill, coer 100
Preferred
100
Quaker Oats Co
100
Preferred
100
Sears Roebuck corn_ .._ _100
100
Preferred
Stewart War Speed corn 100
Swift & Co
100
Union Carbide Co
100
United Paper Bd corn_ _100
Preferred
100
Ward, Montg dr Co,Pref.-Wilson & Co corn
100
Preferred
100
Bonds
Armour & Co 434s_....1939
Booth Fisheries s fd 65 1926
Chicago City Ry 55_ _1927
1927
Chicago Rys 55
Chic Rys 4s series "B"._
Chic Ry pr m M g 48.27
Chicago Telephone 58_1923
Commonw-Edison 53.1943
Cudahy Pack 1st M 55 1946
Morris & Co 434s. _ _ _1939
Poop Gas L & C-Chic Gas
1937
L & C 1st 5s
Pub Serv Co 1st ref g 5s_'56
1944
Swift Az Co 1st g 5s
Wilson & Co 1st 65... _1941
70%
115
3
27
13X
125
12234
99%
118
115
79
250
68
45%
77
125
90
16734
285 285
7034 73
104 118
89% 89%
503/ 51
3
3
27
29
22
22
68
70
69% 6934
13
15%
2
234
204 205
12034 131
122 125
9934
99
117% 120%
60
6634
115 116
77% 81
250 258
20% 2134
49% 493(
65% 72
4514 49
4% 4%
6
6
74
81
125 129
85 100
98 100
290 300
111 112
165 173%
125 125
74X
153% 15114 157
195% 19434 200
2834 2834 30
78
78
11531 115 11634
71% 69% 73
103
10234 10434
Range since Jan. 1.
Low.
15 b284%
485 39
857 60
20 81
100 49
3
10
27 24
604 21
937 60
217 69
1,069 13
51
2
41 204
1,096 12031
645 10834
345 9634
566 11734
261 60
60 115
18 77
20 250
1,315 16%
100 4931
320 6534
135 45%
200
434
50
6
824 74
350 102
700 85
482 98
166 290
49 11035
5,548 c165
1 124
3,218 73
7,820 13231
4,181 169
768 27%
65 73
245 115
1,830 58
393 10214
91%
93
95
92%
66
66
60
60
100
99% 99%
9934 9834
NA
91%
9334
95%
92%
66%
60
10034
101
99%
91%
9934
9231
99% 99%
101
99% 3,000 9934
9234 5,000 9231
100% 37,000 99%
101% 8,000 101
$5,000 9134
8,000 91
14,000 95
17,000 9231
16,000 66
2,000 60
12,000 100
41,000 09%
5,000 97%
5,000 91%
Apr
Feb
Jan
Feb
Mar
Jan
Feb
May
Feb
Jan
May
Apr
May
May
Fel)
Feb
May
Apr
May
Apr
May
Feb
May
May
Apr
May
May
May
Feb
May
May
May
Jan
May
Apr
Apr
Feb
Feb
Feb
Jan
Mar
Jan
May
High.
445
79
130
94
53
4%
35%
30
70
71
25
3
220%
142%
12934
100
132%
7834
118%
88%
300
23%
58
78
5334
9%
9
106
14634
114
102%
340
115
239
127%
101
165%
210
3434
81
117%
84%
10734
Feb
Mar
Apr
Apr
Jan
Jan
Jan
Mar
Feb
Feb
Jan
Feb
Feb
Jan
Apr
Jan
Mar
Jan
Mar
Jan
Jan
Mar
Apr
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Jan
May
Apr
Jan
May
Jan
Mar
Mar
May 94% Jan
Feb 94% Feb
May 9934 Mar
Apr 9714 Jan
Apr 7034 Jan
Jan 6034 Jan
Apr 10231 Feb
May 103% Jan
Apr 10034 Jan
Apr 94
Jan
May 10336
May 96%
Apr 102
May 103%
Jan
Jan
Jan
Jan
x Ex-dividend. b Ex-50% stock dividend. c Ex-25% Stock dividend.
Pittsburgh Stock Exchange.
-The complete record of
transactions at the Pittsburgh Stock Exchange from May 5
to May 11, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
Friday
Sales I
Last Week's Range for
Sale
of Prices.
Week. ,
Par. Price. Low. High. Shares.
Amer Wind Glass Mach100
Preferred______ - _ 100
Amer Wind Glass, prof.100
Cable Consol Mining_ _ _ _1
25
Caney River Gas
Columbia Gas & Elec_100
Consolidated Ice, corn._50
Crucible Steel,corn_ _ _100
100
Preferred
1
Gold Bar Mines
Independent Brewing__ _50
50
Preferred
La Belle Iron Works_..100
100
Lone Star Gas
50
Mfrs Light & Heat
Nat Fireproofing, corn_ _50
50
Preferred
Ohio Fuel Oil
1
25
Ohio Fuel Supply
Pittsburgh Brewing com.50
50
Preferred
Pitts Cons M,M & T.._ _ _ 1
Pittsburgh-Jerome Copp.1
Pitts & Mt Shasta Copp--1
Pittsburgh 011 & Gas_100
46)1
95%
45
95%
106
90
70
x48
40
3%
62
106
32e
350
2
2
1034
89% 89
95
64% 64%
5
511
12
17% 18%
46
48
1%
1%
11
12
90
500
500
40e
430
5%
Range since Jan. 1.
Low.
High.
51
1,435; 45
May 62
Jan
96
170. 96
May 12434 Jan
106
10' 105
Jan 110
Jan
80 21,300;
Jan
5e
Ile Mar
48%
490 4334 Feb 50
Mar
40
100. 3534 Feb 4734 Apr
3%
100;
3% Apr
434 Jan
62
30, 5934 Apr 70% Mar
106
10 106
May 112% Mar
38e
8,965, 30e Mar 480
Jan
2%
280,
1% Apr
3% Jan
1034
851 10
Apr 1734 Jan
89%
4151 7134 Feb 93
Apr
95
20 9034 Jan 98
Mar
87%
1,4001 6234 Feb 73% Apr
514
940, 5 May
734 Jan
14
9781 12
May 17% Jan
19
4731 173( Jan 22
Jan
48%
9581 43% Jan 56
Jan
2%
715' 1% Apr
431 Jan
12
3151 11
May 18% Jan
90
3,900, 80 Feb 150
Jan
520
9,8001 500 May
1.55 Jan
500 19,8401 400 May
1.20 Jan
5%
25' 534 May 1734 Mar
11934 11836 11934
21% 21% 2234
15e
15c 15e
14c 14c
170
170 170
116% 113% 116%
112
112 115%
4734 45% 4734
67
67
38%
311
5,157
4,000
2,550
10
400
779
760
15
38 '40
$6,000
47
47
1,000
99% 99% 5,000
Range since Jan. 1.
Low.
118
19%
12c
130
169
102
112
4531
67
Apr
Feb
Apr
Feb
Apr
Feb
May
May
May
•
High
Mar
Mar
Jan
Mar
Jan
Mar
Feb
Jan
Feb
135
2534
280
20g
185
118
15734
55
-70
Apr 5034 Jan
Apr 68
Jan
Jan 100% Mar
36
45
99
Baltimore Stock Exchange,
-Complete record of the
transactions at the Baltimore Stock Exchange from May 5
to May 11, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
-Record of transactions at
Chicago Stock Exchange.
Chicago May 5 to May 11, both inclusive, compiled from
official sales lists:
1887
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par, Price. Low. High. Shares.
Alabama Co 1st pref._ MO
Arundel Sand dr Gray_ _100
Baltimore Tube
100
Preferred
100
Big Vein Coal
Consol Gas, E L & P_ _100
Consolidation Coal_ _ _ _100
Cosden & Co
Cosden Gas
5
Preferred
5
Davison Chemical_.no par
Elkhorn Coal Corp
50
Preferred
Houston Oil trust ctfs_ _100
Preferred trust Ws 100
Monon Valley Trac_..100
Mt V-Woodb M v t r_ 100
Preferred v t r
100
Pennsylv Water & Pow.100
Sapulpa Refining
5
Seaboard Air Line, pref 100
Symington IT H), pref.
_100
United Ry & Elec
50
Wayland Oil & Gas
5
Bonds.
Alabama Coal & Iron 55_
Atl & Chari 1st 5s_ __ _1944
Bait Elea stamped 58_1947
B & 0 equip 434s_ __ _1923
Bait Spar P & C 4348_1953
Canton Co 1st 5s
Central Ry exten 55._ _1932
Charl Con Ry,G&E5s.1999
Chicago Ry 1st 55_ _ _ _1927
Coal & Coke 1st 5s_..1919
Cons G,EL & P 430.1935
Notes
Consol Coal ref 04..
..1950
Convertible 6s
1923
Cosden & Co 6s
Cosden Gas 6s
Elkhorn Coal Corp 63_1925
Elkhorn Fuel 5s
1918
Georgia & Ala cons 58_1945
Ga Caro & Nor 1st 53_1929
Norfolk Ry & Light 5s 1949
Penn Water & Pow 58_1940
Seattle Electric 1st 5s_1930
Southern
-E T Reorg 55
Terre H Tr L 1st cons 58..
United Ry & Elee 48_ _1949
Income 40
1949
Funding 5s
1936
small
do
1936
92
111
12%
12
6434
73
9
105
2734
3%
Range since Jan. 1.
Low.
94
37 75
95
34% 35%
38 3431
92
9634
255 92
100 100
50 100
5
5
400
5
1093-4 11434 2,022 109%
101% 105
145 10034
12
12% 11,850 12
12
12% 7,421 12
474
/
4% 4%
1,789
35% 3734
745 35%
28
29% 1,643 2231
45% 45%
20 4534
20
21
190 1734
60% 6134
120 60
68
6931
155 60
15
15
44 13
6334 6434
74 6031
73
76
414 73
9
9
170
9
27% 27%
100 27%
105 105
10 100
2734 2834 1,357 2731
405
3% 4
3%
87% 87%
98% 98%
993.4 993-4
97% 97%
95
95
98% 9834 100
102 102
96% 96%
93% 93%
96% 96%
90
90
9034
102 102
92% 92%
103
10234 104
97% 97% 100
100
100 10134
100
100 100
101
101
99% 99%
101
101
99
99
93
93
100 100
99% 99%
9551 95%
8034 80% 80%
65
65
66
84% 84%
83
83%
$2,000
1,000
1,000
1,000
2,000
7,000
3,000
1,000
1,000
10,000
10,000
3,300
11,000
7,000
23,500
64,000
19,000
2,000
1,000
1,000
11,000
1,000
1,000
1,000
3,000
31,000
47,000
1,000
1,100
86
98%
99%
9731
95
9834
102
96%
93
90%
90
102
92%
10235
97%
100
99
10034
9934
101
99
93
101
9934
953'
8031
6434
8431
83
High
Jan
Apr
May
May
May
May
Feb
May
May
Apr
May
Feb
May
Mar
Mar
Feb
Mar
Mar
May
Feb
May
Mar
May
May
95
39%
123%
109
5
127
114
18%
1631
5%
44%
32
49
2334
6734
71%
19
72
84
1234
32%
105
35%
5
May
Jan
Jan
Jan
May
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Apr
Jan
Mar
Jan
Jan
Jan
Mar
Feb
May
Jan
Jan
Apr
May
Feb
May
May
May
May
May
Apr
Jan
Apr
May
Apr
May
May
May
Feb
Feb
May
Mar
Apr
May
Mar
May
May
May
Feb
May
May
89
104
100%
973.1
9834
10034
102
98%
97
97
93%
10734
95%
110
10934
11034
10134
10734
103%
103%
9934
9534
102
9934
9531
84%
6734
90
90
Mar
Jan
Jan
May
Jan
Feb
May
Jan
Jan
Feb
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
May
May
Jan
Jan
Jan
Jan
Philadelphia Stock Exchange.
-The complete record
of transactions at the Philadelphia Stock Exchange from
May 5 to May 11, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High, Shares.
American Gas of N J. 100
American Railways pref100
Baldwin Locomotive_ _100
Cambria Iron
50
Cambria Steel
50
Conant Trac of N J__ _ _100
E'ec Storage Battery_ _100
General Asphalt__100
Preferred
100
Insurance Co of N A_ _10
Keystone Telephone_ _ _ .50
Lake Superior Corp_ _100
Lehigh Navigation
50
Lehigh Valley
50
Lehigh Val Transit pref _50
Midvale Steel dr Ordnance
Norristown
50
Pennsyl Salt Mfg
50
Pennsylvania_
50
Penn Traffic
234
Philadelphia Co (Pitts)-50
Piet (cumulative 6%)50
Philadelphia Electric _25
Phila Rapid Transit v t r 50
Philadelphia Traction_ _50
Railways Co General _10
Reading
50
13th & 15th Sts Pa.sa Ry 50
Tono-Belmont Devel__ _ _1
Tonopah Mining
1
Union Traction
50
United Cos of NJ
100
United Gas Impt
50
Allotments when issued_l
U 8 Steel Corporation_ 100
Preferred
100
Weisbach Co
100
Western N & Pa_
_50
West Jersey & Sea Sh__50;
Westmoreland Coal_ __50
Wm Cramp & Sons..
:_1001
York Railways pref. _50
_ __
44
11354
12
1754
7734
60
9354
52
2
3334
?834
30
29
793-4
4
634
b7734
11534
75
85
Range since Jan. 1.
Low.
118 11834
33 116
Feb
92
92
6 92 May
52% 53%
300 49
Feb
44
44
255 44 May
113 115
28 100
Feb
70
70
12 70 May
5834 61
521 5834 May
22
22
10 22 May
61
61
1 61
May
26
2631
83 25% Feb
12%
12
910 12
Apr
17% 1834 6,990 15
Feb
77
7834
497 77
May
62
58
935 58 May
43% 43%
345 42
Feb
55
5631
420 55 May
143 143
1 143
May
9334 94%
353 93
Apr
5134 (234 2,664 5134 May
2
2
1,300
2
Mar
33
34
185 33 May
38
3834
370 373-4 Apr
30
3134 2,272 30 May
28% 2934
1,942 2734 Apr
79
7934
Mar
206 79
6
200
6
4% Jar
84% 89%
685 8434 May
230 230
3 230 May
4
4;1 1,892
4
May
6
631 1,305
5% Jan
42% 43
301 42
Apr
225 225
9 223
Jan
b7731 86
8,267 b7734 May
27% 30
8,168 2734 May
11234 116% 23,785 9934 Feb
11734 11734
24 11734 Feb
4234 42%
100 41
Jan
22
22
545 17
Feb
49% 50
12 49% May
75
24 75
7534
Apr
8334 87
910 66
Feb
36% 36%
120 36
Feb
High.
121
Feb
98
Jan
62% Mar
46
Mar
130
Mar
74
Jan
67% Jan
2934 Jan
7034 Jan
27% Feb
14
Jan
24
Mar
85
Jan
7934 Jan
47% Feb
Apr
58
148
Feb
96
Jan
57% Jan
2% Mar
4134 Jan
43
Jan
34% Jan
34% Jan
84
Jan
7% Jan
103% Jan
230 May
431 Jan
734 Mar
4734 Jan
226
Jan
9134 Mar
30 May
118% Mar
12034 Jan
42% May
'25
Mar
53% Feb
80
Feb
92
Apr
39
Jan
Bonds
-
[VOL. 104.
THE CHRONICLE
1888
Sales
Friday
Last Week's Range for
Week.
Sale.
of Prices.
Price. Low. High. Shares.
Range since Jan. 1.
Low.
I
High.
Friday
•
Sales
Last ,Week's Range for
Week.
Sale
of Prices.
Stocks (Concl'd)- Par. Price. Low. High. Shares.
534
Amer Gas & Elec 5s_ _2007 93% 93% 93% $4,000 93% May 9714 Jan Smith Motor Truck r__ AO
1,000 102% May 101% Jan Smith & Terry Trans 1)1100
Baldwin Locom 1st Is 1940 102% 10214 102%
May 10234 Jan Standard Mot Constr r _10 12
101 10154 10,000 101
Consol Trac NJ 1st Is 1932
5
734
Jan Steel Alloys Corp r
81% 81% 3,000 81% May 84
Elec & Peoples tr etfs 4s'45
Feb Submarine Boat__(no par) 23%
Apr 57
54
6,000 53
54
Inter-State Ryseoll4s 1943 54
/Superior Steel Corp r _100
Jan
Keystone TeleP lot 5s 1935 97% 97% 9714 4,000 96% Mat 99
100
list preferred r
Jan 102% Jan
1,000 97
Lehigh C&N gen 4545 1924
100 100
Jan Todd Shipyards r_(no par)
1954
16,000 100 May 103
100 100
Consol 434s
Triangle Film Corp v t 0-5
1%
1954
102% 103
20,000 102% May 104x Jan
Lehigh & N E 5s
May 9114 Jan United Motors r_ _(no par) 2834
87
8714 3,000 87
Lehigh Vail gen cons 4s'03
50
102
Jan United Sugar Cos r
31,000 9634 May
Gen consol 454s_ _2003 96% 96% 97
1%
1,000 103% Apr 10634 Jan U S Light & itt coin r--10
Lehigh Val Coal 1st 5s 1933
103% 10334
47%
10
91% 92% 3,000 oui May 94% Feb U S Steamship
Leh Val Tr ref&impt 5s'60
West Indies Syndicate r--5 3234
Jan
62
1,000 62 May 68
62
Nat Properties 4-68
May World Film Corp'n v t c_5
May 98
98
500 98
98
North Pa 1st 4s small_ _ _
5
95% 96% 67,000 95% May 98% Apr Wright-Martin Aire r__(t)
Penna RR gen 454s serA'65 96
Preferred r
100
103% 10351
1,000 103% May 107%. Jan
Consol 454s
1960
1,000 9814 May 99% Jan Zinc Concentrating r_ _10
98% 9854
P W & B ctis 4s_ ___1921
Former Standard Oil
100 100% 3,000 100 May 100% Apr
Perkiomen 1st ser Is._1918
Subsidiaries
Mar
92
5,000 88% Feb 94
90
Phila Co cons&coll tr 55'51
100 885
91% 92
25,000 91% May 92 May Atlantic Refining
Certificates of deposit._
91
Jan Indiana Pipe Line
Jan 93%
90
90
2,000 90
Phila Electric tr otis 4s'50
25
Apr Ohio Oil
100% 10151 78,000 100% Apr 102
1966
1st (new) Is
Apr 102% May Standard Oil (Callf)__ _100
1966
101 10154 4,300 101
small
do
92% 12,000 91 . Apr 96% Jan Standard Oil of N J _ _ _ _100 614
92
Reading gen 4s
1997 92
102 102
3,000 10114 Apr 102% Mar Standard Oil of N Y_ _ _100 286
Spanish-Am Iron 65.._1927
Other Oil Stocks
Apr 73 Pan
United Rys gold tr ctf44'49
7234 72% 10,000 70
5
2
Jan Alcoken Oil Co r
68
68
2,000 68 Play 74
United Rys Invest 58_1926 68
Amer Ventura Oil r
1
Atlantic Petroleum r_ -5
b Ex-rights.
Barnett Oil & Gas r
1
234
1 65e
Consol Mex Oil Corp_
5 1236
Cosden & Co r
Cosden Oil & Gas corn r--5 1254
5
Preferred r
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Crosby Petrol (prospl) r I 350
DAILY, WEEKLY AND YEARLY.
Elk Basin Petroleum r---5
9%
1
%
Elkland Oil & Gas r
1
Esmeralda Oil Corp r._ _ _1
Railroad, State, Man.
Stocks.
Week ending
5
Federal Oil r
5%
U. S.
&c.,
& Foreign
May 11 1917.
Houston Oil common r 100 21
Bonds.
Bonds.
Parjalue.
Bonds.
Shares.
Internat Petroleum r. 31 12%
1 5-16
Kenova 011
$746,000
295,350 $27,297,000 $1,382,000
Saturday
Keystone Con 011 Cor r 10
6
1,732,500 1,074,000
445,763 40.495,350
Monday
1 480
$5,500 Lost City Oil r
2,760,000
906,000
422,355 38,738,500
Tuesday
10 20%
Merritt 011 Corp r
1,000
2,302,000 1,758,000
Wednesday
872,600 79,236,500
%
20,000 Metropolitan Petroleum 25
2,283,000 1,114,000
555,257 55,469,200
Thursday
1 690
5,000 Midwest Oil r
764.000
1,403.500
Friday
413,003 37,561,800
1
Preferred r
Midwest Refining r___ -50 125
3,004,328 $278,801,350 $11,863.000 86,382,000 $31,500
Total
1
N Y & Texas Oil _r
Oklahoma Oil corn r
1
80
1
Jan. 1 to May 11.
Preferred r
Week ending May 11.
Sales at
Oklahoma Prod & Ref-- -5
9%
New York Stock
.l 400
Omar 011 & Gas corn...
1916.
1917.
1916. .
Exchange.
1917.
5
Osage-Hominy Oil r
83-1
%
62,886,884 Pennsylvania Gasoline_ _ _1
68,872,607
3,004,328
3,684.577
-No.shares- __
Stocks
1
14
Par value
$278,801,350 $330,597,925 86,204,080,830 85,545,634,395 Rice 011 r
894,900 Sapulpa Refining r
5
9
831,300
81,000
Bank shares, par
$4,000
Savoy 011
5
Bonds.
$537,950 Sequoyah Oil & Ref
8315,000
1 1 5-16
$10,500
831,500
Government bonds_ _ _
95.133,000 Sinclair Gulf Corp r__ --(t) 2834
157.268,500
6,382,000
4,877,000
State.mun.,&c.,bonds
306,717,000 United Western Oil r _ _ _ 1 9-16
250 686,500
11,863,000 16,831,000
RR.and misc. bonds_ _
Utah Petroleum (prosp't) 1 31e
$402,387,950 Vacuum Gas & 0,Ltd__ A
$408,270,000
34
$18,276,500 821,718,500
Total bonds
Victoria Oil new stk r.. _10 10
1
1
West States Petrol
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
Mining Stocks•
BALTIMORE STOCK EXCHANGES.
Aguacate Mines
5
Alaska-Brit Col Metals_ _1 9-16
Baltimore.
Philadelphia.
Boston.
Alaska Mines Corp(no par)
Week ending
Alaska Standard Cep r _ _1 410
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales. ArizonaCopperflelds r_ _1
May 11 1917.
54
1
100
$40,700 Atlanta Minesrr
3,773
861,400
5,900
$11,000
6,636
Saturday
1
%
54,300 Atlas Copper
3,756
75,500
9,165
32,500
9,811
Monday
1
Austin-Amazon r
43,400 Big
6,072
86,500
11,403
19,000
11,737
Tuesday
10c 11-16
68,400 Big Jim
9,216
39,000
21,385
37,000
20,919
Wednesday
Ledge Copper Co_ -1
2%
44,500
2,976
38,200
14,723
18,900
15,974
Thursday
Bisbee Cop M & Dev r- 1
%
48,500 Booth r
4,672
26,000
8,104
15,000
9,324
Friday
1
Boston & Montana Dev- _5 61e
74,401 8133,4001 70,680 $326,600: 30,465 $299,800 Bradshaw Copper M r__ _1
Total
1
Butte Cop & Zinc t c---5 10%
54
Butte-Detroit Cop & Z__ _1
-Below
New York "Curb" Market.
Butte & N Y Copper_ -1
1 59e
Caledonia Mining
Calumet & Jerome Cop r 1
1%
11,
Canada Copper Ltd
5 115-16
afternoon:
1
Cash Boy
1
Cerro Gordo Mines
Sales
Friday
114
Coco River Mining r _ __1
Range since Jan. 1.
Last Week's Range for
Week ending May 11.
Consol Arizona Smelt.._ 5 115-16
Week
of Prices
Sale
Consolidated Cop Mines_5
4%
High.
Low.•
Par. Price. Low. High. Shares.
1 9-16
StocksConsol-Homestead r
Cresson Con Gold M & M 1
534
Feb. Dundee Arizona Cop 1_ _ _1
Apr
2
2% 351 7,150
Aetna Explosives r (no pa
%
Apr Emma Copper r
2,100
1% Apr
2% 3
..
Certificates of deposit ......
1 .1
Mar 75% Apr First National Copper.
1,935 65
7054 73%
Air Reduction Co r(no par)
254
..5
Jan Globe-Dominion Copper_l
47% May 57
560
47% 48%
Amer Int Corp $50 pd_100
Apr Goldfield Consolidated_10 50o
Amer Stores corn (no par) 3555 3514 3754 2,800 35% May 38
Mar Goldfield Merger r
Feb 28
1,500 15
25%
1
50
23
Amer Sumatra Tob_ 100
5% Feb Green Monster Min r__..l 1 1-16
May
3
800
3
3%
Amer Writ Paper com_100
Jan Hargraves
17% 1834 1,800 17% May 21
120
1
Brit
-Am Tobacco ord'y_ £1
Jan Hecia Mining
May 109
75 85
86
85
25c
7%
Carbon Steel, corn r _ _ _100
Mar Hudson Bay Zino Mines_5 1 3-16
Fob 14
11% 6,400 10
10 1154 11
Carwen Steel Tool
200 16% Mar 3154 Apr Inspiration Needles Cop ril
21% 22
Central Foundry corn r 100
54
Feb 49% Apr Iron Blossom r
700 35
4011 43
Preferred _r.
100
100
Jan Jerome Verde Con 1
8
6% Apr
6% 7% 4,000
751
1 1 11-16
Charcoal Iron of Am__ _10
Jan Jim Butler r
Feb 146
2,600 88
Chevrolet Motor
100 9934 98 105
1 73e
Feb 25% Feb Josevig-Kennecott Cop...1
2,971 16
23
26
Curtiss Aerop & M v t e(t) 26
%
May Jumbo Extension
Apr 72
75 61
72
71
Preferred ...... _ _(no par)
1 390
Jan 115 May Kewanus r
20 100
115 115
Eastern Steel, common 100
1
15-16 Apr La Rose Consol Mines.._ _5 7-16
% Apr
% 7-16 8,700
Elite Plan Stores_r_ _ _ _50c 7-16
May 13% Jan Lorna Prieta Cons Mines..1
6
814 6,590
6
Emerson Phonograph_ _ _ _5 *7%
134
Everett Heaney & Co r_20 2214 2134 22% 2,900 20% Apr 22% Apr Louisiana Consol
10o 850
Mar Magma Chief r
37% 1,350 36 May 45
Hask & Bark Car_(no par) 3634 36
1 7-16
Jan Magma Copper
Feb 102
130 96
100 102"
5 433-6
Holly Sugar Corp pref.100 102
Jan Magmatic Copper r..._10o 220
900 1014 May 13
Intercontinental Rubb_100
10% 11
May Magnate Copper r
Mar 20
240 22
27
27
Int Arms & Fuze Sec_ _25
1 800
% May Marsh Mining r
% May
%
% 6,100
Internal Trading Corp r.1
%
190
1
1% May Marysville Gold Mln..._ _1
Apr
I
1
1% 6,900
1 1 1-16
Preferred r
15c 23e 21,625 15e May 32o Mar Mason Valley
Joplin Ore ex Spelter r..._ _5 20e
5
2 May .514 Feb McKinley-Darragh-Say_ _1 520
2
2
200
Kathodlon Bronze, pref._ 5
Mar Miami Merger Copper r--1
Feb 18
15
15
400 13
Keyst Tire ex Rub corn_ _10 15
May Milford Copper r
May 105
200 105
105 105
Kresge (S S)corn new._100
1
1
7%
1,500 *6X Feb 10% Feb Mogul Mining
7
Lake Torpedo Bo't corn. 10
1
100 47% Jan 6214 Mar Mojave Tungsten r
53
53
Lima Locomotive corn r 100
2 7-16
Mar Monitor Sil L & Z M&M 1
Feb 45
40 33
35
35
Lukens Steel cam r
50
Apr Monster Chief r
Feb 103
110 96
1st preferred r
100 100% 100% 101
1
34
Jan Mother Lode r
3
2% Feb
2% 2%
600
Marconi Wirel Tel of Am..5
1 270
Feb Mutual Min & Leas pf r_l
Jan 101
84
500 *47
81
Marlin Arms v t c (no par) 84
4% Feb Nancy Hanks-Montana r 1
2
Apr
2
2% 4,200
Maxim Munitions r......_10
2
13-1
Feb 3834 Jan National Zino Sr Lead r-1 500
880 32
32% 33%
National Acme Co r_ _50
5,900 3134 May 36% Apr Newray Mines Ltd
Nat Conduit & Cable r-(t) 3234 31% 33
X
9% Jan NY &Honduras Rosario 10
4 May
4% 554 12,100
4%
North Am Pulp & Paper(t)
Jan N Y Zino r
May 54
41
400 39
39
Pierce Arrow Mot Car r (t)
1 9-16
Jan Nicklas Mining
Jan 90
10 60
75
75
1
Poole Eng & Mach 1%.A00
134
4%1 Mar Nipissing Mines
4
9,100
Mar
4% 4%
Prudential Pictures r _ _ _ _5
5
434
17% 1811 4,400 1654 Jan 19% Jan North Butte Devel r
1
St Joseph Lead r
10
Jan Ohio Copper new w I r_ _1
100 34% May 42
3454 34%
1
Smith(A 0)Corp r(no par)
Jan Old Emma Leasing r...100 33a
28 9354 May 97
933, 94%
Preferred r
100
Volume of Business at Stock Exchanges
I
I
we give a record of
the transactions in the outside security market from May 5
both inclusive. It covers the week ending Frito May
day
554
9%
11
751
2054
33%
98
81
154
,27
36%
1%
4X
25
34
4%
45
2%
5%
700
10
800
12
3,600
7% 2,450
2355 11,200
34
321
98
75
375
8454
1% 20,100
30% 19,000
36%
600
1% 2,600
5% 3,500
33%
1,115
400
554 7,500
46
150
2%
2,000
885
92
355
207
637
297
885
91
355
251
610
276
3
30
20
120
115
913
Range since Jan. 1.
Low.
551
sg
5%
654
1836
28
0754
77
1%
2914
35
1%
4%
25
54
454
30
234
885
91
333
251
610
270
High.
9
Jan
Mar
Jan 15
Jun
93-4
Feb 28
Feb 3434
Mar *10054
Feb 85
Apr
3%
Apr 49
Jan 37
Jan
2
Apr
634
May 29%
Apr
1
May 1634
Feb 5854
Mar
4%
1034
May
May
Apr
May
May
Jan
1090
114
435
445
800
345
Jan
Mar
Apr
Jan
Jan
Apr
Apr
Jan
Jan
Jan
Mar
Feb
Mar
May
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
2% Apr
1% Mar
2% 2,200
25e 15,000 180 Mar 31e Feb
May
934 Mar
100
6
6
4% Apr
2% 38,200
2% Apr
1% Jan
68e
2,350 800 Apr
12% 5,400 11% May 18% Jan
12% 5,800 11% May 1654 Jan
4% Apr
5% Jan
850
Apr 390 May
390 22,200 31c
1,800
10%
7% Jan 14% Mar
1.1 Apr
9-16 Apr
7-16 18,400
3
Feb
9,200 70c Feb
4% Feb
6% Mar
554 5% 5,600
Apr
1,400 17
Feb 24
2154
20
Jan 15% Mar
12% 13% 5,000 11
31, May
14 5-16 12,000
X Jan
6% Apr
5% Apr
5% 651 4,680
470 49c
4,460 47c May 49c May
20% 23% 13,400 11% Jan 3154 Mar
454 Jan
13-16 134 54,000 13-16 May
Jan 870 Mar
63o 750 28,000 560
Jan 1 1-16 Mar
1.04 4,000 86c
97o
Mar 145
4,073 117
Mar
125 134
600 1 3-16 Jan
3
Feb
1% 2%
Jan
7%0M ay 16c
7540 90 55,000
1
Jan
5,500
% Mar
680 700
9% 1054 9,400
9% May 14% Jan
400 480 11,000 310 Apr 75o
Jan
7% Jan 1034 Mar
8% 83-1 4,800
% Mar
154 Jan
% 3,900
3-1
% Mar
11-16 Feb
7-16
14 12,000
9% 6,300
9
8% Feb 12% Mar
Jan
12
8
420
8 May
1054
2% Jan
1;4 Apr
151 1 5-16 60,800
26% ,3054 5,100 26y, May 40% Apr
114 Jan
9-16 Mar
9-16
% 12,700
Jan
280 35c 23,000 27c May 63c
51 Apr 11-16 Jan
34 8,300
%
9
9
10% 4,615
May 11% Apr
1 1-16 21,700
% May 1 3-16 Apr
2
18o
6
2%
650
11%
11%
4%
32c
9%
14
'51 1
N
50
50
9-16
%
136
134
40c 47c
3-16
14
10o
llo
% 13-16
% 1 1-16
11-16 13-16
2% 3%
3.4
%
7o
8c
58e 670
1
1
10
1134
55
%
154
134
590 63o
1 7-16 13
-4
134 1 15-16
70
8o
1% IX
134 1 9-16
115-16 2%
43/4 4%
14 9-16
5% 6
% 1%
% 11-16
254 2%
%
5-16
50c 52o
4%c 554c
1 1 3-16
110 15e
7% 7 13-16
11-16 1%
A
A
31-32 31-32
1 9-16 1%
71e 730
5-16 7-16
360 43c
140 15e
7-16 7-16
1%
83o 89c
7-16 7-16
42
46
20o 23e
810 83o
180 2014c
% 13-4
5
6%
51c 530
g
3-16
15-16 1
58e 600
54 7-16
,
%
3_10
q
260 390
7
8
11-16 1%
500 52c
X 115-32
14
14
% 9-16
134 1 3-16
7% 7%
X
3-16
1 1 1-16
300 36e
Jan
1,000
2
5o May
% Mar
% Jan
9,500
Jan
114 Apr
25,965
1
Apr
3-16 Jan 520
19,250
A Jan
1,650 3-16 May '
Jan
()%o Jan 200
22,800
% Apr
% Apr
11,900
74 May 1 15-16 Apr
4,000
11-16May
2,000
1% Jan
22,740
2% May
611 Jan
34 May
11,000
1% Feb
3,200
120
Jan
7o May
Apr 800
Jan
34,000 58o
% Apr 111-16 Jan
4,100
1214 Mar
39,000
7% Feb
Jan
31 Apr *2
200
1% Jan
2% Mar
100
Jan 70e Apr
14,150 *48o
1% Apr
38,900
2% Jan
4,300
1% Feb
234 Apr
3,500
Jan 160 Mar
60
100
134 Jan
2% Mar
14,000
134 Apr
1916 May
/
14,400
1% Jun 2 11-16 Mar
Feb
7,600
3
4% May
% May
% Mar
4,700
714 Jan
4,500
5% May
15-16 Apr
2% Jan
4,950
% May
34,102
2% Jan
350
2% Apr
3% Jan
3,000 5-16 May
% Jan
8,610 490 Apr .77o
Jan
6,000
454cMay 10o Feb
21,500
1
May
2% Jan
23,900 1 lo May 25e Mar
9,156
7
Feb
854 Feb
6,800 1 1-16 May
1% May
1,500
54 Apr
9-16 Jan
100 930 Apr
1% Jan
Mar
01,000 1 9-16May
3
Jan
2,650 690 Mar 870
54 Apr
13,000
% Apr
18,600 3flo May 49e Mar
Apr 25o Feb
2,300 130
% May
1,300
% Mar
Feb
1
1% Mar
2,400
5,500 80o Feb
1% Jan
4,300 7-16 May
34 Jan
Jan 59% Mar
3,550 40
2,225 190 Mar 35c
Jan
23,295 75o
Apr 830 May
flo
Jan 230 Apr
27,940
4,600
1% Mar
% Mar
1,960
5
Jan
Feb
7
1,400 46o
Feb
Apr 57e
3,700
3-18MaY 2 5-16 Jan
11,300 900 Apr 1 1-16 Apr
1,100 280
Jan 880 Mar
7,000
% Apr
154 Jan
1% Jan
300
% Mar
% Jan
22,370
3-16 Mar
Jan
39,100 26o May 480
8 May
% Apr
1,600
1% Apr
Feb
4,600 80o
Apr 570 Mar
23,400 50e
1% Jan
% May
28,500
May 1654 Jan
200 14
% Apr
26,100
% Apr
Apr 1 5-16 Apr
1
1,300
751 Feb
500
8% Jan
1,200 3-16 May
54 Mar
0,000
1% Jan
X Feb
14,900 30e May 68e
Jan
MAy 12 1917.]
Friday
Sales
Last Week's Range
for
Sale
of Prices
Week
Mining (Conduded)Par. Price. Low. High. Shares.
Week ending May 11.
3,500
Portland Cons Cop
Yr
1
Progress Min & Mill_ _1
1,100
%
5
1,000
Ray Hercules r
3% 3%
1
5,100
1
1%
Ray Portland r
1
Red Warrior r
%. *1 7-16 18,450
1
4,000
Rex Consolidated r
32c
30c
Richmond Copper r
1
1,500
1% 1%
11,650
Rochester Mines
1
70e
68c
67c
2,300
Sacramento Vail Cop r1
1%
1%
Sagamore M Co r
1
1% 1 3-16 1 5-16 12,700
% 7-16 3,300
Santa Rita Devel r
1
3,500
San Toy r
1
12c
130
12c
1,500
Scratch Gravel Gold M_ A
50c 50c
50c
750
8
Section 30 Mining
*9%
10
1%
I% 16,425
Senorito Copper
1
1%
Silver King of Arizona_ 1 7-32 3-16 7-32 12,500
1,000
Silver Pick Cons r
1 12%c 12%c 12Mc
3,200
Vs
Standard Silver-Lead_ _ _ _1 11-16 11-16
500
)4
Si
1
Stewart Mining
30c
9,400
37c
37c
1
Success Mining r
40c 53,330
30c
Superstition Mining
1
14c
18e
5,700
15c
Tommy Burns G M cons r 1
4%
200
Tonopah Belmont Devel rl
Extension Min_i 2 5-16 2 5-16 •3% 11,770
Tonopah
6% 6%
100
1
Tonopah Mining
3-16
4,500
31
5
S& D
28c 40e
22,900
Cop Co r_ -1 30c
Troy-Arizona
13-16 15-16 0,800
United Copper Mining-1
3%
4%
1
3,200
United Eastern
26c
24c
33c
5,700
Magma Mines r_ _1
United
1
7%c
74 7%e 2,000
0
,
S Continental r
36% 36%
500
United Verde Exton r_ _50c
(no par)
4%
4%
800
United Zinc
5
3
3%
Unity Gold Mines
3,100
1
1% 111-16 2% 54,400
Utah Nat Mines r
Verde Inspiration r
1
22,175
72o
71c 74c
West End Consolidated- _5
80(
67c 68e
White Caps Mining...10c
1% 115-32 11,300
White Cross Copper r_ _ _ _1
% 4,600
200
White Knob Cop pf r_ _ _10
1%
1%
37a 114,000
Yerrington Mt Cop
26c
32c
1
100
37
Yukon-Alaska Trust r-(t)
37
1889
THE CHRONICLE
Range since Jan. 1.
New York City Realty and Surety Companies
Low.
Bid
Alliance R'ty
70
Amer Surety 128
Bond & M 0 240
Casualty Co
City Invest g
14
Preferred__
CO
High.
y May
i
1% Apr
% Jan
5-16 Apr
3% May
5
Jan
3
Mar
% Apr
% Apr 1 9-16 Feb
Jan
30e
Feb 56c
1% May
1% May
Apr 72c May
50e
Jan
1% Feb
1
Apr 1 5-16May
81c
% Jan
3-16 May
Feb
16c
12c May
50c May .13-16 Mar
14% Feb
Apr
8
Apr
May
2
1
13-16 Jan
3-16 Apr
Jan
10c Mar 26c
% Feb
% Jan
% Apr 17-32 Mar
Jan
Feb 60c
33c
Feb
GOo
Jan
27c
Jan
14c May
70c
4% May
4% Jan
2
May
4% Feb
5% Feb
Mar
7
% Jan
May
28e May 62o Mar
13-16 Apr 15-16 May
3% May
5% Jan
Apr
24c May 57o
11%c Jan
Feb
7o
Jan
33% Feb 40
Mar
6
4% Feb
3% Jan
2% Jan
2% May
Apr
65c
690
Apr 74o May
Apr
Apr 84c
62c
Jan
2% Mar
34c
% May
% Jan
2
1% Jan
Jan
210 Feb 60c Mar
37
May 37
May
Ask
77
133
245
18
67
BSG
Lawyers Mtg 145
Mtge Bond_
98
Nat Surety. 212
N Y Title &
Mtge
88
• Banks marked with a (9 are State banks. t Sale at /suction or at Stock Exchange this week
i New stock. p Ex-rights a Ex-100% stock dividend.
44
93
tss
Realty Assoc
(Brooklyn) 90
U S Casualty 200
USTitleG& I
Wes & Bronx
Title &M 0 165
Ask
97
85
175
Quotations for Sundry Securities
All bond prices are "and interest" except where marked "1".
Standard 011 Stocks PeIrShare
Par Bid. Ask.
Anglo-Amer 011 new...... £1 1513 16
'
Atlantic Refining
100 870 885
Borne-Scrymser Co
100 430 450
Buckeye Pipe Line Co
50 •100 103
Chesebrough Mfg new. A00 390 410
100 50 70
Colonial 011
100 470 495
Continental 011
Crescent Pipe Line Co__ _50 .38 40
Cumberland Pipe Line..100 150 160
Eureka Pipe Line Co..- _100 200 210
145 150
Galena-Signal Oil corn.
Preferred
100 139 142
Illinois Pipe Line
100 210 215
Indiana Pipe Line Co.___50 90 94
Internat Petroleum
£1 *1234 13
National Transit Co__12.50 *16
17
New York Transit Co....100 185 195
Northern Pipe Line Co..
.100 100 102
Ohio Oil Co
.25 340 345
45 50
Fenn-Mex Fuel Co
26 .
Pierce Oil Corp
_25 *1113 1212
PrsIrle 011 & Gas
100 500 515
Prairie Pipe Line
100 270 280
Solar Refining
100 325 335
Southern Pipe line Co_100 198 202
South Penn Oil
100 278 283
Southwest Pa Pipe Llnen.100 109 112
Standard Oil (California)100 253 258
Standard 011 (Indiana)._ 100 735 750
Bonds
92 $96,000 00
May 100% Jan Standard Oil (Kansa!) 160 440 465
90
Amer Smelting 55 r
91%
98%
6,000 98
May 100
Mar Standard 011 (Kentucky)100 335345
98
Atlanta & Char A L 55 r '44
97% 98 246,000 97% May 98% Feb Standard 011 (Nebraska).100 510 530
Beth Steel 5% notes_ A919 98
2,000 95% Apr
95% 95%
95% Apr Standard 011 of New Jer_100 610 615
Canada(Dom of) 55..1937
101% 101%
5,000 101% May 101% Apr Standard 011 of New Y'rk1C0 285 288
Canadian Pacific Os r
-- -100 425 450
50
49
32,000 45
Jan Standard 011 (Ohio)
Apr 62
Cons Ariz Smelt 5s_ _ _1939 49
100 95 105
Jan Swan & Finch
Cosden & Co 6s r__ _1926 97% 97% 100% 25,000 97% May 109
100 100% 25,000 100
Apr 110% Jan Union Tank Line Co....100 89 91
.Cosden Oil & Gas Os r_1919 100
100 340 345
97% 97% 13,000 97% May 98% Mar Vacuum 011
Erie RR 5% notes r_ A919
10 *28 33
80% 82% 40,000 80% May 89
Mar Washington 011
Long Island RR deb 5s r _ _
Per Cent.
Bonds.
97
97% 25,000 97
May 98!•I Apr
NY N H & H 5% notes'18
87
92 255,000 87
May 98% Jan Pierce 011 Corp cony 68_1924 81 84
Russian Govt 640- - -1919 87
Ordnance Stocks-Per S hare.
80% 84 239,000 80
1921 80
May 94% Jan
5%8
Aetna Explosives pref....100 10 20
7 10
100
Amer & British Mfg
* Odd lots. t No par value. 4 Listed as a prospect. 1 Listed on the Stock Ex100 30 40
Preferred
change this week, where additional transactions will be found. o New stock.r Un- Atlas Powder common_100 145 150
Ex-cash and stock dividends. w When issued. z Ex-dividend. y Exlisted. u
100 100 102
Preferred _
rights. z Ex-stock dividend.
Babcock & Wilcox
100 120 122
Bliss(E W)Co common.. 50 5435 455
50 .
Preferred
67 75
Buffalo Copper & Brass
550 650
Canada Fdys & Forging5100
155
CURRENT NOTICE.
Canadian Explosives com100 300 400
Preferred
.100 104 110
Carbon Steel comm.:fn.-AGO 83 87
-Louis W. Noel, Pemberton Berman, Clifford Langley, member of the
100 89 93
1st preferred
.100 64 70
2d preferred
New York Stock Exchange, and William F. Porter as special partner have
the now firm of Noel. Berman & Langley, at'60 Broadway, this Colt's Patent Fire Arms
formed
Mfg
100 10612 108
city, to transact a general investment and brokerage business. Mr. Noel duPont(E I) de Nemours
was formerly with C. D. Barney & Co. and Mr. Berman with II. F. Carey
100 230 235
& Co, common
Debenture stock.... 100 101 104
& Co.
Empire Steel dr Iron com_100 33 38
-Anderson, Ifyney & Co., 39 South La Salle St., Chicago, announce the
Preferred
100 74 79
.100 230 235
opening of a municipal bond department under the management of Charles Hercules Powder corn..
Preferred
100 118 121
Ireland. Mr. Ireland's activities formerly in the Chicago and latterly
II.
Hopkins & Allen Arms,...100
13
7
in the Cincinnati field have given him a wide acquaintance throughout in
Preferred
100 20 50
vestment circles in the Middle West.
Milliken Bros pref
100 30 35
Nile.s-Bement-Pond com_100 160 170
-Watkin W. Kneath, Manager of the Chicago office of Spencer Trask &
Preferred
100 105 110
Co., has been elected to the Presidency of the Bond Men's Club of Chicago, Penn Seaboard Steel(no par) 48 55
succeeding William E. Colt Jr., deceased. David Dangler and Rollo Phelps Dodge & Co __ -100 290 305
Scovill Mfg
100 590 600
Gullickson have been elected directors of the Bond Mon's Club.
Thomas Iron
50 27 30
Winchester Repeat Arms 100 700 800
Woodward Iron
100 55 65
Public Utilities
Am Gas & Elec torn
ao 125 130
Preferred
50 .49 50
Am Lt & Trao common_ ..100 306 310
Preferred
100 110 112
Amer Power & Lt com._.100 69 71
Banks.
Ask
Bunks-N.Y. Bid
Ask
Ask Trust Cos. fete
Preferred
100 88 90
560
Manhattan • 330
Araerica•__.. 550
340
New York
Amer Public Utilities com100 34 37
Mark & Fult
242
Amer Each.. 237
450
Bankers Tr. 440
255
Preferred
100 64 67
Mech & Met 300
182
175
Atlantic_
170
310 13'way Trust 160
Cities Service Cs com
100 277 279
160
Merchants _ 245
Battery Park 150
CentralTrust 780
700
Preferred__
100 86 8612
400
_ _ Metropolis*. 275
Bowery --366
295
.- Columbia I _ 288
Com'velth Pow Ry & L 100 51
53
__
Metropolis' 180
Bronx Bore* 200
Commercial_ 110
190
Preferred
100 74 76
Mutual* _ _
Bronx Nat_ _ 150
375
290
300
Empire
Flee Bond & Share pref. 100 d991:, 100 4
3
160
145
New Neth*. 215
BryantPark•
355
225
Equitable Tr 345
El Paso Elee Co cora
100 105 110
95
105
New YerkCe 400
Butch & Dr_
Farm L & Tr 450
460
Federal Light & TractIon100 11
13
360
370
New York_ _ 405
Chase
208
215
415
Fidelity
Preferred
100 44 48
245
Pacific *__
Chat & Phen 240
270
265
275
666_ Fulton
Galv-IIous Elec Co pref_100 73 7712
120 Park
Chelsea Ex* 100
450
Guaranty Tr 422
427
Great West Pow Os 1946.J&.J 83 85
395
390
People's •...._ 225
Chemical_
Hudson _ _ _ 138
145
Mississippi Riv Pow com100
9 10
205 Prod Each'. 188
Citizens _-_ 195
fi/i Law Tit& Tr 113
118
Preferred
100 34 38
485
Public •_
475
230
240
Lincoln 'Fr_ _ 100
110
City
Jda 72 74
1st M 58 1951
215 Seaboar
450
Coal & Iron. 205
Metropolitan 385
395
North'n States Pow eons-100 91
93
Second..... 395
450
415
Mut'l (WestPreferred.
100 9812 9912
-_- Sherman
315
120
130
Columbia*
chester) _ 125
North Tex Elec Co pref _100 80 85
Commerce.. t13
7 t173 State •__ _ _ 100
110
N Y Life Ina
Pacific Gas & Elea com....100 5612 5713
330 23d Ward*. 100
135
960
975
& Trust
Corn Bach'. 320
let preferred
100 88 90
95
Union Each. 155
165
COSISOpol'n• 86
N Y Trust.. 600
610
24 28
Puget Sd Tr L & P com_ _10
Unit States* 500
70
TitleGu & Tr 355
365
East River- 60
Preferred
100 70 74
Wash IFts*_ 275
150
155
Transatian'o
Fidelity •__ _
Republic Ry de LIght
100 31
33
Westch Av• 190
420
Union Trust 410
Fifth A.ve•... 4300 4800
Preferred
100 64 66
West Side*. 300
225
200
350
415
USMtg&Tr 435
Fifth ._
South Calif Edison corn--100 87 89
Yorkville. _ _ 590
1025
1000
610
UnitedStates 1010 1025
First_
Preferred
100 /05 107
Brooklyn
187
180
Westchester. 130
140
Garfield.Southwest Pow & L pref-100 119712 100
140 Coney IsI'd• 125
135
Germ-Amen' 135
Standard Gas & El (Del)_ 50 •11
12
First
255
270
German Ex* 390
Preferred
35 36
50 •
1.55
250 Flatbusb _ 140
Brooklyn
Germania *. 235
Tennessee R7 L & P com100
6
5
GreenpoInt _ 155
165
610
Brooklyn Tr 600
Gotham - _ _ 220
Preferred
100 27 30
110
120
325 Hillside •
Franklin
245
255
Greenwich*. 310
9
United Gas de Elec Corp_100
5
Homestead •
115
695
Ilansilton.-- 265
275
Hanover - 685
1st preferred
100 65 70
Mechanics._ 125
130
240
Kings Co... 650
Harriman _ 230
2d preferred
100
7 10
Montauk.... 90
105
Manufact'rs 150
520
Imp Traci. 510
United Lt & Rye com....100
43
200
210
Nassau
People's
288
Irving ...- 220
227
1st preferred
69
100
NatIon'ICity 265
275
Queens Co_.
Liberty ..... 970 1000
75
85
Western Power common-100 14
143
4
200
North Side. 175
Lincoln ...... 310
330
Preferred
100 53 5612
130
People's
140
New York City Banks and Trust Companies
A
150
103
218
RR. Equipments-PerCt.Basis
Bid.
5.00
5.00
5.00
5.00
5.50
5.00
5.00
5.50
6.00
6.00
5.25
5.00
4.75
6.00
5.50
5.25
5.25
5.25
5.25
5.25
5.00
5.00
5.00
5.00
5.00
6.00
6.00
5.25
5.25
5.00
5.00
5.00
4.75
4.75
4.60
4.60
5.50
6.00
5.25
5.25
5.00
5.10
5.25
Baltimore & Ohio 43.4z_.
Buff Koch & Pittaburgh 6/le
Equipment 4s
Canadian Pacific 4%aCaro Clinchf & Ohio
-.
Central of Georgia Os- -.Equipment 4%a...........
Chicago & Alton 45
Chicago & Eastern 111434
Equipment 4%s__.....
_
Chic Ind & Loulsv
Chic St L N 05e
Chicago & N W 4%e__. _
Chicago RI & Pee 4%s..
Colorado & Southern 82......
Erie 5s
Equipment 4%e
Equipment 45
Hocking Valley 4s
Equipment 5s
Illinois Central 55
Equipment 4%s
Kanawha & Michigan 454(.1..
Louleville & Nashville 5e......
Minn St P&SSM
Missouri Kansas dr Texas CI_
Missouri Pacific 50
Mobile & Ohio 5s
Equipment 4%s
New York Central Lines 6s__
Equipment 4%e
N Y Ontario dr West 43.9
Norfolk & Westr
Equipment 45 .........
..
Pennsylvania RR 4/48.-.Equipment 45
St Louis Iron Mt dr Sou Cr_
St Louts & San Francisca 51Seaboard Air Line 55„--Equipment 4%s_.
Southern Pacific Co 434s.....
Southern Railway 444s___-.
Toledo & Ohio Central 4g...
4s1.
4.50
4.50
4.50
4.50
5.00
4.50
4.50
5.00
5.50
5.50
4.75
4.50
4.35
5.00
4.75
4.75
4.75
4.75
4.75
4.75
4.50
4.50
4.50
4.50
4.50
5.00
5.00
4.75
4.75
4.50
4.50
4.50
4.35
4.35
4.30
4.30
5.00
5.00
4.75
4.75
4.50
4.70
4.75
Tobacco Stocks-Per ska TO.
Par Bid. Ask
12
American Cigar cemmon100 107
Preferred
100 97 00
Amer Machine & Fdr7_100 80 90
British-Amer Tobac era__ gl •17
111
Ordinary, bearer
19
fl .17
Conley Foil
oo
100 250
Johnson Tin Foil & Met_100 100 130
MacAndrews & Forbes..
.100 200 15
Preferred
1130 98 02
Reynolds (11 J) Tobacco_100 500 550
Preferred
100 116 20
Young(J13) Co
100 160 75
Preferred
10
.100 105
Short Term Notes. Per Cent.
Am Cot 011 $5 1917_ __M&N 99 4 0014
,
Amer Locom 55, July '17_J-J 093 0014
4
Am T & T 43%s 1918
9978 001g
Beth Steel 55 1919 __F&A15 973 08
4
Canadian Pac Os 1924_144&132 101% 01%
,
Chic & Wert Ind 5s'17..M&S 99 993
4
Erie RR 55 1019
A-0 9714 97%
General Rubber 55 1918 JAB 973 9812
4
Hocking Valley 5s 1917.M-N 99 4 001s
,
lot Harv 55 Feb 15 '18_F-A 100 0012
K C Rya 5%5 1018..... nki 9912 00
K C Term Ry 4%5'18.M&N 0812 00
4%s 1921
Jdel 98 9912
Laclede Gas L 55 1919..F&A 983 993
4
4
Morgan&Wright 55 Dee.1.18 993 10014
4
N Y Central 4%s May 1918 93% 9914
NYNH H 5s Apr 15 1918 97 9712
Penn Co 4/4s 1921__J&D15 99 9912
Pub Ser Corp N J 5s'19 M&S 983 993
4
4
Kern Ams U.M.C.53'19P&A 75 80
Southern Ry 55 1919_M-62 9714 975
5
United Fruit 55 1918_ M-N 993 100
4
UtabSccurCorp 6522 M-Slt 94 95
Winches RepArme55'18OfikS 96 963
4
New York City Notes
10012 100 4
Os Sept 1 1917
3
Canadian Govt. Notes
Ss Aug 1 1917
FAA 9978 10018
Industrial
and Miscellaneous
American Brass
100 299 302
American Chicle com
WO 48 50
Preferred
100 72 75
Am GraphoDhone corn...10095 97
Preferred
100 98 103
American Bardware
100 134 136
Amer Typefounders cons.100 38 40
Preferred
100 90 92
Borden's Coed Milk com.100 10412 106
Preferred
100 100 102
Celluloid Company
100 184 194
Havana Tobacco Co--NW
1
2
Preferred
100
3
6
1st g 55 June 1 10211._J-D f50 55
Intercontinen Rub cam._100 11
12
Internat Banking Co_
10 160
International Salt
60
1st g 55 1951
A-0 57 783
10° 7
8
4
International Silver pref..'
98 103
Lehigh Valley Coal &dee_ 50 *80 86
Otis Elevator coro100 60 63
Preferred
100 87 91
Remington Typewriter
Common
100 14
15
Int preferred
100 78 80
2d preferred
100 4812 50
Royal Baking Powa com_100 145 155
Preferred
100 99 102
• Per share. b Basis. a Purchaser a so pays accrued dividend. e New stock.
Flat price. a Nominal. o Ex-100% dividend. z Ex-dividend. v Ex-rights.
(VoL. 104.
THE CHRONICLE
1890
butestment anti glailroad
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
ean be obtained. The first two columns of figures give the gross earnings for the latest week or month, and tho last two
oolumns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
atatement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some othti
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
Ala N 0& Tex Pac$
Ala & Vicksburg_ April
145,577 143,521 1,628,680 1,426,276
Vicks Shrev & P_ April
158,359 136,936 1,701,517 1,397,870
Ann Arbor
68.373 2,319,602 2,206,377
73,026
4th wk Apr
Atch Topeka & S Pe March .._ -- 13534107 11532792 115275063 98,810,673
Atlanta Birm & At! 4th wk Apr
66,835 3,127,7391 2,580,479
90,044
905,732
Atlanta & West Pt.. February - 124.062 112.543 1.030,556
Atlantic Coast Line March _-- 4,049,275 3,576,092 29,835,049 25,407,448
Chariest & W Car March ___ 194,340 191,944 1,577,875 1,408,555
Lou Hand & St L March ___ 176,088 143,880 1,422,951 1,197,904
analtimore & Ohio_ March__.... 9,692,766 9,269,711 89,471,280 82,079,480
B &0 Ch Ter RR March..___ 176,189 160,691 1,391,308 1,297,756
Bangor & Aroostook March ___ 478,457 406,814 3,171.195 2,752,277
Bessemer & L Erie_ March_ _ __ 667,350 551,458 8,200,066 7,981,279
720,241
93.342
Birmingham South.. March.... 100,646
745,605
Boston & Maine__ - March_ -__ 4,734,582 4,297,377 42,197,166 38,160,661
Buff Roch & Pittsb 1st wk May 282,727 265.426 11,294,818110,187,426
Buffalo & Susq Rh- March..__.. 141,229 137,227 1,257,9041 1,305,043
Canadian Nor Syst_ 1st wk May 734,590 677,400 34,145,909i27,636,300
Canadian Pacific... 1st wk May 3,065,000 2,763,000 12290'3093 107566802
Caro Clinchf& Ohio March_ - __ 334,868 291,112 2,568,414 2,242,197
Central of Georgia_ March ____ 1,243,885 1,128,515 14,212,704 9,638,975
Cent of New Jersey March -__ 3,007,793 2,804.333
Cent New England_ March _ _ _ 452,364 314,718 4,023,776 3,513,758
Central Vermont.._ March ___ 355,503 372,285 3,215,745 3,146,674
Ches & Ohio Lines_ 1st wk May 875,3( 2 827,886 42,782.916 40,601,307
Chicago & Alton.. March___ 1,672,058 1,469,693 14,191,456 12,232,316
Chic Burl & Quincy March __. 9,691,863 8,946,622 86.966,597 77,418,805
b Chicago & East Ill March ___ 1,730,188 1,448,897 13,597,214 12,643,793
c Chic Great Wost 4th wk Apr 291,022 278,777 13,661,280 12.619,870
Chic Ind & Louisv_ 4th wk Apr 212,901 196,053 7,238,948 6,321,095
Chicago June RR March__ 338,699 289,699 2.068,797 1.800.806
Chic Milw & St P.._ March __- 8,757,232 8,876,704 82,988,920 78,623,715
dChic & North West March..___ 8,037,910 7,799,839 77,885,244 70,190,677
Chic Peoria & St L.. March__ 166,199 152,076 1,448,333 1.319,703
Chic Rock Isl & Pac March ..... 6.935,679 6,216.410 61.870,081 54,465,602
Chic R I & Gulf.. March__ 312,131 252,199 2,826.961 2,409,253
d Chic St PM & Om March....__ 1,662,708 1,762,112 16,168,794 15,026,420
Chic Terre H & S E March_ ___ 200,027 260,814 2,370,524 2,000,814
Ohl Ham & Dayton March__ 819,341 721,911 7,873,781 7,961,203
96,424 106,710 1,307,725 1.174,801
Colorado Midland_ March........
e Colorado & South. 4th wk Apr 369,162 363,062 14,684,126 13,253,020
March ___
Cornwall
215,098
142,110
23,743
24,808
299,126
Cornwall & Lebanon February _
353,328
32,034
39,369
Cuba Railroad__ _ February _ 395.631 721.363 4.331,926 3,953,142
Delaware & Hudson March........ 2,461,348 2,034,634 19,991,964 19,252,250
Dela Lack & West_ March........ 4,704,657 4,234,294 39,757,629 36,737,921
Deny & Rio Grande 1st wk May 545,200 444.500 23,202,175 21,206,019
Denver & Salt Lake 3d wk Apr
45,300
25,785 1,604,623 1,546,665
35.355
952,886
32,677 1,051.462
Detroit & Mackinac 4th wk Apr
Detroit Tol & Iront March ___ 226,588 189.935 1,831,264 1,633,647
Det & Tol Shore L._ March ___ 172,071 186,797 1,307,025 1,303,949
Dui& Iron Range March..___ 103,935 115,563 4,862,100 4,170,165
Dul Missabe & Nor March........ 171,156 162,932 10,226,132 7,212,943
Dul Sou Shore & Atl 4th wk Apr 114,885
99,071 3,301,347 2,851,732
Duluth Winn & Pac March ___ 222,129 247.032 1.469,792 1,248.753
Elgin Joliet & East_ March
1,269,209 1.237,726 10,568,199 9,688,905
El Paso & So West.. March........ 1,230,720 967.084 10,553.970 7,648,007
March
6,120,945 5,625,287 54,922,360 53,919,613
Erie
Florida East Coast.. March ___ 893,895 990.047 6,611,511 5,008,319
90,198
80.260
764,808
697,400
Fonda Johns & Glov March........
Georgia Railroad_ - February _ 258,857 245.842 2,467,649 2,084,153
Grand Trunk Pac 2d wk Apr 101,162 116,326 4,139,778 4.731,130
Grand Trunk Syst_ 1st wk May 1,135,091 1,030,768 52,631,715 45,971,201
Grand Trunk Ry 2d wk Apr 788.489 687,149 39,025,936 32,879,168
Grand Trk west.. 2d wk Apr 220,297 196,996 6,939,618 6,847,251
68,894
68,325 2,474,435 2,523,731
Del Gr Ft & Milw 2d wk Apr
6,650.388 6,465,191 70.538,780 67,182,142
Great North System April
Gulf Mobile & Nor_ February _ 154,584 160.107 1,341.944 1,306,190
160.513 167,909 1,483,405 1,463,937
Gulf & Ship Island.. March
756,266 539,571 (3,539,450 5,395,282
Hocking Valley..___ March_
Illinois Central_...... April
6,758.757 5,394.780 65.833,009 57,186,357
Internal & Grt Nor March........ 868,341 780,887 8.766.897 7,095,145
Kansas city South_ March_
1,075,376 922.754 9,176,973 7,839,632
Lehigh & Hud River March
176,535 143,755 1.632,855 1,544,662
Lehigh & New Eng.. March
264,537 283.792 2,332,672 2,606,114
March
Lehigh Valley
4,322.092 3.889.169 37.003,543 35,143.212
Los Angeles & S L__ March...._ 1,114.201 997,126 8,758,796 8,116,719
Louisiana & Arkan_ March
123.043 142,809 1,115,303 1,258,824
Louisiana Ry & Nay March........ 180,909 164.978 1 ,729,004 1,689.550
fLoulsvilie & Nashv 4th wk Apr 1,679.720 1.481.883 57,061,447 49,582,259
MarchMaine Central
1,169.965 1,031,343 10,008,450 8,878,833
354.883
Maryland & Penn.._ March......
43,306
40,047
379,390
Midland Valley......_ March ___ 211,266 160,413 1.793,006 1,367,989
885.780
23,791
Mineral Range...... 4th wk Apr
976.436
29,041
Minneap & St Louis 1st wk May 210,641 191,929 9,300,634 9,224,834
Minn St P&SSM_ 4th wk Apr 748,297 715,050 27,288,546 28,995,562
607,829
Mississippi Central_ March ___
73 569
595.968
54 058
g Mo Kan & Texas_ 1st wk May 751,237 579,977 34,327,804 29,690,091
491 56.347,143 47,962,404
h Missouri Pacific... March ___ 6.26
6
New York Central March__ 171580 4 16'752
'.
'552 150595943 139032285
1.773,665 1,668,346 16,196,387 14,395,605
Boston & Albany March_
n Lake Erie & W. March........ 682,310 577,892 5.912.627 5,134.654
Michigan Central March....... 4,185,968 3,705,548 36.214.041 30,310,399
Cleve 0 C & St L March__ 4.115,347 3.826.727 35,960,131 32,272,211
Cincinnati North. March........ 172,276 165.923 1.538,718 1,356,276
Pitts & Lake Erie March__ 2.053,697 2,029,244 18.109,348 16,754,562
Tol & Ohio Cent_ March........ 565.084 486.236 4,959.240 4,017,188
Kanawha & Mich March........ 256,881 310.607 2.452.906 2,716,541
Tot all lines above March........ 30963312 29523075 271939417 245989728
July 1 to Latest DM.
Latest Gross Earnings
July 1 to Latest Date.
ROADS.
Week or
Month.
Current
Year.
Week or
Month.
Previous
Year.
Current
Year.
Previous
Year
Nashv Chatt & St L March__ 1,175,238 1,130,021 10,590,660 9,480,282
297,800
340,964
7,426
7,374
Nevada-Cal-Oregon 4th wk Apr
New Orl Great Nor_ March.._.... 117,564 172,760 1,245,180 1,349,733
N Y Chic & St Louis March........ 1.329,707 1,262,633 11,691,848 10,567,645
NY N 11 & Hard__ March ___ 6,923,847 6,098,626 61,303,542 55,726,965
N Y Out & Western March...... 683,339 638,681 6,524,332 6,793,423
N Y Susq & West.... March ___ 361,544 444,347 2,774,688 3,337,560
Norfolk Southern__ March__ 481,792 435.205 3,877,810 3,386,136
Norfolk & Western_ March_
5.119,115 5,056,886 44,916,535 42,346,187
Northern Pacific.... March...._.. 6,605,403 6,470,535 62,067,759 56,291,402
Northwestern Pac_ February__ 266,294 252,757 3,165,283 2,859,659
Pacific Coast Co_ _ _ February _ 345,132 595,712 4,473.742 4,941,186
p Pennsylvania RR_ March- _ 21581463 18907091 176039037 162111 185
855,872
954,738
73,764
Belt Chas & Ati__ March__
87,647
Cumberland Vall. March.____ 357,588 309,771 2,927,841 2,598,254
Long Island
March__ 1,047,316 1,003.464 11,293,323 10,372,846
678,143
722,601
57,226
70,710
Mary'd Del & Va March__
N Y Phila & Norf March_ ___ 353,718 393,272 3,829,855 3,395,550
Phil Balt & Wash March__ 2,407,720 2,007,298 20,115,814 17,201,760
W Jersey & South March....... 590.238 532,405 6,057,447 5,628,349
Pennsylvania Co.... _ March....... 5,895,608 5,703,737 55,644,849 51,481,030
Grand Rap & Ind March__ 552,098 467,103 4,598,778 4,193,568
:Pitts 00 & 8t L.. March__ 6,340,660 5,282,665 50,213,713 44,375,864
Total lines
East Pitts & Erie March__ 26859795 23594 050 224988285 205596651
West Pitts & Erie March__ 12967440 11609411 111869608 101337662
All East & West.. March.._ _ 39827235 35203462 336858893 306934314
1st wk Apr 469,191 410,033 17,608,526 16,143,015
Pore Marquette
Reading CoPhila & Reading_ March..... 5,619,825 5,354,008 47,026,790 43,356.550
Coal & Iron Co.... March__ 3,934.538 3,711,420 34,387,725 28,600,477
March........ 9,554,363 9,065,429 81,414,515 71,957,029
Total both cos
Rich Fred & Potom March ___ 387,881 321,352 2,926,880 2,325,526
551,792
620,679
76.010
92.694
Rio Grande June
December
466,658
513,416
13.116
13,462
Rio Grande South 4th wk Apr
March ___ 358,271 332,001 3,039,257 2,803,982
Rutland
St Jos & Grand Isl.. March ___ 186,899 153,179 1,710,001 1,344,313
St L Brownsv dt M. March ___ 340,036 209,80. 3.780.900 1,956,442
St L Iron Mt & So.. March ___ 3,340,150 2,737,957 30,285,570 24.374,739
St Louls-San Fran March....... 4.629,762 4,223,415 42,329,99835,801,801
St Louis Southwest_ 1st wk May 293,000 219,000 13,485,256 10,497,360
Seaboard Air Line.. _ March....__ 2,685,542 2.449,736 20.945,629 18,307,280
Southern Pacific.. _ _ March _ _ 15480819 12773558 133997307 113894942
k Southern Ry Syst. 4th wk Apr 2,716,315 2,386,550 86,497,616 76,448,041
Ala Great South_ March ___ 523.916 504,698 4,565.500 4,101,499
Cinc N 0& Tex P March ___ 1,051,048 1,051.958 9,142,353 8,119,979
Mobile & Ohio_ _ _ 4th wk Apr 319,542 335.187 10,406,484 9,762,493
55,124 2,354,495 2,056,233
59,745
Georgia So & Fla_ 4th wk Apr
Spok Port & Seattle March ___ 486,897 374,664 4,297.100 3,718,944
98,041
81,851
2,482
2,662
Tenn Ala & Georgia 3d wk Apr
Tennessee Central_ March ___ 134,618 129,227 1,305,773 1,183.774
Texas & Pacific_ _ _ _ 1st wk May 397,341 334,652 19,076,834 16,599,599
931.155
933,608
97,725 101,800
Toledo Peor & West March ____
Toledo St L & West 4th wk Apr 152,257 102,011 5,200,284 4,622,917
888,292
724,783
70,880
78,541
Trin & Brazos Va11.1 March ___
Union Pacific Syst_ March........ 9,259,045 8.717,166 89,044,830 78,153,591
March........ 910,506 771,061 7,185.869 5,695,719
Virginian
March__ 3,378,145 3,085.110 28,903,405 25,656,260
Wabash
Western Maryland.. Ist wk May 215,481 222,977 10,790,901 9.157,263
March ___ 763,227 600,304 6,582,557 5,486,534
Western Pacific_
986,447
Western Ry of Ala_ March ___ 144,277 106,882 1,097,890
699,882 749,067 7,178,906 7,527,866
Wheel & Lake Erie,. March_
1.298,054 1,048,426 13,948,219 11,272,870
Yazoo & Miss Vall_lApril
Various Fiscal Years.
Period.
Jan
Buffalo dr Susquehanna RR
Jan
Delaware & Hudson
Jan
Erie
Jan
New York Central4
Jan
Boston & Albany
Jan
Lake Erie & Western_n
Jan
Michigan Central
Clove Cinc Chic & St Louis Jan
Jan
Cincinnati Northern
Jan
Pittsburgh & Lako Erie
Jan
Toledo & Ohio Central
Jan
Kanawha & Michigan
Jan
Total all lines
New York Chicago & St Louis Jan
N Y Susquehanna & Western.... Jan
Jan
p Pennsylvania Railroad
Baltimore Chesap & Atlantic Jan
Jan
Cumberland Valley
Jan
Long Island
Mary'd Delaware & Virginia Jan
N Y Philadelphia & Norfolk. Jan
Phila Baltimore & Washing'n Jan
Jan
West Jersey & Seashore
Jan
Pennsylvania Company
Grand Rapids & Indiana......_ Jan
IPittsb Cinc Chic & St Louis.. Jan
Total lines-East Pitts Si Erie Jan
-West Pitts & Erie Jan
-All lines E & W.. Jan
Dec
Rio Grande Junction
Jan
Rutland
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
to
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
to
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Dec
Mar
----Previous
Year.
-446,706
402,358
31
31 6,377,597 6.300,183
3116,724.651 17,096,935
31 46,693,755 46,872,981
31 4,882,748 4,819,246
31 1,976.291 1.661,146
31 11,697,233 10,327.789"
3111.438,068 10,950,385
435,116
31
523,982
31 5,541,219 5,590,437
31 1,509.026 1.366,901
90:3.255
748.159
1
31 85,012.471 82.933,253
'31 3,827,860 3,712,970
1,233,554
989,169
31
31 57.404,6)8 53,642,022
.31
182,980
188,207
31 1,022,149
899,028
31 3,028,826 2,872,066
31
163.012
152,662
31 1,111,700 1,106,815
31 6,655.739 5,607,240
31 1,567.825 1,484,086
3115,690.033 15,839,575
31 1,468.819 1,329.170
31 16.757.062 15.099,513
31 72,056,355 66.795,996
31 34,396,768 32,685,646
31 106453123 99,451,642
92.6941
31
76,010
962,453
31
887,736
Current
Year.
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Current
Year.
Previous
Year.
Increase or
Decrease.
Current
Year.
Previous
Year.
Increase .
pecreaseor
%
$
$
Cur. Yr. Prev. Yr.
Mileage.
S
5
+47 5 6 770 20.00
226.752 225.803 285,149,740 237.612.967
+496.217 3.99 June
8d week Feb (313 roads)._ 12.907.667 12.411,450
244.249 243.563 308.040.791 263.944.649 +44,090,142 16.77
-558..493 197 July
4th week Feb (28 roads)____ 13,508.398 14.066.891
.
64 August
245.516 244.765 333,460,457 278,787.021 +54.673.436 19.66
307
1st week Mar r9 roads).- 12.798,647 ' a ,
2d week Mar 30 roads)____ 13,411.164 12,018,648 +1.392,546 11.59 September_245 156 247.466 332,888.990 294.33:3.449 +38.555.541 13.11
„899 310.740.113 1-35.050.786 11.22
+633.524 5.04 October .._..246.683 246.000
3d week Mar 31 roads)____ 13.198.91112565,087
4th week Mar (33 roads)..... 21.296.954 19.034.515 +2.262.439 11.82 Novembe-248.863 248,055 330,258,745 306.606,471 +23.652.274 7.71
1st week Apr r2 roads).____ 14,388.627 12.933,797 +1.454,830 11.25 December -216.811 215.669 262.171,169 242.064,235 +20.106.934 8.31
2d week Apr 32 roads).... 14.416,873 12,648,358 +1,768,515 13.92 January_ __ _ 245.477 247.327 307.961.074 267.115.259 +40.845.755 15.29
31
3d week Apr ' roads)...... 13,938.948 12.382.623 +1.556,325 12.57 February
249.795 248.738 271.928,066 269,272,382 +2,655.6840.99
4th week Apr (30 roads)...._.. 17,657,935 15.692,888 +1,965,04712.52 March
248,185 247,317 321,317,560 294,088,345 +27,249,2159.27
a Includes Cleveland Lorain & Wheeling Ry. 0 Includes Evansville & Terre haute, c Includes Mason City & Fort Dodge and the Wisconirn
Pacific. d Includes not only operating revenue, but also all other receipts. e Does not include earnings of Colorado Springs & Cripple
Minnesota &
.
Creek District Ry. .1 Includes Louisville & Atlantic and the Frankfort & Cincinnati. 0 Includes the Texas Central and the Wichita Fails lines.
h Includes the St. Louis Iron Mountain dc Southern. 5 Includes the Lake Shore & Michigan Southern Ry., Chicago Indiana & Southern RR.. and
Dunkirk Allegheny Valley & Pittsburgh HR. k Includes the Alabama Great Southern. Cinc. New Orleans & Texas Pacific. New Orleans & Northeastern
and the Nor. Alabama. 1 Includes Vandalia RR. n Includes N3r. Ohio RR. p Includes Northern Central. 'We no longer include Mexican roads in
any of our totals.
1 Weekly Summaries.
1
%
• Monthly Summaries.
THE CHRONICLE
MAY 12 1917.]
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the fourth week
table covers 30 roads and shows 12.52%
of April. The
increase in the aggregate over the same week last year.
Fourth Week of April.
1917.
$
$
68,373
73,026
66,835
90,044
299,779
395,218
844,100
932,100
3,665,000 3,166,000
1,307,549 1,251,969
278,777
291,022
196,053
212,901
363,062
369,162
538,400
690,100
32,677
35,355
99,071
114,885
55,124
59,745
$
4,653
23,209
95,439
88,000
499,000
55,580
12,245
16,848
6,100
151,700
2,678
15,814
4,621
1,481,293 1,445,853
197,837
5,322
10,553
715.050
748,297
726,939
864,936
335,187
319,542
7.374
7,426
13,116
13,462
398,000
298,000
2,716,315 2,386,550
513,889
450,576
152,257
102,011
304,325
263,534
33,247
137,997
15,645
62
346
100,000
329,765
63,313
50,246
40,791
17,657,935 15,692,888 1,980,744
1 enc (147
Not. Ineresvan
$
35,440
1,679,720 1,481,883
23,719
29,041
182,824
193,377
Ann Arbor
Atlanta Birm & Atlantic
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago Great Western
Chicago Indianap & Louisville_
Colorado & Southern
Denver & Rio Grande
Detroit & Mackinac
Duluth South Shore & Atlantic
Georgia Southern & Florida...._
Grand Trunk of Canada
Grand Trunk Western
Detroit Grand Hay & Milw_
Canada Atlantic
Louisville & Nashville
Mineral Range
}
Minneapolis & St Louis
Iowa Central
Minneapolis St Paul & S S M__
Missouri Kansas & Texas
Mobile & Ohio
Nevada-California-Oregon
Rio Grande Southern
St Louis Southwestern
Southern Railway System
Texas & Pacific
Toledo St Louis & Western...._ _
Western Maryland
Total (30 roads)
(12.520
7.,1 _
Increase. Decrease
1916.
15.697
For the month of April the returns of 35 roads show as
follows:
Month of April.
1917.
1916.
Increase.
74,789,012 66,406,695 8,382,317 12.62
Gross earnings (35 roads)
It will be seen that there is a gain on the roads reporting
in the amount of $8,382,317, or 12.62%.
Name of Road
or Company.
1891
Latest Gross Earnings.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current I Previous
Year.
Year.
$
$
I $
$
Jacksonville Trac Co March...._.. 61,510 54,731
174,603, 157.914
Keokuk Electric Co.. March.._.... 18,759 19,390
58,912
58,686
Electric__ March .._ _ _
Key West
11,259
9,236
33,244
28.058
Lake Shore Elec By.. February _ 120,326 106,507
251,915, 219,877
Lehigh Valley Transit March....._ 218,468 192,104
632,5611 555,407
& Watery February _ 54,793 50,574
Lewist Aug
116,496
103,457
Long Island Electric_ February _
14,769 14,655
31,0271
30,489
Louisville Railway.._ February _ 232,679 234,124
487,062
477,786
Milw El By & Lt Co_ February _ 634,375 575,2M 1.322,030 1,170,084
Milw Lt, Ht & Tr Co February _ 160.752 127,078
331,1871 256,135
Monongahela Vail Tr March ___ 202,777 128.044
371.628
565,490
Nashville By & Light February _ 197,593 185,318
381,903
407.462
Newp N & H Ry G &E February _ 81,354 70,583
143,031
166,576
N Y City Interboro__ February _ 56,361 56,543
118,068
117,790
N Y & Long Island.... February _ 26,914 26,205
57,078;
55.607
N Y & North Shore.... February _
10,175 10,570
21,525'
22,735
N Y & Queens Co_ _ _ February - 86,122 100,393
209,423
197,526
New York Railways_ February - 914,076 1040,676 1,911,151 2,162.113
N Y & Stamford By.. March _ __ _ 27,318 24,955
77,311
71.420
N Y Westches & Bost Maren___- 45.165 39,835
118.018
130,528
Northampton Trac__ February _
15,812 14.490
30,734
32.320
Nor Ohio Trac & Lt.. March....... 530,618 397,357 1,519,926 1.136,896
North Texas Electric March........ 199,545 166,936
459.444
529,223
Ocean Electric (L I).. February 5,148
5,164
10,552
10,588
Pacific Gas & Elec___ February _ 1625,814 1600,035 3.399.379 3,362,748
Pacific Lt & P Corp__ March ___ 270,616 250,776
815,208
761,415
p Paducah Tr & Lt Co March__.... 25,394 25,725
79,732
78,796
Pensacola Electric Co March........ 25,221 24,056
79,176
69,825
Phila Rapid Transit.. March ___ 2510,812 2255,672 7,143.949 6,445.758
Phila & Western Ry_ March ___ 41.097 37.248
116.822
107,040
Port
(Ore)Ry.L&PCo. February _ 459.908 409.331
950,139
864,319
g Puget Sd Tr L & P_ February _ 720,178 597,215 1.508,048 1.266,808
g Republic Ry & Lt__ March ___ .376,822 330,047 1,114,250
958,821
Rhode Island Co........ March........ 478,0.57 451,308 1,368,320 1,290,381
Richmond Lt & RR.. February _ 28,730 26,254
60,712
54,489
St Jos Ry.L,H &P _ March _ _ _ 126,670 112,808
390.311
352,536
Santiago Elec Lt & Tr December
57,814 45,961
553,589
478,222
Savannah Electric Co March........ 77,252 65,270
221,600
191.801
Second Avenue (Bee) February _ 55,359 59,880
116,804
126.059
Southern Boulevard_ February _
32,164
35,204
15.580 16,782
Southern Cal Edison.. March......_ 399,501 383,139 1,225,772 1,214,209
Staten Isl'd Midland_ February _ 20,783 19,696
43.716
41,075
Tampa Electric Co.... March..__.. 89,766 81,928
259,177
272,441
Thith Avenue
February _ 337,344 324,982
667,640
668,345
Twin City Rap Tran_ 4th wkMar 300,737 269,800 2,641,912 2,490,986
Union By Co ofNYC. February _ 213,690 204,277
439,046
444,418
Virginia Ry& Power.. February _ 478,490 457.563 1,003.672
946.344
Wash Balt & Army_ January __ 66,960 58.490
58,490
66,960
Westchester Electric_ February _ 36.675 39,915
84,181
78,103
Westchester St RR
March _ __ .. 18,849 17.998
52,618
50,412
West Penn Power._ _ _'March ___ _ 322,077 235,889
708,756
966,757
g West Penn Trac Co March...... 613,268 490,253 1,789,417 1,432.157
Yonkers Railroad
February _ 56,377 56,964
120,075
114,821
York Railways
241,033
March .. _ _ 89,118 80.938
264.447
Youngstown & Ohio.. March........ 28,737 24,581
73,962
78.403
b Represents income from all sources. c These figures are for consolidated company. f Earnings now given in milreis. g Includes constituent
companies.
-In our "RailNet Earnings Monthly to Latest Dates.
way Earnings" Section or Supplement, which accompanies
to-day's issue of the "Chronicle," we give the Mar.figures of
earnings of all steam railroads which make it a practice to issue
monthly returns or are required to do so by the Inter-State
Commerce Commission. The reader is referred to that SuppleElectric Railway and Other Public Utility Net Earnment for full details regarding the Mar. results for all the
ings.
-The following table gives the returns of ELECTRIC
separate companies.
In the following we give all statements that have come railway and other public utility gross and net earnings with
In the present week covering a later or a different period charges and surplus reported this week:
-Gross Earnings--Net Earnings
from that to which the issue of the "Railway Earnings"
Current
Current
Previous
Previous
Section is devoted.
Year.
Companies.
Year.
Year.
Year.
Gross
Earnings.
Cuba RR
Feb '17 395,631
721,363
'16
8 mos '17 4,331,926
'16 3,953,142
-San Fran.
St. Louis
3 mos to
Mar 31 '17 13,561,954
'16 11,766,033
9 mos to
Mar 31 '17 42,329,998
'16 35,801,801
Net after
Tares.
32,932
423,076
1,224,446
1,933,857
Other
Income.
940
Gross
Income.
33,878
8,528 1,232,974
6,098 1,939,955
3,514,470 def262,700 3,251,764
2,910,596
272,340 3,182,936
12,528,472 def474,812 12,053,660
10,007,312
500,182 10,513,494
Fixed
Charges.
Balance,
surplus.
94,758 def60,880
88,241
334,834
728,744
504,230
628,111 1,311,844
3,371,517 def119,753
3,397,611 def214,675
10,174,520 1,879,140
10,167,068
346,426
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.•
Latest Gross Earnings.
Jan. 1 to latest date.
Current Previous Current
Previous
Year.
Year.
Year.
Year.
$
8
3
3
Corp February - 133,315 126,406
Adirond El Pow
287,467
265,247
Atlantic Shore By.._ _ March --- 25,740 2:3.473
70.682
67,842
cAur Elgin & Chic RY March --- 163,197 146,546
469,516
439,640
Bangor By & Electric February - 68,776 62,406
128,690
143,460
Baton Rouge Elm Co March-- 18,277 16,200
57,545
51,177
Dolt LRyCorp(NYC) February _ 51,941 58,420
124,151
109,688
Berkshire Street By.. March---- 87,361 72,293
245,482
212,396
Brazilian Trac, L & P March --- 17549000 /6913000 121687,000 119815,000
Brock & Plym St By.. March-8,413
7,097
22.455
25,143
Bklyn Rap Tran Syst February _ 2184.955
4,624,424 4,357,557
Cape Breton Elec Co March _--- 33,754 2099,998
27.867
104,345
90,625
Miss V El Prop_ March__.._ 23,629 23,516
Cent
74,263 • 72,328
Chattanooga By & Lt February _ 102,177 96,183
209,226
197,603
Cities Service Co.. _ _ March --- 1721,481 639,780 5,257,798 1,976,729
Painesv & East February _ 32,362 29,922
Cleve
68.798
60,823
Cleve Southw & Col. March_ -_ 117,466 104,120
331,373
303,029
aColumbia Gas & El.. March __- 1017,152 912.845 3,188,644 2.689,617
Co March --- 87,851 66,736
Columbus(Ga) El
258,445
203,305
Colum (0) By,L & February _ 316,318 280,700
653,889
578,117
Com'w'th P. Ry & Lt March___ 1558,538 1353,712 4,706,091 4,124.259
March___ 806,909 751,504 2,314,102 2,134.382
Connecticut Co
Consum Pow (Mich)- March___ 454,581 374,835 1,402,187 1,161.227
Cumb Co(Me)P & L February - 217.275 198,398
455,994
411,582
Dallas Electric Co.... _ March _-_- 188,025 159,828
568,142
496,719
Dayton Pow & Light March____ 149,775 135.132
394.590
406,296
Edison.. _ _ _ March -_- 1044,105 848,002 3,188,436 2,595,801
g Detroit
Detroit United Lines March ..--- 1465,166 1237,688 4,143,246 3,523.118
DDEB& Batt(Rec) February - :32.542 37,840
67.229
77,077
Duluth-SuperiorTrac March__ 133.101 114,028
379.315
324,036
East St Louis & Sub.. February - 268,158 227.472
560,765
456,840
Elec._ March......- 76,062 62,339
Eastern Texas
228,421
192.608
El Paso Electric Co.._ March-- 108,183 86,491
335,781
282.920
42d St M & St N Ave February _ 128,719 146,979
269,048
310,559
g Federal Lt & Trac_ March...-. 239,235 216,914
712,926
658,614
Galv-Hous Elec Co March --- - 157,470 158,394
468,830
460,596
Grand Rapids By Co February .. 103,932 103,429
217,040
209,246
Great West Pow Syst February - 328,982 310,805
670,667
632,220
Hagers'n & Fred Ry- February _ 40,824 35,076
87,492
71.619
Harrisburg Railways March--- 94,926 93,333
274,717
265,913
Havana El Ry, L & March ___ - 545,397 470,616 1,597,210 1,452,233
Honolulu R T & Land January __ 57,984 50.243
57.984
50,243
Houghton Co Tr Co.. March-- 30,497 27,191
84,499
76.193
b Hudson &
March- 544,365 510,203 1,583,461 1,478,022
Illinois Traction
-__ 1080,633 985,925 3,282,112 3,022,529
Manhat- March Interborn tt An 'Fran_ Mareh ___ 3682.520 unn nmi in MK2 QA7 n tine•,
770
Name of Road
or Company.
Week or
Month.
$
$
$
$
Brazilian Trac,L& P__ _Mara,549,000 c6,913,000 c4.151,000 c3,783,000
Jan 1 to Mar 31
c21,687,000c19,815.000c12,038,000c11.143.000
Chicago Telephone
Mar 1,797.145 1,607,240
374,176
371.339
Jan 1 to Mar 31
5,351,205 4,747,412 1,225,532 1,135,646
Michigan State Telep_ __Mar 661.321
74.408
12,442
592,473
Jan 1 to Mar 31
308,166
139,079
1,963,972 1,720,185
Nebraska Telephone__ _Mar 236,432
61,192
58.985
210,679
Jan 1 to Mar 31
174,112
619,092
688,825
168,816
Northwest Tel Each_ __Mar 499,924
106.094
105,418
436.331
Jan 1 to Mar 31
305,293
311.677
1,459,874 1,277,054
Pacific Telep & Teleg_ _ _Mar 1.804.406 1,619,710
371,596
371,742
Jan 1 to Mar 31
5.294.978 4.739,469 1,144,812 1,103,454
Wisconsin Telephone_ _ _Mar 411,016
380,989
113,802
115,799
Jan 1 to Mar 31
1,221.999 1,113,480
322,718
305,697
c Milrels.
Gross
Net after
Fixed
Balance,
Earnings.
Taxes.
Charges.
Surplus.
$
$
$
Aurora Elgin & Ch_Mar '17
163,197
39,965
36,036
3,929
'16
146,546
44,146
36,510
7,636
3 mos '17
469,516
116,952
107,446
9.506
'16
439.640
138,363
109,697
28.666
Havana El Ry L & P Mar'17
545,397
135,958 x193,248
308,011
'16
470,616
273,910
130,509 x162,601
3 mos '17 1.597,210
919,008
402,810 x551,949
'16 1,452,233
891,476
364,977 5559,996
Keystone Telcp_ _ _ _Apr '17
130,196
27,792
63,934
36,142
'16
120,326
27,453
61,932
34.479
4 mos '17
248,446
514.270
111,167
137,279
'16
474,166
237,816
109,812
128.004
x After allowing for other income received.
Gross
Net
Fixed Chgs. Balance,
Earnings. Earnings. & Taxes.
Surplus.
Hagerst'n & Fred___Feb '17
40.824
16,585
12,717
3.888
'16
35,076
14,387
11,202
3,185
2 mos '17
87,402
35,805
25,626
10.179
'16
71,619
29,532
7.187
22,345
New York Street Railways.
-Gross Earnings--Net Earnings
Current
Current
Previous
Previous
Roads.
Year.
Year.
Year.
Year.
i
$
$
$
Hudson & Manhat_a___Feb 346,053
321,775 c175,149 c165,496
Jan 1 to Feb 28
733.115
664,937
388,153
353,243
Interboro R T (Sub)_a_Feb 1,825.767 1,682.578 1,030,493 1,055,934
Jan 1 to Feb 28
3,856,274 3,454.711 2,271,725 2,183,218
Interboro It T (Elev)_ a _Feb 1,414,388 1,354,405
564.591
590,427
Jan 1 to Feb 28
3,014,573 2,766.015 1,247,003 1,225,478
Total Interboro R T.a.Feb 3,240,154 3.036.983 1.595,084 1,646.361
Jan 1 to Feb 9
8
6,870,847 6.230,727 3,518,728 3,408,696
Bldyn Rap Tran a
Feb 2,184,955 2.099,998
607.995
616,299
Jan 1 to Feb 28
4.624,424 4,357.557 1,314.272 1,337,904
New York Rallways_a__Feb 914.076 1,040,676
99,716
277,232
Jan 1 to Feb 28
1,911.151 2,162,113
217,659
605,378
Belt Line_a
Feb
51,941
58,420
7,400
2,867
Jan 1 to Feb 28
109,688
124.151
15.619
20,573
Second Avenue_ a
Feb
55.359
59,880 def2,115
4,127
Jan 1 to Feb 28
116,804
def2,120
126,059
15.802
Third Avenue_ a
Feb 337,344
324,982
129,522
122,422
Jan 1 to Feb 28
668,345
264.726
667,640
255,634
[VOL. 104.
THE CHRONICLE
1892
-NetEarnings
-Gross Earnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
3
5
dei5,334
def2,597
32,542
37,840
D DE Wway & Batt_a_Feb
def2,202
def7,641
67,229
77,977
Jan 1 to Feb 28
39,711
58.475
146,979
42d St M & St N Ave_a_Feb 128,719
128,294
81,141
310,559
269,048
Jan 1 to Feb 28
8,839
16,935
56,543
56,361
N Y City Interboro_ a_ _ Feb
40,726
27,401
117,790
118,068
Jan 1 to Feb 28
1,821
5,106
15,580
16,782
Southern Boulevard_a_ _Feb
10,953
5,053
35,204
32,164
Jan 1 to Feb 28
33,850
28,877
204,277
Union Ry of N Y City.a.Feb 213,690
90,984
96,274
439,046
444,418
Jan 1 to Feb 28
6,474
39,915
def2,247
36,675
Westchester Electric_ a_ _Feb
18,282
84,181
def3,095
78,103
Jan 1 to Feb 28
23,326
56,964
Feb
5,844
56,377
Yonkers RR _a
14,209
38,969
120,075
114,821
Jan 1 to Feb 28
def3,992
def3,123
14,655
14,769
Long Island Electric_a_ _Feb
def6,933
def6,314
30,489
31,027
Jan 1 to Feb 28
def2,640 def2,331
26,205
Feb
26,914
NY&LITrac_a
def697
def3,019
55,607
57,079
Jan 1 to Feb 28
1,603
1,938
10,175
10,570
N Y & North Shore_a_ _Feb
7,201
3,265
22,735
21,525
Jan 1 to Feb 28
Feb
100,393 def30,045 def14,116
86,122
N Y & Queens Co_a_
209,423 def48,831 def22,234
197,526
Jan 1 to Feb 28
deli.253
5,164
def1,238
5,148
Ocean Electric (L I)_a_ _Feb
def3,568 def2,167
10,588
10,552
Jan 1 to Feb 28
2,021
665
28,730
26,254
Richmond Lt & RR _ a_ _Feb
2,246
54,489
3,017
60,712
Jan 1 to Feb 28
def4,750 def2,245
20,783
19,696
Staten Isl Midland_a_ _ _Feb
def2,944
43,716
41,075 def10,564
Jan 1 to Feb 28
a Net earnings here given are after deducting taxes.
c Other income amounted to $77,835 in Feb. 1917, agst• $82,409 in 1916.
-Operating Revenues April -Increase%
Amount.
1916.
The General Gas & Elec. Co.- 1917.
$97,518 22 $84,948 03 $12,570 19 14.7
Penna. Utilities Co
188 29 30.0
626 94
815 23
Interurban Gas Co
2,651 03 8.0
33,062 75
Rutland By., Lt. & P. Co_. 35.713 78
1.2
269 87
21,682 08
Northwest. Ohio Ry. & P.. 21,951 95
43,431 29 • 5,445 58 12.5
Sandusky Gas & Elec. Co.. 48,876 87
25,720 41
3,247 00 12.6
Binghamton Lt., Ht. & P_ 28,967 41
703 00 9.4
8,177 93
7,474 93
Sayre Electric Co
2,334 02 16.5
16,455 04
14,121 02
New Jersey Power & Lt
Roads.
BALANCE SHEET DEC. 31.
1916.
1916.
1915.
1915.
AssetsLiabilities$
$
$
$
Road & equip't- 159,632,074 155,785,502 Preferred stock_ 29,916,200 29,916,200
Common stook_ 37,595,861 37,595,861
Improve'ts since
June 30 1907,
710,364 Stock for cony.
986,996
of out'g scour.
Misc. physical
property ____
of constit. cos.
96,888
542,421
556,492
96,888
Inv.in affil. cos.:
Funded debt.... 62,139,000 63,132,000
Stocks
706,889 Equip. tr. °Wig. 5,132,577 6,081,498
1,583,129
Notes
854,531
516,493 Traffic, &c., bal. 1,229,605
300,465
Advances.. _ _ _
887,335
639,053 Accts. & wages_ 2,291,758 2,130,238
Other invest'ts_
534,125 Matur. int., &c.
821,053
34,520
53,966
Cash
2,395,072 3,673,132 Unmatured diva 2,777,270 1,948,556
Special deposits
80,046
699,105
25,682 Accr'd int., &a.
714,301
Traffic, &c., bal. 2,209,531 1,960,423 Miscellaneous_ _ 2,333,576
974,851
Agents and conTaxes
1,791,908 1,448,547
736,449 Deprec.(equip.) 5,624,597 4,365,848
duelers
1,107,428
Materials & supUna(11.,&e.,Items
650,538
432,248
4,201,366 2,962,041 *Add'ns to prop.
plies
Miscellaneous... 1,779,978 2,117,601 since June 30
1907
87,704
Deferred Recta_
11,086,133 9,718,939
86,801
Funded debt reOther unadjust10,475,461 9,507,268
940,063 tired.
ed accounts_
1,713,730
97,034
Sinking fund..
87,093
Profit and loss x4,336,853 2,911,123
Total
178,328,330 171,957,110
Total
178,328,330 171,057,110
* Through income and surplus. x After adding sundry debits, $577,447.
As to merger with other companies, see V. 103, P. 844. 1509, 2342.
For Vandalia R. R. (merged Jan. 1 1917) see below.
V. 104, p. 1490, 452.
Vandalia Railroad.
(12th Annual Report-Year ended Dec. 31 1916.)
Pres, J. J. Turner, Pittsburgh, Dec. 31, wrote in subst.:
Results.
-The total operating revenues were $13,330,043, an increase of
$1,903,772, due principally to the largely increased volume of freight traffic
handled incident to the great activity in industrial business which prevailed
throughout the entire year. The total operating expenses were $9,826,785,
an increase of $1,122,626, reflecting not only tho natural expenditures
caused by the additional transportation furnished, but also the increasing
costs of labor and materials. Railway taxes increased 867,717. or 15.73%.
$258,476 43 $231,067 45 $27.408 98 11.8 The operating income increased $712,749, and the net income, after interest,
Total
rents, &c., $570,096. Appropriations were mado from the
-Gross Revenue April- -Increase- $166,818 for the sinking fund, of $584,556 for a dividend ofnet income of
upon the
% capital stock, and of $559,663 on account of expenditures 4% road and
Amount.
1916.
1917.
Eastern Power de Light Corp.
for
34,655 96 16.8 equipment,leaving a balance of $31,821 transferred to profit & loss account.
$240,565 35 $205,909.89
Reading System
4,908 74 6.1
80,286 21
85,194 95
West Virginia System
-The expendituresduring the year upon the propRoad and Equipment.
3,411 26 19.3 erty aggregated $1,469,739, of which $645,591 was charged to road and
21,078 00
17,666 74
Claremont System
3,509 07 40.1 $824,148 to equipment, principally for improvements to the station and
12,228 00
8,718 93
Vincennes System
track facilities at Frankfort, track to the plant of Grasselli Chemical Co.
$359,066 30 $312,581 27 $46,485 03 14.8 at Dewey, for renewals of locomotives, passenger train cars and freightTotal
train cars, &c. The investment in improvements upon leased railway
property also increased $34,391.
-The Terre Haute & Peoria RR., which is operated by your
Leased Line.
company under lease dated Oct. 1 1892, and running for 99 years, shows an
increase in revenues of $149,610, and a consequent increase in the rental,
result to your
-An index to annual reports of steam 30% of operating revenues, of $44,883. Theof $34,612, as company shows
Annual Reports.
a loss for the year of $270,162, an increase
compared with
railways and miscellaneous companies which 1915.
railroads, street
Merger.
published during the preceding month will be agreed to -Your directors, with the approval of the stockholders, having
have been
the terms and conditions of the consolidation agreement forming
given on the last Saturday of each month. This index will a now corporation, the Pitts. Cin. Chic. & St. Louis RR., which contemCin. Chic & St. Louis Ry.,
include reports in the issue of the "Chronicle" in which plated the merger of the properties of the Pitts. the Anderson Belt By. and
not
Vandalia RR., Pitts. Wheel. & Kentucky RR.,
it is published. The latest index will be found in the issue Chic. Ind. & Eastern By., and provided, among other things, for the exchange of your capital stock into stock of the new company, upon an
of April 28. The next will appear in that of May 26.
equitable basis, your company passed out of existence at the close of business on Dec. 31 1916, the lease of the Terre Haute & Peoria RR.and other
Illinois Central Railroad.
obligations being assumed by the Pitts. CM. Chic. & St. Louis RR. See
that company above [per plan, V. 103, p. 666].
(67th Annual Report-Year ending Dec. 31 1916.)
ANNUAL REPORTS
On subsequent pages will be found the remarks of President
C.H.Markham,in addition to a comparative income account
and balance sheet. The company has changed its fiscal
year to end Dec. 31.-V. 104, p. 1701, 863.
Pittsburgh Cincinnati Chicago & St. Louis Ry.
(27th Annual Report-Year ending Dec. 31 1916.)
The report is given at length ort subsequent pages. Below
are comparative data for several years:
STATISTICS FOR CALENDAR YEARS.
1914.
1915.
1916.
1,472
1,489
1,489
Miles operated
Operations
11,965,755 10,799,077 11.349,865
Passengers carried
Pass. carried one mile458,262,721 403,425,168 423,990,807
1.935 eta.
Rate per pass. per mile_ 2.067 cts. 2.036 cts.
46,333,256 38,254,428 36,344,642
Freight (tons) car led
Freight (tons) 1 mile_a_ 5,716,727 4,590,155 4,184,408
_ 0.621 cts. 0.624 eta. 0.629 cts.
Rate per ton per
mile_a Twee ciphers (000) omitted.
RESULTS FOR YEARS ENDING DEC. 31.
1914.
1915.
1916.
Revenues$35,515,247 $28,665,485 $26,316,970
Freight
9,470.034 8,214,579 8,203,173
Passenger
1,247,161
1,361,633
1,479,608
Mall
1,207,885
1.135,253
1.450,200
Express
1,538.723
1,470,658
Othe rtransportation__ _ 1,785,138
625,488
598,081
Non-transportation _ _ _ _ 1.006,227
1913.
1,472
12,001,886
458,639,646
1.919 cts.
42,522,695
5,101,322
0.599 cts.
1913.
$30,577,525
8,803,455
1,217,428
1,483,175
1,756,025
739,235
Total oper. revenues-$50,706.455 $41,445,690 $39,139,400 $44,576,843
Expenses$6,578,577 $5,791,544 $5,215,070 $7,664,329
Maint. of way, &c
7,699,967 9,406,237
9,941,950 7,853,381
Maint. of equipment..
898,666
801,247
766,485
839.151
Traffic
17,432,494 14,532,833 14,927,438 17,458,616
Transportation
1,312,310
1,366,875
1,323,390
1,552,580
General, &c
ke'
Operating expenses_ _$36,344,753 $30,267,633 $30,010,597 $36,740.158
$14,361,702 $11,178,057 $9,128,803 $7,836,685
Net earnings
1,816,160
1,916,796
1,927,158
2,321.764
Taxes
1,460
4,773
4,194
Uncollectible
Operating income..__.$12,035,745 $9,246,126 $7.210,547 $6,020,535
489,213
400,692
422,105
478,336
Joint facilities rents_ _ _ _
349,424
263,822
313.487
226,909
Miscellaneous rents, Sze_
$12,740,990 $9,981,718 $7,875,061 $6,859,172
Gross income
Deduct
Lease (other roads).. __ - $1.224,626 $1,085,758 $1,054,302 $1,174,850
704,378
730,096
738,921
1,134,543
Hire of equipment
368.034
362,412
367,338
469,011
Joint facilities rents..
2,963,365 2,904,903
2,893,553 2,985,606
Bond interest
120,869
391,043
17,080
51.808
Other interest
93,445
59,745
408,010
61,092
Miscellaneous
Invest. in physical prop_ 1,366,771
856,629
880,520
941,130
968,795
Sinking, &c., fund
Pieferred dividends _(5%)1,495,800(4)1.196,640(4)1,099,441(5)1,373,890
Common dividends__(5%)1,879,790 (2)751,916 (4)278,804(5)1,858,652
t;fr Total deducti9ns
Balance
$11,892,707 $8,145,482 47,819,729 $9,461,650
sur.$848.283sr$1,836,236 sur.$55,332df$2,602,478
OPERATIONS AND FISCAL RESULTS.
All Lines
Vandalia RR.
1916.
Freight1916.
1915.
1915.
751.48
Miles of road operated._
x917.26
751.48
x917.23
Freight earnings
$8,383,394 $7,129,981 $9,201,111 $7,815,705
Per cent of total earns
(67.47)
(69.03)
(68.40)
(68.03)
Tons carried
11,083,775 9,935,734 12,439,979 11,134,783
Tons carried one mile_ _1308404870 1159047,975 1449871,062 1282063,446
Earns, per mile of road..
$8,521
$9,488
$10,031
$11,156
Earns, per ton per mile.. 0.641 cts. 0.615 cts. 0.635 cts. 0.610 cts.
Av.cost per ton per mile 0.490 cts. 0.479 cts. 0.495 cts. 0.482 cts.
Aver. train-load (tons)..
499.38
443.06
452.92
517.19
$3.169
Earn. per rev. fgt. tr. m.
$2.701
$3.314
$2.786
Passenger
Passenger earnings
$2,477,886 $2,198,751 $2,614,890 $2,329,159
2,917,327 2,816,939
Passengers carried
2,511,047
2,606,024
Pass. carried one mile.._112,048,592 102,224,491 118,591,849 108,568,186
Av.earns, per pass. p.m 2.211 eta. 2.151 cts. 2.205 cts. 2.145 cts.
Earns. per pass. p;tr. m.
$1.242
$1.193
$1.361
$1.306
x Including Terre Haute & Peoria RR., 165.78 miles.
GENERAL INCOME ACCOUNT FOR YEARS ENDING DEC. 31 FOR
ALL LINES DIRECTLY OPERATED (INCL. T. II. & P.).
1914.
1913.
Earnings1916.
1915.
Freight
$9,201,111 $7,815,765 $7,364,711 $7,760,964
Passenger
2,614,890 2,329,159 2,418,129 2,476,992
Other transportation
348,802
308,875
273,788
287,814
Incidental, Scc
290,121
191,949
197,261
247,119
Mail
629,323
568,727
524,713
503,197
Express
245,796
211,794
228,070
250,197
Total operating rev..-$13,330,043 $11,426,270 $11,006,672 $11,526,283
Expenses
Maintenance of way,&c. $1,814,900 $1,572,825 $1,490,887 $1,669,839
2,306,174
Maintenance of equip't_ 2,587,025
2,231,545 2,255,126
Traffic
287,493
314,895
297,235
280,465
Transportation
4,685,830 4,219,793 4,410,473 4,500,303
404,387
General, &c
383,755
399,532
441,794
383,416
Taxes, &c
369,811
500,133
431,736
Total
Net earnings
Other income
$10,326,919 $9,135,895 $9,231,782 89,544,777
33,003,124 $2,290,375 $1,774,890 $1,981,506
85,484
114,537
103,325
109,549
Gross income
$3,117,661 $2.399,924 $1,860,374 $2,084,831
$263,413
$238,920
Lease (other roads)....... $308,296
$223,875
323,473
316,628
206,937
Hire of equipment
376,818
256,404
201,488
Joint facilities, rents.._ _ _
224,791
305,949
796,128
778,823
Bond interest
787,626
769,810
4,585
5,049
Miscellaneous
9,851
13,930
144,901
168,834
Sinking fund, &c
170,214
166,818
Invest,in physical prop..
559,663
(4)584,556
Dividends
(4%)584,556 (2)292,278
Total deductions_
$3,085,840 $2,088,275 $1,748,029 $2,162,470
Balance, stir. or def_...._sur.$31,821sur.$311,649sur.$112,345 def.$77,639
LOSS TO VANDALIA RR. CO. LESSEE FROM OPER. OF T. H.& P. RY.
Operating
Net Renta1,30% Rents&Hire Balance;
Gross
YearEarnings. Expenses. Earnings. Gross. of Equip. Loss.
81,007,654 $905,667 $101,987 $302,296 $69,853 $270,162
1916
257,413 64,605 235,550
86,467
858,044 771,577
1915
232,921
55,676
776,402 758,955
271,150
17,447
1914
217,876 37,327
2,625
252,577
726,250 723,625
1913
MAY 12 1917.]
THE CHRONICLE
BALANCE SHEET DECEMBER 31.
1915.
1916.
1916.
Liabilities-$
$
Assets$
14,649,466
Road & equipment37,280,865 35,776,736 Stock *
Mortgage bonds.: _18,725,000
Inves. in Mill. cos.:
230,567 Traffic, &c., bals_ 231,924
230,567
Stocks
69,000 Accts. & wages_ _ _ 808,607
69,000
Bonds
241,345 Matur.int. & divs.
301,824
49,000
Advances
9,631 Unmet. in,&c__ 989,046
9,931
Other investments
62,464
62,464 Taxes
454,295
Misc. phys. prop..
1,626,122 Miscellaneous__ 163,940
1,085,265
Cash
49,190 Deprec. (equip.)_ 1,435,666
49,000
Special deposits
340,510 Def., &c., items__
Traffic, &c., Ws_ 347,526
72,946
276,838 Add'ns to prop'ty
Agents & conduc- 335,250
Materials & supp_ 1,273,969 1,041,211
since June30 '07 1,723,221
311,223 Fund, debt retireda1,127,364
Miscellaneous_ _ _ 422,399
.
148,143 Profit and loss_ _ _b1,250,376
Unadjusted debts_ 212,791
1915.
$
14,649,516
18,907,000
216,324
582,043
49,190
705,918
407,595
157,893
1,102,809
89,932
1893
(1) Results for Entire System for Calendar Year 1916.
Co.'s Own
Chicago -Entire System
"Soo" Line. Division.
1916.
1915.
Gross earnings
$21.576,320 $12,895,764 $34,472,084 $30,861,367
Operating expenses.... _ _ 12,058,145
7.183,447 19,241,591 18,108,234
Net earnings
$9,518,175 $5,712,317 $15,230,493 $12,753,133
Inc. from other sources.. 1.103,252
1,041,356
1,162,586
59,334
Total income
$10,621,427 $5,771,651 $16,393,078 $13,794,489
Fixed chgs., taxes, &c
5,362,832 3,259,188 8,622,020 8,339,452
Balance, surplus
$5,258,595 $2,512,463 $7,771,058 $5,455,037
(2) Results for Minneapolis St. Paul & Sault Ste. Marie.
-Years ending Dec.31- -Years ending June 30Statistics1916.
1915.
1914.
1915.
Average mileage for year
3,168
3,100
2,982
3,044
Operations
Total
40,182,779 Total
41,680,852
41,680,852 40,182,779 Tons rev, freight carried 9,252,202 8,340,901
7,312,385 7,203,034
* Includes common stock, $14,613,900, and stock liability for conversion Tons rev. fgt. carr. 1 m_1998303193 1833213,341 1525833,072 1620174,676
of outstanding securities of constituent companies, $35,566. a Denotes Av.rate per ton per mile 0.780 cts. 0.800 cts. 0.824 eta. 0.788 cts.
$3.41
$3.27
$3.18
$3.58
funded debt retired through income and surplus. b After adding sundry Fgt.earns. per fgt. tr. m.
426.03
396.21
Av. tons rev. fgt. tr. m_
459.64
403.74
net items aggregating $40,511.-V. 103. p. 2343.
2,411,069
2,407,823
2,459,808 2,554,702
Revenue pass. carried
Rev. pass. carried 1 m11e199,049,430 208,426,256 187,898,734 210,701,638
Virginian Railway.
1.888 cts. 2%028 cts. 2.106 cts.
Av.rate per pass. per m. 2.163 cts.
$5,854
$6,276
Earns, per mile of road_
$6,811
$6,509
(Income Statementfor Fiscal Year ended Dec. 311916.)
Minneapolis St. Paul & Sault Ste. Marie-Income Account.
The annual report for the fiscal year ending Dec. 31 1916
-Year ended Dec. 31- 6 Mos. to Year ending
1915.
Dec. 31 '14. June 30 '14.
1916.
will be published in full another week.
Freight
$15,578,270 $14,660,655 $7,345,514 $12,764,423
-Years ending Dec.31--Years ending June 30- Passenger
4,304,888 3,935,313 2,220,709 4,436,911
1916.
1915.
1914.
1915.
391,771
Mail
478.746
452,517
216,869
508
Average miles operated..
504
503 Express
504
406,376
340,035
184,764
343,134
Operating revenues____ 88,455,964 $6,252,014 $5,820,406 $6,340,079 Miscellaneous
422,305
455,883
211,348
559,597
Operating expenses....__ 4,291,658 3,484,585
3,376,852 3,533,220 Incidental
385,735
334,716
154,906
221,853
$4,164,307 $2,767,429 $2,443,554 $2,806,859
Net earnings
Operating revenues_ _$21,576,320 $20,179,119 $10,334,110 $18,717,689
257,195 Maint. of way, &c
363,600
246,336
253,336
Taxes
$2,096,511 $2,062,845 $1,161,836 $2,405,187
Maint. of equipment
2,971,789
2,589,597
1,493,471
3,160,909
Operating income_ _ _ _ $3,800,706 $2,521.093 $2,190,218 $2,549,664 Traffic
327,865
380,197
156,536
375,815
Miscellaneous income__
443,057
215,910
213,460
340,824 Transportation
6,127,018
5,841,395
2,873,569 5,755,346
Miscellaneous operations
104,774
50.427
100,702
122.386
Total income
84,243,763 $2,737,003 $2,403,678 $2,890,488 General
418,621
471,580
197,457
389,585
Interest charges
$1,516,843 $1,417,179 $1,426,554 $1,380,196 Trans. for investment.._
Cr40,316
Cr42,403
Cr37,321
Rents, &c
247,613
234,934
239,203
249,439
Operating expenses_ _$12,058,145 $11,357,114 $5,890,894 $12,209.228
Balance, surplus
$2,479,306 $1,084,889
$737,921 $1,260,853 Per cent exp. to earns_..
(65.2)
(57.0)
(55.9)
(56.3)
See map in' Ry. and Ind. Section" on page 132.-V. 104, p. 864, 766.
Net earnings
$9,518,175 $8,822.005 $4,443,216 $6,508,461
1,083,244
446,084
a1,103,252
990,973
Other income
1,154,279
a952,236
1,208,044
New Orleans Great Northern RR.
(8th Annual Report-Year ending Dec. 31 1916.)
President Walter P. Cooke Feb. 12 says in substance:
Gross income
$10,621,427 $9,812,978 $4,889,300 $7,591,705
Fixed charges, taxes and
terminal rentals
b5,362,832
5,173,282 2,466,843
4,738,203
Pref. divs. (7% p. a.)-882,238
441,119
882,238
882,238
Com. divs.(7% p. a.)_ _ 1,764,476
882,238
1,764,476
1,764,476
Change in Fiscal Year.-BeginnIng with this report, the annual report of
the company will be as of Dec. 31 instead of June 30, so as to conform to
recent order of the I. 0. Commission requiring all railroads to make their
-S.
Balance, surplus
$2.611,881 $1,992,983 $1,099,100
$206,788
annual reports to them as of Dec. 31.
Results.
-The net income was $34,151 greater than in any previous year,
a Other income in 1916 includes: Dividends on stocks owned, $486,428:
and $278,002 greater than in the preceding year. Freight earnings were Interest on bonds owned, $13,413; hire of equipment, $320,337; int. on
considerably loss than they would have been had it not been for the extreme Wisconsin Central By. equipment contracts, $80,288, and interest, discar shortage. During the last four months of the year the company had counts and rents, $202,786. b Includes in 1916 interest on bonds, 62,878,on its rails less than 35% of its ownership of freight cars.
990; int. on W. C. Ry. leased line certifs., $447,012; int. on equipment
Hire of equipment-credit balance was $90,134, the largest in the history notes, $232,689; terminal charges, $289,535; misc. charges, $33,193, and
of the company, an increase of $93,346 over 1915.
taxes, $1,481,412.
Total tons handled, 1.135,009; same one mile, 101,065,550; average
Dividends as above have been supplied by Editor.
revenue per ton mile, 1.339 cts. Passengers carried, 508,038; passengers
(3) Results for Wisconsin Central Ry. (Chicago Division).
carried one mile, 18,236,933; average revenue per pass. mile was 1.849 cts.
-Year ending Dec. 31- -Year ending June 30Bonds and Notes.
-Equipment trust bonds, Series A, were reduced
Statistics1914.
1916.
1915.
1915.
$50,000;outstanding Dec. 31 1916,$150,000. Notes of $50,000 were paid.
1,123
Average miles operated..
1,126
1,122
1,120
Additions and Improvements.
-These amounted to $228,108. Property
Operations
was retired amounting to $100,430, of which $33,981 was road and $66,449 Total tons carried
7,994,009 6,558,078 6,038,588 6,442,420
equipment, making a net increase in property accounts of $127,677.
Tons carried one mile_ _1439,773,522 1127797,952 1038477,383 1150251,023
Av.rate per ton per mile 0.682 cts. 0.703 cts. 0.697 cts. 0.663 cts.
INCOME ACCOUNT FOR CALENDAR YEARS.
463.96
Av.rev. tons per tr. mile
546.96
478.15
455.82
1915.
1916.
1914.
1913.
$3.08
Earns. per fgt. train mile
$3.73
$3.18
$3.36
$1,746,701 $1,658,477 $1,711,887 $1,950,988 No. passengers carried
Operating revenues
2,030,621
1.973,365
1,925,804
1,952,131
970,455
Operating expenses
1,079,392
1,120,783 No. pass. carried 1 mile_109,600,839 107,284,563 105,651.964 118,900,802
1,082,735
58,667
Taxes, &c
39,574
35,596
29,548 Av.earns. per pass. p. m 2.012 cts. 1.852 cts.
1.89 cts.
1.87 cts.
$1.12
$1.11
$1.20
pass. tr. m.
$1.03
Operating income
$717,579
$539,511
$593,556
$800,657 Av. earns. p. per mile..
$9,521
$11,453
$9,425
$8,878
Gross earnings
Hire of equipment
$90,134
Interest, rents, &c.. rec'd
9,285
3,113
3,230
3,402
Wisconsin Central Ry.(Chicago Division) Income Account.
-Year ending Dec. 31- 6 Mos. to Year ending
Gross income
$816,998
$542,624
$596,786
$804,059
1915.
Dec. 31 '14. June 30 '14.
1916.
Hire of equipment
$3,213
$25,681 Iron ore (freight)
$1,561
$229.160
$303,566
$594,703
$414,735
Joint facility rents
$86,978
85,342
80,210
78,434 Other freight
9,230,944 7,516,013 3,373,598 7,326,934
Int. accr'd on fund. debt.. 420,733
423,233
2,204,874
1,987,139
1,155,967 2,227,958
426,808
427,989 Passenger
Miscellaneous
22,283
140,611
21,835
163,019
149,274
69,463
20,470
.19,104 Mail..
Express
214,530
197,327
176,520
94,208
Balance,surplus
$287,003
290,688
218,093
256,470
111,873
$9,001
$67,737
$252,851 Miscellaneous
Incidental
197,005
174,045
182,097
91,855
GENERAL BALANCE SHEET.
Dec.31'16 June 30'16
Dec. 31 '16 June 30'16
Operating revenues__ $12,895,764 $10,682,248 $5,126,123 $10,588,533
Assets$
$
Liabilities$
$1,125,232 $1,183,617
$
Maint. of way, &c
$627,712 $1,220,082
Road & equipm1.16,123,927 16,045,669 Capital stock ____ 7,500,000 7,500,000 Maint. of equipment _ _ _ 1,372,653
1,253,800
651,715
1,402,758
3,778
3,779 Funded debt
Other invest., &c..
8,398,000 8,423,000 Traffic
258,985
262,600
127,708
285,821
83,999
305,444 Traffic, &a., bals_
Cash
6,275
12,045 Transportation
4,093,274
3,746,254
1,856,039 3,941,125
2,550
9,875 Accounts & wages.
Special deposits_ _
81,269
95,443 Miscell. operation
81,318
76,314
42,152
95,265
25,000
Time drafts, &c
Miami!. accounts_
2,789
10,083 General
268,257
234,349
105,867
199,980
Loans & bills reo__ 195,000
Uninatur.int., &o. 174,958
175,479 Transp. for investment._
Cr16,272
Cr5,815
Cr6,573
7,375 Taxes accrued_ _ _ _
10,242
Traffic, &o., bale_
27,277
17,120
Agents s, nonduo.
15,627
21,200 Operating reserves
33,780
32,825
Operating expenses.... $7,183,447 $6,751,120 $3,404,620 $7,145,031
71,649 Accrued deprec'n_ 662,401
94,732
Miscell. accounts_
572,725 Per cent exp. to earns....
(55.7)
(66.4)
(67.5)
(63.2)
95,894 Other unadjusted,
Materials & supp. 103,247
Net earnings
$5.712,317 $3,931,128 $1,721,503 $3,443,502
Disc, on fund.debt 778,633
789,550 &c., accounts.._
45,495
40,338 Other income
36,282
59,334
46,709
50,383
Unadjusted, &c.,
Add'ns to property
30,264
30,777
221,389 Profit and loss_ _ 739,413
accounts
195,521
652,323
Gross income
$5,771,651 $3,981.511 $1,757,785 $3,490,212
Fixed charges, taxes and
Total
17,632,257 17,571,803
Total
17,632,257 17,571,803
terminal rentals
c$3,259,188 $3,166,170 $1,539,740 $2,972,516
-v. 104, P. 1045.
450,612
225.306
450,612
450,612
Pref. divs.(4% p. a.)
Minneapolis St. Paul & Sault Ste. Marie Ry.
(28th Annual Report-Year ended Dec. 31 1916).
Pres. E. Pennington, Minneapolis, says in substance:
sur.$2.061,851 sur.$364,729 def.$7,261 sur.$67,084
Balance
c Includes in 1916 interest on bonds, $1,545,187; int. on equipment notes,
$82,346; rental of terminals, $109,602; hire of equipment, $151,731, and
taxes, $770,322.
Dividends as above have been supplied by Editor.
Dealing with the entire system and comparing the year's results with
"SOO" LINE BALANCE SHEET.
those of the preceding year, the g.ross earnings increased $3,610,717; net
and the surplus income (before deducting dividends),
Dec. 31 '16. June 30,16.
Dec. 31 '16. June 30'16.
earnings, $2,477,359;
LiabilitiesAssets
$
$2,316,020. The increase in freight revenue was $2,812,515, largely due to
increased shipments of iron ore, lumber, coal, building materials and mdse. Road & equip_a115,830,297 115,693,744 Common stock_ 25,206,800 25,206,800
crop of the Northwest was much smaller than the 1915 Secur. of prop'y,
Preferred stock.. 12,603,400 12,603,400
The 1916 grain
affil.,&c.,cos_ y5,788,972 5,752,572 Bonds
71,423,200 71,435,250
crop and this is reflected in the earnings for the last six months of the year,
there being a decrease of $777,309 in freight revenue notwithstanding the Other sec.owned :2,168,120 2,262,335 Equip.tr.obligs_ 6,102,000 5,093,000
595,436 Traffic,&c.,bals.
360,544
Misc.phys.prop.
611,588
295,834
increase in other lines of traffic.
Operating expenses increased $1,133,358, due to increase in business Material & supp 1,989,407 2,313,527 Vouch. dr wages 1,975,092 2,305,321
7,133,734 6,735,331 Taxes accrued__ 1,150,251
Cash
610,439
handled during the year and the higher cost of labor and material.
Int., &c., due.... 1,460,058
1,462,698
During the year there has been expended for additions and betterments Cash for equip_ 1,753,152
Bal.due to ag'ts. 1,249,590 1.507,139 Interest accrued
138,961
132,543
a net amount of $1,406,012.
111,768
111,758 Miscell. accts. &
Equipment changes amounting to a net deduction of $266,593. The Unmatured divs
bills payable..
436,308
357,519
465,820 1,120,272
company has purchased 800 40-ton capacity box cars, 200 40-ton capacity Traffic,&c.,bals.
931,484
181,992
944,126 Operat'g reserve
180,901
automobile cars and 250 all-steel 50-ton capacity ore cars for delivery in Misc. accounts_
87,794
Tri-State Ld.Co. 2,323,645 1,686,287 Insurance res've
88,672
April 1917.
Other deferred
The outstanding funded debt was increased during the year $2,266,399 Unexting. disc't
552,406
credit Items....
13,786
on securities..
607,281
75,503
(net) as follows:
Profit and loss.... 19,894,837 18,134,969
Increases.-MInn. St. P. & S. S. M. Ry. equip, trust notes_ _ _ _$1,500,000 Other deferred
164,064
178,545
debit items__
Wisc. Cent. Ry. 1st & ref. M. gold bonds (now in treasury)_.. 1,433,000
Retired.
-M.St P & S.S. M.Ry.equip. trust obligations
. .
982,000
141,064,536 138,745,601
Total
141,064,536 138,745,601
Fairmount & Veblen Ry. 2d mtge. bonds
Total
13,050
Wisconsin Central By. equipment trust obligations
317,349
First general mortgage bonds
x After deducting reserve for accrued depreciation,$3,718,721. y Securi173,000
ties of affiliated, &c., companies include, as of Dec. 31 1916, Wisconsin
Marshfield & Southeastern Div. P. M. bonds
Chic. Wisc. & Minn. RR. Co. 1st mtge. bonds
776401 Central Ry.stock, $3,658,337; St. Paul Union Depot Co.stock,$103,600:
THE CHRONICLE
1894
Minnesota Transfer Ry. stock, $7,000; Sault Ste. Marie U. D. Co. stock,
$37,500; Central Terminal Ry. stock, $1.461,600; and bonds, $230,435;
Belt Ry. Co. of Chicago stock, $240,000; Western Express Co. stock, $50,000; New Jersey Bridge Cons. Co.stock, $250, and Sault Ste. Marie Bridge
Co. stock, $250. z "Other securities owned" include, as of Dec. 31 1916,
Tri-State Land Co. stock, $25,000; Coeur d'Alene & Pend d'Oreille Ry.5%
bonds, $25,200; Wisconsin Central Ry. equipment contracts, $1,568,855:
Bank and Soo Line Building
and miscellaneous bonds, $4,700; First Nat.Co. stock, $375,000; and advances, $145,963; and advances to Sault Ste.
Mario U. D. Co., $22,776; and miscellaneous stock, $626.
-The company has also the following contingent liabilities: (1)
Note.
Jointly with Central Terminal Ry. of Illinois of $6,000.000 bonds on property of that company; (2) $11,176,800 4% leased line certificates issued in
exchange for Wisconsin Central preferred stock held therefor.
WISCONSIN CENTRAL RY. BALANCE SHEET.
Dec.31 '16. June30'16.
Dec.31 'ill. June30'16.
5
LiabilitiesAssets$
S
Road & equip't__e63,456,761 63,130,711 Common stock__ _17,500,000 17,500,000
Preferred stock......12,500,000 12,500,000
Scours. of propr'y,
102,000 Bonded debt.._ _..42,925,000 42,245,000
&c., cos__ 150,000
786,750 Equip,trust oblig_ 1,568,855 1,715,165
Misc. phys. prop.. 823,897
1,060
Other investm'ts_g3,616,982 3,754,125 Vouchers
490,195
494,903
Int. & diva. due
W.C.Ry.lst & ref.
M. bd.s. pledged 1,500,000 1,500,000 Matured funded
56,000
debt unpaid_
2,835,910 1,555,010
Cash
146,022
Bonds in treasury 3,401,000 2,548,000 Unmatured lot...... 144,416
4,890
3,624
Pref. stk. in treas. 1,234,700 1,234,700 Accr. term. rent's
200,063
259,254
Corn.stk. in treas.. 1,380,400 1,380,400 Accrued taxes
20,547
9,148 Oper. reserves_ _ _ _
21,065
8,532
Material & supp
901,700 Other deferred
Miscellaneous _ _ _ _ 226,089
42,860
42,188
credit Items__ _ _
388,1C0
379,776
Advances, &c_ _ _
557,402 Profit and loss_ _ .... 4,101,003 2,987,357
547,322
Unexting. disc't
[VOL. 104.
STATISTICS FOR YEARS ENDING DECEMBER 31.
(The Denver Tramway System, including the Denver & inter-Mountain RR.)
1915
1916
City Lines, Interurban. City Lines. Interurban.
40.11
40.14
212.63
213.10
Miles of track operated
900,395
75,133,016 1,065,451 72,222,850
Passengers carried
27.28c.
29.30e.
25.61c.
Passenger earnings per car mile
25.86a.
$4.47
$2.42
$4.89
$2.49
Passenger earnings per car hour.. _
22,394
23,351
1,175,854
Passenger car hours operated....- _ 1,184,588
393
393
Passenger equipment
161
161
Freight cars
66
66
Utility, &c., cars
INCOME ACCOUNTS FOR YEARS ENDING DECEMBER 31.
-Denver Tramway- -D. & 1.-111. RR.- -.Deny. Tram. (Sys.)
1910. 1915.
1915.
1915.
1910.
1916.
Pass. earnings__ _52,957,552 $2,856,911 $112,018 $92,5711
42,821 107,401 85,785153,275,876 53,141,906
31,901
Mall, exp., &c_ _ ..
119,478 12,766
9,7261
Miscellaneous.... 127,467
Gross earnings_53,116,920 $3,019,210 $232,185 $188,081 83,275,876 53,141,906
Maint. of way,&c. $150,606 $201,103 $30,878 $28,7141 $317,301 $300,157
120,512 12,596 16,259
Maint. of equip__ 123,222
190,862 22,830 20,901
Power
194,615
758,686 42,084 35,915) 1,297,474 1,250,294
770,880
Transportation
239,785 67,333 55,923 I
239,245
General, &c,
331
153
12,059
21,054
Traffic
Total expenses _ 51,499,623 $1,523,007 $175,924 5157,744 41,614,775 $1,616,451
Net earnings_ _ _ _$1,617,297 $1,496,203 $56,261 $30,337 21,661,101 $1,525,455
280,731
6,000} 276,440
6,000
200,400
200,400
Taxes
60,000
60,000
Franchise paym'ts
79,561,368 77,008,106
Net,aft.ta.x.,&c.$1,356,397 51,235,803 $50,261 524,337 $1,384,661 $1,244,724
22,709
21,234
85
762
7,434
3,182
Other income_ _ _ _
a After deducting reserve for accrued depreciation, $1,628,871. g Includes, as of Dec. 311916, Land Department land grant, $2,806,998, and
Land Department deferred payments on land grant sales, &c., $780,784,
-V. 103, p. 2238, 1981.
and $29,200 miscellaneous.
Gross income_ _31,360,079 $1,243,237 $51,023 $24,422 $1,405,895 $1,267,433
5980,488 5992,253
Bond interest..... _ S980,488 $992,253
929
674
998
Other int., &c_ _ _
913
674
91,186
93,750
Common dividend
New York Ontario & WestereRailway.
(Report for New Fiscal Year ended Dec. 311916.)
Pres. John B. Kerr, N. Y., April 16, wrote in substance:
$998 8981,162 $1,084,368
Total deduc'ns_ $981,162 51.086,917
Balance, surplus_ 5373,917 $156,320 851,023 $23,424 $424,733 5183,06
.Represents consolidated income account and includes the Denver & N. W. Ry.
(holding co.), Denver & Inter-Mountain P.R. (operating co.), Denver Tramway
Co. (operating co.) and the Consolidated Securities & Investing Co. Intercompany transactions eliminated.-V. 102, p. 2337.
Total
70,561,368 77,908,100
Total
OPERATIONS AND FISCAL RESULTS.
-Years ending Dec.31- -Years ending June 301914.
1915.
1915.
1916.
568
568
568
568
Miles operated
Operations
2,223,952
2,011,552
1,850,463
Passengers carried, No.. I,852,592
Passengers carried 1 mile 76,055,653 69,311,720 73,660,919 86.762,628
1.970 cts.
2.099 cts.
2.310 cts.
Rate per pass. per mile.. 2.310 cts.
6,046,222
5,911,196
5.722,012
Freight carried (tons)__ 5,421,102
ler't (tons) car'd 1 mile_810,896,961 817,853.950 861,443,051 878,519,133
0.784 cts.
0.782 cts.
0.802 cts.
Rate per ton per mile_ _ _ 0.781 cts.
$2.36
$2.88
$3.25
$3.05
Earn. per fr't train mile..
$1.43491
$1.39407
81.41806
Earn, per pass. tr. mile_
$1.49598
$15,924
815.370
$15,136
$15,115
Gross earnings por mile_
Detailed Freight Traffic Receipts (incl. Milk on
1915.
Calendar Years1916.
$743,709
Through freight revenue $802,511
1,023,373
Local freight revenue...... 1,144,865
844,257
835,509
Milk revenue
3,944,202
3,551,119
Coal revenue
EarningsPassenger
Freight
Mail and express
Miscellaneous
Passenger Trains).
1913.
4.
$762,292
$723,194
1,075,354
1,005,221
792,062
800,234
4,468,666
4,422.448
INCOME ACCOUNT.
-Years ending Dec.31- -Years ending June 301914.
1915.
1915.
1916.
$1,756,995 $1,600,943 $1,546,407 $1,709,369
6,105,837
5,884,135
5,711,284
5,498,495
216,706
199,505
204,561
232,234
1,219,658
1,306,442
1,296,899
1,262,965
$8,794,166 88,779,753 $8,926,946 $9,251,570
Total
Operating Expenses$1,005,159 $1,124,601 $1,144,018 $1,276,477
Maint. of way, &c
1,619,984
1,590,402
1,430,208
Maint. of equipment...._ 1,410,091
124,220
101,817
97,001
96,415
Traffic expenses
3,702,462
3,366,132 3,516,756
Transportation expenses 3,476,432
187,505
190,640
196,469
218,445
General expenses
Cr.1,121
Cr.637
Cr.5,791
Transport'n for invest.._
$6,200,753 $6,213,291 86,542,996 $6,010,648
82,593,413 82,566,462 $2,383,950 $2.340,922
238,562
242.455
251,652
267,164
Total
Net earnings
Taxes
Operating income_ $2,326,249 $2,314,810 $2,141,495 $2,102,360
239,833
192,405
185,110
184,134
Interest, &c.,received
Gross corp. income_ _ _ $2,510,383 $2,499,920 $2,333,900 $2,342,193
Disbursements
$100,349
$99,870
$108,864
$105,120
Rentals paid, Ste
1,256,131
1,227,041
1,145,200
1,145,200
Interest on bonds
10,685
10,685
10,685
11,769
Amort. & bond discount
2,470
8,259
61,127
61,502
Other interest
188.624
181,899
182,995
189,231
Rentals other roads...... _
120,242
193,639
169,088
157,979
Hire of equipment
$1,670,801 $1.677,960 $1,721,393 $1,678,501
Total
$663,692
$612,507
$821,960
Balance for dividends.... $839,582
$210
$210
$210
$210
Div. on pref. stock......
581,071
Div.on corn.stock(1%)
$821,750
$258,301
BALANCE SHEET.
Dec.31 '16. June30 '16.
Balance,surplus
Assets
Road & equipm't _85,260,707 85,101,627
Improve'ts leased
56,872
65,804
railway property
Invest. in affli. cos.:
2,312,138 2,312,138
Stocks
6,170,000 0,170,000
Bonds
40,061
40,061
Advances
68,877
64,627
Other investments
Cash
1,070,592 1,119,789
26,430
26,430
Special deposits
1,714
Traffic balances....
18,188
26,927
Agents & conduc're 160,900
875,404
Mat'is & supplies.. 901,427
732,468
Miscellaneous.. _ _ _ 819,780
865,910
Int.& diva. reedy. 865,910
359,712
DIsc't on fund.(It. 353,656
Other unadjusted,
333,484
&a., accounts.... 245,331
98,375,612 98,091,413
Total
-V. 103, p. 1407.
$612,297
Dec.31 '16. June30'16.
Common stock._ 58,113,983
4,000
Preferred stock._ _
Mortgage bonds....28,630,000
Equip, trust notes 1,397,000
Traffic balances..
Accts. & wages__ 603,351
Insur.,&c., res'ves 209,932
Other unadjusted
20,031
accounts
Matured interest,
dividends and
30,549
rents unpaid_ _ _
Unmatured dividends declared..
Accrued int., divi337,456
dends, &(3
Accr. depr.,equip't 2,031,531
Profit and loss...._ - 0,937,178
Total
3663.482
58,113,983
4,000
28,630,000
1,498,000
12,836
300,069
262,588
20,303
18,063
581,071
357,963
1,924,893
6,367,044
98,375,612 98,091,413
Denver (Colo.) Tramway Co. (System).
(Report for Fiscal Year ending Dec. 31 1916.)
On subsequent pages will be found the remarks of Chairman C. K. Boettcher in addition to the consolidated income
account for years ending Dec..31 1916 and 1915, and balance
sheet as of Dec. 31 1916. The fiscal year has been changed
from the year ending Mar. 31 to the calendar year:
Tennessee Railway, Light & Power Co.
(Report for Fiscal Year ending Dec. 311916.)
Pres. C. M. Clark, Phila., April 13, wrote in substance:
-The combined system includes the Tennessee Ry., Light
System Results.
& Power Co., Nashville Ry. & Light Co., Chattanooga By. & Light Co.
and Tennessee Power Co. Gross and not earnings show gratifying increases.
Improvement in industrial conditions began in the fall of 1915 and still
continues, accompanied by an increase in cost of labor and materials,
which affected the operating expenses and net earnings of all of the companies during the last half of 1916.
-The earnings show good increases over 1015
(1) Tennessee Power Co.
and would have been even more satisfactory except for unavoidable delay
in completion of the now Great Falls hydro-electric plant and a very considerable increase in operating expenses caused by the groat advance in coal
prices during the last few months of 1916, at a time when stream flow is
always low and a large part of our power must be generated by steam.
The total output from the power stations operated by the Tennessee
Power Co. in 1916 was 483,354,162 k.w.h., of which 82% was generated
by water power and 18% by steam power, contrasting in 1915 with 309,612,468 k.w.h., of which 92% was generated by water power and 8% by
steam. The maximum demand for one hour on the system was 81,650 k.w.
on Dec. 14 1916, against 62,000 k.w. on Dec. 2 1915.
During the last nine months of 1916 there was a demand for all our available power. Additional contracts were made for supplying the Aluminumt
,
Co. requiring the construction of a 13,000 h.p. hydro-electric plant ac
Great Falls, and a 10,000 h.p. steam plant at Parksville, adjoining th
Ocoee No. 1 hydro-electric plant. As the additional load of the Aluminum
Co. came on our lines, it became evident that we would have to add further
capacity, and contracts were made for another 10,000 h.p. steam turbine
at Parksville.
The first steam unit at Parksvillo was put in operation July 12 1916
and the second steam unit Nov. 9 1916. Owing to delay in delivery of
machinery, the Great Falls hydro-electric plant did not commence operation until Jan. 1917, so that in Oct., Nov. and Dec., with low stream flow.
the company was short of capacity for handling its business and had to
reduce delivery to the Aluminum Co. On Jan. 1 the compnay was delivering to the Aluminum Co. 31,000 h.p., which was increased to 50,000 h.p.
about June 1, remaining unchanged until late in Sept., when the load was
reduced. In Nov. delivery was as low as 37,000 h.p. for a short period,
but was gradually increased to an average of 46,000 h.p. in Doc. The
highest delivery was on Sept. 18 1916, when average load was 51,000 h.p.
Service was commenced to the Tennessee Copper Co. during the year
and gradually increased to about 1,300 h.p. in Dec. The demand of the
American Zinc Co. remained about the same, but there was a substantial
Increase in general business at Chattanooga, Knoxville, Nashville and other
points served by the company.
On Dec. 31 the hydro-electric capacity owned and operated amounted
to 113,000 h.p. and the steam capacity owned and controlled by contract
to 55,000 h.p The company owned 536 miles and operated 31 miles
additional of high tension transmission lines on single circuit basis. This
mileage does not include the 62-mile steel tower 120,000 volt transmission
line recently completed from Parksville to Loudon within 30 miles of
Knoxville. This was built because the existing line did not have sufficient
capacity to handle satisfactorily the business of Knoxville and of the
American Zinc Co. at Mascot. It has materially improved service, both in
quality and quantity, and will eventually be completed through to Knoxville, thus giving duplicate transmission line service to that territory.
A record price for coal in many districts oast of the Rocky Mountains
has resulted in a very substantial•increase in the operating costs of the
Tennessee Power Co. since last August. The management is now considering the advisability of additions to its present plants so as to increase the
hydro-electric power available during periods of sufficient stream flow, for
the purpose of eliminating steam generation during those periods. The
construction of an entirely new hydro-electric plant for the purpose of providing ample power throughout the year, would require much longer time
and greater expense, and while desirable, it is not the present opinion of
the management that such construction should be undertaken until the
requirements for power after the war are more clearly defined. Some of the
present contracts will expire at the end of the war, thus releasing a considerable amount of power for resale. It is altogether possible, however,
that such customers may desire to continuo their present supply of power,
and we are constantly asked for quotations on considerable blocics of power
from prospective buyers seeking locations for their plants. Any such
continuation of present business or now large customers would require the
construction of additional hydro-electric capacity.
-Both gross and not earnings show a normal
(2) Nashville Ry. & Light Co.
healthy increase; so also does the surplus. The tendency of operating exincrease is evident due to higher labor and other costs. Induspenses to
trial and commercial conditions in Nashville have grown steadily better.
and it is fair to assume that such improving conditions will continue as long
as the general industrial prosperity of the country at largo continues.
(3) Chattanooga Ry. & Light Co.-Tho industrial activity which became
evident in Chattanooga in the fall of 1915 continued unabated throughout
1916. There has never been greater manufacturing activity in that section. and the company's increases in both gross and not were normal and
satisfactory, but the operating expenses were unusually high, duo to slight
labor difficulties and excessive damage expenses. There has been very
satisfactory increase in the sales of power for manufacturing purposes, but
as prices received for such power are very low, the operating percentage is
necessarily high. The outlook for 1917 is good.
Construction.-The important items of construction expense during the
year were the Great Falls hydro-electric plant, steam plant at Parksvillo,
and the steel tower transmission line from Parlcsville to Loudon. The
aggregate cost of all construction work upon all the companies during
1016 was $1,184,863.
MAY 12 1917.1
THE CHRONICLE
1895
Outlook.
-The outlook for gross earnings of all the companies during 1917
CONSOL. INCOME ACCT. FOR CAL. YEARS (INCL. SUB. COS.)
is encouraging and promises increases over 1916. There will be unavoidable
1916.
1915.
1914.
1913.
increases in the expense accounts,in taxation due to additional property and Railway department_ _ _ $5,123,481 $4,855,839 $5,714,565 $5,950,786
and in interest charges duo to transfer from capital Light and power dept_ _ 2,434,460
new Federal taxation
2,202,337
2,258,886
2,244,705
account to operating expenses of interest on the Great Falls poroperty. Gas department
51,734
54,531
53,325
57,443
There should be steady growth, however, in net at Nashville and Chatta- Steam heat department_
367,569
312,699
320,548
315,712
nooga, except as affected by increases in operating expenses already re- Other earnings
130,128
134,176
103,649
44,954
ferred to. The great increase in the cost of coal is serious, and it is impossible now to determine how long the present condition will continue.
Total earnings
$8,107,372 $7,559,583 $8,450,974 $8,613,600
Financial.
-The $2,500,000 note issue of the Tennessee Ry., Light & Operating expenses_ _ _ _ $3,375,079 $3,144,738
3,303,8681
Power Co., which matured last June, was extended for two years (V. 103, Maintenance
969,942
855,893
881,989J $4,266,978
D. 666). The Tennessee Power Co. sold $471,000 of its bonds and the Taxes
775.974
754,132
821,151
741,398
Nashville By.& Light Co.sold in Dec. 1916 $400,000 of its treasury bonds.
No securities of the Chattanooga By. & Light Co. have boon sold..There
Total
$5,120,995 $4,754,763 $5,007,008 $5,008,376
still remains a floating debt of the Nashville Co., but there are ample bonds Net earning
$2,986,376 $2,804,820 $3,443,966 $3.605,224
Interest charges
in the treasury to liquidate that indebtedness when they can be sold.
1,860,376
1,878,779
1,860,824
1,811,436
The Chattanooga By. & Light Co. has a 2
-year note issue of $615,000 Bond sinking funds_ _ _ _
352,606
251,583
301,205
258,032
Preferred dividends_ _ _ _ (3)435,435(4 M)615,464 (6)820,618 (6)641,542
maturing in June 1917, which the management hopes to extend.
Dividend Outlook -it is probable that bonds of the Tennessee Power Co. Common dividends_ _ _ _
(3)556,736 (4)742,253
can be sold from time to time as they become available. On the above
Balance,stir. or der_ _sur.$337,960 sur .$9,372 def.$52,245sur.$158,410
assumptions, the financial situation of the companies is satisfactory in so far
as present indebtedness is concerned, and the surplus earnings of the year
CONSOLIDATED BALANCE SHEET DEC. 31 (INCL. SOB. COS.)
will take care of a large part of the necessary construction work. The constant reinvestment of these surplus earnings must necessarily inure to the
1916.
1915.
1916.
1913.
ultimate benefit of the stockholders although it makes it impossible to give
AssetsLiabilities-$
present consideration to a resumption of dividends on the preferred stock Prop'y, plant, &c_75,916,345 75,269,817 Common
stock_ _x20,104,225x18,557,925
of the Tennessee Railway, Light & Power Co.
Materials & supp- 611,785
487,505 Preferred stock_ _x14,793,467x13,676,967
36,596
33,589 xNon-int. receipts:
COMBINED OPERATIONS OF COMPANY AND ITS CONSTITUENT COS. Advance paym'ts_
Notes receivable_ _
302,688
363,601
Common stock_
24,020 1,564,245
[Intercompany transactions eliminated.]
Accts. receivable.. 815,175 1,014,016
Preferred stock_
200 1,116,700
Sinking fund in1916.
1915.
1914.
Sub.cos.com.stock,
10,400
Earnings from23,900
vestment ____ *1,992,574 1,760,462 P.S.T.,L.&P. bds. 8,057,000 8,057,000
$2,260,482 $2,031,491)
Electric railway
1,529,122
55,145
74,297 Other bonds
1,339,735 $3,762,387 Suspense
28,258,000 28,380,000
Electric light and power
Funds in escrow
30,646
1,094,032
1,265 Notes payable... _ 1,200,000
576,0421
Wholesale power
429,500
Cash
1,254,070
845,282 Accounts payable_
344,039
289,850
$4,883,636 $3,947,268 $3,762,387
Accts, not yet duo 1,543,829 1,732,646
Total earnings
2,789,380
Suspense
2,267,394
2,270,989
Operating expenses, rentals and taxes
22,626
22,276
Bond sinking funds
2,649,129
Spec.& repl. res've 5,619,962 2,659,449
Net earnings
$2,094,256 $1,679,874 $1,491,398
Interest
Reserves & surplusy1,037,256
$1,340,172 81,320,263 $1,194,420
720,246
Divs. paid on stocks of constituent cos. not
owned by Tennessee By., Lt. & Pow. Co
Total
81,015,024 79,879,834
Total
108,235
81,015,024 79,879,834
108,472
109,049
Balance for renewals, depreciation, &c_...... $645,849
$251,139
$187,929
-For comparative purposes the contribution of $100.000 toward Interest
Note.
charges of the Tennessee-Power Co. In 1914 has not been deducted from Interest
In 1914 statement.
OPERATING COMPANIES
-RESULTS FOR CALENDAR 'YEARS.
-Nashr.Ry.& Lt.- -Chatt.Ry.dat.Co.- -TennesseePow.Co.1915.
1916.
1916.
1915.
1916.
1915.
5
$
2,383,011 2,143,903 1,235,623 1,087,314 1,636,716 1,066,206
Gross earnings
Operating expenses.1,245,937 1,121,717 739,816 646,669 651,899 402,880
Net earnings
1,137,104 1,022,186
Surplus earnings of
distrib. systems_
495,807
440,675
81,611
58,818
Total
1,137,104 1,022,186
Taxes
207,251 197,117
Rentals
Interest
508,971 510,588
Preferred dividends_ 125,000 125,000
495,807
83,626
440,675 1,066,428
81,063
38,000
268,583
357,762 x454,919
722,144
35,800
181,708
465,597
Balance,surplus
295,882
180,482
356,324
55,855
1,851
981,817
304,926
663,326
39,038
x Tennessee Power Co. interest charges are here shown after deducting amounts
"properly cnargeable to capital," being interest on investment in undeveloped hydroelectric property, such amounts being $109,258 in 1916, 585,879 in 1915 and $120,796 in 1914.
TENNESSEE RY., LIGHT & POWER
1916,
1915.
Assets
Securities owned_ _30,018,523 30.074,309
Bills ree.(sub.cos.) 3,378,683 3,356,983
23,004
Accts. receivable_
17,983
Tenn.Pow. Co. let
M.5%bd.guar_
1
1
mac. charged off_ 70,833
17,917
Cash In banks__ _
114
22,830
Suspense
1,670
7,990
Total
33,522,829 33,498,013
-V. 104, p. 1205.
CO. BALANCE SHEET OP DEC. 21.
1916.
1915.
Liabilities
Preferred stock_ __10,250,000 10,250,000
Common stock__ _20,000,000 20,000,000
1-yr. 6% coll. note 2,500,000 2,500,000
Bills payable
650,000
650,000
Accounts payable_
63,905
Accrued accounts..
3,714
Guar. T. P. Co.
1st M.5s
1
1
Profit and loss_ _ _
55,119
98,012
Total
33,522,829 33,498,013
Puget Sound Traction, Light & Power Co., Seattle, &c.
(Report for Fiscal Year ending Dec. 31 1916.)
The Stone & Webster Management Association reports in
substance; (excluding Everett Ry., Lt. & Water Co.,leased):
* Includes in 1916, $1,089,000 let M. bonds Lind $576,000 Cons. M. bds.
of the Seattle Electric Co.,$102,000 Seattle By. 1st M. bonds and $101.000
S. E. Co. Sea-By. Tr. 1st M. bonds, all held in sinking fund uncanceled.
x Includes scrip and fractional receipts. y After deducting $20,950 net,
direct charges to reserves and surplus.
-V. 104, p. 1801.
Lake Shore Electric Railway Co.
(16th Annual Report-Year ending Dec. 31 1916.)
President E. W. Moore says in substance:
-The results of operation of the Lake Shore Electric Ry.
System Results.
system (comprising the Lake Shore Electric Ry., Lorain Street RR., Sandusky Fremont & Southern By., People's Light & Power Co. and Bellevue
Illuminating & Power Co.) were:
1915.
1916.
1916.
1915.
Gross income.$1,618,551 $1.387,143 Interest paid.. $436,648 $433,203
Net (aft. tax.) $595,840 $489,007 Surplus
$159,192
$55,804
Property.
-Approximately 47 miles of high tension line was rebuilt;
5,800 ft. of single track was built on West Erie Ave., Lorain, from Oberlin
Ave. to the city limits, and 2,500 ft. of double track was built on East State
St., Fremont, both with 100-1b. T rail and steel ties on concrete foundation.
One new 60-ft. steel baggage car was purchased and placed in service and
18 additional steel cars, 13 for the Lake Shore Electric By. and 5 for the
Lorain Street RR., were ordered for delivery about May 11017.
-In connection with the change of power from 25-cycle
Power Department.
to 60-cycle on the Toledo division, seven sets of sub-station transformers
were purchased in order that each rotary might be equipped with separate
bank of transformers. The entire change to 60-cycle has been completed
and the Toledo division is now being operated entirely on power purchased
from the Ohio State Powet Co. at Fremont.
-A number of extensions in the lighting system at
Lighting Department.
Castalia, Berlin Heights, Vermilion, Bay Village and Bellevue were made,
the number of customers now served being 1,493, an increase during the
year of 186.
-Additions and improvements chargeable to capital
Improvements.
account aggregated $72,113.
EARNINGS OF LAKE SHORE ELECTRIC PROPER.
GROSS
1910.
1968.
1912.
1906.
1914.
1915.
1916.
$860,720 $828.321 $952,044 $1,052,518 $1,120,328 $1,097,042 61,252,234
LAKE SHORE ELECTRIC RY.-YEARS ENDING DEC. 31.
Operations1916.
1914.
1915.
1913.
Passengers carried
5,768,899
5,210,750
5.715,083
5,647,440
Earnings per passenger_ 18.00 cts.
17.57 cts.
16.52 cts.
16.80 cts.
Number car miles
3,518,305
3,361,869
3.379,537
3.303,012
Gross income per car mile 35.59 cts.
32.63 cts.
33.15 cts.
33.89 cts.
Net earnings per car mile 12.75 cts.
11.24 cts.
13.59 cts.
12.33 cts.
INCOME ACCOUNT YEARS ENDING DEC. 31.
Earnings1916.
1915.
1914.
1913.
Passengers
$1,027,692
8905,627
$934.560
$938,258
Parlor, &c., car revenue
8.687
7,294
6,832
7,590
143,376
Freight, including milk_
116,533
116,366
114,158
62,479
Rents, power, &c
67,588
62,570
59,306
Results.
-Combined gross earnings increased 7.3%. Railway revenues
suffered early in the year from phenomenally heavy snows, but increases
after July amounted to more than 10%,and the total for the year was 5.5%
more than for 1915. Better business conditions in the Pacific Northwest
during the latter part of 1916 and a marked decrease in jitney and auto-bus
competition encouraged riding on the street cars.
The growth of the light and power business during 1916 is evidenced by
$1,252,234 $1,097,042 $1,120,328 $1,119.312
Gross income
a gain of 10.5%, resulting from the establishment of the shipbuilding in- Oper. expenses & tax..
803,600
719,060
703,652
670,605
dustry in which power is used extensively, and use of additional power by
industries, such as the copper smelter in Tacoma and the flour mills in
old
Net earnings
$448,634
$377.982
$416,677
$448,707
Losses due to the prohibition law, which became Other income
Seattle and Tacoma
25,000
25,000
25,000
25,000
effective Jan. 1 1916, were offset by increased use of light in other directions.
Operating expenses increased 8.6%. The heaviest snow storms in 23
Total income _
$473,634
$402,982
$441,677
$473,707
years occurred in Jan. and Feb. 1916, which, followed by cold weather, Deduct-Interest
$336.444
$339,898
$329,832
$324,697
caused serious damage to paving between tracks and to rolling stock, thus
Divs. on 1st pref. stk_
(3%)30,000 (6%)60,000 (6%)60,000
necessitating heavy maintenance expense. Transportation expenses wore
higher, duo to increased service and higher wages paid. An unusually long
Balance,surplus
$133,736
$36,538
$51,815
$89.010
dry spell during the fall of 1916, causing low water in the rivers, made
BALANCE SHEET DEC. 31.
necessary the purchase of some power. A considerable expenditure was
1916.
1915.
1916.
made in repairing flumes. Fuel oil prices rose rapidly during the year
1915.
Liabilities-Assets
causing an increase in the cost of supplying steam heat service.
b
$
$
-During the year the company placed in operation a new
Common stock_ _ _ 4,500,000 4,500.000
New Cars.
type Cost of road and
equipment
14,039,575 14,005,880 First pref. stock__ 1,000,000 1,000,000
of street car, of light weight single truck construction designed for one man
Nine of those cars were tried on the street railway lines of Securities in treas. 318,000
Second pref. stock 2,000,000 2,000,0(X)
571,092
operation.
Bonds
6,195,000 6,195,000
Seattle, Tacoma, Everett and Bellingham and proved very satisfactory. Sinking fund T. F.
209,974 Bills payable
& N
274,300
273,256
420,327
These cars can be operated with great saving in the cost of power, labor and
By increasing the frequency of service at no additional Due from en's and
Accounts payable_
173,342
174,841
track maintenance.
237,855 Int. accr. not due_
individuals _ _ _ _
248,751
47,114
47,311
expense, they also appear to offer an effective moans for meeting jitney
66,490 Taxes accr.not due
Material & supp_ _
116,368
32,900
29,334
competition.
1917 larger revenues are confidently
19,785
20,188 Miscall, accounts_
2,378
6,383
Outlook.
-During
expected in all Injury fund, &c_ _
3,237 Accr. depr.-equip.
4,212
31,221
19,821
departments of the company, for at no time since its organization early in Prepaid insurance
1,853 Surplus account
3,639
796,420
723,553
1912 have business conditions in the Puget Sound district been so generally Cash
satisfactory. Puget Sound ports had a large volume of commerce during
Total
15,054,631 15,116,570
Total
15,054,631 15,116,570
1916 with foreign countries and Alaska, and further development is anticipated in 1917. The lumber business, Puget Sound's largest industry,
Lorain Street RR.
has been inactive for several years, largely because of the war, and has not Calendar
Gross
Net
Expenses &
Interest
Balance,
shared the prosperity now prevailing in other forms of business. The endIncome.
Earnings.
Paid.
Taxes.
Sur. or Def.
Year-•
ing of the war, however, is expected to produce an unprecedented market 1916
$205,389
$129,188
$76,200
$64,500
sur.$11.700
for lumber.
46.026
150,152
104,126
64,500
def. 18,474
1915
Additions and Extensions. Expendituros on property amounted to $805.Sandusky Fremont & Southern R v.
668, viz.: (1) Light and power department, $375,167: for the extension of
$92,716
$31,322
$61,394
$32,250
def. $928
the transmission and distributing system in the districts served for the 1916
76.687
21.855
54,831
32,250
def. 10,395
purpose of serving new customers, improvement of present service and re- 1915
placements. (2) Railway dept., $257,395 for grading, planking and reBellevue Illuminating & Power Co.
827.904
$18,301
$9,603
sur. $9,603
building tracks and roadways and in purchasing rolling stock and equipment. 1916
(3) 353.914 for new mains and services for gas and steam heat systems, and 1915
25,096
12,867
12,229
8
sur. 12,221
a now 500 h. p. boiler. (4) real estate and buildings; $57,879; (5) miscelPeople's Light & Power Co.
laneous, 861,313,
$15,309
$5,080
sur. $5,080
$10,229
1916
Capital Changes.
-To provide funds for construction purposes, the float- 1915
13.166
7.251
5,915
sur. 5,915
ng debt was increased $770,500.
-V. 104, p. 1263.
THE CHRONICLE
1896
Ottawa Traction Company, Ltd.
(3d Annual Report-Year ended Dec. 31 1916.)
Pres. T. Ahearn, Ottawa, Feb. 5, wrote in substance:
(voL. 104.
BALANCE SHEET MARCH 31.
1916.
1917.
1916.
1917.
$
Liabilities$
Assets
$
$
Common stock __ A5,000,000 15,000,000
Factories, lands,
equipment, &c_20,000,000 20,000,000 Preferred stock__ 5,000,000 5,000,000
326,023
Accounts payable_ 808,811
Stocks & scour, of
975,001
546,764 Unpaid dividends_ 1,281,552
other companies 256,130
4,835,351 3,131,960 Unexp. proceeds
Cash
104,062
85,211
Las Anim. bds_
942,689 1,003,256
Unsold sugar
609,874
310,323 Deprec. & add'ns. 983,523
Accts. & bills reo_ 709,981
879,245 Depreo. on equipMaterial & supp 1,311,193
228,827
264,825
ment, &c
171,840
Comml live stock 169,639
Work, cap. res've. 4,247,602 4,303,778
Exp. adv. account
1,254,747
504,177 Surplus
701,289
campaign
The net result of the year is that we have paid the usual div'ds of 39"
quarterly and a bonus of 3%, also the war tax amounting to 321,144, and
have written off $65,000 for depreciation, and placed $31,790 to credit
of profit and loss account. Business took an upward turn in Januray and
every month throughout the year showed a large increase in receipts over
former years. Expenses likewise increased, but not in the same ratio. We
reconstructed the tracks on Rideau St. from the west side of Sussex St. to
Waller St., and replaced the old rail with a heavy girder rail.
OTTAWA ELEC. RY. INCOME ACCOUNT FOR CALENDAR YEARS.
28,926,271 26,547,565
Total
28,926,271 26,547,565
Total
1913.
1914.
-V. 104, p. 453.
1915.
1916.
27,033,778 24,361.867 25,321,547 23,987,883
Passengers carried
$1,154,912 $1,041,100 $1,096,459 $1,041,282
Gross earnings
629,122
Copper Range Co. of Michigan, Boston.
665,227
657.326
670,348
Operating exp.& maint_
Net earnings
Bond, &c., interest
Taxes, mile. paym'ts,&c
Contingent account.. _ _ _
Dividends paid (15%)--
$484,564
$48,301
57,938
65,000
281,535
$383,774
$47,927
36,871
281,535
$431,232
$39,109
32,474
55,000
281,535
$412,160
$20,772
25,959
55,000
281.535
(16th Annual Report-Year ended Dec. 31 1916.)
Pres. Wm. A. Paine, Boston, Feb. 8, wrote in substance:
-The total production of copper from which this company's
Production.
profits are derived-that is, Baltic, Trimountain and one-half of Champion-was 37.946,930 lbs., an increase of 911,288 lbs. over 1915.
Price
Cost
Production
Reed.
Profits.
per lb.
(lbs.).
Costs and Profits25.28c.
$1,792,668
10.85c.
12,425,804
Baltic
25.28c.
1,236,049
11.1c.
8,720,558
Trimountain
25.28c.
2,935,303
7.8c.
Champion (one-half)_._ _ _16,800,568
$383,266
$408,117
$366,333
$452,774
$28,894
$23,115
$17,441
$31.790
OTTAWA ELEC. RY. BALANCE SHEET DEC. 31.
1915.
1916.
1915.
1916.
$
$
LiabilitiesAssets
$
25.28c.
1,876,900 1,876,900 Copper Range Co
$5,964,020
Capital stock
9.56c.
Roadbed & equip.,
37,946,930
17.4c.
1st M.4% bonds_ _ _ 425,000 440,000
3,459,236
8.06c.
water-pow.prop'ty
37,035,642
1915
13.38c.
434,100 423,600
541,961
Bills payable
10.66c.
& plant, real est.
19,953,854
1914
77,373
14.89c.
595,958
3,339,313 3,281,212 Accts.pay.& misc.._ 32,224
11.71c.
& buildings
18,767,359
1913
112,614
16.16c.
6,695Divs. pay. Jan. 2_ __ 112,614
1,631.676
6,695
10.51c.
Cash
28,967,428
1912
200.000 200,000
53,546 Rest account
43,011
Stores
lbs.•,
Each mine showed some increase in output, viz.: Baltic, 396,857costs
10,000
5,000 Contingent account_ 65,000
5,000
Insurance prepaid__
higher
249,505 207,715 Trimountain. 417,662 lbs., and Champion, 193,538 lbs. The supply costs
1,750 Surplus
1,323
Accounts receivable..
of producing copper were due to the greatly increased labor and
3,395,342 3,348,202 and to larger expenditures for construction.
Total
3,395,342 3,348,202
Total
-For construction $337,372 was spent, or about twice what
Construction.
-V.104, p. 560.
was spent In 1915; of a cent per pound of the cost of copper is represented
by the construction expense. The main items are: The cost of new equipment at the stamp mills,representing further installations to obtain cheaper
American Beet Sugar Co., New York.
power and finer grinding; additional electrical equipment at the mines, and
new dwellings for employees.
(Report for Fiscal Year ending March 31 1917.)
Average Yield of Copper per Ton of Rock.
1007.
1909.
Pres. H. Rieman Duval, N. Y., April 28, wrote in subst.:
1911.
1913.
1915.
1916.
21.62
21.73
20.87
25.24
32.50
33.07
Merger.-The charge, $328,233, represents the cost of the capital stock Copper,lbs.
Canal Co., heretofore carried as an investment. Tonsst'p'd_1,655,447 1,651,870 984,287 1,779,072 1,891,576 1,914,331
of the Riverside Land &
The bonds of the Las Animas Sugar Co. were retired on April 11916; the
Development Work-Total Openings Made (feet).
mortgage canceled, and the corporate existence of both the Las Animas
1909.
1910.
1911.
1913. 1912.
1914.
1915.
Sugar Co. and the Riverside Land & Canal Co. dissolved, thus title to the 1916.
38,226 37,169
39,665 37,903 13,542 20,353 31,891 32,711
factory, lands and canal is now vested in the American Beet Sugar Co.
feet of raising was done during the year. A satisfacfor additions and depreciation, amounting
-Appropriation
In addition, 6,264
Additions, &c.
to $1,243,697, includes $41,941, which,llue to the increased cost of labor tory tonnage of new stoping ground was developed by this work, a tonnage
and material, was necessary for the completion of factory and land improve- fully equal to, if not in excess of, that extracted during the year. greater
year, and $1,201,756 is for
-The demand for our product in 1916 has been
Selling Department.
ments still under way at the beginning of this
than in any previous year in the company's history. An average price of
sundry improvements and additions
was all sold
-Adverse climatic conditions in many districts affected 25.28c. per pound was received for the year's output, which last October
Market Review.
the tonnage of beets and their sugar content, thus reducing the outcome of between Oct. 1915 and Oct. 1916. All sales subsequent to early
domestic beet sugar in the U. S. to 16,400,000 bags, as against 17,500,000 have been made on account of 1917 production.
The great bulk of the company's 1916 product was sold to domestic
bags in the year 1914-15. On March 31 1916 there was a carry-over by all
all
beet sugar producers of the 1915-16 production of 2,500,000 bags, with the customers. If the cost of ocean freight, war and marine insurance on for
realized
-day requirements. Of the 1916-17 production copper exported is deducted from receipts, the average priceprice f. o. b.
trade supplied for its 30 to 60
with the trade sparingly sup- 1916 copper is reduced to 25.20c. per pound. This is the net
less than 2,000,000 bags now remain unsold,
plied and the beet distributive field narrowed to the territory west of the points in the United States.
-On Jan. 18 last the Circuit Court for the County of HoughDissolution.
Mississippi River.
The refined cane sugar market, which, April 11916, was $7 N. Y. basis, ton ordered the Trimountain Mining Co. dissolved.
Range
-The 1916 figures show net earnings for the Copperpaid in
Dividends.
and by late May had advanced to $7 65 basis, declined to a $6 25 basis,
then advanced to a $7 50 basis late in October, but in Jan. 1917 fell again Co. of $15 40 per share; out of this amount $10 per share was
would be dividends and the balance added to working capital.
to $6 75 basis. As it became apparent that the Cuban production
reduced duo to a short yield of sugar in the cane and the delays and damSTATEMENT OF THE OPERATING COMPANIES
ages incidental to the revolt, the demand increased; refined began a series CONSOLIDATED
FOR CALENDAR YEARS.
of advances from which there has been no turning, and at the close of this
1914.
1015.
1916.
fiscal year is now $7 75 basis. The Cuban production, which, at the open1,651.870 1,216,538
1,655,447
at 3,400,000 long tons, is now expected to Rock stamped (tons)
ing of the season, was estimated
22.90
32.50
33.07
(lbs.):_
be loss than 2,750,000 long tons. Beet sugar sells from 10c. to 20c. less Average yield refined copper
54,747,498 53,739,442 27,857,457
Copper produced (lbs.)
than refined cane sugar per 100-1b. bag.
17.40 eta. 13.38 cts.
from last year 307,204 bags of Average price received per pound_ _ _ 25.28 eta. $9,352,846 $3,726,389
-There were brought over
Output. &c.
$13,840,167
sugar; produced during the campaign, 2,155,963 bags; there were sold Received from copper sales
20,274
69,869
during the year 2,186,067 bags; carried over to next year, 277,100 bags. Interest
selling expenses,
The average cost of sugar sold, including freight and other
$13,910,036 $9,373,120 $3,726,389
Total
was $4 21 per bag of 100 lbs., as against $3 95 per bag last year. The net
earnings amounted to $2 64 per bag, and including the profit from pulp Mining exp., incl. smelting, freight, $4,771,399 33,876,5261 $2,855,340
marketing, &c
sales and from other sources, amounted to $2 80 per bag, compared with
190,3091
327,195
$1 67 per bag last year. Net farm and live stock operations show Taxes, Houghton County, Mich.._ _ _
compared with a lo& of $36,965 in 1915-16.
net earnings of $106,164,
$871,049
$8,811,442 $5,306,285
During the year the lands produced 103,560 tons of beets; 16,134 bushels Net profit
25,274
157,532
*202,600
of beans; 12,080 crates of cantaloupes; 102,467 bushels of grain; 17,177 Copper Range RR.surplus
10,674
18,890
*17,225
for feeding Atlantic Mining Co. surplus
tons of hay, and various other small crops used on the farms
purposes and for green fertilizer.
$006,997
$9,031,267 $5,482.707
Total net income
At the average extraction of 310 lbs. of sugar per ton, the 103,560 tons of
Deduct
beets produced 32,103,600 lbs. of sugar, or 321,036 bags.
$83,308
$63,420
$17,775
-On March 31 1917 there was permanently invested in Net balance of general expenses, &c....
Working Capital.
operations, varying more or less with each campaign, One-half net mining profit Champion
current and other
belongs to St.
Copper Co., which
$2,003,787, and of surplus earnings aggregated $1,254,747, leaving free
329,088
1,854,525
2,935,303
Mary's Min. Land Co
working capital, $2,243,815.
(40)3,041,648(12)1,182,003
-In the 1917-18 campaign the company will farm 14,616 acres, Dividends paid
Outlook.
and 18,062 acres will be farmed by tenants. There will be 14,390 acres
$412,396
$6,894,725 $3,099,948
n
Total deductions
other ag
alfalfarerd graino e o scrops, ati
ea to aa
acey
beets, 9, barlres plantedoats l
$494,601
$2,136,542 $2,382,759
Cali- Balance, surplus
to
glamdageos
fornia the acreage contracted amounts to 50,231, compared with 48,033
* Before deducting taxes in 1916 and after in previous years.
and Nebraska, because of the late
acres contracted last year. In Colorado
Total dividends paid to Dec. 311918, $19,110,398.
season, contracting is unfinished, but to date 23,290 and 5,932 acres have
been contracted in Colorado and at Grand Island, respectively, as com- COPPER PRODUCTION, RECEIPTS, NET PROFITS AND DIVIDENDS
pared with 27,422 and 5,503 acres for 1916-17.
OF INDIVIDUAL MINES.
1913.
1914.
1915.
1916.
Copper Produced (lbs.).
OPERATIONS FOR YEARS ENDING MARCH 31.
12,425,804 12,028,947 7,001,945 7,736.124
Baltic
33,601,136 33,407,599 15,807,206 12,080,594
Champion
1913-14.
1914-15.
1915-16.
1916-17.
8.720,558 8,302.896 5,048,306 4.990,938
1,812,262 Trimountain
1,710,995
1,752,662
2,155,963
Production (bags)
Receipts
1.823,901
1,763,765
1,904,332
2,186.067
Sales (bags)
$936,627 $1,152,027
33,172.611 $2,101,244
$4.15 Baltic
$3.90
$3.95
$4.21
Average yield per bag..
1,802,631
5,822,760 2,114,665
8,508,801
511,644 Champion
458,874
307,204
Unsold March 31 (bags) 277,100
746,530
675,294
1,449,116
2,228,624
Trimountain
Net ProfitsINCOME ACCOUNT FOR YEARS ENDING MARCH 31.
8230,211
$154,233
$949,965
$1,792,668
Blatic
252,384
329,088
1,854,525
Champion (one-half)...... 2,935,303
1914-15.
1915-16.
1916-17.
113,363
58,640
654,747
1,333,944
$14,971,116 $10,479.293 $8,304.423 Trimountain
Gross sugar sales
•
Dividends Paid
$7,280,224 $5,894,276 $5.479,898
cost of sugar sold
Factory
$200,000
Baltic
990,563
1,198,567
Selling expense (freight,discount,&c.) 1,319,870
450,000
$3.007,271 $1.550,000
326,507 Champion (one-half)313,125
264,338
Administration, interest, &c
200,000
80,677 Trimountain
113,648
342,115
Factory and corporation taxes
CURRENT ASSETS AND LIABILITIES DEC. 31 (INCLUDING SUB$9,206.547 $7,519,616 $6,877,645
Total expenses
SIDIARY MINING COMPANIES).
$5,764,569 $2,959,677 $1,426,778
Net earnings
1915.
Liabilities1916.
1915.
1916.
AssetsOther Income
124,758 Cash at Boston__ _$2,647,943 $853,641 Indebtedness at $194,319 $189,350
197,500
198,023
Pulp receipts (net)mines
do and supplies
26,265
60,401
106,852
Interest and discount rce,ived
201,950
615,559 Accts. payable ._. 226,818
813,945
at mines
23,841
57,234 def42,748
Miscellaneous income
907,934
Copper on hand_.. 2,053,759 1,934,027 Champion (half)_ _ 835,966
870,000 Not excess of asC. R. RR. bonds_ 870,000
$6,126,677 $3,174,831 $1,601,643 Accts. receivable.
Gross income
5,558,460 3,390,463
76,470 sets
89,918
$300,000
$300,000
$300,000
Preferred dividends (6%)
340,000
M .8m.Co.stock 340,000
Common dividends
(20%)3,000,000(6%)900,000
328,233
Purch. Riverside Lands, Lamar, Col..
$6,815,564 $4,689,698
Total
56.815,564 54,689,698
Total
Deposited for retirement of Las AniThe Copper Range Co. has outstanding $10,000,000 (par $25) capital
810,042
mas Sugar Co. outstanding bonds..
shares Baltic Mining
176,989 stock and holds in its treasury the following: 99,990
729,641
Appropriation for deprec'n & add'ns.. 1,243,697
Co. stock; 96,920 shares Atlantic Mining Co. stock; 42,443 shares Copper
$476,989 Range RR. Co. stock, and 50,000 shares of Champion Copper Co. stock.
$4,871,930 $2,739,683
Total deductions
$435,147 $1,124,654 -V. 104, p. 1048. 666.
$1,254,747
Balance, surplus
Total deductions.._ _ _
Balance,surplus
MAY 12 1917.1
THE CHRONICLE
Inspiration Consolidated Copper Co. (of Me.), N. Y.
(Fifth Annual Report-Year ending Dec. 31 1916).
President William B. Thompson, N. Y., March 31, says
in substance:
The total shares issued and outstanding Dec. 31 1916 were 1,181,967
and unissued 318,033, making a total capital stock of 1,500,000 shares,
par $20 a share. The property holdings of the company consist of 1,870
acres of mining lands and 2,346 acres of lands for mill site, tailings disposal. water supply, &c., making a total of 4,216 acres.
No attempt was made to develop additional ore. Ore previously reported amounted to 97,143,000 tons and ore mined during the year 5,353,880 tons: reserves at Dec. 31 1916, 91,789,120 tons. Of this reserve about
20„_000,000 tons are to be classified as oxide ores.
During the year active experimental work was inaugurated to determine
the method of treating these oxide ores best adapted to our conditions.
Good results were obtained from a leaching scheme which is now being tried
out with a small scale plant erected for that purpose. At the same time
attention has been given, with encouraging results, to the problem of recovering a higher percentage of oxide copper associated with sulphide ores.
The last unit of the mill was completed Feb. 21, since which date the
entire plant has been in continuous operation. Results have been highly
satisfactory. Mining and milling costs lurve been low notwithstanding the
exceedingly high cost of all supplies and labor and the natural disadvantages
of starting and systematizing such a large operation. Metallurgical results
have been as good as could be expected. Practically 91% of the copper
sulphides was saved from an ore assaying 1.548% copper.
Two additional sections, which will soon be in operation, were added to
insure mill capacity of 16,000 tons daily. This tonnage has already been
exceeded, and it is safe to say 20 sections will have a daily capacity in
excess of 18,000 tons.
The mine is in shape to maintain a daily production of at least 20,000 tons.
The refined copper production for the year was 120,772,637 lbs., all of
which has been sold at an average price of 25.393 cents per lb. The General Manager reports that of the aforesaid 120,772,637 bls., 119,431,389 lbs.
came from concentrating ore and 1,341,248 lbs. came from oxide ores sent
direct to smelter. The yield in refined copper per ton of ore was 22.625 lbs.
The cost per pound of copper, exclusive of depreciation, Federal income
tax and interest on bonds, was 8.673 cents.
The net profit for the year was $20,629,489 after deducting interest,
$151,034; Federal income tax, $401,407, and depreciation, $750,000.
Data from Report of Treasurer J. W. Allen, March 31.
All convertible bonds of the company have been surrendered and canceled
except $9,000 of the 10-year 1st M. bonds, which were called Sept. 1 1916
and are provided for by cash deposit.
The premium of $5 per share on capital stock exchanged for convertible
bonds is deducted from mines and mining claims, which accounts for the
reduction of that asset from the Dec. 31 1915 figure.
There was no unsold copper on hand at end of year.
Out of the earnings of the year 1916 four dividends aggregating $7 25
per share were paid, viz.: On May 1 1916 ($1 25), $1,456,529; on July 31
1916 ($2), $2,363,654; on Oct. 30 1916 ($2). $2,363,934; and on Jan. 29
1917 ($2), $2,363,934.
RESULTS FOR CAL. YEAR 1916 AND SIX MONTHS TO DEC. 31 1915.
Year 1916. 6 Mos.'15.
Year 1916. 6 Mos.'15.
Sales of copper_ _$33,496,343 $1,138,878 Copper in process
and on hand (at
Mining expens. &
cost)
530,486
$1,101,399Cr$1,101,399
development ___ 3,335,889
151,034
Ore transp'n, &c__ 4.590,399 .701,763 Interest
Divs. (36),%)_ _ .. 8,548,051
750,000
Depreciation
Transp. of metals,
362,877 Balance, surp_812,081,439 3600,062
refin.&sell. exp_ 2,459,345
45,089 Total surplus__ _$12,681.501 5600,062
Admin. exp., &c__ 478,789
* Includes for period in 1915 reduction expenses of 3552.737.
BALANCE SHEET DEC. 31.
1915.
1916.
1916.
1915.
$
$
LtabilittesAssets$
$
Mines&ing.claims}17,047,280f 18,090,003 Capital stock ($20
l 192,574
per share)
Lands
23,639,340 18,419,500
Bidgs. & equip__ 7,810,814 7,010,952 10-year 6% bonds
4,251,000
Supplies on hand), 1,133,6321 622,276 5-year 6% debens.
2,293,500
1,927 Accts.&wages pay.
l
Prepaid expenses!
& accr. int., &c_ 1,818,069 1,878,983
process
Copper in
1,115,960 Div. pay. Jan.'17 2,363,934
(at cost)
338,703 Depreciation
Accts. receivable_10,314,857
750,000
5,477,730
70,650 Developm't res've 531,469
Cash
Surplus
12,681,501
600,062
41,784,314 27,443,046 Total
Total
41,784,314 27,443,046
-v. 104. p. 1707, 1493.
New York Dock Company.
(16th Report-Six Months ended Dec. 311916.)
Pres. William E. Halm, April 24, wrote in substance:
1897
COMBINED BALANCE SHEET
-N.Y.DOCK CO.AND N. Y.DOCK RY.
Dec.31 '16. June30'16.
Dec.31'16. June30'16.
Assets
Liabilities-Real est. wharves,
Preferred stock_ __10,000,000 10,000.000
wareh'ses, term.
Common stock _ _ _ 7,000,000 7,000,000
railway, &c___a30,681,660 30,658,373 1804.4% gold bds.12,550,000 12,550,000
Deprec.fund
201,532 Bond interest_ _
b213,525
209,167
209,167
Cash
473,289
273,828 Vouch.& pay-rolls
91,669
194,151
Accts. receivable_ 668,605
574,522 Accts. payable_ _ _
10,559
10,429
Accrued charges._ 110,026
111,863 Charges due RR's
39,676
15,189
Material & supp
63,608
15,499
47,880 Taxes accrued_ _ _ _
10,619
Interest accrued..4,567
1,774 Est. cost of delivN. Y. City corpoering merch'dise
31,005
45,346
rate stock
5,000
64,311
40,331
5,000 Operating reserves
Deferred assets_.._
1,746
64,582
18,729 Deferred credits__
72,285
Unexpired insur
89,346
100,527 Surplus account_ _c2,245,979 1,880,068
Miscellaneous
18,776
25,853
Total
32,330,149 32,019,880 Total
32,330,149 32,019,880
a Includes as of Dec. 31 1916 real estate, wharves, warehouses, &c..
$29,300,261; terminal railway, $730,557; floating equipment, $331,067:
machinery and tools, $134,054; additions and betterments, $366,192;
total, $30,862,131; less reserve for depreciation, $317,895; balance, $30.544,236, and adding cash on deposit with trustee under terms of mortgage,
$137,424: total as above, $30,681,660. b Includes cash in bank, $115,946.
and bonds of N. Y. Dock Co., par $127,000, at cost. c After deducting
$142,147 sundry adjustments (net), including $98,640 representing the
appraised value ofold pier No. 17 and bulkhead, whim have been demolished
and are now being replaced by new pier No. 17 and bulkhead.
-V.104. P.
1805.
General Asphalt Co., Philadelphia.
(14th Annual Report-Year ending April 30 1917)
Pres. Arthur W. Sewall, May 1 1917, wrote in substance:
The trading or gross profits for the year 1916 were $1,571,069, against
$1,644,729 for 1915-16, and the net gain to surplus was 3760,308, compared
with $800,349 for 1915, as against an annual expenditure for the pref.
dividend of $652,705. During 1916 there took place one of the most
rapid advances ever known in the cost of labor and materials, thereby
necessarily diminishing the percentage of profits. Fortunately we secured
a larger volume of business than during 1915, leaving the net earnings but
slightly less than for the previous year. Our shipments to European
countries have been practically eliminated by the war.
Our contracts for the year 1917 are based upon current prices for labor
and materials and should, at least to a considerable degree, ensure a return
to normal profits which prevailed prior to last year. A considerable
quantity of lousiness. however, is carried over from the previous year, and
these sales must be made at the prices prevailing in 1916. The company's
commercial products, such as roofings, are not sold on annual contracts,
and prices have therefore been more readily adjusted to the higher costs of
manufacture. The volume of sales under firm contract at the opening of
the year 1917 was larger than at any similar period in the company's
history, with additional large orders continually being received.
The Caribbean Petroleum Co.
-The Caribbean is constructing a smaller
refinery at San Lorenzo, on Lake Maracaibo, at the terminal of the pipe
line from the Mene Grande Field. This refinery will furnish the local
market in Venezuela with kerosene, gasoline and liquid fuel; and, with a
tinning plant, should be completed and in operation early in the summer
of 1917. A substantial quantity of crude oil is now in storage at the
terminal, ready for refining or shipment.
Petroleum in Trinidad.
-The total production for the fiscal year was
302,302 barrels of oil, averaging 25,192 barrels per month,compared with
354,470 barrels the preceding year, averaging 29,539 barrels per month.
There was in stock at Trinidad and Maurer, N. J., Jan. 31, a total of 225,00) barrels of crude oil, 350,00) barrels of crude having been brought to
the company's refinery at Maurer during 1916. Thirteen wells were
completed, of which three were dry; eight found oil in paying quantities;
and two were abandoned because of mechanical difficulties.
New Roofing Buildings.
-To replace the roofing manufacturing buildings
destroyed by fire and to increase capacity to meet the larger demand for its
roofing products, there have been completed at Maurer. N. J., two modern
brick and concrete structures. The floor area of the new manufacturing
buildings is 11.500 sq. ft. The new roofing warehouse, together with the
additions made to the old warehouse, contain 23,000 sq. ft. of floor area.
The capacity of the new machinery installed in these buildings is 3,500
squares of roofing per day running one shift, a capacity which can readily
be doubled by running two shifts, as is often necessary.
-These, for the year 1916, were $335,448, against
Capital Expenditures.
which there was credited for sundry sales, $135,187, and there was written
off, out of earnings, for depreciation of plant account the sum of $203,223,
making a total credit of $338,409, thus leaving a net decrease, as the result
of the year's operations, of $2,921
Stockholders.
-On April 1 1917 there were 1,685 holders of record of pref.
stock, an increase of 34 over the previous year; and 436 holders of common
stock, a decrease of 147.
The gross and net show material gain notwithstanding higher wages and
the constant increase in the cost of materials and supplies. The item of
COMBINED RESULTS, INCLUDING SUBSIDIARY COMPANIES,
maintenance expenses includes $57,411 spent for extraordinary repairs.
FOR FISCAL YEARS ENDING JAN. 31.
The rebuilding of pier No. 36, burned in Feb.'16, was completed in July
1916. Pier No. 18 was completed and turned over to tenants Nov. 1916.
Operations-Square Yards Laid1916-17.
1915-16.
1914-15.
Pier No. 17 will be completed in May 1917. Work on ;pier No. 16 has not Asphalt, asphalt block, &c.
been started because the crowded condition of all piers makes it undesirable
For municipalities
463,818
961,299
658,872
and impracticable to do the suggested work at this time.
For others
388,481
117,272
207,006
Under the contract with the City of New York, the company is compelled Contracts for asphalt pavement carcertain piers. Pier No. 18, over Joralemon St., is finished.
to rebuild
ried to current fiscal year (Jan. 31)
176,078
251,236
442,763
Work has just commenced on the pier ovet the Clark St. subway, and con- Sales of crude asphalt (tons)
206,431
18'z,501
199,073
struction of the pier at Montague St. will be begun in Nov. 1917, when the Sales of asphaltic products (other than
city will turn over that property.
for paving)
$2,236,593 $1,554,523 $1,091,580
The depreciation fund has been increased $71,988, all of which has been
charged to Opel ating expense. The depreciation fund now amounts to
Income from
$
$
$213,526, partially invested in the company's bonds, the remainder being Sales of asphalt and asphalt products 9,404,892
7,155,081
7,924,174
cash.
Sales of miscellaneous materials
401,978
458,750
400,179
INCOME ACCOUNT
Income from paving roads
-N. Y.DOCK CO. AND N. Y.DOCK BY.
1,948,241
970,514
1,197,761
353.417
662,045
220,970
-6 Mos.ending Dec.31--Years ending Dec.31- Income from miscellaneous paving.._ _
Income from miscellaneous work.. _ _
Revenue
512,054
561,198
524,629
1915.
1916.
1915.
1916.
Miscellaneous income
Warehouses
69,161
58,119
97,553
$907,828
$661,664 $1,603,991 $1,224,748
Piers
528,206
426,171
1,032,898
799,213
Total income
Mfg.& rented bldgs_
11,677.309 10,445,705 10,797,704
131,078
128,002
262,717
253,372
Other revenue
81,918
81,085
165,530
142,594
Expenses
and asphalt products_ 7,701,347 6,212,647 5,850,677
Total
$1,648,197 $1,297,755 $3,065,136 $2,419,927 Cost of asphalt
Cost of miscellaneous materials
467,873
386,593
401,725
Maintenance expenses_ _ 5149,125
$141,749
$264,665 Cost of paving roadways
$365,059
1,026,463
2,017,552
1,180,166
Depreciation
60,504 Reserve for maintenance
58,849
55,873
111,898
24,515
24,103
19,799
Operating expenses_ _ _ _
455,387
635,444 Cost of miscellaneous paving
344,187
799,633
250,407
674,497
385,309
General expenses
72,643
155,475 Depreciation
55,526
192,567
203,223
218,110
204,858
Miscellaneous work
396,853
370,024
504,891
Total
$736,004
$597,335 $1,469,157 11,116.088 Sundry branch expenses
21,210
35,559
37,275
Not earnings
$912,193
$700,420 51,595,979 $1,303,839
Taxes
197.751
393,272
377,079
184,122
Total expenses
10,106,240 8,800,976 9,708,461
Net trading profits
1,644,729
1,089,243
1,571,069
Operating income.._ _ _ $714,442
$516,298 $1,202,706
$926,760 Rents from real est., less exp., dtc
4,131
8,827
2,644
11,652
Other income
17,875
15,769 Interest received
4,474
54,422
43,524
76,198
Int. and dividends on investments.._ _
20,549
13,447
10.953
$726,094
Gross income
$520,772 $1,220,581
$942,529
$251,000
Bond interest
$502,000. $502,000
$251,000
Total net income
1,146,364
1,671,947
1,721,425
10,957
Other deductions
9,173
13,599
10,478
Deduct
Net inc. N.Y.Dock Co. .$464,138
$259,294
$709,408
$426,930 General expenses
464,033
444,074
417,519
43,920
do N. Y. Dock Ry.
73,109 def17,644 Reserve for depreciation of accounts..
1,374
41,000
43,250
40,000
Interest on loans and mortgages
55,704
68,138
105,966
net income $508,058
Combined
5260.668
$409,286 Debenture interest. &c
$782,517
192,954
247,701
180.593
-NEW YORK DOCK BY.
INCOME ACCOUNT
Special excise and income tax
28,611
18.580
24,478
-6 Months end. Dec.31- -Years end. Dec. 311916.
1915.
Total deductions
749,982
786,954
835,664
1915.
1916.
$241,560
Revenue
$196,200
921,965
934,471
310,700
$393,397 Profits, as per balance sheet
$464,899
193,104
Expenses
193,237
86,046
90,030
147,664
388,089
401,198 Excess cost of maintaining pavements
Reserved for deb. redemption of New
Net revenue
$48,456
$2,963
Trinidad Asphalt Co., Ltd
75,611
67,755
$76,810 def$7,801
Net deductions
4,535
1,589
652,705
652,705
652,705
3,701
9,843 Dividends on preferred (5%)
: Net:income
r
Z
Balance, surplus of deficit
$43,920
$1,374
sur.107,603 sur.123,981 def.489,669
$73,109 def$17,644
THE CHRONICLE
1898
COMBINED BALANCE SHEET GENERAL ASPHALT CO. AND SUBSIDIARY COMPANIES JAN. 31.
1915.
1016.
1917.
AssetsS
$
Properties owned, including shares of
34,192,321 34,632,743 34,698,027
companies not operated
Stock trust certificates Gen. Asphalt
200,075
200,085
200,425
Co. owned by sub. cos. (book val.)
11,220
General Asphalt debentures (par)-- 75,148
126,224
629,690
Stock and bonds outside companies
by cities on pavements laid
Retained
754,858
630,471
503,112
under guaranty
Bonds, warrants and tax liens pledged
260,392
388,986
for collateral loans
1,635,215
1,782,461
2,136,943
Materials and supplies (at cost)
376,406
450,877
583,080
Cash
1,321,197
1,049,469
Bills & accounts, &c., receivable_ ___ c1,789,385
Total
Liabilities
Preferred stocka
Common stock l,
General Asphalt 5% debentures
Bonds underlying cos. not owned by
Gen. Asphalt Co. or its subsidiaries
Mortgages payable
Reserve for maintenance of pavements laid under guaranty
Collateral loans
Notes payable
Accounts payable
Debenture redemption fund Now
Trinidad Lake Corp., Ltd
Fire, &c., insurance fund
Surplus profits
40,034,957 39,261,315 39,332,538
14,000,000 14,000,000 14,000,000
17,000,000 17,000,000 17,000,000
1,116,900
2,983,975
133,763
3,167,395
134,394
2,090,990
135,027
126,265
1,450,000
593,651
201,430
297,700
400,000
507,307
321,626
189,500
700,000
436,685
856,474
48,106
2,842,724
783,885
34,084
2,735,121
722,206
32,128
2,587,476
40,034,957 39,261,315 39,332,538
Total
a Includes $13,140,000 preferred stock owned by the public and $860,000
pref. stock in treasury of the company. b Includes $9.862,000 common
stock owned by public; $7,000,000 common stock held by trustee for conversion and $138,000 common stock in treasury of company. c Includes
in 1917 notes receivable, 846,869; bonds, warrants and tax liens, $464,596,
and accounts receivable, $1,484,687; total, $1,996,152, less reserve, $206,767; balance as above for 1917, $1,789,385.-V. 104, p. 1804.
By-Products Coke Corporation, Syracuse, N. Y.
(11th Annual Report-Year ending Dec. 31 1916.)
[VoL. 104.
city the town of Mount Royal is being built up, and will ho given a quick
-V. 104. 13• 1800,
and frequent service by means of multiple-unit trains."
1700.
Canadian Pacific Ry.-President Lord Shaughnessy's
Statement at Annual Meeting-Further Citations-British
Treasury Plan May be Authorized, Though in Abeyance for the
Present.
-At the annual meeting on May 2 President Lord
Shaughnessy said in part:
The plan formulated at the request of the Lords of Ills Majesty's Treasury foi creating and selling collateral trust bonds of the company to the
amount of about $199,000,000 against debenture stock and other securities
ofthe company and its leased lines to be deposited by the Imperial Treasury,
fully described in the annual report[see "Chronicle." V. 104, p. 1604. 14881
and in the circular to the shareholders, has, because of financial negotiations
and arrangements resulting from the participation of the United States
In the European war, been abandoned for the present at any rate.
In order, however, that the company may be in a position to co-operate
should the occasion arise hereafter, it is proposed, at the instsnce of the
Chancellor of the Evthequer, to ask the Parliament of Canada to grant
the statutory powers for which application has been made, and the special
general meeting wili. with your consent, be adjourned to a later date.
See also furthec remarks in V. 104 p. 1800.
The shareholders on May 2 ratified (1) the issuance of the
$40,000,000 4% Consolidated Debenture stock recently deposited with His Majesty's Treasury;(2)the proposed amendments to by-laws providing for the issue of 4% Consolidated
Debenture stock and 4% Preference stock, in dollar currency
denominations, as well as in sterling money of Great Britain.
-V. 104, p. 1800, 1604, 1590.
-Annual Report.
Chattanooga (Tenn.) Ry. & Light Co.
-V.103, p. 843.
See Tenn. Ry. Lt. & Pow. Co. under "Annual Reports."
-Subsidiary Telephone Property.
Chicago Utilities Co.
-V.
This company is seeking authority to junk its telephone property.
103, p. 2155, 1301.
-Bonds Called.
Chicago & Western Indiana RR.
One hundred and forty-two (5142,000) 6% General Mtgo. bonds of 1882
have been called for payment June 1 at 105 and interest at the office of
-V. 104, p. 862.
J. P. Morgan & Co.
Columbus Delaware & Marion Ry.-Foreclosure Sale.
INCOME ACCOUNT FOR CALENDAR YEARS.
1914.
1915.
1916.
Total earnings from oper_$2,433,345
$472,480
$768,444
36,863
12,180
Earns,from investments_
40,000
1913.
This company's property is advertised to be sold at public auction at
$851,089 Columbus, O., on June 11 (upset price $250,000), free and clear of all in18,270 cumbrances, except that same shall be sold subject to (but the purchaser
shall not assume) the mortgages of (1) the Columbus Delaware & Marion
$869,359 Electric RR. dated May 11901;(2) of Marion Railway Light & Power Co.,
$509,343
Total earnings
$780,724
$2,473,345
$61,726 dated Oct. 27 1904; (3) of the Columbus Northern By. Power & Equip$68,467
$69,582
Expenses, &c
$67,966
146,108 ment Co.dated Oct. 24 1904: (4) subject to, but the purchaser does not
108,399
103,157
Bond, &c., interest
185,736
316,408 assume the lien, if any (which is not determined by the Court), of a certain
153,758
298,023
Depreciation, &c
452,517
(6)180,000 mortgage or deed of trust of the Columbus Delaware & Marion Electric RR.
Dividends
(74)392,648 (6)267,263 (4)155,864
Co. dated Oct. 24 1904. Interest duo Aug. 1 1916 on the First Consol.
$165,117 (2d) mortgage undergoing foreclosure was defaulted under order of court.
$22,856
$42,699
Balance for year
$1,374,479
The interest on the mortgages (Nos. 1 to 3) has been paid within the grace
31.
BALANCE SHEET DECEMBER
periods of 3 or 6 months.
concern at
1915.
1916.
1915.
1916.
The property has been appraised as an entirety as a going obligations
Liabilities$
Assets-5
$
$2,000,000, less the amount remaining unpaid on the claims orof appraise5,235,300 5,235,300 secured by the aforesaid deeds of trust, amounting at the date
Plant accounts__ - 6,247,742 6,247,786 Capital stock
212,750
Real estate
565,779 Stock scrip
630,704
ment, May 8 1917. to S1.582.505, and loss damage claims estimated at the
.3,190,000 3,245,000 sum of $50,000, making the total deduction at $1,632,505, and leaving the
Inve3t. In oth. cos. 743,837
607,903 Bonds
825,620 difference between said total appraised value and the claims to which the
400,000
Sinking fund
372,752 Bills payable
463,834
62,631 property is sold subject, the sum of $367,495.-V. 104, p. 361.
91,802
Cash
278,745 Accrued bond int_
531,370
53,096
63,601
Material & supplies 1,759,100 1,792,749 Wages
-Bonds.
28,167
Accounts recety'le 1,565,237
936,756 Miscellaneous _ _ _ 161,108
Cumberland County Power & Light Co.
794,977
20,691 Accounts payable_ 827,435
44,821
Miscellaneous_ -__
This company has applied to the Maine P. S. Commission for authority
Undivided earns 1,804,651 a578,370 to issue $440,000 bonds, of which $207,700 are to be used for improvements
during 1917.-V. 104, p. 1263.
11,986,646 10,823,162
Total
Total
11,986,646 10,823,162
,
aBefore deducting regular dividend of 136% and extra dividend of 1%
paid Feb. 15 1916, aggregating $130,882, and $17,315 for bonus to employees. * Includes By-Products Coke Corp. bonds, $2,000,000, and
Federal Furnace Co. bonds, 31,190,000.-V. 104, p. 767.
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS,
-Receiver Appointed.
Artesion Belt RR.
A press dispatch states that W. W. King has been appointed receiver for
this 42-mile property extending from Kirk to Christine and Macdona,Tex.,
as the result of a petition filed with the court at Jourdanton by the Commonwealth Bank & Trust Co. of San Antonio, on notes amounting to more
than $125,000. L. N. Walthall is Pres.; J. H. Savage, Vice-Pros.; V. H.
Howard, Gen. Mgr., and W.B. Hamilton, Treas., all of San Antonio, Tex.
-V. 102, p. 1539.
Atlanta & Charlotte Air Line Ry.-Engraved Bonds.
The Central Trust Co. of N. Y. announces that this company's engraved
1st mtge. 5% Series B Gold Bonds are ready for delivery at their office.
-V. 104, p. 1044.
Davenport Rock Isl. & Northwest. Ry.-Officers.-
D. L. Bush has been elected President, to succeed E. P. Bracken; and
M. J. Young succeeds P. L. Hinrichs as Soc. & Treas.-V. 103, p. 60.
-Statement at Annual Meeting
Delaware & Hudson Co.
-At the annual meeting on the 8th
Outlook for Dividends.
inst., in answer to a question from a stockholder as to what
the prospects were, Pres. L. F. Loree said in part:
The prospects of this road are bound up with the general prospects of the
roads in this Eastern section. If wages are to be put up, anti some of them
for fuel
have been put up as much as 40% in the last 2 years, and prices gone up
and material and supplies are to be put up, and some pricesliave freight
as much as 200%, and we are to be limited to the same receipts for
traffic and passenger fares, nobody can stand it.
I should think that if the Inter-State Commerce Commission gives the
could count on
Increase in rates that all the railroads are asking for, wewill suffer alongproswith
pering along with the other roads. If they do not, we
business is fortunately profitable.
the other railroads. * * * Our coal
able to
We are prospering along with the other coal producers. If we are because
maintain our dividend, and I hope and think we will be, it will be able to
the increase in the business moved, the economies that we may be enough
effect in operation, and the profits of the coal business are strong
to pull us through. I say that in the event that we do not got the increase
-See V.104,p.1489,1432.
in rates. I cannot conceive of our not getting it.
El Paso (Tex.) Electric Co.-Consol. Earnings.
Ry. & Electric Corp.-Consol. Earns.
Augusta-Aiken
Balance,
Common
Net after Interest Pref.Div.
Other Balance, Calendar Gross
Int. on Co. Int. on
Net
Gross (All
Calendar
Dividends. Surplus.
Taxes. Charges. (6%).
Surplus.
Year- Earnings.
Sources). Earnings. Bonds. Sub.Co.Bds. Int.
Year$838,456 $406,735 $195,492 $137,500 $15,682 $58,061 1916 ___$1,110,718 $452,154 $59,128 357,204 (10)5237,370 $98,452
1916
3,167 1915 --- 981,889 460,829
50,368 60,000 (93c0219,567 130,894
13,402
137,500
197,667
732,990 351,735
1915
-V. 104, p. 163.
-V. 103, p. 318.
-Reductions in Passenger Service.
Erie RR.
-New Officers.
Augusta Southern RR.
Upon the recommendation of the General Railroad Board of the National
The following new officers have been elected: Franklin Q. Brown of Redmond & Co., President, to succeed Fairfax Harrison; H. C. Huffer Jr., Council on Defense, this company will, on May 13, discontinue upwards
Vice-Prest. & Gen. Manager; J. H. Conley, of 80 of its passenger trains in the suburban service to Now York. The
Vice-Prest.; D. F. Kirkland,
and will
Secretary and Auditor; and M. T. Solomon, Treasurer, with office at trains to be taken off are described as "relatively unimportant" p. 1701.
be withdrawn mainly from mid-day and Sunday servico.-V. 104,
Augusta, Ga.-V. 104, p. 1144.
- •
-New Officer-Allied Co. Ref.
Bangor & Aroostook RR.
Frank C. Wright has been appointed an additional Vice-President, in
charge of industrial development.
See Aroostook Construction Co.in V.104,p. 1803; V. 104, p. 1700, 1696.
-Control.
Bleecker Street & Fulton Ferry RR.
-V. 104, p. 1700.
See New York Railways Co. below.
-Time Extended.
Boston & Maine RR.
-Earnings (InGalveston-Houston (Tex.) Electric Co.
cluding Sub. Cos.)
Net after
Total
Cal.
Taxes.
Yr. Earnings.
1916 31,944,840 8708,732
1915 _ 1,936,228 729,771
1914 2,424,119 1,113,261
-V. 102, p. 1718.
Common
Balance,
Int. & Pf. Divs.
Dividends. Sur. or Def.
Sk. Fd. (6%).
sur.$89,739
5438,993 5180,000
433,309 180,000 (33.)i39,580 dof.23,118
441,125 180,000 (7%)279,006 sur.213,130
Grand Trunk Ry.-Commission's Report Pronounced
-Referring to the majority report
Inaccurate and Misleading.
cited last week, Pres. E. J. Chamberlain says:
Brockton & Plymouth (Mass.) Street Ry.-Earnings.of Sir Henry Drayton and Mr. W. M.
The time within which the reorganization plan of this company may be
consummated has been extended from July 1 1917 to July 1 1919. See
V. 104, p. 1590, 1386.
I have read the majority report
Balance,
York Central
Deficit. Acworth, who, with Mr. A. II. Smith, President of the Now the Canadian
$3,084 Company, were appointed a special commission.to examine
Smith, dis1,318 railway situation. I have not, however, seen the report of Mr.
senting from the views of the other Commissioners.
at some of the statements made in the report
I am extremely surprised
with regard to the position of the Grand Trunk Railway Co. of Canada,
Canadian Northern Ry.-Terminal----Electrification.-report,
to the Commissioners signing
which, with all
.
W. C. Lancaster, electrical engineer of the company's subsidiary, the I am compelled respectare inaccurate and misleading. the majority comSo far as that
to say
Mount Royal Tunnel & Terminal Co., has furnished an article to the "Railand its financial
electrification of this pany is concerned, its credit at the present time is high
way Age Gazette" of May 11, giving particulars of the
line into Montreal. Ho says in part: "The electrification of the tunnel and position not at all as stated in the report.
has borrowed in New
During the past five years the Grand Trunkhad it not
terminal of the Canadian Northern at Montreal, Canada, extends from the
been for the
for capital purposes over $15,000,000, and
terminal station in the city to the yards at Cartierville, a distance of about York which created abnormal conditions, further capital would have been
war,
9 miles. The tunnel, which is underneath Mount Royal and which enables procured and expended if prices had been satisfactory and deliveries could
the city, is of double-track conthe Canadian Northern to enter the heart of
struction and is 3 1-3 miles long. At the other end of the tunnel from tho have been obtained.
Gross
Calendar
Earnings.
Year$122,614
1916
115,207
1915
-V. 103, p. 1031.
Net (after
Taxes).
$13,501
18,774
Interest
Charges.
$13,285
13,493
Preferred
Dividend.
(3%)$3,300
(6%) 6,600
MAY 12 1917.]
THE CHRONICLE
In view of statements contained in the report.and calculated to impair the
credit of the company, I think it only just to the holders of Grand Trunk
securities that they should be assured of the absolute safety of their investments. At a later date a full statement with regard to the company's position will be made.
[The "Railway Age Gazette" of May 4 contains articles regarding both
the majority and minority reports, while the "Toronto Globe" of May 3
furnishes official summaries of the same.1-V. 101, p. 1800, 1387.
1899
National Properties Co., Philadelphia.
-Annual Report.
Not earnings of National Properties Co. and its proportion of
undistributed net earnings of subsidiary cos. for 1916
$812,541
Prof. divs. declared (Nat. Prop. Co.),$63,203; corn., $124,570
187,772
Surplus for calendar year 1916
$624,768
Add-Previous surplus, $792,741; total surplus Dec. 31 1916.....$1,417,510
Balance Sheet Dec. 311916.
Gulf Florida & Alabama Ry.-Receivership.--The FedAssets (Total S10.901,717)
Stocks and bonds of subsidiary cos. (par value $11,410,450)---$10,850,872
Pensacola on or about May 9 appointed F. E. Cash, $12,617; miscellaneous assets,
eral Court at
$38,228
50,845
Boston, operating receiver, and P. D. Beall of
Dewey of
Liabilities (Total $10,901,717)
Pensacola, co-receiver, of the property, in equity proceedings Common stock authorized, $10,000,000; issued, $2,499,300; in
treasury, $7,900; balance
$2,491,400
brought by creditors. Interest on 1st M.5s was paid Jan. 1 Preferred stock auth., $10,000,000; issued
1,699.400
National Properties Co. American Rys.4-6% gold bonds, auth.,
1917 at Columbia Trust Co N Y
$7,000,000; issued (see "El. Ry. Section," page 88)
6,429,500
It was recently reported that officers had been elected as follows: Newton Accrued taxes, $6,804; dividend on pref. stock
Nat. Properties
P. Hutchison, President, with office at Providence, R. I.; John T. Steele,
Co., payable Jan. 15 1917, $3,333
10,137
First Vice-Pres., Buffalo, N. Y.•, Wm. H. Knowles, Second Vice-Pros., Surplus
271,280
Pensacola, Fla.; Philip Sawyer, Secretary, Elmira, N. Y.; F. S. Stranahan, -V. 104, p. 1702, 1045.
Treasurer, Providence; J. P. Smith, Gen. Mgr. and Comptroller, at Pensacola.
-V. 101, p. 614.
New York Central RR.
-West Side Negotiations.
The Legislature at Albany on May 8 repassed the Ottinger-Ellenbogen
-Financing.
Illinois Central RR.
-Touching the applica- bill over the veto of Mayor Mitchel, of N. Y. This bill, originally passed
tion to the Illinois P. U. Commission for authority to issue May 1 last, provides for co-ordinate jurisdiction between the Board of Estimate and the
4% Refunding bonds and Illinois Central-C. St. L. & N. 0. improvement P. S. Commission in negotiating a settlement of the West Side
plans between the city and the railroad company. The bill
RR.Co.Joint First Ref.5s Comptroller M.P.Blauvelt writes: further provides that an agreement must be reached prior to Dec. 1, or the
The Illinois law provides that the issuance of securities for the purpose tracks of the New York Central on the west side may be ordered removed
of reimbursing a company for expenditures made for additions and better- from grade by the P. S. Commission at the entire expense of the railroad.
Under the existing law the Board of Estimate has solo power to represent
ments to the property must be approved by the Illinois P U. Commission
within five years from the date such expenditures were made. The applica- the city in the negotiations. Under the bill as now passed, no agreement is
yea
securities referred to was made in order to protect ourselves valid in which both the Commission and the Board of Estimate have not
tion to issue the
acquiesced. The bill also prohibits the granting of any west side franchise
against that requirement of the Illinois law. It is not the intention to to the
railroad for a
dispose of the securities at this time and they will be held in the treasury of lands under water, period exceeding 50 years, or the giving in fee of any
and provides for readjustment of terms under which
company for its future corporate purposes. See V. 104, p. 1701, 863.
the
any franchise is granted at intervals of 25 years.
The
-Completion of Readjustment.
Long Island RR.
-Time projectGreen bill, providing for an investigation of the entire West Side'
by a commission to be
-Option of Non-Assenting Shareholders to Subscribe V. 104, p. 257.-V. 104, p. 1801,created, was passed May 1. Compare
Extended.
1702.
for New Stock.-Presidont Ralph Peters says in substance:
New York Chicago & St. Louis RR.
-New Directors,
The board of directors has authorized the officers to complete the readjustment, in accordance with the recent order of the P. S. Commission &c.
-Touching the reorganization of the board of directors
2nd Dist. N. Y. State.
at the annual meeting on May 2, following the purchase of
All but about 10,000 shares ($500,000) ofstock held by other holders than
the Penn. RR. were deposited under the agreement to exchange these control of the property in July last by Cleveland and allied
shares for the 5% debenture bonds. The stockholders who have failed to
deposit their stock, and who now desire to exchange same for the 5% deben- interests, the Cleveland "Finance" of May 5 says:
The new directors include Parmely Herrick, J. A. House, K. V. Painter
ture bonds, should make special application to the U. S. Mtge. e4 Trust
and W. T. Turner. E. R. Tinker was the only New York banker reCo. prior to May 22 1917.
Under the resolutions ado]pted, those stockholders who have not accepted elected. The local directors re-elected include J. J. Bernet, J. R. Nutt,
the offer of the Penn. RR. by depositing their stock with the U. S. Mort. W. S. Hayden, E. W. Moore, C. L. Bradley, M. J. Van Sweringen, 0. P.
& Trust Co., and who may be of record on the stock books of the company Van Sweringen and F. E. Myers, the Ashland, 0., capitalist. G. W.
at 3 p. m. May 22 1917, will have the right to subscribe to the new stock Davidson and G. M. P. Murphey are the retiring New York directors.
The Van Sweringen-Nickel Plate syndicate, on the evidences of the new
at par of $50 per share in the amount of 184
of their present holdings,
sucla subscription being payable Juno 15 1917 on which date the right to board of directors elected, is one of the strongest financially ever organized
in Cleveland. It includes representatives of two leading banks and two
subscribe to new stock will terminate.
-V. 104, p. 1801. 1702.
large investment houses, and four or five names representative of the
largest local capitalistic group.
Los Angeles & Salt Lake RR.
-New Bonds.
The election does not suggest any connection with either the Wheeling &
,
The California RR. Comm. has authorized this company to Issue at not
loss than 82. $1,969,000 1st mtge. 4% 50-year bonds under its deed a trust Lake Erie or the Western Maryland, but it is considered probable that
President Bernet has a free hand in the making of traffic alliances that the
of 1911, with the Guaranty Trust Co. of N. Y. The proceeds to be used new
Rockefeller combination to tidewater may have close working relato reimburse the company for expenditures from its income for additions
tions with the Nickel Plate in that respect.
-V.104, P. 1801, 1592.
-V. 104, p. 1264.
and betterments.
Maine Central RR.
-Annual Report for Cal. Years.-
New York New Haven & Hartford RR.
-Chairman
Elliott's Statement as to Necessity for High Rates.
Rerenues1916.
1915.
1916.
1915.
Freight
$8,301,289 $7,290,170 Gross income_ _ _ _54,022,837 $3,545,235
See "Banking and Legislative" Department on preceding pages.
-V.
Passenger
3,502,922 3,235,898
Deductions
104, p. 1801, 1702. 1694.
Mall, express, &o_ 1,017,465
899,067 Rent for leased rds 912,591
903,491
Impts.to leased rds 330,449
39,073
New York Railways Co.
-Control.
Tot. open rev_812,824,676$11,425,135 Int.on funded debt 848,992
575,671
The New York P. S. Commission has authorized the company to purchase
Oper. expenses___ 8,800,761 7,971,277 Other rents, &c___ 294,440
245,025 6,842 shares of stock of the (leased) 13leecker Street & Fulton Ferry RR.
Oper. ratio (%)__
(68.62)
39,613
(69.77) Sink. &e. funds__
40,978 at $28 50 per share The remaining 2,158 shares will be purchased at the
Taxes, &e
621,318
658,875 Dividends
872,382 1,413,793 same price if deposited with the Union Trust Co. Total stock $900,000 in
Irivestin phys.prop 198,627
74,643 $100 shares.
-V. 104, p. 1702, 864.
Oper. income_ _$3,402,507 $2,794,983
Incomefrom invest 396,929
Total deduc'ns_$3,497,094 $3,292,674
512,095
Northern Texas Elec. Co.,Ft. Worth.-Consol.Earns.
do rents, &c__ 223,311
238,157
Gross
Net after Int. & Pref.Divs.
Common.
Balance,
Balance,surplus $525,743 $252,561 Cal.
Year- Earnings. Taxes.
Sk. Fd. (6%)
Dividends. Sur. or Def.
Cross income_ _$4,022,837 $3,545,235
1916 _$1,930,321 $773,243 $346,929
By reason of now regulations the annual reports to the I. S. C. Com- 1915_- 1,713,213 663,505 330,817 $240,000 (4%)$126,000 sur.$60.313
240,000 (4()l49,625 def.56.937
mission will be made for calendar years ending with Dec., effective with the -V. 102, p. 154.
report for the calendar year 1916. This company's fiscal year ends June
30, and an annual repot t in the usual form will be made at the close of
Panama RR.
-New Officers.
June 1917, covering the fiscal year then ending. An article will bq inserted
Chester Harding, Vice-Pros., has been elected President to succeed
In the call for the next annual meeting, Oct. 17 1917, providing for action
In connection with changing the company's by laws so that the fiscal year Geo. W. Goethais; Jay J. Morrow replaces Mr. Harding as Vice-Pros.
-V. 87, p. 678.
will end with Dec. as already required by the I. S. C.Commission.
-V.103.
p. 1687, 1907.
Marshall & East Texas Mt.
-Sale.
..Judge Gordon Russell in the U. S. District Court at Tyler, Texas, has
ordered this company's property to be sold at auction on July 3.
price, $500,000.-V. 104, p. 452.
Pensacola (Fla.) Electric Co.
-Earnings.
-
Calendar
Net, after
Gross
Int.
Bond Skg. Preferred Balance,
Year- Earnings.
Taxes.
Chges.
Fund.
Dividends. Surplus.
$280.101
1916
Upset 1915 - 258.042 $122,764 $79,762 $12,913 (7h)$22,500 $7,589
111,222 72,568
13,136
.25,518
-V.1
03. p. 1981.
Mexico & San Diego Ry. Discontinuance..-
This company has asked the Cal. RR. Commission for authority to
,
discontinue its railway and sell its property. It operates a line in San
Diego County, Cal. and it is stated that its average gross income is but
'
$72 a month, while its operating cost is $217. Last year a portion of its
line was destroyed by flood.
Philadelphia Co.
-Listed in Philadelphia.
-
The Phila. Stock Exchange has admitted to the unlisted department the
certificates of deposit representing the following bonds, deposited under
the sinking fund and redemption plan (V. 104, p. 953), viz.: (a) $4,394,000
Provident Life & Trust Co. of Phila. certificates issued against deposit of
a like amount of the $6,500,000 1st Mtge. & Coll. Trust 5% Gold Bonds:
(b) $10,610,000 Commercial Trust Co. of Phila. certificates of deposit
Michigan Central RR.
-New Officer.
D.Brenner has been appointed a Vice-President and General Manager, Issued against the deposit of a like amount of the $15.148.000 Consol.
R.
Mtgo. & Coll. Trust 5% Gold Bonds.
-V. 104, p. 1801, 1490.
-V. 104, p. 1794, 1585.
with office at Detroit.
Minneapolis & St. Louis Ry.----New Officers.
-
W. H. Bremmer, who has been acting as President since the retirement
of E. L. Brown, has been elected
elected vice-President in charge of President. F. B. Townsend has been
traffic.
-V. 104, p. 1387, 1045.
Minneapolis St.P & Sau.Ste. Marie Ry.-Reports, etc.
Soo "Reports' ab >vc and Spok. Internat. Ry. below.
-V. 103, P. 2238.
Missouri Pacific RR. Corp.
-Incorporation.
-
The Missouri Pacific RR.Corp.in Nebraska was incorporated in Delaware
on May 1 to own and operate the Nebraska portion of the reorganized
-V. 101, p. 1801, 1592.
Missouri Pacific Ry. Co.
Philadelphia & Western Ry.-Listed in Phila.-
The Philadelphia Stock Exchange has admitted to list the $4,000,000
common and $2,000,000 5% pref. stocks (par $50).-V. 103, P. 575.
Pittsburgh & Shawmut RR.
-Note Collateral.
-The
National City Co., N. Y., has recently purchased and resold
$1,500,000 (closed) One-year Collateral Trust 5% gold notes,
dated May 1 1917,due May 11918. Int. M.& N. Trustee,
Farmers' Loan & Trust Co., N. Y.
These notes will be the direct obligation of the railroad and will be secured
by 130% of marketable high grade securities. By the terms of the indenture
the market value of the pledged collateral must at all times be maintained
at 130% of the par value of these notes at any time outstanding.
Monongahela Valley Traction Co.
-Bonds Called.
-The outstanding First Mtge. bonds of the Fairmont & Mannington RR.,
Collateral (Par Value) Pledged for Security of Notes.
been called for payment July 1 at 105 and int. at $350,000 N. Y. State 4 Lis, due 1933-64 $100,000 Cumberland Tel. & Tel.
dated Jan. 1 1916, have
1st &
the Guarantee Title & Trust Co., Pittsburgh,
-v,104, p. 1387, 1146.
50,000 N. Y. City 454% Corp. stk.,
Gen. 5s. 1937.
due 1923.
50,000 N.Y.Tel. Co. 1st & Gen.414s,
Co., Phila.-Merger.Municipal Service
100,000 U. Pac. RR.Ist M.L.G. 4s,1947
-Y. 104, p. 1592.
See Youngstown & Suburban RR. below.
100,000 NI. St. P. & S. S. M. RR. 1st 100,000 Lackawanna RR. of N. J. 4%
consol. 9s, 1938.
stock (guar. D.L.& W.)
Nashville (Tenn.) Ry. & Light Co.
-Annual Report.
200,000 D.& Iron Range RR.lst M.58. 25,000 Morris & Essex RR. 7% stock
See Tenn. By.Lt.& Pow. Co. under "Annual Reports."
100,000 Gal. H. & S. A. M. & P. Div.
(guar.D. L. & NV.).
-Y.102, p. 1626'
1st 5s, 1931 (S. P. System).
50,000 N. Y. Lack. & W. Ry.5% stk.
New England Investment & Security Co.
-Plan.
100,000 Buff. Rods. & Pitts. Equip. 45,
(guar. D.L.& NV.).
The pref. shareholders' protective committee in a recent circular, it is reSeries G.
90,000 Pitts. Ft. Wayne & Chic. 7%
ported, described "a plan for preserving the value of the pref, shares while at
100,000 Colo.& So. Ry.Ref.& Ext.434s,
stock (guar. by Penn. RR.).
the same time meeting the int, charges on tho $13,709,000 of coupon notes
1935.
20,000 United N. J. RR.& Canal Co.
due April 1 1924 by an exchange of pref. shares of this comipany for the
100,000 Ala. & Vicks. Ry., V. & M. 1st
,
10% stock (guar. Penn. RR.).
1st pref. stock of the Worcester Consolidated Street Ry." To allow such
6s, 1921.
200,000 13. & O. RR.Co. corn. stock.
a plan of readjustment the recent authorization by the Mass. P.8. Cem50,000 Austin & NW.Ry. let M.guar. 100,000 American Light & Traction Co.
niNsion of an issue of 45,000 shares of preferred stock of the Worcester
5s. 1911.
6% preferred stock.
Consolidated Street Ry., it is stated, was sought and obtained.
Net earnings applicable to fixed charges for the 6 months ending Feb. 28
-V. 100.
p. 1833.
1917 amounted to $864,228. Compare V. 104, p. 1703.
THE CHRONICLE
1900
Pittsburgh & Butler Street Ry.-Sold.-
•
[vol..
104.
United Railroads of Yucatan (Mex.).-Bond Interest.-
This company's property was sold at public auction on May9for $670,500
or about $430 per share for the $1,500,000 1st Mtge. bOnds. Interests who
control the parallel lines from Pittsburgh to Butler are said to have bought
the property. Holders of the $200,000 Consol. M.and $1,500,000 General
-V. 104, p. 560. 73.
Mtge. bonds and the stockholders will get nothing.
Ladenburg, Thalmann & Co., N. Y., give notice that the coupon due
April 1 1916 on this company's 5% 1st M. bonds will be paid at their office
on May 7 1917 with interest at 5% per annum from April 1 1916 to May 7
1917.-V. 102, p. 1061.
The total value of $55,307,474 was as of Dec. 31 1916. Of this amount,
$8,444,502 represents non-utility property.
Statement of Apportionment of Value.
Elec. Utility and Gas Divisions
Railway Divisions$17,689,980
$18,233,372 Portland Electric
Portland Street Ry
Oregon Water Power Ry. 7,402,195 Willamette Valley Elec. 1,177,005
625,168
1,523,455 Vancouver Electric
Mount Hood Ry
211,797
Salem gas utility
$27,159,022
Total railway
Total elec. & gas util_ _$19,703,940
The cost of the property to investors up to Dec. 31 is fixed by the Commission at $51,001,147, while the original cost is placed at $40,128,643
(including an allowance of slightly more than 6% for interest during construction). The Commission refused to include park and resort property
with the utility operating property.
In outlining the purposes for which the findings of value of the utility
are made, the Commission says in part; It is evident the "value" contemplated by the Legislature is the value for rate-making purposes This
value, the Commission conceives to be an expression in dollars of the aggregate of many factors, and represents, on the one hand, the amount upon
which the utility owner is entitled to base a claim for a return, and, on the
other hand, the amount upon which, provided it requires the imposition of
no unreasonable, unjust nor unjustly discriminatory rates, the rate-payer
should pay a return. Compare V. 104, p. 1795, 1801, 1593.
rates: On each $1,000 bond, $6 68; on each coupon of $20 face amount
maturing as follows, the following sums: June 1 1905 ($40 face amount).
38c.; other (semi-annual) coupons, due Dec. 1 1905 to June 1 1912, 18 to
13c. each.
After June 1 1917 any such unpaid bonds and coupons must be presented
-V.104, p. 1389, 1265.
to the Register of aforesaid Court at Pittsburgh, Pa.
Wabash-Pittsburgh Terminal Ry.-Distribution of
-The Decree Value of $6 68for each $1,000 1st Mtge. Bond.
-Valuation.
Portland Ry., Light & Power Co.
Court for the Western District
The U. S.
Oregon P. S. Commission on April 30 handed down its fixed the pro District distributive share, payable uponof Pennsylvania has
this company's 1st
rata or
valuation of the propertyfor rate making purposes at 6,862,- mtge. bonds, and such of the coupons belonging thereto as are included in
the proceeds
972, or about $14,000,000 less than the company's valua- the decree for foreclosure and sale, out of15 1916. Theof the foreclosure
amounts in quessale of the mortgaged properties had Aug.
tion (compare V. 103, p. 61).
tion which will be paid at the Columbia Trust Co., N. Y., as agent for
The Portland "Oregonian" cites the valuation in subtst.: Special Master William H. McClung, until June 1 1917 are at the following
-Sub. Co. Stock.
Public Service Corp. of N. J.
-Listing.
Washington Water Power Co.
Application has been made to the N. Y. Stock Exchange for authority to
list $1,700,000 additional 1st & Ref. Mtge. 5% bonds due July 1 1939.
-V. 104, p. 663, 560.
Wheeling & Lake Erie Ry.-Bonds.-
The $938,000 5% bonds which the Ohio P. S. Commission recently
authorized the company to issue on account of improvements to be made
during 1917 (V. 104, p. 1704) are included in the $4,656,000 Refunding
-V. 104.
Mtge. 434% bonds of 1916, heretofore reported as outstanding.
p. 1802.
-Earnings.
Winnipeg Electric Railway.
Balance,
Interest, Dividends
Other
Net
Gross
Calendar
%). Sur. or def.
Years- Earnings. Earnings. Income. Taxes, &c.
sur.$445,251
$3,311,169 $1,372,128 $26,010 $952,887
1916
835,635 $855,000 def. 358,898
1915_ _ _ -- 3,663,895 1,331,737
-V. 102, p. 1712.
Wisconsin Central Ry.-Annual Report.
-V. 104, P.
See Public Service Electric Co. under "Industrials" below.
See Minneapolis St. Paul & Sault Ste. Marie By.under "Annual Reports."
1703, 1593.
-V. 103, p. 1509, 1120.
-Denied.
Richmond Light & RR. Co., Staten Island.
The P. S. Commission on May 10 denied the application of this company
and the Staten Island Midland Ry. for permission to consolidate under the
title of Staten Island Light & Traction Co. (V. 104, p. 864), and issue in
connection therewith certain securities. The Cemmission holds that the
merger plan included certain features inimical to die public interest and con-V.92. P. 1179.
trary to law and sound finance.
St. Louis-San Francisco Ry.-Earnings.Operating revenue
Operating expenses_
Taxes, &c
-3 Mos. end. Mar. 31- -9 Mos. end. Mar. 311915-16.
1916-17.
1916.
1917.
$13,561,954 $11,766,033 $42,329,998 $35,801,801'
9,461,430 8,305,567 28.116,498 24,150,119
1.644,370
549,869
1,685,037
586,053
Operating income____ $3,514,470 $2,910,596 $12,528,472 $10,007,312
370,705
950,793
33,293
386,491
-Deb ___
Hire of equip.
876,886
475,980
305,634
123,786
Other income
3,251,764 $3,182,936 $12,053,660 $10,513,494
Total income
$598,670
$630.959
$198,807
Rentals & sinking funds_ $197,329
Interest on
6,243,248
Fixed charge obliga'ns 2,065,420 2,090,420 6,218,026
1,741,510
1,741,894
580,504
580,888
Adj. bonds(6% p. a.)
1,583,640
1,583,640
527,880
a527,880
Income bonds
Worcester Consolidated St. Ry.-Plan.-New Stock.
-V. 101. Ps• 1887.
See Now England Investment & Security Co. above.
Youngstown & Suburban 1Pt
President David Tod on May 2 announced that a sale of the company's
property had been effected through an exchange of stock, $ for $, to the
Municipal Service Corporation of Phila. The purchase is said to include
the entire $350,000 common stock, $500,000 6% cum. pref. stock and
-V. 103, p. 1594, 1033.
1700,000 1st M. 5s.
INDUSTRIAL AND MISCELLANEOUS.
-Dividend Increased.
Ajax Rubber Co., Inc.
A quarterly dividend of $1 50 (3%) per share has been declared on the
$7,100,000 stock, payable June 15 to holders of record May 31. This
compares with 2 % quarterly since the inauguration of dividends in March
1916.-V. 104, p. 766, 363.
-Stock Increase.
Alaska Treadwell Gold Mining Co.
The shareholders on April 30 (a) ratified the proposed increase in capital
stock from $5,000,000 to $10,000,000, par $25, (b) adopted a resolution to
acquire by exchange of the new stock the outstanding shares of stock of the
Alaska United Gold Mining Co. and Alaska Mexican Gold Mining Co.
No report with reference to the disaster which overtook the company's
properties was given out. On April 21 a cave-in occurred which let in
def$119,753 def$214,675 sr$1,879,140 sur$346,426 water from the Gastineau Channel which filled a major part of the mines
Balance
-V. 103, p. 1120.
with water to sea level.
a The interest on the adjustment and income bonds at the full rate on
-V.104, p. 1703,1490.
-Status.
the period named,are on the basis of6% per annum.
American Agricultural Chemical Co.
Hayden, Stone & Co., New York, Boston, &c., have issued a circular
-New Receiver.
Second Avenue RR., N. Y.
relation to this company, stating their
fertilizer situation and its
Justice Giegerich in the Supreme Court at N. Y. has appointed A. E. on the for believing that the demand this season will attain extraordireasons
-V. 104, p. 1593.
Balbach receiver to succeed John Beaver.
-V. 104, p. 1047.
nary proportions.
-Stock Increase.
Southern N. Y. Power & Ry. Corp.
This company on May 8 filed a certificate at Albany, N. Y., increasing
its authorized capital stock from $1,500,000 to $2,500,000. See p. 35 of
-17. 102, p. 1812.
"Railway & Industrial Section" for Jan.
Spokane International Ry.-New President.
-Agreement with Pref.
American Hide & Leather Co.
Shareholders-Withdrawal of Suit-New Directors-New Fi-The following from the "Wall
nancial Plan Expected Shortly.
Street Journal" is understood to accord closely with the
facts in the case:
Edmund Pennington, President of the Minneapolis St. Paul & Sault Ste.
-mile road extending from
Marie RR., has been elected President of this 140
An agreement has been reached between the management of the American
Spokane to Eastport, Idaho, on the international boundary, where connec- Hide & Leather Co. and the interests opposed to the management. The
tion is made with the Canadian Pacific Ry. It was reported late in 1916 suit against the directors and against the company, calling for an accountthat the Canadian Pacific and its aforesaid subsidiary had obtained con- ing, now pending in the Chancery Court of New Jersey, will be withtrol. See statement by Mr. Corbin in V. 103, p. 1981.
drawn, it is understood.
Charles E. Danforth, a member of the firm of Van Emburg & Atterbury,
-No Merger.
Staten Island Light & Traction Co.
members of the New York Stock Exchange, has been asked to fill a vacancy
-V. 104, P. 884.
on the board of directors. It is expected that he will be elected at the
See Richmond Light & RR. above.
next meeting of the board. Mr. Danforth will represent holders of about
10,000 shares of preferred stock. This is the second instance in which a
Ry.-No Merger.
Staten Island Midland
representative of largo stockholders has been selected for the directorate of
-V.99, p. 1452.
See Richmond Light & RR. Co. above.
the American Hide & Leather Co. Lindsey M. Hopkins of Atlanta, a very
large holder of preferred stock, was elected to the board at the last annual
-Earnings.
Tampa (Fla.) Electric Co.
meeting at the suggestion of E. F. Hutton & Co.
Gross Net, after Interest Sinking Dividend Balance,
Calendar
Withdrawal of the suit will remove the only obstacle to an early readjustSurplus. ment of the company's financial status. A plan is now under consideration
Charges. Fund. (10%)
Taxes.
Earnings.
Year$967,086 $439,368 $43,573 $8,842 $261,800 $125,153 by a local banking house and an announcement is expected within a month.
1916
164,004 The preferred stockholders, it is understood, will receive additional stock
261,800
981,049 478,148 43.417 8,928
1915
-V.100, p. 1438.
in commutation of the 110% of back dividends on the preferred. Compare V. 104, p. 1047, 1705.
-Sale Adjourned.
Tennessee Central RR.
-Listing.
The foreclosure sale of the property has been postponed until June 2, no
-Earnings.
American Ice Co., New York.
The upset
bids having been received at the recent offering on May 3.
The New York Stock Exchange has listed $14,920,200 6% non-cumuprice is unchanged at $700,000.
preferred stock and 37,161,400 common stock, with authority to add
lative
Counsel for the Fourth & First National Bank of Nashville, holders of prior to Jan. 1 1918 $79,800 of the said preferred stock and $338,600 com$330,000 receivers' certificates on April 30 asked leave of Judge Sanford in mon stock, making a total amount to be listed $15,000,000 6% non-cum.
the U. S. District Court at Chattanooga, to file a petition declaring the pref. stock and $7,500,000 common stock. The stock is issued in accordrailroad an insolvent corporation and to order a sale subject to the First ance with the dissolution plan of American Ice Securities Co.(see below).
and Second Mtge. bonds. He asked that the Illinois Central and Southern
Earnings for Year ending Oct. 311016 and 4 Mos. to Feb. 28 1917.
Railroads, owners of the First Mtge. bonds and the Mississippi Valley
4 Mos.
Year.
4 Mos.
Year.
Trust Co. trustee, be made parties to the suit. The petition alleges that
$4,623
Dividends _ _ _ _$186,503
said certificates are a lien upon the property of the Tennessee Central RR., Gross income42,660,727 $591,928 Sundry chgs.,&c. 50,000
$55,520
-V. 104, Net income_ _ _ $635,801
prior to the mortgage of the Mississippi Valley Trust Co., trustee.
118,364 Bal., surplus_ - $59,190 def.$67,467
Bond interest_ 340,109
p. 1389, 864.
-V. 104, p. 1705, 1389.
-An extra dividend
-Extra Dividend.
Union Pacific RR.
of 1% has been declared on the $222,293,100 common
of
stock, along with the regular quarterly 2% on the common
stock, both payable July 2 to holders of record June 1. A
like amount was paid in April last. Compare annual report
in V. 104, p. 1793, 560.
-Retirement of Bonds.
United Railways Investment Co.
The mortgage trustee had on hand on May 5 $1,747,000 of this com-year 5% gold bonds in the sinking
pany's Collateral Trust sinking fund 20
fund, as compared with $1,388,000 on May 3 1916, indicating that during
year $359,000 of the bonds has been purchased. In the 12 months
the
previous to May 1916 there were $322,000 bonds acquired and in the 12
months preceding May 1915, $321,000. The sinking fund provisions
require that each year there shall be deposited with the trustee a sum equal
,to 1% of the original issue. As the original collateral,$24,200,000 par value
common stock of the Philadelphia Co. remains intact, as required by the
trustee's deed, the amount of collateral is now greater by nearly 10% than
originally, on the basis of Philadelphia Co. common stock being of the same
-V. 103. P. 1790, 1509.
value as when the collateral was deposited.
-Creditors' Notice.
American Ice Securities Co.
-V. 104, p. 453, 363.
This company has filed notice of dissolution.
-Reorganization Plan.
American Real Estate Co., N. Y.
The Committee of Reorganization, Laurence McGuire, Chairman, on
April 27 gave notice that the terms of the plan regarding subscriptions and
further deposits have been modified, as follows:(1 subscriptions to be payable in four equal installments, June 1, July 1, Aug. 1 and Sept. 1 1917;
(2) on all subscriptions, or installments paid on or before May 1 1917.
interest to June 1 1917 will be adjusted and allowed on completion of reorganization; (3) holders of undeposited bonds, certificates or other unsecured obligations, or of stock desiring to participate in the plan and subscribe to the preferred debentures, Class A, may make deposits, and pay the
first installment of their subscriptions up to and including June 11917.
At a meeting of security holders at Boston, on Apr. 19 1917 the plan of
Jan. 25 for the liquidation of the assets was formally approved. See plan
V. 104, p. 1802, 1705, 865.
-Plan Approved by Directors.
American Rolling Mill Co.
The merger plan of the stockholders' committee of the American Rolling
Mill Co. to take over the Columbus (0.) Iron & Steel Co. (V.278, p.'231).
MAY 12 19174
THE CHRONICLE
_ _
_
•
with its two blast furnaces, has been approved by the directors of this company. The scheme, which we learn Will be consummated at an early date,
calls for the reincorporation of the company and an exchange of stock in
the ratio of 5 shares of new common stock for 1 of the present common.
The committee consists of Judge Rufus Smith, C. A. Rinsch, J. M.
Hutton, Frank Simpson, George M. Verity and Paul Sturtevant. See
plan V. 104, p. 454, 1705.
-Bonds Called.
American Zinc, Lead & Smelting Co.
Ninety-nine First Mtge. 5% Granby Mining & Smelting Co. bonds of
$1,000 each, and ten of $100 each ($100,000), dated June 1 1916, have been
-V.104. p.1705
drawn for redemption June 1 at North. Tr. Co., Chicago.
-Par Value.
Blackstone Valley Gas & Elec. Co.
The shareholders will vote May 17 on reducing the par value of the comshares from $100 to $50, holders to receive two $50 shares for each $100
mon
share now held. The pref. shares will remain $100 par and be entitled to
-V. 104, p. 455, 364.
two votes each.
-New Director.
(E. W.) Bliss Co.
Howard C. Seaman,Secretary and Treasurer, has been elected a director,
-V. 104. p. 1705, 1138.
to succeed the late Isaac D. Fletcher.
-Status of Sub. Co.
-An
Borden's Condensed Milk Co.
official statement says in substance:
The fluid milk business of Borden's Condensed Milk Co.(heretofore conducted as Borden's Farm Products Div.) has been taken over by the
newly organized Borden's Farm Products Co., Inc., which began operation
on May 1 [having been incorporated at Albany on April 24 with $17,500,000
of auth. capital stock-V.104, p. 1705] This means that the two branches
of the business, one devoted to the production and handling of condensed,
evaporated and malted milk and confectionery, the other to fluid milk,
cream, buttermilk, eggs and other farm products, will be carried on as
separate and disticnt institutions.
The company's fuild milk business was started in 1884 and operated
up to a few years ago as a department, but more recently as a separate
division. It has now grown to such a size and has developed problems so
peculiarly its own that It is advisable to carry on the business as a separate
organization. The Farm Products Div. has for some years been a large
producer of certified milk but never went into the production of market
milk. In the matter of milk production, the new company, according to
present intentions, will confine itself to certified milk as did the Farm
Products Division.
The executive officers of the new company are: President, C. A. Weiant;
Vice-Pres. and Treas., A. W. Milburn; Sec., F. D. Shove; Asst. Treas. and
Asst. Sec., Shepard Rareshide.
[There have recently been incorporated in Canada under "tho Companies
Act" two now companies, viz.: (1) Borden's Condensed Milk Condensing
Co., Ltd., of Toronto, on April 27 1917, withlauth. capital of $120,000; and
(2) Borden's Farm Prdoucts Co., Ltd., of Toronto, on May 1 1917, with
auth. capital of 3275,000.-V. 104, P. 1705.]
1901
-Bonds Called.
Camp Manufacturing Co.
Sixty-two Refunding Mtge. 6% gold bonds (entire issue outstanding)
have been called for payment July 1 at 102 and int. at Safe Deposit &
Trust Co.. of Baltimore.
-Dividend.
Canada Steamship Lines, Ltd.
A dividend of 5%% has been declared on the $12,500,000 pref. stock,
payable June 15 to holders of record June 1. This makes 1736% paid
during the year and clears up all accumulations on this stock to Dec. 31
1916. Under the policy adopted three years ago no dividend is declared in
respect to any year's business until the accounts for that year have been
closed; therefore, this action postpones any further declaration until some
time in Jan. or Feb. 1918, when the board will consider the 7% distribution
then due for the year 1917.-V. 104, p- 1488. 1047.
-New Director.
Canadian General Electric Co.
W. G. Ross of Montreal and GeorgeW. Beardmore of Toronto,have been
-V. 104, p. 1147.
elected to the board.
-Injunction against Payment of Extra
Carbon Steel Co.
Common Dividend Not Granted.-Pres. Chas. McKnight, in a
circular to shareholders dated May 1, says:
On March 30 1917 a holder of 2d pref. stock filed a suit asking for a temporary injunction to restrain the company from paying [on May 22] the
2% extra dividend on the common stock, which had been declared by the
directors from the surplus and net profits for the fiscal year ended Sept. 30
1916, claiming that the 2d pref. stock was entitled to share equally with the
common stock in the distribution of earnings after the common stock had
received 6% in any one year.
On April 16 1917 a hearing was had before Hon. Charles P. Orr, Judge in
the U. S. District Court -for Western Pennsylvania. The Court has just
handed down a decision in favor of your company, and denied the motion
for an injunction to restrain the payment of the div.-V. 104, p. 1389, 1266,
Central Aguirre Sugar Cos.
-Extra Dividend.
An extra dividend of $10 per share has been declared on the stock, payable June 1 to holders of record May 21. In March last an extra of $7 50
-V. 104, p. 1047.
and the regular quarterly $2 50 were paid.
-Extra Dividend.
Cerro de Pasco Copper Mining Corp.
An extra dividend of 50 cents per share has been declared on the 666.666
shares of stock (no par value), in addition to the regular quarterly $1 per
share, both payable June 1 to holders of record May 18.-V. 104. p. 1698,
1047.
-For 3 Mos. ending Mar. 31.Chino Copper Co.
1916.
1916.
1917.
1917.
Cross prod.lbs_19,225.111 16,267,450 Total net proftts__$2,992,072 $2.746,987
$2,912,699 $2,667,416 Dividends paid..__ 2,174,950 1,087,475
Net profits
79,373
79,571 Net surplus
Rents, &o
$817,122 51,659,512
The above earnings are based on 26.38c. for copper in 1917 and 25.566c.
in 1916.-V. 104. p. 1798. 1594.
-Status.
Borden's Farm Products Co., Inc.
-V. 104, p. 1705.
See Borden's Condensed Milk Co. above.
Boston Woven Hose & Rubber Co.-Bal. Sheet Sept. 1.-Bonds Listed.
Cincinnati Gas & Elec. Co.
1915.
1916.
1915.
1916.
The New York Stock Exchange has listed $1,936,000 additional of its
$
LiabilitiesAssets$
-year sinking fund gold bonds,
40
First and
1
1 Preferred stock.. 750,000 750,000 series "A",Refunding Mortgage 5%
Patents
making the total listed $6,436,000. These additional bonds are
1 Common stock_2,000,000 1,250,000 Issued as follows:(a) For 80% of the cost of extensions, additions, &c., made
1
Office furniture_
350,000
Land and bidgs_1,389,073 1,216,666 Loans
a1,684,441 and to be made, $405,000; and (b) to retire $1,500,000 First Mtge. bonds of
785,105 763,983 Accts. payable
Mach'y & tools..
49,366 the Cincinnati Edison Electric Co., due June 1 1917, 31,531,000.-V. 104.
175,634 333,033 (not yet due)_ 169,488
Cash
15,754
11,405 p. 1266, 1048.
Accts. receivable 743,208 562,094 Accr. wages,&c_
1,220,117a1,684,411
inventory 1,412,336 869,404 Surplus
Mdse.
-Farm Mtge. Bonds Offered.
Close Bros. & Co.
-First
Total
4,5(5,359 3,745,182 Trust & Savings Bank, Chicago, is offering at 100 and int
4,505,359 3,745,182
Total
a Includes "guaranty" in 1915.
$2,000,000 Farm Mortgage Collateral 5% gold bonds, dated
There was transferred from the surplus earnings to capital account during April 1 1917,
due April 1 1922, but redeemable at 1025/i and
the year ending Sept. 1 1916 $750,000.
New buildings and machinery valued at $322,710 have been added to the int. on Oct. 1 1917 or any int. date thereafter on 30 days'
during the year ending Sept. 1 1916.
plant from earnings
notice. A circular shows:
Volume of net business for that year was 36,101,462.-V. 104, p. 954, 767
Interest is payable A. & 0. at the First Trust & Savings Bank, trustee.
a Includes guarantee in 1915.
Denom. $1,000 c*, $100, &c., r*. Secured by deposit of 32,300,000, principal amount, of first mortgages on farm lands of an appraised value of at
-Stock Offered.
Bridgeport (Conn.) Hydraulic Co.
The company is offering to stockholders of record May 1 1917 the right least twice the amount loaned. The amount of these farm mortgages or
to subscribe for $1,000,000 new stock at par, in the ratio of one share to cash shall aggregate 115% of the bonds outstanding. Company organized
Bros. & Co.,
every three and a half of old. This will make the outstanding stock In 1879 as Close Brothers and incorporated in 1909 as Close Western land
with a capital of $1,000,000, and deals as financial agents in
34500,000, par $100. Dividends at the rate of 8% per annum have been operations.
paid regularly Jan. 15 and July 15 each year since 1900 and previously at
3
from 7% to 8% for a long term of years. No bonds;5% note issues due in
Coastwise Transportation Co. (of N. J.), Boston.
1920 and 1921, $3,000,000. Incorporated in 1857 in Connecticut and
serves Bridgeport, Stratford, Fairfield and Southport and parts of Westport Earnings for Year ending Feb. 28 1917.
and Huntington under franchise that is both perpetual and exclusive, Gross earnings
31,611,491 Fixed charges
$109,452
serving a population of about 250,000.
after deprec'n, &c.._ 341,166 Dividends(67)
0
52,489
Richter & Co., Hartford, Conn., are offering a small block of the stock Net, income
27,543 Balance, surplus
$206,767
Other
-V. 102, p. 1348.
$225 a share.
at
368,709 Total surplus
Gross income
The gross income for the year ending Feb. 29 1016 was $645,840 and the
British Westinghouse Electric & Mfg. Co. Ltd.Feb.
e
ph5, ,andnotespayaa
apltasockoustalingr28
.ona f
W5 2
wis$
lsaf11gds ff
Miscel- Bal.,
Calendar Cross Interest Depre- Reserves, Preferred '
Dividends. laneous. Burp
Year-- Profits. Charges. elation. etc.
During the year one steamer of 7,000 tons was completed and one steamer
1916--£311,199 £69,1354 £83,132 £35,000 (736).€75,000 £3,310 £45,10.1 of 9,000 tons is in course of construction, making a total dead weight of
293,989 69,654 79,688 30,000 (73)75,000 3,236 36,511 77,700 gross tons.
1915-V. 87, p. 1239.
-v.1- p. 1627
02,
.
-Merger.
Columbus (0.) Iron & Steel Co.
-Stock Increase.
Brooks Brothers, New York.
-V. 78, p. 231.
See American Rolling Mill Co. above.
The shareholders will vote May 17 on increasing the authorized capital
stock by the addition of $300,000 pref. stock, the total authorized capiComputing-Tabulating-Recording Co. and Sub. Cos.
talization to consist of $1,000,000 common stock and $1,500,000 preferred.
-3 Mos. ending Mar. 31- -12 Mos. end. Dec. 31.
1916. Inc.orDec.
1917.
1916.
1915.
Bunte Brothers, Chicago (Candy Mfrs.).-Pref. Stock
*Net earn. (sub. cos.)3382,352 $355,966 +$26,385 $1,551,227 $1,042.634
-F. A. Brewer & Co. and Thompson & Co., each of Accr. int. on 6% bds_ 85,996 86,388 . -393 344,373 351.940
Offered.
lgy
Chicago, offer 7% Cum. Pref. (a. & d.) stock at $100 per
share with a privilege of purchasing five shares of common
stock at $4 per share (par $10). A circular shows:
No mortgage indebtedness exists nor may be created without the consent
of 95% of all the holders of the pref. stock. Sinking fund beginning Jan. 1
1920 of not less than $50,000 yearly for the retirement of the pref. stock,
which shall be purchased in the open market or called at $107 50 and div.
Capitalization (all outstanding).
-This consists of $1,000,000 7% cumulative preferred stock (par $100) and $1,000,000 common stock (par $10).
Established in 1876 as a partnership; incorporated in 1901.
the net profits were $144,543, after $15,000 depreciation
-In 1916
Sales.
and $13,000 for doubtful accounts. Net sales since 1911: 1911,$1.053,229;
1912, $1,229,304; 1913, $1.413,762; 1914, 31,590,041; 1915. $1,966,678;
1916, $2,360,736.
Theodore Bunte is President and General Manager.
-Listed.
Burns Bros. (of N. J.), N. Y. City.
-Directors.
The N. Y. Stock Exchange has listed the $1,375,000 additional common
stock, issued on May 12 as a 25% stock dividend on the common stock; and
on and after May 31 1917 of $68,800 additional common stock as a 1%
stock dividend on the common stock, paid May 31, and $2,125,000 of
additional common stock, on official notice of issuance and payment in full,
aggregating $3,568,800 in par value of additional common stock, making
the total amount applied for $9.068,800, of a total auth. iss. of $10,000,000.
The said $2,125,000 of common stock is to be offered to stockholders at
par for the purpose of furnishing funds for the corporate purposes of the
company. In accordance with the resolution of the directors of Apr. 10
1917 the company "Is about to sell $2,125,000 common stock to provide
funds for the purchase for redemption and cancellation of $1,699,900 par
value of its Rreferred stock at the redemption price provided in the charter
of 120%, which aggregates $2,039,880.'
Jules S. Bache and William W. Cohen have been elected directors to
-V.104, . 1799,44921,
1
succed Carman R. Runyon Sr. and Philip Brett.
ac ng o
xchange
company has applied to the N. Y. Stock Exchange for authority
to list $10,000,000 7% cumulative convertible pref. stock, par $100, and
350,000 shares of common stock without par value. See report, V. 104.
p. 1705, 1697.
Balance
$296,357 8269,578 +826,778 $1,206,853
$690,694
* After deducting for maintenance and depreciation of plants and equipment reserve for doubtful accounts, proportion of unacqufred accounts and
-T.
expenses of 0. -R. Co. and for the quarter in 1917 before deducting
-V.104, p. 1486, 1147, 954.
appropriation for excess profits, &c., taxes.
-Proposed Consolidation
Cosden & Co., Baltimore, &c.
-The plan of consolidation is not
with Cosden Oil & Gas Co.
yet in final form, but we understand it will probably be
announced next week. This plan has been prepared by
nd has
Hallgarten & Co. and Eugene Meyer Jr. &
Co.,Of
received the approval of the officers and directors each co.
It is understood that the plan will provide for the issuance of the following
new securities: (1) Convertible Sinking Fund gold bonds, $20.000,000; now
issuable about $11,500.000 6% bonds divided between two series,"A" and
"B"; (2) 7% cumulative pref. stock, auth., 7,000.000. par $5; present
issue, 3,500,000; (3) common stock, auth.. 25,000,000. in $5 shares;
present issue about $12,750,000.
Earnings (incl. Cosden Oil cfc Gas), 3 Mos to Mar. 31.
Net, after bond int: (1) Cosden Oil & Gas Co., $1.706,705; (2)
$3,022,844
Cosden & Co., $1,316,139; total
61,250
Preferred dividends paid for the quarter
Balance, surplus, for three months ending March 31 1917---32.961.594
-V. 104, p. 1706. 1594.
-New Director.
Curtiss Aeroplane & Motor Co.
John N. Willys. President of the Willys-Overland Motor Co.. has been
director tosucceed H.Sayre Wheeler,resigned.-V.104,p.1390,866.
elected a
-Bonds Offered.
(Thomas) Cusack Co. (Advertisers).
S. W. Straus & Co. Inc., are offering at par and int. to net
'
6%, $600,000 First Mtge. 6% serial bonds, dated April 2
1917, due April 2; $30,000, 1918-1920; $35,000, 1921-26,
1902
THE CHRONICLE
incl. and $300,000, 1927. Int. A. & 0. 2. at the office of
S. W.Straus & Co., Inc. Denom. $5,000, $1,000, $500c*.
The bonds are redeemable at 1023 and int. in reverse of their numerical
order on April 2 1918 or any int, date thereafter on 60 days' notice. Present
normal Federal income tax paid. Trustees, S. J. T. Straus and Wm. R.
Orthwein, St. Louis.
Data from Letter of 0. B. Read, Treasurer of the Company.
Business.
-Said to be the largest outdoor advertising companies in the
world, having begun in Chicago about 40 years ago. Business consists of
the manufacture and maintenance of electric advertising signs; the manufacture, painting and maintenance of advertising bulletin boards; and the
painting of advertising on walls and buildings Every advertising location
Is controlled under lease. Company has about 100,000 leases covering
about 40,000,000 sq. ft. of wall surface and about 1,500,000 lineal feet of
bulletin boards. The company advertises Coca-Cola, Bull Durham,
Wrigley Gum, Uneeda Biscuit, &c.
Security.
-The direct obligation of the company, whose capital and
surplus is in excess of $5,000,000; secured by all land, buildings and equipment in Chicago. Cleveland and Toledo; the land and buildings in New
Orleans and Phila.; and the equipment in Omaha, Kansas City, St. Louis,
Indianapolis, Buffalo, Rochester and Denver valued at $2,000,000. Net
assets, exclusive of leaseholds, franchises, good-will, &c., are over $4,000,000. Ample fire insurance is carried.
The capital and surplus represents almost entirely accumulation of net
earnings. The purpose of this issue is to place under one obligation all
mortgage debts, and to provide additional working capital.
Statement of Volume of Business and Earnings Since 1912.
PeriodSales.
Profits.
July 1 1912 to June 30 1913
$3,159,683 $188,162
July 1 1913 to June 30 1914
3,561,709
266,025
July 1 1914 to June 30 1915
3,332,760
204,768
July 1 1915 to Dec. 31 1915(6 months)
1,752,382
134,042
Jan. 1 1916 to Dec. 31 1916
4,002.190
-Thos.Cusack,Pros. Officers and directors are experienced.
Management.
Devoe & Raynolds Co., Inc.
-Management.
The directors and officers of this company, incorporated in New York on
April 6 with $5,000,000 capital stock as a consolidation of the business of
the allied F. W Devoe & C. T. Reynolds Co. (of N. Y.) and Devoe &
Reynolds Co. (of Ill.), include J. Seaver Page, 0. C. Barrett (Pres.),
E. H. Reynolds (1st V.
-P.), I. W. Drimunond (2d V.
-P.), G. A. Meyer
(Treas.), W. II. Phillips (Secy.), G. W. Botts, J. M.B. Drummond, S. R.
Harrington. J. J. Alsfarser and N. H. Cutting.. ,See V. 104, p. 1492.
Dome Mines Co., Ltd.
-Dividend Reduced.
A dividend of 25 cents (234%) per share has been declared on the stock
(par $10), payable June 1 to holders of record May 19. This compares
with 50 cents quarterly previously.
The directors are quoted as saying: "In view of the extremely unsatisfactory labor conditions prevailing in the Porcupine mining district, which
has caused a curtailment of both development and production, and in order
to conserve the cash resources of the company to meet emergencies which
may arise in the future, the directors decided to reduce the dividend payable
June 1 1917 from 50c. to 25c. per share."
-V. 102, p. 1900.
Dominion Textile Co., Ltd.
-Dividend Increased.
-
A dividend of 1 % has been declared on the common stock, payable
July 3 to holders of record June 15. This compares with 13i% quarterly
since 1913.-V. 104, p. 667.
(E.I.) du Pont de Nemours & Co.
-Acquisition of Chilean
Nitrate Properties.
-Need of Plants in U. S.for Manufacture
of Nitric Acid from Atmospheric Nitrogen.
-The following
statement stands approved:
This company has acquired from the Government of Chile two large
nitrate fields in the northern part of that country and will begin development at once. Shipments, it is expected, will begin in a year. It has been
stated that the purchase would increase the annual supply for use in the
United States about 100,000,000 lbs., although that is only 1-60 of the
Chilean output last year, and 1-10 of the du Pont consumption. A railroad runs from the new du Pont fields in the Tarapaca district, 40 m. to the
port of Iquique, whence vessels will come north through the Panama Canal.
[VoL. 104.
General Electric Co.
-New Director.
The directorate has been increased from 13 to 14, Vice-Pros. A. W. Bur.
chard having been elected the additional member.
-V.104, p. 1588, 366.
Giant Portland Cement Co.
-Listed in Philadelphia.
-
The Phila. Stock Exchange has admitted to list $1,110,000 coin, stock
and $1,880,000 7% pref. stock (par $50).-V. 104, p. 563.
Granby Mining & Smelting Co.
-Bonds Called.
See American Zinc. Lead & Smelting Co. above.
-V. 104, p. 1493.
Great Atlantic & Pacific Co., Inc.-Sales.-
sates1916.
1917.
Increase.
9 weeks ending April 28
$18,904,324 $10,453,645 $8,450,679 80%
This is the largest percentage of increase in the history of thecompany,
-V. 104, p. 1706, 1493.
Hess-Bright Mfg. Co., hiladelphia.-All Hess-Bright
Stock Now American dwned.-Closer Co-operation with
S. K.P.Ball Bearing Co.
-An auth.statement says in subst.:
Last autumn certain New York interests, including the National City
Bank and Brown Bros. & Co. of New York, who were previously interested
in the S. K. F. Ball Bearing Co., also acquired an interest in the HessBright Mfg. Co. Plans have now been perfected by which the affairs of
these two leading concerns in the ball-bearing industry will be administered
by a new N.Y.corporation, the S.K.F.Administrative Co.,of No.1 Wall St.
The board of this new company consists of Frank A. Vanderlip, President
National City Bank; Thatcher Brown of Brown Bros.; F. B. Kirkbride,
S. Wingquist, Axel Carlander, Marcus Wallenberg (a well-known banker of
Sweden) and B. G. Prytz (the President), who as President of the S. K. F.
Ball Bearing Co. has been active in bringing about the fusion between his
company and the Hess-Bright Co.
Budd D. Gray of the Iles. s-Bright Co. has resigned as President of the
Philadelphia company to become technical advisor to the new New York
corporation; B. G. Prytz on May 8 succeeded Mr. Gray as President.
The S. K. F. Administrative Co. is extending the manufacturing facilities
of both the Philadelphia and Hartford plants, and the demand,it is stated,
continues to be so far in excess of the present supply that it has been considered advisable to immediately make additions both to the S. K. F. and
Hess-Bright factories, in spite of the present building costs.
The closer co-operation between the two companies was greatly facilitated by the action of the American Hess-Bright stockholders in buying
out the German minority interest in the Hess-Bright Co.shortly before the
break with Germany, whereby all the stock came into American hands at
what is reported to have been a vary favorable price for the purchasers.
(The Hess-Bright Mfg. Co. is manufacturer of ball-bearings and magnetos.)
Hoover Steel Ball Co., Ann Arbor, Mich.
-Stock
Offered.-Hoit & McWilliam, New York and Boston, are
offering this company's capital stock. A circular shows:
Capitalization.
-Authorized, $1,800,000; issued. $469.070; par, $10.
The company has no bonded debt or pref. stock.
Dividends.
-Since organization in 1913 has paid a total of $264,957 in
cash dividends and $150,770 in stock dividends. For the last two years
has been paying at rate of 60% per annum in monthly installments of 5%.
In Jan. a 100% stock dividend was declared payable Jan. 20 to holders of
record Jan. 6. (A cash dividend of 5% was also declared payable Jan. 1
to shareholders of record Dec. 20.)
Product.
-Steel ball bearings, ranging in size from 1-32 of an inch to
8 inches, are manufactured. The company manufactures its own machinery.
Earnings.
-During the first year of operation the grass sales were $163,000. The second year showed sales of $493,000 and the third or current
year sales of $1,310,000. On business actually booked for tho next year
sales will amount to $3,600,000.
Customers.
-The company numbers among its customers most of the
largest automobile and electrical manufacturers of the country, including
the Ford, Willys-Overland, Western Electric, W. K. Prudden Co.,_ Roe
Motor Car cos. and hundreds of others. Further data see V.103.p. 1984.
International Nickel Co.
-Mining Tax-Directors.
-
An exchange journal says: The mining tax hill, which imposes a greatly
increased tax on nickel and nickel-copper mines, was passed by the Ontario
Legislature April 5, after having been redrafted and considerably modified.
As finally adopted, all mines other than nickel and nickel-copper are subReferring to the above, the co. informs us as follows:
to a tax of 3%
The question of whether this supply will be ample to meet commercial ject an additional on profits in excess of $10,000 and under $1,000.000.
and
each $5,000,000 profit in excess of $1,000,demands for several years is largely dependent on whether the war demands 000. Nickel and rate of 1% for companies are taxed at the rate of 5% on
nickel-copper
drain the supply. What is really needed in this country is a supplemental profits from $10,000 to
an increased rate
supply of nitric acid to be made from the nitrogen of the air. The U. S. $5,000,000 profit above $5,000,000, with The tax is made of 1% on each
the $5,000,000.
Government has passed a bill appropriating $20,000,000 to establish a plant Jan.1 1915. The acreage tax on all mining lands was fixed retroactive from
at 5 c. per acre.
for the production of nitric acid from atmospheric nitrogen, but, after the
Thomas Morrison of Pittsburgh and Charles Hayden, of Hayden, Stone
lapse of a year, has made no definite movement towards its erection.
& Co., have been elected directors to succeed R. M.Thompson and S. H.P.
About a year ago the company made an offer to the Government to Pell, resigned. W. T. Graham succeeds Col. Thompson on
the executive
build a plant for itself if the Government would so amend the water-power committee.
-V. 104, p. 1390. 1148.
laws as to give it a chance to use some of the water power which is now
going to waste. This offer was pigeon-holed by Congress so that now the
International Paper Co.
-Plan Operative.
country finds itself without a satisfactory surplus of nitrate.
The directors on May 11 unanimously voted to
Development in Chile has not lagged in the sense that no new ventures adjustment plan operative. On and after Juno declare the prof. dividend
I prof. stockholders will
have been undertaken. Many new fields have been opened but processes receive, at the Bankers Trust Co., N.
have not been improved to keep pace with the growing demand. Just with the cash and securities, provided Y., their deposited stock, together
now,with a serious shortage in shipping, the situation is a cause for anxiety. settlement of the deferred divtdends. by the plan (V. 104, P. 563) in full
The real answer to the whole question lies in Congressional action perHolders of pref. stock who have
yet deposited
mitting the erection of private plants for the production of an unlimited may do so before Juno 1 and obtain not full benefits ofwith the committee
the
the plan; after that
supply from the inexhaustible nitrogen of the air.
-V.104, p. 1492, 1048.
date similar adjustments may be obtained upon presentation of the stock
certificates direct to the company.
-V. 104, p. 1707, 1697.
Eastern Steamship Lines, Inc.
-Officers:
Calvin Austin, who was President of the Eastern Steantship Corp. (old
Kings County Elec. Light & Power Co.
-Listing.
--company) has been erected President of the new corp.; J. W. Brophy and
The N. Y. Stock Exchange has authorized the
$2,500,000
J. W. Hayden have been elected Secretary and. Treasurer, respectively. convertible debenture bonds on official notice of listing ofin exchange6%
issuance
for
-V. 104, p. 562, 456.
temporary receipts, making the total amount authorized to be listed $5,000,000. The proceeds of this
will be used for the acquisition of
Foster, Merriam & Co. (Meriden, Conn.).-Pref. Stock property; discharge funded debt,issueto reimburse the company's treasury.
and
Offered.
-Thomas C. Perkins, Inc., Hartford, Conn., is -V. 104, p. 1707, 857.
offering at par ($100) a new Issue of $200,000 7% Cumulative pref. (a. & d.) stock; divs. Q.
-J.15. A circular shows:
Minimum sinking fund 2%% of outstanding pref. stock beginning July 1
1920. The stock is redeemable at any div. date. all or part, at $110 and
div. No increase in the pref. stock and no mortgage without consent of
75% of the outstanding pref. stock. Net assets are equal to $280 a share
on the preferred stock issue.
Extracts from Letter of R. W. Millard, Pres., Meriden, Mar. 29 1917.
Organization, &c.
-Organized in 1835 as a partnership and in 1866
incorporated in Conn. with a capital of $80,000. In 1914 this was increased to $240,000, all common stock. Manufactures furniture and truck
casters, cabinet and special hardware, and furnishes castings to other manufacturers. The products cover a broad field and are widely distributed
both in this country and abroad. Among the customers are the American
Graphophone Co., Gray Telephone Pay Station Co., Locomobile Co. of
America, &c., &c. The proceeds from this pref. stock will provide for
current liabilities and for further increase in business.
Capitalization (No Bonds)Authorized. Outstanding.
Preferred stock 7% cumulative (par $100)
$250,000
$200,000
Common stook (par $25)
320,000
255,000
Appraisal.
-Preliminary appraisal after deducting depreciation, &c.,
shows (a) real estate and buildings,$144,500;(b) machinery and equipment,
$115,500, and (c) tools and dies, $110,000; total, $370,000.
Earnings.
-Net earnings in 1916 after depreciation and reserves were
$56,859. Net sales for the fiscal year 1915 were $394,047, for 1916 $692,212, and for the first eight months of the present fiscal year $587,689,
or at the rate of about $880,000.
(S. S.) Kresge Co., Detroit.
-April Sales.
1917
-April
-1916.
52.360.758 $2,222,910
-V. 104, p. 1149, 1049.
Increase. 1017-4 Months
-1916. Increase.
3137,8481$8,475,286 $7,220,457 $1,254,829
(S. S.)Kress & Co.
-April and 4 Months Sales.
-April
-1916.
1917
$1,406,836 51.321,734
-V. 104, p. 955, 659.
Increased 1917-4 Months-1916.
$85,1021$4,683,651 $4,084,438
Increase.
$599,213
Lanston Monotype Machine Co.
-Earnings.
Year end.- Feb.28'17. Feb.29'16.1 Year end.-Feb.28 17. Feb. 29'16.
Net profits_ __ $822,518 $429,994 Dividends__ (6)$360,000
Depreciation _
62,777
84.154 Bal.. surplus_ $399,741 $345,840
-V. 102. p. 1892, 1814.
-Extension of Time.
Lehigh Valley Transit Co.
Notice has been given that the time within which stockholders may doposit their common or pref. shares in accordance with the merger plan, has
been extended for 90 days from May 7. See plan, V. 104, p. 764.-V. 104.
p. 1591, 1146.
-30% Stock Div. Increase.
Lincoln Manufacturing Co.
The shareholders on April 30 ratified the proposed increase in capital
stock from $1,250,000 to $1,625,000 the new stock to be issued as a 30%
stock dividend, payable before July 1 to holders of record April 30.
In Feb. last the regular quarterly dividend was increased from 134% to
2X% quer., which amount was again paid on May 1 last.
-V.104. p. 1595.
Gaston, Williams & Wigmore, Inc. (N.Y.)-Earnings.
Lincoln Twist Drill Co.-Pref. Stock Offered.
-Tucker,
-From April 20 1916 to Mar. 31 1917:
Anthony & Co. aro offering at 96, yielding 6.25%, a new
Net, after charges (incl. •
'Dividends ($3)
$900,000 issue of $500,000 6% Cumulative pref. (a. & d.) stock.
reserve for conting.)___$2,120,227iBalance for period
1,220,227
-J. A circular shows:
Divs. Q.
-V. 104, p. 1706, 366.
Minimum cumulatIve sinking fund of $50,000 per annum, beg nntn
General Development Co., N. Y.
-Dividend.
Dec. 1 1917. The stock is redeemable at 105 and divs. up to Doc. 31 1921.
A dividend of$2 per share has been declared on the stock, payable June 1
to holders of record May 15. A like amount was paid in March last when
the dividend was increased from $1 50.-V. 104. p. 563.
and thereafter the callable figure increases one point a year until 1926, when
It reaches 110. Consent of 75% prof. outstanding necessary to place mtge.
or lion prior to prof. issue; 2-3 consent required to increase amount of pref.
MAY 12 1917.]
TIIE CHRONICLE
Pref. votes equally with common in case of two successive pref. dividend
defaults.
Capitalization Authorized and Outstanding (No Bonds).
$500,000
Preferred stock 6% cumulative (par $100)
500,000
Common stock
Extracts from Letter of Pres. Frederick II. Payne, Taunton, Mass..
May 2 1917.
-Incorporated in Mass. as successor May 1 1917 of Lincoln..
Organization.
Williams Twist Drill Co. located at Taunton, Mass., and incorporated in
1903, having recently acquired that property. The company manufactures
both high-weed and carbon steel twist drills and also milling cutters and
reamers. The demand, foreign and domestic, shows large increases.
Plant and Equipment.
-Includes buildings covering about 50,000 sq. ft.
and about four acres advantageously located. Buildings are. of modern
fireproof construction, largely of one-story design. With the installation
of a small amount of additional machinery, capacity can be increased to
handle a business materially larger than the present annual gross of about
$600,000. The company purchases its power requirements.
Earningsfor Calendar Year 1916 and 3 Mos.ending Mar.31 1917.
Year.
3 Mos.
$618,453 $152,320
Gross sales
$78,700
Total income, after expenses, costs, plus other income_ 4308,283
33,561
3,307
Interest, discounts, &c., depreciation
1903
North Amer. Pulp & Paper Co.-Consol. 1916 Earns.
Sales and gross oper. revenues, $3,963,110; cost of sales and
opor. expenses, $3,363,098
$600,012
Other income
208,249
Total
General expenses, $278,139; bond and other int., &c.,$764,488
$808,261
1,042,627
Net loss for the year ending Dec. 31 1916
Amortization of bond discount, &c
$234,366
78,046
Net deficit for year 1916
-V. 103. p. 2242, 1795.
$312,412
-Statement Concerning the
Owens Bottle-Machine Co.
-Clarence Brown, Vice-Pres. and
Condition of the Company.
General Counsel, reports in substance:
The earnings for the past six months are the largest in its history for any
like period. After deducting profit from the sale of Boldt Co.'s stock, they
show an increase over last year of 42.6%, notwithstanding fuel shortage and
shortage of car supply. Subsidiary companies not thus affected show an
increase of approximately 100%. Provision has been made to overcome in
the future the unexpected fuel shortage of the past year.
The volume of business done during the period exceeds all our previous
$274,722
$75,393
Net income (annual pref. div., $30,000)
records; even after making allowance for prospective additions to capacity,
Estimated Assets as of May 1 1917 (Total, $1,008,161).
the company has been compelled to decline new orders since Nov. 1916.
$63,
000
Real estate and buildings_ __$50,000 Accounts receivable
265 Unfilled orders at this date total 564,192,000 bottles, as compared with
48,
150,000 Cash
Machinery and tools
396,896 unfilled orders same period last year of 315,360,000 bottles.
Raw mater., fin. goods, &c_ _300,000 Proces.ses and good will
The company has under construction
-Prof. stock. $500,000; coin. stock, $500,000; accounts pay- W. Va., new factories, representing a at Glassboro, N.J., and Charleston,
Liabilities.
combined investment of practically
able, est., $8,161.
Wells, Pros. Greenfield Tap & Die $3,000,000, which are expected to be in operation in the summer and fall.
-Frank 0.
Directors (and Officers).
They, together with a plant at Greenfield, Ind., recently purchased and
Corp.; Frederick H. Payne (Pros.), V.-Pres. same corporation; Edward rehabilitated, will add 34% to the productive capacity.
Blake Jr.(V.-Pres. & Gen. Mgr.),formerly with the American International
Contracts
Corp.; Alfred L. Lincoln, former Pres. of the Lincoln-Williams Twist Drill closed for a and investments covering all principal raw materials have been
Co.; Clement R. Ford, of Tucker, Anthony & Co. (James H. Ball is same, it hasterm of years. Although the demand for bottles warranted the
been the policy of the company not to increase the price to the
J. W. Lincoln, Clerk).
Treas. and
consumer beyond increased cost; the policy being to increase capacity and
efficiency in production.
Lindsay Light Co.
-Extra Dividend.
The company has commenced to supply the Graham type of machine,
An extra dividend of 2% has been decalred on the common stock in addition to the regular quarterly 3% and 1%% on the common and pref. patents covering which were lately purchased. Provision is being made for
the installation of 18 new Graham machines before the close of 1917.
stocks, respectively.
-V. 102, p. 2345.
The principal lines of glass containers manufactured on the Owens ma-Extension of Voting chines are prescription and proprietary ware, catsups, fruit jars, beers,
Loose-Wiles Biscuit Co., N. Y.
minerals and sodas, non-carbonated waters, brandies, milk jars, Bevos.
Trust.
-Listing of Voting Trust Certificates.
Coca-Colas, grape juice syphons; wide-mouthed ware, such as preserves.
The N. Y. Stock Exchange has listed $4,239,400, face value, stock trust pickles and the like, together with a large number of specific lines not incertificates extended to 1922,stamped and issued in respect of 42,394 shares cluded in the above classifications.
-V. 104, p. 1805, 457, 449.
of the common stock with authority to add $3,760,600 additional of said
Pacific Coast Co.
stock trust certificates extended to 1922, stamped on notice of issuance
-New Director.
in exchange for outstanding trust certificates, making the total $8,000,000.
Seward Prosser, President of the Bankers Trust Co., N. Y., has been
The voting trust agreement of May 8 1912 expires May 8 1917, but the elected a director to succeed Eciward Peirce.
-V.104, p. 367.
certificates representing a substantial amount of
holders of stock trust
Pennsylvania Coal & Coke Corp.
shares of stock have issued circulars to the other holders inviting them to
-New Director.
consent to the extension and renewal of said voting trust and to evidence
B. J. Patterson succeeds C. D. Simpson as director.
-V. 100. P•1353.
such consent by joining in the execution of an extension agreement. The
voting trustees will be Jacob L. Loose, William Solomon and Joseph S.
Platt Iron Works, Dayton, O.
-Interest Payment.
Loose. Depositary, U. S. Mtge. & Trust Co. The agreement will in any
This company on May 1, through the Central Trust Co., paid the 3%
event terminate on May 8 1922, but it may be terminated at any time prior interest due Aug. 1 1916 on its6% gold bonds and,it is stated, will on June!
to said May 8 1922, if and when so directed in writing by the holders of next pay the Feb. 1 1917 interest.
-V. 103, p. 2435.
three-fourths in amount of said then outstanding stock trust certificates (or
by the unanimous consent in writing of all the then voting trustees.)-Stock Increase.
Public Service Electric Co.
104, p. 861, 768.
V.
This company (all of whose outstanding $25,000,000 stock is owned by
the Public Service Corp. of N. J.) on May 2 filed at Trenton, N. J. a cer-Earnings.
Lowell (Mass.) Electric Light Corp.
Gross
Net, after Interest Dividends
Balance ius tificate increasing the auth.capital stockfrom $30,000,000 to $50,000,000.
si .
irp
Calendar
Paid.
Earnings.
Taxes. Charges.
Year-Issue of New Pref. Stock to
Quaker Oats Co., Chicago.
$644,640 $259,471 $4,947 (9%)$105,876 $148,648
1916
-Circular of May 8 shows:
82,943 Be Offered to Shareholders at Par.
512,510
177,561
506 (8%) 94,112
1915
-V. 103, p. 324.
The directors have resolved to offer to holders of [the $9,000,000) prof.
June 1 1917.
for
authorized,
- stock of recordpref. stock at the right to subscribe one$2,000,000for each 4}i
-Earnings Calendar Year.
MacAndrews & Forbes Co.
par, to the extent of
but unissued,
full share
Total
Balance,
Pref•Divs
Common
Calendar
Total
shares of prof. stock held by them, respectively. Subscriptions will be
Surplus. received until July 16 1917; payment to be made on or before Aug. 2 1917.
Surplus.
Dividends.
Year- Profits.
( %).
.
6
-V.104, p. 1050, 859.
1916.._.$1,357,592 $16S,936 (17 Bi %)$700,000 $488,656 $1,627,259 Further particulars will be sent out early in June.
1,138,603
517,374
(10%) 375,000
168,936
-V.103..
1915___1,061,310
Ray Consolidated Copper Co.
-March Quarter.p.2347.
1917.
1917.
1916.
-Bonds Called.
Midway Gas Co., San Francisco.
8 .68 Totalincome
1 01,5
Gross prod._.lbs_21,813,772 15, 916
$3 47 574 $2,2 9%
1 57
:7
6:1
7 5
8 :3
0
Seventy ($70,000) First & Refunding 6% bonds of 1914 have been called Net profits
33,471,699 32,191,593 Dividends
for payment Juno 1 at par and int. at Mercantile Trust Co., San Francisco. Miscell. Income__
13,955 Balance,surplus $1,899,400 $1,416,246
4,880
-V. 101, p. 217.
The earnings for the 1917 quarter are computed on the basis of 26.819c.
per lb. for copper, against 24.598c. In 1916.-V. 104, p. 1797, 1596.
National Acme Co., Cleveland, 0.
-Listed.
The Cleveland Stock Exchange has listed $12,500,000 of the company's
-New Directors.
Safety Car Heating & Lighting Co.
$25,000,000 capital stock. The remainder of the stock is deposited with
Robert Barber has been elected a director to succeed his father, William
the Cleveland Trust Co. under the terms of the contract of sale and certifi-V. 101,p. 1708,458.
cates of interest issued against it. Only the free stock will be handled on Barber. deceased. G. D. Pope fills a vacancy.
any exchange until June 1 1917. On or before that time the balance, as per
agreement will have been released. The par is $50 per share. The current
San Joaquin Light & Power Corp.
-Bond Offering.
annual dividend rate is $3 per share, or at 6%. Dividends are paid quar- Torrance, Marshall & Co., Los Angeles, are offering
$1,000,terly on March,June, Sept. and Dec. 1. Dividend No. 1 was paid March 1
000 Series A 6% Convertible gold debentures, dated May 1
1917.-V. 104, P. 555.
National Carbon Co., Inc.
-Listed-Deposits.
-
The"Cleveland Finance" of Apr.21 says:"The new stocks of the Nationa
Carbon Co. have been listed on the Cleveland Stock Exchange. Over 92%
of National Carbon of New Jersey has been exchanged for the stocks of the
New York Corporation and over 6% more is in process of exchange. On
April 9$5,161,000 of the $5,600,000 of Carbon preferred had been exchanged
and 384.560 shares of the now common had been issued. The total authorized issue of tho latter is $1,000,000 shares of no par value. On the exchange
operation lass than 490,000 shares will be outstanding, the balance remaining in the treasury. -V. 104, P. 1494. 858.
1917, due May 1 1927. Denom.$1,000c*. Redeemable all
or any part at any time prior to May 1 1922 at 102 and int.,
and on May 1 1922 or any time thereafter at 101 and int.
Interest is payable M.& N. at the Security Trust & Savings Bank, Los
Angeles, Cal. (trustee), or at the office or agency of the corporation, N.
The corporation convenants to pay the normal Federal income tax.
Capital S!atement as of May 1 1917 Outstanding with Public.
Divisional closed mtg.bds.$2,823,000 Prof. stock,6% cum
$1:000
16 500:000000
stock
First & Ref. M.bds. 1950- 6,537,000 Common stk
6% cony. debs of 1927(this
National Conduit & Cable Co., Inc.
-Officers-Direc1,000,000
issue)
Data from Letter of Pres. W. 0. Kerckhoff, May 1 1917.
---This company on May 10
tors-Mortgage Filed-Merger.
Organization. &c.
-Incorporated in California in July 1910 as a consoliin Westchester County, N. Y.,filed its mortgage for $5,000,- dation, and operates in the seven principal counties of the San Joaquin
000 to the Bankers Trust Co., trustee, and at the same time Valley: Mariposa, Merced, Madera,Fresno, Tulare, Kings and Kern. The
there was filed certificates of merger of the National Brass 86 district extents from north of Merced to south of Bakersfield, is about 200
miles in length by 80 miles in width, and contains the cities of Merced,
Copper Tube Co. with the old National Conduit & Cable Madera, Fresno. Selma. Hanford, Bakersfield, Sanger, Dinuba and about
The population
new corporation being known as the National 50 other smaller communities. a general lightingis now estimated at about
Co. the
and power business and is
250,000. The corporation does
Conduit & Cable Co., Inc.
furnishing energy for agricultural uses and for pumping oil wells; also disThe following officers and directors of the now co. have been elected:
tributes gas in Bakersfield, Kern, Merced and Selma; operates the street
Officers George J. Jackson, Chairman of the Board; Edward S. Perot, railway systems in Bakersfield and Kern, and furnishes domestic water in
Prest.; Edward S. Perot Jr., Vice-Pros.; and Morton A. Howard. Secretary. Selma and Madera.
-The entire proceeds of these debentures will be used only for
This Issue.
-The above, and Albert H. Wiggin, Pros, of the Chase Nat.
Directors
Bank; C. B. Mitchell, Pres. of the Nat. City Co.', Andrew Fletcher, Pres. additions and improvements. The corporation will suffer to be issued no
Locomotive Co.; Stephen Millett of Millett, Roo & Hagen; further underlying bonds; that it will make no further or other mortgage
of the Amer.
the
Robert Montgomery of Montgomery, Clothier & Tyler, and Hugh K. than exists at May 1 1917; thatany total amount of debentures and floating
time $4,800,000, and that the corporaindebtedness will not exceed at
Prichitt of Prichitt & Co. See V. 104, P. 1391, 1494, 1596, 1707.
tion will not pay dividends to stockholders in excess of the present rate at
-Stock Increased.
any time when its floating debt exceeds $300,000.
National Fuel Gas Co. the
-Owns three hydro-electric plants on the San Joaquin River.
Properties.
proposed increased in capital stock
The shareholders have ratified
Plants No. 1 and No. 3 have been in operation some time and have a comfrom $16,000,000 to $32.000,000. V. 104. P. 1707, 1149.
bined capacity of 18,000 k. w. Plant No. 2, about two-thirds completed,
-For March Quarter. will have a capacity of 3,000 k. w. Also operates three other hydro-electric
Nevada Consolidated Copper Co.
plants:(a) on the Tube River of 6,000 k. w. capacity;(b) Kern River, 1.350
1916.
1916.
1917.
1917.
k. w. The corporation (1) operates at
__Ibs_18,852,321 19,160,274 Depreciation
$160,446 $142,360 k. w.; and (c) Merced Falls, 500 of 18,900 h. p. and steam reserve plants
Gross prod_
Bakersfield a steam turbine plant
83,498
56,112
Net fr. mines, &c..$3,238,475 22,731,811 Ore extinguishrn't
Fresno and Betteravia of 4,290 combined h. p.; (2) distributes natural
Dividends paid.. .111,999,457 $999,728 Balance,surplus_ _$1,022,459 $1,556,225 in in Bakersfield and artificial gas in Selma and Merced, combined plant,
gas
-V. 104, p. 1798, 1596.
3,775,000 cu. ft. daily, combined distributing system aggregates 88.5 miles
of mains; and (3) operates in Bakersfield a street railway of 10.51 miles of
-Sub Co. Stock.
North American Co., N. Y.
-V. 104, p. 1699. track supplemented by automobile bus lines.
Soo Union Elec. Light & Power Co., St. Louis, below.
-No. of Consumers- Transm. -Generating CapacityYear ended
stea.
-Securities.
Light. Power. Gas. Ltnes,M. Hydraulic.
Dec. 31
Northern Indiana Gas & Electric Co.
7,792
450 2,555
614 6,735 h.p.
1,800 h.p.
This company,it is reported, has applied to the Indiana P.S. Commission 1910
14,627 1,283 4,449 1,904 25,900 h.p. 12,666 h.p.
for authority to issue $609,000 of its bonds,$93,000 notes,and also $151,000 1912
18,514 2,230 4,738 2,541 33,980 h.p. 23,190 h.p.
bonds of the Indiana Lighting Co., now held in the treasury of the former 1915
20,711 2,527 5,143 2.759 34,466 h.p. 23,190 h.p.
company. The proceeds to be used for refunding, improvements and 1916
Reservoir capacity, 50,000 acre feet.
extensions, &c.
-V. 102, D. 1350.
1904
[VoL. 104.
THE CHRONICLE
-Calendar Years.
Earnings, Certified by Price, Waterhouse & Co.
-Stock Increase.
Swinehart Tire & Rubber Co.
1914.
1913.
1916.
1915.
This company has filed at Springfield, 0., a certificate), increasing the
Gross operating revenue_ _ _ _$1,806,772 $1,766,374 31,827,588 $1,741,301
Net income available for int_$1,086,773 $1,082,988 $1,123,007 $921,390 authorized capital stock from $800,000 to $1,500,000.-V. 97, p.600.
431.288
484,697
Interest charges (net)
474.462
474,995
-Applies to List.
Tennessee Copper 85 Chemical Corp.
Bal. avail.for depr., divs.,&c $611,778 $598,291 $648,545 $490,102
This company has applied to the N. Y. Stock Exchange for authority to
also annual report, V. 104, p. 1596, 1587, 769.
Compare V. 100,P. 1753;
list $2,000,000 1st Mtge. 6% 10-year series "A" cony, sinking fund bonds,
- due Nov. 1 1925.-V. 104, p. 1708, 458.
-Stock Increase.
Sharp Mfg. Co., New Bedford, Mass.
The shareholders will vote May 24 on increasing the authorized common
-Annual Report.
Tennessee Power Co.
stock from $1,300,000 to $2,300,000 (par $100.).-V. 102, p. 716.
See Tenn. Ry. Lt.& Pow. Co. under "Reports abovo."-V. 98, p. 1698.
Shattuck Arizona Copper Co.-Production.Copper( lbs.) Lead (lbs.) Silver (oz.)
(1917)164,979
18,233
April
1,482,232
75,002
1,228,880
Four months
5,818,824
-V. 104, p. 1805, 1392.
Gold (oz.)
179.83
791.97
-Sub. Co. Incorp.
Sinclair Central American Oil Corp.
-Earnings.
Tonopah Belmont Development Co.
Other Adm. Exp.
Balance.
Net
Net
Feb. 28
Gross
Value. Earnings. Income. Taxes, &c. Surplus.
Years- Value.
1916-17..$2,531,737 $2,365,991 $1,290,706 $145,767 $191,374 $1,245,099
46.740 1,001,028
1915-16.. 2,332,252 2,160,522 1,023,814 23,954
-V. 99, p. 1604.
-V. 104. p. 458.
See Sinclair Panama 011 Corp. below.
-An offi-Income Tax on Dividend.
Union Carbide Co.
- cial circular of May 1 says in substance:
-Panama Co. Incorporated.
Sinclair Gulf Corp., N. Y.
-V. 104, p. 1805, 1392.
See Sinclair Panama 011 Corp. below.
-Earnings for
Sinclair Oil 85 Refining Corporation.
3 and 12 Months ending March 31 1917.3 Months. 12 Mopths.
Gross income(sub. cos.)from produc., refining, &c_ J3,199,022 $8,839,075
General, &c., expenses, bond interest, &c
325,243 2,005,781
Balance available for dividends and depreciation_ _$2,873.778 $6,833,294
-V. 104. p. 1805, 1392.
-Incorporated.
Sinclair Panama Oil Corp.
In answer to inquiries, we are advising our stockholders that of approximately $8,566,800 surplus capitalized and distributed to the stockholders
by the stock dividend of 40%, paid one-half in Oct. 1916 and one-half in
Jan. 1917, $6,499,252, or 75.87%, was not from earnings or profits accrued
since March 1 1913, within the meaning of the provisions of the present
Federal Income Tax Law, which require payment of an additional income
tax on net income in excess of $20,000 on stock dividends declared and
distributed out of earnings or profits accrued since March 1 1913.-V. 104,
13. 1392, 958.
-Stock.
Union Electric Light& Power Co., St. Louis.
This company, we learn, has been authorized to issue, from time to time,
not exceeding $8,040,000 of 7% non-cum. pref. stock, par $100, to provide
funds for the future extension of its business. Of this amount the initial
$1,000,000 has been issued, with the approval of the Missouri P.S. Comm..
and, it is understood, the holders of the $9,885,000 corn. stock will shortly
be allowed to subscribe for it at par. The North American Co. owns
-Status.
Sloss-Sheffield Steel 85 Iron Co.
control of the company. The pref. stock is callable at 105% at any time.
An authorized statement says: The report recently made for the first Total auth. common. $21,040,000.-V. 104, p. 1806. 1495.
on the common stock at the rate of $21 60
quarter of the year shows profits
-Stock Increase.
Progressive earnings are anticipated for the remainder of the
United Gas Improvement Co.
year. The
annually. company has a floating debt of $750,000 borrowed for the purThe shareholders on May 7 ratified the proposed increase in capital stock
pose of carrying pig iron, but on the other hand has due it $1,100,000 for from $55,520,700 to $61,072,800 (par $50). Shareholders of record May 12
iron sold and delivered, and is also carrying in its yards 86,000 tons of iron have the right to subscribe between May 24 and June 15 1917, for 10%
already sold but not yet delivered. All of the estimated capacity for 1917 new stock at par, payable $25 per share each on June 15 and Oct. 11917.
has been sold except about 25,000 tons; in other words, the company is 95% Compare V. 104, p. 1708, 1697.
sold up for the year. Compare V. 104, p. 1168, 1258, 1596.
This company was incorporated in Dela. on May 8 with an authorized
capital stock of $5,000,000, all of which stock is owned by the Sinclair
Central American Oil Corp. (V. 104, p. 458), which in turn is a subsidiary
of the Sinclair Gulf Corporation (V. 104, p. 1805, 1392).
-Agreement for Sale
Southern California Edison Co.
-We have
of Local Distributing Lines to City o4 Los Angeles.
• received the following, stated to be official:
The Southern California Edison Co.and the Pacific Light & Power Corp.
have entered into an agreement with the City of Los Angeles, dated April 30
1917, providing for the sale of the distributing systems of the two corporations within the City of Los Angeles to the City of Los Angeles on or before
July 1 1919. The consideration mentioned is approximately $9,300,000,
plus the companies' expenditures for extensions and betterments after
Jan. 1 1917. The agreement is subject to the approval of the Railroad
Commission of the State of California.
The agreement also provides that upon the consummation of the purchase the city will enter into a contract to purchase from the companies not
less than 25,000 h. p. for a period of ten years, and provision is also made
for an additional period of 20 years for the purchase from the companies
of all the excess current distributed within the City of Los Angeles by the
city which the city is not able to supply from its own plants.
Pending the consummation of the above agreement the city has contracted with the two companies to act as its agent in the distribution of the
electric power generated by the city on equitable terms.
The above arrangements make it unnecessary for the city to construct
separate distributing lines in order to market its electricity, and when the
purchase is consummated, will change the business of the Southern California Edison Co. and the Pacific Light & Power Co. within the City of Los
Angeles from a retail to a wholesale basis.
[On May 3 the Los Angeles Gas & Electric Co. brought suit to enjoin
the city from carrying out this temporary power contract on the ground.
as alleged, that it violates the city charter.1-V. 104, p. 1805, 1708.
-Listing.
United Paperboard Co., Inc.
This company has applied to the N. Y. Stock Exchange for authority to
list its $9,186,400 stock.
-V. 104, p. 769, 78.
-Unfilled Orders.
United States Steel Corporation.
See "Trade & Traffic Move'ts" on a preceding page.-V.104,p.1806,1708.
Victor Talking Machine Co.-Report.-Pres. Eldridge
R. Johnson, in the annual report for 1916, says in substance:
The volume of business transacted has greatly exceeded that of any other
year, but,due to many influences, the profits have not been proportionately
high; in fact, the great increase in business during the latter months of the
year was not sufficient to sustain the previous ratio of profit. The extensions to plant have been completed and occupied. The erection of proposed
new record plant has been postponed on account of high cost at this time.
"The directors have since Dec. 31 1916 completed a sale of the capital
stock of subsidiary companies, shown on the balance sheet as"investments
in other companies." Control of these companies was originally assumed
only as a measure of protection, and it was felt to be wise to accept an
advantageous opportunity to relieve the Victor directors of the responsibilities incidental to the control of the subsidiary companies.
On April 9 1917 the U. S. Supreme Court rendered decisions whereby the
license notices affixed to our patented products were held to be, in part,
unenforcable. The company is now taking steps to conform to the decisions
as speedily as practicable."
Employees now number more than 10,000.
Balance Sheet December 31.
1915,
1916.
1916.
1915.
Liabilities$
Assets$
1,900
1,900
Plant & mach. 8,468,861 6,159,702 Pt.stock(7%)
-Dividends.
Standard Milling Co., N. Y.
Common stock 4,999,000 4,999,000
Patents & terThe directors have declared a quarterly dividend of 1%% on the pref.
2 Acc'ts payable 2,471,515 1,825,689
2
rights
ritory
stock, payable out of the earnings for the current fiscal year, on May 31 to Investments a 2,508,493 2,471,259 Div. payable
holders of record May 21.
249,983
249,983
Jan. 15_ _ -_
31,699
71,131
Deferred chgs.
The 3rd installment of 2% (1%, in cash and 1% in stock) of the 8% divi- Invent. (cost) 5,765,266 2,487,740 Undiv. profits 19,285,401 14,605,483
dend on the common stock, which was declared on Oct. 25 1916, will be Notes & acc'ts
payable on May 21 to holders of record May 21.-V. 103, p. 1987.
receivable__ 3,810,576 3,426,661
Totals
27,007,799 21,682,055
6,383,470 7,104,091
-New Director.
Cash
Standard Motor Construction Co.
has been elected a director to succeed W. L. Myles.
E. I. Edwards
"investments in other companies, $544,102;" investa Includes in 1916
V.
- 104, p. 1270, 958.
$246,110, and investments in securities, $1,718,281.
- ments in trust funds,
Standard Motor Construction Co., Jersey City.
The undivided profits as a Dec. 31 1913 were $3,655,260, against $9.892,438 Dec.31 1915,$14,605,483 Dec.1915 and $19,285,401 Dec.31 1916.
1916.
Dec. 31
1915.
1915.
1916.
Dec. 31
Liabilities
[The "Phila. News Bureau" from time to time has reported:
$
Assets-The company's business is at the highest point ever reached,
On Jan. 19.
Land,b1dgs.,&c_ 392,933 381219 Capital stock__ _1,801,000 1,800,000
1.716,388 1,716,388 Bonded debt__ _ 202,701 217,569 with prospects of a still larger gross business for years to come. The plant
Patents
,
Acc'ts payable__ 47,033 158,176 is able to satisfy less than 50% of the present demand for machines and
274,507
Investments_ _
6,445
71,406 Depos. on orders
2,568 records, while it is almost impossible to get the new 'Tungs-tone" needles.
215,795
Cash
Accrued interest
4,060
The strong financial position of the company is reflected in the undivided
Notes and acc'ts
869,496 581,119 profits. All patents, territorial rights, &c., are carried on the books at $1.
92,397 148,971 Surplus
receivable
The copper matrices, used in making the records, are also carried at $1.
Mdse. inventory 237,714 438,447
although the value of the copper metal alone is in the neighborhood of
2,929,735 2,759,432 $1.000,000. The depreciation charged off on plant is 25% annually.
2,929,735 2,759,432 Total
Total
was $396,377, and, after deducting dividends of Recent sales of the stock were made at $1,060. This represents eireturn
The net profit for 1916
common stock was increased from
6% paid during the year, calling for $108,000, the balance,surplus,for 1916 of over 7%%. In 1911 the the rate of more than three shares$1,200,000
for one.
to $4,999,000, this being at
was $288,377.-V. 104, p. 1270, 958.
On Mar. 9 [in connection with the revival of rumors of a change in the
-Extra Dividend.
Standard Oil of Kansas.
pointed out that a new company, with capital stock
-It is
capitalization].
An extra dividend of 2% has been declared on the stock in addition to of a par value of$50,000,000, would probably be able to maintain dividends
the regular quarterly 3% payable June 15 to holders of record May 31. of 10% per annum. The plan has always been opposed by Pres. E. R.
Johnson, who represents over 27,000 shares of the total 50,000 outstanding.
V. 104, p. 1270. 368.
Record Since Corn. Stock Was Increased from $1.200,000 to $4,099,000.
-Earnings.
Standard Screw Co.
1916.
1915.
1912.
1913.
1914.
Common Dividends1915-16.
1916-17.
Mar. 31 Yr. 1916-17. 1915-16.
0
2
6
20a
60
10%
10%
0
16
2 :,
12m%
(149)3,725,000(15)375,000 Regular
$2,163,738 Corn. divs.
Tot.net profit.$7,514,575
10%
Extra
41,966
$64,266 Int. charges__
8,100
Pf.A.divs.(6%) $64,266
On April 9.-The U. S. Supreme Court has pronounced unlawful the
107.023 Surplus
$3,610 $1,575,483
(7
Pf.B.divs. %) 107,023
J. G. Lewis and R. H. Shutz have been elected directors to succeed limited license plan under which the Victor Talking Machine and many
by the
other products are distributed. The suit was brought York. Victor Co.
Henry Russell,resigned,and S.S.Leonard,deceased.
The Court
& Co. department store of New
During the year $829,700 pref."B"stock has been purchased for redemp- against the R. H. Macyfor machines gives others rights to use them subject
patent grants
tion; the balance($699,200) is to be redeemed on July 1 1917 at 110 and int. held that
supplies." This
to the patent right with "any appropriate material orcase.
1050. 368.
V.
- 104. p.
The Court
overturn's the Court's decisions in the Dick Mimeograph
-Stock Increase.
(B. F.) Sturtevant Co., Boston.
did not decide the legality of the Victor plan of limiting distribution solely
Vandevanter
Holmes
This company has increased its authorized capital stock from $2,500,000, through licensed dealers. Justices McKenna,e etrazinianddothe llkoic
.
aly
a avir
consisting of $1,250,000 each of common and 6% guaranteed pref. stock, dissented. [The company is understood tohr, a monorn f the ve ils
to $3,750,000, by issuing 12,500 new shares of common stock, par $100, of the principal opera stars like Caruso,
which was purchased by the common stockholders on a share for share V. 103. p. 1046.
basis. Dividends on the common stock have been paid for some years
-Stock Increase.
Washburn-Crosby (Flour Mills) Co.
at the rate of $6 per annum, payable J. & J.
This company has filed an application with the Sec. of State of Minn.
The company is a closed corporation. E. B. Freeman is Treasurer.
of incorporation so as to increase the authorized
to amend its articles
-V. 89, p. 476.
amount of capital stock from $10,000,000 to $20,000,000. Par $100.
-Stock Pres. John Washburn is quoted as saying that the application was made as
Superior Steel Corporation, Carnegie, Pa.
-On subsequent pages will be found the official state- a standing provision against the future, there being no intention to increase
Listed.
ment made to New York Stock Exchange in connection with the capital stock at present. an increase in the limit of indebtedness from
The a. ilication also calls for
the listing of the company's preferred and common stocks. $15,000, to $20,000,000. Compare V. 101.p. 1106.
The statement contains full particulars regarding the company's properties, sales, net profits, balance sheet, &c.
The preferred stock was placed by White, Weld & Co.,
Frazier & Co., Cassatt & Co., and Merrill, Lynch & Co. in
Deo.1916. See offering V.103, p.2348.-V.104, p.1806,1708.
-Sales.
(F. W.) Woolworth Co.
-1916.
-April
1917
$7,493,253 $7.349,140
-V4104, p. 1505, 958.
Increase.
Increased 1917-4 Mos.-1916,
$144,1131$25,978.808 $23,595,193 $2.383,615
For other investment news see page 1919.
THE CHRONICLE
MAY 12 1917.]
1905
Seines aml potunxtnts.
ILLINOIS CENTRAL RAILROAD COMPANY
SIXTY-SEVENTH ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31 1916
To the Stockholders of the Illinois Central Ralroad Company:
The Inter-State Commerce Commission having issued an order under date of November 24 1916, directing all common
carriers to submit reports thereafter covering the period of twelve months ending December 31, the Board of Directors concluded to change the fiscal year of your Company to conform therewith, and accordingly submit herewith a report of its
operations and affairs for the year ended December 31 1916:
The number of miles operated on June 30 1916 was
On July 1 1916 there was an increase in the mileage due to the relocation of junction point at Memphis Junction, Miss.. of
4.766.93
.03
.22 4,766.96
. Less: On July 11916 decrease in mileage due to change of junction switch at Decatur,Ill
abandoned and taken up at Tigertail, Tenn
On October 15 1916 track was various
remeasurements
Decrease in mileage due to
The number of miles operated on December 31 1916 was
The average miles of road operated during the six months ended December 31 1916 were
The average miles of road operated during the calendar year were
.48
.07
.77
4,766.19
4,766.47
4,766.79
INCOME.
There is submitted below.the income account of your Company for the years ended December 31 1916 and 1915.
In order to present a comparable statement for the two years, the nonoperating income has been restated, as explained
on the succedding page.
1916.
Average miles operated during year
Railway operating revenues:
Freight (including bridge tolls and miscellaneous freight)
Passenger (Including bridge tolls and miscellaneous passenger)
Mail - ------------------------------------Express---- ---Other passenger Crain
Other transportation
Incidental and joint faciliti
1915.
Increase(+)
Decrease(-
4,766.79
+$7,333,049 58
+1,570,703 19
+152,739 24
+526.033 63
+44.032 57
+37,588 34
+272,040 55
$63,804,079 22
+$9.936.187 10
9.921,656 27
16,980,995 16
1,303.244 08
22.553.003 57
425,364 01
1.848.339 22
Cr.189,452 84
Total railway operating expenses
—0.63
$45,992,467 55
12,864,700 77
1,103,345 41
1,551.419 72
463.044 49
868,321 19
960,780 09
$73,740.266 32
Total railway operating revenues
Railway operating expenses:
Maintenance of way and structures
Maintenance of equipment
Traffic
Transportation
Miscellaneous operations
General
Transportation for investment—Cr
4,767.42
$53.325,517 13
14.435,403 96
1,256.084 65
2,077.453 35
507,077 06
905,909 53
1,232,820 64
9,491,070 36
14,970,410 38
1,232,749 18
21,446.631 76
352,385 98
1,713,794 62
Cr.187.100 63
+430,585 91
+2,010.584 78
+70,494 90
+1,106,371 81
+72.978 03
+134,544 60
—2.35221
$52,843,149 47
$49,019,941 65
+$3.823,207 82
$20,897,116 85
4.116.065 26
21.812 59
$14,784,137 57
3,268.938 38
22.966 10
+$6,112,979 28
+847.12688
—1.153 51
$16,759,239 00
11,256,911 42
$11.492,233 09
8.296,372 06
+$5.267,005 91
+2,960,539 36
Gross income
Deductions from gross income
$28.016,150 42 ' $19,788,605 15
12,147,867 67
11,878.664 89
+$8.227.545 27
+269,202 78
Netincome----Disposition of net income:
Income applied to sinking and other reserve funds
Income appropriated for investment in physical property
$15,868,282 75
$7,909,940 26
$+7,958.34249
$114.125 00
46.664 72
$110.025 00
46.027 77
+$4.100 00
+636 95
Net revenue from railway operations
Railway tax accruals
Uncollectible railway revenues
Railway operating income
Non-operating income- -------------------------------------- ----
Total appropriations of Income
Income balance transferred to credit of profit and loss
----
------
$160,789 72
$156.052 77
+$4.73695
$15.707.493 03
$7,753,887 49
+$7.953.605 54
—
It has heretofore been the practice to take into account in the month of June each year the dividends on Dubuque &
Sioux City Railroad Company Capital Stock and the interest on the Louisville New Orleans & Texas Railway Company
Second Mortgage Income Bonds owned by your company,such dividends and interest representing the surplus of the Dubuque & Sioux City Railroad Company and the Yazoo & Mississippi Valley Railroad Company, respectively, for the entire
year. Provided such dividends and interest had been declared semi-annually instead of annually, the income of your company from these sources from July 1 1914 to December 31 1916 by six months periods would have been as follows:
1915sm
i_tec
Six months ended j nriber
31.143 188
:
15
R4 i -----------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------ _ ------------------------------------------------------------------------------------ 80
" December 31
29
30 1916----------------------------------------------------------------------------------------- 1.758,919 21
" June
1.059,459
" December 31 1916----------------------------------------------------------------------------------------- 2,790,290 00
In consequence of the change in the reporting year from June 30th to December 31st, the actual income account for the
.
year ended December 31 1916, as reflected by the Company's books and shown in Table No. 2, includes dividends and interest for the last three six months periods, there having been taken into account M the month of June 1916, dividends
and interest for the full year ended June 30 1916, and in the month of December 1916, the income from the same source for
the six months ended.December 31 1916. The income for the year ended December 31 1915, as shown in the same table,
likewise included the income for, the year ended June 30 1915, as shown by the first two items listed above.
In stating the comparable income account on the preceding page, the last two amounts were included in the nonoperating income for the year ended December 31 1916, and the second and third items were similarly treated for the year
ended December 31, 1915, thus Taking a correct comparable income statement which includes revenues, expenses, taxes,
nonoperating income, and deductions from income for one year for each of the two years.
REVENUES.
The operating revenues during the current year aggregated $73,740,266 32, as compared with $63,804,079 22in the preof $9,936,187 10, or 15.57%.
.
ceding year, an increase
Freight revenue, mcluding bridge tolls and miscellaneous freight, yielded $53,325,517 13, an increase over the previous
year of $7,333,049 58,.or 15.94%. Practically all classes of freight contributed to this increase in business. The more
marked increases were in bituminous coal and lumber. There was a substantial increase in the freight revenue on the northern and southern lines of the Company. The western lines showed only a moderate increase in revenue.
Revenue from the transportation of passengers, including bridge tolls and miscellaneous passenger, amounted to $14,435,403 96, being $1,570,703 19, or 12.21% in excess of the preceding year. All portions of the system participated in this
increase, although, as in the case of freight revenue, the western lines participated in the increase to a moderate extent only.
Information with reference to statistics of freight and passenger traffic will be found in Table No. 12.
EXPENSES.
The operating expenses amounted to $52,843,149 47 this year, as compared with $49,019,941 65 last year, an increase
of1$3,823,207 82, or 7.80%.
1906
[VOL. 104.
THE CHRONICLE
MAINTENANCE OF WAY AND STRUCTURES.
Maintenance of way and structure expenses amounted to $9,921,656 27, being an increase over the previous year of
$430,585 91, or 4.54%. The increase was largely due to greater outlays for maintenance of station, office and shop buildings, fuel and water plants, and expenditures incident to the replacement of steel bridges with masonry structures between
63rd and 67th Streets, Chicago. Other factors contributing to the increase in expenses were increased rates of wages paid
section men and increased cost of material used in maintenance of way and structure work.
The following are some of the more important renewals made during the six months ended December 31 1916, the cost
of which was charged to operating expenses:
1,060,806 cross ties were renewed, being equivalent to 342.10 miles of continuous track, or 4.55%of all ties in track,
including sidings.
14.04 miles of track were relaid with new steel and 4.64 miles with second hand steel rail, replacing rail of the same
weight.
4,875 lineal feet of pile and timber bridges were replaced by embankments.
547 lineal feet of iron and 990 feet of concrete pipe culverts were installed.
404 miles of ballasted track were repaired or renewed to restore the track to its original standard.
Data relating to work, the cost of which was charged wholly or in part to "Road and Equipment," will be found on a
subsequent page of this report, under the caption "Physical Changes."
MAINTENANCE OF EQUIPMENT.
The expenditures for maintenance of equipment amounted to $16,980,995 16, being $2,010,584 78, or 13.43% in excess
of the previous year. The increase is due in part to the large increase in cost of making repairs, and in part to heavier
charges for depreciation and retirements of freight-train cars. Important elements in the increased cost of repairs were increased rates of wages paid shopmen,and substantial advances in prices paid for practically all material entering into equipment repairs.
Depreciation charges for equipment were $2,974,901 29 this year, an increase over last year of $769,689 65.
During the six months ended December 311916,92 engines received general repairs and 207 received thorough repairs.
During the same period 56 passenger-train cars were given heavy repairs and 269 were given medium repairs.
The average mileage per serviceable locomotive for the year was 29,081 miles. The average age of locomotives was
12.25 years. of revenue freight-train cars 9.68 years, and of passenger-train cars 14.70 years.
TRAFFIC EXPENSES.
Traffic expenses amilunted to $1,303,244 08, an increase for the year of $70,494 90, or 5.72%.
TRANSPORTATION EXPENSES.
Transportation expenses were $22,553,003 57, an increase of $1,106,371 81, or 5.16%. Additional benefits have been
secured from the use of superheated locomotives of greater tractive power,resulting in a substantial increase in the train load.
Increases in wages were granted various classes of employees in the transportation department, and the price paid for fuel and
other supplies substantially increased.
MISCELLANEOUS OPERATIONS.
Expenses for miscellaneous operations amounted to $425,364 01, being an increase of $72,978 03, or 20.71%.
GENERAL EXPENSES.
General expenses amounted to $1,848,339 22, an increase of $134,544 60, or 7.85%. The greater portion of this increase was due to expenditures in connection with the valuation of the Company's physical property being made in accordance with the requirements of an Act of Congress providing for the physical valuation of railroads.
• TAXES.
The amount of taxes for the year was $4,116,065 26, an increase of $847,126 88, or 25.91%. There was a substantial
increase in the amount of the charter tax paid the State of Illinois on account of increased gross receipts on the charter line.
Taxes on non-charter and leased lines in practically all States were materially greater, due in some instances to increased
levy rates and assessments, and in other cases to increased gross receipts. There was also a marked increase in the amount
of Federal income tax, due to the Act of Congress, approved September 8 1916, providing for an increase in the amount
of the tax on corporations from 1% to 2% of the surplus for the year,and also to the increased amount of the surplus taxable.
FINANCIAL.
The general balance sheet, Table No. 4, reflects the financial condition of the Company on December 31 1916, as compared with June 30 1916.
The comments which follow with reference to Capital Stock and Funded Debt, Securities Owned,Insurance and Other
Funds, Road and Equipment,and Physical Changes, are confined to the changes that have taken place during the six months
ended December 31 1916.
CAPITAL STOCK AND FUNDED DEBT.
There were no changes in the Capital Stock.
Under the terms of the mortgage, $2,000,000 00 Illinois Central Railroad Company First Lien Equipment Bonds were
delivered to the Trustee and canceled. There were also surrendered to the Trustee for cancellation $240,000 000 of these
bonds in connection with the retirement of equipment covered by the mortgage.
There were retired and canceled under the terms of the respective Trust Agreements Illinois Central Equipment Trust
Certificates, Series "A," $400,000 00; Series "B," $175,000 00; Series "C," $99,000 00; and Series "D," $95,000 00.
SECURITIES OWNED.
The Yazoo & Mississippi Valley Railroad Company,in liquidation of indebtedness for improvements made to its property, issued and turned over to this Company $174,000 00 of its Five Per Cent Gold Improvement Bonds.
There was received from the Dubuque & Sioux City Railroad Company $2,521,116 18 of that Company's Four Per
Cent Debenture Bonds, in payment for advances made to that Company from time to time for additions and betterments
to its property.
$16,500 00 Iowa Falls & Sioux City Railroad Company Seven Per Cent Bonds, maturing in 1917, were purchased.
$35,000 00 of Chicago St. Louis & New Orleans Railroad Company Equipment Trust Certificates, Series "A," owned
by the Company matured and were redeemed.
The Peoria & Pekin Union Railway Company redeemed $12,500 00 par value of its Five Per Cent Debenture Bonds,
maturing August 1 1916.
$53,000 00 par value of The Yazoo & Mississippi Valley Railroad Company Five Per Cent Gold Improvement Bonds
were transferred to the Insurance Fund, and $29,000 00 par value were sold.
INSURANCE AND OTHER FUNDS.
The changes in the Insurance Fund during the six months ending December 31 1916, and the condition of the fund at
the close of the year, are shown in the following table:
Six Months Ending Year Ending
Losses by fire
Premiums paid for reinsurance
Dec. 31 1916.
$2,311.374 83
30.000 00
549 06
57.775 00
15,438 54
June 30 1916.
52,215.372 56
60,000 00
1,009 92
111,725 00
29.784 20
$2.415,138 33
Amount at credit of fund beginning of period
Added through monthly charges to operating expenses
Collected from lessees account of insurance
Interest received on investments of the fund
Fire losses collected
$2,417,981 68
$27,748 83
23,285 59
$58,327 07
48,279 78
$51,034 42
Amount at credit of fund at close of period
$106,606 85
52.364.103 91
52,311.374 83
MAY 12 1917.]
THE CHRONICLE
1907
The balances in the sinking funds as of December 311916, and the increases during the past six months were as follows:
The Farmers' Loan and Trust Company, Trustee-Cairo Bridge Contingent Fund,$504,180 00.
The Farmers'Loan and Trust Company, Trustee-Cairo Bridge Sinking Fund,$397,113 18,an increase of $15,114 59.
United States Trust Company of New York, Trustee-Sinking Fund for Western Lines Bonds, $1,557,067 63, an increase of $34,769 18.
United States Trust Company of New York, Trustee-Sinking Fund for Omaha Division Bonds, $217,515 52, an increase of $6,646 37.
ROAD AND EQUIPMENT.
There was expended during the six months ended December 31 1916,for Road and Equipment (including improvements
on leased and subsidiary companies' properties) $4,417,471 82.
The following is a classified statement of these expenditures:
Additions and
Betterments
on Owned.
Road:
Lines.
Engineering-- ---- --- -- ---------------------------------------------------------- $40,606 07
Land for transportation Purp-o-ses
112,265 08
Grading -------------------------------------------------------------------------- 175,106 69
.
Tunnels and subways
20,746 69
Bridges, trestles and culverts
149,982 92
Ties---------------------------------------58.588 62
. Rails___ -- _ -- _,
111.007 74
Other track Material
108,001 52
Ballast
66.574 12
Track laying and surfacing
120,495 74
Right of way fences
5,373 15
and sand fences and snowsheds
Snow
857
Crossings and signs
51,008 15
Station and office buildings
422,233 57
Roadway buildings
6,882 91
Water stations
45,170 37
Fuel stations
17.632 17
Shops and enginehouses
121,918 82
Grain elevators
1,66209
Wharves and docks
23 28
Telegraph and telephone linos
8,843 66
Signals and interlockers
17,862 34
Power plant buildings
163 69
Power transmission systems
16 10
Power distribution systems
1,141 45
fixtures
Power line poles and
78 30
Miscellaneous structures
Cr.1,333 38
Paving
12,603 76
Roadway machines
167 47
Roadway small tools
improvements
Assessments for public
28,163 58
Other expenditures
-Road
45,877 78
Shop machinery
3,724 28
Power plant machinery
1,046 86
Covered by
Equipment Trust
Series "D."
Equipment:
Steam locomotives----------------------------------------------------- $43,799 39
Freight train cars------------------------------------------------------ Cr.19.871 01
--Passenger train carsWork equipment
General:
Organization expenses
Law
$23,928 38
Improvements
on Leased
Railway
Property.
$93041
6,952 12
2,77738
46 70
1.31825
2.66263
559 20
753 41
2,374 08
224 31
14,371 92
1,841 68
27658
382 16
Cr.t341 89
444 50
563,748 07
Cr.491,983 03
936,028 41
24,241 19
20 81
32.785,699 61
Advances for
Additions and
Betterments
to Lines of
Subsidiary
Companies.
$19.422 32
Cr.7,531 18
77,348 21
179,074 48
37,601 98
123.486 72
123,360 92
19,720 54
72.453 65
6,815 18
123 95
18.610 77
40,745 79
17.967 06
47.540 88
3.48022
100,550 66
11,700 11
2,623 79
1.68325
237,984 38
4,898 96
40 05
Cr.585 35
7,10021
2,006 90
34,606 13
49,425 06
47.496 59
8,112 39
284,825 83
Cr.120 04
$35,153 38
$1,572,690 45
The following shows the amount advanced during the six months ended December 31 1916, to each of the subsidiary companies, these amounts being included in total advances shown in Table No.6 of this report:
Chicago St. Louis & New Orleans RR
Canton Aberdeen & Nashville RR
Dubuque & Sioux City RR
Batesville Southwestern RR
Bloomington Southern RR
31,222,487 43
33,263 49
316,683 95
Cr.57 40
312 98
Total
31.572,69046
PHYSICAL CHANGES.
The following is a summary of the more important improvements, the cost of which was charged wholly or in part to
Road and Equipment, during the six months ended December 31 1916.
ROADWAY AND STRUCTURES.
There were 135.15 miles of track laid with 90
-pound new steel rail, and 39.88 miles of track relaid with second-hand
steel rail, all of which replaced rail of lighter pattern.
Thirty-three new industrial sidings were built or extended, resulting in a net addition of 2.21 miles, after allowing for
industrial tracks taken up.
One hundred and twenty-one new Company sidings were built or extended, a net addition for the six months period of
40.02 miles. Included in these sidings were additions to freight yard facilities of 6.86 miles of track at Centralia, Ill., 5.16
miles at Clinton, ll., 1.68 miles at Freeport, Ill., 2.13 miles at Nonconnah Yard, Tenn., 1.55 miles at Jackson, Miss., and
2.85 miles at McComb, Miss.
The elevation of tracks through Cicero, Ill., was completed. Grade crossing elimination work between 79th and 116th
Streets, Chicago, Ill., and the elevation of tracks at Indianapolis, Ind., are in progress.
For the purpose of grade reduction and elimination of curves the construction of a cut-off on the Effingham District
between Effingham,Ill.,and Evers, Ill., 4.15 miles in length, and involving the abandonment of 4.36 miles of the present
main track, was undertaken and nearly completed at the close of the year.
Bridges on the Mattoon District were strengthened so as to permit the use of heavier engines on this line. The renewal
of bridges over street crossings between 63rd and 67th Streets, Chicago, Ill., is in progress.
The lining of the Peterson Tunnel at Unionville, Ind., was commenced during the period.
The work of installing electric interlocking plants is in progress at Pullman Junction, Ill., and Rockport, Ky.
The construction of a subway at College Avenue, Bloomington, Ind., was commenced.
A new office and depot building at 63d Street, Chicago, Ill., is being constructed. The construction of a new passenger
station at Mattoon,Ill., was commenced. A new station building at Nashua,Ia., was constructed,and station buildings were
enlarged at Palestine, Ill., Rockford, Ill., Cecilia, Ky., Ripley, Tenn.,and Wesson, Miss. Combination passenger and freight
stations were constructed at Raleigh, Ill., and Argyle, Wis. A new freight house was constructed at East St. Louis, Ill.,
and extensions made to the existing freight houses at Freeport, Ill., and Dubuque, Iowa.
.
Water stations were improved at Christopher, Ill., Herrin, Ill. Pekin, Ill., Ullin, Ill., Fordham Yard, Chicago, Ill.,
Jackson, Tenn. Dawson Springs, Ky., Hernando, Miss., Durant, Miss., and Stuyvesant Docks, New Orleans, La.
steel water tanks were erected at Assumption, Ill., Hawthorne, Ill., Carbondale, Ill., Champaign,
New 100,000 gallon
Ill., Bloomington, Ill., Louisville, Ky., and Kentwood, La. The erection of a new 150,000 gallon steel tank at Matteson,
Ill., and of 100,000 gallon tanks at Kankakee, Ill., Mt. Pulaski, Ill., and Webster Cirty, Ia. was commenced. A new 50,000 gallon wooden tank was erected at West, Miss., and a second-hand wooden tank of 100,000 gallon capacity installed at
Winona, Miss.
New coaling plants were constructed at Assumption, Ill., Hart, Ill., Waterloo, Ia., and Cecilia, Ky., and the construction of a now plant at Effingham, Ill., was undertaken and practically completed at the close of the period.
The construction of new mechanical facilities at Louisville, Ky., consisting of a round house, office building., machine
shop, power house, paint shop and turntable, was begun. Extensive improvements were made to the mechanical facilities
at Burnside Shops and 27th Street, Chicago, Ill., and at Central City, Ky.
THE CHRONICLE
1908
[VOL. 104.
A new 85-foot turntable was installed at East St. Louis, Ill., and second-hand turntables were installed at Onawa, Ia.,
LeRoy, Ill., and Golconda, Ill., replacing worn out turntables of light and obsolete design.
The installation of block signals at Unionville, Ind., was completed. The block signal work between Munger and Coleman,Ill., is in progress. Block signals are being installed at various points on the Mississippi and Louisiana Divisions, and,
upon completion of the work,the line between Chicago, Ill., and New Orleans, La., will be completely block signalled. During the past six months there were added 143.5 track miles of automatic block signals, which, with the trackage previously
equipped, makes a total of 1,700 miles of protected track at the close of the year.
6,300 lineal feet of permanent bridges and trestles were constructed, replacing pile and timber bridges, trestles and
embankments.
312 lineal feet of permanent bridges and trestles, and 13,582 lineal feet of pile and timber bridges and trestles were
rebuilt or replaced by embankments.
24 miles of track were ballasted or reballasted and brought up to present standard.
EQUIPMENT.
Twenty Pacific type passenger engines were added during the past six months. Two locomotives were retired, resulting
in an increase of eighteen locomotives for the period, and an increase of 785,547 pounds in tractive power. Two Pacific and
one Atlantic type passenger engines were converted into superheated engines.
Fifty-two new passenger-train cars were added, and eighty-one refrigerator cars were equipped with passenger trucks
and transferred from freight to passenger equipment classification, making a total of one hundred and thirty-three ears
added during the six months ended December 31st. Three postal cars heretofore reported as owned jointly, three mail and
express cars, and two old coaches in mixed train service, were retired from the equipment list, resulting in a net increase
of one hundred and twenty-five passenger-train cars.
Three hundred new freight-train cars were added, and six hundred and nineteen were sold, destroyed or transferred to
other service, making a net decrease of three hundred and nineteen cars during the six months period.
Three thousand, four hundred and ninety-four cars were rebuilt during the six months period. The average capacity
of cars owned on December 31st was 41.76 tons, as compared with 41.69 tons on June 30th, and the total capacity of cars
was 2,559,290 tons, as against 2,567,570 tons.
GENERAL REMARKS.
As a result of the increased activity in practically all lines of business, the traffic of your Company surpassed in volume
that of any previous like period in its history. These unusual conditions were not only reflected in the inereaAed revenues
of the Company during the year, but also &fleeted the expenses adversely in that the prices of practically all material entering into the maintenance and operation of your properties were greatly increased. There was also a substantial increase in
the amounts paid for taxes this year, as compared with the previous year.
The policy followed in recent years of steadily improving the standard of your road and equipment enabled the management to take care of the largely increased traffic more successfully and with greater economy than would otherwise have been
possible. As an illustration of the increased efficiency due to the introduction of more powerful equipment and the improvement of the roadbed, it will be noted in Table No. 12,"General Traffic Results," that the average tons of all freight carried
per revenue freight train mile has increased from 459.75 tons for the year ended December 31 1912 to 624.43 tons for the
year ended December 31 1916, each intervening year showing a steady improvement over its predecessor.
On December 31 1916, the number of stockholders, as shown by the books of the Company, was 10,025, as compared
with 10,697 on June 30 1916.
The number of pensioners on the pay rolls at the close of the year was 543, and the amount of pensions paid during
the year was $145,999 84, an increase of $3,822 22, as compared with last year.
It affords the Board pleasure to express its appreciation to the officers and employees for their loyal and efficient service
during the past year.
By order of the Board of Directors.
C. H. MARKHAM,
President.
TABLE 2
-INCOME STATEMENT FOR THE YEARS ENDING DECEMBER 31 1916 AND 1915.
Six Months
Ending
June 30
1916.
Average Miles Operated
Ex ess
Milk
Other passenger-train
Switching
Special service train
Other freight-train
Water transfers-other
Total
Year
1916.
Total
Year
1915.
Increase (+)
or
Decrease (-7-)•
4.766.47
4.766.79
4.767.42
-0.63
$23,421,978 47 326,015.851 34
2,050,707 88
1,836,979 44
7,659,111 55
6,563,736 97
116,703 50
95,851 94
71,749 98
61,648 42
12,703 15
14,419 10
567,079 34
689.005 31
1,030,456 25
1,046,997 10
144,786 73
122,860 47
22,474 75
56,434 46 '
451,924 12
444.996 40
24,852 76
5.486 25
Dr.12,810 00
Dr.8,540 00
$49,437,829 81
3,887,687 32
14,222,848 52
212,555 44
133,398 40
27,122 25
1,256,084 65
2,077,453 35
267,647 20
78,909 21
896.920 52
30.339 01
Dr.12.810 00
Dr.8,540 00
$42,681,010 76
3,311,456 79
12,661,575 86
203,124 91
137,313 83
25,137 30
1,103,345 41
1,551,419 72
235,269 51
65,323 85
772,968 67
30,222 52
39.090 00
26,040 00
+36,756.81905
+576,230 53
+1,561.272 66
+9,430 53
-3,91643
+1,984 95
+152,739 24
+526,033 63
+32,377 69
+13.585 38
+123,951 85
+118 49
-51,900 00
-34,580 90
4,767.11
Railway Operating Revenues
Rail-Line Transportation:
Freight
Bridge tolls and miscellaneous freight
Passenger
Bridge tolls and miscellaneous passenger
Excess baggage
Parlor and chair car
Mail
Six Months
Ending
Dec. 31
1916.
634,208,963 12
$38,298,482 56
$72,507,445 68
$62,843,299 13
+$9,664,146 56
Incidental Operating Revenue
Dining and buffet
Hotel and restaurant
Station, train and boat privileges
Parcel room
Storage-freight
Storage-baggage
Demurrage
Power
Rents of buildings and other property
Miscellaneous
$177.503 88
63,961 36
38,493 43
15.111 75
51,459 79
5.564 75
118,989 25
204 00
33.117 56
66,510 10
$179,199 31
83,295 15
44,846 80
20.282 95
80,491 10
5,773 65
138,819 00
$302,727 94
113,753 00
75,013 90
30,259 00
79,724 34
11,843 29
220,185 62
33,836 36
60,622 11
$356.703 19
147,256 51
83,340 03
35,394 70
131,950 89
11,338 40
257,808 25
204 00
66.953 92
127,132 21
53,924 07
108,138 19
+$53,975 26
+33,503 51
+8.328 13
+5,135 70
+52,226 55
-504 89
+37,622 63
+204 00
+13.029 85
+18.994 02
Total incidental operating revenue
$570,915 87
$647,166 23
$1,218,082 10
$995.569 35
+3222,512 75
$2,715 97
Dr.21,613 44
$53,431 94
Dr.19,705 93
$56,147 91
Dr.41,409 37
$5,909 03
Dr.40,698 29
+350,238 88
-711 08
Total rail-line transportation revenue
Joint Facility Operating Revenue
Joint facility-Cr
Joint facility-Dr
Dr.$18,897 47
$33,636 01
$14,738 54
Dr. 34,789 26
+$49,527 80
$34,760,981 52
$38,979,284 80
$73,740,266 32
$63,804,079 22
+$9,936,187 10
•
$4,309,813 05
8,390,485 36
631,794 49
11,082,291 22
197,185 18
890,131 65
Cr.54.126 97
$5,611,843 22
8.590.509 80
671,449 59
11,470,712 35
228,178 83
958,207 57
Cr.135,325 87
$0,921,656 27
16,980,995 16
1,303,244 08
22,553,003 57
425,364 01
1,848,339 22
Cr.189,452 84
$9,491,070 36
14,970,410 38
1,232,749 18
21,446,631 70
352,385 98
1,713,794 62
Cr.187,100 63
+$430,585 91
+2,010,584 78
+70.494 90
+1,106,371 81
+72,978 03
+134,544 60
-2,352 21
Total railway operating expenses
Total joint facility operating revenue
Total railway operating revenues
Railway Operating Expenses
Maintenance of way and structures
Maintenance of equipment
Traffic
Transportation-rail line
Miscellaneous operations
General
Transportation for investment-Cr
$25,447,573 98
$27,395,575 49
352.843,149 47
$49,019,941 65
+33,823,207 82
i9:1
Net revenue from railway operations
;
141
Railway tax accruals
Uncollectible railway revenues
$9,313,407 54
$11,583,709 31
320,897.116 85
$14,784,137 57
+$6,112,979 28
$2,050,920 73
$14,633 90
$2,065,144 53
$7,178 69
$4,116,065 26
$21,812 59
$3,268,038 38
$22,966 10
+$847,126 88
-$1,153 51
pi-
37.247.852 91
39,511.386 09
$16,759,239 00
$11,492,233 09
+35,267,005 91
eg
Railway operating income (carried forward)
1909
THE CHRONICLE
MAY 12 1917.]
Six Months
Ending
Dec. 31
1916.
Total
Year
1916.
Total
Year
1915.
87.247.852 97
89.511,386 09
116.759.239 00
811.492,233 09
+85,267.005 91
602,510 67
36,837 40
155,850 81
10,956 23
30,761 51
578,326 58
7,099 38
135,745 12
16,166 33
70,109 51
*1,586,624 53
*3,454,232 89
328,536 35
62,600 00
10,271 56
652,130 76
45,216 57
146,446 92
7.023 47
37,932 78
590,402 83
46,261 79
126,687 23
17,671 73
44,285 08
*439.92047
*3,479.662 41
222.792 21
64,025 00
8,742 59
1,254.641 43
82,053 97
302,297 73
17,979 70
68,694 29
1,168,729 41
53,361 17
262,432 35
33,838 06
114,394 59
*2,026,54500
*6,933,895 30
551,328 56
126,625 00
19,014 15
21,058 22
70,600 06
260,691 08
4.01000
62,612 18
1,153,097 06
234,401 12
39,972 36
44,920 97
*1,602,867 69
• *3,371,783 88
667.072 87
122,525 00
24,037 18
+1,233.583 21
+11,453 91
+41.606 65
+13,969 70
+6.082 11
+15,632 35
+53,361 17
+28,031 23
-6.13430
+69,473 62
+423,677 31
+3.562,111 42
-115,744 31
+4,100 00
-5,023 03
+15,336,181 04
Six Months
Ending
June 30
1916.
Railway operating income (broughtforward)
Non-operating Income
lire of freight cars-credit balance
Rent from locomotives
Rent from passenger-train cars
Rent from floating equipment
Rent from work equipment
Joint facility rent income
Income from lease of road
Miscellaneous rent income
Miscellaneous non-operating physical property
Separately operated properties-profit
Dividend income
Income from funded securities
Income from unfunded securities and accounts
Income from sinking and other reserve funds
Miscellaneous income
Increase(+)
or
Decrease(-).
$7.086,628 87
$7,679,649 67
$29,775,069 71
19,171,882 76 +110,603,186 95
86.590 63
38,156 33
813,083 68
80,802 80
8,031 77
334,040 63
2,749.162 42
5,068 47
5,97584
28,673 29
2,778,202 92
3,539 05
124 00
8,410 50
Deductions from Gross Income
Rent for locomotives
Rent for passenger-train cars
Rent for floating equipment
Rent for work equipment
Joint facility rent deductions
Rent for leased roads
Miscellaneous rent deductions
Miscellaneous tax accruals
Separately operated properties-loss
Interest on funded debt
Interest on unfunded debt
Maintenance of investment organization
Miscellaneous income charges
113,015.830 71
$15,440,587 93
$6,493 05
42,646 47
Gross income
$5,929,201 84
$14,334,481 78
Total non-operating income
9,095 67
382.930 96
2,940,510 06
3,606 90
1,21479
13.681 95
2.768,062 92
7,067 29
425 00
6,156 76
17.127 44
716,971 59
5,689,672 48
8.675 37
7.19083
42,355 24
5,546.265 84
10,606 34
549 00
14,567 26
5.504,902 92
136,309 07
385 00
8,987 69
8+1,59047
+25,951 52
-2,13788
+7.618 55
-7,524 46
+278,808 07
-326 44
+1,46395
+42.355 24
+41,362 92
-125,702 73
+164 00
+5,579 57
$11,878,664 89
+1269,202 78
Total deductions from gross income
15,970,368 41
16.177.499 26
512,147,867 67
Net income
38.364,113 37
$9,263,088 67
$17,627,202 04
856.350 00
41,206 50
$57,775 00
5,458 22
811,493 21
54,851 28
2.13788
9.508 89
724.496 05
5,410,864 41
9,001 81
5,72668
8114.125 00
46,664 72
Disposition of Net Income
Income applied to sinking and other reserve funds
Income appropriated for investment in physical property
$63,233 22
197,556 50
Total appropriations of income
Income balance transferred to credit of Profit and
58.266.556 87
I
5110.025 00
46,027 77
117,466,412 32
+84.100 00
+636 95
8156,052 77
8160,789 72
19,199.855 45
$7,293,217 87 +110,333,984 17
+84.73695
87.137.165 10 +810.329.247 22
* See comments above relating to dividends on Dubuque & Sioux City RR. Co. Capital Stock and interest on the Louisville New Orleans & Texas
Ry. Co. Second Mortgage Income Bonds.
-SIX MONTHS ENDING DECEMBER 31 1916.
-PROFIT AND LOSS
TABLE 3
Dividend appropriations of surplus:
Dividend payable Dec. 1 1916
Dividend payable Mar. 1 1917
$1,639,440 00
1.639.440 00
$3,278,880 00
1,064 89
Surplus appropriated for investment in physical property.._
12 95
Debt oiscount extinguished through surplus
Unaccrued depreciation prior to July 1 1907 on equipment
47.785 93
retired
Difference between cost of property retired and not replaced
123,641 77
and net value of salvage recovered
260,368 71
Miscellaneous debits
15,605,908 73
Balance December 31 1916
$19,317.662 98
810,092,236 39
Balance June 30 1916
9,199,855 45
Balance transferred from income
220 00
Profit on road and equipment sold
1,06489
Donations
Miscellaneous credits:
Unclaimed vouchers, wages and miscellaneous
822.058 66
drafts
2,227 59
Other miscellaneous items
24,286 25
819.317,662 98
TABLE 4-CONDENSED GENERAL BALANCE SHEET DECEMBER 31 1916, AND COMPARISON WITH
PREVIOUS YEAR.
ASSET SIDE.
Increase.
Dec. 31 1916.
June 30 1916.
895.198,329 47
86.570 54
13.718.070 67
49,870,161 31
8158,873,131 99
$2,809.627 99
81,799,314 61
81,764.161 23
835.153 38
Miscellaneous physical property
81,432,002 61
11,360,928 45
871,074 16
Investments in affiliated companies:
Stocks-unpledged ----------------------------------Bonds-unpledged
Bonds
-pledged
Notes
Advances
38.273,471 78
7,384,275 58
13,946,000 00
1.337.837 65
16,332,621 10
39,139,441 79
4,893,700 00
13,946.000 00
1,339,466 00
16,670,629 89
$77,274,206 11
$75,989,237 68
Decrease.
82,809,627 99
$161,662,759 98
I
895,198,329 47
86,570 54
13,718,070 67
52,679,789 30
Investments
Road and equipment to June 30 1907
Investment in road-securities:
Stocks-unpledged
-pledged
Funded debt
Road and equipment since June 33 1907
Total road and equipment
Improvements on leased railway property
Other investments:
Stocks-unpiedged
Bonds--unpledged
Bonds-pledged _
Notes, advances, &c
83
$865,970 01
$2,490,575 58
1.62835
338,008 79
$1,284,968 43
33 .
$238 00
391,900 00
Total investments
Total current assets
Deferred Assets
Working fund advances_ ____________________________________
Insurance and other funds
Other deferred assets ________________________________
•
Total deferred assets ______________________________
Unadjusted Debits
Other unadjusted debits
"
t Grand total_
9,3191g0
27.305,679 38
1,989.059 98
447,519 67
$39,179,160 03
Current Assets
Clash
Special denosits
Loans and bills receivable
Traffic and car service balances receivable
Net balance receivable from agents and conductors
Miscellaneous accounts receivable
Material and supplies
Interest and dividends receivable
9,41ta)
27,305.679 38
2,436,579 65
38,639,978 36
$539,181 67
$281.367,443 34
8276,627.437 71
84,740,005 63
87.633,174 59
200,425 74
83
149,494 66
3,102,205 21
3,097,451 14
6.914,295 42
3,516,827 52
85,637,520 62
278,341 94
2,159,247 89
116,840 17
2,413,434 99
4,145.065 07
6,141,588 20
3,101,027 88
81,995,653 97
$26,413,705 11
823,993,066 76
$2,420,638 35
812,310 16
2,614,103 91
95,485 37
811,764 18
2,561,374 83
208,009 73
$54598
52,729 08
$2,721,899 44
82,781,148 74
8943.925 49
SRI 1 AAR 07R RA
1,047,613 93
8112,524 36
$59,249 30
881.379 37
100 RI
17 1519 P77d (lc
9RI
2S
01,79830
772,707 22
415,799 64
3862,546 12
tnnt
877.916
32,654 49
688,770 22
1910
THE CHRONICLE
LIABILITY SIDE.
Stock
Common Stock
Less-Common stock held in treasury
[VoL. 104.
Dec. 31 1916.
$109,296,000 00
14,178 33
8109,296,000 00
10,468 33
$109,281,821 67
$109,285,531 67
$11,776 59
$11,078 91
$158,517,700 00
5,618,000 00
$161,526,700 00
7,858,000 00
$3,009,000 00
2,240,000 00
$152,899,700 00
600,000 00
$153,668,700 00
600,000 00
$769,000 00
$153,499,700 00
$154,268,700 00
$769,000 00
$470,861 20
7,341,884 19
2,871,843 07
977,203 75
45,062 05
100,176 16
1,639,440 00
858,088 76
356,885 59
681,428 56
$203,159 74
6,137,503 96
2,666,374 24
951,120 00
38,044 05
100,266 16
2,732,400 00
870,348 34
357,788 51
687,360 01
$267,701 46
1,204,380 23
205,468 83
26,083 75
7,018 00
15,342,873 33
$14,744,365 01
$598,508 32
$250,000 00
25,323 00
$250,000 00
23,632 79
$1,690 21
$275,323 00
$273,632 79
$1.690 21
$808,677 53
2,364,103 91
444,980 42
11,966,874 62
1,199.914 08
$599,065 91
2,311,374 83
11,024,238 43
1,015,479 00
$209,611 62
52,729 08
444,980 42
942,6:36 19
184,435 08
$16,784,550 56
Total stock outstanding
June 30 1916.
$14,950,158 17
$1,834,392 39
$645,019 50
15,605,908 73
$638,496 39
10,092,236 39
$6,523 11
5,513,672 34
Governmental Grants
Grants in aid of construction
Long-Term Debt
Funded debt
Less
-Funded debt held in treasury
Total funded debt outstanding
Non-negotiable debt to affiliated companies
Total long-term debt
Current Liabilities
Traffic and car-service balances payable
Audited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured dividends declared
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
Total current liabilities
Deferred Liabilities
Liability for provident funds
Other deferred liabilities
Total deferred liabilities
Unadjusted Credits
Tax liability
Insurance reserve
Operating reserves
Accrued depreciation-Equipment
Other unadjusted credits
Total unadjusted credits
Corporate Surplus
Additions to property through income and surplus
Profit and loss
,
Total corporate surplus
Increase.
$3,710 00
$3,710 00
$607 68
$00 00
1,002,960 00
12,259 58
902 92
5,931 45
$16,250,928 23
Contingent Liabilities-see Table 7
I
$10,730,732 78
$5,520,195 45
$311,446,973 38
Grand total
Decrease.
8304,264,199 33
$7,182,774 05
S67.692.100 00
S67.692.100 00
TABLE 6-CAPITAL ADVANCES TO OTHER COMPANIES.
.
Interest Received During Year.
Kind.
Total.
)apital Advances to Other Companies:
Batesville Southwestern Railroad Company
Bloomington Southern Railroad Company
Canton Aberdeen & Nashville Railroad Company
Chicago Memphis & Gulf Railroad Company
Chicago St. Louis & New Orleans Railroad Company
Chicago St. Louis & New Orleans RR. Co., account C. St. L. & N. 0. RR. Co.
Equipment Trust Series "A"
Dubuque & Sioux City Railroad Company
Kensington & Eastern Railroad Company of Indiana
Memphis Railroad Terminal Company
Omaha Bridge & Terminal Railway Company
Madison Coal Corporation
Mississippi Valley Company
Mississippi Valley Corporation
Southern Property Company
Six Months
Ending
June 30 1916.
Total
for
Year.
Six Months
Ending
Dec. 31 1916.
$100,704 42
304,992 73
172,696 85
97,629 11
8,189,349 08
2,604,341 90
316,683 95
280 79
112,147 22
1,750,000 00
1,500,000 00
667,000 70
512,161 43
4,632 92
$40,764 55
$40,764 55
87,500 00
78,750 00
12,865 55
12,497 84
25,363 39
$138,630 10
38,809 82
803,747 84
34,490 73
$232,377 94
73,300 55
$18,682,708 44
Total Capital Advances to Other Companies
$43,750 00
37,500 00
$16,332,621 10
2,350,087 34
The Yazoo & Mississippi Valley Railroad Company
43,750 00
41,250 00
$177,430 92
$128,238 57
$305,678 49
TABLE 5-INVESTMENT SECURITIES OWNED-PAR VALUE.
_
Dividends and Interest Received.
Amount.
KIND.
Pledged.
Stocksllinois Central RR. Co. Stock and Scrip
)entral of Georgia By. Co.
-Preferred
)entral of Georgia Ry. Co.
-Common
)hicago St. Louis & New Orleans RR Co
)ubuque & Sioux City RR. Co
)unleith & Dubuque Bridge Co
)hicago Memphis & Gulf RR. Co.
-Preferred
)hicago Memphis & Gulf RR. Co.
-Common
bolt Railway Company of Chicago
vIiscellaneous
Unpledged.
$14,178 33
15,000,000 00
4,908,500 00
10,200 00
11,756,000 00
1,000,000 00
150,000 00
520,000 00
240,000 00
889,150 00
Total Stocks
$34,578,028 33
Bonds
C. RR. Co. Gold 4s of 1953
. C. RR. Co. First Lien Equipment 4s
.0. RR. Co. and C. St. L. & N.0. RR. Co. Joint First Refunding 5s of 1963
. C. RR. Co. Gold Louisville Division and Terminal 3s of
1953
3edar Rapids & Chicago RR. Co. First Mtge. Gold 5s of 1935- a$830,000 00
)herokee & Dakota RE. Co. First Mtge. Gold 5s of 1935
a3,100,000 00
owa Falls & Sioux City RR. Co. First Mtge. 7s of 1917
3ubuque & Sioux City RR. Co. Debenture 4s and Scrip of 1951
)hicago St. Louis & New Orleans RR. Co. Gold 5s of 1951_ .., _ b5,266,000 00
)hicago St. L.& New Orleans RR.Co. Gold Bridge 5s of 1950- c3,000,000 00
)hicago St. Louis & New Orleans RR. Co. Equipment Trust
.
Certificates, Series "A," 5s of 1924
'..ouisville New Orleans & Texas Ry. Co. First Mtge. 4s of 1934 d16,832,000 00
:mulsville New Orleans & Texas Ry. Co. Second Mtge. Income 5s of 1934
d9,104,000 00
oulsville New Orleans & Texas Ry. Co. Land Grant NonCumulative Income 6s of 1934
d6,553,276 90
'eerie & Pekin Union Ry. Co. Debenture 5s
louthern Illinois & Missouri Bridge Co. 4s of 1951
ronne.ssee Central RR. Co. Prior Lien 4s of 1934
nizoo & Mississippi Vail. RR. Co. First Mtge. Gold 5s of 1952 a2,800,000 00
Vazoo & Mississippi Vail. RR. Co. Gold Impt. 5s of 1934
VIiscellaneous
Total.
Six Months Six Months
Ending
Ending
June 30 1916. Dec. 311916.
$14,178 33
15,000,000 00
4,998,500 00
10,200 00
11,756,000 00
1,000,000 00
150,000 00
520,000 00
240,000 00
889,150 00
Total
for
Year.
$900,000 00
249,925 00
612 00
684,199 20
177,109 01
$900,000 00
249,925 00
$204 00
408 00
*360,909 20 t323,290 00
109,000 00
68,109 01
7,200 00
73 32
7,200 00
226 47
34,578,028 33 $1,586,624 53
14,400 00
299 79
$439,920 47 $2,026,545 00
$71,000 00
5,547,000 00
$71,000 00 e
5,547,000 00 e
o
e
e
e
3,348,100 00
3,348,100 00 e
e
e
156,000 00
16,500 00
2,521,116 18
560,000 00
181,500 00
600,000 00
1,338,000 00
7,963,000 00
151,000 00
156,000 00 e
o
0
$20,750 00
830,000 00
$20,750 00
77,500 00
3,100,000 00
77,500 00
16,500 00
50,422 32
2,521,116 18
131,650 00
5,266,000 00
131,650 00
75,000 00
75,000 00
3,000,000 00
$41,500 00
155,000 00
50,422 32
263,300 00
150,000 00
islisa
eo
560,000 00 e
673,21 00
4
336,640 00
16,832,000 00
336,640 00
9,104,000 00 2,457,469 30 2,467,000 00 4,924,469 30
"AA il
6,553,276 90
9,439,58
181,500 00
4,850 00
4,589 58
24,000 00
600,000 00
12.000 00
12,000 00
53,520 00
26,760 00
1,338,000 00
26,760 00
140,000 00
70,000 00
2,800,000 00
70,000 00
400,025 00
201,125 00
7.963,00000
198,900 00
4,530 00
151,000 00
9,060 00
4,530 00
Total Bonds
)ther securities
$47,485,276 90 $22,453,216 18 $69,938,493 08 $3,416,049 30 $3,477,066 00 $6,894,016 20
$1,695 51
$1,089,361 31 $1,089,361 31
39,879 10
$38,183 59
Grand Total
$47,485,276 90 358,120,605 82 $105.605,882 72 85,040,857 42 33,919,582 88 $8.960,440 30
AX
'I'
1911
THE CHRONICLE
12 1917.]
book value of the securities listed above is $90,195,928 80, and on the balance sheet Is included in the items:
-Stocks Unpledged
Investments in Affiliated Companies
Investments in Affiliated Companies-Bonds Unpledged
Investments in Affiliated Companies-Bonds Pledged
Investments in Affiliated Companies-Notes
-Stocks Unpledged
Other Investments
Other Investments-Bonds Unpled.ged
Other Investments-Bonds Pledged
-Notes, Advances, &c
Other Investments
As deductions from Liabilities:
Under Common Stock
Under Funded Debt
*Declared Aug. 30 1916, payable as of June 30 1916.
t-Declared Dec. 27 1916, payable as of Jan. 2 1917.
-Pledged to secure in part Illinois Central 4% Bonds of 1952.
a
b-Pledged to secure Illinois Central 3M % Sterling Bonds of 1950.
$38,273,471 78
7,384,275 58
13,946,000 00
1,337,837 65
5,251 00
9,431,650 00
27,305,679 38
2,436,579 65
14,178 33
5,618,000 00
c-Pledged to secure Illinois Central Cairo Bridge Bonds of 1950.
d-Pledged to secure Illinois Central 4% Bonds of 1953.
e-Excludes interest on Company's bonds and issues of Subsidiary Companies guaranteed.
-GENERAL OPERATING RESULTS FOR THE YEARS ENDING DECEMBER 31 1916 AND 1915.
TABLE 11
1916.
1915.
16,386,260
13,619,194
260,198
13,656
34,045
30,313,353
400,898
397,958
3,471
477
31,082,112
7,461,603
38,543,715
1,163,199
2.65
Train and Locomotive Mileage
Revenue freight train miles
Revenue passenger train miles
Revenue mixed train miles
Revenue special train miles
Revenue motor train miles
Total revenue service train miles
Helping and light freight locomotive miles
Helping and light passenger locomotive miles
Helping and light mixed locomotive miles
Helping and light special locomotive miles
Total revenue service locomotive miles, excluding motor car and switching
Switching locomotive miles
Total revenue service locomotive miles
Non-revenue service locomotive miles
Per cent of helping and light mileage to revenue train mileage
Car MileayaFreight car miles-loaded
Freight car miles
-empty
Freight car miles-caboose
Total freight car miles
Average number of loaded freight cars per train mile
Average number of empty freight cars per train mile
Average number of all freight cars per train mile
Per cent of loaded car mileage to total car mileage
Per cent of empty car mileage to total car mileage
Per cent of caboose car mileage to total car mileage Passenger car miles
Average number of passenger cars per trainmile
Motor car trailer miles
Special revenue service car miles
Non-revenue service car miles
15,857,344
13,081,148
269,788
16,589
144,112
29,368,981
357.272
327,946
2,437
487
29,913,011
7,094,058
37,007.069
1,072,380
2.35
Increase.
Decrease.
528,916
538,046
3.34
4.11.
9,590 3.55
2,933 17.68
110,067 76.38
3.22
12.21
21.35
42.43
10 2.05
3.91
5.18
4.15
8.47
12.77
944,372
43,626
70,012
1,034
1.169,101
367.545
1,536.646
90,819
.30
13.77
431,513.467 379,285.968 52,227,499
2,334,047 1.26
183,213.509 185,547,556
547,244
3.43
16,505,866 15,958,622
8.68
631,232,842 580,792,146 50,440,696
2.40
10.20
23.52
25.92
.50 4.34
11.51
11.01
5.30
1.91
36.01
37.92
4.69
3.06
65.30
68.36
2.93 9.17
29.02
31.95
.13 4.73
2.62
2.75
81.332,582 74,894,797 6,437.785
8.60
5.86
.25
5.61
4.46
34,751 58.36
24,792
59,543
204,490
206,968
2.478 1.20
6,202,110 7,747,601
1,545,491 19.95
-GENERAL TRAFFIC RESULTS.
TABLE 12
Years ending December 31.
I
1916.
1915.
1914.
1913.
I
1912.
4,765.34
4,762.70
4,766.79
4,770.72
4,767.42
Average miles of road operated
28,272,872
32,188,892
37,046,832
31,595,884
32,412,182
Freight Traffic-Tons of revenue freight carried
6,836,335
5,992,772
Tons of company freight carried
6,828,537
7,741,288
6,795,742
Tons of all freight carried
39,025,227
34,265,644
39,337,172
43,875,369
39,207,924
Tons of revenue freight carried one mile
9,156,870,760 7,738,180,389 7,634,506,606 7,744,028,413 6,802,608,490
Tons of company freight carried one mile
1,237,713,370 1,328,988,653 1,329,978,666 1,415,076,076 1,263,159,332
Tons of all freight carried one mile
10,394,584,130 9,067,169,042 8,964,485,272 9,159,104,489 8,065,767,822
Tons of revenue freight carried one mile per mile of road
1,428,309
1,625,074
1,623,138
1,920,972
1,600,284
Average distance revenue freight carried-in miles
240.61
240.58
241.63
247.17
'
Revenue from freight
$49,437,829 81 $42,681,010 76 $42,588,958 75 $43,630,101 17 $40,463,142 25
31.43-116
Average revenue per ton carried
31.33-447
31.34-793
$1.35-544
31.31-682,
.552:
Average revenue per ton per mile-in cents
.558
.563
.595
.540
Freight revenue per mile of road operated
$8,927 16
$8,495 84
$10,371 30
$8,952 64,'
$9,155 72
32.36-148
$2.30-641
Freight revenue per revenue freight train mile
32.33-918
32.96-987
$2.64-6531
423.32
415.19
387.75
Tons of revenue freight carried per revenue freight train mile
550.08
479.82'
Tons of all freight carried per revenue freight train mile
624.43
459.75
562.23
497.06
491.05,
Tons of all freight carried per revenue service locomotive mile, exclud1
ing switching miles_
609.62
480.51
474.88
444.83
549.96
Average number of tons of all freight in each loaded car
23.81
22.21
24.09
23.911
23.49 .
Passenger Traffic-Revenue passengers carried
26,381,835
27,338,496
27.482,947
27,974,948
26.234,666
Revenue passengers carried one mile
712.904,8171 706,891.800
729,453,655
660,967,200, 688,830,173
Revenue passengers carried one mile per mile of road
138,643
144,387
149,602
148,422
153,028
Average distance carried-in miles
26.11
26.08
25.19
26.08
25.72
Revenue from passengers
$14,206,549 08 $12,604,345 77 $13,160,019 61 $13,598,095 58 $13,374,123 39
Average revenue per passenger-in cents
50.783
48.045
49.883
49.740
48%663
Average revenue per passenger per mile-in cents
1.910
1.907
1.892
1.948
1.907i
Average revenue from passengers per passenger train mile
30.95-219
30.98-281
31.00-280
31.02-357
30.94-408
Passenger service train revenue
$18,047,164 14 315.722,15539 $16,431,072 58 $16,877,381 13 $16,561,822 60
Passenger service train revenue per mile of road
$3,477 40
33,444 15
$3,541 70
$3,786 02
$3,297 83
Passenger service train revenue per train mile
31.30-028
31.17-914
31.17-761
31.22-710
31.24-463
Average revenue passengers per car mile
14
14
13
14
13
Average revenue passengers per train mile
53
53
50
51
50
Motor Car-Revenue passengers carried
29,998
174,760
34,489
15,538
523,815
286,141
Revenue passengers carried one mile
607,960
2,394,168
13.70
15.19
18.42
Average distance carried-in miles
20.27
2.390
2.319
2.681
2.358
Average revenue per passenger per mile-in cents
30.39-712
30.40-502
30.56-686
_
Average revenue from passengers per train mile
$0.47-876
-Freight and passenger revenue
Revenue and Expanses
$63,660,678 33 355,342,586 62 $55,761,329 99 $57,234,831 23 353,837,26564
_________-$11,688 24
$12,010 65
311,303 94
Freight and passenger revenue per mile of road
$11,608 50
$13,355 04
Total operating revenues
$73,740,266 32 $63,804,079 22 $64,339,819 93 366,030,290 15 $62,140,953 09
Total operating revenues per mile of road
$13,486 39
$13,047 42
313.383 36
313,856 36
$15,469 59
Operating expenses
$52,843,149 47$49,019,941 65 349.401,009 49 351.218,306 41 350,113,898 10
Ratio of operating expenses to operating revenues
76.78%
77.57%
71.66%
76.83%
80.65%
Operating expenses per mile of road
$10,28228
310,355 04
$l0,7480
$11,085 69
$10,522 16
Net operating revenue
$20,897,116 85 314,784,137 57 $14,938,810 44 $14,811,983 74 312,027,054 90
Net operating revenue per mile of road
$3,101 08
$4,383 90
33,131 35
33,108 27
32,525 26
TABLE 13 CLASSIFICATION OF REVENUE FREIGHT YEARS ENDING DECEMBER 31 1916 AND 1915.
1916
Products of AgricultureTans, Per Ct.
Grain
3,720,001 10.04
Flour340,719 0.92
Other mill products
336,089 0.91
253,588 0.68
Hay
Tobacco
86,890 0.24
258,903 0.70
Cotton
1,253,241 3.38
Fruit and vegetables
products of agriculture
358,734 0.97
Other
_
1915
Tons. Per Ct.
3,497,338 10.79
301,008 0.93
299,707 0.93
278,063 0.86
R4 &43
282,
1,196,705 3.69
344,413 1.06
Total
Products of Animals
Live stock
meats
Dressed
Other packing house products
Poultry, game and fish
Wool
Hides and Leather
Other products of animals
6.608,165 17.84
512,575
112,147
246,800
39,839
14,889
19,965
244,326
1.38
0.30
0.67
0.11
0.04
0.05
0.66
2111,4) 1 8..gg
2 5(
5
Total
Products of Mines
Anthracite coal
Bituminous coal
Coke
Ores
Stone, sand ana oilier film art- es
- iciOther products of mines
1,190,541
3.21
1,100,269 3.40
Total
84,965
14.480,162
135,708
194,977
1,597.949
314,604
6,275,838 19.36
500,791
125,151
196,882
37,280
10,700
1.55
0.39
0.61
0.11
0.03
0.23
39.08 12,9183 i 48:(1
.6
7
0.37
85,628 0.26
0.53
209,684 0.65
4.31
0.85
112404 31,1
16,808,365 45.37 15,007,581 40.30
Products of ForestsLumber
Other products of forests
Total
Manufactures
Petroleum and other oils
Sugar
Naval stores
Iron, pig and bloom
Iron and steel rails
Other castings and machinery
Bar and sheet metal
Cement, brick and lime
Agricultural implements
Wagons, carriages, tools, &c
Wines, liquors and beers
Household goods and furniture
Other manufactures
Total
Merchandise
1916
Tons. Per Ct.
5,307.978 14.33
357,509 0.96
1915
-Tons. Per Ct.
4,107.042 12.67
272.044 0.84
5.665.487 15.29
4,379,086 13.51
443,759
337.444
28,365
403,735
114,646
253,708
121,898
1,2,50,064
89,660
95,403
145,545
96,529
1.093,695
380.217
309,249
26,059
255,755
77,984
191,473
59,151
1,109,930
71,558
54,647
139,715
68,193
792,173
1.17
0.96
0.08
0.79
0.24
0.59
0.18
3.43
0.22
0.17
0.43
0.21
2.44
4,474,451 12.08
3,536,104 10.91
1,701,017 4.59
1.608,245 4.96
Miscellaneous
Other commodities not mentioned above 598,806
Total tonnage
1.20
0.91
0.08
1.09
0.31
0.69
0.33
3.37
0.24
0.26
0.39
0.26
2.95
1.62
505,059 1.56
37,046,832100.00 32,412,182100.00
[VOL. 1
THE CHRONICLE
1912
THE PITTSBURGH CINCINNATI CHICAGO & ST. LOUIS RAILWAY COMPANY
-FOR THE YEAR ENDED DECEMBER 31 1916.
TWENTY-SEVENTH ANNUAL REPORT
Pittsburgh, Pa., December 31 1916.
To the Stockholders of The Pittsburgh Cincinnati Chicago & St. Louis Railway Company:
The Board of Directors herewith submit their report of the operations for the year ended December 31 1916, being the
final report of your Company, as the property was merged into and became a part of the Pittsburgh Cincinnati Chicd0.0
St. Louis Railroad Company, effective January 1 1917.
The mileage of the lines directly operated by your Company was as follows:
Comparison
with 1915.
Increase
or Decrease.
Mileage
Dec. 31
1916.
1,143.68
196.05
82.45
66.80
Rail lines owned
Rail lines operated under fixed rental leases
Rgil lines operated for cost under leases and contracts
Rail lines used under trackage rights
• (None)
1,488.98
Total
The statements give in detail the financial, operating, traffic and other statistics for the lines directly operatei, and also
the financial results of the other Railway Companies in which your Company is interested, but which are operated under
their own organizations, having an aggregate mileage of 48.69 miles.
FOR THE YEAR ENDED
INCOME STATEMENT OF THE PITTSBURGH CINCINNATI CHICAGO & ST. LOUIS RAILWAY COMPANY
DECEMBER 31 1916, COMPARED WITH THE YEAR 1915.
Comparison with 1915.
1916.
Operating Income:
Increase.
$6,849,762 66
1,255,455 43
117,975 16
314,947 56
314.478 74
382,541 68
26,304 97
701 25
335.515,247 36
9.470,034 44
1.479.60835
1,450,20Q47
1,785.137 58
926.424 88
84.085 76
4,283 91
Freight
Passenger
Railway Operating Mall
.4Express
Revenues
All other transportation
Incidental
Joint facility-Credit
Joint facility-Debit
Total
Maintenance of way and structures
Maintenance of equipment
Railway Operating Traffic
Expenses ____ Transportation
Miscellaneous operations
General
Transportation for investment-Credit
$50,706.454 03
$6,578.577 47
9,941,949 90
839.151 02
17,432,493 71
337,713 92
1,229.967 63
15,101 17
36,344,752 48
Total
$14,361,702 45
Net Revenue from Railway Operations
$9,260,764 95
$787.033 08
2,088,569 47
72,665 85
2,809,660 84
37,605 57
206.686 33
15.101 17
,
$6,077,119 97,
53,183,644 98 '
2,325,957 66
Joint facility rent income
Miscellaneous rent income
Miscellaneous non-operating physical property
'
Non-operating Income_ Separately operated properties-profit
Dividend income
Income from unfunded securities and accounts
Deductions from
Gross Income
$2,789,618 67
$478,336 11
78,022 12
17,472 61
$56.230 64
5,310 76
3,218 49
60.683 15
70.731 13
30.617 25
$12,740,989 91
$1,134,543 32
469,010 99
1,224,625 88
49.752 98
88 85
22,382 51
2,893,552 67
51,807 69
335,786 18
-debit balance
Hire of equipment
Joint facility rents
Rent for leased roads
Miscellaneous rents
Miscellaneous tax accruals
Separately operated properties-loss
Interest on funded debt
Interest on unfunded debt
Miscellaneous income charges
$2,759,271 73
$395,621 99
101,673 44
138,867 40
1.153 44
88 85
18,035 20
Disposition of Net Income:
Income applied to sinking and other reserve funds
Dividend appropriations of Income'Preferred stock five per cent
'Common stock five per cent
Income appropriated and expended for investment in physical property
$92,053 20
34,727. 57
327,640 59
6.181,551 07
$925.755 28
$6,559,438 84
Total deductions from gross income
Net Income
..
36,318 42
, 40,346 94
705,245 12
Total non-operating income
Gross Income
$579 03
$394,026 31
$12,035,744 79
Railway Operating Income
-
$394,605 344
-
$2,321,763 90
4,193 76
Railway Tax Accruals
Uncollectible Railway Revenues
Decrease.
51,833,516 45
.•
$27,665 00
299,160 00
1,127,874 00
1,366,770 65
$968,795 00
1.495,800 00
1,879.790 00
1.366,770 65
5,711,155 65
$2,821,469 65
.20527 ClAq
ARAR 9RR in
lIcklan,a trarieforral tes .,...,1 I5 ne Prnfit. anri T,cta
PROFIT AND LOSS STATEMENT.
Amount to credit of Profit and Loss. December 31 1915
Balance of net income for the year
Net credits during the year
9n
.
$2.911.1 23 23
$848,283 19
577,446 96
1,423,730 15
$4,336,853 38
Amount to credit of Profit and Loss, December 31 1916
GENERAL REMARKS.
INCOME STATEMENT.
continued
The decided improvement in business conditions which developed in the last half of the preceding year
and passenger traffic.
throughout the entire year of 1916, and your Company was called upon to handle a very largo freight every effort was made
The volume of freight expanded so rapidly in the fall as to result at times in congestion, notwithstanding
to provide equipment and handle the traffic.
freight traffic
The total Operating Revenues were $50,706,454 93, an increase of $9,260,764 95. The revenue from the
revenue
increased $6,849,762 66, due to the larger volume of traffic transported. There was a slight decrease in the average
. There was
received per ton per mile. The revenue from the passenger, mail and express traffic also increased substantially
a small increase in the average revenue received per passenger per mile.
the track and
The Operating Expenses aggregated $36,344,752 48, an increase of $6,077,119 97, the expenditures uponhandle the into
roadbed, for repairs to equipment, and for transportation, having necessarily been much larger in order number of emincreased
creased business, and also on account of the rapidly increasing costs of material and labor, and the to the largely increased
ployees. The tax accruals were $2,321,763 90, an increase of $394,605 34. Attention is directed
amounts that are continually being paid out as taxes.
was $12,The Operating Income for the year was $12,035,744 79, an increase of $2,789,618 67, and the Gross Income
equipment,
740,989 91, an increase of $2,759,271 73. The charges against this Gross Income for rents, interest, hire of
m 4AY 12 1917.1
THE CHRONICLE
1913
=
86( aggregated $6,181,551 07, and the Net Income was $6,559,438 84, an increase of $1,833,516 45,from which appropria-
tio 3 were niade of $968,795 for the sinking fund, $3,375,590 for dividends of five per cent upon the Preferred and Common
Sto iks, and $1,366,770 65 on account of expenditures for Road and Equipment,leaving a balance of $848,283 19, which was
transferred to the credit of the Profit and Loss Account. The total amount to the credit of the Profit and Loss Account at
the close of the year was $4,336,853 38.
TRAFFIC.
The tonnage handled upon the Pittsburgh Cincinnati Chicago & St. Louis Railway was 38,970,573, an increase of
6,446,349, or 19.82 per cent, and upon all Lines directly operated. was 46,3332256, an increase of 8,078,828, or 21.12 per
cent. The tonnage mileage upon the Pittsburgh Cincinnati Chicago & St. Louis Railway increased 1,036,822,755, or 24.34
per cent,and upon all Lines directly operated 1,126,572,503, or 24.54 per cent. The freight train mileage increased 1,040,481,
orj2.30 per cent.
The total number of passengers carried upon the Pittsburgh Cincinnati Chicago & St. Louis Railway was 10,079,230,
an increase of 858,422, or 9.31 per cent, and upon all Lines directly operated 11,965,755, an increase of 1,166,678, or 10.80
per cent. The passenger mileage of the Pittsburgh Cincinnati Chicago & St. Louis Railway increased 11.90 per cent, and
upon all Lines directly operated 13.59 per cent. The passenger train mileage increased 5.28 per cent.
CAPITAL STOCK AND FUNDED DEBT.
There was no change in the amount of Capital Stock outstanding, which, as shown by the General Balance Sheet, was,
Preferred, $29,916,200, and Common, $37,595,860 50, and the amount reserved to retire outstanding stocks of constituent
companies was $96,888 03.
There were $993,000 of the Consolidated Mortgage Bonds retired through the operations of the sinking fund, leaving
$60,008,000 of these bonds outstanding at the close of the year. No additional bonds were issued, nor was there any change
in the total amount of outstanding bonds of constituent companies.
EQUIPMENT TRUST OBLIGATIONS.
The following statement shows the status of the Car Trust contracts at December 31 1916. Payments were made on
account of principal during the year amounting to $948,920 24, leaving a balance of $5,132,577 46, as shown in the General
Balance Sheet.
Cars.
Pennsylvania General Freight Equipment Trust, Series D. C and E • of 1910_ _ _ 1,500
Pennsylvania General Freight Equipment Trust, Series A, 13,0 and D, of 1912 3,000
Pennsylvania General Freight Equipment Trust.Series B.C.D,E.F & Or, of 1913 2.500
Total
7,000
Principal.
Paid to Dec.
311916.
Balance of
Cost Dec.
31 1916.
Final Payment Due.
$1,620,074 28
3,238,420 00
3.630.708 20
$972,044 57
1,295,368 00
1,089,212 45
$648,029 71
1,943,052 00
2,541.495 75
May 1 1920
Tune 1 1922
April 1 1923
$8,489,202 48
$3.356,625 02
$5.132.577 46
ROAD AND EQUIPMENT.
.
The increased investment in Road was $2,671,178 16;in Equipment $1,175,393 98,and in improvements upon the Little
Miami Railroad, a leased property,$270,632 04. The expenditures upon your properties were principally for track elevation
work at Chicago and Indianapolis; purchase of property for development of yards at New Cumberland Junction and east of
the Belt Railway at Indianapolis; shop, storehouse and power plant improvements at Columbus; enlargement of the engine
house facilities at Bradford, Logansport and 59th Street, Chicago; additional yard facilities at Columbus, Indianapolis,
Logansport and Richmond; freight house facilities at Newark, Indianapolis and Halstead Street, Chicago; purchase of land
north of Jeffersonville for new line; automatic signals and telephone circuits for dispatching trains on the Richmond Division'
proportion of cost of vacation of Carroll Avenue between Canal and Halstead Streets, Chicago; ventilating plant for Tunnel
No.5 at Gibuld, Ohio; and for heavier and improved track materials used. The charges to equipment were due to the replacement of locomotives, passenger and freight train cars and work equipment, and the application of superheaters to forty-five
locomotives.
The 04
-penditures for Road and Equipment during the year were as follows:
T" •
f way and real estate
.
olovation in Pittsburgh, Indianapolis and Chicago
Additional main tracks on Pittsburgh, Indianapolis, Richmond and Louisville Divisions
Additional yard tracks, sidings, &c
Additional station and terminal facilities
IntoPlocki•rs, signal apparatus and telephone lines
,.ad improved track material
)1,,EM86.1P rt o • s for public Improvements _
1,
)
Improvement to power plant at Columbus,________ _____
Enlargeia• at of enginehouses on Indianapolis, RicriaiOna.______________ iiiid ail- a-3YVeiiiiiial _fifirisiOili
e 1'
Shop mr,7iinery
Addition7 to and improvement of bridges
Additionrto and improvement of equipment
$559,596 35
291,530 92
126.429 06
647.795 75
350,347 88
104,612 63
231:N8 55
&I
88,868
124.158 17
18.857 02
109,137 05
1.175,393 98
$3,846,572 14
The expenditures for additions and betterments on the Little Miami Railroad operated by your Company under lease
for 99 years, not chargeable to the Betterment Account of the Little Miami Railroad Company, under the lease, were $270,632 04 during the year, and appear in the General Balance Sheet under Road and Equipment as "Improvements on Leased
Railway Property." These expenditures were chiefly for reconstruction of bridges at Dayton and Brinley; construction of
telephone circuits for dispatching trains; assessments for public improvements; use of heavier and improved track materials
in renewals; and to the replacement of equipment.
The statement of Betterment Account with the Little Miami Railroad Company is as follows:
____________________________________________________________________________________ 3290.866 67
Balance due by Lessor, December 31 1915
Charges during 1916:
__________________________________________________________________
Track elevation, Cincinnati, Ohio ___ _ _ __________________________________________________________________ $6V41? 37
Subway, Livingston Avenue, Dayton, Ohio
10
________________
Ohio _
Freight house facilities, Dayton,
115.954 71
Interlocking plant and storage yard, Fosters, Ohio _____________________________________________________________
2,693 65
Real estate at sundry places
________________________________________________________________________
2,601 21
Additional yard tracks, sidings, &c
17.933 15
Less amount temporarily transferred to suspense account
Received on account from Lessor Company under terms of lease
Balance due December 31 1916
$206.806 19
56.822 31
149.983 88
$440,840 55
233,500 00
$207,340 55
The work upon the new Union Passenger Station of the Chicago Union Station Company,in which your Company has
a proprietary interest, was retarded by strikes inaugurated by the Local Labor Unions, but considerable progress was made in
the changing of the grades of adjacent streets and the location of sewer, water and gas pipe lines, building bridges, &C.
RELATIONS WITH EMPLOYEES IN TRAIN SERVICE.
Your Company,in common with other railroad companies, received demands from its train employees for an eight-hour
day and a large increase in wages, and a strike was ordered following a failure to agree. The dispute became of national.
importance and after many discussions between the President of the United States, the representatives of the trainmen and
of the railroad companies, the so-called Adamson Law was passed, which applied to your company and which fixed eight hours
as the basis of a day's work at wages not less t4n the trainmen were then receiving for ten hours' work. The proper inter.
pretation of the details of this law was so confusing and the law itself of such doubtful constitutionality, that the matter was
.
brought before the United States Supreme Court. If later it becomes necessary to fully observe the requirements of this
law, it will not only necessitate radical changes in the operating methods, but will involve a very large increase in the cost of
conducting transportation.
FEDERAL VALUATION.
The expenditures directly chargeable to the valuation work during the year aggregated $123,373 24,so that the total or
on this account to the close of the year have been $170,892.
[vol.,.
THE CHRONICLE
1914
104.
SECURITIES OWNED.
The securities owned by your Company at December 31 1916 consisted principally of stocks of affiliated companies and
were held at a valuation of $1,850,886 32. The income from these securities during the year amounted to $60,683 15.
CONTROLLED AND AFFILIATED ROADS.
The Waynesburg & Washington Railroad Company showed an increase in Operating Revenues and in Net Income and
paid the usual dividends.
The Pittsburgh Chartiers & Youghiogheny Railway Company also showed an increase in its Revenues and Net Income
and paid a dividend of five per cent.
SAVING FUND AND RELIEF AND PENSION DEPARTMENTS.
Detailed statements showing the operations for the year of the Employees' Saving fund and the Relief and Pension
Departments are appended to this [pamphlet] report.
GENERAL BALANCE SHEET.
The General Balance Sheet is hereto appended [in pamphlet report], together with a list of the securities owned by the
Company,and the usual statistical statements giving the details of the operations.
ORGANIZATION CHANGES, ETC.
Effective February 1 1916, C. S. Shoemaker was appointed General Baggage Agent, to succeed R. R. Bentley, retired
under the Pension Regulations.
Effective February 1 1916,in accordance with the revised Organization, R. W.Morrison was appointed Assistant Treasurer, F. E. Jackson Assistant to Treasurer, and C. C. Blair Assistant to Treasurer.
Effective March 1 1916, in accordance with the revised Organization, A.B.Starr was appointed Special Assistant to the
Fourth Vice-President, J. W. Roberts Superintendent of Freight Transportation, and S. M. Rankin Superintendent of Passenger Transportation.
Effective November 1 1916 James Stillwell was appointed Assistant General Counsel.
Your Directors having, with the approval of the Stockholders, agreed to the terms and conditions of the consolidation
agreement forming a new corporation, The Pittsburgh Cincinnati Chicago & St. Louis Railroad Company, which provided
for the merger of the properties of The Pittsburgh Cincinnati Chicago & St. Louis Railway Company,Vandalia Railroad Company, Pittsburgh Wheeling & Kentucky Railroad Company, The Anderson Belt Railway Company, and Chicago Indiana
& Eastern Railway Company,and the exchange of your capital stock into stock of the new Company,upon an equitable basis,
and the legal requirements of the various States having been fully complied with, your Company passed out of existence at
the close of business on December 31 1916, the lease of The Little Miami Railroad and other obligations being assumed by the
new consolidated Company, The Pittsburgh Cincinnati Chicago & St. Louis Railroad Company.
The Board acknowledges the faithful and efficient services rendered by the officers and employees during the year.
4
By order of the Board,
SAMUEL REA, President.
E1ENERAL BALANCE SHEET OF THE PITTSBURGH CINCINNATI CHICAGO & ST. LOUIS RAILWAY COMPANY DECEMBER 31 1916.
Comparison with
Dec. 31 1915.
ASSETS.
Increase.
Investments:
Investment in Road and Equipment
Road
Equipment
General expenditures
Decrease.
$2,671,178 16
1,175,39398
$120,748,440 40
38,883,112 37
521 36
$159,632,074 13 $3,846,572 14
Improvements on Leased Railway Property since June 30 1907
Leased Lines. Road
Leased Lines, Equipment
$205,136 55
65,495 49
$646,273 90
340,722 38
986,996 28
3270,632 04
542,421 01
Miscellaneous physical property
Investments in affiliated companies
Stocks
Notes
Advances
$870,240 00
$1,583,129 31
300,465 21
887,335 32
$908,494 20
$234,131 01
8267,757 01
3,090 69
550.189 11
16 00
$517 52
53,314 51
821,052 81
Current Assets
Cash
Special deposits
Traffic and car service balances receivable
Net balance receivable from agents and conductors
Miscellaneous accounts receivable
Material and supplies
Interest and dividends receivable
Other current assets
$210.028 04
248,282 24
2,770,929 84
Other investments
Stocks
Notes
Advances
Miscellaneous
$14,070 72
$286,928 00
*1,278.0597*
62,395.072 12
80.046 34
2,209,531 02
1,107.428 15
1,776,609 66
4,201,365 92
2,121 16
1,24745
$54,363 84
249.108 38
370,979 54
337,998 24
1,239,325 39
375 51
11,773,421 82
Deferred Assets:
Working fund advances
Other deferred assets
249 74
653 30
686,678 23
1.02595
87,704 18
Unadjusted Debits:
Other unadjusted debits
1,713,73039
773,067 13
*178,328.33046 *6,371.22047
Total
LIABILITIES.
Stock:
Preferred
Common
Stock liability for conversion of outstanding securities of constituent companies
$29,916,200 00
37,595,860 50
96,888 03
$67,608,948 53
Long Term Debt:
Funded debt unmatured:
Mortgage bonds
P. C. C.& St. L. Ry. Co., Consolidated Mortgage Bonds:
Series "A" 43 per cent due Oct. 1 1940
Series "B" 4% per cent due April 1 1942
Series "C" 4% per cent due Nov. 1 1942
Series "D" 4 per cent due Nov. 1 1945
Series "E" 3% per cent due Aug. 1 1949
Series "F" 4 per cent due Dec. 1 1953
Series "0" 4 per cent due Nov. 1 1957
Series "II" 4 per cent due Feb. 1 1960
Series "I" 4% per cent due Aug. 1 1963
Series "J" 4% per cent due May 1 1964
$10,000,000 00
8,780,000 00
1,379.00000
4,602,000 00
3.075,000 00
9,851,000 00
9,170,000 00
2,657,000 00
7.000,000 00
3,494,000 00
0.St. L.& P. RR.Co.,Con. Mtg.5 per cent coupon bonds,due Oct. 1 1932_ _
C.St. L.& P. RR.Co.,Con. Mtg.5 per cent registered bonds,due Oct. 1 1932
Chartiers Ry.Co., 1st Mtg.33 per cent bonds,due Oct. 1 1931
Equipment trust obligations
$136,000 00
700,000 00
26,000 00
82,000 00
49,000 00
$60,008,000 00
1,172,000 00
334,000 00
625,000 00
5,132,577 46
1.00000
$1,000 00
948,920 24
67,271,577 46
$1.941,920 24
1915
THE CHRONICLE
MAT 12 1917.1
Comparison with
Dec. 31 1915.
Increase.
LIABILITIES-(Concluded).
Current Liabilities:
Traffic and car service balances payable
Audited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid,
Unmatured dividends declared
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
$1,229,605 43
2,291.758 32
2.323,642 32
42,887 50
66 00
11,012 07
2.777.270 00
627,940 38
71,164 51
9,934 07
Deferred Liabilities:
Other deferred liabilities
Unadjusted Credits:
Tax liability
Operating reserves
Accrued depreciation-equipment
Other unadjusted credits
$1,791,907 81
153,148 52
5,624,597 26
328,204 08
Decrease.
$375,074 37
155,519 88
1,357,417 62
19.380 00
66 00
828.714 00
315.974 52
778 31
1,307 40
9,385,280 60
169,185 18
74,514 14
343,360 58
129.819 94
1,258,749 61
13,955 17
7,897,857 67
Corporate Surplus:
Additions to property through income and surplus since June 30 1907
Funded debt retired through income and surplus
Sinking fund reserves
Total appropriated surplus
Profit and Loss-Balance
$11,086,132 82
10,475,461 32
97.033 50
1,367,193 85
968.193 42
9,340 79
21,658,627 64
4,336.853 38 1,425,730 15
1$178,328,330 46 $6,371.220 47
J. W. ORB. Comptroller.
Total
INCOME STATEMENTS OF ALL CORPORATIONS FOR THE YEAR ENDED DECEMBER 31 1916.
Results of Operation by
Operating Company.
Mileage.
Lines Operated Directly.
Financial Results to Respective Companies Mentioned.
Balance
Available Increase
for Addior
Deductions and Decrease
DiviNet
tionsfrom
Gross
dends. Bet'm'ts in Balance
Income.
Gross
Income.
or Other Compared
Income.
Purposes. with 1915.
Expenses
Rental
Including
Due
NonTaxes and
Operating Uncollecti- Operating Respective Operating
ble Rail- Income. Cos. from Income.
Revenues.
Operatway
ing Co.
Revenues.
$
$
$
$
$
$
$
$
$
$
$
1'1,031,994 11,583,141 5,992.497 5,590,644 3,375,590 2.215.054 I 378.817
1.211.66 Pitts. Cin. Ch.&St.L.ity 44,058,131 33,506,983 10,551,148
796,138 220,278 575,860 075.860
5,424,179 4,301,292 1,122,887 796,138
194.87 Little Miami RR
30,075 134,720 I. 103,475
46,782 164,795
484,236
211.577
680.499
196,263 196,263
15,314
28.02 Pitts. Wheel.& Ky. RR
38,026 D 64,996
249,121 111,095 138.026 100,000
42,427
200,693 206.693
202,867
409,561
9.07 Ohio Connecting By
Def.1,998 D 5,054
Def.1,998
3,051 Def. 1,998
43,096
*5,049
38.047
2.34 Englewood Connect. Ry
Df.65,986 I 15,652
29,927 Df.65,986
96.039
132,236
137 Def.36,060
*36,197
43.02 Chic. Ind.& Eastern Ry
50,706,455 38,670,710 12,035,745
Total
Lines Operated under
Their Own Organisations.
128,053
11,492
116,561
28.16 Waynesburg & Wash. RR_
252,396
240,576
20.53 Pitts. Chart. & Yough.Ry 492,972
1.488.98
•
11,502
6,539
22,994
247.115
1,993
50,055
21,002
197,059
10,028
47.000
10,974 D 6,134
150,059 D 13.711
621,025
368.957
252.068
48.69 Total
t Includes the surplus received from operation of fixed rental road.
Dividends guaranteed by The Pittsburgh Cincinnati Chicago & St. Louis Railway Company.
* Excess of operating expenses and taxes over operating revenues.
THE DENVER TRAMWAY COMPANY (SYSTEM)
ANNUAL REPORT FOR FISCAL YEAR ENDED DECEMBER 31 1916.
Denver, Colo., April 28 1917.
To the Stockholders:
On behalf of the Board of Directors of The Denver Tramway Company and The Denver and Northwestern Railway
Company, I submit herewith combined results of operation
of the Tramway System for the fiscal year ended December
31 1916, together with a comparison with the previous
calendar year. The two annual reports immediately preceding this dealt with fiscal years ending March 31. This
has now been changed, and hereafter the calendar and fiscal
years will coincide.
Gross Earnings
Total Operating Expenses
$3,275,876 53 $3,141,906 08
1,614,775 46 1,616,451 38
Net Earnings Before Deducting Taxes and
Franchise Payments
$1,661,101 07 $1,525,454 70
Taxes and Franchise Payments
280,731 02
176,440 00
•
Net Earnings After Deducting Taxes and
Franchise l'ayments
$1,384,661 07 $1,244,723 68
. Other Income
22,709 48
21,233 88
Gross Income
Deductions from Income
Net Income
'11,405,894 95 $1,267,433 16
993,182 38
981.162 39
$424,732 56
$274,250 78
OPERATIONS.
The gross earnings of the system show an increase of
$133,970 45, or 4.26%.. .This, together with the largely
improved business conditions in Denver and in Colorado,
would justify optimistic expectations of continued increase
of Tramway, reveilues,. unless, of course, the exigencies of
the internation!d situation should exert adverse influence.
Despite the increase of business, Operating Expenses decreased $1,675. This lyas accomplished through the introduction of some practical scientific management methods
• resulting in more efficient and more economical operation
without sitcrifiTng proper upkeep of the property. At the
, same time service to the public was increased and otherwise
much improved.
Interest and other charges were also decreased, so that the
resulting Net Income, after taxes and interest deductions,
shows the gratifying increase of $150,481 78 for the calendar year.
FINANCES.
No dividends have been paid since June 1915.
During the calendar year of 1916 the bonded indebtedness of the Company was reduced $267,650 through payment
as follows:
Account Sinking Funds
$48,000 par value Denver Tramway Power Company Bonds;
$161.000 par value Denver City Tramway Company First and Refunding
Sinking Fund Mortgage Bonds.
And Account Maturity
860.000 par value First Mortgage Serial Gold Bonds of The Denver Tramway Terminals Company.
Denver & Northwestern Railway Company First and
Collateral Mortgage Bonds to the par value of $27,000 were
exchanged for $28,350 of Denver City Tramway Company
First and Refunding Sinking Fund Mortgage Bonds in accordance with the mortgage provisions, thus further reducing the outstanding Denver & Northwestern Railway
Company bonds so that the amount in the hands of the
public at the close of the year was $518,600.
As of December 31 1916 The Denver Tramway Company
has available, account of construction and retirement of
other bonds, approximately $1,098,400 of its First and Refunding Sinking Fund Mortgage Bonds, which may be sold
when market conditions become more favorable.
In the meantime the surplus funds of the Company have
been used and are needed to pay for the necessary betterments and improvements to the property and to take care
of sinking funds and maturing bonds.
BETTERMENTS AND IMPROVEMENTS.
During the fiscal year the Betterment and Improvement
expenditures aggregated $156,195 66. The most important
item was the Colfax-Larimer Viaduct, a magnificent concrete structure about a mile in length,built jointly by the City
of Denver, the railroads and the Tramway Company, and
on which the Company has double gauge, double track for
both city and interurban service.
During the year contracts were entered into for additional
Power House machinery calling for approximately $150,000
total expenditure. Part of this has been paid during the
past year; the balance will have to be met during 1917.
This machinery includes one steam turbo-generator of 9,375
k.v.a. capacity, with condenser and some auxijiaries; one
3,000 k.w. Rotary Converter, with transformer and some
additional switch-board apparatus. Careful study revealed
the necessity and also the desirability of this additional generating plant, as not only will this provide a much needed
1916
THE CHRONICLE
augmentation and reserve, but also will result in large reduction in power costs.
Plans for the conversion to prepayment system of fare
collection are formulated and will be consummated during
the first half of 1917.
Additional rolling stock to replace cars which have reached
obsolescence and also to meet increased traffic will have to
be purchased during 1917.
EMPLOYEES.
During April 1916 the salaries of practically all employees
were restored to the basis from which they were reduced in
February 1915.
Early in November 1916 the Tramway trainmen made
formal request for wage increase. The discussions between
the officials and employees that followed brought out most
clearly the high standard of the trainmen of your Company.
The deliberations all indicated that loyalty, equity, frankness and the welfare of all constituted the keynote through-'
out the conferences. Subsequently, in hopes of improved
business and in expectation of further economies, an increase
of 1 cent per hour was granted the employes of the Transportation and Mechanical Departments, effective January
1 1917. This increase will aggregate $25,000 per year.
CONCLUSION.
It is fitting in conclusion that reference should be made to
the loyalty and devotion of the officers and employees of the
System through whose co-operation alone your Company's
satisfactory service to the public can be and has been maintained.
The books and accounts of The Denver Tramway System
have been audited to December 31 1916 by Messrs, Haskins
and Sells, Certified Public Accountant, and their certificate
Respectfully submitted,
is appended.
C. K. BOETTCHER,
Chairmen Board of Directors,
The Denver Tramway Company,
The Denver & Northwestern
Railway Company,
The Denver & Intermountain
Railroad Company.
[VOL. 104.
1916.
Deduct Bonds in Treasury
First and Refunding Sinking Fund Mortgage, 25
-Year, 5% Gold Bonds of The
Denver City Tramway Company, due
1933
First Mortgage. 6 to 30
-Year. 5% Serial
Gold Bonds of The Denver Tramway
Terminals Company
First and Collateral Mortgage. 30
-Year,5%
Gold Bonds of The Denver & Northwestern Railway Company,due 1932_
Total Reserves
Profit and Loss Surplus
Total
18,000 00
18,000 00
900 00
900 00
$857,400 00
$90,617 75
88 50
203,120 84
350,599 19
136 00
206,054 17
13,683 65
202.154 48
15,470 15
227,013 14
$509.665 22
$499,272 65
$15.619 50
$14,668 06
$9,126 00
3,964 19
Total Current Liabilities
Service Liabilities
-Outstanding Tickets_ _ _
Deferred and Suspended Credit Items
3838,500 00
$19,002,325 00 $19,269,975 00
Current Liabilities
Accounts Payable
Dividends Matured and Unclaimed
Interest on Bonds, Accrued
Interest on Bonds, Matured-Unpresented
Coupons
Taxes Accrued
Reserves
For Depreciation of Equipment
For Workmens' Compensation
$838,500 00
$857,400 00
Total Deductions
Total Funded Debt
1915.
$5,475 60
1,208 85
$13,090 19
36,684 45
$121,071 38
$91,140 39
3761,122 79
$387,999 09
$26,579,194 08 $26,426,939 64
NOTE: There have been deposited with The Columbia Trust Company of
New York City 30,000 Shares of the Preferred. 7%,Cumulative
Capital Stock of The Denver Tramway Company, Par Value
-to be
$100 00 a Share-being the total authorized amount
issued on and after April 1 1915, in exchange for Five-year.6%,
Convertible, Gold Bonds (total authorized issue of which is
$3.000,000 00), at option of holders of those bonds. In addition, The Denver & Northwestern Railway Company has
THE DENVER TRAMWAY SYSTEM.
deposited 7,500 Shares of its holdings of Common Capital Stock
The Denver & Northwestern Railway Company-Holding Company.
of The Denver Tramway Company for delivery, upon such
The Denver Tramway Company-Operating Company.
conversion,in accordance with agreement dated AprM 11914.
The Denver & Inter-Mountain Railroad Company-Operating Company.
The Consolidated Securities & Investing Company.
The Cash necessary to be reserved to meet Sinking Fund requirements, computed as accrued at December 311916, of The First
CONDENSED CONSOLIDATED GENERAL BALANCE SHEET,
DECEMBER 31 1916 AND 1915 (WITH INTER-COMPANY
and Refunding Sinking Fund Mortgage, 25-Year, 5%, Gold
ITEMS ELIMINATED).
Bonds, of The Denver City Tramway Company,is as follows:
ASSETS.
Accrual, 2 months, Based on Net Amount Subject
1915.
1916.
to Sinking Fund Requirement, as outstanding
Property,Equipment, Franchises, Etc
$25,569,651 09 $25,474,358 24
$17,475 00
on December 31 1916
Accrual, 2 months, on $477,000 00 Bonds in SinkReal Estate Not Used in Operations
$133,255 59
$216,043 09
3,975 00
ing Fund
Sinking and Other Funds with Trustees.. _ _ _
$5,583 35
$6,616 96
$21,450 00
Total
Investments and Securities Owned
Capital Stock and Bonds
$254,031 70
$254,024 54
The Denver Tramway Company guarantees the payment of the
Mortgages and Deferred Payment Accounts
77,014 11
26,049 84
.
liabilities of the Tramway Mutual Aid Association.
Property and Equipment of The Denver Tramway Company
Total Investments and Securities Owned.. $331,045 81
$280,074 38
includes portions of Replacements and Reconstruction as
Working Assets
defined in First and Refunding Sinking Fund Mortgage pro$173,331 00
Material and Supplies
$195,333 71
visions; and also Replacements considered as Rehabilitation
23,442 86
Insurance Prepaid
8,362 91
Cost.
$196,773 86
$203,696 62
Total Working Assets
Fiscal year was changed during December 1916 from March 31
to December 31.
Current Assets
$105,210 55
Cash in Hand,on Deposit and in Transit.. _ _ $174,286 15
57,588 00
52,325 00
Notes Receivable
THE DENVER TRAMWAY SYSTEM.
Accounts Receivable
66.743 60
42,686 79
The Denver & Northwestern Railway Company-Holding Company.
10,602 05
Accrued Interest Receivable
5.634 96
The Denver Tramway Company-Operating Company.
The Denver & Inter-Mountain Railroad Company-Operating Company.
$303,956 80
Total Current Assets
$211,120 30
The Consolidated Securities & Investing Company.
Deferred and Suspended Debit Items
$3,372 06
$2,574 48 CONDENSED CONSOLIDATED STATEMENT OF INCOME AND
Operating Expenses, etc
PROFIT AND LOSS FOR THE YEARS ENDED DECEMBER 31.
10,736 10
Golden Quarry-Operation
1916 AND 1915(WITH INTER-COMPANY TRANSACTIONS
19,319 47
Premiumsa nd Expenseson BondsExchanged
ELIMINATED).
2,400 00
Premiums on Bonds Redeemed
1916.
1915.
35,655 52
Latimer Viaduct Maintenance
Gross Earnings
• $3.275,876 53 $3,141,906 08
$35,030 05
Total Deferred and Suspended Debit Items
$38,927 58
Partial
Operating Expenses (Including
Depreciation)
$26.579,194 08 $26,426,939 64 Maintenance
Total
$317,301 55
$366,157 22
1,026,267 58
995,053 83
Operation
LIABILITIES.
255.240 33
271,206 33
General
1915.
1916.
$6,156.300 00 $6,157,200 00
Capital Stock
Total Operating Expenses
$1,614,775 46 $1.616,451 38
Funded Debt
Net Earnings Before Deducting Taxes and
-Year, 5%
First Consolidated Mortgage, 40
$1.661,101 07 31,525,454 70
Franchise Payments
Gold Bonds of The Denver Consolidated
280.731 02
276,440 00
Tramway Company, due 1933
31,167,000 00 $1,167,000 00 Taxes and Franchise Payments
-Year, 5% Gold Bonds of
First Mortgage,20
Net Earnings After Deducting Taxes and
Denver City Tramway Company,
The
$1,384,661 07 $1,244,723 68
Franchise Payments
2,000,000 00 2,000,000 00
due 1919
21,233 88
22,709 48
Other Income
-Year, 5%
First and Collateral Mortgage, 30
Gold Bonds of The Denver & North$1,405,894 95 $1,267,433 16
Gross Income
western Railway Company, due 1932_ _ _ 519,500 00
546.500 00
-Year, 5%
First Improvement Mortgage, 20
Deductions from Income
Gold Bonds of The Denver Tramway
3980.488 22
Interest on Funded Debt
$992,253 42
Power Company, due 1923 (Beginning
674 17
928 96
Interest on Notes and Accounts Payable.._ _
April 1 1908,Annual Payment of$50,000 00
to Sinking Fund Required)
1,074.000 00 1.122,000 00
$993,182 38
Total Deductions from Income
$981.162 39
First and Refunding Sinking Fund Mort-Year, 5%, Gold Bonds of The
gage, 25
$274,250 78
Net Income
$424,732 56
Denver City Tramway Company, due
537 95
Profit and Loss Credits
10,628 75
1933, not including $477,000 Bonds for
1916 and $316.000 Bonds for 1915 in
$274,788 73
Profit and Loss Gross Surplus for the Year $435,361 31
Sinking Fund (Sinking Fund Requirement
17,825 69
62,237 61
Operative from November 11914)
11,326,225 00 11,458,875 00 Profit and Loss Charges
-Year, 5%, Serial
First Mortgage, 6 to 30
$250.963 04
Profit and Loss Surplus for the Year
$373,123 70
Gold Bonds of The Denver Tramway
222,222 37
387,999 09
Profit and Loss Surplus at Beginning of Year
Terminals Company ($60,000 00 due
Annually beginning September 1 1916).. 1,273,000 00 1,333,000 00
Profit and Loss Surplus Before Deducting
Five-Year, 6%, Convertible Gold Bonus of
$761,122 79
Dividends
3479,185 41
The Denver Tramway Company,due 1919
Dividends on Capital Stock
91,186 32
(Convertible on and after April 11915, at
par, into Preferred Capital Stock)
2,500,000 00 2,500,000 00
$387,999 09
Profit and Loss Surplus December 31_ __ _ $761,122 79
Total
$19,859,725 00 $20,127,375 00
MAY 12 19174
THE CHRONICLE
1917
SUPERIOR STEEL CORPORATION
(Organized under the Laws of Virginia.)
OFFICIAL STATEMENT TO THE NEW YORK STOCK EXCHANGE IN CONNECTION WITH THE LISTING
OF ITS EIGHT PER CENT CONVERTIBLE FIRST PREFERRED STOCK
AND COMMON STOCK.
Carnegie, Pa., April 17 1917.
Superior Steel Corporation hereby makes application to
have listed on the New York Stock Exchange temporary
interchangeable certificates for $3,500,000 par value (the
total authorized issue) of its Eight per Cent Convertible
First Preferred Stock, consisting of 35,000 shares of the par
value of $100 each, and for $6,000,000 par value (of an authorized issue of $11,500,000) of its Common Stock, consisting of 60,000 shares of the par value of $100 each, with authority to substitute therefor permanent engraved interchangeable certificates for Preferred and Common Stock
respectively on official notice of issuance in exchange for
outstanding temporary interchangeable certificates. All of
the aforesajd stock has been issued and is outstanding, is
full paid and non-assessable, and no personal liability attaches to the holders thereof.
Superior Steel Corporation was incorporated under the
laws of the State of Virginia on December 21 1916, with an
authorized capital of $17,000,000, consisting of 35,000 shares
of Eight per Cent Convertible First Preferred Stock (par
value $100); 20,000 shares of Eight per Cent Convertible
Second Preferred Stock (par value $100); and 115,000 shares
of Common" Stock (par value $100), of which there is outstanding the total authorized amounts of First and Second
Preferred Stocks and 60,000 shares of Common Stock. The
charter of the corporation is without limit as to time.
The Corporation has no mortgage or funded indebtedness
and no mortgage or other lien upon its property to secure
an issue of bonds, nor any obligation maturing more than one
year from date of issue shall be created by the corporation
without the consent of at least three-fourths in amount of
the outstanding First Preferred Stock and of at least threefourths in amount of the outstanding Second Preferred
Stock. This shall not prevent the creation of purchase
money mortgage or other purchase money liens on property
hereafter acquired.
Superior Steel Corporation was organized for the purpose
of acquiring, and did acquire, through the issuance of its
outstanding Capital Stock the entire Capital Stock of the
Superior Steel Company (of Pennsylvania), and has since
acquired all of the business, property, assets, and effects of
the original company, and has assumed its liabilities, proceedings for the voluntary dissolution of Superior Steel
Company (of Pennsylvania) having been begun.
Under its charter, the Superior Steel Corporation is empowered to manufacture, buy, sell and generally deal in
iron, steel and other metals; to mine ores and other minerals
and substances; to construct buildings; to deal in letters
patent, licenses, trade marks and trade names; to buy and
sell real and personal property; to borrow money and issue
its bonds secured by a mortgage in payment thereof; to hold
the stocks of other companies and, generally, such powers
as are necessary or advisable in order to conduct the business
of fabricating and selling steel in all its branches. •
Superior Steel Company was incorporated August 12 1892
with $100,000 Capital Stock, under the laws of the State of
Pennsylvania, and has been in continuous operation since
that date, manufacturing high grade Hot and Cold Rolled
Strip Steel. On May 1 1902 the capitalization of Superior
Steel Company was increased to $500,000 through a stock
dividend of 400%, all of the stock being of the same class.
Superior Steel Corporation having acquired the assets and
assumed the liabilities of Superior Steel Company as of
March 311917, the latter company will be shortly dissolved.
Superior Steel Corporation owns in fee simple approximately twenty acres of land, located in Scott Township,
Allegheny County, Pennsylvania, near Carnegie, Pennsylvania, on which are located 3 hot rolling mills, 12 cold rolling
_mills, and electric power plant, a steam power plant, 5 gas
producers, 2 annealing departments,6 pickling departments,
a machine shop, a carpenter shop and an electrified narrowgauge railway. The buildings are constructed, with two
exceptions, of steel, brick and concrete. The raw material
is purchased from steel makers in the form of steel billets
which are heated and rolled into strips up to 15 inches in
width and up to one-half inch in thickness. After hotrolling, the strips to be cold-rolled are pickled in acid to
remove scale, and are then rolled cold to finish the surface.
The annual capacity of the hot-rolling mills is about 115,000
tons of hot-rolled steel, of which about 60,000 tons are required to supply the cold-rolling mills. The output of the
plant in recent years has been as follows:
Year ended
Year ended
'Year ended
Year ended
Year ended
May 31
May 31
May 31
May 31
May 31
1912
1913
1914
1915
1916
42,951 tons
63.735 tons
52.877 tons
52.924 tons
104,893 tons
At the present time the plant is producing at the rate of
employed.
about 108,000 tons per annum and about 1,700 men are now
The nature of the preference of the First Preferred Stock,
its voting power and rights, and the rights of the holders
of Second Preferred Stock and Common Stock respectively,
are fully set forth in the certificate of incorporation of the
company, in Article IV thereof, which contains provision
for the following:
1. Out of the surplus profits of the Corporation, the holders of the First
Preferred Stock shall be entitled to receive cumulative dividends at the
rate of eight per cent (8%) per annum, and no more, payable quarterly
on the fifteenth days of February, of May, of August and of November
in each year.
Whenever full cumulative dividends on the First Preferred Stock shall
have been paid and full dividends for the current quarterly dividend
period shall have been declared and paid or declared and provided for,
and whenever all past due amounts required to be set apart for the First
Preferred Stock Sinking Fund,shall have been so set apart and after ratable
provision shall have been made in respect to the current requirements in
regard to the First Preferred Stock Sinking Fund,the holders of the Second
Preferred Stock shall be entitled to receive, out of the remaining surplus
profits of the Corporation, cumulative dividends at the rate of eight per
cent (8%) per annum, and no more, payable quarterly, on the fifteenth
days of February. of May. of August, and of November in each year.
2. On or before the fifteenth day of August 1917 and on or before the
fifteenth days of February and August in each year thereafter, so long
as any First Preferred Stock shall be outstanding, the Corporation shall
set apart for a First Preferred Stock Sinking Fund, out of the Surplus
profits of the Corporation, after all accrued dividends on the First Preferred
Stock shall have been declared and paid or declared and provided for, an
amount equivalent to one and one-half per cent (1 %) of the maximum
par amount of First Preferred Stock theretofore issued, whether or not outstanding, to be applied In the purchase or redemption of First Preferred
Stock, in the manner hereinafter provided.
On or before the fifteenth day of August 1917, and on or before the
fifteenth days of February and August in each year thereafter, so long as
any Second Preferred Stock shall be outstanding, the Corporation shall set
apart for a Second Preferred Stock Sinking Fund,out of the surplus profits
of the Corporation, an mount equivalent to one and one-half per cent
(154
of the maximum par amount of Second Preferred Stock theretofore
issued whether or not outstanding, to be applied to the purchase or redemption of Second Preferred Stock, in the manner hereinafter provided. No
amounts shall, however, be set apart for,or credited to the Second Preferred
Stock Sinking Fund, unless and until: (I) all accrued dividends on the
First Preferred Stock shall have been declared and paid, or declared and
provided for;(2) all past due amounts required to be set apart for the First
Preferred Stock Sinking Fund shall have been so set apart therefor, and after
ratable provision shall have been made in respect to the current requirements in regard to the First Preferred Stock Sinking Fund; and (3) all accrued dividends on the Second Preferred Stock shall have been declared
and paid, or declared and provided for.
On or before the fifteenth day of August 1917 and on or before the
fifteenth days of February and August in each year thereafter, so long
as either any First Preferred Stock or any Second Preferred Stock shall be
outstanding, there shall be set apart for an Additional Sinking Fund, out
of the net profits of the Corporation, an amount equivalent to at least onehalfofsuch net profits,for the respective preceding six months'periods, ending respectively on the 31st day of May and on the 30th day of November,
as the case may be, as such net profits shall be set forth and stated in the
books of account of the Corporation, remaining after making the following
deductions therefrom:
(1) An amount equivalent to four per cent (4%) upon the par amount
of First Preferred Stock outstanding at the date of the expiration of such
six months' period.
(2) An amount equivalent to one and one-half per cent (1 %) of the
maximum par amount of First Preferred Stock theretofore issued, whether
or not outstanding;
(3) An amount equivalent to four per cent (4%) upon the par amount
of Second Preferred Stock outstanding at the date of the expiration of
such six months period;
(4) An amount equivalent to one and one-half per cent (1%%) of the
maximum par amount of Second Preferred Stock theretofore issued,
whether or not outstanding; and
(5) An amount equivalent to three per cent (3%) upon the par amount
of Common Stock outstanding at the date of the expiration of such six
months' period:
Provided that the period ending on the 31st day of May 1917 shall be limited to five months and five days, and that corresponding adjustments shall
be made in the deductions provided for in the preceding sub-paragraphs
(1). (3) and (5) of this subdivision.
In case such net profits shall not have been definitely ascertained and
set forth in the books of account of the Corporation on or before any
fifteenth day of February for the six months' period ending the preceding
thirtieth day of November, the Board of Directors shall set apart for the.
additional sinking fund such amount as they shall determine to be equal
to at least one-half of the approximate amount of such net profits for such
period, remaining after making the above Mentioned deductions, and the
amount required to be set apart for the additional sinking fund on or before
the following fifteenth day of August, shall in that case either be increased
or diminished, so that the aggregate amounts set apart for the additional
sinking fund on or before such fifteenth day of February and on or before
the following fifteenth day of August shall be equal to at least one-half of
the net profits remaining after making the above mentioned deductions,
for the twelve months ending on the preceding thirty-first day of May.
The Additional Sinking Fund shall be used and applied in the purchase and or redemption of First Preferred Stock and Second Preferred
Stock, as follows: The Additional Sinking Fund shall be used and applied,
in the manner hereinafter provided, exclusively in the purchase and or
redemption of First Preferred Stock, until the total outstanding First Preferred Stock shall be reduced to $2,500,000, par amount, and thereafter exclusively in the purchase and I or redemption of Second Preferred Stock, until
the total outstanding Second Preferred Stock shall be reduced to $1,500.000
par amount, and thereafter the Additional Sinking Fund, as the same shall
become available, shall be used and applied in the following proportions:
five-eights (%) thereof in the purchase and I or redemption of First Preferred Stock, so long as any First Preferred Stock shall be outstanding, and
three-eights (54) thereof, in the purchase and I or redemption of Second Preferred Stock, so long as any Second Preferred Stock shall be outstanding,
and upon the retirement of either all the First Preferred Stock, or all the
Second Preferred Stock, the whole of the Additional Sinking Fund shall be
used and applied in the purchase andlor redemption, as aforesaid, either of
the First Preferred Stock or of the Second Preferred Stock, whichever shall
be outstanding.
The First Preferred Stock and Second Preferred Stock purchased or
redeemed as provided in this Article, shall be forthwith canceled and shall
not be reissued and no First Preferred Stock and no Second Preferred
Stock shall be issued in lieu thereof or in exchange therefor, except that
First Preferred Stock or Second Preferred Stock purchased prior to the first
day of January 1920 shall not be canceled until said first day of January
1920, but thereupon shall be canceled.
3 The whole or any part of the First Preferred Stock shall be redeemable
after January 1 1920 upon thirty days' notice by mail or by publication
to the holders thereof by paying therefor in cash $115 per share and accrued dividends thereon to the date fixed for such redemption, provided
that no part of the Second Preferred Stock shall be redeemed except through
the funds set apart for any sinking fund applicable to the redemption
thereof until all of the First Preferred Stock shall have been retired. If
such redemption shall be in part only, it may be made pro rata from the
several holders of such stock in such equitable manner as the Board of
Directors shall determine, but if no such determination shall have been,
made,such redemption in part shall be made as follows: On and after the redemption date, upon the surrender of any certificate representing First Preferred Stock or Second Preferred Stock, the holders thereof shall be entitled
to receive payment of the redemption price of such proportion of the shares
of stock represented thereby as the number of shares of such stock called for
redemption shall bear to the total number ofshares ofsuch stock outstanding
on the redemption date and to receive a new certificate or certificates for the
balance of his holdings of such stock not called for redemption. The funds
set apart for any sinking fund applicable to the purchase and or redemption
of First Preferred Stock and or Second Preferred Stock, as hereinbefore
provided, until the first of January 1920, shall be used and applied in the
purchase of First Preferred Stock or in the purchase of Second Preferred
Stock, as the case may be, as hereinbefore required, at any time on or before
February 15 1918, at prices not in excess of one hundred and seven and onehalf per cent(107%)of par, plus accrued dividend; and thereafter at any
time on or before February 15 1919, at prices not in excess of one hundred
and ten per cent (110%) of par, plus accrued dividend; and thereafter at
prices not in excess of one hundred and fifteen per cent (115%) of par plus
accrued dividend.
Prior to the giving of any notice of redemption as aforesaid a preliminary notice of not less than thirty (30) days shall be given to the holders
of preferred stock of the class to be redeemed, in such manner as shall be
provided in the By-Laws of the Corporation or as shall be determined
by resolution of the Board of Directors,stating the amount of such preferred
stock (but not the specific shares) to be redeemed and the date fixed for
the redemption thereof.
The amounts credited to sinking funds are not to be made the basis for
dividends or other distribution, and no increase in surplus by reason of
purchase, redemption or reduction of first preferred or second preferred
stock, shall be available as basis for dividends payable otherwise than in
common stock or for any other charges against surplus, so long as any of
the first preferred or second preferred shall be outstanding.
4. No dividend shall be declared or paid upon the Common Stock while any
First Preferred Stock or Second Preferred Stock shall be outstanding until,
(a) Full cumulative dividends on the First Preferred Stock and on the
Second Preferred shall have been paid for all past quarterly dividend
periods and full dividends for the current quarterly dividend period shall
have been declared and paid or declared and provided for, and (b) until
the corporation shall have compiled with all provisions in respect to any and
all amounts then or theretofore required to be set apart for any sinking
fund; and in no event shall any dividend in excess of six per cent (6%) per
annum be declared or paid on the Common Stock until the par amount of
the First Preferred Stock outstanding shall have been reduced to $2,500,000,
and until the par amount of Second Preferred Stock outstanding shall have
been reduced to $1,500,000.
5. The First Preferred Stock and the Second Preferred Stock shall be
convertible share for share into Common Stock at the option of the holder,
and such holder shall have the right to convert for thirty days after preliminary notice of not less than thirty days of intention to redeem. A.
sufficient par amount of the Common Stock shall be reserved for the conversion of the First Preferred Stock and the Second Preferred Stock. All
stock converted to be canceled and not to be reissued.
6. No additional First Preferred Stock, nor any stock having priority
over the First Preferred Stock, shall be created without the consent of threefourths in amount of the outstanding First Preferred Stock. No additional Second Preferred Stock, nor any stock having priority over the
Second Preferred Stock, shall be created without the consent of threefourths in amount of the outstanding Second Preferred Stock.
SUPERIOR STEEL COMPANY (OF PENNSYLVANIA).
Incorporated under the laws of Pennsylvania, August 12 1892.
BALANCE SHEET-DECEMBER 26 1916.
ASSETS.
Plant:
Land
Buildings
Machinery and equipment
66
II
.1
$509,324 82
Inventories (at cost or less):
Finished and partly finished product
Steel billets and slabs
Scrap, coal and acid
Stores, supplies, &c
Total current assets
Insurance fund:
Cash
Bonds, W. H. Shinn Coal Co
Net Profits.
$285,907 99
507,567 34
370,025 81
251,128
1,181,577 82
1.504,598 20
21
3
1915
1916
.
Six months and twenty-six days ended December 26 1916
31
61
190
Superior Steel Corporation has paid its initial dividend
at its rate of Two Per Cent from December 26 1916 to
February 15 1917,on its First and Second Preferred Stocks.
Income account of Superior Steel Company, a Pennsylvania corporation, for the year ended May 31 1916, and the
six months and twenty-six days ended December 26 1916, and
of the Superior Steel Corporation, a Virginia Corporation,
for the period from December 27th to 31st 1916.
•
Year ended
May 311916.
$5,010,250 86
Total sales
3,660,850 80
Manufacturing cost
Selling and administrative expenses, &c _ _ - 175,731 10
Seven Months
ended
Dec. 311916.
$4,153,577 99
2,506,107 87
155,056 15
$1,173,668 96
7,908 86
$1,492,413 97
12,184 23
Interest received less interest paid
*$1,504,598 20
$1,181,577 82
Net profits
* Includes $29,895 02 net profits from December 29 1916 to December 31
1916, shown in consolidated balance sheet of Superior Steel Corporation
of December 31 1916.
1,117,196 81
$17,927 88
491,396 94
Less, reserve for doubtful accounts and discounts
Superior Steel Company has paid dividends in recent years
upon its $500,000 Capital Stock as follows:
Year ended May 31, 1912
1913
$2,064,110 45
5,608 62
$2,058,501 83
Current:
Cash in banks and on hand
Bills receivable
Accounts receivable
The company by its charter has specifically reserved
55,000 shares of its Common Stock which are at present
unissued, which is a sufficient amount of stock to provide
for the conversion of all the First Preferred Stock and
Second Preferred Stock outstanding.
The sales and net profits of the Superior Steel Company,
a Pennsylvania corporation, for the period from June 1 1911
to December 31 1916, have been as follows:
Sales.
$2,034,624 89
Year ended May 31, 1912
3,127,637 94
1913
2,626,927 85
1914
19152,331,048 41
1916
5,010,250 86
4,153,577 99
7 months ended Dec. 31 1916
$190,000 00
410,713 40
1,463,397 05
Less, reserve for depreciation
8. In the event of any liquidation, dissolution or winding up of the
corporation, the holders of the First Preferred Stock shall be entitled to
be paid in full the par value thereof, and all accrued dividends thereon before any sum shall be paid to or any assets distributed among the holders of
either the Second Preferred Stock or the Common Stock and the holders of
the Second Preferred Stock shall be entitled to be paid in full the par value
thereof and all accrued dividends thereon before any sum shall be paid to
or any assets distributed among the holders of the Common Stock.
9. The entire voting power for the election of Directors shall be vested
exclusively in the Common Stock and the First Preferred Stock shall
have no voting power in respect to the election of Directors until either dividends on the First Preferred Stock shall be in default for not less than two
quarterly dividends (whether or not consecutive), or the Corporation shall
for a period of six months be in default as to any requirement in respect
to either the First Preferred Stock Sinking Fund or the Additional Sinking
Fund, and thereafter only during the continuance of such default. The
Second Preferred Stock shall have no voting power in respect to the election
of Directors until either dividends on the Second Preferred Stock shall be
in default for not less than two quarterly dividends (whether or not successive) or the Corporation shall for a period of six months be in default as to
any requirement in respect to either the Second Preferred Stock Sinking
Fund or the Additional Sinking Fund and thereafter only during the continuance of such default.
61
[VOL. 104.
THE CHRONICLE
1918
9,789 47
499,535 35
$172,127 89
600,350 65
18.528 07
34,201 72
825,208 33
$2,441,940 49
$34,855 90
10,000 00
44,855 90
Deferred charges:
Prepaid insurance and taxes
100 68
$4,545,398 91
Grand total assets
LIABILITIES.
Capital Stock
Loss, in treasury
$500,000 00
20,300 00
Current:
Accounts payable and accrued wages
Wages accrued (not due)
Accrued State, township and Federal taxes
$230,341 61
34,788 65
29,753 95
$479,700 00
$294,884 21
Total current liabilities
Surplus:
Accrued to December 26 1916
3,770,814 70
$4,545,398 91
Grand total liabilities
SUPERIOR STEEL COMPANY.
INCOME STATEMENT JANUARY 1 TO MARCH 31 1917,
INCLUSIVE.
Cost of
Profit
Shipments
Shipments
Amount.
Amount.
Value.
Net Tans.
9,517 $680,232 59 $407,874 01 $272,358 58
Hot rolled steel
858,412 71 647,386 08
..._13,058 1,505,798 79
Cold rolled steel
Total
22,575 $2,186,031 38 $1,266,286 72 $919,744 66
Gross manufacturing profit
Miscellaneous income
$919,744 66
13,211 10
Gross income
Deductions from income:
Administrative expenses
Selling expenses
Discount on sales
Taxes
Plant depreciation
Reserve for accounts receivable
$932,955 70
$19,791 Si
36,542 23
29.311 23
19,006 06
20,309 52
750 00
Net income
125,710 86
$807,244 91
Net income
-December 31 1916
Add not income December 26
$807,244 91
29,895 02
Add interest
$837,139 93
207 07
Deduct accrued taxes
$837,347 00
14,837 56
$822,509 44
Deduct dividends paid by Superior Steel Corporation
61,050 00
Net income Superior Steel Corporation as shown on Con$701,459 44
solidated Balance Sheet, March 31 1917
CONSOLIDATED BALANCE SHEET OF SUPERIOR
STEEL CORPORATION, A VIRGINIA CORPORATION, AS OF DECEMBER 31 1916.
of Superior Steel
(Including Assets and Liabilities as of December 31 1916stock was owned
Company, a Pennsylvania Corporation, all of whose
by Superior Steel Corporation.)
ASSETS.
Fixed assets:
Land, building, power plant and furnaces__ $600,713 40
1,463,397 05
Machinery and equipment
$2,064,110 45
5,608 62
Less depreciation
$2,058,501 83
2,500,000 00
Good will
Current assets:
$77,954 92
Finished product (at cost or less)
94,172 97
Partly finished product (at cost or less)
653,080 44
Materials and supplies (at cost or less)
$17,927 88
Bills receivable
491,396 94
Accounts receivable
$509,324 82
Less-Reserve for doubtful ac9,789 47
counts and discounts
499,535 35
1,164.486 15
Cash in banks and on hand
2,489,229 83
44.855 90
Insurance fund
100 09
Deferred charges-prepaid insurance
$7,092,088 26
)
12
1917.1
THE CHRONICLE
1919
LIABILITIES.
To publish an income account and balance sheet semiannually and submit to the stockholders, at least fifteen days
in advance of the annual meeting of the corporation, a
statement of its physical and financial condition, an income
account covering the previous fiscal year, and a balance sheet
showing assets and liabilities at the end of the year.
To maintain, in accordance with the rules of the Exchange, a transfer office, or agency in the Borough of Manhattan, City of New York, where all listed securities shall
be directly transferable, and the principal of all listed securities with interest or dividends thereon shall be payable; also
$6,750,514 70
a registry office in the Borough of Manhattan, City of New
Current liabilities:
Accounts payable
$282,524 58
York, other than its transfer office or agency in said city,
Accrued State and Federal taxes
29,753 95
where all listed securities shall be registered.
$312,278 53
Surplus
Not to make any change in listed securities, of a transfer
29,895 02
agency or of a registrar of its stock, or of a trustee of its bonds
.
$7,092,688 25
or other securities, without the approval of the Committee
on Stock Listing, and not to select as a trustee an officer or
CONSOLIDATED BALANCE SHEET AS OF
director of the company.
MARCH 311917.
To notify the Stock Exchange in the event of the issuance
(Including Assets and Liabilities as at March 31 1917 of Superior Steel of any rights or subscripti
ons to or allotments of its securities
Company, all of the Capital Stock of which was acquired by the Superior
and afford the holders of listed securities a proper period
• Steel Corporation.)
ASSETS.
within which to record their interests after authorization,
Plant:
and that all rights, subscriptions or allotments shall be
Land
$224,000 00
Buildings
transferable, payable and deliverable in the Borough of
410,713 40
Equipment
1,379,455 13
Manhattan, City of New York.
To notify the Stock Exchange of the issuance of -additional
$2,014,168 53
Less reserve for depreciation
25,918
amounts of listed securities and make immediate application
14$1988250 39
Treasury Stock:
for the listing thereof.
First Preferred Superior Steel Corp
$300,000 00
To publish promptly to holders of bonds and stocks any
Accrued dividend on this stock
350 02
300.350 02 action in respect to interest on bonds, dividends on shares,
Good will
or allotments of rights for subscription to securities, notices
2,500,000 00
Current:
thereof to be sent to the Stock Exchange, and to give to
Cash in banks and on hand
1,475,562 50
Bills receivable
the Stock Exchange at least ten days' notice in advance of
$2,500 00
Accounts receivable
786,483 79
the closing of the transfer books or extensions, or the taking
of a record of holders for any purpose.
$788,983 79
Less
-Reserve for doubtful accounts and disTo redeem its First and Second Preferred Stocks in accounts
21,528 89
767,454 90 cordance with the requirements of the Stock Exchange.
Inventories (at cost or less):
The Directors, elected annually, are: J. H. Hammond
Finished and partly finished product
$393,373 00
Steel billets and slabs
and H.F. Devens of Pittsburgh,Pa.; E. W.Harrison, F. W.
448,300 85
Scrap, coal and acid
27,379 25
Pritchett and R. K. Cassatt of Philadelphia, Pa.; H. B.
Stores, supplies, &c
180,809 32
1,049,862 42 Clark and E. C. Lynch of New York City, N. Y.
The Officers are: J. H. Hammond, Chairman of the
Total current assets
$3,292,879 82 Board; E. W.
Insurance fund:
Harrison, President; H. F. Devens, ViceCash
$36,355 90
President; C. H. Forster, Secretary and Treasurer; H. H.
Bonds, W. H. Shinn Coal Co
10,000 00
Henry, Assistant Secretary.
46,355 90
Charter and organization account
The annual meeting is held at the principal office of the
11,120 50
Deferred charges:
Corporation at Richmond, Va., on the first Wednesday of
Prepaid insurance and taxes
9,774 84 each
December unless said day be a legal holiday, then on
Grand total assets
$8,148,731 47 the next succeeding day not a holiday; and the general offices
of the Corporation are at Carnegie, Pa.
LIABILITIES.
Capital
The fiscal year of the Corporation ends on the 30th day
$6,750,514 70
Represented in accordance with law of Virginia by:
of November.
First Preferred Convertible 8%-Total authorized and issued 35,000 shares, par
Certificates of stock are interchangeable between New York
$100 each
and Philadelphia.
Second Preferred Convertible 8%-Total$3,500,000 00
authorized and issued, 20,000 shares,
The Transfer Agents are: Columbia Trust Company, 60
par $100 each
Broadway, New York City, and Philadelphia Trust ComCommon Stock-Outstanding 115,000 2,000,000 00
shares, issued 60,000 shares, par value
pany, 415 Chestnut Street, Philadelphia, Pa.
$100 each
1,250,514 70
The Registrars are: Guaranty Trust Company of New
York, 140 Broadway, New York City, and Girard Trust
$6,750,514 70
Current:
Company, Broad and Chestnut Streets, Philadelphia, Pa.
Accounts payable
509,367 49
Wages accrued (not due)
SUPERIOR STEEL CORPORATION,
69,661 57
Accrued State, Twp. and Federal taxes
57,728 27
By E. W. HARRISON, President.
$636,757 33
Net income accrued from Dec. 26 1916 to March
This Committee recommends that the above-described
31 1917,
after payment of dividends, &c
761,459 44 $3,500,000 Temporary Interchangeable Certificates for Eight
per Cent Convertible First Preferred Stock and $6,000,000
Grand total liabilities
$8,148,731 47
Temporary Interchangeable Certificates for Common Stock
Superior Steel Corporation hereby agrees:
be admitted to the list, with authority to substitute on the
Not to dispose of its stock interest in any constituent, list Permanent Engraved Interchangeable Certificates for
Preferred and Common Stock, respectively, on official notice
subsidiary, owned or controlled company, or allow any
of
said constituent subsidiary, o?rned or controlled companie of issuance in exchange for outstanding Temporary Certifis cates therefor in
to dispose of stock interests in other companies
accordance with the terms of this appliretirement and cancellation, except under existing unless for cation.
authority
or on direct authorization of stockholders of the company
WM. W. HEATON, Chairman.
holding the said companies.
GEORGE W. ELY, Secretary.
Capital
$6,750,514 70
Represented in accordance with the law of the State of Virginia by:
Preferred Convertible
First
8% Stock-total authorized and issued 35,000
shares, par $100
$3,500,000 00
Second Preferred Convertible
8% Stock-Total authorized and issued 20,000
shares, par $100
2,000,000 00
Common Stock-authorized
115,000 shares; issued 60,000 shares
1,250.514 70
Wright-Martin Aircraft Corp., N. Y.
Stock Underwritten and Offered to Stockholders-New Common
Vice-Pres. Glenn L. Martin in a circular at $5 a Share.of May,4 says:
In order to provide the corporation with
An approved statement says in substance: If the proposition to underwrite 500,000 additional common stock at $5 per share is finally accepted,
it is felt that the future of this company will be reasonably assured. All
of the $2,500,000 thus raised would be retained as working capital. While
proposed to increase the authorized number additional funds, it has been some of it would be dissipated before the company could get on a net earnof shares of the
ing basis, bankers conversant with affairs believe that smoother sailing as
from 500,000 to 1,000,000, and for that purpose the board common stock regards net earnings should
of directors have
be reached inside the next
called a special meeting of the
stockholders to be held May 24 1917,formal production of the Hispano-Suiza motor for aeroplanessix months. Already
has reached one per
notice of which is being published. (The
day. This
"stated"
25 per
is to be increased from $7,500,000 to $10,000,000. capital concurrently through hasmeans acceptedmonth and every one which has so far come
been
by the French Government; it should be a
The said 500,000 shares [of no par value] have
been underwritten by a matter only of weeks before two per day aro being made. The success
number of the larger stockholders at
commission, subject to an offering ofthe price of $5 per share, without any of this financing plan, if finally accepted, means indefinite postponement
said shares at the same price to the if not entire abandonment of the proposition at one time under
stockholders of the corporation of record at the
considerclose of
If the proposed increase be approved by the requisite business May 23'17. ation to merge the Curtiss and Wright companies." Compare V. 103
holders, warrants will be issued to the stockholder number of the stock- p. 1987.-V. 104, p. 1392. 870.
s of record at the close
of business May 23 1917, covering subscription rights.
Youngstown Sheet & Tube Co.
-Extra Dividend.
Of the present authorized shares of common
This company has declared an extra dividend of 3% on the common
there
to sale, 43,953 shares, which shares have beenstock at theremain, subject stock along with the regular common
sold
price a $5 per
2%, and 1U% regular on the pref.,
share, without any commission subject to their being offered
pro rata to all payable July 1 to holders of record June 20.
the stockholders at the same price. The said 43,953 shares will
This
to the stockholders with the 500,000 shares above mentioned. be offered V. 104,company has subscribed to $3,000,000 "Liberty Loan" bonds
p. 670, 459.
(Upon the aforesaid increase the total authorized stock will be
1,050,000
shares, of which 50,000 of $100 each are preferred stock, convertible
at
option of holder at any time into common stock at the rate of
CURRENT NOTICE.
one share
pref. for two shares of common, and for that purpose the corporation of
re-Richard 0. Noel was the guest of honor at a dinner given by John V.
serves 100,000 shares out of the above authorized issue of common
stock.
If any pref. stock shall be called for redemption
and
the holder thereof has the Thayer chop the William R. Compton Co. organization of this city at
right either to take the fixed redemption price or
Keen's
house on Thursday night. Mr. Noel left last night to join
to
common stock as aforesaid prior to the date fixed convert the same into the officers reserve in training at Plattsburg, N. Y.
for the redemption].
New President.-Status.-Jno. F. Alvord (Presiden
-Ernest T. Ellington, former Vice-President of the Madison & Kedzie
t of State Bank of Chicago,Ill., has opened
Torrington Company) has been elected President:
an investment office in the Rookery.
Chicago.
THE CHRONICLE
1920
Wite Tomuterciai Times.
COMMERCIAL EPITOME
[VOL. 104
a very large crop. To-day prices closed 3 points lower to
6 higher, with sales reported of 30,750 bags. Net changes
for the week are not marked. Closing prices as follows:
May..___cts.8.05©8.07 Septem3b'r cts8.3508.36 January _cts.8.568.57
8.4008.41 February-- 8.62948.63
8.1308.14 October
June .
8.67948.68
8.220,8.23 November _8.4508.46 March
July
Friday Night, May 11 1917.
8.73948.74
8.28948.21) December_ 8.5008.51 April
August
Trade is still large, even if not so large as recently. Unal, 96-degrees test, 6.08@
SUGAR rather dull; centrifug
quantity
filled steelordersshow afurtherincrease to thelargest
6.200.; molasses, 89-degrees test, 5.33 ®5.43c.; granulated,
on record. Government purchases in various directions are 7.50 ®8.50c. Futures have fluctuated within narrow limits,
in order to fill
very heavy. Mills are working extra hours,
with, therefore, no marked changes. At one time there was
Government contracts for woolen goods, khaki, duck and a slight advance followed by a decline. The proposed duty
Government
heavy cotton goods. Shipbuilding, with vast
of 10% has had no great effect. Heavy receipts at the
plans to be carried out, was never so active as in these epoch- Atlantic ports have attracted attention. They have been a
large and
making times. Building of aeroplanes is notably
clog on the market. They were 87,574 tons last week against
has some effect on the steel trade. Dye and chemical indus- 73,122 tons in the previous week and 90,440 last year;meltWest, with
tries are flourishing. The hoarding of food at the
ings, six to 5,000 tons, the same as in the previous week, and
its mischievous effects on prices, has largely if not wholly 68,000 last year; stocks, 351,076 tons against 328,502 last
May 1, was
ceased. The Government crop report, dated
week and 157,610 last year-quite a difference. Refiners
undoubtedly gloomy, but since then it may be said without have been indifferent, playing a waiting game. To-day prihave
minimizing the seriousness of the outlook, the prospects
ces closed unchanged to 4 points lower, with sales stated at
somewhat improved. Also much of the large area lost to 18,600 tons. Closing prices were as follows:
oats, barDecembercts.5.0305.05
wheat through winter killing, has gone into corn,
May --- 0.4.5 180.5 22 september cts 5.3605.37 January ____ 4.7904.80
,
-5 22.;5 24 October_ _5.3105.33
ley and potatoes, and of these a high record acreage seems June
5.30665 32 November ___5.30©5.32 February__-_4.62944•64
advanced July
certain. The planting of spring wheat is more
....4.5404.57
March
August_____5 3205 33
than usual, being slightly ahead of the ten-year average.
-Linseed high; City, raw American seed, $1.27©
OILS.
planting at the
And the propaganda for increased grain
City, boiled, American seed, $1.28@$1.31; Calcutta,
South promises to produce results. So also with that which $1.30; Lard,prime, $1.85@$1.90. Cocoanut, Cochin, 190.;
s in gardens throughout $1.35.
looks to the planting of foodstuff
Ceylon, 18c. Corn, 15.31c. Palm, Lagos, 16@l6 Mc.
the country. The early crops of potatoes, green vegetables Soya bean, 141 1@143'c. Cod, domestic, 79.820. Spirits
/
abundant. The tendency
and berries at the South have been
of turprntine, 483/2c. Strained rosin, common to good,
is towards warmer weather at the South, something which is $6.20. Cottonseed oil higher on the spot at 17c. To-day
needed for the cotton crop. An enormous business is being cottonseed oil futures closed as follows:
done in coal. But there is no disguising the fact that the May _ _cts.16.25016.401August cts.16.409416.411Nov._ _cts.15.88 ©15.92
.6
16.259416.60 September.16.45 16 4 December _15.89015.90
sentiment in favor of economy is spreading and that it is June
16.46©16.50 October___16.35016.40
affecting wholesale and retail trade, expecially the latter. July
LEUM in good demand and firm; refined in barbring home to the people almost
PETRO
And the enormous war taxes
$12.75©
as vividly as would the sound of guns on our coasts, that the rels, $10.25@$11.25; bulk, $5.50@$6.50; cases,
times may be ahead. $13.75. Naphtha, 73 to 76 degrees, in 100-gallon drums
country is at war, and that serious
steel
War taxation amounting, it is estimated, to over $1,800,- and over, 423/2c. Gasoline active; motor gasoline, in gas
000,000 a year, is clearly no light matter, especially in these barrels, to garages 24c., to consumers 26c.; gasoline,36®
times of abnormally high cost of living. Wheat is over $3 machine, steel, 41c.; 72 to 76 degrees, steel and wood, proper bushel, flour is as high as 816 30 per barrel at Minneap- 38c.; 68 to 70 degrees, 29@32c. The Eastern field one
olis, and corn and other grain are also at historic prices. duction is falling off. There has been, it is stated, only
And the winter-wheat crop promises to be one of the smallest large completion in a week.
$1 88 Illinois. above 30
10 North Lima
Pennsylvan
in 17 years, owing to the unusual severity of the winter, the Cabell. ia dark $3 37 South Lima
_ -$1 92
•1 88 degrees
2
1 78 Kansas and Oklawidespread winter killing and the cold, backward spring,ne- Mercer black
2 45 Indiana
1 70
1 92 homa
Princeton
abandonment of acreage. Crichton
1 40
cessitating an unusually large
90
2 10 Somerset.32 deg.._ 2 20 Caddo La.. light_ 1 00
1 00 Caddo La.. heavy_ 1
Mr. Herbert Hoover, who is being talked of as National Food Corning
2 18 Ragland
Wooster
2 28
1 70 Canada
night at the Harvard Club Thrall
Electra
1 70
Controller, said on Thursday
1 00
1 70 [Jumble
1 70 Moran
that unless there is official control of prices, flour might Strawn
1 70
1 88 Flenrietta
1 80 Plymouth
and wheat to $5 a bushel. He also De Soto
advance to $20 a barrel
TOBACCO supplies are light, and trade is only moderately
output of wheat was taken over by the
said that if the
Taxes on the manufactured product are to be inGovernment, the present price, which is high enough, can active. and this points to higher prices for cigars and cigato 50% and at the same time the producer creased Leaf is very firm. The supply of old crop has been
be reduced 40
a ettes.
be treated in a liberal manner. In other words, there isof pretty well sold out. All eyes are now on the new crop.
nowadays toward a paternalistic regulation
tendency
is late owing to the backwardness of the Spring
markets, with results which time must determine. And some Plantingscarcity of labor. Sumatra is in good demand and
and the
ures are more or less seriously hampered by the firm; some is arriving by way of California.
manufact
scarcity of raw materials and of skilled labor, and continued
COPPER higher. Lake here on the spot 31 M320.; eleccar shortage. Wage increases augment production costs in
quarter, electrolytic 283/2©
textile trades. Many boot and shoe factories are shut trolytic, 32®32Mc.; for third expected to be very heavy.
the
are
because of dulness of trade, or strikes. Only factories 29c. World's requirements
down
laid upon the big consumption. Tin higher on the
working on army contracts are busy. The leather trade is Stress is643/2@65c. The rise was due partly to the higher
. Building is less active and collections are a little spot at
unsettled
the proposed import duty of 10%.
slower. General trade is in sound condition, but the tone London cables and to buying in New York. Spelter firm
ut is more sober and conservative, and it is well There has been active at Joplin has been rising. This has
througho
at 934 ®9Mc. Zinc ore
that it should be so in such times as these.
of the agreement with the
Western, 22.750.; refined to the helped spelter. So has the closingfor its purchases at prices
LARD irregular; Prime
pay
America, 23.85c.; Brazil, 24.85c. Government whereby it will The Government bought 25,Continent, 23.70c.; South
very near the best ruling.
Futures have been unsettled, fluctuating with moderate 000,000 lbs. at 9c. for Western and further large orders are
been somewhat steadier owing
limits. Latterly they have
expected. Lead higher on the spot at 93/2 ©10Mc. Govto an advance in hogs, and higher grain markets. Stocks ernment will want large supplies and there is less fear that it
have been buying. Cash
make a bullish exhibit. Packers
Liver- will cut the price materially. Pig iron has been firm, with
ttading on the whole, however, has been less active. options a good demand, particularly for special and high grades, of
is quiet with the future
pool advices state: Lard
which the supply is small. There is a steady export demand.
well supported in sympathy with Chicago. To-day prices Southern iron for 1917 delivery is $1 higher, touching $38
advanced.
for No. 2 Birmingham; Chicago $40 for first half of next
.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
Fri.
year, a rise of $2. Big manufacturers of agricultural maWed. Thurs.
Tues.
Mon.
Sat.
22.30
22.'.0
22.17
22.00
22.25
cts_22.25
chinery have been free buyers. Steel has been firm, espeMay delivery
22.45
22.35
22.30
22.17
22.35
22.35
July delivery
cially as it is believed that future Government contracts will
22.57
22.52
22.47
22.30
22.47
September delivery.._ _22.45
to manufacturers. The Allies
mess, $41.50; clear, $42@$4L50. Beef be at prices more favorable
PORK firm;
nails heavily. India has bought considmess, $29; extra India mess, $50 bid. Cut have bought wire pipe and supplies, and France.wants
products firm;
erable oil-country
7
meats quiet; pickled hams, 10 to 20 lbs., 214©25 Mc.; liberal tonnage in rails. The U. S. Government is believed
bellies, 29(4)30c. Liverpool cabled: 'Provisions
pickled
want 100,000 tons of structural steel. Many mills are not
quiet, arriva s light, purchases difficult owing to dearness to shape to consider new business in plates, shapes and bars
and scarcity of transportation." Butter, in
of offerings
large scale.
/
creamery, 40M ®410. Cheese, State, 263 0. Eggs, fresh, on any
.
36M@37
COTTON
COFFEE firm. No.7 Rio, 103ic.; No. 4, Santos, 10%@
Friday Night, May 111917.
Futures advanced
103/8c.; fair to good Cucuta, 12@13c.
for a time on the general belief that there will be a duty levied
THE MOVEMENT OF THE CROP,as indicated by our
in one form or another, as the Government has a big taxation telegrams from the South to-night, is given below. For the
in view for the country at large. Some improvement has week ending this evening the total receipts have reached
been noticed at times in the spot demand. Still, the expeclast week and 66,817
tations of big Brazilian crop has been something of a handi- 70,719 bales, against 60,243 bales
cap. Moreover, it appears that it is proposed to tax the bales the previous week, making the total receipts since
those
stocks now in dealers' hands, with the exception ofin this Aug. 1 1916 6,249,308 bales, against 6,418,531 bales for the
held by retailers. This would involve 4,000,000 bags
same period of 1915-16, showing a decrease since Aug. 1 1916
country. Wall Street sold on this. Besides Brazilian of 169,223 bales.
buyers count on
markets have latterly receded. American
THE CHRONICLE
MAY 12 1917.]
1921
_
Sat.
Mon.
Wed.
Tues.
Thurs.
2,220
5,357
3,4§15
68
2,58§
.
333
(c,§58
751
-- o;
S
580
35
225
1,232
8
1,16
-46
4,492 22,297
316
316
- -- 5,743
3,895
2,368
-1515
Total.
3,858
3,991
2,379
Galveston
Texas City
Port Arthur
Aransas Pass,&C.
New Orleans_
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Wilmington
Norfolk
N'port News,&c.
New York
Boston
Baltimore
Philadelphia
4,172 23,117
738 1,387
5,743
92
132
248
3
490
-5'1O
8,433
-86
839
168
448
68
133
4,634
2,000
181
279
5,696
168
65
1,423
3,261
152
596
2,000
53
-815 ---144
,
3,261
60
92
Totals this week_
928
19
7,3161 14.227 13,438 10,525 16,780 70,719
The following shows the week's total receipts, the total
since Aug. 1 1916 and the stocks to-night, compared with
last year:
1916-17.
Receipts le
may 11.
1915-16.
This Since Aug This Since Aug
Week. 11916. Week. 1 1915.
22,297 2,454,782
Galveston
316 243,131
Texas City
41,447
5,'743
Port Arthur
59.993
Aransas Pass.&c_
23,117 1,384,029
New Orleans
Mobile
95,022
1,387
Pensacola
31,381
Jacksonville____
60,081
Savannah
4,34 799,201
Brunswick
2,000 117,000
Charleston
181 163,285
Georgetown
86,546
Wilmington
279
Norfolk
5,696 486,148
12,075
168
N'port News,&c_
35,114
65
New York
83,605
1,423
Boston
90,619
3,261
Baltimore
5,549
152
Philadelphia
1917.
20,237 2,217,683 213,779
186 293,991
19,821
53,793
1,000
84,800
19,219 1,217,552 268,218
5,696 121,119
6,009
47,372
111
39,395
9,500
10,534 951,885 115,905
900
500 113,200
4,836 249,483
24,306
728
5,525 196,872
54,149
11,174 603,063 106,129
81,893
204
92
26,771
67,091
3,426
72,147
11,469
341
44,222
34,398
---2,562
4,794
70.719 6.249,308 83.081 6.418.531
Totrasa
Stock.
1916.
237.477
606
66
297,676
17,952
1,438
135,657
2,200
74,342
60,454
98,351
230,619
8,120
4,327
2,536
936.468 1.171.821
In order that comparison may be made with other years,
. we give below the totals at leading ports for six seasons:
1917.
Receipts 0--
1916.
1915.
1914. I
1913.
1912.
Galveston ____
TexasCitY,&c.
New Orleans_
Mobile
Savannah
Brunswick
Charlestonjte
Wilmington
Norfolk
N'port N..&c.
Allothers
22,297
6,059
23,117
1.387
4,634
2.000
181
279
5,696
168
4,901
20,237
186
19,219
5,696
10,534
500
4,836
5,525
11,174
204
3,970
44,338
4,255
15,824
900
8,229
4,000
2,103
1,924
5,041
2,607
5,191
21,260
313
18,6771
5,265
10,236,
I
720,
1481
2,6031
3,5171
1,073,
13,106
8,452
16,300
2,020
10,274
950
1,701
811
4,719
2,731
10,893
49
9,164
2,005
8,962
1,163
646
844
4,726
1,463
2,695
Tot.this week
70,719
83,081
94,412
63,812
61,064
42,610
Since Aug. 1_ 0,249.308 6,418.531 9.929.162 10113749 9.401.404 11542311
The exports for the week ending this evening reach a total
of 93,167 bales, of which 32,321 were to Great Britain,
32,594 to France and 28,252 to other destinations. Exports for the week and since Aug. 1 1916 are as follows:
Week ending May 11 1917.
Exported to
Exports
from,
-
From Aug. 1 1916 to May 11 1917.
Exported to--
Great
Great
ritain. France. Other. Total. Britain.
10,900 9,200 27,097 863,543
Galveston__
Texas City_
78,617
5,743 40,748
Pt. Arthur_
Eagle Pass_
9,798 7,000 18,318 612,722
NewOrleans
Mobile
64,741
Pensacola__
36,676
5,700 11,550 18,470 155,532
Savannah__
4,471 107,798
Brunswick
Charleston
14,407
Wilmington
5,000
Norfolk___ _
50,261
N'p't News
913
6.196
New York_
162,847
502
Boston _ _ _ .12,07
85,364
Baltimore__
155,974
Philadel'a_
32,343
Portl'd, Mo.
148
San Fran_ _
-Seattle _ _ _ _
---Tacoma .._
---Pembina._ _
--32,594 28,252 93,167 2,367,634
Total._ _ _
.---
----
France.
Other.
Total.
136,718 452,805 1,153,066
115,532 28,725 222,874
40,748
500
500
188,746 197,371 898,839
400 65,141
100 36,776
118,399 83,743 357,674
107,798
2,900 17,307
19,355 56,381 80,736
41,566
4,450 96,277
913
208,528 246,269 617,644
2,433 95,283
7,486
2,384
2,450 160,808
4,577 36,920
148
164,307 164,307
234,547 234,547
118,670 118,670
150
150
838,714 1,600,7784,807,126
Tot.'15-16. 41,29 23,515 44,269 109,077 2,210,528 757,444 1,723,0864,691,058
Tot.'14-15_ 64,225 20,352 8,899 93,476 3,435,947 584,669 3,496 110 7,516,726
Note.-EXPOrt8 from New York include 60 bales Peruvian to Havre and 890
bales West Indian to Liverpool.
*Exported in March.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
On Shipboard, Not Cleared for-Great
GerOther CoastLeaving
May 11 04- Britain. France. many. Contl. wise. Total.
Stock.
Galveston ____ 13,316
----------3,440 6,000 ---22,756 101,023
____ 17,35'7 1,136 35,872 232,346
New Orleans__ 5,030 12,349
Savannah _--------------- 2,000 2,000 113,905
Charleston -__
---___
24,306
Mobile
---___
-----------------564
5,445
Norfolk
---- ------------196
196 105,933
New York
------------ 3,000
,000
---1,000
-___
64,091
Other ports
3,000
------------- 3,000 131.031
Total 1917
-__- 20,797 9,332 67,388 868,080
22,910 14,349
Total 1916.. 44,560 3,059
100 67,033 13,723 128,475 1,043,346
Total 1915... 81,404 31,360
100 33,862 45.050 191.776 1.048.172
Speculation in cotton for future delivery has been quiet
and prices at times have shown weakness, in spite of cold
weather at the South and reports of a backward season.
Liverpool has now and then been weaker and the weekly
Government weather report was in some respects more
favorable. Beneficial rains have fallen in Texas. Good
rains in Georgia have put the soil in excellent condition and
assured good stands of cotton. Louisiana has been benefited by rains, and early cotton in Tennessee looks well.
In South Carolina the stands are generally good. Adequate
rains have fallen in Mississippi. The water is receding in
the lower delta, and the lands are being planted in cotton.
Alabama has had at times beneficial rains. A New Orleans
report put the condition of the crop at 85.3%, against
75.5% a year ago. Some May notices were circulated, and
for a time had a rather depressing effect. On the whole,
there has been less peace talk than there was recently. Believers in lower prices have laid'stress on the reduced exports
-on the 10th instant there were none at all-and also on
the manifest tendency in this country towards economy.
This, it is believed, will infallibly bring about a reduction in
the consumption in this country. Many.believe that now
that the United States is in the war shipping will be largely
monopolized by this Government for the transportation of
food, munitions and troops, so that exports of cotton, apart
from the submarine menace, are, in their opinion, bound to
suffer. Finally, there is the question of taxation. When it
was fully brought home to the trade on the 9th instant that
the Government had devised plans for drastic taxation,
some of it retroactive, it gave a chill to the market. Prices
on that day dropped some 40 points, more from this cause
than any other. It is true, however, that the Government
weekly weather report on that day was not so bad as had
been predicted. During the week there was a steady dribbling out of long cotton. The selling was partly for Wall
Street. Liverpool also sold to some extent, and some
Southern spot houses, including those in Texas, likewise
sold to a greater or less extent. Moreover, speculation has
fallen off, partly owing to a growing fear that the Government
intends to regulate trade in many different branches of
commerce. It may perhaps establish minimum and maximum prices of this, that and the other commodity. If it
does why,it is asked,should the cotton trade hope to escape?
In fact, it already proposed to tax the trading in cotton at
a rate which may amount roughly to $1 to $2 per contract
of 100 bales, according to the level of prices. With October
around the present level the tax would be, it is figured, not
much under $2 per contract. Room traders, already heavily
taxed, will find it hard to make a profit. They already have
to pay the corporation tax and the clearing-house tax and
if a stamp tax is added by the Government, as it seems certain it will be, they can lose heavily on a decline of a single
point and gain much less than ever by the advance of a point.
Apart from this, bears contend that present supplies, because of diminished exports, will be ample. They also
.
maintain that there is every likelihood of an ample crop being
raised on an area which is certain to be over 35,000,000
acres. They again call attention also to the dwindling of
the retail dry goods trade, owing to the high cost of living.
On the other hand, there has latterly been a sharp rally,
owing to a revival of peace talk, continued cold weather in
most parts of the belt, and the stronger technical position.
been a good deal of liquidation
Certainly there has recently.
and the universality of bearish sentiment implies the existence of considerable short interest. At any rate on the 10th
instant considerable covering of shorts suddenly lifted
prices 30 points. It was rumored that on the 14th instant
the German Chancellor will announce Germany's terms of
peace. There can be no doubt that with minimum temperatures during the week down in the 30s and 40s over the
entire belt, growth and germination have been retarded.
In fact, the weekly Government report on the 9th instant
made that plain. In Texas cotton is late, with a poor
stand. In Oklahoma the soil has been cold and unfavorable
for germination, so that considerable replanting will be
necessary. In North Carolina the cold, rainy weather has
held back the growth of early cotton. In Georgia, also, the
weather has been too cool for rapid growth. And the same
is true of Alabama and Mississippi, as well as Louisiana,
Tennessee, Arkansas and South Carolina. In other words,
the belt would be much the better with much warmer weather.
In fact, it needs a period now of dry, hot, forcing weather.
Frost has prevailed in parts of the Southwest. Certainly,
this kind of weather is not wanted at this time of the year.
To-day prices advanced in spite of favorable rains in Texas,
owing to stronger cables, a rise in stocks, and renewed peace
talk,coupled with a rumor that Austrian envoys are trying to
get safe conductfrom Switzerland to Paris. Liverpool bought
and Wall Street covered. Above all,it was still too cool,even
if not so cool as it was earlierin the week. Spot cotton closed
at 20c. for middling uplands, a decline for the week of 5 pts.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
May 5 to May 11Middling uplands
Sat. Mon. Tues. Wed. Thurs. Fri.
20.10 19.80 19.95 19.60 19.80 20.00
NEW YORK QUOTATIONS FOR 32 YEARS.
1917-c
1916
1915
1914
1913
1912
1911
1910
20.00
13.10
9.85
13.00
12.00
11.70
15.90
15.80
1909 _c
1908
1907
1906
1905
1904
1903
1902
11.20
10.90
11.90
11.95
8.15
13.75
11.30
9.62
1901_c
1900
1899
1898
1897
1896
1895
1894
8.12
9.88
6.25
6.38
7.75
8.25
6.75
7.31
1893_c
1892
1891
1890
1889
1888
1887
1886
7.81
7.31
8.94
12.00
11.00
10.00
10.88
84
2&
[VoL. 104.
THE CHRONICLE
1922
-that is,
AT THE INTERIOR TOWNS the movement
FUTURES.
-The highest, lowest and closing prices at
the receipts for the week and since Aug. 1, the shipments
New York for the past week have been as follows:
for the -week and the stocks to-night, and the same items for
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
the corresponding period of the previous year-is sot out
May 5. May 7. May 8. May 9. May 10. May 11. Week.
in detail below.
if
Range
19.73-.88 19.50-.70 19.48-.58 19.35.-53 19.47-.62 19.53-.73 19.35-.88
Closing_
- 10.68-.70 19.53-.55 19.65-.67 19.40-.43 19.55-.58 19.72 -June
Towns.
Range
Closing_ _ _ _ 19.58 - 19.42 -19.58 -19.32 -19.47 -19.87 --- July
Range
19.48-.75 19.34-.60 19.34-.56 19.14-.52 19.35-.54 19.44-.68 19.14-.75 Ala., Eufaula.Closing_
19.50-.53 19.35-.36 19.56-.57 19.24-.26 19.42-.43 19.65-.66--Montgomery..
August
Selma
19.53-.55 19.34-.35 19.31 -19.16-.33 19.30 -- -19.15-.55 Ark., Helena
Range
Closing_
19.33-.37 19.17-.20 19.39-.42 19.07-.11 19.25-.28 19.48-.51- Little Rock
September
Pine Bluff_ _ _
Range
18.60
18.60 - Ga.,Albany_
Closing_.... 18.87 -18.67 -18.90 -18.58 -18.80 -19.09 - - - Athens
October
Atlanta
18.71-.95 18.53-.81 18.52-.77 18.36-.70 18.58-.73 18.64-.98 18.36-.98
Range
Augusta
Closing__ _ 18.73-.74 18.54-.55 18.76-.77 18.44-.45 18.64-.65 18.94-.95- Columbus
November
Macon
18.79
18.79 Range
Rome
Closing_ _ 18.74 -18.55 -18.78 -18.46 -18.66 -18.96 -- - La.,Shreveport
December
Miss Columbus
14.75-.01 18.58-.86 18.58-.84 18.45-.76 18.65-.30 18.73-.05 18.45-.05
Range
Greenville
Closing_
13.77-.79 13.58-.59 18.83-.84 13.51-.52 13.71-.73 19.03-.05--Greenwood
January
Meridian
18.94-.03 18.64-.89 18.62-.87 18.49-.78 18.71-.78 18.78-.09 18A9-.08
Range
Natchez
Closing...._ _ 18.81-.83 18.61-.63 18.86-.88 13.53-.54 18.75-.76 19.07-.09- - Vicksburg_
March
Yazoo City
19.16 -18.86 -18.83 -18.64-.90 18.91-.92,18.93-.19 18.64-.19 Mo.,St. Louis_
Range
18.96-.98 18.75 -18.99 -18.67-.69 18.90 -119.22-.24-- Closing_
N.C.,Gr'nsboro
Raleigh
THE VISIBLE SUPPLY OF COTTON to-night, as made 0., Cincinnati_
up by cable and telegraph, is as follows. Foreign stocks, Okla., Ardmore
Chickasha
as well as the afloat, are this week's returns, and consequently Hugo
all foreign figures are brought down to Thursday evening. Oklahoma -_
But to make the total the complete figures for to-night S.C.,Greenville
Greenwood_
(Friday), we add the item of exports from the United States, Tenn.,Memphis
Nashville_
including in it the exports of Friday only.
Tex., Abilene__
1917.
1916.
1915.
May 11-1
1914.
Brenham ___
bales_ 607,000 732,000 1,553,000 1,097,000
Stock at Liverpool
Clarksville__
Stock at London
24,000
45,000
22.000
5,000
Dallas
Stock at Manchester
53,000
72,000 141,000
92,000
Honey Grove_
Houston
Total Great Britain
684,000 849,000 1,716,000 1,194,000
Paris
Stock at Hamburg
*1,000
*1,000 *18,000
23,000
SanAntonio
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
*1.000
*1,000 *392,000
221,000 300,000 325,000
7,000
17,000
13,000
88,000 a102,000
43,000
29,000 131,000 488,000
*1,000
*1,000
*3,000
351,000
Total Continental stocks
483,000
354,000
4,000
34,000
38,000
50,000
986,000
553,000 1,282.000
Total European stocks
1,035,000 1,402,000 2,998,000 2,180,000
India cotton afloat for Europe..
59,000
41,000 124,000 282,000
Amer. cotton afloat for Europe
231,000 406,021 681,317 258,464
Egypt,Brazil,&c.,afloat forEurope 36,000
41,000
50,000
18,000
Stock in Alexandria, Egypt
127,000
78,000 195,000 215,000
Stock in Bombay, India
902,000 944,000 982,000 1,020,000
Stock in U.S. ports
936,468 1,171,821 1,239,948 587,861
Stock in U. S. interior towns
877,537 803.134 688,704 374,491
6.045
26,676
U.S.exports to-day
15,071
Total visible supply
4,219,076 4,870,021 6,949.969 4.994.492
Of the above,totals of American and other descriptions are as follows:
American
Liverpool stock
bales.. 484,000 572,000 1,277,000 861,000
Manchester stock
61,000 115,000
62,000
44,000
Continental stock
*290,000 *441,000*1,104,000 874,100
American afloat for Europe
231,000 406,021 681,317 258,464
936,468 1,171.821 1,239,948 587,861
U.S.port stocks
U.S.interior stocks
877,537 803,134 688,704 374,491
15,071
6,045
26,676
IL S.exports to-day
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt,Brazil, &c.. afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
2,878,076 3,461,021 5,105,969 3,044,492
123,000 160,000 276,000 236,000
5,000
22,000
45,000
24,000
30,000
26,000
11,000
9,000
*61,000 *112,000 *178,000 112,000
41,000 124,000 282,000
59,000
50,000
41,000
18,000
36,000
78,000 195,000 215,000
127,000
902,000 944,000 982,000 1,020,000
1,341,000 1,409,000 1,844,000 1,950,000
2,878,076 3,461,021 5,105,969 3,044,492
Total visible supply
4,219,076 4,870,021 6,949.969 4,994,492
7.47d.
5.30d.
8.44d.
Middling Upland,Liverpool
12.80d.
13.40c.
9.70c.
13.05c.
Middling Upland, Now York........ 20.00c.
9.85d.
8.30d.
Egypt, Good Brown, Liverpool
27.25d. 11.72d.
8.75d.
Peruvian, Rough Good,Liverpool 20.75d. 13.25d. 10.00d.
63id.
5.10d.
8.154.
Broach, Fine, Liverpool
12.00d.
5.22d. 6 3-16d
8.22d.
12.58d.
Tinnevelly, Good, Liverpool
* Estimated. a Revised:
Continental imports for past week have been 37,000 bales.
The above figures for 1917 show a decrease from last week
of 193,664 bales, a loss of 650,945 bales from 1915, a decline
of 2,730,893 balesfrom 1915 and a falling off of 775,416 bales
from 1914.
NEW ORLEANS CONTRACT MARKET
Saturday, Monday, Tuesday, Wed'day, Thursd'u, Friday,
May 5. May 7. May 8. May 9. May 10. May 11.
May
Range
Closing
JulyRange
ME
SeptemberRange
October
Range
Closing
December
Range
Closing
January
Range
Closing
MarchRangeonsfg
Tone
Spot
Ontions
19.15-.19 18.90-.98 18.91-.19 18.81-.15 19.03-.11 19.30-.33
18.96-.98 18.91-.95 19.18-.19 18.83-.85 19.08-.10 19.27-.31
18.68-.97 18.56-.83 18.57-.83 18.46-.78 18.51-.81 18.72-.02
18.68-.70 18.60-.62 18.82-.83 18.50-.53 18.70-.71 18.92-.94
Movement to May 11 1917.
120
17,595
429 10,769
9,747
____ 8,137
42,914
716 24,794 1,441 118,603 3,075 52,913
430
58,095 2,923 19,759
197 3,374
21,381
560 7,900
52,154
175
72,656 5,182 12,123
226,134 1,826 24,140 1,589 164,733 1,677 28,061
299 110,367 2,153 20,101
149,082 3,646 31,474
21,066 1,765 1,942
28 1,534
92
19,149
100,568 1,100 19,266 1,657 117,306 3,000 20,278
300,477 4,583 68,421 8,456 149,357 7,191 66,625
362,926 6,092 80,378 3,636 372,767 7,958106,164
63,113 4,427 35,997
186
61,365
225 13,589
830 6,580
212 43,853
158,638 1,025 15.379
62,805 1,234 10,035
57,001
858 6,850 1,139
632 117,901 3,231 21,701
145,431
539 10,518
03 4,203
16,879
730
705
200
6,036
276
62,468
347 5,339
56,212
500 17,000
980 104,472 2,830 10,735
110,354 1,300 20,000
48,694 1,352 13,474
21,373
542 5,512
932
49 24,022 1,154 7,174
500 8,169
33,962
311
60
16,067
439 2,321
31
26,527
970 7,130
19,218
342 4,416
30,094
801,091 14,269 28,629 9,293 649,508 10,400 18,296
84,019 2,001 9,377
73,159
856 6,807 3,424
294
575
12,854
11,275
91
567
100
168,106 2,207 16,132 4,603 236,828 2,247 10,579
44,586
186 1,212
110
52.052
77 1,424
88,772 1,074 8,843
79,596
700 2,500 1,212
22
12,615
356
801
29,597
236 3,029
283 27,014
47
38,020
215
841
2,67(3 136,022 3,016 24,660 2,935 126,761 4,228 18,506
16
19.113
598 7,142
16,432 1,451 3,53
13,550 1,224,878 21,292308,855 9,858 920,898 26,491 151,586
6,684
1,806
____
584
1,784
68,419 1,335 2,628
417 1,426 1,352
343 59,446
10 2,026
60 20,178 1,372 1,800
6 23,830
250 2,300
9 42,090
183 1,151
50
27,951
1,020 117,867 1,433 5,126 1,973
95,280 1,806 10,928
270 1,200
11
39,447
29,221
_-__
927
70
14,4332,407,906 24,370 89,014 11,9102,000,927 19,564 85,506
94,130
500 4,200
200
1,447 135,680 2,850 4,702
611
689
50,652
115
775
43,518
____
15
Steady
Quiet
Quiet
Steady Very st'y Steady
Quiet
Steady
Steady
Steady
,
,
.1551,
Note.
-Our Interior Towns Table has been extended by the addition of 8 towns.
This has made necessary the revision of the Visible Supply Table and a number
of other tables.
The above totals show that the interior stocks have decreased during the week 45,304 bales and are to-night 74,403
bales more than at the same time last year. The receipts at
all towns have been 12,355 bales less than !the same week
last year.
'v'OVERLAND MOVEMENT FOR THE WEEK TAND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Aug. 1 in the last two years are as follows:
-1915-16-1916-17Since
Since
Week. Aug. 1.
Week. Aug. 1.
10,400 648,349
14,269 784,589
1,066 304,271
7,242 247,314
5,964__
6,906
137
27/96 120,171
6,098 109,365
2,502 121,402
61,005
168
3,472 146,065
5,896 289,611
18,986 511,157
7,514 674,036
May 11Shipped
Via St. Louis
Via Mounds, Ste
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
41,324 2,171,884
Total gross overland
Deduct shipments
Overland to N.Y.,Boston,&a_ _ _ 4,901 214,887
Between interior towns
2,519 141,900
Inland, &c., from South
31,141 376,546
Total to be deducted
38,561
39,222 1,864,321
3,859
4,361
4,405
145,702
161,907
258,857
12,625
733,333
566,466
26,597 1,297,855
2,763 1,438,551
Leaving total not overland *
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 2,763 bales, against 26,597 bales for the week last
year, and that for the season to date the aggregate net overland exhibits an increase over a year ago of 140,696 bales.
-1916-17
-1915-16
Since
Since
In Sight and Spinners'
Aug. 1. Week.
Aug. 1.
Week.
Takings.
Receipts at ports to May 11_ _ _ _ 70.719 6,240.308 83,081 6,418,531
26,597 1,297,855
2,763 1,438,551
Net overland to May 11
Southern consumption to May 11_ 90,000 3,326,000 88,000 3,058.000
163,482 11,013,850 197,678 10,774,386
325,957
523,803 *49,786
*45,304
Total marketed
Interior stocks in excess
Came into sigut during week_ _118,178
Total in sight May 11
11,537,642
- --
Nor.spinners' takings to May 11- 61,008 2,550,425
147,892
11,100,343
57,475 2,799,639
* Decrease during week.
Movement into sight in previous years:
Week-May 14
1916
-May 15
1915
-May 16
1914
Bales.
14,210,616
14,036,993
13,225,054
Since Aug. 1Bales.
--May 14
161,455 1915-16
98,299 1914-15
-May 15
-May 16
110,882 1913-14
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
18.18-.47 18.02-.30 18.05-.30 17.89-.25 18.04-.24 18.15-.50
18.18-.20 18.05-.06 18.29-.30 17.92-.93 18.15-.17 18.44.45
Quiet
Steady
Ship- Stocks
ments. May
12.
1Veek.
85
618
29
305
1,647
120
5
235
2,568
1,469
87
395
622
331
5
100
800
430
191
67
154
12,641
589
87
1,293
38
400
18.09-.39 17.94-.23 17.93-.21 17.79-.17 17.85-.15 18.05-.40
18.09-.12 17.97-.98 18.20-.21 17.83-.84 18.05-.07 18.34-.35
18.41-.43 18.28-.30 18.52-.54 18.15-.17 18.39-.41 18.67-.69
Receipts.
Week. Season.
OtftI, 41 towns viu,36S 1,4112,437,
18.38-.40 18.24-.27 18.46-.50 18.09-.13 18.31-.33 18.60-.62
--- 18.22-.40 18.16-.25 18.05 - 18.25 - 18.24-.54
18.27-.29 18.14-.16 18.38-.40 18.01-.02 18.25-.27 18.53-.55
Movement to May 12 1916.
Ship- Stocks.
ments. May
11.
Week. Season. Week.
Receipts.
Saturday.._ _
Monday
Tuesday ___
Wednesday_
Thursday
Friday
Total
Futures
Market
Closed.
Quiet, 5 pts. adv___ Barely steady_ Quiet, 30 pts. dec _ Steady
Quiet, 15 pts. adv__ Very steady_ -Quiet, 35 pts. dec_ Steady
Quiet, 20 pts. adv_ Steady
Quiet, 20 pts. adv..- Very Steady
SALES.
Spot. Contract Total.
200
200!
200
100
100
-200
100
400
600
100
200
MAY 12 1917.]
THE CHRONICLE
-Our teleWEATHER REPORTS BY TELEGRAPH.
graphic reports this evening from the South indicate that
rain has been very general during the week with beneficial
precipitation in Texas. Temperature, on the other hand,
has been rather low at times, checking development. Texas
reports the plant in good condition generally, but late in
Southwestern sections.
-Unseasonably cold weather prevailed durGalveston, Tex.
ing the forepart of the past week, which has been followed
with good precipitation in nearly all sections. Reports show
the plant to be in good condition t but is late in the Southwestern section. We have had rain on four days during the
week, the precipitation being two inches and thirty-five hundredths. The thermometer has averaged 67, the highest
being 82 and the lowest 52.
-The week's rainfall has been one inch and
Abilene, Tex.
twelve hundredths, on two days. The thermometer has
averaged 56, ranging from 40 to 72.
-The week's rainfall has been two inches
Brenham, Tex.
and seventy-two hundredths, on four days. Average thermometer 63, highest 80 and lowest 46.
-We have had rain on two days of the
Brownsville, Tex.
week, the rainfall reaching one inch and fifty-eight hundredths. The thermometer has averaged 71, the highest
being 90 and the lowest 52.
Cuero, Tex.
-It has rained on three days of the week, the
precipitation beino• one inch and fifty-six hundredths. Average thermometer b
66, highest 86, lowest 45
Dallas, Tex.
-We have had rain on four days the past week,
the rainfall being ninety-one hundredths of an inch. The
thermometer has averaged 57, the highest being 70 and the
lowest 44.
-The week's rainfall has been one inch
Fort Worth, Tex.
and twenty-two hundredths, on three days. Average thermometer 56, highest 68, lowest 44.
-It has rained on two days of the week,
Henrietta, Tex.
the rainfall reaching eighty-two hundredths of an inch. The
thermometer has averaged 57, the highest being 72 and the
lowest 42.
-Rain has fallen on three days during the
Huntsville, Tex.
week, the precipitation reaching one inch and fifty-three
hundredths. The thermometer has averaged 59, ranging
from 41 to 76.
-There has been rain on three days during
Kerrville, Tex.
the week, to the extent of thirty-three hundredths of an
inch. The thermometer has ranged from 35 to 80, averaging
58.
-We have had rain on two days during
Lampasas, Tex.
the week, to the extent of fifty-six hundredths of an inch.
Average thermometer 60, highest 80, lowest 39.
-We have had rain on three days the past
Longview, Tex.
week, tho rainfall being one inch and forty hundredths.
The thermometer has averaged 63, the highest being 78 and
the lowest 48.
Luling, Tex.
-We have had rain on five days of the past
week, the rainfall being three inches and eleven hundredths.
Thermometer has averaged 64, ranging from 46 to 82.
Paris, Tex.
-There has been rain on two days of the week,
to the extent of fourteen hundredths of an inch. The thermometer has averaged 56, the highest being 69 and the
lowest 43.
San Antonio, Tex.
-The week's rainfall has been one inch
and eleven hundredths on five days. The thermometer has
averaged 62,• ranging from 44 to 80.
-Rain has fallen on two days during the
Ardmore, Okla.
week, to the extent of forty hundredths of an inch. Minimum thermometer 41, maximum 70, mean 56.
-It has rained on one day of the week,
Muskogee, Okla.
the rainfall reaching three hundredths of an inch. The
thermometer has averaged 55, the highest being 73 and the
lowest 36.
-It has rained on two days of the week,
Eldorado, Ark.
the rainfall reaching fifty-eight hundredths of an inch. The
thermometer has averaged 58, ranging from 39 to 77.
-Dry all the week. The thermometer
Little Rock, Ark.
has ranged from 44 to 71, averaging 58,
-There has been rain on two days during
Alexandria, La.
the week, the precipitation reaching one inch and thirty-five
hundredths. The thermometer has averaged 63, the highest
being 83 and the lowest 43.
-We have had rain on three days of the
New Orleans, La.
past week, the rainfall being one inch and twelve hundredths.
The thermometer has averaged 69, ranging from 54 to 84.
-There has been rain on four days during
Shreveport, La.
the week, the rainfall being twenty-two hundredths of an
inch. Thermometer has ranged from 44 to 73, averaging 58.
-There has been rain on one day of the
Greenville, Miss.
week, to the extent of twelve hundredths of an inch. The
thermometer has averaged 58, the-highest being 77 and the
lowest 40.
-We have had rain on two days of the
Vicksburg, Miss.
past week, the rainfall being thirteen hundredths of an inch.
The thermometer has averaged 59, ranging from 49 to 76.
-Cool weather retards growth but no materMobile, Ala.
ial damage has resulted. Planting is about over and chopping out is making good headway. Light showers in the
interior. There has been rain on three days during the week,
the rainfall being thirty-six hundredths of an inch. The
thermometer has ranged from 49 to 85, averaging 64.
1923
Montgomery, Ala.
-We have had rain on two days during
the week, to the extent of twenty hundredths of an inch.
Average thermometer 63, highest 82,lowest 45.
Selma, Ala.
-It has rained on two days of the week, the
rainfall reaching twelve hundredths of an inch. The thermometer has averaged 60, highest being 82 and lowest 43.
Madison, Fla.
-It has rained on three days of the week,
the rainfall reaching two inches sixty-five hundredths.
The thermometer has averaged 66, ranging from 50 to 81.
Albany, Ga.-We have had rain on two days the past week,
the rainfall being fifty-nine hundredths of an inch. The
thermometer has averaged 66, the highest being 86 and the
lowest 45.
Savanannh, Ga.-We have had rain on four days of the
past week, the rainfall being two inches and twenty-nine
hundredths. Thermometer has averaged 67, ranging from
50 to 84.
Charleston, S. C.
-There has been rain on four days during
the week, to the extent of three inches and twenty-one hundreths. The thermometer has ranged from 49 to 80, averaging 65.
Spartanburg S. C.
-It has rained on three days of the week,
the rainfall reaching one inch and two hundredths. The
thermometer has averaged 58, the highest 75 and lowest 40.
Charlotte, N. C.
-There has been rain on four days of the
week, to the extent of one inch and eighty-three hundredths
The thermometer has averaged 56, ranging from 41 to 70.
Weldon, N. C.
-There has been rain on three days during
the week, to the extent of two inches and fourteen hundredths. The thermometer has ranged from 40 to 69,
averaging 55.
Memphis, Tenn.
-Nights have been too cool, but temperature is more favorable as the week closes. We have had
rain on one day during the week, the rainfall reaching
seventy-six hundredths of an inch. Lowest thermometer
43, highest 69, average 55.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
Closing Quotations for Middling Cotton on
-
Week ending
May 11.
Galveston
New Orleans_
Mobile
Savannah
Charleston
Wilmington..
Norfolk
Baltimore
Philadelphia
Augusta
Memphis
Dallas
Houston
Little ltock
Saturday, Monday. Tuesday. Wed'day. Thursd'u. Friday.
19.55
19.50
19.50
20%
Nom.
19%
19.63
20
20.35
20.00
20.00
19.40
19.50
19.50
20%
Nom.
19%
19.50
20
20.05
19.88
19.75
18.60
19.05
19.38
19.20
19.50
19.40
19.50
19.50
20%
Nom.
19%
19.50
19%
20.20
19.75
19.75
18.80
19.35
19.38
19.25
19.50
19.50
20%
Nom.
19%
19.38
19%
19.85
19.63
19.50
18.55
19.05
19.25
19.35
19.37
19.25
20%
Nom.
19.38
19%
20.05
19.63
19.50
18.65
19.25
19.25
19.50
19.50
19.25
20%
Nom.
1934
19.50
19%
20.25
19.75
19.75
18.90
19.50
19.50
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
1916-17.
Week.
I
Season.
1915-16.
Week.
Season.
Visible supply May 4
4,412,740
5,093,387
Visible supply Aug. 1
3.198,251
4,664,410
American in sight to May 11
118,178 11,537,662 147,892 11,100,343
Bombay receipts to May
5135,000 2,213,000
60,000 2,775,000
Other India shipm'ts to May 10 510,000
196,000
7,000
318,000
57,000
Alexandria receipts to May 9
668,000
2,000
606,000
Other supply to May 9 *
b8,000
166,000
15,000
192,000
Total supply
4,690,018 17,978,913 5,325,279 19,655,753
Deduct
visible supply May 11
4,219,076 4,219,076 4,870,021 4,870,021
Total takings to May 119
471,842 13,759,837 455,258 14,785.732
Of which American
289,842 10,747,837 252,258 10,929,732
Of which other
182,000 3,012,000 203,000 3,856,000
*-Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces the estimated consumption by Southern mills,
3,326,000 bales in 1916-17 and 3,058,000 bales in 1915-16-takings not
being available-and the aggregate amounts taken by Northern and
foreign spinners-10,433,837 bales in 1916-17 and 11,727.732 bales in
1915-16, of which 7,421.837 bales and 7.871,732 bales American.
S Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1916-17.
Apr. 19.
Receipts at
Bombay
Since
Week. Aug. 1.
1915-16.
1914-15.
Since
Since
Week. Aug. 1. Week. Aug. 1.
101.000 2,001,000 69.000 2,605,000 148,000 1,922,000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
April 11.
Receipts (cantars)This week
Since Sept. 1
Exports (bales)
-
1916-17.
1915-16.
1914-15.
50,819
4.798,533
11,876
4,498,992
49,000
5,949,457
Since
Since
Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1
To Liverpool
5.355 177,981
187,276 4,750 173,307
To Manchester
115,258 3,518 122.321
130.220
To Continent and India_ 4,876 102,863 2,788 153,683 6,6156 239,661
To America
105,215 2,000 184,583 6,500 129,411
Total exports
10,231 501,317 8.306647,863 18,150 672,599
-A cantar is 99 lbs. Egyptian ba es weigh about 750 lbs.
Note.
This statement shows that the receipts for the week ending April 11
were 50,819 cantars and the foreign shipments 10,231 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market 18
quiet for cloth. The Indian inquiry is unproductive of orders. Government buying has steadied coarse yarns. We
give prices for to-day below and leave those for previous weeks
of this and last year for comparison:
THE CHRONICLE
1924
1916.
1917.
Feb. d.
23 16
30 16%
Apr.
6 16%
13 16%
20 16%
27 16%
May
4 16%
11 1634
CC COCO CO
32s Cop
Twist.
328 Cop
Twist.
s. d. d. d.
d. s. d.
1734 9 5 012 134 12.47 12%
18 9 4 @12434 12.77 12%
9
9
9
9
18
18
18
18
4 @12434
9 @130
434012 734
434012 754
12.69 12%
13.08 12
12.26 12
12.88 12%
1834 9 434012 9 12.89 12%
18 9 4340121034 12.80 12%
00 COCO CS
bs. Shirt- Cod'n
tags, common Mid.
Up's.
to finest.
8Y1 bs. Shirt- Cot'n
ings, common Mid.
Up's.
to finest.
s. d. d.
d. s. d.
7.73
13% 7 134159 3
7.77
13 7 0 09 2
13 7
12% 7
12% 7
13 7
0
0
0
0
09
09
09
09
2
2
2
2
7.62
7.78
7.82
7.94
8.12
1334 7 13409 3
1334 7 3 09 434 8.44
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks, &e.,at that port:
April 20. April 27.
32,000
1,000
43,000
6,000
27,000
Sales of the week
Of which speculators took
Of which exporters took
Sales. American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
38,000
2,000
60,000
650,000
537,000
32,000
20,000
130,000
69,000
67,000
680,000
560,000
69,000
52,000
131,000
67.000
May 4. May 11.
40,000
45,000
5,000
40,000
36,000
73.000
616,000
493,000
37,000
9,000
152,000
92.000
62,000
607,000
484,000
53,000
44,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Tuesday. Wednesday. Thursday.
Fair
business
doing.
Fair
business
doing.
Fair
business
doing.
12.80
Mid.Upi'd
Sales
Spec.drexp.
Monday.
Fair •
business
doing.
Saturday.
Market, {
12:15
P. M.
1101,1DAY.
12.83
12.86
12.66
8,000
800
8,000
1,000
8,000
800
Friday.
Fair
business
doing.
12.80
8,000
1,000
8,000
800
Quiet
Quiet, Barely st'y,
Quiet, un- Quiet, unFutures.
7 p.
}
Marketchanged to changed to 5 points 141516 pts. 40ts
advance.
decline.
3 pts. dec. 2 pts. dec, advance.
opened
Market. I
4
P. M. I
.
Quiet
Steady,
Dull,
Steady,
Quiet,
14®17 pts. 10011 pts. 203 pts. 9011 pts. 709 pts.
advance.
decline.
decline.
advance,
decline,
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths. Thus, 12 34 means 12 34-100d.
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
May 6
4 1234 4 1234 4 1234 4 1234 4
to
1234 1234 1234
May 11. p.m. p.m P.m. P.m. p.m p.m p.m• pan. p.m Pim pm. p.m•
d.
May
May-June
July-Aug..
-Nov.
Oct.
-Feb_
Jan.
-Apr.
Mar.
d.
d.
d. d.
d.
d. d. d. d.
d.
d.
12 34 29 37 39 40 36 20 25 34 33
12 27 22 30 32 33 29 13 18 27 26
HOLT- 12 12
DAY. 11 60
11 47
11 42
07
56
44
39
15
64
51
46
17
67
55
50
18
68
57
49
14
65
53
48
98
48
36
31
03
56
44
39
12
65
53
48
12
63
51
46
BREADSTUFFS
Friday Night, May 11 1917.
Flour has continued strong in sympathy with a further advance in wheat. Prices advanced in 24 hours about $1 a
barrel, owing to an advance on the 9th inst. of 15 to 17c. per
bushel in wheat, due to the very bullish Government crop
report on wheat. Some think the Government statement is
unduly pessimistic, but there can be no doubt that it had a
powerful effect. At the advance, however, trading has
slowed down,especially as, since the date of the Government
report is May 1, it is believed the outlook for the wheat crop
has improved. Local buyers have reduced their purchases
to very small proportions. And many think that for a time,
at least, business will be slack, awaiting further developments. Meanwhile, however, mills are not offering flour at
all freely. From second hands flour has been obtainable to
some extent at considerably below mill quotations. Fancy
patents at Minneapolis have been quoted at $16 30, first
clears $14. The production last week at Minneapolis, Duluth and Milwaukee reached a total of 462,000 bbls., against
483,000 in the previous week and 386,000 last year; total
since Sept. 1, 12,957,000 bbls. against 16,363,000 last season. Liverpool advices state that the market has been strong
with demand good and offerings light. Continental needs
are large, and as native supplies of grain are light, there continues a good demand for foreign sorts. Actual sales are
limited, owing to native millers absorbing wheat offerings.
Later Liverpool advices stated that foreign trade has come to
a standstill, as importers are not buying in America and
stocks there are at a minimum. Continental absorption is
large.
Wheat has advanced by leaps and bounds under the spur
of bad crop reports and heavy buying. May closed last
Friday at $2 723/9 and by the 11th inst. it was up to $3 25,
an advance in six days of nearly 53 cents. It was largely due
to the Government report showing the condition of winter
wheat on May 1 as 73.2 as against 82.4 on the same day last
year, a loss of 9.2%, though, it is true, on April 1 this year
the condition was 63.4, or nearly 10% lower than it was on
May 1. Still, the vital point was that indications pointed
to a crop of only 366,116,000 bushels, against 430,000,000
on April 1, and 481,744,000 bushels, the final estimate of
ast year. The difference between the prospective yield on
1
[VOL. 104.
April 1 and that on May 1 was due to the considerable abandonment of acreage. For instance, the April 1 estimate was
based upon an average abandonment, and that of May 1
upon an area of only 27,653,000 acres, or 12,437,000 acres
less than planted last fall. This total area was 9,603,000
acres smaller than on May 1 last year, when the total was
37,256,000 acres. The effect of this report was electrical.
All the newspapers featured it very prominently in the news
of the day as having a national and political bearing wholly
apart from its commercial significance. It indicates a crop
115,628,000 bushels smaller than that of last year, when the
yield of winter wheat was the smallest since 1912. If we are
to have a crop of only 366,116,000 bushels this year, it will
have to be compared not only with 481,744,000 bushels last
year, but also with 655,045,000 bushels in 1915, 684,990,000
bushels in 1914, 523,561,000 in 1913 and 399,919,000 in
1912. In fact, we should have to go back to 1904 to find a
crop anything like as small. In 1904, indeed, the yield
was only 332,935,000 bushels. In 1900 it was 350,025,000
bushels. In other words, the present crop of winter wheat
threatens to be the smallest, with two exceptions, in the last
seventeen years. And this year of all years in the history
of the country it was peculiarly desirable to raise a big crop,
not only on our own account, but on account of our allies and
their imperative needs. It is a year when European crops
also threaten to be small, through the unavoidable effects
not only of the war and its interference with agriculture, but
also because of a long period of bad weather. In two hemispheres the season has been remarkably cold and wet, with
distinctly bad effects upon agriculture. In this country the
abandonment of acreage in the winter-wheat districts-12,437,000 acres-is the greatest on record. The next largest
was in 1912, when the reduction of acreage between December and May reached 6,469,000 acres. In some seasons in
the last 13 years it has been only 500,000 to 800,000 acres.
Moreover, in Russia officials have commandeered the entire
harvest of reserves for 1916 and also the crops of 1917, with
the exception of a certain quantity of wheat and other cereals
necessary for seeding. In Russia as in this country, the
spring is very late, with frosts. In fact, in Russia they have
recently had snow over a wide area. One may judge of the
scarcity of food abroad by the fact, as officially announced.
that in the United Kingdom all flour mills with a capacity
of five sacks per hour have been taken over by the Government. These will now be operated to their full capacity of
regulated flour. Fully 90% of the normal output will thus
be controlled there. Liverpool advices state that the U. S..
Government report was more bullish than expected, and
serves to emphasize the conservatism necessary in marketing.
It is added that the general situation is strong, as export
offerings are moderate and the absorption liberal. They also
say that the Continental needs are important, with reserves
light. But everybody knew that. In New Zealand the
yield is placed at 5,500,000 bushels, against 7,500,000 last
year. Moreover, although the weather in parts of the American belt of late has improved, it has not been favorable for
the best development in the Northwest. Some Chicago.
members of the trade think that the European requirements
of wheat are 500,000,000 bushels minimum, and it is not
supposed that this country can furnish much over 150,000,000 bushels, even allowing for a spring wheat crop of about
300,000,000 bushels. The Assistant Secretary of Agriculture has publicly denounced speculation in grain. It has
continued, however, at rapidly advancing prices under the
inexorable operation of the law of supply and demand. On
the other hand, the weather in parts of this country has
latterly improved somewhat. Spring wheat seeding is more
advanced than usual. And many think the Government
crop report is too pessimistic. In any case, they believe that
crop prospects have improved since May 1. In France the
weather is better and prisoners of war are being utilized in
agriculture, and especially on reclaimed areas. These appear in good condition and will materially aid in final results.
Supplies are light and arrivals small. An official East Indian report places the yield of wheat at 375,000,000 bushels,
against 320,000,000 bushels last year. Supplies of native
food grain in India are liberal, and the exportable surplus of
wheat is estimated at fully 80 million bushels. To-day
prices advanced 10 cents on a further sharp demand based
on the facts of the world's supply and demand.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_nom. 310 323 340 342 344
No. 2 red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO..
Sat. Mon. Tues. Wed. Thurs. Fri.
315 318
cts_27834 283 297 311
May delivery in elevator
24534 24734 250
226 231
224
July delivery in elevator
189 A 19034 19434 2063.4 20834 21734
September delivery in elevator
Indian corn has advanced with other grain. In Liverpool,.
too, corn has been strong, with light offerings from abroad
and the demand exceeding the arrivals. American clearances, Liverpool notes, have been small, and Argentina, too,
has been shipping lightly. Also, the Argentine harvest is
poor and its stocks are small.. Argentine cables say that
corn is arriving in moist condition and that the weather is
wet. Here new high record prices have been made. The
Government weekly reports say that planting has been delayed by cold, wet weather. The receipts have continued
small. Offerings at times have been very small. At times.
Chicago traders had sold the distant deliveries, but in the
main the firmness of wheat has dominated corn. It is well.
to remember that the American available supply is only
MAN 12 1917.J
THE CHRONICLE
1925
7,639,000 bushels, against 21,821,000 a year ago and 21,458,Total receipts of flour and grain at the seaboard ports for
000 at this time in 1915. To-day prices advanced and then the week ended May 5 1917 follow: '
reacted. Cash premiums were 332 to 4 cents over May for
No. 3 yellow or mixed. Warmer weather is wanted for Receipts at- Flour.
Wheat.
Corn. 1
Oats.
Barley.
Rye.
germination.
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK. New York.... Barrels.
198,000
Sat. Mon. Tues. Wed. Thurs. Fri.
Portland, Me.
40,000
No. 2 yellow
cts_173 A 174
174
177
177
175
Philadelphia..
27,000
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO. Baltimore ___
42,000
Sat. Mon. Tues. Wed. Thurs. Fri.
Newp't News
1,000
May delivery in elevator
153;4
cts_153
158
158
52,000
1573
% New Orleans*
July delivery in elevator
144X 143, 151X 148A 147
145
147
Montreal __ ....
8,000
September delivery in elevator____13og 135A 137
1383's 139
60,000
139( Boston
A
Bushels.
1,650,000
1,554,000
544,000
506,000
318,000
413,000
Bushels. Bushels.
Bushels. Bushels.
378,000 1,816,000
28,000
41,000
22,000
40,000
31,000
61,000
165,000
2,000
79,000
202,000
2,111
125,000
319,000
68,000
256,000
5,000
215,000
1 ,o o .
2,000
2,110
53,000
1,000
Oats advanced with other grain, especially as export trade Total wk. '17 428,000
4,985,000
593,000 3,048,00.
89,'''
197,000
has increased and receipts have been small. Seaboard houses SinceJan.1'17 7,402,000 73,542,000 28,975,000 39,616,000 6,860,i I i 4,485,000
Week 1916
430,000 9,459,000 1,937,000 3,569,000
have been buying at Chicago. General trading has been Sloce.rno.l'111 9.333.01141128.
735,00 , 216,000
4(15 WW1 21.105 non 52.002 m111.473.0001 5.163.000
somewhat larger. Cash houses have bought May. Liver*Receipts do not include grain passing through New Orleans for foreign ports
pool has reported prices for oats steady, though not as firm
as those for other grain, as supplies are increasing and it is on through bills of lading.
The destination of these exports for the week and since
said that the British consumption is smaller. In this country the Government report says that stocks of hay on farms July 1 1916 is as below:
May 1 are estimated at 12,488,000 tons, or 11.4% of last
Flour.
Wheal.
Corn.
3rear's crop, against 14,452,000 tons, or 13.5% on May 1 Exports for Week
last year, and 10,827,000 tons, or 12.5%, the five-year aver- and Since
Week
Since
Week
Since
Week
Since
July 1 toMay 5 July 1
May 5
July1
May 5
July 1
ago on May 1. Pastures: the condition May 1 was 81.9%
1917.
1916.
1917.
1916.
1917.
1916.
of a normal, against 85.2% on May 1 last year and 85.2%,
Barrels. Barrels.
Bushels.
the ten-year May 1 average. Meadow (hay) lands condiBushels.
Bushels. Bushels.
69,563 3,515,439 1,028,304 98,533,285 162,896
tion was 88.7% of normal, against 88.4 last year and 87.9, United Kingdom_ 80,356 4,691,994 2,994,334 116,053,462 121,705 22,568,033
Continent
19,183,607
the 10-year average. The crop reports of late have as a rule So.& Cent. Amer.
1,230,270
216,188
1,087,029
West Indies
1,596,754
15,083
been more favorable, and visible North American supplies Brit.No.Am.Cols_
1,893,350
11,533
3,024
of oats are still very large, i. 0., 42,155,000 bushels, against Other countries-- ._ i62,517
162,517
19,660
26.154
28,343,000 a year ago and 27,709,000 in 1915. Many,thereTotal
149,919,11,208,507
214,837,678 284,661 44,761,197
fore, are disposed to buy only on breaks, and even then only Total 1915-i6..._ 429.455'13.368.121 4,022,638 289.109.162 1,314,493 23.163.984
7.979.960
on a conservative scale. Liverpool advices state that the
The world's shipments of wheat and corn for the week
market has been very firm, with importers buying and export
offerings light. The strength and scarcity of other feeding ending May 5 1917 and since July 1 1916 and 1915 are
grain is exerting an influence. Argentina is shipping only shown in the following:
moderately and American clearances are light. As to barWheat.
Corn.
ley and rye, they have been firm, with supplies light and
Exports.
1916-17.
arrivals meeting ready absorption. Floating quantities are
al915-16.
1916-17.
al915-16.
already sold for consumption. The general demand is good.
Week
Since
Since
Week
State
Since
Here rye and barley have been strong. To-day prices adMay 5.
July 1.
July 1.
May 5.
July 1.
July 1.
vanced and then reacted on realizing. Some are buying
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
oats because of their relative cheapness as compared with North Amer* 5,357,000 299,137,000 331,414,000 Bushels. 45,299, 19,748,000
807,000
Russia
6,262,000 3,608,000
'I'
other grain. Crop reports are favorable, but the rising ten- Danube
281,
dency of wheat dominates other grain markets, especially Argentina 1,044,000 60,019,000 44,101,000 408,000 94,859,000 135,418,000
Australia _
860,000 34,990,000 23,824,000
as the receipts at the West are still small and shipments India
7
570,000 25,790,000 8,744,000
Eastward are large.
0th. countr's
16,000 4,480,000 5.901,000
DAILY CLOSING PRICES OF OATS IN NEW
YORK.
Sat. Mon. Tues. 1Ved. Thurs. Fri.
Standards
cts.. 75A 76A 773
78
78
78A
No. 2 white
77
77
78
79
79
79
• DAILY CLOSING PRICES OF OATS FUTURES
IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs.Fri.
May delivery In elevator
eta_ 67A 67i 68
69 A 694 71
July delivery in elevator
63X 63
63 5
64 A 65X 66 A
September delivery in elevator_ _ _ _ 55
543
54 78 55X 55x, 56A
116,000 4,006,00(1 9,497,000
Total ____ 7,847,000 130,708,000 467,598,000 1,331.000 144.445.000 164,663.000
* North America.
-The Canadian Government has officially prohibited the
issuance of both manifests and exports until after ten days. This is effective
during the continuance of the war. n Revised.
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
The following are closing quotations:
Wheat.
Corn.
FLOUR
Winter. low grades___$10 00 11 75 Spring.8
a s 1
grad
United
United
Winter patents
15 00 15 25
Zra1
Kingdom. Continent. Total.
0
5
Kingdom. Continent.I Total.
Winter straights
11 5O(14 75 Kansas clears, sacks..--12 50(i4 8
03
Winter clears.
14 250814 50 City patents
Bushels.
17 30
Bushels.
Bushels.
Bushels. Bushels.
Spring patents
Bushels.
15 50 16 25 Rye flour
11 25®12 00 May 5 1917._ Not avail able
Spring straights
15 250816 00 Buckwheat flour
April 28 1917.. _ Not avail able
Spring clears
13 250813 75 Graham flour
10 06ii12 00 May 6 1916_
59,448,000
10,353,000
GRAIN
May 8 1915..
62,112,000
9,810,000
Wheat, per bushel-f.0. b.
Corn, per bushel
N.Spring. No. 1, new____$3 42
No. mixed
The visiblesupply of grain, comprising the stocks in
f. o. b.$1 73
N. Spring. No. 2
No. 2 yellow kiln dried__ 1 75
Red winter. No. 2. new...... 3 44
granary at principal points of accumulation at lake and
No. 3 yellow
I 74
Hard winter. No. 2
nom.
seaboard ports May 5 1917 was as follows:
Argentina
nom.
Oats, per bushel, neweta.
Rye, per bushel
Standard
- 78
GRAIN STOCKS.
New York
c*. I. f. $2 30
NO. 2, white
79
Western
Wheat.
Corn.
c. I. f. $2 30
Oats.
MO.
Barley.
No. 3, white
78
Barley, malting
United Statesbush,
bush,
bush.
busk.
35©$1 70
bush.
$1
No. 4. white
7734
Barley, feeding
New York
_.
1,070,000
$1 45
457,000 1,605,000 278,000 572,000
The statements of the movement of breadstuffs to market Boston
421,000
181,000
484,000
11,000
1,314,000
151,000
346,000
42,000
indicated below are prepared by us from figures collected by Philadelphia
3,000
Baltimore
591,000
592,000
542,000 293,000 141.000
the New York Produce Exchange. The receipts at Western Newport News
4,000 •
.395,000
New Orleans
575,000
175,000
lake and river ports for the week ending last Saturday
778,000
382,000
Galveston
767,000
15,000
since Aug. 1 for each of the last three years have been: and Buffalo
207,000
420,000 1,343,000
2,000
Toledo
596,000
80,000
173,000
1,000
Detroit
306,000
Receipts alFlour.
78,000
Wheat.
149,000
18,000
Corn.
Oats.
Barley.
Rye.
Chicago
650,000 1,157,000 9,225,000
97,000 350,000
Milwaukee
ls.196lbs. bush. 60 lbs. bush. 56 lbs bush.
479.000
27,000
515,000
18,000
4,000
32 lbs.
. Duluth
9,855,000
192,000
Chicago
1,246,000 240,000 718,000
802,000 1,084,000 1,766,000 bush.48lbs. bush.56lbs
287,000
79,000 Minneapolis
Minneapolis
7,534,000
152,000 6,010,000 252,000 728.000
1,958,000
61,000
255,000
150,000
47,000 St. LouLs
570,000
Duluth
117,000
304,000
185,000
3,000
7,000
28,000
54,000
24,000 Kansas City
2,077,000
32,000
Milwaukee _.
229,000
200,000
881,000
36,000
471,000
267,000 251,000
17,000 Peoria
13,000
37,000
Toledo
29,000
303,000
53,000
42,000
Indianapolis
135,000
660,000
7,000
Detroit
44,000
402,000
20,000
100,000
Omaha
125,000
765.000
29,000
Cleveland _ _
14,000
466,000
10,000
4.000
78,000
148,000
1,000 On lakes
4,854,000
52,000
232,000
734,000
875,000
St. Louts__ _
431,00()
529,000
503,000
5,000
2,000
31,000
20,000
Peoria
455,000
221,000
63,000
12,000
Total May 5 1917
*32,143,000 5,525,000 25,923,000 1,299,000 3,440,000
6313.000
Kansas City365,000
295,000
Total April 28 1917
*33,207,000 7,173,000 28,933,000 1,536,000 3,922,000
239,000
Omaha
447,000
392,000
Total May 6 1916
46,875,000 19,009,000 11.948,000 1,443,000 2,407,000
Total May 8 1915
25,328,000 18,601,000 19,890,000 510,000 2,090,000
316,000 5,000,090 3,468,000 4,080,000 810,000
Total wk. '17
182,000
331,000 5,301,000 4,683,000 6,243.000 1,165,000
Same wk. '13
*Including Canadian wheat now duty free.
Same wk. '15 300,000 5,097,000 3,726,000 3,199,000 943,000 205,000
80,000
-Bonded grain not included above: Oats, 43,000 New York, 78,000
Note.
3.379.000 Duluth, total. 3,500,000 bushels, against 3,734,000 in 1916 and Boston,
Since Aug.1barley,
39,000 New York, 214,000 Duluth, 165,000 Buffalo, total, 418,000, against 378,000
15,075,000 309,506,000 172,03:5,000 223,851,000
1916-17
1915-10
16,552,000147,355,000 190,299.000 167,0E5,000 76,009,000 19,560,000 in 1916.
99,052,000 10,474,000
101.1.1c
III (150.000 348.693.000207.111.000 235 /iSIS (lnn 77 Qnn non
Canadian
i Q An.) non
Montreal
1,438.000
1,862,000
The exports from the several seaboard ports for the week Ft. William .1. Pt. Arthur_ _20.6E4,000 767,000 7,851,000 63,000 209,000
Other Canadian
ending May 5 are show in the annexed statement
618,000
4,192,000.
esi;ht
..acksig E3 1E
3
:
Exports from
-
Wheat.
bushels.
Corn.
Flour.
Oats.
Rye. Barley.
bushels. barrels. bushels. bushels, bushels. Peas.
bushels.
134,561 108,919 108,115 8,343 324,126
14,799
40,000
22,000 31,000 40,000
64,386
40,000
85,714
374,532 105,000
1,000 319,000
New York
Portland, Me
Boston__ _
Baltimore
Newport News_
634,721
1,554,000
136,000
1,647,917
Total week
Week 1916
4,022,638 281,661 149,919 989,115 414,275 469,126 14,799
7,979,960 1,314,493 429,455 2,912,902 245,981 768,150 25,650
Total May 5 1917
Total April 28 1917
Total May 6 1916
Total May 8 1915
Summary
American
Canadian
Total May 5 1917
Total April 28 1917
Total May 6 1916
Total May 8 1915
22,720,000
24,913,000
27,777,000
10,013,000
767,000
631,000
39,000
150,000
13,915,000
15,654,000
11,900,000
5,008,000
63,000
46,000
37,000
15,000
209,000
209,000
123.000
124,000
32,143,000 5,525,000 25,923,000 1,299,000 3,440.000
22,720,000
767,000 13,915,000
63,000 209,000
54,863,000
58,120,000
74,652,000
35,341,000
6,292,000
7,804,000
19,018,000
18,751,000
39,838,000 1,362,000 3,649,000
44,587.000 1,582,000 4.131,000
23,848,000 1,480,000 2,530,000
24,898,000 525,000 2,214,000
1926
THE CHRONICLE
[voL. 104.
ON
THE DRY GOODS TRADE
AGRICULTURAL DEPARTMENT REPORT AgriNew York, Friday Night, May 11 1917.
report of the Department of
-The
CEREALS, &c.
culture, showing the condition of the cereal crops on May 1,
Business in the dry goods markets has been going along
was issued on the 8th inst., and is as follows:
way, and the trade was beginning to
s, United in a quiet and steady
The Crop Reporting Board bf the Bureau of Crop Estimate of corresprevailing conditions when a new develops, from the reports
adjust itself to
States Department of Agriculture, estimate
pondents and agents of the Bureau, as follows: at 73.2, against 63.4 on ment occurred to upset all calculations. The latter was the
The average condition of winter wheat May 1
with
for the past ten years.
April 11917,82.4 on May 11916 and 86.6,the averagewas about 27,653,000 proposed 10% increase on all existing tariff duties,
On May 1 the area of winter wheat to be harvested planted last autumn
to be taken off and a 10% duty imthan the acreage
the free list
acres, or 12,437,000 acres (31%) less
d last year, viz., articles on
and 7,176,000 acres (20.6%) less than the area harveste is 13.2 bushels.
will affect both imported manufactured goods,
34,829,000 acres. The indicated yield per acre this year compared with posed. This
bushels,
The total indicated production is 366,116,000
raw materials used in the manufacturing of
bushels in 1915.
and various
481.744,000 bushels harvested in 1916 and 673,947,000
d with 86.0
and will no doubt result in higher prices.
The average condition of rye on May 1 was 88.8, compare
the average for the past ten domestic goods
on April 1, 88.7 on May 1 1916, and 90.2 of zyre is placed at 60,735,000
give the
The indicated production
Values have already reached such high levels as to
years on May 1.
00 bushels
bushels, contrasted with 47,383.000 bushels in 1916 and 54,050,0
concern, and it would now appear as if
trade considerable
In 1915.
was 88.7, comThe average condition of meadow (hay) lands on May 1 May 1 of 87.9. their difficulties are going to be added to. Every division
average on
pared with 88.4 on May 1 1916 and a 10-yearat 12,488,000 tons, against
markets will feel the increase in tariff rates,
Stocks of hay on farms May 1 are estimated tons the 5
-year average on of the dry goods
ive
14,452,000 tons on May 1 1916 and 10,827,000
as the proposed action is a revenue and not a protect
May 1.
contrasted with
s, howThe average condition of pastures on May 1 was 81.9,85.2.
measure. The silk, burlap, linen and wool market
average on May 1 of
-year
85.2 on May 1 1916 and a 10
d with
Of spring plowing 72.4% was completed to May 1, compare
ever, will feel the increase tariff duties more than the cotton
of 69.3.
70.4% on May 1 1916 and a 20-year average on May 1 1, against 56.7%
ing
d up to May
trade. Prices throughout continue to show a harden
Of spring planting 58.7% was complete
-year average on May 1 of 56.3.
on May 1 1916 and a 20
tendency, and the only hope for recessions its believed to rest
wheat States follow:
Details fox winter
cotton
Forecast
-Acreagewith the raw material situation. Prospects for the
Final
1917 from
Condition
Acres
Estimate
'May 1
the week, and prices for spot cotton
P.C. Remaining -May 1crop improved during
1916.
10-yr. Condition.
Aban- to be liarruled easier. It is hoped that crop
Bushels.
doned. vested. 1917.1916. Avge Bushels.00 97,560,000 in Southern markets
State-42,006,0
4,188,000 59 85 84
53
Kansas
will continue to grow more favorable, and that the
11,479,000 64,800.000 conditions
911,000 60 89 88
75
Nebraska
29,198,000 20,250,000 final yield will be above present expectations. The feature
69 81
1,804,000 83 '
4
Ohio
23,040,000 19,440,000
1,805,000 69 65 82
20
the conIndiana
18,371,000 16,225,000 in the dry goods markets during the week has been
1,535,000 64 62 82
35
Illinois
13,761,000 13,600,000
all classes of
851,000 77 79 83
5
Michigan
0 tinued heavy buying by Government agents of
2,031,000 1,539,00
96,000 92 81 87
5
Wisconsin
910.000
1,321,000
74,000 85 78 __
heavy lines. Merchants are beginning
15
Minnesota
2,380,000 6,290,000 goods, particularly
171,000 58 80 89
62
Iowa
19.323,000 16,575,000 to fear that mills will have so much Government business to
1,176,000 64 70 85
22
Missouri
1,656,000 2,775,000
120,000 69 90 __
canceled.
South Dakota.._ 34
7,177,000 8,010,000 attend to that ordinary contracts will have to be
743,000 69 87 87
16
Kentucky
4,792,000 7,958.000 Many interests do not view the situation very favorably, as
585,000 64 89 89
35
Tennessee
1,045,000
926,000
be obliged
93,000 76 86 87
30
Alabama
90,000 in the event of orders being canceled they would
198,000
14,000 82 85 87
Mississippi_...._ 25
13,178,000 13,200,000 to make purchases in the open market and would likely have
1,271,000 64 74 80
25
Texas
00 29,585,000
31,794,0
those named in original
2,683,000 79 83 85
17
Oklahoma
2,365,000 2,040,000 to pay much higher prices than
214,000 85 87 90
5
Arkansas
depleted are
4,440,000 4,640,000 contracts. Merchants whose stocks are
332,000 88 90 91
2.5
West Virginia
0
9,025,000 9,975,00
948,000 80 88 90
replenish them, but many are not
North Carolina 10
1,819,000 2,226,000 finding it difficult to
78 77 84
178.000
South Carolina_ 25
2,347,000 3.808,000 becoming alarmed as they believe the wave of economy which
244,000 74 88 87
38
Georgia
13,721,000 11,825,000
country will materially curtail
605,000 84 83 *93
22
Montana
1,470,000 is spreading throughout the
1,574,000
87 92 *94
67,000
15
quiet, owing
Wyoming
.7,513,000 7,400,000 consumption. The export situation remains
336,000 86 88 92
20
Colorado
1,072,000
1,306,000
ons.
68,000 80 91 a90
28
New Mexico
1,160,000 to adverse shipping conditi
910,000
95 b95
33,000 89
10
Arizona
5,365,000 5,000,000
-While Government
234.000 90 97 *94
5
Utah
DOMESTIC COTTON GOODS.
490,000
533,000
21,000 94 97 *97
markets for
Nevada
7,686,000 9,030,000 buying continues to attract most attention in
91 89
423,000 79
4
New York
the
1,800.000
1,514,000
89,000 83 94 91
5
New Jersey_
staple cottons, some improvement has been noted in
22,664,000 26,125,000
past week.
1,399,000 81 90 90
Pennsylvania_ _ 4
1,860,000 demand from ordinary channels during the
2,013,000
91
131,000 84 85
3.5
Delaware
10,016,000 10,240.000 Merchants realize, in view of the heavy buying by the Gov663,000 83 86 90
4.2
Maryland
16,252,000 16,250,000
1,382,000 84 92 93
5
more difficult to secure goods as the
Virginia
7,666,000 8,256,000 ernment, that it will be
311,000 85 93 96
10
Idaho
11,514,000 18,285,000 season advances. Therefore they are making efforts to pro505,000 80 84 95
33
Washington
8,471,000 13,340,000
420,000 83 95 96
11
and are urging as early shipments as
Oregon
4,871,000 5.600,000 vide for future needs,
330,000 72 78 80
20
es, continue to
California
possible. Mills, however, in many instancaccepting small
000
United States 31 27,653.000 73.2 82.4 86.6 366,116,000 481,744,
discourage ordinary business and are onlythe demand from
* Eight years. a Six years. b Five years.
orders. There has been some falling off in
e less acWEATHER BULLETIN FOR THE WEEK ENDING jobbers for spot goods, and this is taken to indicat retailers
-The general summary of the weather bulletin issued tivity in retail centres. According to reports, some g prices,
MAY 8.
by reducin
by the Department of Agriculture, indicating the influence have endeavored to stimulate business It is becoming more
is
but have not met with much success. measures being put
of the weather for the week ending May 8,theas follows:
growth of winter
-The cool weather checked
day that the economical
WINTER WHEAT.
weather, it was favorable evident each
grains to some extent but, together with the wet ment during the week in into practice throughout the country are beginning to have
general improve
for a good stand and there was a This was quite marked in eastern and
effect upon consumption of various commodities.
nearly all sections of the country.
to be stooling well. marked
south-central Kansas, where the plants were reported so persistent, the The Government has been a liberal buyer of drills, and has
drought was
goods.
In other sections of that State where the short in South Carolina. The
also been actively inquiring for duck and other heavy and
outlook is poor. The plants are heading
there was a good stand the
plowing up of poor fields continues, but where y during the past few weeks. Many of these purchases are being supplied from stock,
s
Bagging
winter wheat conditions have improved decidedl were mostly unfavorable
as a result supplies are rapidly decreasing. owing to interest
-While the conditions
SPRING WHEAT.
the high
region, the cool
heavy goods,
for germination and best growth in the Spring wheat
of Spring have likewise been buyers of
seeding. The seeding
weather was favorable for plowing and as South Dakota, and that which prices and scarcity of burlaps. While the unseasonable
wheat was nearly completed as far north
although growing
restrict demand for wash goods,
is up in that State, as well as in Nebraska,is looking well,
a, and was weather has continued to
slowly. The seeding progressed rapidly in northern Minnesot up in that there has been quite a good inquiry for various lines of
high ground; the early sown was coming in Monnearing completion on
are firmly maintained.
well also
State with generally a good stand. It was coming up was well along on bleached goods, prices for which
quoted
tana, but rather more slowly in Wisconsin. Plowingdone, although this Gray goods rule inactive and firm with 38
and much seeding had been
the north Pacific Coast,
is being prepared unchanged at 9c.
work was somewhat delayed by rain. A large acreage
for Spring wheat in Now York State.
-As far as ordinary business is conWOOLEN GOODS.
-Winter oats have been unfavorably affected by the weather
OATS.
a general, though
conditions and are generally heading low. There was rye, and barley cerned, markets for woolens and worsteds are quiet. Mills
, improvement in the condition of Spring oats,districts there is
moderate
actively engaged, however, as they are well booked ahead
during the week Just ended. In the extreme northern
them
are above the are
some complaint of poor germination, but where the plants ory develop- with Government orders which are expected to keep
are developing a good stand, and promise satisfact
all lines continue
ground they
conditions. A large acreage is being fully occupied well into the fall. Prices for
ment with more favorable weather
affected by
cy, as the raw material situaprepared for oats in New York State. Rice was unfavorably
and also to dispay an advancing tenden
up in
cold weather in Texas, but the plants were comingin the Arkansased State.
last-nam
d
is becoming more acute with supplies steadily decreas
tion
in Louisiana. The seeding was about complete
offerings of
unfavorable
-The weather during the week was decidedly continued in ing. Mills are said to be withdrawing many
COTTON.
for cotton in the western part of the cotton belt. Planting g was neces- goods for deferred delivery, as they are too uncertain as to
western and southwestern Texas, and considerable replantin this crop in
course of prices. There has been some re-selling
sary in Oklahoma. While cool weather unfavorably affected
sections where greatly the future
the Eastern cotton belt, generous rains fell in eastern Good stands were as- of dress goods on the part of jobbers in anticipation of a
,
needed and favorably affected the cotton plants.
South Carodemand.
sured by the rains in Georgia and good stands are reported in
weather in North slower
lina. Planting was delayed somewhat by the rainy Eastern cotton belt
-Prior to the announcement of
FOREIGN DRY GOODS.
Carolina, but the planting was nearly finished in other
weather prevailed, the
districts. In Florida, where somewhat warmer cultivated. Cultivation the proposed 10% increase on existing tariff duties there was
y, but
plants were making good growth and were well and chopping was begun
fair demand for various lines of linens for fall deliver
was going on in nearly all the Southern States,
in the lower a
already reached
In scattered localities in Texas. The water was receding
the outlook for still higher prices,which have s of goods from
in cotton.
Mississippi delta and the ground was being planted decidedly unfavorable
prohibitive levels, checked demand. Arrival
-The cold, cloudy, and wet weather was
CORY.
indication of there
in throughout
for planting corn and for the germination of that already put cool in much abroad have been light, and there is no
too
Importers'
most of the principal corn growing States. While it was of corn, the conbeing any improvement within the near future. ly unobtaincountry for the best growth
of the southern part of the
virtual
and the rainfall in the
ditions were generally favorable for cultivation, Plowing for corn was in stocks are small with a number of lines
Southeastern States was favorable to this crop. of corn is now from one able. While retailers report a moderate inquiry, the high
progress in more Northern States. The planting
been exs
prices are checking demand. Burlap market have
to two weeks late in the central part of the corn belt.
-The planting of potatoes was well under way as far north cited during the week, with an active demand for heavy
POTATOES.
of States, but was some what deas the southern part of the northern tier region. The shipping of white
which are in light supply. Light weights are quoted
layed in the central Rocky Mountain
potatoes weights
potatoes was increased in all Gulf States. The setting of sweet
at 8.50c. and heavy weights at 11.25c.
all Southern States.
was general in nearly
MAY 12 1917.]
THE CHRONICLE
STATE *NIT CITY Dti3Atirmyro
News Items.
1927
text of the bill approved by Governor Edge on March 29
(Chapter 231, Laws of 1917) and referred to in these columns
on March 31, amending the law for the assessment and collection of taxes, by providing for the exemption from further taxation within the State of all out-of-State bonds secured by first mortgages which have paid taxes in localities
of origin. Previously such securities, if held within the
State, have been taxable at the rate of 2%:
Arizona.—Newly Elected Governor Formally Seated.—Judge
R. C. Stanford in the Superior Court on May 2 entered
judgment formally seating Thomas Campbell, Republican,
as Governor of Arizona, bringing to an end a contest inauguit
rated about five months ago. Although the State Canvas- Be1. enacted by the Senate and General Assembly of the State of New Jersey:
Section 10 of an Act, entitled "An Act for the
sing Board had declared Mr. Campbell elected on Nov. 7 tion of taxes," approved April 18 1903, as amended assessment and collecby Chapter
last by a plurality of thirty votes, former Governor G. W.P. of 1917 is hereby further amended so as to read as follows: . 82, Laws
10. No
Hunt, Democrat,contested the election on grounds of alleged is taxed in mortgage or debt secured by mortgage on real property which
this State shall be listed for taxation; and no deduction
assessed value of real property shall be made by the assessor onfrom the
fraudulent voting in several precincts.—V. 104, p. 469.
account
of any mortgage debt, but the mortgagor or owner of the property
paying
France (Republic of).—Second Quarterly Payment of In- the tax on mortgaged real property shall be entitled to credit on the interest payable on the mortgage for so much of the tax as is equal to the
terest on National Loan of 1916.—Reference is made to this tax rate applied to the amount due on
the mortgage,
in our editorial columns this week.
parties have otherwise agreed, or where the mortFage is except where the
an investment of
funds not subject to taxation, or where the parties have lawfully
agreed
Glen Cove, N. Y.—Legislature Favors Incorporation as a that no deduction shall be made from the taxable value of the lands by
reason of the mortgage. Bonds issued by any railroad company
Third Class City.—The bill passed by the Senate last week State shall be exempt
of any
to incorporate Glen Cove into a third class city was ap- institution for savings from taxation while owned by any savings bank or
of this State.
2. This Act shall take effect immediately.
proved by the Assembly on May 9 without a dissenting vote.
Approved March 29 1917.
The measure is now in the hands of the Governor.
New York City.—Senate Adopts Rockaway Bill.—The
As previously stated by us in these columns (V. 104, p.
bill
p. 975) the voters on March 3 favored the incorporation introduced by Assemblyman McWhinney and passed by the
by a test vote of 499 to 205. The district which it is pro- Assembly on April 18, providing for the separation of the
posed to incorporate is that embraced in School District "Rockaways" from New York City and creating a new muNo. 5, covering Glen Cove proper and its outlying colonies, nicipality to be known as"Rockaway City," has been adopted
which, it is said, will give the proposed city a population of by the Senate, the vote being 28 to 8. The "Rockaways,"
about 10,000.
as previously stated by us in these columns, constitute the
Fifth Ward, Borough of Queens, and include the villages of
Greenville, Ohio.—Charter Commission Defeated.—At
election held May 8 the voters defeated the question an Far Rockaway, Arverne and Rockaway Beach. The bill is
running the city under a charter commission,it is reported of now in the hands of Mayor Mitchell for approval or disap.
proval. A similar proposition was vetoed
Illinois.—Question of Holding Constitutional Convention 1915, after the same had been passed by by him on May 1
both branches of
to Be Submitted to Voters.—The 1917 Legislature
the Legislature.—V. 104, p. 1721.
an Act providing for the submission to the voters passed
at
Losses
general election in November 1918 of the question the referenc in New York City's Special Franchise Taxes.—For
of
e to the report made public by Comptroller Prenderholding a constitutional convention.
gast on May 1, dealing with the city's experience in connecIowa.—Equal Suffrage Amendment to be Re-submitted to tion with the imposition and subsequent liquidat
Voters.—A bill was passed by the 1917 Legislature providing special franchise tax, see our editorial columns in ion of the
last week's
for the re-submission to the voters in 1918 of the proposed issue of our paper, page 1761.
amendment to the constitution granting equal suffrage to
New York State.—Legislature Adjourns—Important Laws
women.
At the primary election on June 5 last a similar propo- Enacted.—The 140th session of the Legislature of this
sition was defeated by a vote of 162,683 "for" to 173,024 State came to an end at midnight on May 10. It is expected that an extraordinary session will be called some
"against."—V. 103, p. 169.
Proposed Amettdment to Constitution Providing for Prohibi- time next month. Pending the proposed reconvening of
the Legislature, a joint committee of the Senate and Assemtion.—Both branches of the 1917 Legislature passed
Senator bly, with all the
Wilson's bill calling for a special election to be
held on Oct. remain in sessionusual powers of legislative committees,will
15 next to vote on a proposed amendment to the
to consider measures of military, agriculconstitution tural and industrial preparedness
providing for prohibition.
for the days ahead.
Two liquor measures, the Hill-Wheeler local option bill,
Kentucky.—Special Session of Legislature Adjourns.—The granting
cities of the State power to decide for themselves the
Legislature of Kentucky, which met in special session
on question of licensing the sale of intoxicants, and the Senate
Feb. 14, adjourned April 25.
Taxation Committees Excise bill, increasing the revenues
Michigan.—Savings Bank Investment Law Amende
d.— under the Raines liquor tax law and reducing the number of
The 1917 Legislature passed an Act amendin
g subdivision saloons up-State by 4,000, were passed during the closing
"b" of Section 27 of the savings bank
hours of the
Michigan, so as to provide that savings investment law of Governor. Asession, under emergency messages from the
bill
banks
also
dition to the public debt or bonds of any city, may, in ad- Assembly, prohibitwas the approved by both the Senate and
ing
sale of intoxicants within a quarcounty, township, village, school district of any State
ter of a mile of the Plattsburgh training camp.
or
United States, invest in obligations of any territory in the
Important among the war measures adopted during the
similar district
or subdivision of any province of
session were those creating
in farm loan bonds and in legallythe Dominion of Canada, pelling all bop between thea State constabulary force, comauthoriz
ages of
road district in Michigan. We publish ined bonds of any military training, increasing the 16and19 years to undergo
division "b" as it now reads, italicizing the full below sub- Militia, providing for a census and strength of the Naval
portions added
inventory of the State's
this year and those eliminated we put in full face brackets
military resources, enabling the transfer to the Federal
:
Section 27 (b).—In the public debt or bonds
of any city, county, town- Government of lands at Rockaway Point desired for a fortiship, village, school district of any State or
(or of any similar district or subdivision of Territory in the United States, fication site, providing for the registration of alien resident
s,
Canada); or in farm loan bonds, issued by any province of the Dominion of authorizing the Industrial Commiss
Federal Land Banks, under auion to suspend the laws
thority of Act of Congress, approved July
1916, and amendments thereto, governing the hours of labor, and providin
or in legally authorized bonds of any
g that children
constituted and existing by virtue of the road district in Michigan organized, over 12 years of age may be excused
provisions of Act No. 59 of the Public
from school between
Acts of 1915 and amendmen
vestment by any bank in any ts thereto: Provided, however, that the total in- April 1 and Nov. 1 for employment on farms.
such road district bonds shall not exceed 50% of
Its capital and surplus:
The revenue legislation included a bill imposing a tax of
Provided, that tho total indebtedness of such
municipality does not exceed
15%3 ten per cent (10%) of its assessed 3% on the net income of mercantile and manufac
valuation; (after deducting
turing corbonds;) except by a vote the value of sinking fund and revenue producing porations. Under the bill
as originally passed 25% of the
bonds may be purchased of two-thirds of the Board of Directors, such
twelve per cent (12%) of itsif the total liabilities do not exceed E10%3 tax would have reverted to the communities where it was
sinking fund and revenue assessed valuation (after deducting the value of collected. The Assembly amended it
so as to provide for
village or school district). producing bands of such city, county, township, the
return of 33 1-3%. It is estimated that this tax will
—Official Vote Cast at Spring Electio
n.—Tho following is yield revenues approximating $32,000,000. The vote in the
the official vote cast at the April 2 election on the
Senate was 45 to 4. Another measure adopted
posed amendments to the constitution.—V. 104, p.five pro- for the imposition of a direct tax of 1.08 mills on provides
1 306:
each dollar
Amendment to Article VIII, giving
of taxable real and personal property, to be applied to the
any
under provision of law, authority to issue drainage district, established
bonds. Vote "for" 198,918, sinking fund.
"against" 139,027.
Amendment to Section 1. Article III.
Other revenue bills passed provide for the substitution
granting suffrage to certain absent citizens. Vote 216,270 "for" to 114,594
of an annual "tax on investments," in place of the secured
Amendment to Article X,authorizing the "against."
State to take over and operate debt tax
any railroad or railway company within this
which expired by limitation on Jan. 1 1917, and the
State. Vote 242,969 "for"
to 100,722 "against.
repealing of certain sections of the mortgage recording tax
Amendment to Section 21, Article VI, to
increase compensation of Sec- law. The full
retary of State, State Treasurer and Auditor
text of the new "tax on investments" law
General. Vote 148,625
"for" and 193,119 "against."
and of the portions of the mortgage recording law repealed,
Amendment to Section 26, Article VIII, extending
to the State the right were given in last week's issue of
to lay out, construct,improve and maintain highways,
our paper, pages 1761
bridges and culverts;
and it also provides for the submission in counties
1763, inclusive. Another revenue bill passed imposes to
and places the limit of the amount that may be of the county road system
a
raised in any one year at franchise tax on investment companies.
$5 upon each $1,000 of assessed valuation for the
proceeding year. Vote
209,559 "for" to 126,871 "against."
The Legislature also provided for the resubmission of
Minnesota.—"Blue Sky" Law Adopted.—A "blue
the woman suffrage question to a referendum vote of
was adopted by the 1917 Legislature and approvesky" law people at the general election in November next. A the
prod by the posed
Governor. See reference in our editorial columns in
last Jan. 1 amendment to the constitution requiring that after
week's issue of our paper.
1920, all voters must be able to read and write the
English language, was also provided for. If the 1919 LegisNew Jersey.—"Foreign Bonds" Secured
gages Exempt from Taxation.—WO publish by First Mort- lature should take similar action, the question would be
below the full submitted to a referendum the following
November.
1928
THE CHRONICLE
[VOL. 104.
-On May 1
-BOND SALES.
Iowa.
AUDUBON, Audubon County,
awarded to
impt.
%
Important educational bills were passed (1) providing $20,000 4 WICo.20-yr. water-works101.25.and ext. bonds wereDate May 1
Denom. $1,000.
of
on, with a view to eliminating Schanke & M.& Mason City, at
for Town Boards of Educati
N.
1917. Int.
Schanke
d
An issue of $10,000 5% 20-yr. funding bonds was purchase by Int. M.
small poorly attended district schools, and (2) providing for
$1,000. Date March 1 1917.
Co.
Board of Education in every city of the State, and making & S. of Mason City. Denom.
&
uniform their powers and duties.
-BOND OFFERING.
AVOYELLES PARISH (P.O. Marksville), La.
the
of District
11 a. m.
Bills were passed authorizing the reapportionment of s in Sealed bids will be received until TreasurerMay 15 by the BoardRoad Dist.
, for $120,000 5%
Supervisors, C. P. Couvillion,
s of the State, the Congressional district
Due serially
Senate district
No. 16 road bonds. Denom. $500. Date May 1 1917.
Aldeima
New York and Brooklyn, and the New York declared nic May 1 from 1918 to 1947, incl. Certified check for $4,000 required.
inJuly 1916 the Court of Appeals
MINE DRAINAGE DISTRICT,
districts. In
BAYOUN MALLET AND PLAQUE
-Proposals will be received
-BOND OFFERING.
valid the re-apportionment Act passed by the 1916Legisla- St. Landry Parish, La. F.Boagni, Pres.(P.0.Oplousas). for $70,000
until 12 m.May 22 by Chas.
$500. Int. semi427.
-V. 103, P.
ture.
5% 1-40-yr. serial gravity drainage bonds. Denom. Pres.; required.
above
-The Legislature in a joint annual. Cert. check for $1,000, payable to the Brooklyn), Poweshiek
New Attorney-General.
TOWNSHIP (P. 0.
RochesBEAR
session on April 25 elected Merton E. Lewis of vacancy County,CREEK SCHOOL -On April 28 $14,000 5% building bonds
-BOND SALE.
Iowa.
$1,000. Date
ter, as State Attorney-General, to fill the
were purchased by Schanke & Co. of Mason City. Denom. from 1918 to
$1,000 yearly Nov. 1
occasioned by the resignation of Egburt E. Woodbury of May 1 1917. .Int. M. & N. Due
,
1931, inclusive
May 1 the
Jamestown, who relinquished his office on April 19 because
SALE.
BEATRICE, Gage County, Neb.-BOND paving-On (V. 104, p.
ybonds
of ill-health. Mr. Lewis, who was first Deputy Attorne
5-20-yr. (opt.) coupon intersection
dur- $40,000 5%awarded to the Peters' Trust Co. of Omaha at 101 and int.
1177) were
General, has been acting head of the legal department
-On May 7 an
-BOND SALE.
BEDFORD, Lawrence County, Ind.
ing Mr. Woodbury's illness. His term of office will expire
-year park bonds was awarded, it is stated, to the
issue of $6,500 4% 10
equal to 101.538.
Dec. 31 1918.
Trust Co. of Bedford for $6,600,
-The Assembly on Citizens' D SCHOOL CITY (P. 0. Bedford), Lawrence County,
Literacy Test Bill Passed by Senate.
BEDFOR
-We are advised that the offering
-BOND OFFERING POSTPONED.
83 to 50, passed Senator Brown's reso- Ind.
May 8, by a vote of
was to have taken
pro$34,000 4% 7k-year average school bonds which
lution proposing an amendment to the constitution vote of theon May 1-V. 104. p. 1722
-has been postponed indefinitely.
place
Jan. 1 1920 all citizens desiring to
viding that after
-On April 30
-BOND SALE.
BELLE PLAINE, Scott County, Minn.
Under
must be able to read and write the English language.ent will the two issues of bonds,aggregating $13,500(V. 104, p. 1722), were awarded
for 5s.
to Kalman, Matteson & Wood of St. Paul at 101.25 and int.
of the resolution the proposed amendm
the terms
-On April 23
BENSON, Douglas County, Neb.-BOND SALE. -20
only apply to persons who have not enjoyed the privilege
City purchased $15,000 5% 10 -year (opt.)
Schanke & Co. of Mason
Int. J. & J.
of the ballot prior to Jan. 11920.
bonds. Denom.
on water extension were awarded on $500.6 Date Jan. 1 1917.
Dec. 1916 to Kissel, Kinnicutt & Co.
These bonds
The resolution, which was approved by the Senate ure
but were subsequently refused by them.
of Chicago (V. 103, p. 2357),
March 15, 31 to 3, must be passed by the 1919 Legislat
-20-year opt. coupon repaying and street
On May 7 $30,000 536% 10
-V.104, p. 1306.
were awarded to J. A. Howard, Pres. of Bank of
before it can be submitted to the voters.
June 1 1917.
of lighting-system ooncLs
-The full text
enson, for $31,000, equal to 103.333. Denom.$500. Date
A New Secured Debt Tax Law Proposed.
Int. J. & D. at trio Nebraska fiscal agency in Lincoln.
proposed new law was given in our editorial columns last
the
-LOAN AWARDED IN PART.
BEVERLY, Essex County, Mass.
on May 7-V. 104,
week.
the $200,000 loan, maturing Nov. 20 1917, offered
ng Tax Of 1825-$100,000, was awarded to Bond & Goodwin as follows: $50,000
p.
Legislature Enacts Law Modifying Mortgage Recordi .
$200,000 were:
at 4.14% and $50,000 at 4.18% discount. Bids for the 4.56% discount.
-See reference last week in our editorial columns
Law.
N. Y
4.60% discount.
Incomes Salomon Bros. & Hutzler, oston
Metropolitan Trust Co., B
Senate Passes Measure Proposing a State Tax on Net
-The bill
-Attention is called to the
-BOND OFFERING.
BIRMINGHAM, Ala.
of Manufacturing and Mercantile Corporations. 28, imof the offering on June 1
official advertisement elsewhere in this Department
commented upon in our editorial columns on April
For details and terms of
,
posing an annual tax of3%upon the netincome of manufac- of $250,000 436% 30-yr. gold school bonds.
turing and mercantile corporations, was adopted by the offering see V. 104, D. 1722.
-On May 8 the six issues of reg. bonds
-BOND SALES.
BOSTON, Mass.
Assembly on May 10.
$1,455,000
ng $2,855,000 of which $1,400,000 bear 43i% int., and
Governor Whitman Signs Measure Concerning Port Conges- aggregatiint.-V. 104, p. 1722-were awarded to a syndicate composed of
s this week. bear 4% Oldham & Co., R. L. Day & Co.. Estabrook & Co. and Harris,
Merrill,
-See reference to this in our editorial column
tion.
bidders were:
Forbes & Co. at 100.07 and int. The other 4gs.
-Loan Admitted to New York Stock Exchange
National City Co. 100.198 for $1,400,000
Paris, France.
Percy G. Crocker & Co. 101.178 for $200,000 430.
editorial columns this
List.-Reference to this is made in our
-During the month of April the "Trust Funds" purchased
BOND SALE.
week.
of $46,000 4% Dorchester tunnel bonds. Date April 1 1917.
nor at par an issue
-Gover
San Francisco-San Mateo County, Calif. nor Ste- Due April 11962.
-BONDS
Y.
-Gover
BRIGHTWATERS (Village), Suffolk County, N. the $34,500
Signs Measure Authorizing City Extension.
-At the election held May 5 the questions of issuing
VOTED.
phens, it is stated, has signed the consolidation Act, passed canal-impt. and $21,000 road bonds carried.
-LOAN AUTHORIZED.
by the Legislature, providing for the holding of elections in
BROCKTON, Plymouth County, Mass.authorized a loan of $50,000
Apr. 23
reports the
San Francisco and San Mateo County looking toward the According tothe erectionAldermen onhigh school.
of the new
complete
co.
to
annexation of the latter county to San Francis
Brown
BROWNWOOD SCHOOL DISTRICT (P. 0. Brownwood),
-The United Savings Bank of Detroit has
Sawtelle-Los Angeles, Calif.-Annexation Voted.-The County, Tex.
-BOND SALE.
the City of Sawtelle shall be been awarded at 102.70, it is stated, the $15,000 5% 20-40-yr. (opt.)
question of whether or not
March 31.
annexed to the City of Los Angeles carried, it is stated, by building bonds voted
BOND OFFERING.
BUTLER COUNTY (P. 0. Hamilton), Ohio. W. Crawford, Clerk of
a vote of 519 to 516 at the election, held May 4.
Bids will be received until 10 a. m. May 31 by W.,
5-year road-impt.
-See our edi- Board of County Commissioners, for $115,000 436%
$500.
United States.-"Liberty Loan of 1917."
portion) bonds. Auth. Sec. 1223, Gen. Cede. Denom. office
int.-M. & S.- payable at
torial columns in last week's issue (pages 1746 and 1747) for (county's 1 1917. Prin. and semi-ann.for $500 required. Bonds to be
Date June
Certifi.d check
ars of the initial offering of the "Liberty Loan of of County Treasurer. within 10 days from time of award.
particul
and paid for
1917," in the amount of $2,000,000,000; also editorial col- deliver.d 7o.ds take the place of the $118,000 road bonds which were
T
, hese5b n
10 L p. 7
-see V.
s
on Feb. 1 to the New First Nat. Bank of Columbu
this week's issue.
awarded
umns of
-In our
Italy and Belgium.
Loans to Great Britain, France,
OND SALE.
BUTTE COUNTY (P. 0. Bellefourche), So. Dak.-B
of $402,000 5% 20-yr.
editorial columns last week (pages 1747 and 1748) the de- As a matter of record we report the private saleHarrison, Taylor, Ewart
ments of France and Italy funding bonds on June 6 1916 to Breed, Elliott & Denom. $1,000. Date
tails of the loan to the Govern
S. Kidder & Co. of Chicago.
contain
of 8100,000,000 each are given. This week's issueBelgiums & Co., and Chas. A. & 0.
. April 1 1917. Int.
Caldwell),
references to the loans to GreatBritain,France and
COUNTY SCHOOL DISTRICT NO. 34 (P. 0.
CANYON
(opt.) build- Idaho.
-On Apr. 30 $10,000 5%
-BOND SALE.
Additional Issue of Treasury Certificates of Indebtedness. y ing bonds were awarded to the First Nat'l Bank of 10-20-yr. par and int.
Wilder at
We referred to this additional issue of $200,000,000 Treasur Denom. $500. Date Apr. 1 1917. Int. A. & 0.
week,
-The
-BONDS VOTED.
certificates of indebtedness in our editorial columns last our
(P. 0. Vaiden), Miss.
CARROLL COUNTY
an election held in
question of issuing road bonds carried, it is stated, at
page 1746. Further reference appears this week in
Beat 5 on April 21.
editorial columns.
-BOND
Nash County, No. Caro.
Bond Proposals and Negotiations this week
have been as foliowq•
CT(P.O. Jenkintown),
ABINGTON TOWNSHIP SCHOOL DISTRI
-BONDS VOTED.-Tho question of issuing
Montgomery County, Pa.
held May 1.the $50,000 school bonds carried, it Is stated, at the election,
V. 104, p. 1722.
-Reports state that on
-BONDS AUTHORIZED.
ALBANY, N. Y.
issuance of
April 21 the Mayor signed an ordinance, providing for the
$50,000 school bonds.
Summit County,
AKRON CITY SCHOOL DISTRICT(P.O. Akron),until 4 p. m. May
-Proposals will be received
-BOND OFFERING.
Ohio.
of Education, for $375,000 436%
25 by J. F. Barnhart, Clerk of Board
Gen. Code.
-year serial school bonds auth. Secs. 7626 and Due $15,000 May 15
1-19
7627.'
Denom.$1,000. Date May 15 1917. Int. M.& N. 1936, incl. Cert. (or
1918 and $20,000 yearly on May 15 from 1919 to
the bid for 5% of
cashier's) check on a bank other than the one making Ed., required.
bonds bid for, payable to the Treasurer of the Bd. of
-The President of the
NED.
-BOND OFFERING POSTPO
ALABAMA.
of the $500.000 wareState Harbor Conunission advises us that thedsaletake place on May 15,
to
house and dock improvement bonds advertise State Harbor Commission.
has been postponed. A. G. Ward is Pres. of the
-BONDS VOTED.
ALACHUA COUNTY (P. 0. Gainesville), Fla.
impt. bonds
The proposition to issue the $500,000 5% Sub-Road Dist. roadB. Taylor is
April 27. W.
(V. 104, p. 1308) carried at the election held
Bond Trustee.
-BOND OFFERING.
ANDERSON, Anderson County, So. Caro.
U. Shealy, City
Sealed bids will be received until 11 a. m. May 17 by E. $500 or $1,000.
-year coupon bonds. Denom.
Clerk, for $20,000 5% 30
check for
Int. semi-annual at place designated by purchaser. Certified for blank
to pay
$500, payable to the City Clerk, required. Purchaser
bonds.
CASTALIA SCHOOL DISTRICT, until to-day(May 12) by the Boar('
-Proposals will be received
OFFERING.
equipof Co. Commrs.(P.O. Nashville), for $12,000 6% 20-yr. bldg .and7. De,
ment bonds authorized by vote of 47 to 12 at the election held Nov. deposit
No
nom.to suit purchaser. Date to be determined by the Board. district has
required. Prin.and semi-annual int., payable in N. Y. The
.
no bonded debt. Assess. val., $236,631; true value (est.), $500,000
-On
-BOND SALE.
CHAMPAIGN COUNTY (P. 0. Urbana), Ohio. was awarded, reports
May 7 an issue of 34,500 5% court-house-impt. bonds
state, at par to three Urbana banks.
-BONDS VOTED.
CHARLOTTE, Mecklenburg County, No. Caro.
bonds carried, reports
The question of issuing $350,000 school building to 579.
at the election, held Apr. 26, by a vote of 997
state,
-On
-BOND SALE.
CHARTER OAK, Crawford County, Iowa.
d by Shanke & Co.
May 2 $12,000 57 20-yr. funding bonds were purchase Int. M.& N.
of Mason City. Denom. $1,000. Date May 1 1917.
d), Fillmore
CHATFIELD SCHOOL DISTRICT (P. 0. Chatfiel Bd. of Sch.
-E.J. Sutherland, Secy.
-BOND OFFERING.
County, Minn.
m. May 17 for $30,000 5%
Trustees, will receive sealed bids until 1:30 p. Denoms. of $100 each in an
10-15-yr. (opt.) popular subscription bonds.
Int. M.
amount not to exceed $5,000, remainder to bo in denom. of $500. for 5%
Cert. check
& N. at the Wells-Dickey Trust Co. of Minneapolis. will be furnished by
of bonds bid for, required. Blank bonds by R. G. Andrews,
of amount
the District and the legality of the issue will be approved the District.
Esq., of Minneapolis, whose opinion will be furnished by VD OFFERING.
-B0/
CHESTER COUNTY (P. 0. Chester), So. Caro.R. S. Mebane, Chair15 by
--Sealed bids will be received until 12 m. May436% coupon highway-impt.
for the $450,000
man of Co. Highway Comm.,
and ann. int. payable
bonds. Denom. $1,000. Date Jan. 11917. Prin.
mature on Jan. 1 as folat 80111e responsible bank in N. Y. The bonds to $9,000 1922 and 1923;
and 1921;
lows: $7,000 1918; $8,000 1919, 1920
1928; $12,000 1929;$13,000
$10,000 1924 and 1925; $11,000 1926, 1927 and1934; 316,000 1935 and 1936:
1930 and 1931;314,000 1932 and 1933;315,000 00 1940 and 1941; $21,000
$20,$17,000 1937: $18,000 1938; $19,000 1939; 19-15; $25,000 1946,and $26,000
1942; $22,000 1943;$23,000 1944; $24,000
MAY 12 1917.]
THE CHRONICLE
1947. Certified check on some bank in Chester for 2% of amount of bid. payable to the County Treasurer,required. The approving opinion of Storey,
issue will be furThorndike, Palmer & Dodge of Bostor as to legality ofthey are ready for
nished. Purchaser to pay for bonds within 10 days after
delivery. The bonds will be ready for delivery not later than June 15 1917.
These bonds were offered without succession April 24.-V. 104, P. 1515.
CHRISTIAN CHAPEL SCHOOL DISTRICT Cop!eh County,
-On May 7 the 33,500 6% building bonds (V. 104.
.-BOND SALE.
for $3,520, equal to
8
p. 1515), were awarded to Harris & Co. of Chicago
100.571.
COUNTY INDEPENDENT SCHOOL DISTRICT NO. 81
CLAY
-The election held May 3
-BONDS VOTED.
(P. 0. Dilworth), Minn.
resulted, it is stated, in favor of the question of issuing the $30,000 5%
-V. 104, p. 1723. The vote was 147 to 22.
building and equipment bonds
Chris Haugsted is Clerk of Bd. of Ed.
0.
CLEVELAND HEIGHTS VILLAGE SCHOOL DISTRICT (P.will
-Bids
-BOND OFFERING.
Cleveland), Cuyahoga County, Ohio.
until 12In..lay 24 by Ezra K.Bryan,Clerk Board of Education,
be received
April 14.-V. 104, P. 1723:
for the following 5% coupon school bonds voted
$2,000 in 1923, 1925 and 1926;
$35,000 bonds. Due on Oct. 1 as follows: and 1929, and $5,000 in 1930.
and 1927;$9,000 1928
$3,000 1924
$12,000 1932 and
180,000 bonds. Due on Oct. 1 as follows: $6,000 1931; $15,000 1938 to
1933; $13,000 1934, 1935 and 1936; $20,000 1937;
$1,000 1944.
1943, inclusive,
1 1945, and $6,000
35,000 bonds. Due $14,000 Oct. 1 1944, $15,000 Oct.
1046.
1 1917. Prin. and semi-ann. Int.-A. &
Denom. $1,000. Date June
than the
-payable at office Dist. Treas. Cert. check on a bank otherof Educa0.
one making the bid for 5% of bonds bid for, payable to the Boarddays from
tion, required. Bonds to be delivered and paid for within 10
time of award. Purchaser to pay accrued intarest.
-The elec-BONDS VOTED.
CORSICANA, Navarro County, Tex.
tion held April 30 resulted, reports state, in favor of the question of issuing
bonds.
$50,000 deep-well
CORWITH SCHOOL DISTRICT(P.O.Corwith), Hancock County,
-This district has disposed of an issue of $50,000
-BOND SALE.
Iowa.
6% building bonds, due 1937.
,
4)
-Pro-BOND OFFERING.
CRANSTON, Providence County, R. I.
posals will be received 'mai 4 p.in. May 18 by Wm. M.Lee, City Treasurer, fer the following 4% gold coupon (with priv. of reg.) bonds:
0
310, 00 school bends. Due $1,000 yearly on June 1 from 1918 to 1927,
inclusive.
5,000 school bonds. Duo $500 yearly on June 1 from 1918 to 1927, incl.
350,000 refunding bonds. Due $10,000 yearly on June 1 from 1918 to
1952, inclusive.
Denom. $1.000. Date June 1 1917. Prin. and Interest (on coupon
-at First National Bank of Boston or at Rhode
-I. & D.
bonds) payable
island Hospital Trust Co., Providence. Interest on registered bonds will
Treasurer.
be remitted direct to holder by the City above First These bonds will be
National Bank, and
certified as to their genuineness by the Gray, Boyden &
Perkins, of Bostheir legality will be approved by Ropes,
Bonds
delivered at
whose opinion will be furnished purchaser. bonded to be May 1 1917
ton,
debt
about June 1. Total
above Boston bank on or
(excluding these issues), $910,000: less deductions of bonds outside of debt
debt, 3456,256; note
limit and sinking fund of $452,744. loaves net bonded exemptions, July 31
debt (additional), $407,000; assessed valuation, less
1916, $23,643,340.
-BOND SALE NOT CONCROOKSVILLE, Perry County Ohio.
-The Ohio National'Bank of Columbus has declined to
SUMMATED.
accept the $5,100 5% 1-9-year serial refunding bonds awarded it on Apr.9.
-V. 104, p. 1515.
-Proposals will
-BOND OFFERING.
DALLAS, Dallas County, Tex.
be received until 12 m. May 16 by Wm. Doran, Commr. of Finance &
Revenue, for 3300,000 4% 20-yr. (aver.) gold coupon (with privilege of
registration as to principal) sewer construction bonds. Auth. Art. 918D,
Rev. Stat. of Tex. and Art. 2, Charter of the city; also vote of 4,714 to
'
3,045 at an election hold April 4 1916. Denom.$1,000. Date May 11917.
Principal and semi-annual int.(M.& N.) payable at the Nat. Bank of Commerce, New York. Duo $7,000 yrly. with $8,000 maturing each alternate
bonds
year for forty years, beginning May 1 1918. Cert. check for 2%, of These
bid for, payable to the Commr. of Finance & Revenue, required.are prethe Attorney-General of Texas, and
bonds bear the approval of
pared under the supervision of the Dallas Trust & Say. Bank, who will
certify as to the genuineness of the signatures of the officials aligning the
bonds and the seal impressed thereon. The opinion of John C. Thomson
of New York as to the legality of the bonds will be furnished. Official
circular states that there is no controversy or litigation pending or threatened
affecting the corporate existence or the boundaries of the city nor the title
of its present officials to their respective offices, nor the validity of the
bonds, and that there has never been any default in the payment of principal
or interest; also that no bond issue has ever been contested. Total bonded
debt, exclusive of this issue, $6,761,750. Floating debt, 3106,701 38.
Assess. val. 1916, $120,523,351 50. Est. actual value, $200,872,250.
-ProDANVILLE, Pittsylvania County, Va.-BOND OFFERING.
posals will be received until 12 m. May 22 by the Finance Committee,
Robert Brydon,City Auditor,for $100,000 4%% refunding bonds. Denom.
-J.& J.
$1,000. Date Jan. 11917. Principal and semi-annual interest
payable at office of City Treasurer. Due $4,000 yearly on Jan. 1 from
Certified check on a Danville bank for 2% of
1918 to 1942, inclusive.
bonds bid for, payable to the City Treasurer, required. Bonds will be
ready for delivery on June 1. Bids must be made on forms furnished by
the above Auditor.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
-On
-BOND SALE.
DEFIANCE COUNTY (P. 0. Defiance), Ohio.
6% road bonds
,
-V. 104, p 1516
-were awarded,
April 24 the $5,700 0
reports state, to the State Bank of Defiance for $5,710, equal to 100.175.
-BOND OFFERING.
DELAWARE COUNTY (P. 0. Muncie), Ind.
Proposals will be received until 10 a. m. May 15 by G. G. Williamson, Co.
6-year average Chas. W. Collins et al road bonds
Treas., for $9,200 4
in Liberty Twp. Denom.$460. Date Apr. 15 1917. Int. M.& N. Due
$460 each six months from May 15 1918 to Nov. 15 1927. inch
-BOND SALE.
-On May 2 $457,000 44-year
DES MOINES, Iowa.
serial municipal court-house and police-station and $20,000 20-year garbageplant 43i% bonds were awarded to Kean, Taylor & Co. of Chicago, it is
stated, at par, loss $200 for attorney's fees.
The $457,000 issue was offered without success as 4s on April 24(V. 104.
P. 1723).
-This city has taken an issue of
-BOND SALE.
DETROIT, Mich.
it h an
.
.st
0 0
T . a 4v0 grn e oge ater wbonds
$10 h00 b0% boads- eparth lon
issue of 3966,000 4% school bonds,
were awarded on Feb. 10 to Stacy & Braun of Toledo, this sale was subsequently canceled upon agreement of the city. The issue of $966,000 school
bonds is now being reoffered, bids for which will be received until 11 A.M.
May 14. See V. 104, p. 680, 1826.
DOVER SCHOOL DISTRICT (P. 0. Dover Center), Cuyahoga
-BONDS VOTED.
-A vote of 163 to 74 was cast at the
County, Ohio.
election held May 1 in favor of the proposition to issue $21,000 school
bonds, it is stated.
DOW CITY CONSOLIDATED INDEPENDENT SCHOOL DISTRICT(P.O. Dow City),Crawford County,lowa.-BOND OFFERING.
-E. G. Wiggins, Secyretary Board of Ed., will receive sealed bids
until 10 a. in. May 22 for 320,000 20-yr. school bonds. Interest
rate to be named in bid. Denom. 31,000. Date May 1 1917. Prin.
and semi-annual int.(M.& N.), payable at the Treas. office. Cert. check
for $500, payable to the Treas. Bd. of Ed., required. Purchaser to furnish
blank bonds. The Board reserves the right to reject any and all bids, and
declare auction bidding at the time of the sale. Bonded debt, including
this issue, $95,000. Assessed val. 1916, $3.013,412. Total tax rate (per
$1,000), $5.80.
Pi DUBOIS COUNTY (P. 0. Jasper), Ind.
-BOND SALE.
-On May 1
-V.104, p. 1724
% road impt. bonds
-were awarded,reports
the $4,920
state,to the Huntingburg Bank of Huntingburg for $5,001,equal to 101.646.
1929
-BOND OFFERING.
DUBUQUE COUNTY(P.O.Dubuque),Iowa.
Proposals will be received until 2 p. m. May 15 by John Inghram, County
Auditor, for $188,000 funding bonds at not exceeding 43i% int. Denom.
$1,000. Date April 21917. Int. J. & J. Due $8,000 yriy. from 1921 to
1931, incl., and $20.000 yrly. from 1932 to 1936, incl. Purchaser must
furnish blank bonds and pay attorney's fees. Bonded debt, $185,000;
drainage bonds (add'I), $4,664. Floating debt, $189,127 93. Actual
value of taxable property 1916,$67,428.476;taxable value 1916,316,857,119
actual value of moneys and credits 1916, $1,422,108.
-On May
-BOND SALE.
DYER COUNTY (P.O. Dyersburg), Tenn.
7 the $150,000 5% funding bonds (V. 104, p. 1619) were awarded to Breed,
& Harrison of Cincinnati for 3151,000 (100.666) and int.
Elliott
EAST HELENA SCHOOL DISTRICT (P. 0. East Helena), Lewis
-The question of issuing the
& Clark County, Mont.
-BONDS VOTED.
$30,000 building bonds carried by a vote of 136 to 35, it is stated at the
election held May 5.
-BOND SALE.
EAST PALESTINE, Columbiana County, Ohio.
On May 8 the 320,000 5% 123 -year average coupon water-works bonds
%
Co., of Cincinnati, at
(V. 104, p. 1619) were awarded to J. 0. Mayer &
101.78 and interest. Other bidders were:
Durfee, Niles & Co
$20,306 80 Prov. S. B.& Trust Co_ __$20.220 00
20,216 00
Ohio National Bank
20,306 80 Well, Roth & Co
Seasongood & Mayer_ ___ 20,280 00 Breed, Elliott & Harrison_ 20,212 50
20,105 00
Tillotson & Wolcott Co_ - 20.276 00 Spitzer, Rorick & Co
F. C. Hoehler & Co
20,263 00
-The
-BONDS PROPOSED.
EASTON, Northampton County, Pa.
City Council will consider on June 1 an ordinance providing for the Issuance
of $30,000 4% street bonds. Due in 1927.
-BOND OFFERING.
ELLSWORTH, Hancock County, Maine.
Additional information is at hand relative to the offering on May 14 of the
-V. 104. p. 1724.
-year tax-free coupon refunding bonds
$28,000 4% 20
Bids for these bonds will be received until 12 in. on that day by Roscoe H.
Smith, City Treas. Denom. $500. Date June 11917. Prin. and semi-payable at the First Nat. Bank, Boston, or at City
ann. int.-J. & D.
Treasurer's office, Ellsworth. Due June 1 1937. Bonds will be certified
as to their genuineness by the First Nat. Bank of Boston and their legality
will be approved by Ropes, Gray, Boyden & Perkins, whose opinion will be
furnished purchaser. Delivery of bonds to be on or about June 1 at above
bank. Total bonded debt Apr. 24 1917, 358,000; floating debt, $43,800:
assess. val. 1916, 32.238.873.
-BONDS AUTHORIZED.
ESSEX COUNTY (P. 0. Newark), N. J.
The Board of Chosen Freeholders on April 12 authorized the issuance of
the $500,000 4;1% gold park bonds mentioned in V. 104,p. 379. Denom.
-payable
$1,000. Date June 1 1917. Prin. and semi-ann. int.-j. & D.
at U. S. Mtge. & Tr. Co., N. Y. Due $8,000 yearly on June 1 from 1919
to 1940 incl. and $12,000 yearly on June 1 from 1941 to 1967 incl. Assess.
val. of real property for 1916, $567,024,323.
-BOND SALE.-Ou May 7
FARMINGTON, Fulton County, 111.
the 319,000.5% 1-19
-year serial coupon water-works bonds(V. 104. p. 1826)
were awarded to Chas. H.Coffin, of Chicago for $19,401, equal to 102.11.
Other bids were:
$19,195 and interest
R. M. Grant & Co
I ittio & Hays Investment Co
19.041 and interest
19,000 and interest
Matheny-Dixon Co
.Par,less $367 70for expenses
Hanchett Bond Co
-The
-BONDS VOTED.
FERGUS COUNTY(P.O. Lewiston), Mont.
question of issuing 3100.000 high-school-bldg. bonds carried, it is stated,
at the election held April 28.
-The
-BOND SALE.
FLOYD COUNTY (P. 0. New Albany), Ind.
New Albany Trust Co. has been awarded at par, it is said, the $9,680 4%
road-impt. bonds which were offered on May 'T. V.104, p. 1826.
FORT SCOTT SCHOOL DISTRICT (P. 0. Fort Scott), Bourbon
-Dispatches state that C. W.
County, Kans.-BOND OFFERING.
Mitchell, Clerk of the Board of Education, will receive sealed bids until
5
,
May 15 for $91,0000 % building bonds. Interest semi-annual.
-Pro-BOND OFFERING.
FREMONT, Sandusky County, Ohio.
posals will be received until 2 p. m. May 15 by F. C. Klegin, City Auditor,
for $25,300 434% coupon street impt. (assess. and city's portion) bonds.
Denom. $1,265. Date April 11917. Int. A. & 0. Due 31.265 each six
months from April 1 1919 to Oct. 1 1928, incl. Cert. check for $200.
payable to the City Treasurer, required. Bonds to be delivered and paid
for within 10 days from time of award. Purchaser to pay accrued int.
-BOND OFFERING.
FULTON COUNTY (P. 0. Wauseon), Ohio.
Proposals will be received until 1 p. m. May 14 by W. W.Ackertaan, Co.
Aud.,for the following 5% coupon road-impt. bonds:
$6,500 road bonds. Due 3500 Jan. 1 and $1,000 July 1 from Jan. 1 1918
to Jan. 1 1922 incl.
9,000 road bonds. Due $1,000 each six months from Jan. 1 1918 to Jan. 1
1922 incl.
5,500 road bonds. Due $500 Jan. 1 and 31,000 July 1 from Jan. 1 1918
to July 1 1920 incl. and $1,000 Jan. 1 1921.
6,500 road bonds. Due $500 Jan. 1 and $1,000 July 1 from Jan. 1 1918
to Jan. 1 1922 incl.
Auth. Sec. 1223, Gen. Code. Donom.$500. Date June 1 1917. Prin.
-payable at Co. Treas.' office. Cert. check
and semi-ann. int.-J. & J.
for 5% of bonds, payable to the Co. Treas., required. Bonds to be delivered and paid for within 10 days from date of issue. Transcript will be
furnished successful bidder. Total debt May 7 1917 (incl. these issues).
$273,000. Assess. val. $40,000.000.
-BOND OFFERING.
GIBSON COUNTY (P. 0. Princeton), Ind.
Additional information is at hand relative to the offering on May 15 of the
-V.104, p. 1826:
following four is.sues of4% road-impt. bonds.
$10,800 Marshall road bonds in Center Twp. Denom. $540.
18,000 Wirth road bonds in Union Twp. Denom. $900.
4,200 Montgomery road bonds in Montgomery Twp. Denom. $210.
19.200 Emerson road bonds in Montgomery Twp. Denom $960.
Bids for these bonds will be received until 3 p. M. on that day by D. II.
Swan, Co. Treas. Date May 15 1917. Int. M.& N. Due one bond o
each issue each six months from May 15 1918 to Nov. 15 1927, incl.
-On May 8 an
-BOND SALE.
GLOUSTER, Athens County, Ohio.
Issue of $3,000 5% water-works bonds were awarded!it is stated, to J. C.
Mayer & Co., of Cincinnati, at 101.06.
-BOND ELECTION.GREENLEE COUNTY (P. 0. Clifton), Ariz.
An election will be held May 19 to vote on the proposition to issue $200,000
%
61 10-20-yr. (opt.) coupon Clifton-Springerville Road-construction bonds.
Date July 11917. Int. J.& J. A.L. Terry is Clerk Bd.of Co. Supervs.
GREENLEE COUNTY CONSOLIDATED SCHOOL DISTRICT
-Sealed bids will be received until
-BOND OFFERING.
NO. 19, Ariz.
10 a. m.June 4 by A. L. Terry, Clerk Board of County Supervisors (P.0.
-year gold coupon tax-free building bonds.
Clifton), for $20,000 6% 20
Denom.$500. Date Juno 11917. Prin. and semi-annual int. (J. & D.)
payable at tho County Treasurer's office or at the Hanover National Bank,
N. Y. at the option of holder. Certified check for 5% of amount of bid,
payable to the above Board. required. Bids must be unconditional. Purchasers must satisfy themselves as to the legality prior to day of sale.
Bonded debt, including this issue (May 1 1917). $65,000. Sinking fund
April 11917. $3,707. Assessed valuation 1916. $5,275,054. Tax rate per
$1,000, 1916, $12 00.
GREENVILLE, Pitt County, No. Caro.- BOND OFFERING.
Sealed bids will be received until 8 p. in. June 7 by Albion Dunn, Mayor.
and James C. Tyson, Town Clerk. for $100,000 5% water and Light impt.
bonds. Certified check for $2,000 required.
Bids will be received at the same time for 6% water and light-Improvement bonds which the city proposes to issue.
-Proposals will be
-BOND SALE.
GUSTINE, Merced County, Calif.
received until 8 p. m. May 14 by W. L. Chappell, City Clerk, for 315,000
water-works and $12.000 sewer 5% gold coupon bonds. Denom. $500.
Date May 1 1917. Int. M. & N. at the City Treas. office. Due onethirtieth of water bonds and one-twentieth of sewer bonds due yearly
beginning Nov. 11917. Cert. check for 10% of amount of bid, payable to
the President Board of Trustees. required.
HARTFORD TOWNSHIP (P. 0. Berne), Adams County, Ind.
-Further details are at hand relative to the offering
BOND OFFERING.
on May 23 of the $11,000 school township and $11,000 civil township 4%
bonds(V.104,P. 1827). Bids for these bonds will be received until 10 a. m.
1930
THE CHRONICLE
on that day by Peter Fox, Township Trustee. Denom. $250. Date
May 15 1917. Int. F. & A. Due each issue as follows: $750 each six
months from Aug. 1 1920 to Aug. 1 1926,inclusive, and $1,250 Feb.11927.
HAVERFORD TOWNSHIP SCHOOL DISTRICT (P. 0. Llanerch),
Delaware County, Pa.
-BOND SALE.
-On May 7 the $36.000 4% 30year coup, school bonds
-V. 104, p. 1620
-were awarded to Montgomery
Clothier & Tyler of Phila. at 100.53 and int.
HOME TOWNSHIP (P. 0. Edmore), Montcalm County, Mich.BOND SALE.
-On May 2 the $10,000 5% highway bonds(V. 104, P. 1724)
were awarded to the Detroit Trust Co.,of Detroit, at par plus all expenses.
Other bids were:
Blanchard State Bank, Blanchard
Par
F. C. Hoehler & Co., Toledo
$10,010 less 1 %
John L. McLean & Co., Detroit
Par less 2%
Hanchett Bond Co. Chicago
Par less 1.47%
Denom. $1,000. '
Date May 1 1917. Interest annually in May. Due
$2.000 each year.
HOSINGTON SCHOOL DISTRICT, Kans.-BOND SALE.
-The
H.P. Wright Investment Co. of Kansas City, Mo.,was awarded on April 30
an issue of $45,000 high-school bonds.
HUNTINGTON COUNTY (P. 0. Huntington), Ind.
NOT
SOLD.
-No sale was made on April 27 of the four issues of 4% 6-year average road bonds aggregating $43,000, offered on that day.
-V.104, p. 1620.
HYDE PARK SCHOOL DISTRICT, Los Angeles County, Calif.
BOND OFFERING.
-Proposals will be received until 2 p. m. May 21 by
J. H. Lelando, ex-officio Clerk Board of Supervisors (P. 0. Los Angeles),
for $30,000 5% construction and equipment bonds. Denom. $1,000.
Date May 1 1917. Prin. and semi-ann. int. at County Treas. Due $1,000
yearly May 1 from 1918 to 1947 incl. Cert. or cashier's check for 3% of
bonds bid for, payable to Chairman Board of Supervisors, required. Purchaser to pay accrued interest. Bonded debt, including this issue, $142,000. Assess. val. 1916, $5,391,080.
INDIAN CREEK SCHOOL TOWNSHIP (P. 0. Fayetteville), Lawrence County, Ind.
-BOND SALE.
-On April 30 the $10,000 434%
o rp diitanap
c ino seholboAdp
sgra rg17) were awarded to J. F. Wild & Co.,
e t
.
-BONDS
[VOL. 104.
April 23. Bids are requested at both 434% and 57 Interest. Date
July 1 1917. Principal and semi-annual interest payable at the County
Treasurer's office, or at some banking house in Boston, Chicago or New
York,at the holder's option. A draft or certified check for $500, payable to
the District Treasurer, required. Delivery of bonds as follows: $15,000
July 1 1917, $20,000 Sept. 1 and Nov. 11917. Purchaser to pay accrued
interest and will be required to prepare and furnish blank bowls at his own
expense. Bonded debt, excluding this issue, $67,000. NJ floating debt.
Assessed valuation 1916, $16,333,170.
LAUREL SCHOOL DISTRICT (P. 0. Laurel), Sussex County,
Del.
-BONDS VOTED.
-The proposition to itialle $35,000 school bonds
at not exceeding 5% int. carried by a vote of 1774 to 1549, at an election
held May 5.
-Proposals
LEBANON, Warren County, Oh io.-BOND OFFERING.
will be received until 12 in. May 29 by M.E. Gustin, Vii. Clerk,for $12,000
5% coupon street-impt. (village's share) bonds. Auth. Sec. 3939, Gen.
Code. Denom. $500. Date May 29 1917. Int. semi-ann. Due $500
each six months from Mar. 1 1921 to Sept. 1 1932, incl. Cert. check for
5% of bonds bid for, payable to the Vii. Clerk, required. Bonds to be
delivered and paid for within 10 days from time of award. Purchaser to
pay accrued interest. Bonded debt May 7 1917, $88,073; sinking fund.
$3,010; assess. val. 1917, $4,000,000; total tax rate (per $1,000), $13.80.
LEESVILLE COMMON SCHOOL DISTRICT (P. 0. Leesville),
-The question of issuing
Gonzales County, Tex.
-BONDS VOTED.
$8,000 building bonds carried, it is stated, at an election neld April 21.
(P. 0. Salmon), Idaho.
-BOND OFFERING. 2
LEMHI COUNTY
Proposals will be received until May 15 by J. L. Maley, Jr., County Clerk,
it is stated, for $150,000 6% 10 -year (opt.) road bonds.
-20
-TEMPORARY LOAN.
-On
LENNOX, Berkshire County, Mass.
May 3 a loan of $25,000, dated May 4 and maturing Nov. 3 1917, was
awarded to R. L. Day & Co., of Boston, at 4.27%.
-Local papers
-BOND SALE.
LITTLE ROCK, Lyon County, Iowa.
state that Geo. M.Bechtel & Co. of Davenport have purchased the 315,000
electric-light bonds authorized by vote of 116 to 23 at the election held
April 24.
-BOND OFFERING.
-H. J.
LIVINGSTON, Park County, Mont.
JACKSON, Jackson County, Mich.
-BOND SALE.
-On May 7 the Reese, City Clerk, will sell at public auction at 8 p. m. May 28 the $225,000
four issues of 434% bonds, aggregating $191,500-V. 104, p. 1827,were 5% water-system-construction bonds (V. 104, p. 1725). Denom. $1,000.
awarded to the Detroit Trust Co. at par and int.. plus $2 premium, equal Date Jan. 1 1913. Prin. and semi-ann. int. (J. & J.), payable at the City
to 100.001.
Treas. office, or, at the option of holder, at some bank in N. Y. City to be
JACKSON SCHOOL TOWNSHIP (P.O. Mt. Ayer), Newton County, designated by the City Trees. Due $50,000 Jan. 1 1923, opt. after 1920:
Ind.
-BOND OFFERING.
-Proposals will be received until 1 p. in. May 25 $50,000 Jan. 1 1928, opt. after Jan. 1 1923;$125,000 Jan. 1 1933, opt. after
by Geo. A. Hopkins, Twp. Trustee,for $19,000 5% school bonds. Denom. Jan. 1 1928. An unconditional certified check for $5,000, payable to the
40 for $300 and 20 for $350. Date May 15 1917. Int. M. & N.- Due City Treas., required. Opinion of John C. Thomson, Esq.. of N. Y. City
$600 each six months from July 15 1918 to July 15 1928 incl. and $700 each and Edward Horsky, Esq., of Helena, as to validity.
six months from Jan. 15 1929 to July 15 1933 incl.
-BOND SALH.-Issac W.
LOCKPORT, Niagara County, N. Y.
JACKSONS TOWNSHIP ROAD DISTRICT, Nash County, No. Sherrill Co. of Poughkeepsie was awarded on April 25 an issue of $20,800
Caro.
-BOND OFFERING.
-Proposals will be received until May 15 by water-main bonds at 100.07 for 4.40s. Denom. $1,386 67. Date April 17
J. P. Munn, attorney for the District Road Commission (P. 0. Rocky 1917. Int. ann. in Jan. Due $1,386 67 yearly from 1918 to 1932, incl.
Mount), for $10,000 6% road-improvement bonds. Denom. $500. Date
%
-BID.
-For the $18,000
LORAIN, Lorain County, Ohio.
to be fixed by the Road Commission. Principal and annual interest
payable in New York. Due $500 yearly for 20 years. No deposit required. coupon channel-deepening bonds offered on May 9 the City Bank Co. of
Lorain bid par and int.-V. 104. p. 1725.
Bonded debt of district, $5,000. Assessed valuation,$388,875; total value
(est.), $800,000.
-BONDS AUTHORIZED.
-Newspaper
LYNN, Essex County, Mass.
JAY COUNTY (P. 0. Portland), Ind.
-NOTE OFFERING.
-Pro- reports state that an issue of $6,000 Walnut St. impt. bonds has been
posals will be received until 10 a. in. June 18 by John Bonifa,s, Co. Aud., authorized.
for $100,000 6% notes. Denom. $25,000. Date Juno 18 1917. Int.
.-BOND ELECTION PROPOSED
McALLEN, Hidalgo County,Tex.
J.& D. Due $25,000 each six monthsfrom June 1 1918 to Dec. 1 1919,incl. An election will probably be called to vote on the questions of issuing
JEFFERSON SCHOOL TOWNSHIP, Carroll County, Ind.
-BOND $16,000 street and $30,000 sower bonds. R. L. Lewis is City Secretary.
SALE.
-The following bids were received for the $9,000
% coupon
-BOND OFFERING.
McCULLOCH COUNTY (P. 0. Brady), Tex.
school bonds offered on May'3.-V. 104, p. 1620:
Proposals will be received until 11 a. in. May 21 by J. E. Brown, County
Breed, Elliott & Harrison.._ _ _$9,050 I Flat. Amer. Nat. Bank
$9 0
:00 Judge, it is stated, for $30,000 5% 10 -year (opt.) road bonds. Denom.
01
90
-40
Hanchett Bond Co
9,01113. F. Wild & Co.
$1,000. Date Feb. 12 1917. Interest semi-annual.
All bidders also provided to pay accrued interest.
-BOND SALE1.-On April 30
McMINNVILLE, Yamhill County, Ore.
JOHN DAY, Grant County, Ore.
-BONDS VOTED.
-The question the S90,000 20-yr. water and light bonds (V. 104, p. 1413) were awarded
of issuing $10,000 gravity-water-system bonds carried, it is stated, at a to the Security Say. & Trust Co. of Portland at 101.92 and int. for 5s.
Other bids were:
recent election.
Morris Bros., Portland, 1890,297 and.int. for 534s.
JOHNSON CITY, Washington County, Tenn.
95,697, int. and blank bonds for 6s.
-BONDS VOTED.
The question of issuing $75,000 court-house and market
-house-erection Union Trust Co.,Spokane$90,172, int. and blank bonds for 53.(o.
bonds carried, it is stated, at a recent election.
Clark, Kendall & Co., Portland, $90,546, int. and blank bonds for 534s.
$90,456 and int.. for 534s.
JOHNSON COUNTY (P. 0. Mountain City), Tenn.
-BONDS NOT Ltunbermen's Trust Co., Portland.
SOLD.
-No satisfactory bids were received for the $200,000 5% 30
-year
MACON COUNTY (P. 0. Oglethorpe), Ga.-BOND SALII.-Robincoup. road-impt. bonds offered on May 7(V. 104, p. 1620.)
son-Humphrey-Wardlaw Co. of Atlanta has purchased the $100,000 434%
Date
bridge bonds
KANSAS CITY SCHOOL DISTRICT (P. 0. Kansas City), Mo.- coupon or reg. Principal and offered on May 3. Denom. $1,000. at the
-payable
semi-annual int.-A. & 0.
1 1917.
BOND ELECTION.
-Local papers state that the question of issuing $2,- April Park Bank, N. Y. Due $2,000 yearly April 1 from 1913 to 1927,
school-building and improvement and playground bonds will be Nat.
000,000
inclusive, and $.4,000 yearly April 1 from 1928 to 1947, inclusive. Bonded
submitted to a vote on June 2.
debt this issue, $100,000. No floating debt. Assessed val. 191i, $3,387,KAPLIN SCHOOL DISTRICT, Vermilion Parish, La.
-BOND 256; actual value (est.), $5,000,000.
ELECTION.
-The question of issuing $20,000 5% building bonds will be
-BOND
MALHEUR DRAINAGE DISTRICT (P. 0. Ontario), Ore.
submitted to a vote on May 29. Address the Supt.- Treas. of Parish School OFFERING.-Blds will be received until 12 in. May 19 by the Dist. SecreBoard at Abbeville.
-20
tary, for $97,000 6% 5 -year serial bonds. Int. semi-annual. CertiKERR COUNTY (P. 0. Kerrville), Texas.
-BOND OFFERING.
- fied check for $1,000 required.
James Crotty, County Commissioner, will receive bids at any time for
-BOND OFFERING.
-ProMALVERN, Hot Springs County, Ark.
$15,000 5% 10 -year (opt.) gold tax-free Road District No. 2 road-impt. posals will be received until 11 a. in. May 15 by G. E. Mattison, Chairman
-20
bonds. Denom. $500. Date April 10 1917. Int. A. & 0., payable in of the Water-Works and Sower Commission, it is stated, for $67,500 waterNew York City and Kerrville. Certified check for 2%, payable to the works and $56,500 sewer bonds. Bids are requested at 5, 534 and 6% int.
County Treasurer, required. Bonded debt of district, excluding this issue. Denom. $500 or $1,000. Date July 1 1917. Interest annual.
$14,000. No floating debt. Sinking fund, $4.000. Assessed valuation of
-BOND
MAMARONECK (Village), Westchester County, N. Y.
district, $800,000. State and county tax rate (per $1,000), $8 50.
-Proposals will be received until 8:30 p.m. May 14 by Edgar
OFFERING.
-An issue of L. Howe, Village Clerk, for $12,600 reg, sewer bonds not to exceed 5% int.
-BOND SALE.
KINGSLEY, Plymouth County, Iowa.
$3,500 5% water-works bonds was purchased on April 23 by Schenk°& Co., Denom. $1,000. Date June 15 1917. Int. J. & D. Due $1,000 yearly
of Mason City. Denom. $500. Date May 11917. Int. M.& N. Due on June 15 from 1922 to 1933, incl. Cert. check for $600. payable to the
4500 yearly May 1 from 1926 to 1932, inclusive.
"Village of Mamaroneck," required. Bonded debt May 2 1917 (excl. this
floating debt, $25,000; sinking fund (est.), $9,400; assess.
KNOXVILLE,'Knox County, Tenn.-BONDTELECTION.-We are Issue), $485,245;
advised that an election will be held July 5 to vote on the questions of val. 1916. $8,134,899.
-TEMPORARY LOAN.
-On May 9 the loan
MANCHESTER, N. H.
Issuing $150,000 site-purchase auditorium erection and equipment, $250,-was awarded to Bond
000 site-purchase and school-bidg. and $50,000 park and playground 30-Yr. of $200,000 maturing Dec. 12 1917-V. 104, p. 1827
bonds at not exceeding 5% int. Denom. $1,000. Date July 1 1917. Int. & Goodwin at 4.55% discount. Other bidders were:
Bernhard, Scholle & Co., 4.85% discount.
semi-annual. John E. McMillan is Mayor.
Co., 4.90% discount.
- S. N. Bond && Trust Co.. 5% discount.
-BOND OFFERING.
KOSCIUSKO COUNTY(P.O. Warsaw), Ind.
Andrew J. Logan, County Treasurer, will receive bids until 2 p. in. May 21 Farmers Loan
-On
-BOND SALE.
MANGANESE, Crow Wing County, Minn.
for $13,473 20 434% John M.Boon at al. road bonds in Prairie Twp. Date
May 15 1917. Int. M. & N. Due part each six months beginning May 5 $10,000 6% water-works bonds were awarded to 0. H. Coffin of
Chicago at 103.01. Denoms. (14) $500; (3) $1,000. Date April 1 1917.
May 15 1918.
I. Due serially from 1920 to 1936, incl.
LAKE COUNTY (P. 0. Crown Point), Ind.
-BOND SALE.
-On Int. ann. on Dec.
-on May 7
-BOND SALE.
MANKATO, Blue Earth County, Minn.
May 9 the four issues of 434% road bonds, aggregating $55,000(V. 104, p.
1725) were awarded as follows:
the $30,000 4% coupon bridge-construction bonds were awarded to the
$14,000 two issues of bonds to the First Nat. Bank of Crown Point at First Nat. Bank of Mankato at par and int. Denom. $1,000. Date
May 7 1917. Prin. and semi-annual int.(M. & N.), payable at the City
100.65.
41,000 two issues of bonds to the Commercial Nat. Bank of Crown Point Treas. office. Due $20,000 July 1 1918 and $10,000 July 1 1919,
for $41,085, equal to 100.209
MAPLETON CONSOLIDATED SCHOOL DISTRICT (P. 0. Maple-The question of issuing
-BONDS VOTED.
- ton), Monona County, Iowa.
LAKELAND, Polk County, Fla.
-BOND ELECTION PROPOSED.
The State Legislature has authorized this city to call an election to submit $95,000 building bonds carried, it is stated, by a vote of 280 to 65 at an
to a vote the question of issuing not more than $125,000 1-10
-year serial election held April 20.
funding bonds at not exceeding 6% int. H. L. Swatts is City Clerk.
MARTINSBURG INDEPENDENT SCHOOL DISTRICT NO. 6 (P.
LAKE PARK, Becker County, Minn.
-BOND OFFERING.
-Sealed 0. Martinsburg), Keokuk County, lowa.-BOND SALE.-Schanke &
bids will be received until 8 p.m.May 17 by H.M.Dahl, Village Clerk,for Co. of Mason City purchased on April 6 $20,000 5% building bonds. Date
$19,000 15-year funding bonds. Denom.(11) $1,000; (4) $2,000. Date May 11917. Int. M. & N. Due $500 yearly May 1 from 1921 to 1926,
May 1 1917. Interest (rate to be named in bid) payable annually in May incl.' 31.000 yearly May 1 from 1927 to 1932 incl.; $1,500 yearly Nov. 1
1937.
and $5,000 May 1 '
at a bank in Lake Park. Certified cheek for 10%,payable to the"
'
Village," from 1933 to 1936,
required. Bonded debt, $17,500. Floating debt, $19,000. Assessed
MELLETTE COUNTY (P.O. White River), So. Dak.-BOND SALE.
valuation 1916, $206,600. Total tax rate per $1,000, $52.
-On April 27 880,0005% 20-yr.funding bonds were purchased by Schanke
LANCASTER COUNTY (P. 0. Lincoln), Neb.-BOND SALE.
-On & Co. of Mason City. Date Jan. 11917. Int. J. J. Due Jan. 11937.
A similar issue of bonds was reported sold on Jan. 4 to Powell, Gerard &
April 30 the $63,390 1-10-yr. serial Paving Dist. assessment bonds (V. 104,
p. 1621) were awarded to the First Trust Co.of Omaha for $63,491 (100.159) Co. of Chicago (V. 104, p. 473).
and int. for 5s. Purchaser to print bonds. State of Nebraska.each bid par
-Further details are at hand
-BOND OFFERING.
MEMPHIS, Tenn.
for 5s.
relative to the offering on May 22 of the $357,000 (part of an issue of
LARIMER COUNTY SCHOOL DISTRICT NO. 5 (P. 0. Fort $488,000) 1934-year aver, coupon permanent impt. and funding bonds (V.
Collins), Col.
-BOND OFFERING.
-Bids will be received until 12 m. 104, p. 1725). Proposals for these bonds will be received until 2:30 p. m.
May 24 by Edward H. Tjalt, District Secretary, for $55,000 10 -year on that day by C. C.Pashby, City Clerk. Bids are requested at 43{, 434
-20
(opt.) building bonds authorized by vote of 122 to 7 at the election held and 5% int. Denom.81.000. Date Jan. 11917. Prin, and semi-annual
MAT 12 1917.1
THE CHRONICLE
1931
int. (J. & J.) payable at the city hall, Memphis, or at the U. S. Mtge. &
Denom. $1,000. Date May 1 1917. Prin. and semi-ann. Int. payable
Trust Co. N. Y. at option of holder. Due on Jan. 1 as follows: $6,000 at County Treasury. Cert. check or certificate of deposit on a Paulding
1922: $7,01)0 1923; 58,000 1924; $9,000 1925; $10,000 1926; 511,000 1927; bank for $500, required with the first three issues and for $1,000 on all
12,000 1928; $13,000 1929; $14,000 1930; $15,000 1931; $15,000 1932; remaining issues, checks to be payable to the Co. Treas. Bids must be
17,000 1933; $18,000 1934; $19,000 1935; $20,000 1936; 521,000 1937; unconditional. Purchaser to furnish blank bonds and coupons at own
22,000 1938; $23,000 1939; $24,000 1940; $25,000 1941; 826,000 1942; expense. A transcript of the proceedings evidencing the legality of said
21,000 1943. Cert. check on some Memphis bank for $4,000, payable bonds will be furnished successful bidder.
'
to the "City, required. The legality of these bonds has been approved by
PEEKSKILL (Village), Westchester County, N. T.
-BONDS
John C. Thomson of N. Y., a copy of whose approving opinion will be
-The State Legislature has passed an Act (Chap. 43.
furnished to the purchaser. The bonds will be prepared at the expense of AUTHORIZED.
N.Y.City, or the equiva- Laws 1917) giving this village authority to issue $4,992 16 bonds at not
the city and delivery will be made in Memphis,in
lent of N. Y. City, at option of purchaser. Sale for par and accrued int. exceeding 5% int., for the purpose of paying audited bills. Denom. 9 for
to date of delivery, without commission or brokerage. According to official $500, 1 for $492 16. Int. semi-ann. 'Due from 1918 to 1927, inclusive.
pamphlet, so far as known, no bonds of this city has been rejected by the
PERSON COUNTY (P. 0. Roxboro) No. Caro.- BOND OFFERING
U.S. Postal authorities as security for savings deposits.
POSTPONED.
-The sale of the S225,00015% road impt. bonds which was
'
to have taken place on May 8(V. 104, p. 1619) was postponed.
MITCHELL INDEPENDENT SCHOOL DISTRICT (P.O. Mitchell),
-An election will be
Davison County, S6. Dak.-BOND ELECTION.
PIERCE COUNTY SCHOOL DISTRICT NO. 92, Wash.
-BOND
held May 15 to vote on the question of issuing $100,000 10-20-yr. (opt.) OFFERING.
-Sealed bids will be received until 11 a. in. May 19 by Wm.
site-purchase and bldg. bonds. Int.(rate not to exceed 5%), payable semi- Turner, Co. Treas. (P. 0. Tacoma), for $15,000 1-10-yr. (opt.) school
annual. A. B. McKeel is Secy. Board of Education.
bonds at not exceeding 6% int. Denom. $100, more or less, at the dis-BOND ELECTION PRO- cretion of the Board of Directors. Prin. and semi-annual int. payable
MOBILE COUNTY (P. 0. Mobile), Ala.
'
that petitions have been circulated asking at the Co. Treas. office, at the State Treas, office or at the State of Wash.
POSED.
-Local papers state
the County Board of Revenue and Road Commissioners to call an election fiscal agency in N. Y. City.
to vote on the proposition to issue $400,000 road bonds.
PIKE COUNTY (P. 0. Magnolia) Miss.-BONDS AUTHORIZED.-BOND SALE.
- Reports state that the Board of Supervisors recently authorized the issuance
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-year serial Children's Home bonds were of $35,000 agricultural high-school-erection and equipment bonds.
On May 9 the $10,000 4%% 1-10
awarded to the Dayton Says. & Trust Co. of Dayton at par and int.-V.
PLANK1NTON, Aurora County, So. Dak.-BOND OFFERING.
104, p. 1725. There were no other bidders.
Sealed bids will be received until June 1 by W.T. Lathrop, City Treasurer,
-- for $16,000 6% coupon electric-light-plant-purchase bonds. Auth. subMOUNT OLIVE SCHOOL DISTRICT, Fresno County, Calif.
-An election will be held to-day (May 12,), it is stated, divisions 2 and 5, Sec. 1229, Pol. Code of 1903. Denoms.$100 and $500.
BOND ELECTION.
to vote on the ouestion of issuing $4,200 6% school bonds. Denom.$840. Date June 1 1917. Int. J. & D., payable at the City Treas.office. Due
$1,000 in 1918 and 1919; $1,500 1920, 1921, 1922 and 1923; $2,000 1924.
Due $840 yearly for 5 years.
1925, 1926 and 1927. Certified check for 10% , payable to the City Treas..
MUSCATINE, Muscatine County,Iowa.
-BONDS AUTHORIZED.
- required. Bonded debt, including this issue (May 1 1917).$31,000. No
Local papers state that an ordinance authorizing the issuance of $10,000 floating debt. Sinking fund, $500. Assessed valuation 1916, $621,301.
ievee-impt. and $15,000 terminal-impt. bonds was passed by the City Total tax rate (per $1,000). $25.88.
Council on April 25.
PLYMOUTH SCHOOL DISTRICT (P. 0. Plymouth), Richland
NEWBURGH HEIGHTS, Cuyahoga County, Ohio.
-BOND OFFER- County, Ohio.
-BOND ELECTION.
-The
to issue $50,000
ING.-Blds will be received until 12 in. May 22 by J. A. Fitzgerald, Vii. school-improvement bonds will be submittedproposition on May 15, it is
to a vote
Clerk (P. 0. Brooklyn, R. P. D. No. 3) for $40,000 4%% street-impt. stated.
bonds. Denom. $500. Date Apr. 15 1917. Int. M. & S. at Broadway
PORT ARTHUR INDEPENDENT SCHOOL DISTRICT (P.O. Port
Says. & Trust Co., Cleveland. Due Sept. 15 1937. Cert. check on a
-BIDS REJECTED
Cleveland bank for 5% of amount bid, required. Bids must be made on Arthur), Jefferson County, Tex.
-TO SELL AT
PRIVATE SALE.
-All bids received for the $200,000 5% 20-40-yr. (opt.)
forms furnished by the above Clerk.
building bonds
May 3 were rejected (V. 104, p. 1726). These
NEWTON INDEPENDENT SCHOOL DISTRICT (P. 0. Newton), bonds will nowoffered onat private sale. Thos W. Hughen is Secy. of
be sold
Jasper County, Iowa.
-BOND OFFERING POSTPONED.
-The Secy. School Board.
Bd. of Ed. advises us that the offering of the $150,000 building and $40.000
PORTLAND, Me.
-LOAN OFFERING.
-Proposals will be received
refunding bonds which was to have taken place on May 1 (V. 104, p. 1622)
until 12 m. May 23 by John R. Gilmartin, City Treasurer, for the purchase
was called off for the present.
at discount of a temporary loan of $200,000. Date June 11917. Due Oct.
NORMAN COUNTY (P.O. Ada), Minn.
-POND OFFERING.
-D.E. 1 1917 at First National Bank, Boston. The notes will be in denominations
Fulton, County Auditor, will receive bids (sealed or verbal) until 3 pi. m. to suit purchaser, and in submitting bids the denominations desired should
May 15 for $225,000 coupon Judicial Ditches Nos. 53 and 54 bonds. Date be stated. Notes will be delivered June 1 at First National Bank, Boston,
July 1 1917. Int. (rate to be named in bid), payable in Ian. and July. and will be certified as to genuineness and validity by said bank under
Due one-fifteenth yearly. beginning 5 years from date of issue. No de- advice of Ropes, Gray, Boyden & Perkins, and all legal papers incident
posit required. Bonded debt, including tbcse bonds, $442,000. No float- to the loan will be filed with said bank, where they may be inspected at
ingg debt. Assess. val. $10,000,000.
any time.
NORTHAMPTON, Mass.
-TEMPORARY LOAN.
-On May 10 a loan
POSEY COUNTY (P. 0. Mt. Vernon), Ind.
-BOND SALE.
-On
of $150,000 dated May 11 and maturing Nov. 22 1917 was awarded, re- May 8 the two issues of 4%% highway bonds, aggregating $48.800-V. 104.
ports state, to H. C. Grafton Jr. of Boston at 4.48%, interest to follow.
-were awarded to the People's Bank & Trust Co. of Mt. Vernon
p. 1726
BONDS NOT SOLD.
-It is further stated that no bids were received for for $49,010, equal to 100.43. Other bids were:
the $25,000 4% coupon library bonds which were also offered on May 10. Breed, Elliott & Harrison_ _ _$48,960 I Mt. Vernon Bank
$48,875
Denom.$1,000. Date May 1 1917. Prin. and semi-ann.int.-M.& N.
PULLMAN,
-BOND SALE.
-On May 1
payable at Northampton Nat. Bank. Due $5,000 yearly on May 1 from the $4,000 20 Whitman County, Wash.
-year sewer bonds, Series "A"
-V. 104, p. 1726
-were
1918 to 1922, incl. Total funded debt May 1
$423,250, less water
debt of $80,000, no sinking funds; net debt, $343,250. Assessed valuation awarded to Wm. Harper & Son of Seattle at 102.35 and int. for 5s.
1917'
1916, net, $19,566,223; borrowing capacity, $128,219.
RAMSEY COUNTY (P. 0. St. Paul), Minn.
-BOND SALE.
-On
May 7 the $25,000 Lake improvement bonds (V. 104, p. 1829) were purNORWALK SCHOOL DISTRICT (P. 0. Norwalk), Huron County, chased by Geo. J. Ries, County Auditor, at par and int. for 4s; bonds to
Ohio.
-BOND OFFERING.
-Proposals will be received until 12 m. May mature in one year. There were no other bidders.
25 by Jchn A. Strutton, Clerk Bd. of Ed. for the $160,000 5% school
RAPIDES PARISH(P.O. Alexandria), La.
bonds voted April 16--V. 104, p. 1518-auth. Sec. 7026, Gen. Code.
-BOND SALE3.-The bid
-submitted by the Commercial Bank & Trust Co. of
-100.449
Denom. $500. Date June 1
Int. J. & D. Due $2,500 each six of $67,300
months from Dec. 1 1923 to June 1 1955, incl. Purchaser to pay accrued Alexandria for the Interstate Bank & Trust Co. of New Orleans for the
1917.
Interest.
$67,000 5% Road Dist. No. 1 gravel-road bonds offered on April 19V. 104, P. 1829
-has been accepted. Denom. $500. Date Feb. 1 1917.
OAK GROVE, West Carroll County, La.
-BOND SALE POSTPONED.
-We are advised that owing to the failure to receive the blank Int. F. & A. at the Dist. Treas. office in Boyce, or at the Nat. Bank of
bonds from the printers the sale of the $5,500 5% light bonds, which was Commerce, N. Y. City, or some bank to be selected by purchaser. Due
to have taken place on May 1, was postponed. L. Grathwill is Village yearly on Feb. 1 as follows: $2,000 1918, 1919 and 1920; $2,500 from 1921
to 1924, incl.: $3,000 1925, 1926 and 1927; 83,500 1928. 1929 and 1930;
Clerk.
$4,000 1931. 1932 and 1933; $4,500 1934 and 1935; $5,000 1936 and $5,500
OGDENSBURG, Sussex County, N. J.
-BOND OFFERING.
-Pro- 1937. Bonded debt of Dist., including this issue,$93,000. Assessed valuaposals will be received until 2 p. in. May 16 by Wm. N. Harris, Bore. tion of Dist. 1915, $960,930; true valuation, $3,840,000.
Clerk, it is said, for the $60.000 4%% 7
On May 2the two issues of5% bonds(V. 104, p._1726) were awarded,it is
-year average water-works bonds,
voted Mar. 13-V. 104, p. 682. Int. semi-ann. Cert. check for 2%, re- stated, to the Interstate Trust & Banking Co. of New Orleans. as follows:
quired.
$50.000 5%-yr. (aver.) bridge-constr. bonds at 101.215 and int.
OGDEN SCHOOL DISTRICT (P. 0. Ogden), Weber County, 15,000 5 5-6-yr. (aver.) road-ronstr. bonds at 101.23 and interest.
Utah.
-BONDS VOTED.
READING, Berks County, Pa.
-BONDS PROPOSED.-Locat news-The proposition to issue $200,000 building
bonds carried, reports state, by a vote of 422 to 229.at the election, held paper reports state that an issue of $200,000 various improvement bonds is
April 26.
under consideration.
REDDING CONSOLIDATED INDEPENDENT SCHOOL DISTRICT
ONEIDA COUNTY (P.O. Rhinelander), Wis.-BOND OFFERING.Proposals will be received until 2 p. m. May 15 by John J. Verage, County (P.0. Redding), Ringgold County, Iowa.
-BOND SALE.
-An ISSIle of
Clerk, reports state, for $137,000 4%% road bonds. Certified check for $22,090 5% building bonds was purchased on April 16 by Schanke & Co. of
Mason City. Denom.$500 and $1,000. Date May 11917. Int. M.& N.
$500 required
$1,000 yearly Nov. 1 from 1920 to 1928, incl.• $500 yearly Nov. 1 from
Due
OTTAWA COUNTY(P.O.Port Clinton), Ohio.
-BOND OFFERING. 1929 to 1935, incl.; $1,500 Nov. 1 1936 and $8,000 May 1 1937.
'
-Proposals will be received until 10 a. m. May 14 by D. L. Mackey,
RENSSELAER COUNTY (P. 0. Troy), N. Y.
County Auditor, for $15,000 5% coupon road bonds. Auth., Secs. 1178
-BOND OFFERING.
to 1231-4, inclusive, Gen. Code. Denom. $500. Date March 1 1917. Proposals will be received until 12 m. May 25 by Delmar Runkle, County
Int. M.& S. at office of County Treasurer. Due $1,500 each six months Treasurer, for $150,000 4%% 1-25
-year serial registered hospital bonds.
from March 1 1918 to Sept. 1 1922, inclusive. Certified check for $500, Denom. $1,000. Date June 1 1917. Principal and semi-annual interest
payable by a Port Clinton bank to the
-payable at office of County Treasurer. Due $6.000 yearly on
required. Pur- -J.& D.
chaser to furnish blank bonds. Total County Auditor, is
(including this issue) June 1 from 1918 to 1942, inclusive. Certified check on a New York State
May 7 1917, $188,200; sinking fund, bonded debt
bank or trust company or national bank for 2% of bonds bid for, payable
valuation 1916.
$38,872,880; State and county tax rate$12,631; assessed 70.
to the County Treasurer, required. Delivery of bonds will be at 11 a. in.
(per $1,000). 52
June 6 at U. S. Mtge. & Trust Co. in New York. Purchaser to pay acPACIFIC COUNTY (P. 0. South Bend), Wash.
-DESCRIPTION OF crued interest. Bids must be made on forms furnished by the County
BONDS.
-The $250,000 4%7 bonds awarded at par on April 7 to the Spo0
kane & Eastern Trust Co. of Spokane(V. 104, p. 1622) are in the denom. of Treasurer. The above trust company will certify as to the genuineness
$1,000 and dated July 11917. Int. J. & J. Due in 20 years, subject to of the signatures of the county officials signing the bonds and the seal
impressed thereon and the legality of the bonds will be approved by Caldcall after 10 years.
well & Masslich, of New York, whose opinion will be furnished purchaser
without charge. Bonded debt (excluding this issue), $1,028,000; assessed
PALMER, Hampden County, Mass.
-TEMPORARY LOAN.
-It is valuation, real estate, $79,157,512; special franchises, $5,621.250; bank
reported that H. C. Grafton, Jr., of Boston, has been awarded a loan of
stock. $3,848,825; personal, $3,177,867; total valuation 1916,$91.805,454.
$25,000, maturing Nov. 2 1917 at 4%% discount.
RICHFIELD TOWNSHIP (P. 0. Akron), Summit County, Ohio.
PARIS, Henry County, Tenn.
-BOND ELECTION.
-The question BONDS VOTED.
-Reports state that at the election, held Apr. 24, a
of issuing the $40,000 5% 30-yr. serial filtration-plant
-erection and negro
-V.
school bldg. bonds (V. 104, P. 381), will be submitted to a vote, it is stated, favorable vote was cast for the issuance of $11,000 road imp*. bonds.
104, p. 1623.
on May 19.
RICHLAND SCHOOL TOWNSHIP (P. 0. Chili), Miami County,
PARADISE IRRIGATION DISTRICT (P. 0. Paradise), Butte
-BOND SALE.
Ind.
-On May 5 the $22,000 4% school bonds
-V. 104.
-BOND AWARD DEFERRED.
County, Calif.
-The award of the $350,-were awarded to the First Nat. Bank of Peru at par and int. The
000 6% gold coupon irrigation bonds for which bids were received om May p. 1519
Citizens Nat. Bank of Peru was the only other bidder.
1 (V. 104, p. 1726) was postponed one week. The best bid received was
98.25 submitted to'the Citizens' Natl. Bank of Los Angeles.
RIDGEFIELD SCHOOL DISTRICT (P. 0. Ridgefield), Bergen
County, N. J.
-BOND OFFERING.
-It is stated that bids for an issue of
PAULDING COUNTY (P. 0. Paulding), Ohio.
-BOND OFFERING.
received until 2 p. m. May 25 by A. M. Armstrong, $25,000 5% 7%-year average school bonds will be received until 8 p. m.
-Proposals will be
May 21 by C. B. Wilson, Clerk of the Board of Education. Interest semiCounty Auditor, for the following 5% bonds:
$40,000 inter-county highway bonds. Due $10,000 yearly on May I from annual. Certified check for $250 required.
RIPLEY COUNTY (P.0. Versailles), Ind.
1918 to 1921, inclusive.
-BOND SAL71.-On May
44,000 Harriman pike impt. bonds. Due $6,000 yearly on May 1 from 7 the 53.000 1%7 5 -year average road impt. bonds
0
-V. 1C4. p. 1726were awarded to the Batesville Bank for $3,951, equal to 101.307. _
1918 to 1922, inclusive, and $7,000 May 1 1923 and 1924.
22,000 bridge bonds. Due $2,000 yearly on May 1 from 1918 to 1928
Reports state that an issue of $3,861 road bonds has been awarded to the
Napoleon State Bank of Napoleon for $3,962 50, equal to 102.628.
inclusive.
•16,000 Wieppert pike bonds. Due $2,000 May 1 1920 to 1924, inclusive,
ROCKFORD, Winnebago County, Ill.
-BOND SALE.
-On May 7
and $3.000 May 1 1925 and 1026.
48,000 Fitzwater pike bonds. Duo $6,000 May 1 1920 and $7,000 yearly an issue of 342,500 4% bridge bonds was awarded to the Rockford Nat.
Bank. Denom. MOO. Int. M.& S. Due from 1917 to 1936.inclusive.
lifpg on May 1 from 1921 to 1926, inclusive.
14,000 May pike bonds. Due $2,000 yearly on May 1 from 1920 to
ROCHESTER, N. Y.
-NOTE SALE.
-On May 10 the two issues of
1926, inclusive.
rotes aggregating $150,000 maturing 8 months from May 14 1917-V. MP
14,000 Wurm pike bonds. Due $2,000 yearly on May 1 from 1920 to •%. 1829
-were awarded to Salomon Bros. & Hutzler of N. Y.at 4.55% int..
...,
1926, inclusive.
plus 32 50 premium. Other bids were:
I
1932
THE CHRONICLE
Prem.
Int.
12.50
4.75
S. N. Bond & Cc., N.Y
5
5.00
Security Trust Co., Rochester
5
Farmers Loan & Trust Co., N.Y
5.18
Goldtnan, Sachs & Co., N.Y
-On May 1
-BOND SALE.
RUTHTON, Pipestone County, Minn.
% 10-yr. light, heat and power bonds were awarded to F. E.
$4,300
Magraw of St. Paul for $4,380 (101.86) and int. Denoms. $100,$500 and
$1,000. Date May 11917. Int. M.& N.
-BOND OFFERING.
ST. BERNARD, Hamilton County, Ohio.
Proposals will be received until 12 m. May 31 by W.L. Taylor, City Aud.,
-year coupon street-impt. bonds. Auth. Sec. 3939
for $70,000 4%% 30
Gen. Code. Denom. $500 or multiples thereof. Date Mar. 30 1917.
-payable at the Citizens Bank of St.
Prin. and semi-ann. int.-M. & S.
Bernard. Cert. check for 5% of bonds bid for, required. Purchaser to
pay accrued interest.
-On May 7 the $90,000 (not $70,000, as previously reBOND SALE.
-year coupon water and light bonds (V. 104, p. 1623)
ported) 4%% 30
were awarded to Seasongood & Mayer, of Cincinnatti for $90,005 (100.005)
and Interest.
-Proposals will be received
-BOND OFFERING.
ST. PAUL, Minn.
until June 14 by Jesse Foot, City Comptroller, for $1,075,000 4%%
coupon or reg. (purchaser's option) tax-free refunding bonds, according to
local papers.
These bonds were offered without success as 4s on April 23(V. 104. p.
1623).
The Northwestern Trust Co. and Kalman, Matteson & Wood, St.Paul.
are offering to investors $200,000 6% coupon University Ave paving assessment bonds. Denoms. $100, $500 and $1,000. Date May 1 1917.
Int. M. & N. at the office of the Commissioner of Finance. Due May
1 1920, subject to call on any interest date.
SACRAMENTO CITY SCHOOL DISTRICT (P. 0. Sacramento),
-The Supt. & Secy. Bd.
-NO BOND ELECTION AT PRESENT.
Calif.
of Ed. advises us under date of May 3 that on account of the war all action
towards the calling of an election to vote on the question of issuing $2,500.000 high and elimentary school bldg. bonds has been postponed.
-BONDS NOT SOLD.
SANDUSKY COUNTY (P.O. Fremont), Ohio.
-No bids were received for the $23,246 64 4 % coupon road bonds
offered on May 4-V. 104, p. 1727.
-The Fremont Says. Bank of Fremont has been awarded
BOND SALE.
for $20,230 22, equal to 100.098, an issue of $20,210 22 road bonds.
-BOND OFFERSCARSDALE (Village), Westchester County, N. Y.
ING.
-Proposals will be received until 12 m. to-day (May 12) at the office
of Wm.C. White, 20 Nassau St. N. Y. City, for the following 4 % regis104,
tered bonds voted March 20(V.' p. 1181):
$35.000 highway bonds. Due $5,000 yearly on April 1 from 1918 to 1924,
inclusive.
15,000 fire-apparatus bonds. Due $3,000 yearly on April 1 from 1918 to
1922, inclusive.
Denom. $100 or multiples thereof. Date April 1 1917. Int. A. & 0.
Certified check for 2% of bonds bid for, payable to Geo. W. Both, Village
Treasurer, required. Bonds to be delivered and paid for within seven days
from date of award. The opinion of John C. Thomson, of N. Y. approving
the validity of each issue, will be furnished purchaser. These bonds were
offered without success on April 21. See V. 104, p. 1727.
Official circular states that there is no litigation affecting these or any
other bonds of the town and that all previous obligations have been promptly
met. Bonded debt 8494.850; assess. val. real estate 1916, $9,203,646.
-Bids will be
-CERTIFICATE OFFERING.
SCIIENECTADY, N. Y.
received until 11 a. m. May 22 by Loon G. Dibble, City Comptroller, for
indebtedness. Denom. to suit purchaser. Date
$150,000 certificates of
May 23 1917. Intertst rate to be named in bid. Due Jan. 23 1018 in
New York exchange at th(. City Treasurer's office, or at Importers &
Traders Nat. Bank, N. Y., as purchaser may desire. Certified check for
1% of certificates bid for, payable to City Comptroller, required. Certificates to be delivered and paid for within ten days from notice of award.
Purchaser to pay accrued interest. Bonded debt May 10 1917, $5.057.844;
revenue bent's, 3650,000; total debt, $5.707,844; sinking funds, $388,684;
assessed valuation:real estate,$55,054,056;personal,$4,626,550;franchises
$2,656,368; total yaluation, $62.336,974. These certificates are the unsold
portion of an issue of $800,000, $650,000 having been sold to S. N. Bond
& Co. of Now York on April 24.-V. 104, p. 1727.
SCHODACK (TOWN) UNION FREE SCHOOL DISTRICT NO 10
-Pro-BOND OFFERING.
(P.O.Castleton), Rensselaer County, N. Y.
posals will be received until 8p. m. May 18 by the School Board, for $55,Date
% tax-free school bonds. Denom. 1 for $650. 39 for $1,400. $1,400
250
June 1 1917. Int. J. &. J. by check. Due $650 Jan 1 1918 and
yrly. on Jan. 1, from 1919 to 1957 incl. Cert. check or bank draft for
10% of bonds bid for, payable to James G. Walradt, Dist. Treas., required.
The district has no indebtedness, assess. val. $701,510.
-On
-BOND SALE.
SCIOTO COUNTY (P. 0. Portsmouth), Ohio.
-V.104, p. 1623
May 7 the $60,000 43.5 % 6%(-year average funding bonds
were awarded to local banks at par. There were no other bids received.
-This
SEEKONK, Bristol County Mass.-TEMPORARY LOAN.
)
town has negotiated a loan of $8,000, maturing Dec. 1 1917, with H. C.
Grafton, Jr., of Boston. at 4.4% discount, it is stated.
-BOND OFFERSHACKELFORD COUNTY (P. 0. Albany), Tex.
INO.-Sealed bids will be received until 10 a. in. May 14 by J. A. King,
0
Co. Judge, for the $100.000 5% 5-40-yr. (opt.) coupon Road Dist. No. 2
road-construction bonds voted Feb. 15 (V. 104, p. 883). Denom. $1,000.
Date April 10 1917. Int. ann. on April 10, payable in Austin, or at the
Nat. Bank of Commerce, N. Y. Cert. check for $5,000, payable to the
Co. Judge, required. The district has no indebtedness. Assess. val. of
Rd. Dist.. 1916, $3,850,231. Total tax rate (per $1,000) 1916, $12.00.
-BOND OFFERING.
SHELBY COUNTY (P. 0. Memphis), Tenn.
Sealed bids will be received until 12 m. June 2 by W. A. Taylor at Room 3,
Lee Building, Memphis. for $200,000 43-i% coupon school house bonds.
Denom. $1,000. Date July 1 1917. Int. J. & J. Cert. check for $1,000
payable to the "County" required.
Bonded debt, including this issue, $2,781,000. Floating debt, $35,000.
Sinking fund, $110,000. Assess. val. $101,000,000. State and county tax
rate (per $1,000). $18 90.
-BOND SALE.
SHERBURNE (Village), Chenango County, N. Y.
On May 8 the $11,000
% 3-13-year serial water bonds were awarded to
-V. 104, p. 1829. H. A. Kahler & Co.
the Sherburne Nat. Bank at par
and Isaac W. Sherrill Co. were the only other bidders.
-An election
-BOND ELECTION.
SHERMAN,Grayson County,Tex.
will be held May 31, it is stated, to vote on the question of issuing $30,000
high-school-building and equipment bonds.
-BOND OFFERING.-Proposais will
SIDNEY, Shelby County, Ohio.
be received until 12 m. May 28 by Melvin L. Rhoade, City Aud.,for $20,700
43 % 7j -year aver,sewer bonds. Auth. Secs. 3939 and 3942 to 3946 incl.,
Gen. Code; also election held Aug. 8 1916. Denom. 1 for $700 and 40 for
$500. Date Apr. 1 1917. Int. A. & 0. Due $700 Apr. 1 1920, $1,000
each six months from Apr. 1 1921 to Oct. 1 1924 incl. and $1,500 each six
months from Apr. 1 1925 to Oct. 1 1928 incl. Purchaser to pay accr. int.
-BOND OFFERSOUTH BETHLEHEM, Northampton County, Pa.
-Proposals will be received until 8 p. m. May 21 by Edwin D. Mill,
ING.
-30
Chairman of Finance Committee, for the $150_,000 4% 15 -year (opt.)
tax-free paving bonds recently authorized. V. 104, p 1623. Denom.
$1,000. Date June! 1917. Int. J.&D. Due June 1 1947, optional after
June 1 1932. Cert. check for $2,000, payable to the "Borough of South
Bethlehem," required. Official circular states that there has never been
any default in the payment of any of the municipality's obligations, and
that there is no controversy or litigation pending or threatened concerning
the validity of these bonds, the corporate existence of boundaries of the
municipality or the title of the present officers to their respective offices.
Total bonded debt (incl. this issue), $575,500; floating debt, $25,415;
assess. val.•of real and personal peoperty for 1916, equalized, $10,000,000.
-BOND OFFERSOUTH NEWBURGH, Cuyahoga County, Ohio.
-Bids will be received until 12 in. May 29, by Herman Bohning,
ING.
VII. Clerk, for $20,000 5% 5 -year serial sewer impt. (village's portion)
-34
bonds, auth. Sec. 3939, Gen. Code. Denom. $1,000. Date June 1 1917.
-payable at the Broadway Say. & Tr.
Prin. and semi-ann. int.-J. & D.
Co., Cleveland. Due $1,000 yriy. on June 1, from 1922 to 1941 incl.
[VOL. 104.
Cert. check on a bank other than the one making the bid for 5% of bonds
bid for, payable to the Vil. Treas., required. Bonds to be delivered and
paid for within 15 days from time of award. Purchaser to pay accrued
Interest.
-BIDS
SPARTANBURG COUNTY (P. 0. Spartanburg), So. Caro.
-All bids received for the $1,000,000 highway bonds offered
REJECTED.
on May 1 (V. 104, p. 1623) were rejected.
SPRING LAKE TOWNSHIP (P. 0. Spring Lake), Ottawa County,
-Bids will be received until 7 P. In. May 22
-BOND OFFERING.
Mich.
-15
by Wm. D. Spencer. Twp. Clerk, for $3,600 10 -year serial bonds at
not exceeding 5% int. Date June 1 1917. Int. semi-ann. at Spring
Lake State Bank. Due $600 yearly on June 1, from 1927 to 1932 incl.
Cert. check for $100, payable to the "Twp. Board," required.
-BOND SALE.-Schanke &
STANHOPE, Hamilton County, Iowa.
Co. of Mason City have purchased an issue of $5,750 53 % funding bonds.
-The quesSTANTON, Stanton County, Neb.-BOND ELECTION.
tion of issuing $15,000 city-hall building bonds will be submitted to a vote,
it is stated, on May 15.
STEELE SCHOOL TOWNSHIP (P. 0. Plainville), Daviess County,
Ind.
-BONDS NOT SOLD -No bids were received for the $15,000 4%
-V. 104, p. 1623.
school bonds, offered on May 2, it is stated.
-On
-BOND SALE.
STEUBEN COUNTY (P. 0. Angola), Ind.
road bonds(V. 104, p. 1623) was awarded.
May 8 the issue of $8,700 414%
It is said, to the German-American Bank of Fort Wayne for $8,848 25,equal
to 101.704.
STILLWATER COUNTY SCHOOL DISTRICT NO. 5 (P. 0. Park
-Sealed bids will be received until
-BOND OFFERING.
City), Mont.
2 p. in. May 25 by E. P. Scads, Chairman Board of School Trustees, for
gold tax-free building bonds. Date May 1.
-20-year (opt.)
313,500 6% 5
1917. Denom.$500. Certified check for 5% payable to the above Chairman, required. Bonded debt, $2,000. Sinking fund, $500. Assessed
valuation 1916, $450,000.
SWEET GRASS COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Big
-Proposals will be received until
-BOND OFFERING.
Timber), Mont.
May 15 by Ben Mjelde, District Clerk, it is stated, for the $20,000 6%
-25-year (opt.) building bonds voted April 13.
10
-No bids
-BONDS NOT SOLD.
TAUNTON, Bristol County, Mass.
-year serial coupon school
were received on May 8 for the $200,000 4% 1-20
-V. 109, p. 1829.
bonds offered on that day.
-Sealed bids will be re-BOND OFFERING.
TENNESSEE, State of.
ceived until 12 in. May 21 by Tom C. Rye, Gov., J. B. Thomason, Compt.
Porter Dunlap, Treas. and Ike B. Stevens. Sec. of State, Funding Board
of State at Nashville for the following bonds:
$80,000 Herbert Domain Impt. bonds. Bids are requested at 4, Of. and
% int. Due $20,000 July 11920, 1924, 1928 and 1932.
300,000 Charitable Institutions Impt. bonds. Bids are requested at 4.
43( and 43- % int. Due $50,000 July 1 1920, 1922, 1925, 1927,
1929 and 1930.
Denom.$1,000. Date June 11917. Prin. and semi-annual int. (J. & J.),
payable at the State Treas. office, or at the Tenn. fiscal agency in N. Y.
City, at option of holder. Cert. check upon a national bank or a regular
depository of the State of Tenn. for 2% of bonds bid for, required. All
bids must be upon blank forms, which together with the other information
will be furnished by W. R. Marshall, Secy. of Funding Board. Bonds will
be legally approved by Caldwell & b,lasslich of N. Y., whose favorable
opinion will be furnished the purchaser. The bonds will be delivered in
Nashville, New York, Philadelphia, Boston, or Chicago at the purchaser's
option, on June 1 1917 and no other State of Tenn. bonds will be sold before June 23 1917.. Since the enabling acts require the purchasers to pay
the cost of preparing the bonds, no bid of loss than $1001, per $1,000 bond
will be entertained.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
TERRE HAUTE SCHOOL CITY(P.O. Terre Haute), Vigo County!,
-year serial school bonds
-The $180,000 4% 12-20
-BOND SALE.
Ind.
which were offered without success on Apr. 30 were awarded on May 8 to
-V.104, p. 1829.
a syndicate of local banks at par, it is stated.
-The following bonds have been
TEXAS.
-BONDS REGISTERED.
registered by the State Comptroller:
Due.
Date Regis.
Rate.
Amount. Place and Purpose o Issue.
$15,000 Eastland Co. C. S. D. No. 10 5%_ 10-20 yrs. (opt.) Apr. 30
.
to
0
195 0 yee r
Italy Independent School Dist_ 5% ($5 1. th anlyu,
23,000
Apr. 30
000 yearly.)
10-40 yrs. opt. Apr. 30
60,000 Crosby County Road D. No. 1- 5
20-40 yrs. opt. May 3
20,000 Henderson Co. Road D. No.8- 5
25,000 Crosbyton Indep. Sch. Dist __- 5 o 10-40 yrs. opt. May 3
May j 3
$500 yearly
25,000 Bardwell Indep. School Dist_ _ _ 5
4,000 Dallas County 0. S. D. No. 9_ 5% 10-20 yrs. (opt.) May 4
C.S. D.No. 100 5% 10-20 yrs. (opt.) May 4
1,100 Dallas County
-BOND SALE.-Schanke & Co.
THOR, Humboldt County, Iowa.
of Mason City purchased on April 19 $4,000 5% light bonds. Denom.
and $500. Date June 1 1917. Int. M. & N. Due $300 yearly
$300
Nov. 1 from 192310 1927,incl.,and $2,500 1937,optional after Nov. 1 1928.
TOOLE COUNTY SCHOOL DISTRICT NO. 19 (P. 0. Devon),
-On Apr. 28 the $3,500 10-20 yr. (opt.) coupon
-BOND SALE.
Mont.
bldg. bonds (V. 104, p. 1520), were awarded to the Security State Bank
of Devon for $3,555 (101.571) and int. for 6s. Purchaser to pay all legal
expenses.
TRAER SCHOOL DISTRICT (P.0. Traer), Tama County, Iowa.
-An election will be held about June 1, it is stated, to
BOND ELECTION.
vote on the question of issuing $30,000 building bonds.
-On
-BOND ELECTION.
TREZEVANT, Carroll County, Tenn.
May 20 an election will be held, reports state, to vote on the question of
issuing $20,000 electric-light-plant and water-works bonds.
-BOND OFFERING.-Preposals will be received until
TROY, N. Y.
10 a. m. May 14 by W. H. Donnin, City Comptroller, for $100,000 57o
tax-exempt certificates of indebtedness or revenue bonds. Denom. $25,000. Date May 14 1917. Due June 19 1917. Certified check for not less
Bonds to
than 1% of bonds, payable to "City of Troy," required. Purchaser be
to
delivered and paid for within five days from time of award.
accrued interest. Official circular states that the city has never depay
of May 4 1917 follows:
faulted on any of its obligations. Debt statement as
General debt, $1,987,061; water debt, $2,714,886; sinking fund, $94,432:
revenue bonds, $500,000; certificates of indebtedness for public improvements, $66,600; assess. val., real, $54,434,518; franchise, $4,477,671;
personal. $2,178,217; total val. 1916. $61,090,406.
-BOND ELECTION.
UPLAND, San Bernardino County, Calif.
The question of issuing $24,000 sewerage-system bonds will be submitted
to a vote, it is stated, on June 5.
-BOND OFVANDERBURGH COUNTY (P. 0. Evansville), Ind.
-Newton W. Thrall, Co. Treas., will offer for sale at public
FERING.
auction at 10 a. m. on May 24, an issue of $6,500 4 % Hirsch road impt.
bonds. Denom. $325. Int. M. & N. Due $325 each six months from
May 15 1918 to Nov. 15 1927 incl.
-BOND
VERNON SCHOOL TOWNSHIP (P. 0. Crotheraville), Ind.
-On May 5 the $2,500 5% school bonds (V. 104, pt 1620 were
SALE.
Crothersville State Bank at 100.80. Other bidders were:
awarded to the
Breed, Elliott & Harrison_ ___$2,510 I Fletcher-American Nat. Bank.$2,501
-BOND OFFERING
VIGO COUNTY (P. 0. Terre Haute), Ind.
-The offering of the $3,300 6% road impt. bonds, which was
PROPOSED.
to have taken place on May 5, has, it is stated, been postponed until May
19.-V. 104, p. 1727. E. E. Messick is Co. Treas.
WARROAD SCHOOL DISTRICT(P 0. Warroad), Roseau County,
-BOND OFFERING.
-Proposals will be received until May 16 by
Minn.
F. H. Brown, District Clerk, it is stated, for $50,000 6% 1.5-year building
bonds. Interest semi-annual.
MAY 12 1917.]
THE CHRONICLE
-BOND OFFERING.
-ProposWARREN, Trumbull County, Ohio.
als will be received until 12 m. June 16 by Geo. T. Heckinger, City Aud.,
for the following 4% bonds:
$25,000 Mahoning River impt. bonds. Due $5,000 yearly on May 1 from
1930 to 1934 incl.
3,500 sidewalk bonds. Due $1,000 May 1 1919, $1,500 May 1 1920 and
$1,000 May 1 1921.
Auth. Sec. 3939, Gen. Code. Denom.$500. Date May 1 1917. Prin.
-payable at office of Sinking Fund Trustees.
and semi-ann. int.-M. & N.
Cert. check for $500, payable to the City Treas., required. Bonds to be
delivered and paid for within 5 days from time of award. Purchaser to
ay accrued interest. General bonded debt, $481,900; assessment debt
additional), $376,593; assess. val. 1917, real estate, $14,622,710; personal,
8,561,800; total val., $23,184,510; tax rate (per $1,000), $15 20; cash balance and investments in sinking fund, $22,977.
WASHINGTON COUNTY (P. 0. Stillwater), Minn.
-BONDS
-The Board of County Commissioners has authorized the
AUTHORIZED.
issuance of 310.000 highway bonds, according to reports.
WASHINGTON COUNTY (P. 0. Jonesboro), Tenn.
-BONDS
-Of the $750,000, coupon road bonds offered on
AWARDED IN PART.
April 30 (V. 104, p. 1416), $250,000 was awarded on May 1 to 0. W
McNear & Co. and the Continental ,Sc Commercial Trust & Savings Bank.
of Chicago, at 100.01 and interest for 55.
WASHINGTON SCHOOL TOWNSHIP(P.O. Washington), Daviess
-No bids were received for the $30,-BONDS NOT SOLD.
County, Ind.
200 4% school bonds offered on May 2.-V. 104, p. 1624.
-BONDS PROPOSED.-AcWATERVLIET, Albany County, N. Y.
cording to reports an issue of $25,000 water-works refunding bonds is under
consideration of the Common Council.
-BOND SALE.
-On May 5 the
WAVERLY, Pike County, Ohio.
assess. bonds were
6% coupon
,
$2.978 74 43 Waverly atroad and int.-V. 104, p. awarded to the First
par
1624. There were no
Nat. Bank of
other bidders.
WAYNE TOWNSHIP RURAL SCHOOL DISTRICT, Montgomery
-Proposals will be received until
-BOND OFFERING.
County, Ohio.
p. in. May 25, by Wm. E. Burrell, Clerk of Bd. of Ed.(P. 0. Osborn,
% coup. school bonds, voted Mar. 28,
R. R. No. 1) for the $15,000
V. 104, p. 1521, auth. Secs. 7625, '7626 and 7627, Gen. Code. Denom.
$500. Date May 25 1917. Int. M. & S. Due part each six months.
Cert. check for $500, payable to the above Clerk, required. Bids must
be unconditional.
WELLS COUNTY (P. 0. Bluffton), Ind.
-BOND OFFERING.
Proposals will be received until 2 p. m. May 15 by 0. E Lesh, Co. Treas.,
for $3,780, $5,340, $3,700, $6,940, $4,200, $9,000, $6,940 and $6,940 4%
highway impt. bonds. There are 20 bonds of equal denominations to eac
1933
issue. Date May 15 1917. Int. M.& N. Due one bond of each issue
each six months from May 15 1918 to Nov. 15 1927 incl.
-BOND
WESTCHESTER COUNTY (P. ,O. White Plains), N. Y.
-Proposals will be received until 12 m. May 15 by Robt. A.
OFFERING.
Patterson, County Comptroller, for $140,000 4% 54-year average registered sewer bonds. Denom. $1,000. Date June 11917. Principal and
-J. & D.
-payable at office of County Treasurer.
semi-annual interest
Due $14,000 yearly on June 1 from 1918 to 1927,inclusive. Certified check
on a national bank or trust company or a State bank for 3% of bonds bid
for, payable to Wm. Archer, County Treasurer, required. Bonds to be
delivered and paid for at office of County Treasurer at 10 a. in. June 1.
unless a subsequent date shall.be mutually agreed upon. Purchaser to pay
accrued interest. These bonds will be certified as to genuineness by the
U. S. Mtge. & Trust Co., who will also certify as to the siFnatures of the
county officials and the seal impressed thereon, and legality will be approved by Hawkins Delafield & Longfellow, of N. Y. City, a copy of whose
opinion will be furnished purchaser. Total bonded debt (not including this
issue), $8,947,371; floating debt, $519,000. Assessed value. personal
38.016,953; real, 3440,259.248.
WESTFIELD, Plymouth County, Iowa.
-A
-BOND ELECTION.
vote will be taken on May 14, it is stated, on the question of issuing $8,000
building bonds.
WEST WINDSOR TOWNSHIP SCHOOL DISTRICT (P. 0. Dutch
-BOND OFFERING.
-Proposals will be
Neck), Mercer County, N. J.
received until 7:30 p. in. May 21 by Maurice H. Hawk, District Clerk, for
% school bonds. Denom. $1,000 and 31.500. Date April 1
$34,000
-payable at First Nat. Bank,
1917. Prin. and semi-ann. Int.-A. & 0.
Princeton. Due $1,000 yearly on April 1 from 1918 to 1925, incl., and
$1,500 yearly on April 1 from 1926 to 1945, incl. Cert. check for 5% of
bid, payable to David D. Bergen. Custodian, required. The State Attorney-General has approved the proceedings authorizing this issue.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
WEYMOUTH, Norfolk County, Mass.
-TEMPORARY LOAN
-On
May 5 a loan of $60,000. maturing Dec. 19 1917. was awarded to Bernhard, Scholle & Co. of N. Y. at 4.17% discount.
WHITAKER SCHOOL DISTRICT,Allegheny County,Pa.
-BONDS
VOTED,
-The proposition to issue the $34,000 school bonds carried at the
-V. 104, p. 1416. The vote is reported
election, held May 5, it is stated.
as 43 to 42.
-BOND SALE.
-On May 10 $300.000 44%
WILMINGTON, Del.
Freeman
water-system-impt sinking fund bonds were awarded to M. M.
BOND CALL.
NEW LOANS
CITY OF GALVESTON, TEXAS
$100,000
BOND CALL
CITY OF DANVILLE, VA.
4h% REFUNDING BONDS
Notice to redeem Galveston 40
-Year Limited
Debt Bonds of 1881 of the City of Galveston
issued by said city on June 1, 1883, and April 1,
Sealed bids will be received by the Finance
1884. and March 18, 1887, May 2, 1887, and
from July 2, 1887, to August 23, 1887, and Committee of the City Council, directed to the
undersigned, until noon,
September 1st and 2nd, 1887.
Notice is hereby given to the holders of bonds
TUESDAY, MAY 22nd, 1917
of the City of Galveston known as the Galveston for $100,000 Refunding Bonds of the City of
-Year Limited Debt Bonds issued by said city Danville, Virginia, dated January 1st, 1917, in
40
June 1. 1883, and numbered
1126, 1138, 1139. 1140, 1141, 1142, 1143, 1144, the denomination of $1,000 each, and to become
$4,000 on January 1st,
1145, 1146, 1147, 1148, 1151, 1152, 1153, 1154, due and payableon January 1st of each 1918, and
1155, 1156, 1157, 1158, 1159, 1160, 1161, 1162, $4,000 annually including January 1st,year thereand
1942; said
1171, 1172, after up tointerest at the rate of
1163, 1164, 1165, 1166, 1167, 1169,
annum,
bonds bear
1173, 1174, 1175, 1176, 1177, 1178, 1179, 1180, payable semi-annually on July 4U % perJanuary
1st, and
1182, 1183, 1184, 1185, 1186, 1187, 1188. 1st in each year, and constitute a direct general
1181,
1189. 1190, 1191, 1192, 1193, 1194, 1195. 1196. obligation of the city of Danville. Principal and
1197, 1198, 1199, 1200, 1201, 1202, 1203. 1204, interest both payable at the office of the City
1205, 1206, 1207. 1208, 1210, 1211, 1212, 1213,
City.
1214, 1215, 1216, 1217, 1218, 1219. 1220, 1221, Treasurer of said be made
Each bid must
on a blank form fur1222. 1223, 1224, 1225.
nished by the undersigned and must be accomBonds issued April 1, 1884, and numbered
panied by
1226. 1227. 1228. 1129, 1230, 1231. 1232, 1233, in the Citya certified check on one of the banks
of Danville, Va., for two (2) per cent
1234, 1235, 1236. 1237, 1238, 1239, 1240, 1241, of the par value
1242. 1243. 1244, 1245, 1246, 1247. 1248, 1249. the Treasurer of of the bonds bid for, payable to
said city. The bonds sold will
1250.
be ready for delivery on June 1st, 1917, at 10
Bonds issued March 18, 1887, and numbered
1251, 1252, 1253, 1254, 1255, 1256, 1257, 1258, o'clock A. M., at the office of the City Treas1259, 1260, 1261, 1262, 1263. 1264. 1265, 1266. urer in said City.
The right to reject any and all bids is reserved.
1267. 1268, 1269. 1270. 1271, 1272, 1273, 1274,
ROBERT BRYDON, City Auditor.
1275, 1326, 1328, 1329, 1330, 1331, 1332. 1334.
Bonds issued May 2, 1887, and numbered
1456, 1457, 1458, 1459. 1460, 1462, 1463, 1464
'
1465, 1466, 1467, 1468, 1469. 1470, 1471, 1472,
1477,
1473, 1474, 1475, 1476, 1485, 1478, 1479, 1480,
$38,000
1480, 1487, 1488,
1481. 1482, 1483, 1484,
1495,
1489, 1490, 1491, 1492, 1493, 1494, 1503, 1496,
1501, 1502,
1497, 1498, 1499, 1500, 1509, 1510, 1511, 1504,
1512,
1505, 1506, 1507, 1508,
1519,
1513. 1514. 1515, 1516, 1517, 1518, 1527. 1520,
1528,
1521, 1522, 1523, 1524, 1525. 1526, 1535, 1536,
1529, 1530, 1531, 1532, 1533, 1534, 1543,
1544,
1537, 1538. 1539. 1540, 1541, 1542.
SALE OF SCHOOL BONDS
1548. 1553, 1554.
Bonds issued from July 2. 1887, to August 23,
Sealed proposals will be received for the Board
1887, and numbered
1581. 1582. 1583, 1584, 1586, 1587, 1588, 1589, of Education of the Township of West Windsor,
1593, 1594, 1595, 1596, 1597, Mercer County, N. J.. by Maurice H. Hawk,
1590. 1591, 1592,
1598, 1599, 1600, 1601, 1602. 1603, 1604, 1605, District Clerk, Dutch Neck,N.J.. until 7:30p• In.
MAY 21, 1917.
1608, 1607, 1608, 1609, 1610, 1611, 1612, 1613: for the purchase of all or
part of an issue of $38,000
1614. 1630.
Bonds issued September 1 and 2, 1887, and coupon school bonds of Township of West Windsor, bearing interest at the rate of 4j.% per
numbered
1631, 1632, 1633, 1634, 1635, 1636, 1637, 1638 annum, payable semi-annually.
1644,
' Proceedings authorizing
1639, 1640, 1641, 1642, 1643, 1652. 1645, 1646 approved by the Attorney said Issue have been
General of New Jersey.
'
1647 1648, 1649, 1650, 1651, 1660, 1653, 1654,
1659,
For particulars apply to
1661.
6
1655, 165 . 1657, 1658, 1667, 1668, 1670, 1662,
MAURICE H. HAWK,
1671,
1665, 1666,
1663, 1664,
District Clerk,
1672. 1673, 1674, 1675, 1676, 1677, 1678, 1679.
Dutch Neck, N. J.
1680, 1681, 1682. 1683, 1684, 1685, 1686, 1687,
1690, 1691. 1692. 1693. 1694, 1695
1688. 1689,
'
1696, 1697. 1698, 1699. 1700. 1701, 1702, 1703.
1704, 1705. 1706, 1707, 1708, 1709, 1710, 1711:
1712, 1713, 1714, 1715. 1716, 1717, 1718, 1719
$600,000
1720, 1721, 1722, 1723, 1724, 1725, 1726. 1727,
1728, 1729, 1730, 1731.
bonds being for $1,000; that the City
each of said
of Galveston will redeem at par the hereinbefore
named and numbered bonds upon their presentation at the office of the Treasurer of the City,
Additional Water Supply Bonds
the National
at Galveston, Texas, or at 1. 1917, and City
any of
Bank of New York, on June
Sealed proposals will be received by the City
and designated, which
the bonds herein described
are not presented for redemption as aforesaid, Treasurer at his office in the City of Hartford
on the first day of June, 1917, shall cease to bear until Tuesday, May 15, 1917, at two o'clock P.
M., for the purchase of the whole or any part of
interest from and after said date.
This notice is given in pursuance of Section 2 the above named bonds, amounting to Six
City of Galveston by virtue Hundred Thousand Dollars ($600,000 00) with
of the ordinance of the
of which ordinance the said bonds hereinbefore Interest at four per cent (4%) per annum, to be
dated
described, designated and numbered were issued 000 June 1, 1917, and maturing serially, $200,00 June 1. 1940, 1941 and 1942. Principal
LEWIS FISHER,
and interest payable
the Board of Com: States of America. in gold coin of the United
Mayor-President of
missioners of City of Galveston.
For further information and conditions governing proposals and sale address,
II. 0, STEIN,
Treasurer of said City of Galveston.
CHAS. H. SLOCUM,
Galveston, Texas, April 28, 1917.
City Treasurer.
Township of West Windsor,
County of Mercer, N. J.
City of Hartford, Connecticut,
NEW LOANS.
TENNESSEE BONDS
$80,000
Herbert Domain Improvement Bonds
$300,000
Charitable Institutions Improvement Bends
Sealed bids will be received by the undersigned
at the office of the Governor of the State of
Tennessee, at Nashville, until Noon. MAY 21.
1917, for the purchase of all or any part of the
above bonds of the State of Tennessee, in coupon
form, subject to registration as to principal or as
to principal and interest, dated June 1. 1917:
principal and semi-annual interest (January and
July) payable at the office of the State Treasurer,
or the fiscal agency of the State in the City of New
York, at the option of the holder; denomination
$1,000.
The Herbert Domain Improvement Bonds
mature $20,000 July 1, 1920. 1924, 1928. 1931.
The Charitable Institutions Improvement
bonds mature $50,000 July 1. 1920, 1922, 1925,
1927, 1929, 1930.
Bids are asked on bonds bearing interest at the
rate of 4, 43i or 4M per cent per annum.
All bids must be upon blank forms, which,
together with any information, will be furnished
by W. R. Marshall, Secretary of the Funding
Board, Nashville, Tennessee.
All bids must be accompanied by a certified
check upon a national bank or a regular depository
of the State of Tennessee in an amount equal to
two per Cent of the face value of the bonds bid for.
Legality of bonds will be approved by Messrs.
Caldwell & Masslich, New York, whose favorable
opinion will be furnished the successful bidder or
bidders. The bonds are general State obligations.
They will be delivered in Nashville, New York,
Philadelphia. Boston, or Chicago, at the purchaser's option. on June 1, 1917, and no other
State of Tennessee bonds will be sold before
June 23, 1917.
Since the enabling acts require the purchasers
to pay the cost of preparing the bonds, no bid of
less than $1,001 per $1,000 bond will be entertained.
The right to reject any and all bids is reserved.
TOM C. RYE, Governor.
J. B.THOMASON.Comptroller.
PORTER DUNLAP,Treasurer.
IKE B.STEVENS,Secretary of State.
Funding Board State of Tennessee.
Nashville, Tenn., May 9, 1917.
NORTH CAROLINA,
RALEIGH, N. C.
Sealed proposals will be received at the office
of State Treasurer until NOON. THURSDAY,
MAY 24th, 1917, for the purchase of all or any
part of the following bonds:
$25,000 00
4% ten-year bonds for "The State
Home and Training School for
Girls and Women," dated July 1st.
1917, expiring July 1st, 1927.
$75,000 00
4% ten-year bonds for "Caswell
.
Training School,' dated July 1st.
1917. expiring July 1st. 1927.
$400,000 00
koasor -dne
i lo
gi
ing,Ke
cttego i y 1st,
ltls
1917, expiring July 1st, 1958.
Blanks for bidding will be furnished upon application to me.
B. R. LACY, State Treasurer.
THE CHRONICLE
1934
& Co., of Philadelphia, at 100.91 and int. Denom. $50 or multiples
thereof. Date May 16 1917. Int. A.& 0. Due $160,600 Oct. 1 1941 and
$139.400 April 1 1942. Total bonded deLt May 2 1917. $5,774,100; water
debt (included in above),$1.420,000; no floating debt. Assessed valustion
of real estate June 30 1916, $80,304,600; value of real estate owned by
city, $5,830,614.
These bonds were the unsold portion of an authorized issue of $600,000,
the previous 3300,000 having been sold on July 10 1916 to Remick, Hodges
& Co., of New York. See V. 103. p. 266.
WILMINGTON SCHOOL DISTRICT (P. 0. Wilmington), New
Castle County, Dela.—BOND OFFERING.—Proposals will be received
until 8 p. m. May 14 by Harry J. Guthrie, Secy. Bd. of Public Education,
for the $50,000 4%% coupon tax-free funding bonds, authorized by the
State General Assembly, V. 104, p. 1624. Denom. $1,000: Date May
1 1917. Prin. and semi-ann. int.—M. & N.—payable at Union Nat.
Bank. Wilmington. Due $5,000 yrly. on May 1, from 1918 to 1927 incl.
No certified check required. Official circular states that there is no contest or litigation threatened affecting this issue and that bond or interest
payment has never been defaulted. Bids must be made an forms furnished
by the above Secy. Purchaser to pay for bonds within 10 days after date
of award. The Board will furnish copies of all proceedings necessary to
establish the validity of said bonds, which will be certified as to their
genuineness by the United States Mortgage and Trust Company of New
York City, and their legality approved by Daniel 0. Hastings, City Solicitor of the City of Wilmington, whose opinion as to the legality will
appear on each bond.
WINFIELD SCHOOL TOWNSHIP (P. 0. Palmer), Lake County,
Ind.—BOND SALE.—On April 28 the 810,000 5% school bonds—V. 104,
p. 1522—were awarded to the First Nat. Bank of Crown Point at 103.35
and int. The other bidders were:
Peoples State Bk.,Crown Pt_ _103.171Commercial Bk.,Crown Pt.._ _102.20
100.75
102.891R L. Dollings Co
Gavin L.Payne & Co
(r. o.
Bowling Green), Ohio.—BOND OFFERING.
WOOD COUNTY
—Proposals will be received until 1 p. m. May 21 by R.S. Gillespie, County
Auditor, for $40,000 5% coup. road bonds, auth. Secs. 5656, 5658 and
5659, Gen. Code. Denom. 31,000. Date June 1 1917. Int. M.& S. at
office of County Treasurer. Due $4,000 each six months from March 1
1918 to Sept. 1 1922, Incl. Cert. check for $1,000, payable by a Bowling
Green bank, is required. Purchaser to pay accrued interest. Official
advertisement states that this county has never defaulted in the prompt
payment of principal and interest on its indebtedness. Total bonded debt
(incl. this issue), $1,155,200; assess. val. real, $52,211,280* personal, $38,549,180; total val. 1916. $90,760,460.
YOUNGSVILLE DRAINAGE DISTRICT (P.O. Youngsville), La.—
be received until 2 p. M.
BOND OFFERING.—Proposal5 willof District Commissioners, May 29 by
for $60,000
B. F. Flanders Chairman of Board
5% drainage bonds. Certified check for 5% of emount bid required.
.—BONDS AUYORKTOWN (Town), Westchester County, N. Y
THORIZED.—An act (Chap. 40, Laws 1917) has been passed by the State
Legislature giving this town authority to issue not exceeding $10.000
coup. or reg. bonds for miscellaneous expenses. Denom. $500. Int.
(rate not to exceed 5%). payable semi-annually. Due $500 yearly for 20
years.
[VOL. 104.
Canada. its Provinces and Municipalities.
ALBERTA SCHOOL DISTRICTS.—DEBENTURE OFFERING.—
Separate tenders for each of the blocks of school district debentures mentioned below will be received until 4 p. m. May 21 by M. C. Elliott, Manager of Debenture Branch of Dept. of Education (P. 0. Edmonton):
$12,000 7% Grande Prairie Sch. Dist. No.2357 debentures. Due in 20:yrs.
20,000 63.6% Barnwell Consol. Sch. Dist. No. 25 debentures. Due in
20 Years.
9,150 7% district debentures consisting of eight separate issues. Due in
10 years.
AYLMER, Ont.—DEBENTURES VOTED.—The questions of issuing
the $22,000 hydro-electric power and $7,000 pump and fire-dept. debentures carried, it is stated, at the election held April 30.—V. 104, p. 1728.
DAVIDSON, Sask.—DEBENTURE ELECTION.—Newspaper'reports
state that an election will be held May 21 to vote on the questions of issuing
$8,000 school and $4,500 power-house impt. debentures.
MITCHELL, Ont.—DEBENTURE ELECTION.—An election has been
called for May 21 to vote on the propositions to issue $10,000 street and
$400 site-debentures, it is stated.
NIAGARA-ON-THE-LAKE, Ont.—DEBENTURE OFFERING.—Reports state that bids will be received until May 15 for an issue of 314,964_78
debentures maturing from 1926 to 1937.
5
OAKVILLE, Ont.—DEBENTURES AUTHORIZED.—The Council
passed a by-law on Apr. 23 providing for the issuance of $20,000 water and
light system debentures, it is stated.
ONTARIO COUNTY (P. 0. Whitby), Ont.—DEBENTURES PROPOSED.—According to local newspaper reports, this county has under consideration the issuance of$10,000 debentures for bridge and necessarycountY
purposes.
SANDWICH, Ont.—DEBENTURE SALE.—On April 26 $28,59465
15 installment sewer and water and $15,000 10 installment patriotic-purpose
6% debentures were awarded to A. E. Ames & Co. of Toronto for $43,589
(99.98) and int. R. C. Matthews & Co. was the only other bidder, and
their offer was $43,751 and int. Date May 1 1917. Int. ann. on May 1.
SASKATCHEWAN SCHOOL DISTRICTS.—The following eightlissues of school district debentures, aggregating $11,600, are reported as
being sold by the Local Government Board, from Apr. 23 to Apr. 27:
,
$1,200. Jasmin Dist. No. 2078 debentures to Nay & James of Regina. ",
1,200. Wheatley Dist. No. 3821 debentures to Goldman & Co. of Regina.
Elardee Dist. No. 3695 debentures to W. L. McKinnon & Co. of
1,600.
Regina.
1,600. Deer Horn Dist. No..3807 debentures to Grand Masonic Lodge
of Regina.
1,600. Trafford Park Dist. debentures to Grand Masonic Lodge of Regina.
1,600. Oak Plains Dist. debentures to W. L. McKinnon & Co. of Regina.
1,600. Haverhill Dist. No.385 debentures to H. O'Hara & Co. of Toronto.
1,200. White Eagle Dist. No. 3808,,debentures to Nay & James of Regina.
WEST VANCOUVER, B. C.—DEBENTURE SALE.—According to
reports, an issue of $10,000 54% debentures maturing in 1937 has been
sold.
INSURANCE
FACTORS
ATLANTIC MUTUAL INSURANCE COMPANY
JAMES TALCOTT, Inc.
New York, January 25th, 1917.
The Trustees, in conformity with the Charter of the Company,submU the following statement of its affairs on the
31st of December, 1916.
The Company's business has been confined to marine and inland transportation insurance,
$8,087,174.02
Premiums on such risks from the 1st January, 1916, to the list December, 1016
903,703.66
Premiums on Policies not marked off 1st January, 1916
226 Fourth Avenue, Now York City
Founded 1854
Tel. Gramercy 4790 Cable Address Quomakel
Total Premiums
38.990,877.68
$7,855,092.25
Premiums marked off from let January. 1916,to 31st December. 1916
rest on the Investments of the Companyreceived during the year $337,271.78
103,475.76
terest on Deposits in Banks and Trust Companies, etc
109,638.08 $ 550,385.02
t received less Taxes and Expenses.
rne:
Lames paid during the year
53,360.156.87
Less* Salvages$322,138.57
586,832.53 3 908,971.10
Re-insurances
$2,451,185.77
$1,389,298.73
Re-insurance Premiums and Returns of Premiums
=pettses, including compensation of officers and clerks, taxes, stationery,
3740,899.72
advertisements. etc.
A dividend of interest of Six per cent, on the outstanding certificates of profits will be paid to the
Polders thereof, or their legal representatives, on and after Tuesday the sixth of February next.
or
The outstanding certificates of the issue of 1911 will be redeemed and paid to the holders thereof,all
next, from
their legal representatives, on and after Tuesday the sixth of February payment andwhich date
canceled.
Interest thereon will cease. The certificates to be produced at the time of Company for the year ending
A dividend of Forty per cent. is declared on the earned premiums of the
81st December, 1916, which are entitled to participate in dividend, for which, upon application, certificates
will im issued on and after Tuesday the first of May next. STANTON FLOYD-JONES, Secretary.
G.
By order of the Board.
TRUSTEES.
ANTON A. RAVEN,
ANSON W. HARD,
L. BAYLIES,
EDMUND
JOHN J. RIKER,
SAMUEL T. HUBBARD,
JOHN N. BEACH,
DOUGLAS ROBINSON.
LEWIS CASS LEDYARD
NICHOLAS BIDDLE,
JUSTUS RUPERTI
WILLIAM 11. LEFFERTS,
JAMES BROWN.
WILLIAM JAY SCHIEFFELIN,
CHARLES D. LEVERICH.
JOHN CLAFLIN,
SAMUEL SLOAN,
GEORGE H. MACY,
GEORGE C. CLARK,
WILLIAM SLOANE.
NICHOLAS F. PALMER,
CLEVELAND H. DODGE.
WALTER WOOD PARSONS. LOUIS STERN,
CORNELIUS ELDERT,
WILLIAM A. STREET.
.
RICHARD H. EWART.
GEORGE E. TURNURE,
H. POST',
G.STANTON FLOYD-JONES, JAMES
GEORGE C. VAN TUYL,Jr.
CHARLES M.PRATT,
PHILIP A.S. FRANKLIN,
RICHARD If. ‘VILLIAMS.
DALLAS B.PRATT,
HERBERT L. GRIGGS
A. A. RAVEN, Chairman of the Board.
CORNELIUS ELDEB,T, President.
WALTER WOOD PA ItSONS, Vice-Prestdent
CHARLES E. FAY, 2c/ Fire-President.
LIABILITIBS.
ASSETS.
Estimated Losses and Loves UnsetUnited States and State of New Yerk
$ 3,632,239.00
tled In process of Adjustment
$ 670,000.00
Bonds
Premiums on Unterrninated Risks__ _ 1,135,785.43
Stock and Warrants of the City of
Certificates of Profits and Interest
New York and Stocks of Trust
266.399.25
Unpaid
1,773,550.00
Companies and Banks
106,624.24
3,588,575.20 Return Premiums Unpaid
Stocks and Bonds of Railroads
174,943.90
367,185.00 Taxes Unpaid
Other Securities
on TermiRe-insurance Premiums
Special Deposits in Banks and Trust
373,669.04
nated Risks
2,000,000.00
Companies
Claims not Settled, including ComReal Estate cor. Wall Street, William
158,309.94
pensation, etc
3,900.000.00
Street and Exchange Place
of Profits Ordered ReCertificates
Real Estate on Staten Island (held
deemed, Withheld for Unpaid Preunder provisions of Chapter 481,
miums
22,557.84
75,000.00
Laws of 1887)
1,210.29
866,035.06 Income Tax Withheld at the Source
Premium Notes
5,899.75
1,068,547.73 Suspense Account
Bills Receivable
Certificates of Profits OUtztanding... 7.568.850.00
Cash in hands of European Bankers
to pay losses under policies payable
206,311.08
in foreign countries
2,808,785.77
Cash in Bank
135,000.00
Loans
$13,546,488.68
$17,458.990.74
$3.912,502.06
'Thus leaving a balance of
*49,286.30
Accrued Interest on the 31st day of December, 1916, amounted to
$25.933.03
Rents due and accrued on the 31st day of December 1916, amounted to
Re-insurance due or accrued, in companies authorized in New York, on the 31st day of
$ 245,472.80
to
December, 1916, amounted
Note: The Insurance Department has estimated the value of the Real Estate on Staten Island
$ 63,700.00
in excess of the Book Value given above, at
The Insurance Department's valuation of Stocks, Bonds and other Securities exceeds the$1,988,069.90
Company's valuation by
36,285,864.09
On the basis of these increased valuations the balance would be
Transacts a general textile commission
business. Finances the entire produc.
tion of woolen, cotton, silk, underwear
and other mills and all lines of trade.
Discounts bills receivable with or with.
out guarantee. Acts as factor and fur.
nishes selling and storage facilities for
manufacturers, selling agents, merchants, &c.
Solicits Correspondence from Manufact•
urers for the sale and financing of
their ENTIRE PRODUCT
NEW LOANS
^1-
$250,000.
City of Birmingham, Alabama,
SCHOOL BONDS.
Sealed proposals for the purchase of Two
Hundred Fifty Thousand Dollars ($250,000P0)
municipal school bonds of the City of Birmingham, Alabama, will be received by the Commission of said City at the City Hall in said Olty
until the 1ST. DAY OF JUNE, 1917 at 12
o'clock noon, when said Commission will open
the bids. Said bonds are all to be dated the let
day of Juno, 1917, and payable on the 1st day
of June, 1947, interest 0.5% per annum, payable
semi-annually; principal and interest payable in
gold coin at the Hanover National Bank, New
York City.
The legality of the bonds has been approved
by John O. Thomson of New York, copy ofwhose
opinion will be delivered to the successful bidder.
The bonds will be prepared under the supervision of the United States Mortgage & Trust
Company of New York, which will certify as to
genuineness of the signatures of the city officials
and the seal impressed thereon.
Each bid must be accompanied by a certified
check on a national bank, or on a banking institution of the State of Alabama, payable to the
City of Birmingham for one per cent (1%) of the
par value of the bonds bid for as security for the
performance of such bid and as liquidated damages In the event or failure of the successful bidder
to accept and pay for the bonds. No interest
will be -allowed on certified checks accompanying
the bids. Said bonds will be delivered to the
successful bidder or bidders on the 10th day of
June. 1917. No bids at less than par and accrued
interest to date of delivery will be considered.
The right is reserved to reject any and all bids.
Birmingham, Alabama, April the 2nd, 1917.
GEORGE B. WARD,
President of the Commission of the City of Birk, mIngham, Alabama.
C. B. LLOYD. City Clerk.
@FedFRASER